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INTERIM REPORT January–September 2025 13 November 2025 Alexander Rosenlew, CEO Saara Mäkelä, CFO Hanna Kukkonen, CMSO
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Content 1. Introduction to Orthex 2. January-September 2025 in brief 3. Strategy 4. Financials 5. Q&A INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025
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A leading Nordic houseware company with strong brands and sustainable products 8 sales organisations 3 factories (incl. warehouses) ~300 employees (FTE) Sustainability focus >90% own brands >40 customer countries
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1) Invoiced sales split by product category (LTM) Functional and award-winning design Long-lasting, high-quality products Forerunner in sustainability ~10% of sales from new launches KITCHEN (20% of sales1)) HOME & GARDEN (11% of sales1)) STORAGE (69% of sales1)) Mission to make everyday life easier
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JANUARY–SEPTEMBER 2025 IN BRIEF Interim report January–September 2025
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CEO comments on Q3 2025 Improved sales in Q3 both compared to the previous two quarters but also compared to the same period in the previous year. Our commercial tactics adapted to the prevailing market conditions and our pipeline of new products performed well despite headwind from careful consumer and customer behaviour. Strengthened profitability, overall costs under good control and steady raw-material prices. Very strong sales activation led to sales growth in Q3 Careful consumer and customer behaviour continued INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025
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Q3 2025: Slight net sales growth and strengthened profitability Net sales and Invoiced sales Net sales increased by 2.5% to EUR 23.4 million (22.8) Invoiced sales growth in Rest of Europe 3.3% In the Nordics, invoiced sales growth was 2.5% Adjusted EBITA Adjusted EBITA was EUR 3.3 million (2.9) Adjusted EBITA margin was 14.3% (12.6) Cash flows Net cash flows from operating activities were EUR 5.9 million (5.7) INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025
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Q1-Q3 2025: Net sales decreased by 1.4% and adjusted EBITA was EUR 6.8 million Net sales Net sales decreased by 1.4% to EUR 64.9 million (65.9) Invoiced sales decreased by 1.8% and totalled EUR 66.7 million (67.9) The year-to-date sales decline particularly attributed to lower sales in Q1 with limited shipments to some customers facing financial challenges. Adjusted EBITA Adjusted EBITA was EUR 6.8 million (7.2) Adjusted EBITA margin was 10.4% (10.9) INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025
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• Orthex’s invoiced sales in the core market Nordics were EUR 18.3 million (17.9) • Rest of Europe delivered invoiced sales growth of 3.3% and sales were EUR 5.3 million (5.1) • Rest of the world sales dropped EUR 0.3 million due to trade uncertainty in the United States. Invoiced sales by geography • Orthex’s invoiced sales in the Nordics were EUR 51.6 million (52.6) and declined by 2.0% • Invoiced sales in the Rest of Europe were EUR 14.7 million (14.6). • Invoiced sales in the Rest of the world totalled EUR 0.4 million (0.7) INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025 17,9 5,1 0,4 18,3 5,3 0,1 0 2 4 6 8 10 12 14 16 18 20 Nordics Rest of Europe Rest of the world Invoiced sales by geography quarterly, EUR million 7-9/2024 7-9/2025 52,6 14,6 0,7 51,6 14,7 0,4 0 10 20 30 40 50 60 Nordics Rest of Europe Rest of the world Invoiced sales by geography, EUR million 1-9/2024 1-9/2025
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• Invoiced sales in the largest category Storage increased to EUR 16.6 million (16.0) • Invoiced sales in the Kitchen category decreased to EUR 5.0 million (5.4) since the campaign outcome was weaker compared to last year • Invoiced sales in the Home & Garden category amounted to EUR 2.1 million (2.0) Invoiced sales by product category • Invoiced sales in the largest category Storage decreased to EUR 44.6 million (45.0) • Invoiced sales in the Kitchen category decreased to EUR 13.5 million (14.9) • Invoiced sales in the Home & Garden category were EUR 8.6 million (8.0), especially flowerpots made of recycled material showed growth in the period. INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025 16,0 5,4 2,0 16,6 5,0 2,1 0 2 4 6 8 10 12 14 16 18 Storage Kitchen Home & Garden Invoiced sales by product category quarterly, EUR million 7-9/2024 7-9/2025 45,0 14,9 8,0 44,6 13,5 8,6 0 5 10 15 20 25 30 35 40 45 50 Storage Kitchen Home & Garden Invoiced sales by product category, EUR million 1-9/2024 1-9/2025
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STRATEGY Interim report January-September 2025
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Market consolidation Solid actions to keep winning in the Nordics 1 Accelerating growth in the international markets through strong customer collaboration 2 Accelerating growth through the online retail channel 3 4 Clear growth strategy to deliver objectives #1 storage brand in Europe A leading houseware company in the Nordics Showing the way in sustainability Maintain a high innovation rate Clear category strategy focusing on storage ~€84m Net sales 2022 ~€86m Net sales 2023 ~€90m Net sales 2024 INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025
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Clear category strategy focusing on storage
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Clear category strategy focusing on storage
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Clear category strategy focusing on storage
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Sustainability news during Q3 2025 Recognitions In July, Orthex was awarded the Nasdaq ESG Transparency Partner badge for the 2024 ESG reporting for the fourth year in a row. Orthex participated for a third time in the EcoVadis ESG assessment and achieved a silver medal rating for its sustainability performance in September. The result places Orthex among the top 10 percent of companies globally assessed by EcoVadis. Investments in novelties Orthex invests in product development on a continuous basis and strives to launch new products twice a year. In September, Orthex launched dry food storage containers SmartStore Flip and the storage solution SmartStore Module which is made of recycled plastic. Both of these products are durable and made for long-term use. Showing the way in sustainability
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Strategy in Action - Maintain a high innovation rate Maintain a high innovation rate INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025
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FINANCIALS Interim report January–September 2025
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Net sales and profitability In Q3 2025, the Group’s Net sales increased by 2.5% to EUR 23.4 million (22.8) The increase in Constant currency net sales was 0.7% compared to the third quarter of 2024 Exceptionally strong sales activation during Q3 to ensure topline Adjusted EBITA increased to EUR 3.3 million (2.9). The adjusted EBITA margin increased to 14.3% (12.6) Gross margin decreased 0.1 percentage points from 28.6% to 28.5% because of active campaigning A slight decrease in raw material prices supported improved profitability INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025 22,0 21,0 22,8 23,9 21,0 20,5 23,4 10 12 14 16 18 20 22 24 26 Q1 Q2 Q3 Q4 Net sales quarterly, EUR million 2024 2025 2,8 1,6 2,9 3,0 1,7 1,7 3,3 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 Q1 Q2 Q3 Q4 Adjusted EBITA quarterly, EUR million 2024 2025
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Supply remains good on the market A slight decrease in raw material prices in the range of normal fluctuation in index prices during Q3 European production capacity has been closely matched to orders, imports are strengthening supply Freight cost increases might impact the import Development of raw material price indexes INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025 0 € 500 € 1 000 € 1 500 € 2 000 € 2 500 € September November Jan March May July September November Jan March May July September November Jan March May July September November Jan March May July September November Jan March May July September November Jan March May July September November Jan March May July September November Jan March May July September 2018 2019 2020 2021 2022 2023 2024 2025 Rawmaterial index prices Propylene (C3) Contract EUR/t ICIS 3rd LOW (PPC) EUR/t
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Investments & net debt Orthex’s investments during the third quarter of 2025 amounted to EUR 0.2 million and were related to moulds for new products and some capacity increases Exceptionally low investments during Q3 due to phasing towards end of the year Q1-Q3 2025 investments mainly related to novelties At the end of the review period, the Group’s net debt was EUR 14.5 million (18.9) The non-current interest-bearing liabilities were EUR 24.5 million (27.7) and Orthex’s total interest- bearing liabilities were EUR 29.0 million (32.0) on 30 September 2025 Leverage was at healthy 1.0x at the end of the period INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025 1,0 0,9 1,1 1,2 0,7 0,4 0,2 - 0,2 0,4 0,6 0,8 1,0 1,2 1,4 Q1 Q2 Q3 Q4 Investments in tangible and intangible assets, EUR million 2024 2025 2,4 2,0 1,4 1,5 1,3 1,6 1,3 1,4 1,2 1,4 1,0 - 0,5 1,0 1,5 2,0 2,5 3,0 - 5 10 15 20 25 30 35 40 45 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net debt, EUR million & Leverage Net debt Leverage
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Long-term financial targets 18% <2.5x >50% Target “An over time annual organic net sales growth to exceed 5 per cent on a Group level, and 10 per cent outside the Nordic region” “Improving EBITA margin (adjusted for items affecting comparability) exceeding 18 per cent over time” “Net debt to adj. EBITDA below 2.5x. Leverage may temporarily exceed the target, for example, in conjunction with acquisitions” “To distribute a stable and over time increasing dividend with a pay-out of at least 50% of net profit on a bi-annual basis” Description Latest reported -1.8% total -1.0% outside Nordics* 10.4% 1.0x SALES GROWTH PROFITABILITY LEVERAGE PAY-OUT RATIO Total growth of >5% Outside Nordics >10% 63.9% EUR 0.22 per share *Invoiced sales growth outside Nordics INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025
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Orthex will publish its financial statements release for 2025 and financial reports in 2026 as follows: 5 March 2026: Financial statements release for 2025 7 May 2026: Interim report January–March 2026 18 August 2026: Half-year financial report January–June 2026 5 November 2026: Interim report January–September 2026 The Annual and Sustainability Report 2025 will be published during the week starting 16 March 2026. The Annual General Meeting is planned to take place on Thursday, 14 April 2026. Reporting dates 2026 INTERIM REPORT | JANUARY– SEPTEMBER 2025 | 13 NOVEMBER 2025
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SUMMARY STRONG SALES ACTIVATION CAREFUL CUSTOMERS AND CONSUMERS
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Q&A www.investors.orthexgroup.com
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Key Figures INTERIM REPORT | JANUARY–SEPTEMBER 2025 | 13 NOVEMBER 2025
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Practical is Beautiful