Stille (STIL) Q1 2026 earnings summary

Executive summary

• Revenue reached SEK 179.1 million in Q1 2026, up 39% year-over-year, with 19% organic growth and strong contributions from the Surgical Holdings acquisition.

• EBIT margin improved to 16.7%, with EBIT before non-recurring items rising to SEK 30.0 million, a 67.6% increase, despite currency headwinds.

• Both surgical instruments and surgical tables segments delivered robust growth, supported by strong global demand and improved supply chain conditions.

• Operational improvements led to better delivery performance and strengthened group capabilities, including new CFO and COO appointments.

Financial highlights

• Net sales: SEK 179.1 million (129.3), up 39% year-over-year; organic growth 19%.

• In constant currencies, total growth was 47% and organic growth 27%.

• Gross margin declined to 49.1% from 51.1% year-over-year, mainly due to FX and acquisition effects.

• EBITDA increased by 53% and EBIT by 68%, with EBIT margin up 2.9 percentage points.

• Cash flow from operating activities was SEK 28 million, up from SEK 14 million in Q1 2025.

Outlook and guidance

• Continued focus on operational improvements and execution to drive organic growth in both business areas.

• Strong demand and improved product availability expected to continue supporting growth.

• Backorder levels for surgical instruments remain elevated but are expected to normalize gradually through 2026.

• Direct sales model in the U.K. is performing well, with potential to expand to other markets.

• M&A remains a strategic priority, with readiness for selective acquisitions.