Strong Q4 Orders and Sales Momentum
Order intake up 7% in Q4 and 6% for full year; comparable sales growth accelerated to 7% in Q4 (full year 2.3% in line with outlook); order book grew 5% year‑on‑year, providing stronger visibility into 2026.
Improved Profitability and Margins
Adjusted EBITDA margin expanded to 15.1% in Q4 (+160 bps year‑on‑year) and to 12.3% for the full year (+80 bps), driven by sales growth, gross margin improvement from innovation and productivity, and favorable mix.
Personal Health Outperformance
Personal Health comparable sales grew 14% in Q4 and 8% for the full year; adjusted EBITDA margin for Personal Health improved to 23% in Q4 (+500 bps) and to 18% for the full year (+130 bps), driven by premium products (OneBlade, DiamondClean, premium shavers) and strong commercial execution.
Connected Care Momentum
Connected Care delivered 7% comparable sales growth in Q4 (3% FY) with Q4 adjusted EBITDA margin at 16.5% (+150 bps) and FY margin crossing double digits to 10.7% (+110 bps); strong North American monitoring and enterprise informatics demand and large strategic partnerships (e.g., Atrium Health, UNC Rex).
Order Strength in Diagnosis & Treatment and Key Wins
Diagnosis & Treatment orders grew (D&T order intake +5% FY) with Image‑Guided Therapy delivering double‑digit growth in Q4; strong demand for Azurion 7, EPIQ CVx ultrasound and CT 5300, and a 10‑year collaboration with Bon Secours Mercy Health across 80+ labs.
Innovation Pipeline and Strategic M&A
Launched helium‑free 3T MRI, Verida (always‑on spectral CT), LumiGuide (AI‑enabled 3D navigation), and closed acquisition of SpectraWAVE (HD intravascular imaging) — expected to support demand, improve mix and contribute to gross‑margin expansion over time.
Material Productivity and Cost Savings Delivered
Delivered EUR 248m productivity savings in Q4 and EUR 815m for the year; over EUR 2.5bn saved since 2023 (exceeding original EUR 2.0bn target); new EUR 1.5bn productivity program launched for 2026–2028.
Improved Earnings, Cash and Leverage
Adjusted diluted EPS from continuing operations of EUR 0.60 in Q4 (+20% YoY) and +15% for the full year; Q4 net income EUR 397m; Q4 free cash flow EUR 1.2bn; year‑end cash ~EUR 2.8bn and net debt ~EUR 5.3bn with leverage improved to 1.7x (net debt/adjusted EBITDA).