Embla Medical – Presentation of the Q3 2026 Interim Report

You can already now sign up for the event and send in your questions. You don’t have to participate live to submit questions for the event.

Embla Medical will publish its interim report for Q3 2026 on 20 October 2026. At 10:30 CET, CEO Sveinn Sölvason will present the results, comment on the most important developments in the business, and provide an update on the company's outlook for the remainder of 2026, followed by a live online Q&A session.

Embla Medical reported Q2 2026 sales of USD 259 million, corresponding to 6% organic growth and 11% reported growth, with an EBITDA margin of 22% before special items, up from 21% in Q2 2025. Prosthetics & Neuro Orthotics grew 12% organically, Bracing & Supports 1%, while Patient Care declined 2%. The gross margin of 63% was supported by product mix and a net US tariff refund of USD 3 million. Net profit rose 39% to USD 29 million, Free cash flow reached USD 31 million, and leverage stood at 2.2x NIBD/EBITDA, within the 2.0 to 3.0x target range. For H1 as a whole, organic growth was 5% and the EBITDA margin 20%.

Alongside the Q2 report, management narrowed full-year organic sales growth guidance to 5-7% from 5-8%, while reiterating the EBITDA margin guidance of 20-22% before special items. With H1 delivering 5% organic growth and a 20% margin, both at the bottom of the respective ranges, the guidance implies organic growth of roughly 7% in the second half to reach the midpoint, and an H2 EBITDA margin above the 20% recorded in H1. Management has pointed to seasonality and higher operating leverage in the second half as the main margin driver, and has indicated that remaining tariff refunds of around USD 1 million will not be a material factor.

Management highlighted several focus points for the remainder of the year. Patient Care remains the key swing factor, Management stated an aim of climbing back towards industry level growth on a run rate basis towards the latter part of the year. In addition, a stronger second half is expected across all three business areas, supported by the US Medicare coverage expansion for less mobile users, the US rollout of the first bionic knee joint from Fior & Gentz, and new Bracing launches including OA Move and the updated Formfit Walker. The dedicated K2 microprocessor knee remains on track for launch in late 2027.

For industry context, main competitor Ottobock reported H1 2026 organic core revenue growth of 6.7%, including 8% in Q2, and lifted its full-year guidance to 6-8% organic growth and an underlying core EBITDA margin above 27%. Ottobock's Patient Care business grew 4.2% organically in H1.

In addition to the financial results for Q3, investors primary focus will likely be on whether Patient Care in Europe has begun to normalise, and secondary on whether the pace of the Bracing & Supports recovery following the new launches, early volume effects from the US Medicare reimbursement expansion, the contribution from Neuro Orthotics in the US, and management's confidence in delivering the implied second half acceleration needed to reach the 5-7% organic growth guidance.

Disclaimer: HC Andersen Capital receives payment from Embla Medical for a Corporate Visibility/Digital IR subscription agreement. /Michael Friis, 15/09-2026 at 16.18 CEST.