Savaria’s Second Quarter Delivers 8.4% Revenue Growth and Continued Margin Expansion
LAVAL, Québec, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Savaria Corporation (“Savaria”) (TSX: SIS), one of the global leaders in the accessibility industry, is pleased to announce its results for the second quarter of 2026.
Highlights – Q2 2026 compared to Q2 2025
- Revenue was $245.8M, up $19.0M or 8.4%, mainly due to organic growth of 6.6% and acquisition growth of 0.8%.
- Accessibility experienced growth of 8.7%.
- Patient Care achieved revenue growth of 7.3%.
- Gross profit was $97.3M, up $8.8M or 9.9%, representing 39.6% of revenue, an increase of 60 bps compared to 39.0% in 2025.
- Operating income was $35.8M, up $9.1M or 34.1%, representing 14.6% of revenue compared to 11.8% in 2025.
- Net earnings were $25.2M or $0.34 per share on a diluted basis, compared to $16.3M or $0.23 per share in 2025.
- Adjusted EBITDA* was $51.8M, up $5.0M or 10.7%, representing $0.71 per share, up $0.06.
- Adjusted EBITDA margin* stood at 21.1% up 50 bps compared to 20.6% in 2025.
- Accessibility adjusted EBITDA margin reached 23.6%.
- Patient Care adjusted EBITDA margin stood at 18.4%.
- Net debt* of $172.8M decreased from $191.5M as at December 31, 2025 with a ratio of net debt to adjusted EBITDA* of 0.87 in comparison to 1.03 at year-end.
- Available funds* of $333.4M to support working capital, investments and growth opportunities.
| Q2 | YTD | |||||||||||||||
| in thousands of dollars, except percentages and per-share amounts |
2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||
| Revenue | $ | 245,780 | $ | 226,746 | 8.4 | % | $ | 481,325 | $ | 446,978 | 7.7 | % | ||||
| Gross profit | $ | 97,282 | $ | 88,490 | 9.9 | % | $ | 189,017 | $ | 171,741 | 10.1 | % | ||||
| % of revenue | 39.6 | % | 39.0 | % | 60 bps | 39.3 | % | 38.4 | % | 90 bps | ||||||
| Operating income | $ | 35,819 | $ | 26,712 | 34.1 | % | $ | 68,791 | $ | 47,950 | 43.5 | % | ||||
| Net earnings | $ | 25,200 | $ | 16,316 | 54.4 | % | $ | 47,880 | $ | 28,795 | 66.3 | % | ||||
| Diluted net earnings per share | $ | 0.34 | $ | 0.23 | 47.8 | % | $ | 0.65 | $ | 0.40 | 62.5 | % | ||||
| Adjusted net earnings* | $ | 25,635 | $ | 20,829 | 23.1 | % | $ | 48,477 | $ | 37,345 | 29.8 | % | ||||
| Adjusted net earnings per share* | $ | 0.35 | $ | 0.29 | 20.7 | % | $ | 0.66 | $ | 0.52 | 26.9 | % | ||||
| Adjusted EBITDA* | $ | 51,758 | $ | 46,738 | 10.7 | % | $ | 99,882 | $ | 87,385 | 14.3 | % | ||||
| Adjusted EBITDA per share* | $ | 0.71 | $ | 0.65 | 9.2 | % | $ | 1.37 | $ | 1.22 | 12.3 | % | ||||
| % of revenue | 21.1 | % | 20.6 | % | 50 bps | 20.8 | % | 19.6 | % | 120 bps | ||||||
*Non-IFRS measures are described and reconciled in sections 3, 6 and 8 of the MD&A.
Words from the President & CEO and from the Executive Chairman
“We continued our momentum in the second quarter, delivering our best-ever Adjusted EBITDA at $51.8M, driven in part by our strong gross margin that reached 39.6%. Altogether, our Patient Care and Accessibility segments posted 8.4% revenue growth, fueled by growth in both North America and Europe. Our acquisition of Vipal S.p.A on July 1, 2026, provides us with immediate opportunity for sales of home elevators and commercial lifts, with a vision of growth in our key European markets with their code-compliant, innovative products. We continue to make improvements and add new ideas to our Savaria One pipeline and as we lower our net debt to Adjusted EBITDA ratio (0.87x), we have comfortable liquidity for future investments or acquisitions,” said Sébastien Bourassa, President and CEO.
“Manufacturing in one, central location certainly has its advantages. Yet for Savaria, we have used our diversification of manufacturing sites to our benefit, particularly as we face ever-changing geopolitical environments. We build in 7 countries, on 3 continents and this has given us flexibility to change, and advantageous proximity to key sales regions. While it can be challenging on our operations team to seek efficiencies and manage production, I have high confidence in our employees to deliver. The investments we made in prior years have strengthened our business fundamentals, giving us more confidence to create success across the corporation. My goal was always to design, manufacture and sell products to support peoples’ mobility and I am grateful to our employees around the world that we successfully do this for more customers every day,” said Marcel Bourassa, Executive Chairman.
Second Quarter Results - Q2 2026 compared to Q2 2025
REVENUE
Revenue reached $245.8M, up $19.0M or 8.4%. The increase was mainly due to organic growth of 6.6% combined with a positive foreign exchange impact of 1.0% and growth from acquisitions of 0.8%.
- Accessibility segment (78% of Q2-26 revenue): Revenue was $192.0M, an increase of $15.4M or 8.7%.
-
Patient Care segment (22% of Q2-26 revenue): Revenue was $53.7M, an increase of $3.7M or 7.3%.
OPERATING INCOME
Operating income was $35.8M, up $9.1M or 34.1%, representing an operating margin of 14.6% compared to 11.8% in Q2 2025. The prior year period included $4.6M of strategic initiative expenses, compared to none in the current quarter, following the completion of Savaria One, accounting for approximately 19.7 percentage points of the year-over-year increase.
ADJUSTED EBITDA
Adjusted EBITDA and adjusted EBITDA margin were $51.8M and 21.1%, respectively, compared to $46.7M and 20.6% for Q2 2025.
- Accessibility segment: Adjusted EBITDA and adjusted EBITDA margin were $45.4M and 23.6%, respectively, compared to $38.8M and 21.9% for Q2 2025.
-
Patient Care segment: Adjusted EBITDA and adjusted EBITDA margin stood at $9.9M and 18.4%, respectively, compared to $10.5M and 20.9% for Q2 2025.
Six-Month Results - YTD 2026 compared to YTD 2025
REVENUE
The Corporation generated revenue of $481.3M, up $34.3M or 7.7%. The increase was driven by organic growth of 6.1%, a positive foreign exchange impact of 0.8% and growth from acquisitions of 0.8%.
OPERATING INCOME
Operating income was $68.8M, up $20.8M or 43.5%, representing an operating margin of 14.3% compared to 10.7% in 2025. The prior year included $9.3M of strategic initiative expenses, compared to none in the current year, accounting for approximately 23.3 percentage points of the year-over-year increase.
ADJUSTED EBITDA
Adjusted EBITDA and adjusted EBITDA margin stood at $99.9M and 20.8%, respectively, compared to $87.4M and 19.6% in 2025.
LIQUIDITY AND CAPITAL RESOURCES
Savaria generated $69.1M of cash from operations which was primarily used to invest in capital projects, including R&D, business acquisitions, repay debt and pay taxes, leases and dividends.
As at June 30, 2026, the Corporation had a net debt of $172.8M and a ratio of net debt to adjusted EBITDA of 0.87 compared to 1.03 as of December 31, 2025.
Outlook
Continuing its momentum after the completion of Savaria One, Savaria will target a top-line increase of approximately 12% per year for the next five years, derived from organic and acquisition growth. This will bring Savaria to approximately $1.6 billion in revenue at the end of 2030, while maintaining adjusted EBITDA margins of at least 20%. Ultimately this should increase adjusted EBITDA per share to approximately $4.25 by 2030.
Alongside strong industry tailwinds driven by an aging population, our key internal priorities to deliver this plan include:
- Increasing our organic growth rate through high impact commercial initiatives including the continued introduction of new product lines to grow market share and tap into new markets;
- Complement commercial initiatives by pursuing acquisitions;
- Increasing gross margin across the business, driven by continuous improvement initiatives and frameworks developed under Savaria One;
- Continue to enhance our business systems to enable and support growth.
Environmental, Social and Governance (“ESG”) Values
Savaria is one of the global leaders in the accessibility industry, committed to reducing its environmental impact while upholding strong social and governance practices. Responsible environmental and social conduct across the organization underpins sustainable growth and long-term value creation. Savaria embeds ESG considerations into its business through product innovation that supports accessibility, ongoing efforts to improve operational efficiency and resource use, and active engagement with employees and stakeholders.
Advancing ESG priorities requires a long-term, collaborative approach, grounded in clear actions, disciplined planning, and a continued focus on transparency. Consistent with this commitment, Savaria published its third annual ESG Report on March 4, 2026, which provides enhanced sustainability-related disclosures and an update on the Company’s ESG priorities, strategy, and ongoing initiatives. The report is available in the Investors section of our website at savaria.com.
Savaria Corporation (savaria.com) is one of the global leaders in the accessibility industry. It provides accessibility solutions for the physically challenged to increase their comfort, their mobility and their independence. Its product line is one of the most comprehensive on the market. Savaria designs, manufactures, distributes and installs accessibility equipment, such as elevators for home and commercial use, stairlifts for straight and curved stairs, vertical and inclined wheelchair lifts and dumbwaiters. In addition, Savaria manufactures and markets a comprehensive selection of pressure management products, medical beds, as well as an extensive line of medical equipment and solutions for the safe movement of patients, such as transfer, lifting and repositioning aids. The Corporation operates a sales network of dealers worldwide and direct sales offices in North America, Europe (UK, Netherlands, Switzerland, Italy, Germany, Poland and Czech Republic) and Australia. Savaria employs approximately 2,600 people globally and its plants are located across Canada, the United States, Mexico, Europe and China.
Compliance with International Financial Reporting Standards (“IFRS”)
The information appearing in this press release has been prepared in accordance with IFRS. However, Savaria uses EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA per share, adjusted net earnings, adjusted net earnings per share, available funds, net debt and ratio of net debt to adjusted EBITDA for analysis purposes to measure its financial performance. These measures have no standardized definitions in accordance with IFRS and are therefore regarded as non-IFRS measures. These measures may therefore not be comparable to similar measures reported by other companies. Additional details for these non-IFRS measures can be found in sections 3, 6 and 8 of Savaria’s MD&A, which is posted on Savaria’s website at savaria.com, and filed with SEDAR+ at sedarplus.ca. Reconciliation of adjusted net earnings and adjusted EBITDA with net earnings is presented in the section below.
Forward-Looking Statements
This press release includes certain statements that are “forward-looking statements” within the meaning of the securities laws of Canada. Any statement in this press release that is not a statement of historical fact may be deemed to be a forward-looking statement. When used in this press release, the words “believe”, “could”, “should”, “intend”, “expect”, “estimate”, “assume” and other similar expressions are generally intended to identify forward-looking statements. It is important to know that the forward-looking statements in this document describe the Corporation’s expectations as at the date hereof, which are not guarantees of future performance of Savaria or its industry, and involve known and unknown risks and uncertainties that may cause Savaria’s or the industry’s outlook, actual results or performance to be materially different from any future results or performance expressed or implied by such statements. The Corporation’s actual results could be materially different from its expectations if known or unknown risks affect its business, or if its estimates or assumptions turn out to be inaccurate.
A change affecting an assumption can also have an impact on other interrelated assumptions, which could increase or diminish the effect of the change. As a result, the Corporation cannot guarantee that any forward-looking statement will materialize and, accordingly, the reader is cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on the Corporation’s business. For example, they do not include the effect of sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made.
Unless otherwise required by applicable securities laws, Savaria disclaims any intention or obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing risks and uncertainties include the risks set forth under “Risks and Uncertainties” in Savaria’s latest Annual MD&A as well as other risks detailed from time to time in reports filed by Savaria with securities regulators in Canada.
Results webcast and conference call on August 6, 2026, at 8:30 a.m. (EDT)
Savaria will host a conference call on Thursday, August 6th at 8:30 a.m. Eastern Daylight Time with financial analysts to discuss results of the period ended June 30, 2026. Investors and members of the media are invited to participate on a listen-only basis.
Conference call access:
To register: https://register-conf.media-server.com/register/BI1568320bd70d4ed1b1962ee406d6c767
Webcast (en): https://edge.media-server.com/mmc/p/6cdm3g9f
Link to the replay of the webcast will be available on the Corporation’s website at savaria.com.
| For further information: | ||
| Sébastien Bourassa President and Chief Executive Officer sb@savaria.com 1.800.661.5112 |
Stephen Reitknecht, CPA Chief Financial Officer sreitknecht@savaria.com 1.800.661.5112 |
facebook.com/savariabettermobility x.com/Mobilityforlife www.savaria.com |
Reconciliation of adjusted net earnings and adjusted EBITDA with net earnings is provided below. Complete financial statements and the management’s report for Q2 2026 will be available shortly on Savaria’s website and on SEDAR+ sedarplus.ca.
Reconciliation of adjusted net earnings* and adjusted EBITDA* with net earnings
| Q2 | YTD | |||||||||||
| in thousands of dollars, except per-share amounts | 2026 | 2025 | 2026 | 2025 | ||||||||
| Net earnings | $ | 25,200 | $ | 16,316 | $ | 47,880 | $ | 28,795 | ||||
| Strategic initiatives expenses | - | 4,607 | - | 9,277 | ||||||||
| Other expenses | 457 | 1,391 | 636 | 2,164 | ||||||||
| Income tax related to strategic initiatives and other expenses | (22 | ) | (1,485 | ) | (39 | ) | (2,891 | ) | ||||
| Adjusted net earnings* | $ | 25,635 | $ | 20,829 | $ | 48,477 | $ | 37,345 | ||||
| Adjusted net earnings per share* | $ | 0.35 | $ | 0.29 | $ | 0.66 | $ | 0.52 | ||||
| Income tax related to strategic initiatives and other expenses | 22 | 1,485 | 39 | 2,891 | ||||||||
| Income tax expense | 8,939 | 5,742 | 16,159 | 10,979 | ||||||||
| Depreciation of fixed assets | 2,959 | 2,570 | 5,827 | 5,305 | ||||||||
| Depreciation of right-of-use assets | 3,518 | 3,339 | 6,866 | 6,501 | ||||||||
| Amortization of intangible assets | 8,024 | 7,472 | 15,888 | 14,813 | ||||||||
| Net finance costs | 1,680 | 4,654 | 4,752 | 8,176 | ||||||||
| Stock-based compensation | 981 | 647 | 1,874 | 1,375 | ||||||||
| Adjusted EBITDA* | $ | 51,758 | $ | 46,738 | $ | 99,882 | $ | 87,385 | ||||
| Adjusted EBITDA per share* | $ | 0.71 | $ | 0.65 | $ | 1.37 | $ | 1.22 | ||||
| Diluted weighted average number of shares | 73,514,916 | 71,858,056 | 73,148,000 | 71,869,297 | ||||||||
*Non-IFRS measures are described and reconciled in sections 3, 6 and 8 of the MD&A.
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