Ottobock Se & Co. Kgaa · XETR:OBCK
Ottobock Se & Co. Kgaa — Ottobock — Investor Presentation (March 2026)
46 slides from Ottobock Se & Co. Kgaa's investor presentation, Mar 19, 2026
Slide 1: Ottobock Global MedTech Champion
Ottobock Global MedTech Champion March 2026 Ottobock Investor Presentation March 2026 I Copyright © 2026 Ottobock
Slide 2: Ottobock at a glance
Ottobock at a glance #1 €1.6bn | 11% €415m | 26% in Human Bionics1) Total core2) revenue 25A3) & organic core growth 24-25A4) Underlying core EBITDA5) 25A and margin6) >130 >800k >420 # Countries served globally7)8) # Patients9) # Patient Care clinics10)11) Note: 1) Company data analysis; relates to
Slide 3: Over a century of continuous innovation leadership
Over a century of continuous innovation leadership First mechatronic Digital Foundation orthosis system transformation Bionic Reconstruction First micro- processor- Pioneering electro- Human Machine controlled modulation1) Interface / AI prosthesis Exoskeletons (Humanoid) Robotics 1919 2000s 2018 20
Slide 4: Integrated platform with a comprehensive offering
Integrated platform with a comprehensive offering Medical conditions served Integrated platform with a comprehensive offering Prosthetics Neuro-Orthotics Digital O&P4) Exoskeletons5) (Traumatic) Limb Loss 55%3) ~5m1) Peripheral Artery Disease (PAD) Stroke B2B6) Multiple Sclerosis ~50m2) Spinal Cord
Slide 5: Comprehensive portfolio of bespoke solutions
Comprehensive portfolio of bespoke solutions Prosthetics Neuro-Orthotics >26’000 >3’500 SKUs SKUs Ottobock Investor Presentation March 2026 I Copyright © 2026 Ottobock 5
Slide 6: Innovation - The next major milestones
Innovation - The next major milestones Vision Human Bionic Reconstruction Prosthetics Neuro-Orthotics Expansion of upper and lower limb Expansion of lower limb Present mechatronic systems mechatronic portfolio Near Next gen active prosthetics Introduction of upper limb systems Future enabled by man-
Slide 7: Ottobock – Global MedTech champion
Ottobock – Global MedTech champion Global market leader in Human Bionics1) 1 #1 in Prosthetics, #1 in Neuro-Orthotics, #1 in Exoskeletons, #1 in Digital O&P Highly attractive and resilient markets 2 with strong growth momentum Innovation champion with strong pipeline creating new markets 3 and socio
Slide 8: Global market leader in Human Bionics
1 Global market leader in Human Bionics Key market drivers Ottobock’s addressable market sizes, market positions and expected market growth Ageing society Products & Components (B2B)1) Patient Care (B2C) accompanied by growing chronic health conditions Scale-up of tech-driven innovations #1 8% #2 5%
Slide 9: Highly attractive and resilient markets
2 Highly attractive and resilient markets Addressable B2B market (in bn. €) Addressable B2C market (in bn. €) CAGR 2024-30 ~5.3% CAGR 18,0 ~5.1% 3,7 CAGR ~29% ~9.5% 0,2 13,2 0,2 ~15% CAGR ~4.8% 0,8 CAGR ~11% 10,3 ~7.5% CAGR 2,1 8,6 ~6.9% 0,1 CAGR 0,4 2,5 1,5 1,1 0,3 ~8% 0,2 1,6 1,1 0,9 2015 2019 202
Slide 10: Evidence-based benefits are driving reimbursement
3 Evidence-based benefits are driving reimbursement Ottobock Initiating reimbursement First-mover advantage Deep market penetration of Expansion of access and approach for innovations and pricing upgrade the reimbursement system addressable population 1997 2015 2018 2021 2024 2026+ Today Launch C-Le
Slide 11: Scalable business model across B2B and B2C
4 Scalable business model across B2B and B2C Products & Components (B2B) Patient Care (B2C) Patients Tech-driven innovations Direct patient access Lean and scalable Life-long partnership for Insights into patient needs manufacturing set-up patients with chronic medical conditions Active patient acqu
Slide 12: Patient population growth through re-fitting cycles
4 Patient population growth through re-fitting cycles >5 re-fitting cycles with >€150k LTV1) Case study: Revenue development of MPK products in DACH (in m. €) 85 New patient Initial fitting 80 Re-Fitting 4 Multiple 75 Re-Fitting 3 re-fittings 70 65 Re-Fitting 2 60 55 50 Re-Fitting 1 +12% p.a. 45 40
Slide 13: Digitalization and industrialization of our global Patient Care network
4 Digitalization and industrialization of our global Patient Care network Ottobock global Patient Care network1) Increased efficiency through digitalization More than 3x network expansion since 2016 ~40% time saving2) Administration 319 3D scan 64 39 Digital fabrication Fitting Note: 1) As per 13 Ma
Slide 14: Business and Strategy Update
Business and Strategy Update Ottobock Investor Presentation March 2026 I Copyright © 2026 Ottobock
Slide 15: Delivered on all promises
Delivered on all promises Largest German IPO in 2025 FY2025 results IPO FY2025 guidance Organic core revenue growth +10.6% 9% - 12% Underlying core EBITDA margin 26.0% 25% - 26% Free cash flow growth +23.7% Net debt / EBITDA 2.3x ~2.5x Ottobock Investor Presentation March 2026 I Copyright © 2026 Ott
Slide 16: Major achievements across B2B and B2C
Major achievements across B2B and B2C FY2025 highlights Achievements €896m Launch of Genium X4 in Q4-24 and successful ramp-up in 2025 FY2025 core revenue Products & Components Launch of mechatronic solutions for K2 in the US (B2B) +15.2% Organic core cc growth C-Brace acceleration in the US and rei
Slide 17: What are the key themes for 2026
What are the key themes for 2026 Innovation-driven growth Spike events Scalability Seasonality M&A • New launches at • Increasing O&P • Further margin • Structural • Execution on OTWorld 2026 and demand rising across expansion through seasonality pattern attractive M&A ramp-up from H2/26 Ukraine / R
Slide 18: Launch of new innovations driving non-linear growth
Launch of new innovations driving non-linear growth What to expect in 2026 Significant number of next gen Launch of next products to be presented at OTWorld in May gen products Full suite of innovations across entire product range to further SALES evolve the portfolio Existing products Product plate
Slide 19: Important innovations 2026 (1/2)
Important innovations 2026 (1/2) Prosthetics MPK Family: Kenevo Genium X4 C-leg Speedhand Solution Michelangelo Solution 3R60 / 3R106 Update Iconiq Liner Family Ottobock Investor Presentation March 2026 I Copyright © 2026 Ottobock 19
Slide 20: Important innovations 2026 (2/2)
Important innovations 2026 (2/2) NeuroOrthotics Digital O&P Bionic Exoskeletons Patient App Powered Back Volton Clinicial Workflow Digital Exo AirgoXP CADKit Custom Fabrication C-Brace Facelift & New Mechatronic Exopulse 9.5 (next Smart C-Brace Interim Orthotic System generation) Documentation Ottob
Slide 21: Spike Events – O&P care ramping up, despite ongoing capacity and supply chain challenges
Spike Events – O&P care ramping up, despite ongoing capacity and supply chain challenges Spike events Description Ottobock update Outlook & upside in 2026 Upside • Sales organization established • Further ramp-up • Increasing and significant • Budget for high-value O&P of capacity +++ Ukraine/ O&P d
Slide 22: Delivering on our scalability targets
Delivering on our scalability targets Scalability measures Successful margin development 35% Innovation-driven growth 30% 30% Production relocation towards 27% Bulgaria (LCM) 26% 25% 24% 26% 25% 22% Margin uplift: +4pp 22% Shared service center Bulgaria 20% 17% 21% Typical seasonality pattern – deta
Slide 23: Recurring seasonality pattern with a clear upward trend on a full-year basis
Recurring seasonality pattern with a clear upward trend on a full-year basis Core revenue development Commentary 2024A 2025A Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Structural seasonality pattern alongside special effects H2 weighting reflects reimbursement approval Core patterns, with payer decisions revenue typic
Slide 24: Active M&A approach across all verticals and regions
Active M&A approach across all verticals and regions Non-core portfolio measures Acquisitions / investments Key additions in 2025 Outlook A4 Access Complementary Divested (Jan-2024) technology B2B benefiting from scalability of OB platform Cascade Orthopedic Supply Divested (Sep-2024) Actively Activ
Slide 25: Financial Update 2025 and Outlook
Financial Update 2025 and Outlook Ottobock Investor Presentation March 2026 I Copyright © 2026 Ottobock
Slide 26: Attractive growth combined with margin improvement
Attractive growth combined with margin improvement Core revenue (in m. €) Underlying core EBITDA (in m. €) Cash conversion1) (in %) 20.8% 21.2% 22.4% 26.0% +12.0% p.a. 1,600 415 72% 75% 1,433 +20.5% p.a. 70% 1,291 321 1,140 54% 274 238 FY FY FY FY FY FY FY FY FY FY FY FY 2022 2023 2024 2025 2022 202
Slide 27: Successful interplay of B2B and B2C
Successful interplay of B2B and B2C Core revenue (in m. €) Commentary +11.7% Patient Care (B2C) 1,599.7 • Strong catch-up after weaker start into the year 1,432.5 • US business with double-digit organic growth • Further contribution from acquisitions in EMEA and APAC 15.2% 896.2 783.0 Products & Com
Slide 28: Outperforming the market in all three regions
Outperforming the market in all three regions Core revenue EMEA (in m. €) Core revenue Americas (in m. €) Core revenue APAC (in m. €) 16.5% 11.7% 8.9% 9.5% 5.7% 14.0% -0.7% +12.7% +9.5% +7.4% 1,149.2 346.0 104.4 1,019.3 316.0 97.2 +11.5% -2.3% -7.4% 287.8 320.8 97.4 95.1 28.1 26.0 Q4 Q4 FY FY Q4 Q4
Slide 29: Significant margin improvement
Significant margin improvement Underlying core EBITDA (in m. €) Commentary Gross Profit 25.0% 30.4% 22.4% 26.0% • Positive product mix with strong B2B sales • Scaling effects and benefits from lower cost manufacturing +29.5% plants and procurement initiatives 415,3 Operating costs 320,6 • Positive s
Slide 30: Achieved a high profitability across all regions
Achieved a high profitability across all regions Underlying core EBITDA (in m. €) Commentary EBITDA • Positive underlying core EBITDA margin development across 415.3 all segments • Americas with margin increase due to strong revenue growth in B2B and B2C business improvement 320.6 25.9% 298.2 23.6%
Slide 31: Over-proportionate profit increase
Over-proportionate profit increase Underlying net income (in m. €) Commentary Operating profit 7.1% 12.7% 6.0% 10.6% • Higher underlying net income was primarily driven by improved operating profit Depreciation & Amortization +83.2% • D&A (excluding impairments) rose in line with the business 177.3
Slide 32: High double-digit free cash flow increase
High double-digit free cash flow increase Free cash flow (in m. €) Commentary Operating cash flow 69.5% 73.8% 71.7% 74.7% • Stronger profitability translated into higher operating cash flow • Working capital benefited from improved trade receivables collection One-off and tax • Cash flow was impacte
Slide 33: Leverage significantly reduced
Leverage significantly reduced Key financial indicator Net debt (in m. €) and leverage 2024 2025 1,400 4.2x 4.5x 282 24% 1,200 4.0x 3.7x IPO 4.0x Net debt 1,128.1 960.7 1,000 3.5x 3.5x 3.2x 800 3.0x 2.8x 3.0x LTM U. EBITDA 326.2 420.7 600 2.3x 2.5x 400 Leverage 3.5x 2.3x 200 2.0x 0 1.5x Q1 Q2 Q3 Q4
Slide 34: 2026 Outlook and Mid-Term Targets
2026 Outlook and Mid-Term Targets FY Guidance Guidance 2025 2026 mid-term 2029 Organic core cc 10.6% 5.0 – 8.0% 7.0 – 9.0% p.a.1) revenue growth Underlying core 26.0% >26.5% 29.0 – 30.0% EBITDA margin Net capex and cap. R&D € 105m - 115m Cash-effective tax rate ~ 25% Leverage < 2.0x Key Themes • Inn
Slide 35: Appendix
Appendix Ottobock Investor Presentation March 2026 I Copyright © 2026 Ottobock
Slide 36: Ambitious leadership team committed to long-term success
Ambitious leadership team committed to long-term success Executive Directors 35 7 7 4 Execution-driven management team with Ottobock DNA and strong track record Clear strategic roadmap to drive growth Oliver Jakobi Dr. Arne Kreitz Arne Jörn Martin Böhm and margin expansion (CEO/CSO) (CFO) (COO/CTO)
Slide 37: Tech-driven innovations creating adjacent markets
Tech-driven innovations creating adjacent markets Area Initial innovation Product advancements Units sold MPKs1) Microprocessor- Kenevo Low mobility patients 20% Prosthetics Controlled Knee CAGR (C-Leg) Genium/X3/X4 High mobility patients 1998 2025 C-Brace Gen-2 Microprocessor- Excellence in Neuro-
Slide 38: Global platform for efficiently scaling new technologies
Global platform for efficiently scaling new technologies Global infrastructure Key facts4) >130 Countries served5) 1) 3) 2) LCM platform 45 24 Countries with Technical service Low-cost manufacturing (LCM) direct presence6) centers & certified platform, R&D and G&A shared technicians7) services cente
Slide 39: Profit & Loss Statement
Profit & Loss Statement January – December 2025 Q4 FY Profit and loss statement 24A 25A 24A 25A Revenue 440.1 462.0 1,604.6 1,679.8 Cost of sales -213.2 -221.0 -792.9 -793.3 Gross profit 226.9 241.1 811.7 886.5 Selling expenses -97.8 -91.4 -349.6 -348.0 Research and development expenses -28.1 -18.3
Slide 40: Cash Flow Statement
Cash Flow Statement January – December 2025 Q4 FY Cash flow statement 24A 25A 24A 25A Profit before tax (EBT) 37.1 63.3 78.7 149.5 Financial result 7.5 18.6 64.6 50.4 Depreciation, amortization and impairment 43.6 39.5 155.8 172.0 Gain/loss from disposals of non-current assets 0.6 0.2 0.7 -0.4 Chang
Slide 41: Cash Flow Statement
Cash Flow Statement January – December 2025 Q4 FY Cash flow statement 24A 25A 24A 25A Acquisition of subsidiaries 21.2 -1.0 -28.4 -30.6 Earn-out payments and payments of deferred purchase prices -15.7 - -15.7 -10.5 Acquisition of investments -22.5 -10.0 -22.5 -16.6 Acquisition of other financial ass
Slide 42: Cash Flow Statement
Cash Flow Statement January – December 2025 Q4 FY Cash flow statement 24A 25A 24A 25A Proceeds from bank loans 730.1 252.2 811.1 252.2 Repayment of bank loans -778.0 -380.0 -778.0 -397.5 Repayment of lease liabilities -10.5 -11.0 -42.9 -43.2 Dividends paid -0.0 -0.0 -15.9 -15.1 Acquisition of non-co
Slide 43: Balance Sheet
Balance Sheet Assets Balance sheet 24A 25A Property, plant and equipment 243.2 236.9 Intangible assets 851.3 853.2 Right-of-use assets 204.5 195.4 Equity-accounted investees 2.7 8.1 Other financial assets 39.9 46.0 Other assets 2.2 3.7 Deferred tax assets 80.1 73.9 Non-current assets 1,424.0 1,417.3
Slide 44: Balance Sheet
Balance Sheet Liabilities Balance sheet 24A 25A Balance sheet 24A 25A Subscribed capital 5.5 64.0 Liabilities to credit institutions 25.5 198.0 Capital reserve 108.7 153.8 Lease liabilities 42.6 41.8 Retained earnings 148.8 223.4 Trade and other payables 101.2 99.6 Other components of equity -23.0 -
Slide 45: Investor Relations Contact
Investor Relations Contact Financial calendar 6 May 2026 Quarterly Statement January-March 2026 19 May 2026 Annual General Meeting 13 August 2026 Half-year Financial report January-June 2026 12 November 2026 Quarterly Statement January-September 2026 Julia Hartmann https://investors.ottobock.com/en
Slide 46: Disclaimer
Disclaimer This presentation includes statements concerning the future performance of Ottobock. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we cannot guarantee that they will actually materialize. This is bec