Orthex (ORTHEX) Q3 2026 earnings summary

Executive summary

• Q3 net sales reached a record EUR 25.8m, up 10.2% YoY and 9.3% in constant currencies; growth was led by Storage and the Nordics.

• Adjusted EBITA rose to EUR 3.7m from EUR 3.3m, supported by higher volumes, pricing, operational leverage and cost control; margin was 14.2% versus 14.3%.

Financial highlights

• Q3 invoiced sales were EUR 26.5m, up 11.9%; net sales were EUR 25.8m, up 10.2% reported and 9.3% in constant currencies.

• 9M net sales were EUR 68.9m, up 6.2%; invoiced sales were EUR 71.4m, up 7.1%.

• 9M adjusted EBITA rose 4.6% to EUR 7.1m; reported EBITA was EUR 6.5m, down 3.8%.

• Q3 gross margin improved to 28.7% from 28.5%; 9M gross margin was 27.5% versus 28.1%.

• 9M adjusted EBITDA was EUR 11.0m; profit for the period was EUR 4.2m and EPS EUR 0.24, versus EUR 4.6m and EUR 0.26.

Outlook and guidance

• Long-term targets: annual organic net sales growth above 5% overall and 10% outside the Nordics; adjusted EBITA margin above 18%; net debt/adjusted EBITDA below 2.5x.

• Strategy prioritizes profitable growth with major European retailers, faster online sales, innovation and expanding SmartStore distribution across Europe; M&A remains selective.

• Higher volumes and operational leverage support profitability recovery; accelerating growth outside the Nordics remains a priority.

• Raw material prices were expected to remain near the latest-quarter level, though the outlook was difficult to estimate.