Interim report
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Orthex Corporation HALF-YEAR FINANCIAL REPORT January–June 2026 Walk-in closet with SmartStoreTM Comfort and Module
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 2 ORTHEX CORPORATION: HALF-YEAR FINANCIAL REPORT JANUARY-JUNE 2026 Q2: Strong Nordic sales growth, prompt actions to support profitability APRIL–JUNE 2026 Invoiced sales amounted to EUR 22.5 million (21.2) Net sales increased by 5.2% to EUR 21.6 million (20.5) Adjusted EBITDA was EUR 2.7 million (2.9) Adjusted EBITA was EUR 1.4 million (1.7), representing 6.3% of net sales (8.4) Operating profit was EUR 0.8 million (1.7) Net cash flows from operating activities were EUR 1.8 million (-0.8) Earnings per share was EUR 0.01 (0.05) Swift price increase execution in response to raw material cost increases enabled margin resilience and supported strong growth in the Nordics. JANUARY–JUNE 2026 Invoiced sales amounted to EUR 44.9 million (43.1) Net sales increased by 4.0% to EUR 43.2 million (41.5) Adjusted EBITDA was EUR 6.0 million (5.8) Adjusted EBITA was EUR 3.4 million (3.4), representing 8.0% of net sales (8.3) Operating profit was EUR 2.9 million (3.4) Net cash flows from operating activities were EUR 5.3 million (3.9) Net debt / Adjusted EBITDA was 1.1 (1.4) Earnings per share was EUR 0.09 (0.12) The figures in brackets refer to the corresponding period in the previous year unless stated otherwise. The figures are unaudited. SmartStoreTM Comfort storage baskets
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 3 ALEXANDER ROSENLEW, CEO: In the second quarter, Orthex’s net sales increased by 5.2% to EUR 21.6 million compared to the second quarter in the previous year (20.5). In constant currencies, net sales increased by 4.3%. In the first half of the year, net sales increased by 4.0% and amounted to EUR 43.2 million (41.5). The reported net sales growth was mainly driven by increased sales in the Nordics. Decisive and rapid price increases were implemented during the quarter in response to the significant rise in raw material costs caused by the conflict in the Middle East. In the Nordics, where our market position and our brands are strong, business grew beyond the necessary price increasing negotiations and invoiced sales in the Nordics grew by 12.0% and amounted to EUR 17.8 million (15.9) . In the Rest of Europe, several growth initiatives had to be temporarily paused while pricing discussions with customers were ongoing. As a result, invoiced sales in the Rest of Europe decreased by 10.5% and were EUR 4.6 million (5.1). With the price increases now largely implemented, our focus shifts to accelerating growth together with customers across Europe and beyond. I would like to extend a special thank you to our sales teams for their determination, professionalism and swift execution of these challenging but necessary pricing actions across all our markets. In the second quarter, the Storage category continued its strong performance, with invoiced sales increasing by 7.7% compared to the corresponding period last year. Invoiced sales of Kitchen products also grew by 4.7%, while the Home & Garden category remained stable. New product launches and campaigns perfo rmed well especially in the Nordics , and our ongoing focus on category management with major retailers continues to create value for both our customers and the categories in which we operate. Compared to the second quarter of 2025, Orthex’s profitability declined because of the sharp increase in raw material costs and expenses related to strategic development projects. Adjusted EBITA amounted to EUR 1.4 million (1.7), corresponding to an adjusted EBITA margin of 6.3% (8.4). Higher sales volumes and disciplined cost control helped mitigate raw material cost increases. The price increases implemented will gradually offset the increased cost. Thanks to our long - standing supplier cooperation, we hav e succeeded in securing the availability of key raw materials. Our aim to accelerate sales growth with major European retailers remains unchanged. We see many opportunities to unlock growth together with our customers, supported by the production
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 4 capacity, capabilities and organization we have built over recent years. In April, we were honoured to see our latest innovation, the SmartStore™ Module storage solution, receiving the prestigious Red Dot Design Award. This recognition is proof of the strong expertise of our product development team, and I congratulate the team on their excellent achievement. As we move through the remainder of 2026, I remain confident in our ability to adapt, execute and accelerate our European growth strategy. We have a strong foundation for future success. I would like to sincerely thank everyone at Orthex for their commitment, flexibility and relentless focus on improving every day. Together, we continue to build a strong future for Orthex. SmartStoreTM Module storage solution
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 5 KEY FIGURES EUR million 4-6/2026 4–6/2025 Change 1-6/2026 1-6/2025 Change 2025 Invoiced sales 22.5 21.2 5.7% 44.9 43.1 4.4% 89.6 Net sales 21.6 20.5 5.2% 43.2 41.5 4.0% 87.2 Gross margin 5.4 5.8 -6.8% 11.6 11.6 -0.1% 25.0 Gross margin, % 24.9% 28.1% 26.8% 27.9% 28.7% EBITDA 2.1 2.9 -28.1% 5.5 5.8 -6.6% 14.7 EBITDA margin, % 9.7% 14.2% 12.7% 14.1% 16.8% Adjusted EBITDA 2.7 2.9 -8.4% 6.0 5.8 3.3% 14.7 Adjusted EBITDA margin, % 12.4% 14.2% 14.0% 14.1% 16.9% EBITA 0.8 1.7 -53.9% 2.9 3.4 -16.5% 9.8 EBITA margin, % 3.7% 8.4% 6.6% 8.3% 11.2% Adjusted EBITA 1.4 1.7 -20.4% 3.4 3.4 0.2% 9.8 Adjusted EBITA margin, % 6.3% 8.4% 8.0% 8.3% 11.3% Operating profit 0.8 1.7 -53.9% 2.9 3.4 -16.5% 9.8 Operating profit margin, % 3.7% 8.4% 6.6% 8.3% 11.2% Net cash flows from operating activities 1.8 -0.8 5.3 3.9 37.4% 12.3 Net debt / Adjusted EBITDA 1.1x 1.4x 1.1x 1.4x 1.1x Adjusted return on capital employed (ROCE), % 4.3% 5.2% 10.6% 10.2% 28.6% Equity ratio, % 43.7% 42.6% 43.7% 42.6% 46.8% Earnings per share, basic (EUR) 0.01 0.05 -70.8% 0.09 0.12 -26.0% 0.38 FTEs (average) 280 285 -1.8% 280 287 -2.3% 287 LONG-TERM FINANCIAL TARGETS As long-term financial targets the company has adopted to the following: An average annual organic net sales growth to exceed 5% at the Group level and to exceed 10% outside the Nordics (growth in local currencies). Adjusted EBITA margin (adjusted for items affecting comparability) to exceed 18% over time. Net debt to adjusted EBITDA ratio (leverage) to stay below 2.5x. Leverage may temporarily exceed the target range (for example, in conjunction with acquisitions). The company aims to distribute a stable and over time increasing dividend with a pay-out of at least 50% of net profit, in total, on a biannual basis. Orthex does not publish a short-term outlook.
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 6 MARKET OVERVIEW Industry segment Orthex is a leading Nordic houseware company specialising in durable household products – primarily rigid plastic storage (boxes, baskets, sorting solutions), kitchenware, and selected home and garden items (e.g., flowerpots and bins). Orthex operates in the Nordics and in the rest of Europe with customers in more than 40 countries. Industry context The European household goods market remains resilient, supported by long-term trends in home organisation, sustainability, and e-commerce adoption. Demand for durable storage solutions and kitchenware continues to grow steadily, driven by urbanisation and lifestyle changes. According to Mordor Intelligence 1), European home organisers and storage market is expected to grow at a CAGR of over 4% between 2025 and 2030. As per 6Wresearch 2), European kitchenware market is projected to grow at a CAGR of 5% between 2025 and 2031. Regulatory landscape Regulatory developments, including the EU Packaging and Packaging Waste Regulation (PPWR) and the Single -Use Plastics Directive (SUPD), are accelerating the transition toward circular materials and design -for-recycling standards. These changes create both compliance requirements and opportunities for differentiation. Steered by regulatory changes, retailers and consumers increasingly favour products with verified sustainability credentials, reinforcing the strategic importance of durability and recycled and bio-based materials. Market trends Demand for products made from recycled and renewable materials is accelerating and Orthex’s portfolio of novelties reflects this trend. A key feature of Orthex sustainability approach is the quality and durability of the products that ensures a long produc t lifecycle. Orthex sees that continued consumer focus on decluttering and space optimization (smaller apartments, hybrid work) supports growth in modular storage systems, stackable sorting solutions and food containers. Orthex is well placed to leverage t hese trends through its modular product systems, strong brand portfolio, and proactive sustainability strategy, storage category growth led by versatile, timeless and design-consistent ranges. Competitive landscape Orthex designs, produces and sells household products mainly in Europe, where the competition for these products is fragmented. Competitive dynamics remain intense, with pan- European brands and private-label offerings exerting price pressure. Inasmuch as Orthex benefits from local presence and fairly high brand recognition in the Nordics, its brand and products are still less known in other European markets. Orthex’s competitive environment varies between product categories, but in general, the companies operating in the Nordics are smaller than Orthex measured by net sales and have a narrower product assortment and geographical footprint than Orthex. Key Nord ic competitors include Plast1 and Nordiska Plast, both smaller and less diversified than Orthex. In the European market outside of the Nordics, Orthex’s competitors bear more resemblance to Orthex in terms of size, assortment and positioning, with Keter, Sundis, Iris and Rotho being the most comparable
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 7 competitors. The kitchen utensils market is even more fragmented and more exposed to international competition due to lower shipping costs. Competitors include Keter, Sistema, Nordiska Plast, Mepal, and Joseph Joseph. Customer segments Orthex’s seeks to be the preferred value-creating partner for its customers who are mainly large retail chains . We divide our retail customers into four categories: grocery retailers, DIY stores, specialty retailers, and discount retailers. In addition, our customers include e- commerce platforms. Almost without exception, the aforementioned retail chains also operate their own online stores. Our customers also include various operators within the HoReCa and industrial sector. No single Orthex customer accounts for more than 10% of the company's net sales. Consumers are customers of our customers and end -users of our products. Among consumers, Orthex’s main target group are sustainability -conscious households and buyers who appreciate premium quality and durability. Market conditions Global economic uncertainties and geopolitical tensions continue to influence consumer confidence, purchasing power, and purchasing behaviour, which may consequently affect Orthex’s business performance. In light of the prevailing cautious consumption environment, many retailers are actively managing their inventory levels. Orthex’s product portfolio is characterized by relatively low price points and addresses practical needs. Accordingly, the company anticipates that its categories will be less susceptible to shifts in consumer spending patterns compared to higher -priced discretionary goods. Orthex remains committed to closely monitoring m arket developments and implementing measures to navigate evolving conditions with efficiency and resilience. 1) Europe Home Organizers & Storage Market Size & Share Analysis - Industry Research Report - Growth Trends 2) Prominent companies in Europe Kitchenware Market with Size SmartStoreTM Essence storage baskets
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 8 NET SALES AND PROFITABILITY Net sales and invoiced sales April–June 2026 The Group's net sales increased in the second quarter by 5.2 % and were EUR 21.6 million (20.5). The exchange rate of the Swedish krona had positive impact on the net sales. The Group's invoiced sales were EUR 22.5 million (2 1.2). The increase in constant currency net sales was 4.3 % compared to April–June 2025. January–June 2026 In January–June, the Group’s net sales increased by 4.0% to EUR 43.2 million (41.5) partly driven by the positive impact of the e xchange rate of the Swedish krona. The increase in constant currency net sales was 1.9% compared to January –June 2025. The Group’s invoiced sales amounted to EUR 44.9 million (43.1). The sales growth is mainly due to increased sales of storage products in the Nordics. Development by geography Invoiced sales by geography EUR million 4–6/2026 4–6/2025 Change 1–6/2026 1–6/2025 Change 2025 Nordics 17.8 15.9 12.0% 34.9 33.2 5.2% 68.9 Rest of Europe 4.6 5.1 -10.5% 9.6 9.5 1.8% 20.2 Rest of the world 0.1 0.2 -66.5% 0.4 0.4 2.4% 0.6 Total 22.5 21.2 5.7% 44.9 43.1 4.4% 89.6 April–June 2026 Orthex's main geographic market is the Nordics, where invoiced sales increased to EUR 17.8 million (15.9) in April–June. Invoiced sales in the rest of Europe declined to EUR 4.6 million (5.1) since several growth initiatives had to be temporarily paused while pricing discussions with customers were ongoing. Sales in the Rest of the world were EUR 0.1 million (0.2). January–June 2026 Invoiced sales in the Nordics increased to EUR 34.9 million (33.2) in January–June. Invoiced sales in the Rest of Europe increased slightly to EUR 9.6 million (9.5). Invoiced sales in the R est of the world were EUR 0.4 million (0.4). Sales in the Nordics increased by 5.2% due to new product launches , campaigns, and positive exchange rate effect. In the Rest of Europe, sales grew by 1.8%.
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 9 Orthex’s products are sold in more than 40 countries , and export to non -Nordic countries accounted for 22.2% (22.8) of the Group’s invoiced sales during the review period. Development by product category Invoiced sales by product category EUR million 4–6/2026 4–6/2025 Change 1–6/2026 1–6/2025 Change 2025 Storage 14.6 13.5 7.7% 30.4 28.1 8.1% 61.9 Kitchen 4.6 4.4 4.7% 8.4 8.5 -0.9% 17.7 Home & Garden 3.3 3.3 -0.9% 6.2 6.5 -4.8% 10.0 Total 22.5 21.2 5.7% 44.9 43.1 4.4% 89.6 April–June 2026 Orthex’s largest category is Storage and products in the Storage category play a key role in Orthex’s expansion. In April –June, Storage category’s invoiced sales increas ed by 7.7% and totalled EUR 14.6 million (1 3.5). The growth was supported especially by the strong sales development in the Nordics and implemented price increases. In April–June, the Group’s invoiced sales in the Kitchen category increased by 4.7% and amounted to EUR 4.6 million (4.4). Invoiced sales in the Home & Garden category were EUR 3.3 million (3.3). January–June 2026 Invoiced sales in the Storage category increased to EUR 30.4 million (28.1) during January–June. The positive sales development in the Nordics affected the invoiced sales of the Storage category, which increased by 8.1% compared to the corresponding period of the previous year. The Group's Kitchen category's invoiced sales during January–June were EUR 8.4 million (8.5). Invoiced sales in the Home & Garden category declined to EUR 6.2 million (6.5). Profitability April–June 2026 Orthex’s gross margin in April–June decreased to EUR 5.4 million (5.8) and gross margin percentage to 24.9% (28. 1) mainly as a result of higher raw material costs during the quarter. Selling and marketing expenses remained flat at EUR 2.6 million (2.6) compared to the previous
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 10 year. Administrative expenses increased to EUR 2.0 million (1.5) due to expenses related to one- off strategic projects recorded under items affecting comparability. EBITA for April–June was EUR 0.8 million (1.7). Adjusted EBITA weakened to EUR 1.4 million (1.7), and the adjusted EBITA margin decreased to 6.3% (8.4), mainly due to increase d raw material prices. Orthex's operating profit was EUR 0.8 million (1.7). Operating profit included items affecting comparability of EUR 0.6 million (0.0). Orthex’s financial income and expenses during the review period consisted of EUR 0.4 million net expenses (0.6). The decrease in net financial expenses is mainly due to lower interest expenses. January–June 2026 Orthex’s gross margin in January –June was EUR 11.6 million (11.6) and gross margin percentage 26.8% (27.9). Selling and marketing expenses remained at the same level as in the previous year and were EUR 5.2 million (5.3). Administrative expenses increased to EUR 3.5 million (2.9) due to expenses related to one-off strategic projects recorded under items affecting comparability. EBITA for January–June was EUR 2.9 million (3.4). Adjusted EBITA totalled EUR 3.4 million (3.4), and the adjusted EBITA margin decreased to 8.0% (8.3). Higher raw material prices had a negative impact on profitability. Orthex's operating profit was EUR 2.9 million ( 3.4). Operating profit included items affecting comparability of EUR 0.6 million (0.0). Orthex’s financial income and expenses during the review period consisted of EUR 0.8 million net financial expenses (0.6). The increase in net financial expenses is due to the negative exchange rate impact of intercompany loans. Profit before taxes was EUR 2.1 million (2.8) and profit for the period was EUR 1.6 million (2.2). FINANCIAL POSITION AND CASH FLOW At the end of June, the balance sheet totalled EUR 85.2 million (82.0) of which equity accounted for EUR 37.3 million (35.0). The Group’s net debt was EUR 15.8 million (20.0) at the end the of June. Non-current interest- bearing liabilities were EUR 21.2 million (24.6) and Orthex’s total interest-bearing liabilities were EUR 26.1 million (29.1). Interest-bearing liabilities include loans from credit institutions , pension liabilities, and lease liabilities. During the period January−June 2026, the Group’s net cash flows from operating activities were EUR 5.3 million (3.9) and cash conversion was 63.7% (81.1). Interest paid totalled EUR 0.5 million (0.7). Cash and cash equivalents at the end of the review period amounted to EUR 10.3 million (9.1). At the end of June, net debt to adjusted EBITDA ratio was 1.1x (1.4x). Orthex’s long-term target is to keep the Net debt to Adjusted EBITDA ratio below 2.5x.
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 11 At the end of the review period, the Group’s Equity ratio was 43.7% (42.6). Adjusted return on capital employed (ROCE) was 10.6% (10.2) and return on equity (ROE) 4.2% (6.2). INVESTMENTS, RESEARCH, AND PRODUCT DEVELOPMENT Orthex’s investments in January-June amounted to EUR 2.2 million (1.1) and were related to moulds for new products, some capacity increases, and fire safety improvements at factories. The high investment level compared to the corresponding period in the previous year is due to the timing of investments. Orthex invests in product development on a continuous basis and launches new products twice a year. In addition, Orthex invests in research and is involved in research projects focusing on developing recycled and renewable plastics and promoting a circular economy for plastics. Since 2023, Orthex is participating in a large cooperation project of seven years to promote the circular economy of plastics. Orthex's goal is to find new potential circular plastic raw materials, test raw materials in production and as finished products , and then bring new products to the market. Orthex is also involved in the Reusify project that started in 2024. Focusing on reducing single - use packaging, Reusify project explores how packaging reuse systems could function. Orthex goal in this project is to find solutions for replacing the single-use products with reusable food storage and delivery boxes in professional kitchens and to offer consumers reusable take-away containers instead of single-use plastic ones in grocery stores, hotels, cafes and restaurants. The project is in its pilot phase that started at the beginning of March. More information on the project’s pilot phase is available under the Sustainability section of this report. These investments in research and product development support Orthex’s target to increase the use of recycled and renewable raw materials and to promote the circular economy for plastics . Research and product development expenses have not been capitalized. SHARES AND SHAREHOLDERS Orthex's shares are admitted to trading on the regulated market of Nasdaq Helsinki stock exchange. The company’s registered share capital is EUR 80,000.00 and at the end of the review period, the company held 17,758,854 fully paid shares . Orthex has one series of shares , and each share entitles to one vote in the company’s general meeting. There are no voting restrictions associated with the shares. Trading volume during the review period was EUR 7.5 million (8.0) and 1,613,103 shares (1,588,194). The highest price of the share was EUR 4.99 (5.44) and the lowest was EUR 4.12 (4.40). The closing price of the share at the end of June was EUR 4.31 (4.53). On 30 June
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 12 2026, the market value of the share capital stood at EUR 76.5 (80.4) million. The company did not have any treasury shares at the end of the review period. The number of registered shareholders at the end of the review period was 13 ,189 (14,147) including nominee registers . At the end of the review period, the ten largest registered shareholders possessed a total of 54.9% (53.2) of Orthex’s shares and votes. On 25 March 2026, Orthex announced that the holdings of Handelsbanken Nordiska Småbolag managed by Handelsbanken Fonder AB of the shares and votes in Orthex ha d fallen below the threshold of 5% on 20 March 2026. The stock exchange releases on notifications of changes in holdings (flaggings) are available on the corporate website at Media - Orthex Group. During the review period, the Board of Directors was authorised to issue a total maximum of 1,600,000 shares and special rights entitling to shares. The Board of Directors also had an authorisation to decide on the acquisition of a maximum of 175,000 of the company’s own shares. The Board of Directors did not use these authorisations during the review period. The authorisations are valid until 30 June 2027 . GROUP STRUCTURE There were no changes in the Group structure during the review period. GOVERNANCE Orthex Corporation’s Annual General Meeting was held in Espoo on 14 April 2026. The general meeting adopted the financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial year 2025. The general meeting also approved the 2025 remuneration report for governing bodies. The general meeting approved the Board of Directors’ proposal to pay a dividend of EUR 0.23 per share. The dividend will be paid in two instalments. The first instalment of EUR 0.12 per share was paid on 23 April 2026. The second instalment of EUR 0.11 per share will be paid on 8 October 2026. The general meeting resolved to elect six members to the Board . Sanna Suvanto -Harsaae, Markus Hellström, Anette Rosengren and Tuomas Yrjölä were re-elected to the Board and David Miller and Sari Somerkallio elected as new members to the Board for a term of office ending at the end of the 2027 Annual General Meeting. Sanna Suvanto -Harsaae continues to chair the Board. The general meeting also resolved that the remuneration of the members of the Board of Directors remain the same and that the Chair of the Board of Directors be paid a monthly fee of EUR 4,000 and other members of the Board of Directors a monthly fee of EUR 2,000. Further, the Board members will be paid meeting fees so that a meeting fee of EUR 250 is paid for a meeting held in the Board member's country of residence or as a remote meeting, and a meeting fee of EUR 500 for a meeting held elsewhere than in the Board member’s country of residence.
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 13 Ernst & Young Oy, a firm of Authorised Public Accountants, was re-elected the company’s auditor with Authorised Public Accountant Mikko Rytilahti continuing as the signing audit partner. The general meeting authorised the Board of Directors to issue or convey a total maximum of 1,600,000 shares or special rights entitling to shares in one or several issues. T he Board of Directors was also authorised to decide on the acquisition of a maximum of 175,000 company shares. The authorisations will be valid until 30 June 2027. More detailed information about the decisions of the general meeting can be found in the AGM documents, which are available on the corporate website at Annual General Meeting 202 6 - Orthex Group. SUSTAINABILITY Sustainability is a core element in implementing Orthex’s growth strategy and key objectives as we strive to be the storage category leader in Europe and the benchmark for quality, practicality and sustainability in every home. Sustainability is a key factor in all decision making at Orthex and a significant driver of our development and investment agenda. For example, a prerequisite for all new product investments is that the material should be either recycled or renewable. Orthex does not make single-use products. On the contrary, Orthex’s products are made for long-term use and are fully recyclable in all our markets at the end of their life cycle. Orthex aims to be the industry benchmark in sustainability by offering timelessly designed, high- quality, safe, and long-lasting products and reducing its relative carbon footprint by increasing the share of recycled and renewable raw materials. Orthex has identified priority sustainability topics in environmental, social and governance (ESG) aspects. For each topic, the company has set key performance indicators and targets. Further information on Orthex’s sustainability agenda is available on th e corporate website at Sustainability - Orthex Group and in the Annual and Sustainability Report 2025 which is available at Reports & presentations - Orthex Group. Orthex has updated its sustainability strategy for the period 2026 –2028 based on the double materiality assessment conducted in the spring of 2025. As a part of the strategy update, the company set a broader sustainability target: minimise impact on the planet. The company aims to achieve this target and to reduce its emissions with several actions: by increasing the share of recycled and renewable raw materials, improving energy efficiency, using renewable energy, and promoting circular economy in cooperation with partners across the value chain. Sustainability actions in January–June 2026 Orthex active sustainability work continued during the first half of the year. Orthex has been testing reusable, deposit -based take -away food containers and their return system in collaboration with the K Group, the S Group and several other partners in Finland. During the pilot, customers in four stores have had the option to choose a reusable container instead of a
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 14 disposable one for their take ‑away meals. The Kiertis pilot is driven by the EU Packaging and Packaging Waste Regulation, which aims, among other things, to promote the reuse of packaging. The Kiertis joint pilot examines how the circulation of reusable, deposit-based containers works in practice. The pilot assesses whether reusable containers appeal to customers, whether the return system is cost‑effective and what environmental impacts the system has. The pilot is part of the Business Finland funded Reusify project, a joint initiative led by VTT Technical Research Centre of Finland Ltd. and the University of Vaasa together with companies and resea rch organisations. Orthex has participated in this project since 2024. How the trial operates in practice is elaborated in further detail in the press release issued by the company in March. The release is available on the corporate website at Orthex Press Releases & Media - Orthex Group. Recognitions Orthex’s stylish innovation, SmartStore ™ Module storage solution was awarded the Product Design 2026 prize at the prestigious Red Dot Design Award in April. The Red Dot Design Award is one of the world’s largest and most respected design competitions. The Product Design Award is presented to market-ready products that are industrially manufactured, recognizing outstanding design quality and innovation. The SmartStore ™ Module containers are made from recycled plastic and provide an easy access to the contents with its open front. In addition, the containers can be stacked into a practical, space -saving tower. Earlier this year, the SmartStore ™ Module also earned the title Winner at the German Design Awards. Reporting requirements Since the company was exempt from the CSRD requirements due to its size, it is closely monitoring the progress of the regulation on sustainability reporting and the potential impacts on the company's reporting obligations. On 3 July 2026 , the EU Commission issued a delegated regulation of a new voluntary sustainability reporting standard. This standard will apply to companies out of scope of the CSRD . The voluntary sustainability standard can be applied with respect to financial years beginning on or after 1 January 2027. Investments in novelties Orthex invests in product development on a continuous basis and launches new products twice a year. During the first half of 2026, Orthex has launched the storage solution SmartStore™ Essence Stack. The Essence Stack baskets are stackable and made from recycled plastic in Sweden. Research projects Orthex is involved in research projects focusing on developing recycled and renewable plastics and promoting a circular economy for plastics, because the supply of high -quality recycled materials suitable for different purposes is still weak. As a part of the seven -year PlastLIFE SIP-EU collaborative project, Orthex is working to identify and test new plastic raw materials, aiming to bring pioneering products to market. Focusing on reducing single -use packaging, Reusify project explores how packaging reuse systems could function. Orthex goal in this project is to find solutions for replacing the single-use
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 15 products with reusable food storage and delivery boxes in professional kitchens and to offer consumers reusable take- away containers instead of single -use plastic ones in grocery stores, hotels, cafes and restaurants. As described above, this project is in its pilot phase that started at the beginning of March. These significant research projects support Orthex’s target to increase the use of recycled and renewable raw materials and to promote circular economy in cooperation with partners across the value chain. Information on the research projects is also provided in the company’s Annual and Sustainability Report 2025 available at Reports & presentations - Orthex Group. Commitments Global Compact Orthex is a member in the UN Global Compact , which is a voluntary United Nations initiative launched in 2000 to encourage businesses worldwide to adopt sustainable and socially responsible practices. It is based on Ten Principles in the areas of human rights, labour, environment, and anti -corruption. By join ing, companies commit to aligning their strategies and operations with these principles and reporting annually on their progress. Circular Economy Green Deal Orthex has joined the Circular Economy Green Deal aiming to curb the consumption of non - renewable natural resources and double the circular economy rate of resources and materials in Finland by 2035. Orthex’s commitment relates to action areas “Increasing the value of recycled materials and bio-based raw materials in production” and “Expanding the availability of circular economy products in the market”. Orthex aims to replace in its production virgin and fossil raw materials with recycled and renewable raw materials and to introduce new plastic products made from recycled or renewable materials to the market. SBTi The Science -Based Targets initiative (SBTi) has approved Orthex’s near -term science -based emissions reduction target mean ing that Orthex's climate targets are aligned with the target to keep global warming below 1.5°C in accordance with the Paris Agreement. SHORT-TERM RISKS AND UNCERTAINTIES Plastic polymers are the largest group of raw materials purchased by Orthex, and the prices are typically negotiated annually. Fluctuations in raw material prices and supply disruptions may have a negative effect on profitability. The Group is not hedged against fluctuations in raw material prices but can better manage risks by tying prices to the plastic polymer supply chain. There is less volatility in the prices of recycled and renewable materials and merchandise. However, there may be shortage on the market because of higher demand, and this can lead to higher prices also in recycled and renewable materials. The risks related to Orthex’s supply chain are associated especially with production, procurement and logistics processes and their reliability, flexibility and efficiency, sustainability as well as fluctuations in the prices of raw materials and other factors of production. For example, increasing
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 16 tariffs, other trade and geopolitical tensions, cyber security incidents and possible epidemics and pandemics as well as other uncertainties in the global economy may cause even significant disruptions in production and logistics chains that may have a negative impact on the company’s sales, profitability and cash flow. Extreme weather events and natural disasters pose a risk to the reliability and efficiency of Orthex’s supply chain. Climate change increases the likelihood of extreme weather events and natural disasters, such as floods, forest and wildfires, and storms. Heatwaves, drought, challenges in water availability, soil degradation, and other changes driven by climate change may also affect the availability and price of products used to produce Orthex’s raw materials. Extreme weather events and natural disasters can further affect raw material availability if they cause damage to the facilities of the company’s supplier partners or disrupt logistics chains. Extreme weather events may also disrupt Orthex factory and warehouse operations. Cost inflation, interest rate levels, and geopolitical tensions impact the global economic trend as well as the development of consumers’ purchasing behaviour and, as a result, can have an impact on Orthex’s business. Russia’s war against Ukraine or the crises in the Middle East do not directly affect Orthex’s business as Orthex does not sell products in the crisis areas or source raw materials directly from these areas. However, geopolitical tensions cause disturbances in global supply chains and contribute to the general economic situation and consumers’ purchasing power and behaviour. These factors may affect the company’s sales and profitability as well as operational reliability and efficiency. Some of the electricity contracts have been purchased at fixed prices due to the strong volatility of market electricity. Difficulties in maintaining and updating IT infrastructure, deficiencies in IT systems, and external cyberattacks related to IT systems may have an adverse effect on Orthex. Orthex uses information technology infrastructure, applications and software products that cover essential aspects of its business, such as production, inventory management, logistics, human resources, finances, and other administrative systems. Orthex’s IT systems and infrastructure may be vulnerable to cybersecurity risks, including cyberattacks, direct or indirect, such as computer viruses and worms, phishing attacks, and penetrating or bypassing security measures in order to gain unauthorised access to Orthex’s information networks and systems. Exploitation of possible weaknesses in Orthex’s security controls could disrupt its business and cause leakage of sensitive information, theft of intellectual property and damage to Orthex’s reputation. Orthex has a cyber security insurance policy to mitigate the impact of data security incidents. Thanks to its own production , Orthex can control the quality of its products and the health and environmental aspects of production and products. Although Orthex has several quality control measures in place , there can be no assurances that such measures will always be adequate to detect potential product quality defects. Any significant quality issue may require a considerable amount of management resources. Responding to detected or suspected quality issues , for example, by proactively adjusting production processes or by switching the materials or components used, usually gives rise to costs that may be significant. Product quality issues or product recalls may also harm Orthex’s reputation and lead to loss of customers. Materialisation of the aforementioned risks may have a material adverse effect on Orthex’s busi ness, results of operations, financial position, and reputation.
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 17 As Orthex’s production largely relies on its own production facilities , events that would cause significant disruptions in or the suspension of Orthex’s production facilities could materially affect Orthex’s ability to deliver its products to its customers in a timely manner. Significant disruptions or interruptions in production and operations would adversely affect Orthex business and operating profit. Orthex has operations in several countries , so the company is exposed to transaction and translation risk. The Group is typically not hedged against currency risk , except for certain purchases under the Kökskungen TM brand. Fluctuations in exchange rates have had and may continue to have a material adverse effect on Orthex’s results of operations. Further information on the company’s risk management principles and on the main strategic , operative, and financial risks is included in the Board of Directors’ report for the year 202 5. The main principles of Orthex’s financial risk management are described in the notes to the consolidated financial statements. The company’s Annual and Sustainability Report , which includes the Board of Directors’ report and the consolidated financial statements with notes for the year 2025, is available on the corporate website at Reports & presentations - Orthex Group. EVENTS AFTER THE REVIEW PERIOD There have been no events since the review period that have a material impact on the half-yearly report.
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 18 FINANCIAL RELEASES IN 2026 Orthex will publish its financial reports in 2026 as follows: 5 November 2026: Interim report January–September 2026 Espoo, 17 August 2026 ORTHEX CORPORATION Board of Directors Additional information: Alexander Rosenlew, CEO, +358 (0)40 500 3826 Saara Mäkelä, CFO, +358 (0)40 083 8782 Contacts: Analysts and investors: Saara Mäkelä, CFO, +358 (0)40 083 8782 Media: Hanna Kukkonen, CMSO, +358 (0)40 053 8886 The results presentation will be held on 18 August 2026 at 11.00 a.m. EEST as a webcast meeting. Webcast meeting Access meeting online here. Q&A Questions to the management can be sent through the meeting chat. Presentation material and webcast recording The presentation material will be shared in the online meeting , and it can be downloaded on Orthex’s website at Reports & presentations - Orthex Group . A recording of the event will be available later at the same address. Distribution: Nasdaq Helsinki Ltd Main media https:/investors.orthexgroup.com/
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 19 ORTHEX HALF-YEAR FINANCIAL REPORT JANUARY–JUNE 2026 Consolidated statement of comprehensive income EUR thousand 4-6/2026 4-6/2025 1–6/2026 1–6/2025 2025 Net sales 21,618 20,546 43,169 41,521 87 212 Cost of sales -16,233 -14,768 -31,584 -29,927 -62 203 Gross Margin 5,385 5,777 11,585 11,594 25 009 Other operating income 9 8 15 17 97 Selling and marketing expenses -2,563 -2,568 -5,219 -5,270 -9 834 Administrative expenses -2,037 -1,497 -3,513 -2,905 -5 489 Operating profit 793 1,719 2,869 3,436 9 782 Financial income and expenses -410 -559 -782 -647 -1 186 Profit before taxes 384 1,161 2,088 2,789 8 596 Income taxes -122 -263 -462 -592 -1 819 Profit for the period 262 897 1,625 2,197 6 777 Profit for the period attributable to: Equity holders of the parent 262 897 1,625 2,197 6 777 Earnings per share, basic (and diluted), EUR 0.01 0.05 0.09 0.12 0.38 Other comprehensive income, net of tax Items that may be reclassified subsequently to profit or loss: Translation differences -440 -803 -660 844 1 636 Items that will not be reclassified to profit or loss: Remeasurement gains/(losses) on defined benefit plans - - - - 52 Other comprehensive income for the period, net of tax -440 -803 -660 844 1 688 Total comprehensive income for the period -178 95 965 3,041 8 465 Total comprehensive income attributable to: Equity holders of the parent -178 95 965 3,041 8 465
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 20 Consolidated statement of financial position EUR thousand 30 June 2026 30 June 2025 31 Dec 2025 Assets Non-current assets Intangible assets 22,295 22,258 22,718 Property, plant, and equipment 15,181 14,659 15,058 Right-of-use assets 6,330 6,482 7,113 Other non-current assets 106 105 105 Deferred tax assets 728 750 665 Total non-current assets 44,641 44,254 45,659 Current assets Inventories 13,888 13,793 12,051 Trade and other receivables 15,182 14,779 16,024 Derivative financial instruments 3 - - Income tax receivables 1,188 53 773 Cash and cash equivalents 10,303 9,112 11,817 Total current assets 40,566 37,737 40,665 Total assets 85,207 81,991 86,324 Equity and liabilities Equity attributable to the equity holders of the parent company Share capital 80 80 80 Invested unrestricted equity fund 7,851 7,851 7,851 Retained earnings 29,743 27,571 32,203 Translation differences -408 -540 253 Total equity 37,266 34,962 40,386 Non-current liabilities Loans from credit institutions 11,926 14,908 13,401 Lease liabilities 5,473 5,965 6,211 Pension liabilities 3,811 3,756 3,907 Deferred tax liabilities 714 771 718 Total non-current liabilities 21,923 25,399 24,236 Current liabilities Loans from credit institutions 3,000 3,000 3,000 Lease liabilities 1,847 1,519 1,923 Trade and other payables 20,042 16,636 15,203 Derivative financial instruments - 85 25 Income tax liabilities 1,129 390 1,551 Total current liabilities 26,017 21,630 21,701 Total liabilities 47,941 47,029 45,938 Total equity and liabilities 85,207 81,991 86,324
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 21 Consolidated statement of changes in equity Equity attributable to the equity holders of the parent company EUR thousand Share capital Invested unrestricted equity fund Retained earnings Translation differences Total equity As at 1 Jan 2026 80 7,851 32,203 253 40,386 Profit for the period 1,625 1,625 Translation differences -660 -660 Total comprehensive income 1,625 -660 965 Dividends -4,085 -4,085 At 30 June 2026 80 7,851 29,743 -408 37,266 As at 1 Jan 2025 80 7,851 29,281 -1,384 35,828 Profit for the period 2,197 2,197 Translation differences 844 844 Total comprehensive income 2,197 844 3,041 Dividends -3,907 -3,907 At 30 June 2025 80 7,851 27,571 -540 34,962 As at 1 Jan 2025 80 7,851 29,281 -1,384 35,828 Profit for the period 6,777 6,777 Translation differences 1,636 1,636 Remeasurement gains/(losses) on defined benefit plan 52 52 Total comprehensive income 6,829 1,636 8,465 Dividends -3,907 -3,907 At 31 Dec 2025 80 7,851 32,203 253 40,386
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 22 Consolidated statement of cash flows EUR thousand 1-6/2026 1-6/2025 2025 Cash flows from operating activities Profit before taxes 2,088 2,839 8,596 Adjustments: Depreciation, amortisation, and impairment 2,595 2,413 4,888 Financial income and expenses 782 647 1,186 Other adjustments -105 138 755 Cash flows before changes in working capital 5,359 6,037 15,425 Changes in working capital Decrease (+) / increase (–) in trade and other receivables 837 3,186 1,941 Decrease (+) / increase (–) in inventories -1,837 -1,301 440 Decrease (–) / increase (+) in trade and other payables 2,862 -2,521 -2,562 Cash flows from operating activities before financial items and taxes 7,220 5,401 15,245 Interests paid -546 -651 -1,255 Income taxes paid -1,372 -891 -1,652 Net cash flows from operating activities 5,302 3,859 12,338 Cash flows from investing activities Investments in tangible and intangible assets -2,191 -1,107 -2,659 Net cash flows from investing activities -2,191 -1,107 -2,659 Cash flows from financing activities Dividends paid -2,131 -1,953 -3,907 Repayment of lease liabilities -1,028 -808 -1,695 Repayment of short-term borrowings -1,500 -1,500 -3,000 Net cash flows from financing activities -4,659 -4,261 -8,602 Net change in cash and cash equivalents -1,548 -1,510 1,076 Net foreign exchange differences 34 159 278 Cash and cash equivalents at the beginning of the period 11,817 10,463 10,463 Cash and cash equivalents at the end of the period 10,303 9,112 11,817
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 23 NOTES TO THE HALF-YEAR FINANCIAL REPORT Basis of preparation Orthex's half-year financial report has been prepared in accordance with the IAS 34 Interim Reports standard. In the half- year financial report, the same preparation principles have been applied as in the consolidated financial statements. Orthex's Board of Directors has approved this half-year financial report at its meeting on 17 August 2026. The figures in the half-year financial report are rounded, so the total sum of the individual figures may differ from the total figure presented. The figures are unaudited. Accounting estimates and management judgements made in preparation of the half-yearly information The preparation of the half-yearly financial information requires management to make accounting estimates and judgements as well as assumptions that affect the application of the preparation principles and the accounting estimates on assets, liabilities, income, and expenses. Actual results may diffe r from previously made estimates and judgements. Estimates and judgements are reviewed regularly. Changes in estimates are presented in the period during which the change occurs if the change only affects one period. If it affects both the period under rev iew and following periods, the changes are presented in the period under review and following periods. The significant management judgements and accounting estimates concerning key uncertainty factors in connection with the preparation of this half-yearly financial information are identical to those applied to the consolidated financial statements for 2025.
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 24 Related party transactions Transactions with related parties are made on an arm’s length basis. Orthex did not have any related party transactions during the review period. Property, plant and equipment, Intangible assets, and Right-of-use assets EUR thousand Intangible asset Goodwill Property, plant, and equipment Right-of- use assets Total Acquisition cost at 1 Jan 2026 893 22,718 78,928 16,287 118,827 Additions 2,550 384 2,934 Disposals -1 -41 -42 Transfers -647 - -647 Translation differences -423 -180 -129 -732 Acquisition cost at 30 June 2026 893 22,295 80,650 16,500 120,339 Accumulated depreciation, amortisation, and impairment at 1 Jan 2026 893 - 63,870 9,174 73,937 Depreciation and amortisation 1,599 996 2,595 Accumulated depreciation, amortisation and impairment at 30 June 2026 893 65,468 10,170 76,532 Carrying amount at 1 Jan 2026 0 22,718 15,059 7,113 44,890 Carrying amount at 30 June 2026 0 22,295 15,181 6,330 43,807 Acquisition cost at 1 Jan 2025 1,218 21,758 75,854 14,172 113,003 Additions 4,573 400 4,973 Disposals -25 - -25 Transfers -3,644 - -3,644 Translation differences 499 201 177 877 Acquisition cost at 30 June 2025 1,218 22,258 76,959 14,749 115,184 Accumulated depreciation, amortisation, and impairment at 1 Jan 2025 1,218 - 60,729 7,426 69,373 Depreciation and amortisation - 1,571 840 2,411 Accumulated depreciation, amortisation, and impairment at 30 June 2025 1,218 - 62,300 8,266 71,784 Carrying amount at 1 Jan 2025 0 21,758 15,125 6,746 43,628 Carrying amount at 30 June 2025 0 22,258 14,659 6,482 43,400
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 25 Fair value of financial assets and liabilities Financial assets EUR thousand 30 June 2026 30 June 2025 31 Dec 2025 Level 2 Assets measured at fair value Derivative financial instruments: Foreign exchange forward contracts and interest hedging 3 - - Total 3 - - Financial liabilities EUR thousand 30 June 2026 30 June 2025 31 Dec 2025 Level 2 Liabilities measured at fair value Derivative financial instruments: Foreign exchange forward contracts and interest hedging - 85 25 Total - 85 25 The derivatives have been presented in the table above. The carrying amounts of other financial assets and liabilities in the balance sheet equal their fair value at the reporting date. Commitments EUR thousand 30 June 2026 30 June 2025 31 Dec 2025 Guarantees and mortgages given on own behalf: Enterprise mortgages 49,074 49,071 49,098 Property mortgages 10,192 10,192 10,192 Other guarantees 148 108 151 Total 59,414 59,372 59,441
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 26 APPENDIX: Key Performance Indicators EUR thousand 4–6/2026 4–6/2025 1–6/2026 1–6/2025 2025 Net sales 21,618 20,546 43,169 41,521 87,212 Net sales change, % 5.2% -2.3% 4.0% -3.5% -2.8% Constant currency net sales change, % 4.3% -5.1% 1.9% -4.9% -4.7% Invoiced sales 22,465 21,244 44,942 43,053 89,644 Invoiced sales change, % 5.7% -1.7% 4.4% -3.4% -2.9% Gross margin 5,385 5,777 11,585 11,594 25,009 Gross margin, % 24.9% 28.1% 26.8% 27.9% 28.7% EBITDA 2,100 2,922 5,464 5,848 14,670 EBITDA margin, % 9.7% 14.2% 12.7% 14.1% 16.8% EBITA 793 1,719 2,869 3,436 9,782 EBITA margin, % 3.7% 8.4% 6.6% 8.3% 11.2% Operating profit 793 1,719 2,869 3,436 9,782 Operating profit margin, % 3.7% 8.4% 6.6% 8.3% 11.2% Items affecting comparability 575 - 575 - 41 Adjusted gross margin 5,385 5,777 11,585 11,594 25,009 Adjusted gross margin, % 24.9% 28.1% 26.8% 27.9% 28.7% Adjusted EBITDA 2,675 2,922 6,039 5,848 14,711 Adjusted EBITDA margin, % 12.4% 14.2% 14.0% 14.1% 16.9% Adjusted EBITA 1,368 1,719 3,444 3,436 9,823 Adjusted EBITA margin, % 6.3% 8.4% 8.0% 8.3% 11.3% Adjusted operating profit 1,368 1,719 3,444 3,436 9,823 Adjusted operating profit margin, % 6.3% 8.4% 8.0% 8.3% 11.3% Earnings per share, basic (and diluted), EUR 0.01 0.05 0.09 0.12 0.38 FTEs 280 285 280 287 287 Personnel expenses 5,306 5,171 10,430 10,005 19,199 Key cash flows indicators Net cash flows from operating activities 1,779 -809 5,302 3,859 12,338 Operating free cash flows 2,082 2,522 3,847 4,741 12,052 Cash conversion, % 77.8% 86.3% 63.7% 81.1% 81.9% Investments in tangible and intangible assets -593 -400 -2,191 -1,107 -2,659 Financial position key figures Net debt 15,753 20,035 15,753 20,035 16,624 Net debt / adjusted EBITDA last 12 months 1.1x 1.4x 1.1x 1.4x 1.1x Net working capital 9,029 11,936 9,029 11,936 12,872 Capital employed excluding goodwill 30,724 32,739 30,724 32,739 34,292 Return on capital employed (ROCE), % 2.5% 5.2% 8.8% 10.2% 28.5% Adjusted return on capital employed (ROCE), % 4.3% 5.2% 10.6% 10.2% 28.6% Equity ratio, % 43.7% 42.6% 43.7% 42.6% 46.8% Return on equity, % 0.7% 2.4% 4.2% 6.2% 17.8%
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 27 Reconciliation of APMs EUR thousand 4–6/2026 4–6/2025 1–6/2026 1–6/2025 2025 Net sales growth, % Net sales 21,618 20,546 43,169 41,521 87,212 Net sales growth, % 5.2% -2.3% 4.0% -3.5% -2.8% Constant currency net sales growth, % Net sales 21,618 20,546 43,169 41,521 87,212 FX rate adjustment - 177 - 840 - Constant currency net sales 21,618 20,723 43,169 42,361 87,212 Constant currency net sales growth, % 4.3% -5.1% 1.9% -4.9% -4.7% Invoiced sales Net sales 21,618 20,546 43,169 41,521 87,212 Discounts and bonuses 977 1,038 2,089 2,026 4,079 Other sales and refunds -130 -339 -316 -494 -1,647 Invoiced sales 22,465 21,244 44,942 43,053 89,644 Invoiced sales growth, % 5.7% -1.7% 4.4% -3.4% -2.9% Gross margin Net sales 21,618 20,546 43,169 41,521 87,212 Cost of sales -16,233 -14,768 -31,584 -29,927 -62,203 Gross margin 5,385 5,777 11,585 11,594 25,009 Gross margin, % 24.9% 28.1% 26.8% 27.9% 28.7% EBITDA Operating profit 793 1,719 2,869 3,436 9,782 Depreciation, amortisation, and impairment 1,307 1,202 2,595 2,413 4,888 EBITDA 2,100 2,922 5,464 5,848 14,670 EBITDA margin, % 9.7% 14.2% 12.7% 14.1% 16.8% EBITA Operating profit 793 1,719 2,869 3,436 9,782 Amortisation and impairment - - - - - EBITA 793 1,719 2,869 3,436 9,782 EBITA margin, % 3.7% 8.4% 6.6% 8.3% 11.2% Operating profit Operating profit 793 1,719 2,869 3,436 9,782 Operating profit margin, % 3.7% 8.4% 6.6% 8.3% 11.2% Items affecting comparability / adjustments (EBITDA) Restructuring related expenses 41 Expenses related to strategic projects 575 575 Items affecting comparability / adjustments (EBITDA) 575 575 41
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 28 EUR thousand 4–6/2026 4–6/2025 1–6/2026 1–6/2025 2025 Adjusted gross margin Gross margin 5,385 5,777 11,585 11,594 25,009 Adjusted gross margin 5,385 5,777 11,585 11,594 25,009 Adjusted gross margin, % 24.9% 28.1% 26.8% 27,9% 28.7% Adjusted EBITDA Operating profit 793 1,719 2,869 3,436 9,782 Depreciation, amortisation, and impairment 1,307 1,202 2,595 2,413 4,888 Adjustments (EBITDA) 575 - 575 - 41 Adjusted EBITDA 2,675 2,922 6,039 5,848 14,711 Adjusted EBITDA margin, % 12.4% 14.2% 14.0% 14.1% 16.9% Adjusted EBITA Operating profit 793 1,719 2,869 3,436 9,782 Amortisation and impairment - - - - - Adjustments (EBITA) 575 - 575 - 41 Adjusted EBITA 1,368 1,719 3,444 3,436 9,823 Adjusted EBITA margin, % 6.3% 8.4% 8.0% 8.3% 11.3% Adjusted operating profit Operating profit 793 1,719 2,869 3,436 9,782 Adjustments 575 - 575 - 41 Adjusted operating profit 1,368 1,719 3,444 3,436 9,823 Adjusted operating profit margin, % 6.3% 8.4% 8.0% 8.3% 11.3% Earnings per share, basic (and diluted), EUR Profit for the period 262 897 1,625 2,197 6,777 Average number of shares 17,759 17,759 17,759 17,759 17,759 Earnings per share, basic (and diluted), EUR 0.01 0.05 0.09 0.12 0.38 Operating free cash flows Adjusted EBITDA 2,675 2,922 6,039 5,848 14,711 Investments in tangible and intangible assets -593 -400 -2,191 -1,107 -2,659 Operating free cash flows 2,082 2,522 3,847 4,741 12,052 Cash conversion, % Operating free cash flows 2,082 2,522 3,847 4,741 12,052 Adjusted EBITDA 2,675 2,922 6,039 5,848 14,711 Cash conversion, % 77.8% 86.3% 63.7% 81.1% 81.9% Net debt Total interest-bearing liabilities 26,056 29,147 26,056 29,147 28,441 Cash and cash equivalents -10,303 -9,112 -10,303 -9,112 -11,817 Net debt 15,753 20,035 15,753 20,035 16,624 Net debt/ Adjusted EBITDA Net debt 15,753 20,035 15,753 20,035 16,624 Adjusted EBITDA, 12 months 14,902 14,034 14,902 14,034 14,711 Net debt/ Adjusted EBITDA 1.1x 1.4x 1.1x 1.4x 1.1x
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 29 EUR thousand 4–6/2026 4–6/2025 1–6/2026 1–6/2025 2025 Net working capital Inventories 13,888 13,793 13,888 13,793 12,051 Trade and other receivables 15,182 14,779 15,182 14,779 16,024 Trade and other payables -20,042 -16,636 -20,042 -16,636 -15,203 Net working capital 9,029 11,936 9,029 11,936 12,872 Capital employed excluding goodwill Total equity 37,266 34,962 37,266 34,962 40,386 Net debt 15,753 20,035 15,753 20,035 16,624 Goodwill -22,295 -22,258 -22,295 -22,258 -22,718 Capital employed excluding goodwill 30,724 32,739 30,724 32,739 34,292 Return on capital employed (ROCE), % Operating profit 793 1,719 2,869 3,436 9,782 Average capital employed excluding goodwill 32,183 32,805 32,508 33,548 34,324 Return on capital employed (ROCE), % 2.5% 5.2% 8.8% 10.2% 28.5% Adjusted return on capital employed (ROCE), % Adjusted operating profit 1,368 1,719 3,444 3,436 9,823 Average capital employed excluding goodwill 32,183 32,805 32,508 33,548 34,324 Adjusted return on capital employed (ROCE), % 4.3% 5.2% 10.6% 10.2% 28.6% Equity ratio, % Total equity 37,266 34,962 37,266 34,962 40,386 Total assets 85,207 81,991 85,207 81,991 86,324 Equity ratio, % 43.7% 42.6% 43.7% 42.6% 46.8% Return on equity, % Profit for the period 262 897 1,625 2,197 6,777 Total equity (average for the first and last day of the period) 39,398 36,868 38,826 35,395 38,107 Return on equity, % 0.7% 2.4% 4.2% 6.2% 17.8% Orthex presents alternative performance measures as additional information to financial measures presented in the consolidated income statement , consolidated balance sheet and consolidated statement of cash flows prepared in accordance with IFRS. In Orthex’s view , alternative performance measures provide significant additional information on Orthex’s results of operations, financial position and cash flows to management , investors, analysts, and other stakeholders. Alternative performance measures should not be viewed in isolation or as a substitute to the financial measures defined in the IFRS, nor are they defined or named in the IFRS. All companies do not calculate alternative performance measures in a uniform way , and therefore Orthex’s alternative performance measures may not be comparable with similarly named measures presented by other companies.
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 30 Calculation of key figures Key Performance Indicators Formula Constant currency net sales change, % Net sales change calculated by using previous year’s revenue translated at average foreign exchange rates for the current year Invoiced sales Product sales to resale customers excluding off invoice discounts, customer bonuses, and cash discounts Invoiced sales change, % Change in invoiced sales Gross margin Net sales less Cost of sales Gross margin, % Gross margin / Net sales EBITDA Operating profit before depreciation, amortisation, and impairment EBITDA margin, % EBITDA / Net sales EBITA Operating profit before amortisation and impairment EBITA margin, % EBITA / Net sales Operating profit Operating profit Operating profit margin, % Operating profit / Net sales Items affecting comparability Material items outside ordinary course of business including restructuring costs, net gains or losses from sale of business operations or other non-current assets, strategic development projects, external advisory costs related to capital reorganisation, impairment charges on non-current assets incurred in connection with restructurings, compensation for damages, and transaction costs related to business acquisitions Adjusted gross margin Gross margin excluding items affecting comparability Adjusted gross margin, % Adjusted gross margin / Net sales Adjusted EBITDA EBITDA excluding items affecting comparability Adjusted EBITDA margin, % Adjusted EBITDA / Net sales Adjusted EBITA EBITA excluding items affecting comparability Adjusted EBITA margin, % Adjusted EBITA / Net sales Adjusted operating profit Operating profit excluding items affecting comparability Adjusted operating profit margin, % Adjusted operating profit / Net sales Earnings per share, basic (and diluted), EUR Profit for the period attributable to the owners of the parent divided by weighted average number of shares outstanding FTEs Full-Time Equivalents Personnel expenses Total personnel expenses during the period Key cash flows indicators Formula Net cash flows from operating activities Net cash from operating activities as presented in the consolidated statement of cash flows Operating free cash flows Adjusted EBITDA less investments in tangible and intangible assets Cash conversion, % Operating free cash flows / Adjusted EBITDA Investments in tangible and intangible assets Investments in tangible and intangible assets as presented in the consolidated statement of cash flows
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 31 Financial position key figures Formula Net debt Current and non-current interest-bearing liabilities less cash and cash equivalents Net debt / adjusted EBITDA last 12 months Net debt / Adjusted EBITDA Net working capital Inventories, trade, and other receivables less trade and other payables Capital employed excluding goodwill Total equity and net debt and less goodwill Return on capital employed (ROCE), % Operating profit / Average capital employed excluding goodwill Adjusted return on capital employed (ROCE), % Adjusted operating profit / Average capital employed excluding goodwill Equity ratio, % Total equity / Total assets Return on equity, % Result for the period / Total equity (average for the first and last day of the period) SmartStoreM Essence Stack storage boxes
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HALF-YEAR FINANCIAL REPORT | JANUARY–JUNE 2026 | 18 AUGUST 2026 32 ORTHEX IN BRIEF Orthex is a European houseware company with a mission to create long-lasting solutions for an organised and enjoyable home. Orthex creates, produces, and markets high-quality, functional and safe products to make consumers’ everyday life easier. Orthex’s offering is based on deep consumer insights, appealing and creative concepts and leading brands. Orthex’s products cover multifunctional assortment of storage boxes, kitchen products, and products for home and garden. Orthex markets and sells its products under three main consumer brands: SmartStore TM, GastroMaxTM, and OrthexTM. In addition, it sells kitchen products under the KökskungenTM brand. Orthex has more than 100 years of experience in the design , production, and marketing of household products, and it has customers in more than 40 countries. Orthex’s geographic markets include the Nordics, the Rest of Europe, and the Rest of the world. Orthex is headquartered in Espoo, Finland, and it currently has eight local sales organisations located in the Nordics, Germany, France, the United Kingdom, and the Benelux. Orthex’s production facilities are located in Tingsryd and Gnosjö , Sweden, and in Lohja , Finland. In addition, Orthex has centrali sed warehousing in Sweden and Finland in connection with its Tingsryd and Lohja production facilities as well as an outsourced warehouse in Überherrn, Germany. Orthex aims to be the industry benchmark in sustainability. Orthex’s high -quality products are made for long-term use and are recyclable in all our markets. We are actively increasing the share of recycled and renewable raw materials in our products. At the same time, we continuously strive to reduce our emissions and to minimise our impact on the planet. OrthexTM Eden herb pot set
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Orthex Corporation www.investors.orthexgroup.com SmartStoreTM Classic storage boxes