Stille (STIL) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 reached MSEK 138.8, up 8.5% year-over-year, driven by the acquisition of Surgical Holdings and strong demand, despite negative currency effects and the phase-out of non-strategic products.

• Underlying organic growth, adjusted for currency and product phase-out, was 7.3%.

• Supply chain stabilization began, with delivery challenges in Surgical Instruments expected to be resolved by H1 2026.

• The acquisition of Surgical Holdings was completed, strengthening the UK market position and expanding service capabilities.

Financial highlights

• Gross profit margin for Q3 was 48.8% (down from 53.1% last year), impacted by currency fluctuations and tariffs.

• EBITDA before non-recurring items was MSEK 26.1 (18.8% margin), down from MSEK 31.3 (24.5%).

• EBIT before non-recurring items was MSEK 17.3 (12.5% margin), down from MSEK 24.4 (19.1%).

• Earnings per share for Q3 were SEK 0.10, compared to SEK 1.53 last year.

• Cash flow from operating activities was MSEK 10.2, compared to MSEK 17.8 in Q3 2024.

Outlook and guidance

• Anticipates a return to growth in 2026, supported by strong order intake, operational improvements, and commercial execution.

• Supply chain and lead time improvements are expected to enable long-term value creation and broader product availability.