Stille (STIL) investor relations material

Executive summary

• Achieved record Q2 2026 sales of SEK 187 million (MSEK 186.9), up 50% year-over-year, with 27% organic growth and strong contributions from the Surgical Holdings acquisition.

• EBIT margin improved to 14.6% from 13.3% in Q2 2025, reflecting operational execution and margin expansion.

• Strong demand and improved delivery performance drove growth across both Surgical Instruments and Surgical Tables.

• Group structure, supply chain, and organizational scaling supported higher output and reduced backorder levels.

• Strategic focus on scalability, commercial execution, and selective M&A to support future growth.

Financial highlights

• Q2 2026 revenue: SEK 187 million (MSEK 186.9), 50% total growth, 27% organic growth year-over-year.

• Gross margin: 48.4% (down from 52.1% last year), mainly due to acquisition and product mix.

• EBITDA: SEK 36.5 million, up 50%; EBITDA margin stable at 19.6%.

• EBIT: SEK 27.4 million, up 65%; EBIT margin improved to 14.6%.

• Cash flow from operations: SEK 29.3 million (MSEK 29.3), up from SEK 15 million last year.

Outlook and guidance

• Expect continued solid demand for both surgical instruments and tables in the second half, with some volatility in surgical tables due to capital equipment nature.

• Backorder levels remain elevated but are expected to gradually decrease through Q3 and Q4.

• Focus on accelerating commercial activities and complementing organic growth with selective M&A.