Strategic Acquisition — Streifeneder Majority Investment
Completed majority investment in Streifeneder in September 2025, positioning Embla as a full-range provider in prosthetics, expanding presence in private-pay markets and expected to broaden patient reach; integration progressing and expected to be marginally dilutive (~10–20 bps) to margins in 2026.
Product Innovation and Reimbursement Wins
Launched multiple new solutions in 2025 including Navii and Icon bionic knees, Odyssey iQ bionic support, Pro-Flex LP Junior prosthetic ankle/foot, and Power Knee functional updates; Fior & Gentz received its first U.S. reimbursement code for a microprocessor-controlled knee joint.
Geographic Expansion and Strategic Partnerships
Opened first clinic in Kyiv, Ukraine, and launched a 3-year Iceland Support Mobility in Ukraine initiative in partnership with the Icelandic government to deliver prosthetic care and rehabilitation.
Solid Organic Sales Growth
Full-year 2025 organic sales growth of 6%; reported growth 9% and local-currency growth 7% (including Streifeneder). Q4 sales were $257 million with 7% organic growth and 14% reported growth (including +5 ppt FX and +3 ppt M&A).
Segment Performance — Prosthetics & Neuro Orthotics
Prosthetics and Neuro Orthotics delivered strong performance: 9% organic growth in Q4 and 10% for the full year, driven by EMEA momentum, College Park portfolio (Icon knee, Odyssey iQ) and APAC (Australia).
Regional Strength — EMEA and APAC
EMEA grew 12% organically in Q4 and APAC grew 9%; EMEA strength was broad-based across business areas (excluding bracing) and benefited from new innovations and Streifeneder contribution.
Profitability and Cash Generation
Full-year EBITDA margin was 20% (on par with 2024). Q4 EBITDA margin was 19%. Net profit grew 33% in the quarter and 21% for the full year. Free cash flow was $42M in Q4 (vs $33M prior year) and $100M for full year (11% of sales, up from $77M / 9%).
Capital Allocation and Balance Sheet
CapEx normalized to ~3% of sales (Q4 CapEx $8M). Net interest-bearing debt / EBITDA at year-end was 2.4x, within target 2–3x, enabling initiation of a new share buyback program.
2026 Guidance
Issued guidance for 2026 of 5%–8% organic sales growth and an EBITDA margin target of 20%–22%, with commentary that reaching upper end will require continued Prosthetics & Neuro Orthotics momentum and Patient Care recovery.
Sustainability Recognition
Earned a place among the world’s top 500 companies for pairing strong growth with environmental responsibility for the second consecutive year.