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Orthex (ORTHEX) investor relations material
Orthex Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales for H1 2025 decreased by 3.5% to €41.5M, with Q2 net sales down 2.3% to €20.5M; strong growth in Rest of Europe offset declines in the Nordics due to cautious consumer behavior.
Profitability improved in Q2, with adjusted EBITA margin rising to 8.4% from 7.4% year-over-year, supported by cost control and lower raw material prices.
Cash flows from operating activities for H1 2025 were €3.9M, up from €3.7M in H1 2024; leverage and equity ratio improved.
Sustainability initiatives advanced, including joining the UN Global Compact and launching new products with renewable materials.
Storage products accounted for 69% of sales, kitchen 20%, and home & garden 11%.
Financial highlights
H1 2025 net sales: €41.5M (down 3.5% YoY); Q2 net sales: €20.5M (down 2.3% YoY); constant currency sales declined 4.8%.
Adjusted EBITDA for H1: €5.8M (down from €6.5M YoY); Q2: €2.9M (up from €2.6M YoY).
Adjusted EBITA for H1: €3.4M (down from €4.3M YoY); Q2: €1.7M (up from €1.6M YoY); margin up to 8.4%.
Gross margin H1: 27.9% (down from 28.7% YoY); Q2: 28.1% (up from 27.0% YoY).
Net cash flows from operating activities were €-0.8M in Q2 2025.
Outlook and guidance
Market conditions remain challenging in the Nordics, but international growth is expected to continue through distribution expansion and product innovation.
Long-term targets: annual organic net sales growth >5% (group), >10% (outside Nordics), EBITA margin >18%, leverage <2.5x, pay-out ratio >50%.
Commercial strategy update planned to strengthen European market position.
Next Orthex earnings date

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