This article first appeared on GuruFocus .
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Organic Net Sales Growth:1.2% increase in Q4 2025.
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Order Intake Growth:2.3% organic increase in Q4 2025.
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Adjusted Gross Profit:SEK 5,037 billion in Q4 2025.
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Adjusted EBITA:SEK 1,809 billion with a margin of 17.8% in Q4 2025.
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Free Cash Flow:SEK 1.2 billion in Q4 2025.
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Net Debt:SEK 9.8 billion at the end of Q4 2025.
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Leverage:1.5 times adjusted EBITDA.
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Dividend Proposal:SEK 4.75 per share.
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Tariffs and FX Impact:Over SEK 1 billion headwind in 2025.
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2026 Organic Net Sales Growth Guidance:3% to 5%, adjusted for phaseout of Surgical Perfusion.
Release Date: January 27, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Getinge AB ( GNGBF ) achieved record high organic sales in Q4 2025, with a 1.2% organic increase in net sales.
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The company has made significant progress in quality remediation, reducing the number of field actions in relation to sales.
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Getinge AB ( GNGBF ) launched several new products, including the Aquadis 44 washer-disinfector and Automatiq solutions, enhancing their product portfolio.
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The company maintains a strong financial position with a leverage of 1.5 times adjusted EBITDA, well below their internal threshold.
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Getinge AB ( GNGBF ) continues to focus on high-margin products and recurring revenue, which now make up a significant portion of total sales.
Negative Points
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Adjusted gross and EBITA margins were down in Q4 2025 due to strong headwinds from currency and tariffs.
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The Life Science segment experienced a decline in organic order intake, particularly in the WIS and Bio-Processing businesses.
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Tariffs and currency fluctuations resulted in a significant drag on adjusted EBITA, with over SEK 1 billion impact for the full year.
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The company faces ongoing geopolitical and FX headwinds, which are expected to continue into 2026.
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There are delays in the Cardiosave product launch in the US due to critical component shortages, impacting sales potential.
Q & A Highlights
Q: Can you provide insights on the expected headwinds from currencies and tariffs in 2026, and whether the anticipated margin expansion is achievable? A: We anticipate tariffs to remain at similar levels as in 2025, posing a headwind of around SEK0.5 billion. Currency depreciation, particularly the dollar, is also expected to continue. Despite these challenges, our ambition is to mitigate these impacts and achieve margin expansion.
Q: Regarding the midterm guidance, can you elaborate on the potential to reach the upper end of the margin range? A: While we are not narrowing down the guidance range, it's encouraging that without geopolitical headwinds, we would already be within our guidance range. The underlying business momentum is strong, and we feel positive about the investment climate and productivity measures, which support traction towards the higher end of the margin range.
Q: What are the capital allocation priorities given the reduced leverage, and is there any consideration for share buybacks? A: M&A remains a focus, but share buybacks are also under discussion. Given the current uncertainties, we are cautious with capital allocation. We continue to receive interest in our Life Science business but have no plans for divestment.
Q: Can you discuss the phasing of quality costs and their expected impact throughout 2026? A: We expect quality costs to decrease towards the second half of 2026. However, we are not providing quarterly guidance. Our overall growth guidance for 2026 is 3% to 5%, with an ambition to expand margins.
Q: How is the ventilator business expected to perform in 2026, given the strong momentum in 2025? A: The ventilator business has benefited from competitive conversions and a normal replacement cycle. While the tailwind will be milder compared to 2025, we expect continued growth, albeit at a slower pace.
Q: What is the status of the Cardiosave and Cardiohelp product launches, and when can we expect unrestricted sales in the US? A: We aim to submit the updated 510(k) for Cardiosave in Q2 2026, but unrestricted sales in the US are not expected by the end of 2026. For Cardiohelp, we anticipate initiating shipments in Europe early this year, with the US submission planned for the second half of the year.
Q: Can you provide an update on the Paragonix business and its impact on margins? A: Paragonix is performing well, with sales exceeding $100 million. It remains slightly dilutive to group margins but is developing positively. We continue to invest in expansion and R&D, which impacts the timeline for margin accretion.
Q: How are you addressing the tariff impacts, and what are the expected mitigation measures for 2026? A: We are actively working on pricing, productivity improvements, and reviewing our supply chain structure to mitigate tariff impacts. Our pricing strategy, which has been effective since 2018, will continue to play a key role in offsetting these costs.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
