Ottobock SE & Co. (OBCK.DE): Expect improved momentum in Q2; Buy

研报英文原文证据摘录

Ottobock SE & Co. (OBCK.DE): Expect improved momentum in Q2; Buy

Equity Research

16 July 2026 | 3:21AM BST

We expect a sequential improvement in Ottobock’s organic growth in Q2 26 Richard Felton, CFA

+44(20)7552-7872 |

when they report on 13 August. GSe +7.4% organic core revenue growth in Q2 26 (vs richard.felton@gs.com

Goldman Sachs International

+5% growth in Q1) as timing impacts unwind (Middle East order delay and US

Lauren Mitchell

customer slowdown) and underlying development improves. Given the improved +44(20)7774-8731 |

growth momentum, mix impacts and ongoing operating cost control, we expect a lauren.r.mitchell@gs.comGoldman Sachs International

step up in core EBITDA margin to 27.2% in Q2 26 (+200bps y/y).

Growth and margin to accelerate in 2H 26e driven by product launches; expect

FY guidance reiteration. We forecast organic core revenue growth of +6.3% in

1H26, accelerating to +8.1% in 2H26 supported by a robust innovation pipeline and

the rollout of several key product launches (here). Our 1H26 core EBITDA margin

forecast of 24.9% implies a step-up to 28.8% in 2H26, which we believe is

well-supported by stronger revenue growth/mix, ongoing efficiency initiatives and

established margin seasonality (~600bp margin uplift 1H vs 2H FY25). Given the

clear drivers underpinning this acceleration, we expect management to reiterate

FY26 guidance of 5-8% organic revenue growth and >26.5% core EBITDA margin,

targets that we view as comfortably achievable (GSe: +7.2% organic growth and

27.0% core EBITDA margin in FY26).

Recent share weakness creates buying opportunity ahead of a 2H 26e ramp. We

continue to see an attractive risk-reward profile for Ottobock underpinned by (1)

solid revenue growth (GSe +9% revenue CAGR FY25-28e) which is broad based,