Ottobock continues growth track amid a more challenging environment

• Organic core revenue¹ growth of 6.4 percent in Q3 (9M: 6.6 percent) continuing the H1 growth path
• EMEA with 8.0 percent (9M: 8.7 percent) growth, Americas continues to be soft with -1.8 percent (9M: -0.8 percent); APAC with strong catch-up of 17.9 percent (9M: 8.6 percent)
• Product & Components (B2B) remains the growth engine, while Patient Care (B2C) shows slower growth momentum
• Underlying core EBITDA margin of 27.7 percent in Q3 (9M: 26.1 percent), reflecting strong mix, scale effects and cost management
• 2026 guidance confirmed - market outperformance to be continued, yet reimbursement environment more challenging

Oliver Jakobi, CEO of Ottobock SE & Co. KGaA: “We once again outperformed the market, delivering solid growth against a demanding prior-year comparison. At the same time, we are seeing a more challenging market environment, particularly as reimbursement frameworks evolve in several key markets. We expect these headwinds to persist in Q4. Our strong innovation pipeline and market leadership as well as disciplined strategy execution provide a solid foundation for continued growth and resilience, while the structural demand drivers remain firmly intact.”
 

Group performance²

Ottobock SE & Co. KGaA ("Ottobock"), the global leader in human bionics, today reported continued growth and profitability improvements for the third quarter and first nine months of 2026. Q3 core revenue increased by 9.0 percent to EUR 433.4 million, corresponding to organic core revenue growth of 6.4 percent. For the first nine months, core revenue rose by 8.1 percent to EUR 1,251.8 million, with organic core revenue growth of 6.6 percent. Growth continued to be led by Products & Components (B2B), while regional trends became more differentiated.

Underlying core EBITDA rose by 13.5 percent to EUR 120.1 million in Q3 and by 16.4 percent to EUR 327.1 million in 9M. The underlying core EBITDA margin increased by 110 basis points to 27.7 percent in Q3 and by 190 basis points to 26.1 percent in 9M. As in H1, the improvement was driven by the favorable product mix from stronger B2B growth, scaling and disciplined cost management, particularly in administrative and operations functions.

Underlying net income increased by 5.8 percent to EUR 52.9 million in Q3 and by 16.3 percent to EUR 138.0 million in 9M. Free cash flow amounted to EUR 151.1 million, compared with EUR 172.8 million in the prior year period, mainly reflecting higher income tax payments. Q3 free cash flow was broadly stable at EUR 79.3 million. Leverage improved quarter-on-quarter to 2.3x at the end of September, despite the acquisition of the patient care business in Norway earlier in the year.

Segment development (core business): strong EMEA and APAC, continued softness in the Americas

EMEA generated organic core revenue growth of 8.0 percent in Q3 and 8.7 percent in 9M. Double-digit B2B growth and continued contributions from Russia and Ukraine were partially offset by softer performance in Western Europe, where more challenging reimbursement processes have lengthened the time required to translate underlying patient demand into revenue. Russia accounted for more than 11 percent of reported Group revenue in 9M 2026.

APAC accelerated to 17.9 percent organic core revenue growth in Q3, bringing 9M growth to 8.6 percent. The improvement in Q3 was driven by a catch-up in tender-related revenues following a softer second quarter, alongside double-digit B2B growth, high-single-digit patient care growth and strong momentum in Australia and Thailand.

The Americas core org. revenue growth declined by 1.8 percent in Q3 and 0.8 percent in 9M, reflecting strong prior-year comparisons in the US business. In addition, performance was softer in Canada and Brazil. Patient Care continued to deliver positive growth of 3.6 percent.

Revenue by product category (core business): B2B remains the growth engine

Products & Components (B2B) delivered organic core revenue growth of 9.9 percent in Q3 and 9.1 percent in 9M. Growth was supported by continued momentum in prosthetics and neuro-orthotics, particularly in high-tech components, as well as positive contributions from innovations such as the myoelectric michelangelo hand and C-Brace Interim. The stronger B2B product mix supported Group growth and profitability.

Patient Care (B2C) recorded organic core revenue growth of 1.7 percent in Q3 and 3.3 percent in 9M. Growth remained positive across the regions, with momentum accelerating in APAC during Q3 and the acquisition of Blatchford’s patient care business in Norway contributing to reported revenue growth. Nevertheless, overall B2C performance remained below the Group’s growth ambition, partly reflecting longer reimbursement approvals in several European markets.

Outlook: 2026 guidance confirmed

Ottobock confirms its 2026 guidance of 6.0 percent to 8.0 percent organic core revenue growth and an underlying core EBITDA margin above 27.0 percent.

Ottobock expects a more moderate seasonal uplift in Q4, amid a more complex reimbursement landscape. At the same time, the structural demand drivers remain intact, underpinned by Ottobock’s innovation leadership and continued opportunities to capture operational efficiencies.

The guidance for 2027 will be provided with the full-year 2026 results in March 2027.

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 430 O&P patient care centers where we treat and support our users.

² 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.

Key financial figures 

The Q3 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 present the Q3 and nine-month 2026 results in a conference call on November 12, 2026, at 2:00 pm CET.   

Please register here.
 

Upcoming dates

Preliminary full-year 2026 results – 16 February 2027
Annual Report 2026 - 11 March 2027 
 

Contact Investors:

Ottobock SE & Co. KGaA
Jens-Philipp Briemle
Vice President Investor Relations
Phone: +49 151 5916 7524
E-mail: jens-philipp.briemle@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 430 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.