Ottobock SE & Co. KGaA Ottobock strongly increases revenue in the first half of the year and significantly improves its margin

• Core revenues¹ increase by 7.7 percent to EUR 818.5 million with organic core revenue growth of 6.7 percent
• Underlying core EBITDA grows by 18.1 percent to EUR 207.0 million; core EBITDA margin reaches 25.3 percent
• Strategic investment in future human-machine interface technology through Blue Arbor Technologies, Inc.
• Expansion of product portfolio in the field of Functional Electrical Stimulation through acquisition of Fesia Technology²
• Expansion of global Patient Care network in Norway   
• Portfolio streamlining continued: Sale of the “human mobility” wheelchair business agreed
• Full-year 2026 guidance narrowed: Organic core revenue growth of 6–8 percent (previously: 5–8 percent) and underlying core EBITDA margin of > 27 percent (previously > 26.5 percent)

Oliver Jakobi, CEO of Ottobock SE & Co. KGaA: “We delivered a successful first half of the year, in which we outperformed the market thanks to strong organic growth. We also focused on expanding our user groups through targeted investments and acquisitions, thereby further strengthening our leading market position. This applies both to our investment in the future technology of Blue Arbor and to the expansion of our patient care network in Norway and, most recently, to our strategic investment in Fesia Technology, with which we are developing into a technology provider for functional electrical stimulation. In addition, we once again drove technological development in the industry with our innovations at this year’s OTWorld, the industry’s leading trade fair. On this basis, we are looking to the second half of the year with confidence and are refining our forecast for 2026 financial year towards an organic core revenue growth of 6–8 percent and an adjusted core EBITDA margin of more than 27 percent.”   

Group performance³   

Ottobock, the global market leader in human bionics, continued its growth trajectory while significantly improving margins in the first half of the year. Consolidated revenues in the core business increased by 7.7 percent to EUR 818.5 million (organic core growth: 6.7 percent).   

EBITDA adjusted for extraordinary items in the core business increased by 18.1 percent to EUR 207.0 million. The company improved the underlying core EBITDA margin by 2.2 percentage points to 25.3 percent due to strong organic revenue growth and a positive product mix driven by stronger growth in the Product & Components (B2B) business. Scaling effects, efficiency improvements and disciplined cost control also contributed to the positive development of margins. Underlying net income improved by 23.9 percent to EUR 85.1 million (H1 2025: EUR 68.7 million). Net income amounted to EUR 67.3 million, compared to EUR 28.0 million in the prior-year period. This corresponds to earnings per share of EUR 1.06 (H1 2025: EUR 0.47).

Free cash flow in the first half of the year amounted to EUR 71.8 million (H1 2025: EUR 93.2 million) and was influenced by timing and one-off effects in income tax payments and the build-up of working capital. Leverage⁴ stood at 2.5x at the end of the first half of 2026 (Q4 2025: 2.3x), reflecting the targeted acquisitions undertaken to support future growth.

Segment development (core business)

In the EMEA region, Ottobock recorded revenue growth of 12.2 percent to EUR 610.2 million in the first half of the year (H1 2025: EUR 544.0 million). In addition to double-digit organic growth in the B2B business and continuous organic growth in the B2C business, the acquisitions of Matton in 2025 and Blatchford Norway in May 2026 contributed to the positive development. Organic revenue growth in the region amounted to 9.0 percent. Underlying EBITDA improved by 24.0 percent to EUR 158.3 million (H1 2025: EUR 127.7 million). The underlying EBITDA margin was 26.0 percent compared to 23.5 percent in the prior-year period.

Revenues in the Americas region decreased by 5.1 percent to EUR 155.8 million in the first half of 2026 (H1 2025: EUR 164.2 million). Negative foreign exchange rate effects, especially from the weaker US dollar, impacted the revenue development. Organic growth accelerated in the second quarter and amounted to -0.3 percent for the first half of the year. The improved momentum was primarily driven by the positive performance in the U.S., which delivered organic growth of 4.0 percent. Underlying EBITDA improved by 1.8 percent to EUR 36.1 million (H1 2025: EUR 35.5 million). The underlying EBITDA margin increased by 1.6 percentage points to 23.2 percent (H1 2025: 21.6 percent).

The APAC region recorded revenue growth of 1.0 percent to EUR 52.5 million (H1 2025: EUR 52.0 million). Both the B2B and B2C businesses contributed positively to the region’s organic sales growth of 3.6 percent. Underlying EBITDA improved by 3.7 percent to EUR 12.5 million (H1 2025: EUR 12.1 million). The underlying EBITDA margin in the region improved by 0.6 percentage points to 23.9 percent (H1 2025: 23.3 percent).

Revenue by product category (core business)

In the Product & Components (B2B) business, Ottobock increased its revenues to EUR 461.6 million in the reporting period (H1 2025: EUR 428.5 million). This corresponds to an increase of 7.7 percent compared to the same period of the previous year and an organic growth of 8.7 percent. Revenue growth is mainly attributable to sustained positive momentum in the fields of prosthetics and neuro-orthotics.

Revenues in the Patient Care (B2C) business increased by 7.6 percent to € 356.9 million (H1 2025: € 331.7 million), with an organic growth of 4.2 percent. This increase was driven by strong organic revenue growth in Americas and by the acquisitions of the patient care companies Matton and Northern Prosthetics, each in the previous year, and Blatchford Norway in May 2026.

“We are very satisfied with the overall development in the first half of the year. We were able to increase our revenues in both the B2B and B2C business and grow organically as well as through our strategic acquisitions,” said Dr. Arne Kreitz, CFO of Ottobock SE & Co. KGaA. “We are on track to increase profitability and were able to significantly increase the EBITDA margin compared to the previous year. Therefore, we are looking confidently to the second half of the year,” continued Dr. Arne Kreitz.

Guidance for 2026 narrowed

Based on the good business performance in the first half year of 2026, Ottobock is narrowing its full-year guidance for the Group. Organic core revenue growth is expected in a range of 6 to 8 percent (previously 5 to 8 percent). Underlying core EBITDA margin is expected to be more than 27.0 percent (previously: more than 26.5 percent).

¹The core business comprises the product categories Products & Components (B2B) and Patient Care (B2C). The Products & Components (B2B) product category includes products and solutions for prosthetics, neuro-orthotics, digital orthotics and prosthetics (O&P) solutions, other products and services, and bionic exoskeletons. The Patient Care (B2C) product category encompasses the business of our global network of more than 420 O&P patient care centers where we treat and support our users.

² The signing of the contract for the acquisition of Fesia Technology, S.L. took place on 7 July 2026. Closing of the transaction is expected in six months.       

³ The Ottobock Group consists of the core business and the non-core business. The non-core business includes products of subsidiaries or business units that have already been sold or disposed of, or whose business activities have been discontinued or whose divestiture has been resolved and whose disposal is to take place within the next 18 months, according to the respective decision.

⁴Leverage ratio is defined as “net debt / adjusted EBITDA” for the last 12 months.

The half-year report 2026 is available on the company website at

https://investors.ottobock.com/en/results-reports

Conference Call for Analysts and Investors

Oliver Jakobi, CEO and Dr. Arne Kreitz, CFO, will be presenting the half-year results 2026 in a conference call on 13 August 2026 at 2:00 pm CEST.   

Please register here.

Upcoming dates

12 November 2026  Publication of the Quarterly Statement January to September 2026

Contact Investors:

Ottobock SE & Co. KGaA
Julia Hartmann
Vice President Investor Relations
Phone: +49 151 5568 4807
E-mail: julia.hartmann@ottobock.de   

Contact Media:

Ottobock SE & Co. KGaA
Merle Florstedt
Vice President Corporate Communications
Phone: +49 151 4416 1625
E-mail: merle.florstedt@ottobock.de       

About Ottobock

Ottobock, a listed global MedTech champion, combines over 100 years of tradition with outstanding innovative strength in the fields of prosthetics, neuro-orthotics and exoskeletons. Ottobock develops innovative fitting solutions for people with limited mobility and is driving the digitalization of the industry. Founded in Berlin in 1919, the company has business activities in 45 countries with nearly 9,300 employees (FTEs) worldwide and operates the largest international patient care network with more than 420 patient care clinics. Ottobock is shaping the future of human bionics with a strong R&D ratio in the products and components business and over 2,600 patents and patent applications. Ottobock’s mission of improving freedom of movement, quality of life and independence is deeply rooted in the company’s DNA, as is its social commitment: Ottobock has been a partner and supporter of the Paralympics since 1988.

Key figures H1 2026   

 

Ottobock Group

in million euros	H1 2026	H1 2025	Change
Revenue	854.1	800.6	6.7 %
Core revenue	818.5	760.2	7.7 %
Non-core revenue	35.6	40.4	-11.7 %
Organic core revenue growth	6.7 %	10.9 %	-4.2 %p
Underlying EBITDA	213.2	180.3	18.3 %
Underlying EBITDA margin	25.0 %	22.5 %	2.4 %p
Underlying core EBITDA	207.0	175.2	18.1 %
Underlying core EBITDA margin	25.3 %	23.1 %	2.2 %p
Underlying net income	85.1	68.7	23.9 %
Net income	67.3	28.0	140.7 %

 

Development by segment (core business)

in million euros	H1 2026	H1 2025	Change
EMEA revenue	610.2	544.0	12.2 %
Americas revenue	155.8	164.2	-5.1 %
APAC revenue	52.5	52.0	1.0 %

 

Revenue by product category (core business)

in million euros	H1 2026	H1 2025	Change
Products and components (B2B)	461.6	428.5	7.7 %
Patient care (B2C)	356.9	331.7	7.6 %

Key figures Q2 2026   

 

Ottobock Group

in million euros	Q2 2026	Q2 2025	Change
Revenue	458.1	417.7	9.7 %
Core revenue	440.1	397.7	10.7 %
Non-core revenue	18.0	20.1	-10.4 %
Organic core revenue growth	8.0 %	10.9 %	-2.9 %p
Underlying EBITDA	127.1	104.2	22.0 %
Underlying EBITDA margin	27.8 %	24.9 %	2.8 %p
Underlying core EBITDA	122.7	99.8	23.0 %
Underlying core EBITDA margin	27.9 %	25.1 %	2.8 %p
Underlying net income	62.5	48.7	28.4 %
Net income	48.5	11.9	308.0 %

Development by segment (core business)

in million euros	Q2 2026	Q2 2025	Change
EMEA revenue	327.5	282.5	15.9 %
Americas revenue	86.8	87.8	-1.1 %
APAC revenue	25.8	27.4	-5.6 %

 

Revenue by product category (core business)

in million euros	Q2 2026	Q2 2025	Change
Products and components (B2B)	248.0	221.2	12.1 %
Patient care (B2C)	192.0	176.4	8.9 %