Stille (STIL) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw strong order intake but was challenged by supply-chain constraints and currency headwinds, leading to a 12.6% year-over-year decline in net sales to MSEK 124.7.

• Gross margin improved to 52.1% from 49.3% due to pricing actions and a favorable sales mix, partially offsetting lower sales volumes.

• EBITDA before non-recurring items dropped to MSEK 24.4 (19.6% margin), and EBIT before non-recurring items fell to MSEK 16.6 (13.3% margin).

• Earnings per share decreased to SEK 1.11 from SEK 2.03 year-over-year.

• Acquisition of UK-based Surgical Holdings announced, expected to close in Q3 2025 and be accretive to EPS.

Financial highlights

• Net sales for Q2 2025 were MSEK 124.7, down from MSEK 142.6 in Q2 2024; H1 2025 net sales were MSEK 254.0, down from MSEK 282.3.

• Gross profit margin rose to 52.1% in Q2 2025 (49.3% in Q2 2024); H1 2025 gross margin was 51.6%.

• EBITDA before non-recurring items for Q2 2025 was MSEK 24.4 (MSEK 36.0 in Q2 2024); EBIT before non-recurring items was MSEK 16.6 (MSEK 29.1).

• Profit after tax for Q2 2025 was MSEK 10.0 (MSEK 18.2 in Q2 2024); H1 2025 profit after tax was MSEK 24.6 (MSEK 30.6).

• Cash flow from operating activities in Q2 2025 was MSEK 15.1 (MSEK 19.6 in Q2 2024); cash and cash equivalents at period end were MSEK 164.5.

Outlook and guidance

• Strong order intake and operational improvements are expected to drive growth in H2 2025.

• Supply-chain strengthening and lead time reductions are anticipated to support long-term value creation.

• Recovery in Surgical Instruments expected as capacity increases and inventory constraints ease by Q4 2025.

• Anticipated stronger demand for imagiQ3 tables in H2 as corrective actions are completed.