Medacta Group Sa · SIX:MOVE
Medacta Group Sa — H1 2026 Earnings Presentation
24 slides from Medacta Group Sa's earnings presentation, Sep 9, 2026
Slide 1: H1 2026 Results
H1 2026 Results SUSTAINABLE INNOVATION, WORLD-CLASS SURGEON EDUCATION, AND AN UNWAVERING COMMITMENT TO IMPROVING PATIENT OUTCOMES 09 September 2026
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Medacta operates; manufacturing or logistics disruptions; the impact of Group SA (“Medacta” and together with its subsidiaries, “we”, “us” or fluctuations in foreign exchange rates; and such other factors as the “Group”). The inf
Slide 3: Francesco Siccardi, Chief Executive Officer
FRANCESCO SICCARDI Chief Executive Officer
Slide 4: Highlights – H1 2026 Results
Highlights – H1 2026 Results H1 2026 revenue in EUR Adjusted EBITDA margin** 368 m 27.8 % in c.c. * Adj. EBITDA of EUR 97 m Net profit of EUR 42 m Outlook 2026 and mid-term 26.5 % of revenue 11.4 % of revenue confirmed Notes 4 * Constant currency ** Alternative Performance Measures: This presentatio
Slide 5: Medacta's success pillars for above-market growth
Medacta’s success pillars for above-market growth Differentiating innovations 1 with aim to improve patient outcomes & healthcare sustainability Education and personalized training of surgeons 2 thereby acquiring new surgeons across all business lines Team expansion 3 to increase network of surgeons
Slide 6: Outgrowing market in all geographies
Outgrowing market in all geographies 9.7%* H1 2026 geographic revenue distribution LATAM 6.8 8.8 1.2 377.6 368.2 EUR 8.3m, 16.7 344.1 2% -9.5 Revenue in EUR m APAC EUR 73.1m, 20% EMEA 10.0% 6.6% 13.1% 16.4% EUR 184.7m, Growth rate in constant currency NORAM 50% EUR 102.1m, 28% H1 25 EMEA NORAM APAC
Slide 7: Excellent above-market growth across all business lines
Excellent above-market growth across all business lines 9.7%* H1 2026 revenue distribution by business line Spine 15.4 5.7 1.3 377.6 368.2 EUR 28.7m, 11.2 8% 344.1 -9.5 Extremities** EUR 40.4m, Revenue in EUR m 11% Hip, EUR 145.0m, 8.1% 10.8% 15.9% 4.5% 39% Growth rate in constant currency Knee EUR
Slide 8: Continued strong performance in Hip
Continued strong performance in Hip 160 145.0 137.0 140 Reported revenue in EUR m 123.7 120 116.4 101.4 100 80 60 40 20 0 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Hip – H1 2026 • First cases with NextAR Hip in the U.S. and Australia completed • Start of full market release of the Mfinitiy hip stem in
Slide 9: Further notable expansion in Knee
Further notable expansion in Knee 180 160 154.1 Reported revenue in EUR m 143.0 140 120 116.1 98.5 100 77.2 80 60 40 20 0 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Knee – H1 2026 • GMK SpheriKA and Efficiency single use instruments continue to find increasing adoption with surgeons • Continued double-
Slide 10: Solid growth in Spine
Solid growth in Spine 35 28.5 28.7 Reported revenue in EUR m 30 25 24.0 22.4 19.8 20 15 10 5 0 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Spine – H1 2026 • Launch of NextAR Spine 2.0 • Continued strong performance in EMEA, followed by LATAM and APAC • 1.4x above-market growth 2026E** yoy 10 Notes * In
Slide 11: Continued robust growth in Extremities
Continued robust growth in Extremities 45 40.4 40 Reported revenue in EUR m 35.7 35 30 24.8 25 20 17.9 15 12.9 10 5 0 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Extremities – H1 2026 • Successful completion of first U.S. revision shoulder arthroplasty with NextAR Shoulder, supported by the new AI based
Slide 12: Corrado Farsetta, Chief Financial Officer
Corrado Farsetta Chief Financial Officer
Slide 13: Gross profit continues to progress
Gross profit continues to progress 300 • Gross profit of EUR 240.2 m vs. 240.2 EUR 235.1 m in H1 2025, an 250 235.1 increase of 2.1% yoy Gross profit in EUR m 200 • Gross profit margin was 65.2% compared to 68.3% in H1 2025 150 • Softening of margin was due to a 100 more significant adverse FX impac
Slide 14: Adj. EBITDA margin remaining in high twenties
Adj. EBITDA margin remaining in high twenties * • Adj. EBITDA of EUR 97.4 m or EUR 104.4 m in constant currency compared to EUR 98.8 m in 120 30% H1 2025 28.7% 27.8% 100 26.5% 25% • Adj. H1 2026 EBITDA margin of 27.8% yoy in Adj. EBITDA in EUR m 98.8 constant currency and 26.5% in EUR compared Adj.
Slide 15: Net profit affected by one-off gain last year
Net profit affected by one-off gain last year 70 60.0 60 • Profit before tax was EUR 51.3 m compared to EUR 68.6 m in H1 2025 Net profit in EUR m 50 41.9 40 • Net profit amounted to EUR 41.9 m compared to EUR 60.0 m 30 20 • Decline primarily reflects the exceptional one-off bargain 10 purchase gain
Slide 16: Operating cash flow moderating due to higher NWC
Operating cash flow moderating due to higher NWC • Cash flow from operating activities decreased to EUR 55.7 m (EUR m) compared to EUR 73.0 m in H1 2025 m Cash Flow H1 2026 H1 2025 reflecting higher net working capital to replenish the implant safety inventory and Cash Flow from Operating Activities
Slide 17: CAPEX driving growth and expansion
CAPEX driving growth and expansion • Total CAPEX was EUR 74 m compared to Instruments Other tangibles 1 EUR 64 m in H1 2025, as Medacta EUR 42 m EUR 22 m continues to invest in growth • Investments in instruments were EUR 42 EUR 74 m m and other tangibles were EUR 22 m; these together are CAPEX for
Slide 18: CAPEX in % of revenue
CAPEX for growth: instruments + other tangibles 20.0% 17.5% • Instruments CAPEX was 11.5% of 15.7% revenue in H1 2026 in line with past 15.0% CAPEX in % of revenue 15.0% years average 11.9% 11.5% 10.5% • Other tangibles CAPEX increased to 10.0% 6% of revenue in H1 26, slightly higher than in the pre
Slide 19: Maintaining a strong balance sheet
Maintaining a strong balance sheet Net debt / adj. EBITDA (x) 1.4 1.2 1.2 Net debt / adj. EBITDA (x) 1.0 • Sustained solid balance sheet 0.9 0.8 • H1 2026 net debt / adj. EBITDA remained low 1.2 x, compared to 0.6 0.9 x at the end of 2025 0.4 • Net debt / adj. EBITDA on average at 0.9 x over the pas
Slide 20: Francesco Siccardi, Chief Executive Officer
FRANCESCO SICCARDI Chief Executive Officer
Slide 21: Outlook
Outlook Outlook 2026 Medacta is targeting a revenue growth in the range of 10% to 14% in constant currency and an expansion of the adjusted EBITDA margin of around 50bps vs. the prior year (27.9%), in constant currency, subject to unforeseen events. Mid-term outlook Revenue compound annual growth ra
Slide 22: Key messages
Key messages • Continued above-market H1 2026 revenue growth of around 10% yoy in constant currency as result of • Differentiating innovations to improve patient outcome and healthcare sustainability • Education and personalized training of surgeons • Further expansion of sales reps and team • Conti
Slide 23: Thank you
Thank you to all our employees, clients, suppliers and partners worldwide.
Slide 24: Calendar 2026
Calendar 2026 Date Event Location 10. September Roadshow London London 15. September Roadshow US Denver 16. September Morgan Stanley Global Healthcare Conference New York 17. September Roadshow US virtual 18. September Roadshow Zurich Zurich 24. September Reverse Roadshow Barclays Rancate 29. Septem