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Embla Medical – Presentation of the Q1 2026 Interim Report

EMBLA28.04.2026, 10.30

HC Andersen Capital

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Embla Medical will publish its interim report for Q1 2026 on 28 April 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 2026, followed by a live online Q&A session.

Embla Medical closed 2025 with solid momentum, delivering USD 257 million in sales in Q4 2025 and 7% organic growth for the quarter. For the full year, organic sales growth came in at 6%, driven primarily by Prosthetics & Neuro Orthotics, which grew 10% organically, supported by continued strong performance in EMEA and the commercial contribution from recently launched innovations. Bracing & Supports was the softer spot in the portfolio, declining 1% organically for the full year, while Patient Care recovered in Q4 to close the year at 1% organic growth.

Full-year EBITDA margin landed at 20%, in line with FY 2024 and within the stated guidance range, as strong sales growth and manufacturing efficiency were offset by FX headwinds, tariff impacts, and targeted investments in the Patient Care segment. Free cash flow improved meaningfully to USD 100 million, or 11% of sales, up from 9% in FY 2024, and net profit grew 21% for the full year. Leverage remained within the company's target range at 2.4x NIBD/EBITDA.

For 2026, management has issued guidance of 5–8% organic sales growth and an EBITDA margin of 20–22%, supported by volume growth in core segments and continued cost discipline in SG&A. The guidance acknowledges ongoing uncertainty related to US trade tariffs, with some tariff absorption assumed in the stated ranges. The 2026 guidance is broadly consistent with Embla Medical's Growth'27 long-term targets of 5–7% annual organic growth and a gradual margin improvement over time, suggesting the company remains on a trajectory aligned with its strategic ambitions.

Investor focus ahead of the Q1 2026 results is likely to center on the pace of organic growth across the three segments early in the year, and any early signals on whether the 2026 guidance range will narrow as the year progresses. Progress in the Patient Care turnaround and the commercial ramp-up of recently launched prosthetic innovations will also be closely followed.

Disclaimer: HC Andersen Capital receives payment from Embla Medical for a Corporate Visibility/Digital IR subscription agreement. /Michael Friis, 14.48, 27/03-2026.