Getinge AB (publ)

Solid Q3 performance; margin and cash strengthened - Net sales: +2.1% organic; order intake: +2.6% organic with positive momentum across most business areas. - Profitability: Adjusted EBITA margin 15.1%, with margins up due to underlying improvement plus remaining tariff refund (~SEK 45m). - Cash & balance sheet: Free cash flow SEK 1.302bn; net debt SEK 10.4bn (or SEK 8.1bn excluding pensions), translating to leverage 1.5x (well below internal 2.5x threshold).

Strategic mix shift continues (recurring + high-margin products), supporting longer-term margin path - Recurring revenue share: still about two-thirds of sales. - High-margin products: about 70% in Q3 (examples cited: ECLS offering and BetaBags in Sterile Transfer). - Quality trend: field actions/sales improved over the last 3 years; currently slightly above last year but within expected range.

Guidance reiterated for 2026 (with sensitivity to Q4 swing factors) - Outlook 2026: organic net sales growth 3%–5%, adjusted for phaseout of surgical perfusion. - Surgical perfusion impact: expected net sales decline from ~SEK 250m to ~SEK 50m in 2026. - YTD: 2.5% organic growth; company expects Q4 to bring performance into the 3%–5% range. - Why not tightened: Q4 deliveries depend on customer “book-and-turn” readiness; also reliance on a few key categories that can swing quarter-to-quarter.