Ottobock plans Initial Public Offering in 2025

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Ottobock plans Initial Public Offering in 2025

Duderstadt, Germany, 15 September 2025

• Ottobock – the global MedTech champion of the Custom Orthotics and Prosthetics (O&P) industry - plans an initial public offering and listing on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) before the end of 2025, subject to market conditions.
• The IPO is expected to consist of shares from the holdings of the existing shareholder as well as newly issued shares from a capital increase with targeted gross proceeds of EUR 100 million.
• Ottobock is the global market leader in human bionics – holding no. 1 positions in prosthetics, neuro-orthotics, digital orthotics and prosthetics (O&P) solutions, and exoskeletons for occupational use.
• Ottobock operates in the structurally growing and resilient global human bionics market, driven by demographic shifts, growing chronic health conditions, increasing patient access to high-tech O&P solutions as well as long-term fitting needs associated with global spike events.
• As innovation leader for over 100 years, Ottobock drives technological progress through strategic investments and six global R&D hubs, advancing future technologies like AI-powered prosthetic control, neural interfaces, and digital manufacturing to create new markets and accelerate growth.
• Ottobock operates a scalable business model with a globally established organization upon which new high-tech technologies can be rolled out across its global sales network and across the world’s largest international patient care network with around 400 clinics and direct access to patients.
• Ottobock delivers strong and recurring revenue growth, has a robust financial profile and a track record of profitable growth with an average organic year-on-year core¹ revenue growth² of 11.2% (2022–2024) and an underlying core EBITDA³ margin⁴ of 22.4% (2024).
• Ottobock is led by an experienced management team with a clear strategy, supported by a committed and long-term oriented founding family, the Näder family.

Ottobock, the global MedTech champion and market leader in human bionics, today announced its intention to be listed as a partnership limited by shares (SE & Co. KGaA) on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange. The IPO is expected to consist of a secondary offering of shares from the holdings of the existing shareholder as well as newly issued shares from a capital increase, expecting to create a liquid market for the Ottobock shares. Targeted gross proceeds of EUR 100 million from the placement of new shares as part of a capital increase are intended to provide the company with additional financial flexibility to settle obligations from incentive awards, finance future tech investments (including investments into future technologies such as human-machine-interfaces) and to pursue opportunities in Products & Components (B2B) products and service as well as Patient Care (B2C) M&A.

Prof. Hans Georg Näder, Chairman of the Management Board (Verwaltungsrat) of Ottobock: “Ottobock has always stood for innovation, responsibility and long-term thinking. As a family-owned company for over a century, we have built a business that combines high-tech medical solutions with a deep commitment to help people maintain or regain their freedom of movement. The planned IPO is an important milestone on our journey and provides us with even more strategic and financial flexibility. As a majority shareholder, the family remains deeply committed to supporting and guiding Ottobock’s global team as it seizes the amazing opportunities ahead of us.”

Oliver Jakobi, CEO of Ottobock: “With today’s announcement, Ottobock is entering a new phase of growth opportunities. We have transformed the company into a global MedTech champion with a scalable technological platform, a strong innovation pipeline and patient access across the globe. Operating in a structurally resilient market with excellent growth momentum, we generated double-digit organic core revenue growth from 2022 through 2024 while continuously expanding margins over the past three years. The planned IPO will enable Ottobock to further boost investments in new technologies, expand its global footprint and continue redefining what is possible in human bionics. Our mission remains unchanged: we empower people to maintain or regain freedom of movement.”

Global Leader in Human Bionics with a Century of Innovation

Ottobock is the global market leader in human bionics, developing innovative solutions in the fields of prosthetics, neuro-orthotics and exoskeletons for people with limited mobility, and driving the digitalization of the industry.

Headquartered in Duderstadt, Germany, Ottobock employs nearly 9,300 FTEs worldwide and has business activities in 45 countries. It operates the largest international patient care network, with around 400 patient care clinics treating over 650,000 patients annually. In 2024, Ottobock generated €1,433 million in total core revenue and €321 million in underlying core EBITDA, reflecting an underlying core EBITDA margin of 22.4%.

With more than 100 years of innovation and a legacy deeply rooted in biomechanical excellence, Ottobock has consistently set new standards in orthopedic technology. From its origins in post-World War I Germany —where founder Otto Bock pioneered serial production of prosthetic components to support amputees — the company has been at the forefront of the evolution of mobility solutions. Milestones such as the world’s first myoelectric arm prosthesis, and the modular leg solution with pyramid adapter shaped modern prosthetics. Under the leadership of Prof. Hans Georg Näder, Ottobock launched the C-Leg in 1997, the world’s first microprocessor-controlled knee joint, redefining care for transfemoral amputees.

Today, Ottobock continues this legacy through targeted investments in research and development, leveraging decades of biomechanical expertise to develop next-generation technologies. Ottobock has successfully applied its core competence from its prosthetics offering to expand into the fast-growing neuro-orthotics market, aiming to meet the needs of an estimated 50 million people worldwide affected by mobility impairments as a consequence of neurological conditions such as stroke, multiple sclerosis, spinal cord injury, cerebral palsy, and others.

Ottobock not only improves existing standards of care but also aims to pioneer entirely new treatment pathways. With digital workflows that streamline the entire patient journey, AI-supported prosthetic control solution, and advanced neuro-orthotic devices such as the C-Brace or Exopulse Suit, Ottobock redefines what medical technology can achieve. Its vision of human bionic reconstruction to enable natural movement and its current focus on next-generation human-machine interfaces – including minimally invasive implant technologies – marks the beginning of a new technological chapter: a future in which prostheses, orthoses and bionic exoskeletons become integrated extensions of the human body.

Leadership across Markets with Strong Growth Momentum

Ottobock operates at the forefront of highly attractive and resilient markets with strong structural growth momentum underpinned by secular megatrends such as demographic change, rising chronic health conditions, long-term fitting needs associated with spike events such as geopolitical conflicts and natural disasters and increasing patient access to O&P solutions.

The global human bionics market comprises a global B2B market for products and components with a total market size of approximately €2.1 billion and a B2C market for patient care services with a total market size of approximately €13.2 billion. Both markets are expected to grow steadily through 2030 at approximately 9% and 5% compound annual growth rate, respectively – driven by demographic factors such as ageing societies and growing chronic health conditions, increasing patient access to O&P solutions, the scale-up of tech-driven O&P innovations, and the steady expansion of reimbursement access.

Ottobock is a leader in both the B2B and the B2C market. In its products and components (B2B) business, Ottobock is approximately 1.5 times larger in revenue than its closest competitor. In B2C, Ottobock operates the largest international patient care network, with leading market positions in Western Europe, top four position in the U.S., and strategic positions across emerging markets.

Ottobock’s focus on innovation is the engine of its sustainable, long-term revenue and earnings growth. It not only positions the company to benefit from market developments – it actively shapes them. With advanced technologies, Ottobock aims to expand and define new markets, enabling people with amputations or neurological conditions to regain their freedom of movement.

The global prosthetics market, for example, is increasingly moving toward high-end, microprocessor-controlled solutions, with strong demand driven by traumatic limb loss, as well as vascular and congenital conditions. Ottobock holds the leading position in this market and continues to expand its addressable market through showcasing evidence-based user and socioeconomic benefit which set the base for reimbursement success. This has most recently been achieved with products like the Kenevo, a microprocessor-controlled solution specifically designed for the needs of lower mobility users, which has seen coverage expansion in the United States during 2024.

Ottobock is also the global market leader in neuro-orthotics. Whilst this market has historically been characterized by traditional mechanic neuro-orthotics, tech-enabled solutions present significant growth segments. In this regard, Ottobock’s technological innovations, such as the microprocessor-controlled C-Brace or the neuromodulation device Exopulse Suit, enable novel opportunities in addressing previously unmet patient needs related to conditions such as stroke, multiple sclerosis, spinal cord injury, and cerebral palsy.

Having expanded its biomechanical know-how beyond medical use cases, Ottobock’s offering of exoskeletons focuses on preventative applications in physically strenuous workplaces. Scientific studies support that Ottobock’s exoskeletons, for example, reduce physical strain and lower long-term healthcare costs. The market for occupational exoskeletons is expected to grow approximately fivefold by 2030, driven by rising adoption across industries.

Scalable Business Model and Innovation Platform Covering the Full O&P Value Chain

Ottobock’s business model is designed for global scale-up of high-tech innovations and long-term value creation. Today, Ottobock serves customers from more than 140 countries. With a presence across the entire orthotics and prosthetics (O&P) value chain—spanning both the Products & Components (B2B) and the vertically integrated Patient Care (B2C) business—Ottobock is ideally positioned to continue to shape the future of human bionics.

The integration of its Products & Components (B2B) and Patient Care (B2C) businesses allows Ottobock to manage direct access to both technology and patients. Through its network of around 400 patient care clinics, Ottobock engages early and directly with users, ensuring that patient needs feed directly into product development. Long-term care relationships and regular re-fitting intervals result in a strong and expanding patient base—driving recurring revenues and high customer lifetime value.

The markets Ottobock serves are characterized by high barriers to entry. Designing, manufacturing and servicing advanced bionic devices requires deep technical know-how, clinical validation, and significant investment. Regulatory complexity and fragmented reimbursement environments further raise the bar for new entrants. Ottobock’s scale, track record and position as IP leader – backed by over 2,600 patents and patent applications – offer a strong competitive edge in this environment.

With a clear long-term vision of bionic reconstruction of human bodies through technology, innovation has been at the core of Ottobock for more than a century. Ottobock has invested approximately 10% of its B2B revenue into research and development in the past three years and employs around 475 R&D professionals across six global centers of excellence, including sites in Berkeley, Salt Lake City, Duderstadt and Vienna. These teams collaborate with leading academic institutions such as MIT, KIT and the Medical University of Hannover and are supported by strategic investments in start-ups like Phantom Neuro, BionicSkins and Onward Medical.

Ottobock has repeatedly demonstrated its ability to develop, validate and commercialize innovations at scale. Clinical studies underpinning the C-Brace have supported successful reimbursement pathways and rapid market adoption. The company’s well-invested global infrastructure enables the efficient rollout of these innovations—leveraging a lean and scalable production network including a low-cost manufacturing site in Bulgaria, local B2B sales teams in more than 40 countries, and a highly effective after-sales network.

Through this combination of global scale, vertical integration and innovation depth, Ottobock is ideally positioned to lead the next chapter of MedTech evolution—defining new standards of care, accelerating access, and unlocking scalable, sustainable growth across highly regulated markets.

Strong Financial Profile with a Track Record of Profitable Growth

Ottobock combines strong revenue growth, expanding margins and long-term strategic focus in a structurally resilient industry. Between 2022 and 2024, Ottobock achieved 11.2% average organic year-on-year core revenue growth, expanded its gross margin⁵ on average by 2.6 percentage points annually and increased its underlying core EBITDA margin to 22.4% in 2024, reflecting both technological leadership and operational discipline.

In the first half of 2025, Ottobock recorded a 14.1% increase in total core revenue⁶ to EUR 760 million (H1 2024: EUR 666 million), with organic core revenue growth of 10.9%. At the same time, underlying core EBITDA increased by 32.9% to EUR 175 million (H1 2024: EUR 132 million), while the underlying core EBITDA margin increased by 3.3 percentage points to 23.1% (H1 2024: 19.8%) compared to the previous year.

Arne Kreitz, CFO of Ottobock: “We have built a resilient and highly scalable MedTech champion, delivering strong revenue and margin growth. Our track record shows that Ottobock is ideally positioned to capture future growth through a combination of technological leadership, global patient access, and an integrated, patient-centric care model. The planned IPO will allow us to continue on our trajectory as an innovative, resilient and high-margin growth business in a structurally expanding MedTech market.”

Ottobock’s transformation from a prosthetic component manufacturer to a MedTech company has been driven by consistent investment in innovation, international expansion and operational excellence. Long-term care cycles and high-value product solutions support sustained profitability.

Experienced management team committed to long-term success

Ottobock is led by an experienced, execution-driven management team with deep industry expertise and long-standing Ottobock DNA. It is supported by the founding Näder family, who remain committed to long-term value creation and purpose-driven leadership. The company’s management is backed by a high-caliber team of industry experts with deep healthcare, finance and public company experience.

As a company founded on the belief that mobility is a human right, Ottobock has always embraced its social responsibility. Since 1988, the company has been a proud and active partner of the Paralympic Games – providing technical expertise, supporting athletes, and promoting inclusion worldwide. Its ESG strategy builds on this heritage, with a focus on sustainable materials, equitable access to care, and transparent governance.

Further details of the planned offer

The offering is expected to consist of an initial public offering in Germany and private placements in certain jurisdictions outside Germany. The listing of Ottobock is planned on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange.

BNP PARIBAS, Deutsche Bank and Goldman Sachs are acting as Joint Global Coordinators and Joint Bookrunners. BofA Securities, UBS, Jefferies and UniCredit are acting as additional Joint Bookrunners. COMMERZBANK is mandated as Senior Co-Lead Manager. DZ BANK and LBBW are mandated as Co-Lead Managers. Lilja & Co. is acting as financial advisor to Näder Holding and Ottobock.

Further information will be available on: www.investors.ottobock.com

¹ Core business comprises B2B and B2C business excluding non-core business activities (which comprises subsidiaries or business areas for which a sale, divestiture or cessation of business activities has already taken place or a decision has been made to implement such sale, divestiture or cessation).

² Organic growth is defined as the development of our revenue over a given period and is calculated on a constant currency basis excluding impacts from acquisitions and divestments (inorganic growth) as well as foreign currency growth.

³ Underlying core EBITDA refers to underlying EBITDA generated by our core business, which is defined by adjusting our EBITDA for extraordinary items which distort sustainable profitability. These extraordinary items comprise expenses and income in connection with acquisitions, divestments, restructuring activities and major corporate projects within the Ottobock group.

⁴ Underlying core EBITDA margin is calculated by dividing underlying core EBITDA by total core revenue, multiplied by 100.

⁵ Gross margin is calculated by dividing gross profit with total revenue, multiplied by 100.

⁶ Total core revenue is defined as the total revenue generated from our core business (Products & Components (B2B) and Patient Care (B2C).

About Ottobock

Ottobock, a global MedTech champion, combines over 100 years of tradition with outstanding innovative strength in the fields of prosthetics, neuro-orthotics and exoskeletons. Ottobock develops innovative fitting solutions for people with limited mobility and is driving the digitalisation of the industry. Founded in Berlin in 1919, the company has business activities in 45 countries with nearly 9,300 employees (FTEs) worldwide and operates the largest international patient care network with around 400 patient care clinics. Ottobock is shaping the future of human bionics with a strong R&D ratio in the products and components business and over 2,600 patents and patent applications. Ottobock’s mission of improving freedom of movement, quality of life and independence is deeply rooted in the company's DNA, as is its social commitment: Ottobock has been a partner and supporter of the Paralympics since 1988.

Investor contact:

Ottobock SE & Co. KGaA
Julia Hartmann
VP Investor Relations
Mobile +49 151 556 848 07
Julia.Hartmann@ottobock.de
 

Media contacts:

Ottobock SE & Co. KGaA
Merle Florstedt     
Head of Corporate Communications  
Mobile: +49 151 441 616 25
Merle.Florstedt@ottobock.de

Kekst CNC
Knut Engelmann
Mobile +49 174 234 2808
Knut.Engelmann@kekstcnc.com

Important Notice

This announcement is not and does not constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States of America, Australia, Canada or Japan, or any other jurisdiction in which such offer may be restricted. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, or otherwise transferred, directly or indirectly, in or into the United States of America absent such registration, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the Securities Act, and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of the securities in the United States of America.

This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any securities in Ottobock SE & Co. KGaA (“Ottobock”) referred to in this announcement except on the basis of information in the prospectus to be issued by the company in connection with the offering of such securities. Copies of the prospectus will, following approval of the German Financial Supervisory Authority (BaFin) and publication, be available free of charge from the issuer or on www.investors.ottobock.com. The approval of the prospectus by the German Financial Supervisory Authority (BaFin) should not be understood as an endorsement of the securities. It is recommended that potential investors read the prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the securities.

This announcement is directed at and/or for distribution in the United Kingdom only to (i) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons are referred to herein as “relevant persons”). This announcement is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

Forward-looking Statements

This announcement may contain “forward-looking statements”. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “will”, “anticipates”, “aims”, “could”, “may”, “should”, “expects”, “believes”, “intends”, “plans”, “prepares” or “targets” (including in their negative form or other variations). By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results, performance and developments to differ materially from those expressed or implied by these forward-looking statements. All subsequent written or oral forward-looking statements attributable to Ottobock or its respective affiliates, or any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in this document will be realised. Any forward-looking statements are made of the date of this announcement.

Subject to compliance with applicable law and regulations, neither Ottobock, nor BNP PARIBAS, Deutsche Bank Aktiengesellschaft, Goldman Sachs Bank Europe SE, BofA Securities Europe SA, UBS AG London Branch, Jefferies GmbH, UniCredit Bank GmbH, COMMERZBANK Aktiengesellschaft, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Landesbank Baden-Württemberg (together, the “Underwriters”) nor their respective affiliates intend to update, review, revise or conform any forward-looking statement contained in this announcement to actual events or developments whether as a result of new information, future developments or otherwise, and do not undertake any obligation to do so. This announcement does not constitute investment, legal, accounting, regulatory, taxation or other advice. No person is authorised to give any information or to make any representation not contained in and not consistent with the announcement and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Company or any Underwriter.

This announcement contains certain supplemental or alternative measures of operating and financial performance that are not calculated in accordance with the International Financial Reporting Standards as adopted by the European Union (“IFRS”) or the German Commercial Code (Handelsgesetzbuch) and German generally accepted accounting principles, and which would be considered non-IFRS/non-GAAP financial measures. These non-IFRS/non-GAAP measures are presented because Ottobock believes that they and similar measures are widely used in the markets in which it operates as a means of evaluating a company’s operating performance and financing structure. Such non-IFRS/non-GAAP financial measures may not be comparable to other similarly titled measures presented by other companies nor should they be construed as an alternative to other financial measures that are computed in accordance with IFRS or other generally accepted accounting principles.  There are material limitations associated with the use of such measures. You are cautioned not to place undue reliance on any non IFRS/non-GAAP financial measures and ratios included herein.

This announcement does not purport to contain all information required to evaluate Ottobock and/or its financial position. Financial information (including percentages) has been rounded according to established commercial standards. Certain market positioning data about Ottobock included in this announcement is sourced from or based on third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the fairness, quality, accuracy, relevance, completeness or sufficiency of such data. Such research and estimates, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, Ottobock and the Underwriters expressly disclaim any responsibility for, or liability in respect of, such information and undue reliance should not be placed on such data.

The Underwriters are acting exclusively for Ottobock and the existing shareholder and no one else in connection with the planned offering of the shares of Ottobock (the “Offering”). They will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than Ottobock and the existing shareholder for providing the protections afforded to its clients, nor for providing advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offering, the Underwriters and their respective affiliates may take up a portion of the shares offered in the Offering as a principal position and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts such shares and other securities of Ottobock or related investments in connection with the Offering or otherwise. Accordingly, references in the securities prospectus, once published, to the shares being offered, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or acquisition, placing or dealing by, the Underwriters and their respective affiliates acting in such capacity.

In addition, the Underwriters and their respective affiliates may enter into financing arrangements (including swaps or contracts for differences) with investors in connection with which the Underwriters and their respective affiliates may from time to time acquire, hold or dispose of shares of Ottobock. The Underwriters do not intend to disclose the extent of any such investment or transactions, other than in accordance with any legal or regulatory obligations to do so.

None of the Underwriters nor any of their respective affiliates nor any of the Underwriters’ or such affiliates' directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this release (or whether any information has been omitted from the release) or any other information relating to Ottobock and/or its subsidiaries, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this release or its contents or otherwise arising in connection therewith.

The information contained in this release is for background purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this release or its accuracy, fairness or completeness.

The date of the admission to trading of shares of Ottobock on the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with simultaneous admission to the sub-segment of the regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) (together, the "Admission") may be influenced by things such as market conditions. There is no guarantee that Admission will occur and no financial decision should be based on the intentions of Ottobock in relation to Admission at this stage. Acquiring investments to which this release relates may expose an investor to a significant risk of losing all of the amount invested. Persons considering making such investments should consult an authorised person specializing in advising on such investments. This release does not constitute a recommendation concerning the Offering. The value of shares can decrease as well as increase. Potential investors should consult a professional advisor as to the suitability of the Offering for the person concerned.