Getinge AB (publ)

Strong Q3 operating performance; margins up on underlying improvement - Net sales: +2.1% organic; order intake: +2.6% organic (positive development across most business areas). - Profitability: Adjusted gross margin +2.2pp and adjusted EBITA margin 15.1% (adjusted EBITA SEK 1.278bn), driven by disciplined pricing, mix shift toward higher-margin revenue, and productivity, partially helped by a SEK ~45m tariff refund. - Cash flow & financial position: Free cash flow SEK 1.302bn (above SEK 1bn); net debt SEK 10.4bn (or SEK 8.1bn adjusted for pension liabilities); leverage 1.5x (well below internal threshold 2.5x).

Strategic momentum: recurring revenue + high-margin mix continue - Recurring revenue share: about 2/3 of sales. - High-margin products: around 70% of sales as of Q3 (notably ECLS and BetaBags in Sterile Transfer—described as strong so far in 2026). - Quality trend: field actions have improved significantly over 3 years; currently slightly above last year but within expected range (investors should watch this as an execution/earnings risk driver).

Outlook for full-year 2026 remains unchanged (mid-single digit organic growth, guided range) - Organic net sales growth guidance: 3% to 5% for 2026, adjusted for phaseout of surgical perfusion. - Surgical perfusion headwind: expected 2026 net sales decline from ~SEK 250m to ~SEK 50m. - Progress so far: 2.5% organic growth YTD; expectation that Q4 takes performance into the 3–5% band. - Why not tightening guidance: Q4 delivery/booking is subject to swing factors (customers not always ready for capital deliveries by year-end).