OTTOBOCK (+) : Data update post Q1 26 results

研报英文原文证据摘录

OTTOBOCK (+) : Data update post Q1 26 results

EQUITIES

MEDTECH & SERVICES

DATA UPDATE

OTTOBOCK OUTPERFORMPRICE* EUR62.7  TARGET PRICE EUR84 (UPSIDE 34%) TARGET 1%PRICE EPS-3%26e EPS 2%27e

Data update post Q1 26 results

We have adjusted our estimates to reflect 1Q26 performance. For FY26, we continue to forecast12 MAY 2026

Securities Research Report organic sales growth of 7.3% (vs guidance 5-8%), and c. EUR50m of non-core revenue leading to

Production time: 13:42* (London time) EUR1.8bn in total revenue. We expect Ottobock will make up for 1/ weak start in Americas impacted

Research Analysts & Publishing Entities

by order phasing from their largest US customer and 2/ delay in order shipping in Middle East. Note

Hugo Solvet they started to see a normalisation in Q2 already. This should drive a gradual step up in toplineBNP Paribas London Branch

(+44) 203 430 8478 momentum throughout the rest of the year. We adjust our underlying core EBITDA margin forecast

hugo.solvet@uk.bnpparibas.com to c. 26.8% (from 27.4% previously), closer to the guide of >26.5% as we reflect the Q1 performance

Andjela Bozinovic and investments into new products to be introduced later in May at the OTWorld trade show (Leipzig).

BNP Paribas London Branch

(+44) 203 430 8699 Our TP is up to EUR84/s (from EUR83/s). Our DCF moves slightly down to EUR99 (from EUR100

andjela.bozinovic@uk.bnpparibas.com

previously), while our peer multiple valuation is up given recent peer’s rerating to EUR68/s (vs

EUR67 previously).

We do not consider the changes to be material; our Outperform rating is unchanged.

Ottobock (+) OBCK GR Performance(1) 1w 1m 3m 12m

*Closing Price (11 May 2026) EUR62.7 Absolute(%) 10 14 11 NC

Volume (EURm) 2.0 Rel. Sector(%) 15 29 41 NC

Market cap (EURbn) 4.0 Rel.