Beat on EBIT despite FX+tariff hit

U-shaped margin trajectory ahead

Seasonally slow start to the year

Interesting expansion in Pharma logistics

Better margins in Europe

Just what we wanted

We expect another solid quarter

One step forward, one step back

Even digital businesses need to destock

Solid Q2, but tariffs could hurt more

In-line sales, but lower Q3 guidance+margins

Solid earnings beat in Q2

A much welcome margin expansion

BONESUPPORT: 2025 Trim; Spine optionality kicks in

Following Q2 earnings, we revisited our expectations across all business segments, leading to a 9% 2025E sales cut, majorly driven by FX headwinds on US sales, while country-specific policies in EUROW led to softer-than-expected H1 growth. Our long-term thesis remains unchanged, and we see improvin

A bright outlook into H2'25 and beyond

Approaching the next step in the growth story

BONESUPPORT: Q2 US momentum in line; softer EU and FX weigh on EBIT

BONESUPPORT reported Q2 2025 net sales of SEK 284.4m, slightly below CSS SEK 291m (Stifel est. SEK 299m), with the deviation primarily due to a softer-than-expected European performance. Growth was led by the US, which grew 36% YoY reported (49% CER), though it fell -2%, and -4% vs CSS and our expe

Reassuring growth, margin roughly in line

US growth shine again

Challenging quarter ahead