Getinge AB: Q2‘26 consensus comparison and thoughts into results: we would remain on the sidelines

研报英文原文证据摘录

Getinge AB: Q2‘26 consensus comparison and thoughts into results: we would remain on the sidelines

J P M O R G A N Europe Equity Research

16 July 2026

Getinge AB Underweight

GETIb.ST, GETIB SS

Q2’26 consensus comparison and thoughts into results: Price (15 Jul 26):Skr206.60

we would remain on the sidelines Price Target (Dec-27):Skr165.00

Ahead of Getinge’s Q2 2026 results (17 July), we set out a comparison to the latest European Medical Technologies &

consensus and thoughts into the print. We also account for recent favourable FX Services

movements, which leads us to increase our FY26 group revenue by 2.3%. For adj David Adlington AC

EBITA, inclusion of the recently announced tariff refunds (see here), provides a (44-20) 7134-5828

1pp upgrade to our FY26 adj EBITA margin (to 15.1% from 14.1%) - this places david.adlington@jpmorgan.com

us in line with consensus FY26 adj EBITA. For Q2, we are 1.3% ahead on group Anchal Verma

sales while 2.0% below on adj EBITA due to slightly lower margin (largely due to (44-20) 3493-6144

ACT). However, confidence in our/consensus forecasts remains low given the anchal.verma@jpmorgan.com

recent volatility in quarterly earnings and so we would remain on the sidelines into Philip S Omnou

(44-20) 3493-5648

the print. While the company is not adjusting for the tariff refund, this will clearly philip.omnou@jpmorgan.com

impact reported growth next year (assuming the company does not adjust it out J.P. Morgan Securities plc

next year).

Specialist Sales contact details:

• Q2 Consensus comparison. We are 1.3% ahead on group sales owing to Marjan Daeipour - Specialist Sales -

higher organic growth (+4.0% / consensus +3.2%) and likely lower FX European Healthcare

headwinds.