Interim report
Page 1
Orthex Corporation INTERIM REPORT January–September 2026 Novelty: SmartStoreTM Classic 30 L storage box
Page 2
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 2 ORTHEX CORPORATION: INTERIM REPORT JANUARY–SEPTEMBER 2026 Q3: Record quarterly sales and solid profitability JULY–SEPTEMBER 2026 Invoiced sales amounted to EUR 26.5 million (23.6) Net sales increased by 10.2% to EUR 25.8 million (23.4) Adjusted EBITDA was EUR 5.0 million (4.5) Adjusted EBITA was EUR 3.7 million (3.3), representing 14.2% of net sales (14.3) Operating profit was EUR 3.7 million (3.3) Net cash flows from operating activities were EUR 3.7 million (5.9) Earnings per share was EUR 0.14 (0.14) Profitability remained solid despite continued high raw material prices. JANUARY–SEPTEMBER 2026 Invoiced sales amounted to EUR 71.4 million (66.7) Net sales increased by 6.2% to EUR 68.9 million (64.9) Adjusted EBITDA was EUR 11.0 million (10.4) Adjusted EBITA was EUR 7.1 million (6.8), representing 10.3% of net sales (10.4) Operating profit was EUR 6.5 million (6.8) Net cash flows from operating activities were EUR 9.0 million (9.8) Net debt / Adjusted EBITDA was 0.9x (1.0x) Earnings per share was EUR 0.24 (0.26) The figures in brackets refer to the corresponding period in the previous year unless stated otherwise. The figures are unaudited. SmartStoreTM Comfort storage baskets
Page 3
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 3 ALEXANDER ROSENLEW, CEO: Orthex achieved the highest quarterly net sales in its history, with Q3 net sales increasing by 10.2% compared to the third quarter of the previous year and amounting to EUR 25.8 million (23.4). In constant currencies, net sales increased by 9.3%. Year-to-date, net sales increased by 6.2% and amounted to EUR 68.8 million (64.9). The reported net sales growth was mainly driven by increased sales volume. The Storage category was the main driver of growth. Foreign exchange movements in the Nordic currencies had a positive impact on quarterly net sales. Decisive and rapid price increases were implemented during the previous quarter in response to higher raw material costs and continued volatility in global supply chains . In the Nordics, where our market position and our brands are strong, Q3 invoiced sales grew by 15.0% thanks to higher sales volume. In the Rest of Europe, invoiced sales totalled EUR 5.3 million (5.3). Sales in the Rest of Europe developed positively towards the end of the quarter as price increases were implemented across markets. Sales momentum strengthened towards the end of the quarter, and we continued to expand SmartStore distribution across major European retailers. A new quarterly sales record was achieved in the Storage category, with invoiced sales increasing by 16.6% compared to the Q3 in the previous year. We further expanded distribution, gained additional shelf space and strengthened our position with several k ey retail customers across Europe. Led by SmartStore, Storage continues to be the clear growth engine of Orthex and the cornerstone of our ambition to become Europe's leading storage brand. Invoiced sales in the Kitchen and Home & Garden categories remained stable, both growing at 1.1% year-on-year. Compared to the third quarter of 2025, Orthex’s adjusted EBITA improved to EUR 3.7 million (3.3) and corresponding adjusted EBITA margin was 14.2% (14.3). Higher volumes, operational leverage, implemented price increases and disciplined cost control supported the improvement. Our strategic ambition to accelerate profitable growth together with major European retailers remains unchanged, and we continue to see significant opportunities to further expand the distribution of SmartStore across Europe. I would like to thank all Orthex employees for their dedication and contribution during the quarter. Our success is built on the commitment, expertise and teamwork of our people across the organisation. Together, we continue to create value for our customers, strengthen our market position and build a strong foundation for sustainable growth.
Page 4
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 4 KEY FIGURES EUR million 7-9/2026 7–9/2025 Change 1-9/2026 1-9/2025 Change 2025 Invoiced sales 26.5 23.6 11.9% 71.4 66.7 7.1% 89.6 Net sales 25.8 23.4 10.2% 68.9 64.9 6.2% 87.2 Gross margin 7.4 6.7 10.6% 19.0 18.3 3.8% 25.0 Gross margin, % 28.7% 28.5% 27.5% 28.1% 28.7% EBITDA 5.0 4.5 9.4% 10.4 10.4 0.4% 14.7 EBITDA margin, % 19.3% 19.4% 15.1% 16.0% 16.8% Adjusted EBITDA 5.0 4.5 9.4% 11.0 10.4 6.0% 14.7 Adjusted EBITDA margin, % 19.3% 19.4% 16.0% 16.0% 16.9% EBITA 3.7 3.3 9.2% 6.5 6.8 -3.8% 9.8 EBITA margin, % 14.2% 14.3% 9.5% 10.4% 11.2% Adjusted EBITA 3.7 3.3 9.2% 7.1 6.8 4.6% 9.8 Adjusted EBITA margin, % 14.2% 14.3% 10.3% 10.4% 11.3% Operating profit 3.7 3.3 9.2% 6.5 6.8 -3.8% 9.8 Operating profit margin, % 14.2% 14.3% 9.5% 10.4% 11.2% Net cash flows from operating activities 3.7 5.9 -37.2% 9.0 9.8 -7.8% 12.3 Net debt / Adjusted EBITDA 0.9x 1.0x 0.9x 1.0x 1.1x Adjusted return on capital employed (ROCE), % 11.9% 10.7% 21.9% 21.2% 28.6% Equity ratio, % 45.8% 44.3% 45.8% 44.3% 46.8% Earnings per share, basic (EUR) 0.14 0.14 5.5% 0.24 0.26 -9.5% 0.38 FTEs (average) 281 289 -2.8% 281 289 -2.6% 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.
Page 5
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 5 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, S undis, Iris and Rotho being the most comparable
Page 6
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 6 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 envi ronment, 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 market 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 Comfort storage baskets
Page 7
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 7 NET SALES AND PROFITABILITY Net sales and invoiced sales July–September 2026 The Group's net sales increased in the third quarter by 10.2% and w ere EUR 25.8 million (23.4). Net sales growth was mainly driven by increased sales volume in the Nordics, price increases, and the overall strong performance of our Storage category . The exchange rates of the Swedish and Norwegian krona also had positive impact on the net sales. The Group's invoiced sales were EUR 26.5 million (2 3.6). The increase in constant currency net sales was 9.3% compared to July– September 2025. January–September 2026 In January–September, the Group’s net sales increased by 6.2% to EUR 68 .9 million (64.9). The sales growth is mainly due to increased sales of storage products in the Nordics and partly driven by the positive impact of the exchange rates of the Swedish and Norwegian krona. The increase in constant currency n et sales was 4 .6% compared to January –September 2025. The Group’s invoiced sales amounted to EUR 71.4 million (66.7). Development by geography Invoiced sales by geography EUR million 7–9/2026 7–9/2025 Change 1–9/2026 1–9/2025 Change 2025 Nordics 21.1 18.3 15.0% 56.0 51.6 8.6% 68.9 Rest of Europe 5.3 5.3 0.5% 14.9 14.7 1.3% 20.2 Rest of the world 0.1 0.1 91.3% 0.5 0.4 14.4% 0.6 Total 26.5 23.6 11.9% 71.4 66.7 7.1% 89.6 July–September 2026 Orthex's main geographic market is the Nordics, where invoiced sales increased to EUR 21.1 million (18.3) in July–September. Invoiced sales in the rest of Europe were EUR 5.3 million (5.3) and the sales in the Rest of the world were EUR 0.1 million (0.1). January–September 2026 Invoiced sales in the Nordics increased to EUR 56.0 million (51.6) in January–September. Invoiced sales in the Rest of Europe increased slightly to EUR 14.9 million (14.7). Invoiced sales in the Rest of the world were EUR 0.5 million (0.4). Sales in the Nordics increased by 8.6% due to price increases, new product launches, campaigns, and positive exchange rate effect. In the Rest of Europe, sales grew by 1.3%.
Page 8
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 8 Orthex’s products are sold in more than 40 countries , and export to non -Nordic countries accounted for 21.5% (22.7) of the Group’s invoiced sales during the review period. Development by product category Invoiced sales by product category EUR million 7–9/2026 7–9/2025 Change 1–9/2026 1–9/2025 Change 2025 Storage 19.3 16.6 16.6% 49.7 44.6 11.3% 61.9 Kitchen 5.0 5.0 1.1% 13.4 13.5 -0.2% 17.7 Home & Garden 2.1 2.1 1.1% 8.3 8.6 -3.4% 10.0 Total 26.5 23.6 11.9% 71.4 66.7 7.1% 89.6 July–September 2026 Orthex’s largest category is Storage and p roducts in the Storage category play a key role in Orthex’s expansion. In July–September, Storage category’s invoiced sales increased by 16.6% and totalled EUR 19.3 million (1 6.6). The growth was supported especially by the strong sales development in the Nordics and implemented price increases. January–September 2026 Invoiced sales in the Storage category during January –September increased by 11.3% compared to the corresponding period in the previous year and amounted to EUR 49.7 million (44.6). The sales development was positive especially in the Nordics. The Group's Kitchen category's invoiced sales during January –September were EUR 13.4 million (13.5). Invoiced sales in the Home & Garden category declined to EUR 8.3 million (8.6). Profitability July–September 2026 Orthex’s gross margin in July –September increased to EUR 7 .4 million ( 6.7) and gross margin percentage to 2 8.7% (28. 5). High sales volume, operational leverage and implemented price increases supported the margin improvement during the quarter. Selling and marketing expenses rose to EUR 2.4 million (2.2) and administrative expenses to EUR 1.4 million (1.2). EBITA for July–September was EUR 3.7 million (3.3). Adjusted EBITA rose to EUR 3.7 million (3.3), and the adjusted EBITA margin decreased to 14.2% (14.3). Orthex's operating profit was EUR 3 .7 million (3.3). Operating profit did not include items affecting comparability.
Page 9
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 9 Orthex’s financial income and expenses during the review period consisted of EUR 0.4 million net expenses (0.2). The increase in net financial expenses is mainly due to the negative exchange rate impact of intercompany loans. January–September 2026 Orthex’s gross margin in January –September was EUR 19 .0 million (1 8.3) and gross margin percentage 27.5% (28.1). Higher raw material costs especially during the second quarter of the year had a negative impact on the margin percentage. Selling and marketing expenses increased to EUR 7.6 million (7.4). Administrative expenses increased to EUR 4 .9 million (4.1) mainly due to expenses of EUR 0 .6 million (0.0) related to one- off strategic projects recorded under items affecting comparability. EBITA for January–September was EUR 6.5 million (6.8). Adjusted EBITA totalled EUR 7.1 million (6.8), and the adjusted EBITA margin decreased to 10.3% (10.4). Higher raw material prices had a negative impact on profitability . Orthex's operating profit was E UR 6.5 million (6.8). 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 1.2 million net financial expenses (0.9). The increase in net financial expenses is due to the negative exchange rate impact of intercompany loans. Profit before taxes was EUR 5.3 million (5.9) and profit for the period was EUR 4.2 million (4.6). FINANCIAL POSITION AND CASH FLOW At the end of September, the balance sheet totalled EUR 85.8 million (84.8) of which equity accounted for EUR 39.3 million (37.6). The Group ’s net debt was EUR 13.3 million (14.5) at the end the of September. Non-current interest-bearing liabilities were EUR 20.6 million (24.5) and Orthex’s total interest- bearing liabilities were EUR 25.4 million (29.0). Interest-bearing liabilities include loans from credit institutions, pension liabilities, and lease liabilities. During the period January−September 2026, the Group’s net cash flows from operating activities were EUR 9.0 million (9.8) and cash conversion was 68.2% (87.9). The decrease in cash flow and cash conversion is explained by a slightly weaker operating result before changes in working capital than in the comparison period and higher income taxes paid. Interest paid totalled EUR 0.6 million (0.8). Cash and cash equivalents at the end of the review period amounted to EUR 12.1 million (14.5). At the end of September, net debt to adjusted EBITDA ratio was 0.9x (1.0x). Orthex’s long-term target is to keep the Net debt to Adjusted EBITDA ratio below 2.5x. At the end of the review period, the Group’s Equity ratio was 45.8% (44.3). Adjusted return on capital employed (ROCE) was 21.9% (21.2) and return on equity (ROE) 10.5% (12.6).
Page 10
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 10 INVESTMENTS, RESEARCH, AND PRODUCT DEVELOPMENT Orthex’s investments in January–September amounted to EUR 3.5 million (1.3) 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 participates 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 engaged 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 takeaway containers instead of single-use plastic ones in grocery stores, hotels, cafes and restaurants. The project is driven by the EU Packaging and Packaging Waste Regulation, which requires that by 2030, at least one-fifth of takeaway meals be sold in reusable packaging. 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 9.5 million (10.4) and 2,063,356 shares (2,112,076). 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 September was EUR 4.62 (4.60). On 30 September 2026, the market value of the share capital stood at EUR 82 .0 (81.7) 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 12,918 (14,028) including nominee registers . At the end of the review period, the ten largest registered shareholders possessed a total of 54.7% (52.8) of Orthex’s shares and votes.
Page 11
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 11 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 Annual General Meeting 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 was 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 was 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. 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.
Page 12
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 12 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. Composition of the Shareholders’ Nomination Board The Extraordinary General Meeting on 5 March 2021 decided to establish a Shareholders’ Nomination Board for the company and the Nomination Board's charter was approved. The Nomination Board consists of the four largest registered shareholders of the compan y as of 31 August. According to the shareholders’ register , the company’s four largest shareholders on 31 August 202 6 were Conficap Oy , Alexander Rosenlew , Ilmarinen Mutual Pension Insurance Company, and Aktia Fund Management Company Ltd. On 8 September 202 6, the company announced that these shareholders ha d appointed their representatives to the Shareholders’ Nomination Board, the composition of which is as follows: Erik Toivanen , CEO of Conficap Oy Alexander Rosenlew Annika Ekman , Executive Vice President, Investments, of Ilmarinen Mutual Pension Insurance Company Niina Arkko, ESG Director of Aktia Fund Management Company Ltd The Nomination Board has elected Erik Toivanen as its chair. The Chair of Orthex’s Board of Directors, Sanna Suvanto -Harsaae , acts as an expert member of the Nomination Board. More information on the Nomination Board is available on the corporate website at Nomination Board - 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.
Page 13
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 13 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–September 2026 Orthex has continued its active sustainability work during the current year. Orthex has been testing reusable, deposit -based takeaway 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 had the option to choose a reu sable container instead of a disposable one for their takeaway meals. The purpose of the Kiertis joint pilot was to examine how the circulation of reusable, deposit-based containers works in practice. The Kiertis pilot showed that an operating model based on reusable takeaway food containers is technically feasible and positively received by consumers. Hence, the pilot achieved its objectives and laid the foundation for the further development of the reuse system. It provided clear recommendations for automating payment and return processes, optimising logistics, improving washing operations, enhancing digital traceability, and strengthening organisational operating models. However, the potential for suc cessful large-scale implementation can only be assessed through more detailed LCA calculations. The pilot was 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 research organisations. Orthex has participated in this project since 2024. Orthex has also recently tested its SmartStore™ Easy food storage containers for the migration of microplastics. In an independent laboratory test simulating the intended use of the products, no microplastic particles were detected in the water used as a food simulant after the test. Microplastics are an important environmental topic for Orthex and its stakeholders. Testing food storage containers for microplastics forms part of Orthex’s broader quality control and environmental work. The company regularly tests its products in indepen dent laboratories and through product use tests.
Page 14
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 14 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. Audits Orthex strives to minimise its impact on the planet and invests in high-quality and safety of its products. All our three factories in Finland and Sweden have already since 2013 been ISO 14001 and 9001 certified for their environmental and quality management systems. In 2021, Orthex’s operations were awarded the ISO 45001 certification for occupational health and safety management system. All our three factories were audited and these certificates renewed during the third quarter of 2026. Reporting requirements In 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 like Orthex. The regulation entered into force in September following its pub lication in the Official Journal of the European Union. The standards can be applied in the sustainability reports issued for the year 2026 already. Orthex aims to apply the new standard in its sustainability report to be published in the spring of 2027. Investments in novelties Orthex invests in product development on a continuous basis and launches new products twice a year. During the third quarter of 2026, Orthex has extended the SmartStore™ Comfort product range made from recycled plastic with a new L -size storage box. The storage solution SmartStore™ Essence Stack was launch in February. 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 products with reusable food storage and delivery boxes in professi onal kitchens and to offer consumers reusable takeaway containers instead of single- use plastic ones in grocery stores, hotels, cafes and restaurants. Earlier research conducted as part of the Reusify project indicated that certain plastic materials are more promising than comparable glass and metal packaging for
Page 15
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 15 reuse applications, both in terms of durability and hygiene. Food storage containers used in the Kiertis pilot mentioned earlier were made from bio‑based polypropylene by Orthex. 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 of 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 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
Page 16
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 16 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. 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
Page 17
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 17 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 In accordance with the decision made at the Annual General Meeting on 14 April 2026, the second instalment of the dividend, EUR 0.11 per share, totalling EUR 2.0 million, was paid on 8 October 2026.
Page 18
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 18 FINANCIAL RELEASES IN 2027 Orthex will publish its financial statements release for 2026 and financial reports in 2027 as follows: 3 March 2027: Financial statements release for 2026 5 May 2027: Interim report January–March 2027 18 August 2027: Half-year financial report January–June 2027 4 November 2027: Interim report January–September 2027 The Annual and Sustainability Report 2026 will be published during the week 11 of 2027 starting on 15 March 2027. The Annual General Meeting is planned to take place on 8 April 2027. Espoo, 4 November 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 5 November 2026 at 11.00 a.m. EET 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/
Page 19
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 19 ORTHEX INTERIM REPORT JANUARY–SEPTEMBER 2026 Consolidated statement of comprehensive income EUR thousand 7-9/2026 7-9/2025 1–9/2026 1–9/2025 2025 Net sales 25,766 23,390 68,936 64,910 87,212 Cost of sales -18,384 -16,716 -49,968 -46,643 -62,203 Gross Margin 7,382 6,674 18,967 18,268 25,009 Other operating income 19 16 35 33 97 Selling and marketing expenses -2,362 -2,161 -7,580 -7,432 -9,834 Administrative expenses -1,387 -1,182 -4,899 -4,087 -5,489 Operating profit 3,653 3,347 6,523 6,782 9,782 Financial income and expenses -432 -246 -1,214 -892 -1,186 Profit before taxes 3,221 3,101 5,309 5,890 8,596 Income taxes -662 -675 -1,125 -1,267 -1,819 Profit for the period 2,559 2,426 4,184 4,623 6,777 Profit for the period attributable to: Equity holders of the parent 2,559 2,426 4,184 4,623 6,777 Earnings per share, basic (and diluted), EUR 0.14 0.14 0.24 0.26 0.38 Other comprehensive income, net of tax Items that may be reclassified subsequently to profit or loss: Translation differences -544 176 -1,205 1,020 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 -544 176 -1,205 1,020 1,688 Total comprehensive income for the period 2,014 2,602 2,979 5,643 8,465 Total comprehensive income attributable to: Equity holders of the parent 2,014 2,602 2,979 5,643 8,465
Page 20
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 20 Consolidated statement of financial position EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Non-current assets Intangible assets 21,943 22,352 22,718 Property, plant, and equipment 14,921 14,435 15,058 Right-of-use assets 5,789 6,334 7,113 Other non-current assets 106 105 105 Deferred tax assets 785 717 665 Total non-current assets 43,544 43,942 45,659 Current assets Inventories 12,119 11,241 12,051 Trade and other receivables 16,715 15,120 16,024 Derivative financial instruments 7 - - Income tax receivables 1,275 - 773 Cash and cash equivalents 12,109 14,540 11,817 Total current assets 42,226 40,901 40,665 Total assets 85,770 84,843 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 32,302 29,997 32,203 Translation differences -952 -364 253 Total equity 39,281 37,564 40,386 Non-current liabilities Loans from credit institutions 11,938 14,916 13,401 Lease liabilities 4,973 5,763 6,211 Pension liabilities 3,731 3,777 3,907 Deferred tax liabilities 712 769 718 Total non-current liabilities 21,354 25,225 24,236 Current liabilities Loans from credit institutions 3,000 3,000 3,000 Lease liabilities 1,773 1,573 1,923 Trade and other payables 18,977 16,841 15,203 Derivative financial instruments - 56 25 Income tax liabilities 1,385 582 1,551 Total current liabilities 25,135 22,053 21,701 Total liabilities 46,489 47,278 45,938 Total equity and liabilities 85,770 84,843 86,324
Page 21
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 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 4,184 4,184 Translation differences -1,205 -1,205 Total comprehensive income 4,184 -1,205 2,979 Dividends -4,085 -4,085 At 30 Sep 2026 80 7,851 32,302 -953 39,281 As at 1 Jan 2025 80 7,851 29,281 -1,384 35,828 Profit for the period 4,623 4,623 Translation differences 1,020 1,020 Total comprehensive income 4,623 1,020 5,643 Dividends -3,907 -3,907 At 30 Sep 2025 80 7,851 29,997 -364 37,564 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
Page 22
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 22 Consolidated statement of cash flows EUR thousand 1-9/2026 1-9/2025 2025 Cash flows from operating activities Profit before taxes 5,309 5,890 8,596 Adjustments: Depreciation, amortisation, and impairment 3,916 3,611 4,888 Financial income and expenses 1,214 892 1,186 Other adjustments -247 244 755 Cash flows before changes in working capital 10,191 10,637 15,425 Changes in working capital Decrease (+) / increase (–) in trade and other receivables -700 2,845 1,941 Decrease (+) / increase (–) in inventories -68 1,250 440 Decrease (–) / increase (+) in trade and other payables 2,179 -2,891 -2,562 Cash flows from operating activities before financial items and taxes 11,602 11,841 15,245 Interests paid -647 -759 -1,255 Income taxes paid -1,926 -1,288 -1,652 Net cash flows from operating activities 9,029 9,795 12,338 Cash flows from investing activities Investments in tangible and intangible assets -3,499 -1,258 -2,659 Net cash flows from investing activities -3,499 - 1,258 -2,659 Cash flows from financing activities Dividends paid -2,131 -1,953 -3,907 Repayment of lease liabilities -1,578 -1,212 -1,695 Repayment of short-term borrowings -1,500 -1,500 -3,000 Net cash flows from financing activities -5,209 -4,666 -8,602 Net change in cash and cash equivalents 321 3,872 1,076 Net foreign exchange differences -29 205 278 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 12,109 14,539 11,817
Page 23
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 23 NOTES TO THE INTERIM REPORT Basis of preparation Orthex's interim report has been prepared in accordance with the IAS 34 Interim Reports standard. In the interim report, the same preparation principles have been applied as in the consolidated financial statements. Orthex's Board of Directors has approved this interim report at its meeting on 4 November 2026. The figures in the interim 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 interim report The preparation of the interim 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 differ 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 interim information are identical to those applied to the consolidated financial statements for 2025.
Page 24
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 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 4,324 465 4,789 Disposals -27 -44 -71 Transfers -1,707 - -1,707 Translation differences -776 -325 -232 -1,332 Acquisition cost at 30 Sep 2026 893 21,943 81,193 16,476 120,505 Accumulated depreciation, amortisation, and impairment at 1 Jan 2026 893 63,870 9,174 73,937 Depreciation and amortisation 2,402 1,514 3,916 Accumulated depreciation, amortisation and impairment at 30 Sep 2026 893 66,272 10,687 77,853 Carrying amount at 1 Jan 2026 0 22,718 15,059 7,113 44,890 Carrying amount at 30 Sep 2026 0 21,943 14,921 5,789 42,653 Acquisition cost at 1 Jan 2025 1,218 21,758 75,854 14,172 113,003 Additions 6,277 654 6,930 Disposals -943 - -943 Transfers -3,894 - -3,894 Translation differences 593 233 206 1,032 Acquisition cost at 30 Sep 2025 1,218 22,352 77,527 15,031 116,128 Accumulated depreciation, amortisation, and impairment at 1 Jan 2025 1,218 60,729 7,426 69,373 Depreciation and amortisation 2,362 1,272 3,634 Accumulated depreciation, amortisation, and impairment at 30 Sep 2025 1,218 63,091 8,698 73,007 Carrying amount at 1 Jan 2025 0 21,758 15,125 6,746 43,628 Carrying amount at 30 Sep 2025 0 22,352 14,436 6,334 43,121
Page 25
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 25 Fair value of financial assets and liabilities Financial assets EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Level 2 Assets measured at fair value Derivative financial instruments: Foreign exchange forward contracts and interest hedging 7 - - Total 7 - - Financial liabilities EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Level 2 Liabilities measured at fair value Derivative financial instruments: Foreign exchange forward contracts and interest hedging - 56 25 Total - 56 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 Sep 2026 30 Sep 2025 31 Dec 2025 Guarantees and mortgages given on own behalf: Enterprise mortgages 49,053 49,077 49,098 Property mortgages 10,192 10,192 10,192 Other guarantees 146 109 151 Total 59,391 59,378 59,441 Forthcoming changes to IFRS Standards IFRS 18 will become effective for annual reporting periods beginning on or after 1 January 2027 and will replace the current IAS 1 standard. The company is currently assessing the impacts of implementing the new standard. The standard is expected to primarily affect the presentation and structure of the financial statements and the related disclosures. However, it is not expected to have a material impact on the consolidated profit for the period or financial position. The key changes introduced by the standard relate to new categories and mandatory subtotals in the statement of profit or loss, as well as disclosure requirements concerning management - defined performance measures. The implementation of the standard will a lso require the restatement of comparative information and updates to reporting structures.
Page 26
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 26 APPENDIX: Key Performance Indicators EUR thousand 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Net sales 25,766 23,390 68,936 64,910 87,212 Net sales change, % 10.2% 2.5% 6.2% -1.4% -2.8% Constant currency net sales change, % 9.3% 0.7% 4.6% -3.0% -4.7% Invoiced sales 26,463 23,640 71,406 66,693 89,644 Invoiced sales change, % 11.9% 1.3% 7.1% -1.8% -2.9% Gross margin 7,382 6,674 18,967 18,268 25,009 Gross margin, % 28.7% 28.5% 27.5% 28.1% 28.7% EBITDA 4,974 4,545 10,438 10,393 14,670 EBITDA margin, % 19.3% 19.4% 15.1% 16.0% 16.8% EBITA 3,653 3,347 6,523 6,782 9,782 EBITA margin, % 14.2% 14.3% 9.5% 10.4% 11.2% Operating profit 3,653 3,347 6,523 6,782 9,782 Operating profit margin, % 14.2% 14.3% 9.5% 10.4% 11.2% Items affecting comparability - - 575 - 41 Adjusted gross margin 7,382 6,674 18,967 18,268 25,009 Adjusted gross margin, % 28.7% 28.5% 27.5% 28.1% 28.7% Adjusted EBITDA 4,974 4,545 11,013 10,393 14,711 Adjusted EBITDA margin, % 19.3% 19.4% 16.0% 16.0% 16.9% Adjusted EBITA 3,653 3,347 7,097 6,782 9,823 Adjusted EBITA margin, % 14.2% 14.3% 10.3% 10.4% 11.3% Adjusted operating profit 3,653 3,347 7,097 6,782 9,823 Adjusted operating profit margin, % 14.2% 14.3% 10.3% 10.4% 11.3% Earnings per share, basic (and diluted), EUR 0.14 0.14 0.24 0.26 0.38 FTEs 281 289 281 289 287 Personnel expenses 4,315 4,294 14,745 14,299 19,199 Key cash flows indicators Net cash flows from operating activities 3,726 5,936 9,029 9,795 12,338 Operating free cash flows 3,666 4,394 7,514 9,136 12,052 Cash conversion, % 73.7% 96.7% 68.2% 87.9% 81.9% Investments in tangible and intangible assets -1,308 -150 -3,499 -1,258 -2,659 Financial position key figures Net debt 13,306 14,490 13,306 14,490 16,624 Net debt / adjusted EBITDA last 12 months 0.9x 1.0x 0.9x 1.0x 1.1x Net working capital 9,857 9,520 9,857 9,520 12,872 Capital employed excluding goodwill 30,644 29,703 30,644 29,703 34,292 Return on capital employed (ROCE), % 11.9% 10.7% 20.1% 21.2% 28.5% Adjusted return on capital employed (ROCE), % 11.9% 10.7% 21.9% 21.2% 28.6% Equity ratio, % 45.8% 44.3% 45.8% 44.3% 46.8% Return on equity, % 6.7% 6.7% 10.5% 12.6% 17.8%
Page 27
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 27 Reconciliation of APMs EUR thousand 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Net sales growth, % Net sales 25,766 23,390 68,936 64,910 87,212 Net sales growth, % 10.2% 2.5% 6.2% -1.4% -2.8% Constant currency net sales growth, % Net sales 25,766 23,390 68,936 64,910 87,212 FX rate adjustment - 183 - 1,023 - Constant currency net sales 25,766 23,573 68,936 65,934 87,212 Constant currency net sales growth, % 9.3% 0.7% 4.6% -3.0% -4.7% Invoiced sales Net sales 25,766 23,390 68,936 64,910 87,212 Discounts and bonuses 1,317 1,123 3,406 3,149 4,079 Other sales and refunds -620 -872 -936 -1,367 -1,647 Invoiced sales 26,463 23,640 71,406 66,693 89,644 Invoiced sales growth, % 11.9% 1.3% 7.1% -1.8% -2.9% Gross margin Net sales 25,766 23,390 68,936 64,910 87,212 Cost of sales -18,384 -16,716 -49,968 -46,643 -62,203 Gross margin 7,382 6,674 18,967 18,268 25,009 Gross margin, % 28.7% 28.5% 27.5% 28.1% 28.7% EBITDA Operating profit 3,653 3,347 6,523 6,782 9,782 Depreciation, amortisation, and impairment 1,321 1,198 3,916 3,611 4,888 EBITDA 4,974 4,545 10,438 10,393 14,670 EBITDA margin, % 19.3% 19.4% 15.1% 16.0% 16.8% EBITA Operating profit 3,653 3,347 6,523 6,782 9,782 Amortisation and impairment - - - - - EBITA 3,653 3,347 6,523 6,782 9,782 EBITA margin, % 14.2% 14.3% 9.5% 10.4% 11.2% Operating profit Operating profit 3,653 3,347 6,523 6,782 9,782 Operating profit margin, % 14.2% 14.3% 9.5% 10.4% 11.2% Items affecting comparability / adjustments (EBITDA) Restructuring related expenses - - - 41 Expenses related to strategic projects - - 575 - - Items affecting comparability / adjustments (EBITDA) - - 575 - 41
Page 28
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 28 EUR thousand 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Adjusted gross margin Gross margin 7,382 6,674 18,967 18,268 25,009 Adjusted gross margin 7,382 6,674 18,967 18,268 25,009 Adjusted gross margin, % 28.7% 28.5% 27.5% 28.1% 28.7% Adjusted EBITDA Operating profit 3,653 3,347 6,523 6,782 9,782 Depreciation, amortisation, and impairment 1,321 1,198 3,916 3,611 4,888 Adjustments (EBITDA) - - 575 - 41 Adjusted EBITDA 4,974 4,545 11,013 10,393 14,711 Adjusted EBITDA margin, % 19.3% 19.4% 16.0% 16.0% 16.9% Adjusted EBITA Operating profit 3,653 3,347 6,523 6,782 9,782 Amortisation and impairment - - - - - Adjustments (EBITA) - - 575 - 41 Adjusted EBITA 3,653 3,347 7,097 6,782 9,823 Adjusted EBITA margin, % 14.2% 14.3% 10.3% 10.4% 11.3% Adjusted operating profit Operating profit 3,653 3,347 6,523 6,782 9,782 Adjustments - - 575 - 41 Adjusted operating profit 3,653 3,347 7,097 6,782 9,823 Adjusted operating profit margin, % 14.2% 14.3% 10.3% 10.4% 11.3% Earnings per share, basic (and diluted), EUR Profit for the period 2,559 2,426 4,184 4,623 6,777 Average number of shares 17,759 17,759 17,759 17,759 17,759 Earnings per share, basic (and diluted), EUR 0.14 0.14 0.24 0.26 0.38 Operating free cash flows Adjusted EBITDA 4,974 4,545 11,013 10,393 14,711 Investments in tangible and intangible assets -1,308 -150 -3,499 -1,258 -2,659 Operating free cash flows 3,666 4,394 7,514 9,136 12,052 Cash conversion, % Operating free cash flows 3,666 4,394 7,514 9,136 12,052 Adjusted EBITDA 4,974 4,545 11,013 10,393 14,711 Cash conversion, % 73.7% 96.7% 68.2% 87.9% 81.9% Net debt Total interest-bearing liabilities 25,415 29,030 25,415 29,030 28,441 Cash and cash equivalents -12,109 -14,540 -12,109 -14,540 -11,817 Net debt 13,306 14,490 13,306 14,490 16,624 Net debt/ Adjusted EBITDA Net debt 13,306 14,490 13,306 14,490 16,624 Adjusted EBITDA, 12 months 15,331 14,579 15,331 14,579 14,711 Net debt/ Adjusted EBITDA 0.9x 1.0x 0.9x 1.0x 1.1x
Page 29
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 2026 29 EUR thousand 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Net working capital Inventories 12,119 11,241 12,119 11,241 12,051 Trade and other receivables 16,715 15,120 16,715 15,120 16,024 Trade and other payables -18,977 -16,841 -18,977 -16,841 -15,203 Net working capital 9,857 9,520 9,857 9,520 12,872 Capital employed excluding goodwill Total equity 39,281 37,564 39,281 37,564 40,386 Net debt 13,306 14,490 13,306 14,490 16,624 Goodwill -21,943 -22,352 -21,943 -22,352 -22,718 Capital employed excluding goodwill 30,644 29,703 30,644 29,703 34,292 Return on capital employed (ROCE), % Operating profit 3,653 3,347 6,523 6,782 9,782 Average capital employed excluding goodwill 30,684 31,221 32,468 32,029 34,324 Return on capital employed (ROCE), % 11.9% 10.7% 20.1% 21.2% 28.5% Adjusted return on capital employed (ROCE), % Adjusted operating profit 3,653 3,347 7,097 6,782 9,823 Average capital employed excluding goodwill 30,684 31,221 32,468 32,029 34,324 Adjusted return on capital employed (ROCE), % 11.9% 10.7% 21.9% 21.2% 28.6% Equity ratio, % Total equity 39,281 37,564 39,281 37,564 40,386 Total assets 85,770 84,843 85,770 84,843 86,324 Equity ratio, % 45.8% 44.3% 45.8% 44.3% 46.8% Return on equity, % Profit for the period 2,559 2,426 4,184 4,623 6,777 Total equity (average for the first and last day of the period) 38,274 36,263 39,833 36,696 38,107 Return on equity, % 6.7% 6.7% 10.5% 12.6% 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.
Page 30
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 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
Page 31
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 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 baskets
Page 32
INTERIM REPORT | JANUARY– SEPTEMBER 2026 | 5 NOVEMBER 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. SmartStoreTM Vision dry food containers
Page 33
Orthex Corporation www.investors.orthexgroup.com Novelty: SmartStoreTM Classic 86 L storage box