Record quarter with organic revenue growth
Q4 organic net sales grew by 1.2% versus prior year, beating last year's record quarter; order intake increased organically by 2.3%.
Strong underlying margins absent currency/tariff impact
Adjusted EBITA margin excluding currency and tariff effects would have been 20.3% in Q4 and 16.0% for the full year, demonstrating underlying margin improvement toward the 16–19% 2028 target.
Solid profitability and cash generation
Adjusted gross profit in the quarter was SEK 5.037 billion; adjusted EBITDA was SEK 1.809 billion (17.8% margin); free cash flow was SEK 1.2 billion in Q4.
Strong balance sheet and capital allocation actions
Net debt was SEK 9.8 billion (SEK 7.5 billion adjusted for pensions), leverage 1.5x adjusted EBITDA (1.1x adjusted), cash ≈ SEK 3.4 billion; Board proposed dividend SEK 4.75 per share.
Recurring and high‑margin revenue mix improving
Recurring revenue now represents about two‑thirds of sales and the share of high‑margin products (Paragonix, ECLS portfolio, infection‑control consumables, Cell Transfer data bags) has increased.
Product launches and regulatory progress
Several launches in Q4 (Siemens UI in washers/sterilizers, Aquadis 44, Automatiq). Regulatory milestones: CE for PLS set (EUR MDR), iCast covered stent PMA for large diameters, PiCCO included in European guideline; Cardiohelp II CE submission completed and first European shipments expected early in the year.
Commercial momentum in key end markets
Good performance in Acute Care Therapies (ventilators, Transplant Care, ECLS consumables) and Surgical Workflows (operating tables, infection control consumables), and continued strength in sterile transfer within Life Science.