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Orthex (ORTHEX) investor relations material
Orthex Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales for 2025 declined by 2.8% to EUR 87.2 million, with Q4 sales down 6.6% to EUR 22.3 million, mainly due to weak consumer sentiment and cautious retail behavior, especially in the Nordics.
Profitability improved in Q4, with adjusted EBITA stable at EUR 3.0 million and margin rising to 13.6%; full-year adjusted EBITA was EUR 9.8 million, margin at 11.3%, supported by cost control and lower raw material prices.
Cash flows from operating activities increased to EUR 12.3 million, and leverage improved to 1.1x net debt/adjusted EBITDA.
Strategic focus remains on strengthening Nordic leadership, accelerating European growth, expanding online, and pursuing M&A opportunities.
Board proposes a dividend of EUR 0.23 per share, up from EUR 0.22, to be paid in two instalments, representing about 60% payout ratio.
Financial highlights
Full-year net sales: EUR 87.2 million (down 2.8%); Q4 net sales: EUR 22.3 million (down 6.6%).
Adjusted EBITA: EUR 9.8 million (down from EUR 10.2 million); margin: 11.3% (full year), 13.6% (Q4).
Gross margin increased to 28.7% for the year.
Net cash flows from operating activities: EUR 12.3 million (up from EUR 11.8 million).
Earnings per share: EUR 0.38 (up from EUR 0.34), profit for the period: EUR 6.8 million (up 10.9%).
Outlook and guidance
Management expresses cautious optimism for 2026, citing improved processes, organization, and readiness for growth.
No short-term outlook published; long-term targets include >5% annual organic net sales growth, >10% outside Nordics, adjusted EBITA margin >18%, and net debt/adjusted EBITDA <2.5x.
Ongoing monitoring of geopolitical risks, raw material price volatility, and consumer uncertainty.
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