Slides
Page 1
09 September 2026 H1 2026 Results SUSTAINABLE INNOVATION, WORLD -CLASS SURGEON EDUCATION, AND AN UNWAVERING COMMITMENT TO IMPROVING PATIENT OUTCOMES
Page 2
2 This presentation (the “Presentation”) has been prepared by Medacta Group SA (“Medacta” and together with its subsidiaries, “we”, “us” or the “Group”). The information contained in the Presentation does not purport to be comprehensive. Please refer to the financial reports available on our website at https://www.medacta.com/EN/investors. FORWARD-LOOKING INFORMATION This Presentation has been prepared by Medacta and may include forward-looking information and statements concerning the outlook for our business. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates”, “targets”, “plans”, “outlook” or similar expressions. There are numerous risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this Presentation. The important factors that could cause such differences include: changes in the global economic conditions and the economic conditions of the regions and markets in which the Group operates; changes in healthcare regulations (in particular with regard to medical devices); the development of our customer base; the competitive environment in which the Group operates; manufacturing or logistics disruptions; the impact of fluctuations in foreign exchange rates; and such other factors as may be discussed from time to time. Although we believe that our expectations reflected in any such forward-looking statement are based upon reasonable assumptions, we can give no assurance that those expectations will be achieved. ALTERNATIVEPERFORMANCE MEASURES This Presentation may contain information regarding Alternative Performance Measures. Definitions of these measures and reconciliations between such measures and their IFRS counterparts if not defined in the Presentation may be found in the financial reports available on our website at https://www.medacta.com/EN/investors. THIS PRESENTATION IS NOT AN INVITATION TO PURCHASE SECURITIES OF MEDACTA OR THE GROUP Not all productsare availablein all countries.Productavailabilityis dependentupon the registrationrequirements for your country. All trademarks and registered trademarks are the property of their respective owners. Disclaimer Related Trademarks Medacta Group Related Trademarks are registered at least in Switzerland. The products and services listed below may not be all-inclusive, and other Medacta products and services not listed below may be covered by one or more trademarks. The below products and services may be covered by additional trademarks not listed below. Note that Swiss trademarks may have foreign counterparts. AMIS®, GMK® SpheriKA, MyShoulder®, MySpine®, NextAR , MyKA .
Page 3
FRANCESCO SICCARDI Chief Executive Officer
Page 4
4 Highlights – H1 2026 Results H1 2026 revenue in EUR 368 m Adjusted EBITDA margin** 27.8 % in c.c.* Outlook 2026 and mid-term confirmed Net profit of EUR 42 m 11.4 % of revenue Notes * Constant currency ** Alternative Performance Measures: This presentation contains certain financial measures of historical performance that are not defined or specified by IFRS, such as “constant currency”, “EBITDA”, “adjusted EBITDA”, “Free Cash Flow”, “adjusted Free Cash Flow”, “Net Debt” and “Leverage”. These Alternative Performance Measures (APMs) should be regarded as complementary information to, and not as a substitute for the IFRS performance measures. For definitions of APMs, together with reconciliations to the most directly reconcilable IFRS line items, please refer section headed “Alternative Performance Measures” of the 2026 Half-Year Report. The 2025 Half-Year Report is available and can be accessed at: https://www.medacta.com/EN/financial-reports-and-presentations . Adj. EBITDA of EUR 97 m 26.5 % of revenue
Page 5
5 Medacta’s success pillars for above-market growth Team expansion to increase network of surgeons & foster further growth Differentiating innovations with aim to improve patient outcomes & healthcare sustainability Education and personalized training of surgeons thereby acquiring new surgeons across all business lines 1 2 3
Page 6
6 Outgrowing market in all geographies Notes * In constant currency Abbreviations: EMEA: Europe, Middle East and Africa; NORAM: North America; APAC: Asia Pacific; LATAM: Latin America • APAC and EMEA continuing to deliver double-digit revenue growth • NORAM: growing above market despite some temporary softening in Joints and Spine, the latter due to a sales channel transition • LATAM: advancing in mid-teens following a strong stock purchasing of new distributors in the previous year H1 2026 geographic revenue distribution 9.7%* 344.1 377.6 368.216.7 6.8 8.8 1.2 -9.5 H1 25 EMEA NORAM APAC LATAM H1 26 in cc* FX H1 26 Revenue in EUR m 10.0% 6.6% 13.1% 16.4% Growth rate in constant currency EMEA EUR 184.7m, 50%NORAM EUR 102.1m, 28% APAC EUR 73.1m, 20% LATAM EUR 8.3m, 2%
Page 7
7 Excellent above-market growth across all business lines 9.7%* Notes * In constant currency ** Extremities includes Shoulder and Sportsmed H1 2026 revenue distribution by business line Hip, EUR 145.0m, 39% Knee EUR 154.1m, 42% Extremities** EUR 40.4m, 11% Spine EUR 28.7m, 8%344.1 377.6 368.2 11.2 15.4 5.7 1.3 -9.5 Revenue in EUR m 8.1% 10.8% 15.9% 4.5% Growth rate in constant currency
Page 8
8 Continued strong performance in Hip 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 the US • Outstanding growth in APAC and LATAM • Around 1.8 x above-market growth 2026** yoy Notes * In constant currency ** The Orthopaedic Industry Annual Report® published by Orthoworld® Inc., published May 2026 101.4 116.4 123.7 137.0 145.0 0 20 40 60 80 100 120 140 160 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Reported revenue in EUR m
Page 9
9 Further notable expansion in Knee Notes * In constant currency ** The Orthopaedic Industry Annual Report® published by Orthoworld® Inc., published May 2026 Knee – H1 2026 • GMK SpheriKA and Efficiency single use instruments continue to find increasing adoption with surgeons • Continued double-digit growth in APAC and EMEA • 2.1x above-market growth 2026E** yoy 77.2 98.5 116.1 143.0 154.1 0 20 40 60 80 100 120 140 160 180 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Reported revenue in EUR m
Page 10
10 Solid growth in Spine 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 Notes * In constant currency ** The Orthopaedic Industry Annual Report® published by Orthoworld® Inc., published May 2026 19.8 22.4 24.0 28.5 28.7 0 5 10 15 20 25 30 35 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Reported revenue in EUR m
Page 11
11 12.9 17.9 24.8 35.7 40.4 0 5 10 15 20 25 30 35 40 45 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Reported revenue in EUR m Continued robust growth in Extremities Extremities – H1 2026 • Successful completion of first U.S. revision shoulder arthroplasty with NextAR Shoulder, supported by the new AI based MyShoulder Planner for advanced preoperative 3D planning • Sportsmed launched SecureFix All-Inside Meniscal Repair System for knee sports medicine offering distinguished ease of use • More than 2x above-market growth 2026E** yoy in Extremities Notes * In constant currency ** The Orthopaedic Industry Annual Report® published by Orthoworld® Inc., published May 2026
Page 12
Corrado Farsetta Chief Financial Officer
Page 13
13 Gross profit continues to progress Notes Definitions of Alternative Performance Measures can be found in our 2026 Half-Year Report, available on our website: https://www.medacta.com/EN/investors • Gross profit of EUR 240.2 m vs. EUR 235.1 m in H1 2025, an increaseof 2.1% yoy • Gross profit margin was 65.2% comparedto 68.3% in H1 2025 • Softeningof margin was due to a more significant adverse FX impact, a higher depreciation ratio, and a less favorable geo- and product-mix followinga lower US revenue contribution, which offset the operating leverage realised 235.1 240.2 0 50 100 150 200 250 300 H1 2025 H1 2026 Gross profit in EUR m
Page 14
14 Adj. EBITDA margin* remaining in high twenties • Adj. EBITDA of EUR 97.4 m or EUR 104.4 m in constantcurrencycomparedto EUR 98.8 m in H1 2025 • Adj. H1 2026 EBITDA margin of 27.8% yoy in constantcurrencyand 26.5% in EUR compared to an exceptionallyhigh comparable adjusted EBITDAmarginof 28.7% in H1 2025 • Operating leverage and cost controls could only partly offset the impacts at gross profit level and the heightened transport expenses due to fuel surcharges • Reported EBITDA of EUR 96.8 m compared to EUR 110.5 m reflecting the bargain purchase gain from the acquisitionwhich generated an extraordinaryhighercomparablebase Notes * In constant currency Definitions of Alternative Performance Measures can be found in our 2026 Half-Year Report, available on our website: https://www.medacta.com/EN/investors Adj. EBITDA Adj. EBITDA margin in c.c.* Adj. EBITDA margin 98.8 97.4 28.7% 26.5% 0% 5% 10% 15% 20% 25% 30% 0 20 40 60 80 100 120 H1 2025 H1 2026 Adj. EBITDA margin Adj. EBITDA in EUR m 27.8%
Page 15
15 Net profit affected by one-off gain last year • Profit before tax was EUR 51.3 m comparedto EUR 68.6 m in H1 2025 • Net profit amounted to EUR 41.9 m comparedto EUR 60.0 m • Decline primarily reflects the exceptional one-off bargain purchase gain realized with the Parcus Medical acquisitionlast year, which generated an extraordinary highercomparablebase Notes Definitions of Alternative Performance Measures can be found in our 2026 Half-Year Report, available on our website: https://www.medacta.com/EN/investors 60.0 41.9 0 10 20 30 40 50 60 70 H1 2025 H1 2026 Net profit in EUR m
Page 16
16 Operating cash flow moderating due to higher NWC Cash Flow H1 2026 H1 2025 Cash Flow from Operating Activities 55.7 73.0 Cash Flow from Investing Activities (74.3) (64.4) Free Cash Flow (18.6) 8.5 (EUR m) • Cash flow from operating activities decreased to EUR 55.7 m compared to EUR 73.0 m in H1 2025 m reflecting higher net working capital to replenishthe implantsafety inventoryand in preparation of the necessary market entryin Indiain the secondhalf of 2026 • Cash flow from investing activities increasedto EUR 74.3 m vs. EUR 64.4 m in the prior year primarily reflecting a comparativehigher increase in CAPEX in productionexpansion • Free cash flow was EUR -18.6 m comparedto EUR 8.5 m in the prioryear Notes Definitions of Alternative Performance Measures can be found in our 2026 Half-Year Report, available on our website: https://www.medacta.com/EN/investors
Page 17
17 Instruments EUR 42 m Other tangibles EUR 22 m R&D EUR 8 m Others EUR 2 m 1 2 CAPEXdriving growth and expansion Notes 1 Other tangibles include land, buildings, plants & machinery, other fixture and fittings, tool and equipment and assets under construction. 2 Others include trademarks, software, financial and other investments. • TotalCAPEX was EUR 74 m comparedto EUR 64 m in H1 2025, as Medacta continuesto investin growth • Investmentsin instrumentswere EUR 42 m and other tangibles were EUR 22 m; these togetherare CAPEX for growth and representa good 80% of totalCAPEX • Other tangiblesare CAPEX related to the expansion and construction of our productionand officefacilities CAPEX related to growth EUR 74 m
Page 18
18 CAPEX for growth: instruments + other tangibles Notes 1. Other tangibles include land, buildings, plants & machinery, other fixture and fittings, tool and equipment and assets under construction. 2. Others include trademarks, software and others. • Instruments CAPEX was 11.5% of revenue in H1 2026 in line with past yearsaverage • Other tangibles CAPEX increased to 6% of revenue in H1 26, slightlyhigher than in the previousyear • The increase of higher other tangibles is related to the expansion and construction of our production and office facilities which saw a comparatively higher increase as the building shell of the new Ticino (CH) facilitysite is beingcompleted 11.9% 10.5% 11.5% 3.8% 4.5% 6.0% 15.7% 15.0% 17.5% 0.0% 5.0% 10.0% 15.0% 20.0% H1 2024 H1 2025 H1 2026 CAPEX in % of revenue Instruments Other tangibles Instruments + other tangibles
Page 19
19 Maintaining a strong balance sheet Notes Definitions of Alternative Performance Measures can be found in our 2026 Half-Year Report, available on our website: https://www.medacta.com/EN/investors • Sustainedsolidbalancesheet • H1 2026 net debt / adj. EBITDA remained low 1.2 x, compared to 0.9 x at the end of 2025 • Net debt / adj. EBITDA on averageat 0.9 x over the past five financialcalendaryears Net debt / adj. EBITDA (x) 0.9 1.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 FY 2025 H1 2026 Net debt / adj. EBITDA (x)
Page 20
FRANCESCO SICCARDI Chief Executive Officer
Page 21
21 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,subjectto unforeseenevents. Mid-term outlook Revenue compound annual growth rate (CAGR) (2024–2027E) in constant currency is expected to range between 12% and 15%, with a gradual improvementof the adjusted EBITDA margin vs. 2025, in constantcurrency, subjectto unforeseenevents. Tariffs Medacta remains not impacted by the US tariffs and will continue to monitor the development. Notes Alternative Performance Measures: This presentation contains certain financial measures of historical performance that are not defined or specified by IFRS, such as “constant currency”, “EBITDA”, “adjusted EBITDA”, “Free Cash Flow”, “adjusted Free Cash Flow”, “Net Debt” and “Leverage”. These Alternative Performance Measures (APMs) should be regarded as complementary information to, and not as a substitute for the IFRS performance measures. For definitions of APMs, together with reconciliations to the most directly reconcilable IFRS line items, please refer section headed “Alternative Performance Measures” of the 2025 Full-Year Report. The 2025 Full-Year Report is available and can be accessed at: https://www.medacta.com/EN/financial-reports-and-presentations
Page 22
22 Key messages • Continued above-market H1 2026 revenue growth of around 10% yoy in constantcurrencyas result of • Differentiatinginnovationsto improvepatientoutcomeand healthcaresustainability • Educationand personalized training of surgeons • Furtherexpansion of sales reps and team • Continued high adj. EBITDA margin of approx. 28 % in c.c.* • Accelerating US development and expansion • Our aim: To continueto grow above the market Notes * In constant currency Definitions of Alternative Performance Measures can be found in our 2026 Half-Year Report, available on our website: https://www.medacta.com/EN/investors
Page 23
Thank you to all our employees, clients, suppliers and partners worldwide.
Page 24
24 Calendar 2026 All events can be found on the Medacta Investor Relations website: https://www.medacta.com/EN/financial-calendar 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. September Production site visit & meet the CEO Rancate 15. October Berenberg Swiss Stock Pickers Conference Paris 20. October Roadshow Frankfurt Frankfurt 05. November ZKB Swiss Equity Conference Zurich 10. November UBS European Flagship Conference London 12. November Stifel 2026 Healthcare Conference New York 02. December Berenberg European Conference Fairmont Windsor Park