Orthex’s key financial figures
Year 2025 in short
The business climate in 2025 was characterised by careful consumer behaviour and customer uncertainty, and Orthex net sales decreased by 2.8% and amounted to 87.2 million euros (89.7). However, despite lower sales, profitability remained stable.
87.2 million
Net sales
-2.8%
Net sales decrease
9.8 million
Adjusted EBITA
11.3%
Adjusted EBITA margin
Orthex’s key financial figures, their historical development and calculation formulas are presented in the tables below.
Key figures
| EUR thousand | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Net sales | 87,212 | 89,734 | 85,945 | 84,048 | 88,694 |
| Net sales growth, % | -2.8% | 4.4% | 2.3% | -5.2% | 16.9% |
| Constant currency net sales growth, % | -4.7% | 4.3% | 5.3% | -3.8% | 15.7% |
| Invoiced sales | 89,644 | 92,291 | 87,989 | 85,794 | 90,552 |
| Invoiced sales growth, % | -2.9% | 4.9% | 2.6% | -5.3% | 16.3% |
| Gross margin | 25,009 | 25,704 | 24,320 | 17,919 | 23,204 |
| Gross margin, % | 28.7% | 28.6% | 28.3% | 21.3% | 26.2% |
| EBITDA | 14,670 | 14,257 | 14,892 | 9,154 | 13,226 |
| EBITDA margin, % | 16.8% | 15.9% | 17.3% | 10.9% | 14.9% |
| EBITA | 9,782 | 9,845 | 10,863 | 5,317 | 9,348 |
| EBITA margin, % | 11.2% | 11.0% | 12.6% | 6.3% | 10.5% |
| Operating profit | 9,782 | 9,833 | 10,750 | 5,191 | 9,250 |
| Operating profit margin, % | 11.2% | 11.0% | 12.5% | 6.2% | 10.4% |
| Items affecting comparability | 41 | 389 | 55 | 173 | 1,616 |
| Adjusted gross margin | 25,009 | 25,704 | 24,320 | 17,919 | 23,279 |
| Adjusted gross margin, % | 28.7% | 28.6% | 28.3% | 21.3% | 26.2% |
| Adjusted EBITDA | 14,711 | 14,645 | 14,947 | 9,328 | 14,842 |
| Adjusted EBITDA margin, % | 16.9% | 16.3% | 17.4% | 11.1% | 16.7% |
| Adjusted EBITA | 9,823 | 10,234 | 10,918 | 5,490 | 10,996 |
| Adjusted EBITA margin, % | 11.3% | 11.4% | 12.7% | 6.5% | 12.4% |
| Adjusted operating profit | 9,823 | 10,222 | 10,805 | 5,364 | 10,867 |
| Adjusted operating profit margin, % | 11.3% | 11.4% | 12.6% | 6.4% | 12.3% |
| Earnings per share, basic (and diluted), EUR | 0.38 | 0.34 | 0.39 | 0.12 | 0.35 |
| FTEs | 287 | 288 | 281 | 295 | 314 |
| Personnel expenses | 19,199 | 19,017 | 17,921 | 18,300 | 19,693 |
| Key cash flows indicators | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Net cash flows from operating activities | 12,338 | 11,805 | 10,170 | 6,177 | 8,979 |
| Operating free cash flows | 12,052 | 10,391 | 12,353 | 5,774 | 10,046 |
| Cash conversion, % | 81.9% | 70.9% | 82.6% | 61.9% | 67.7% |
| Investments in tangible and intangible assets | -2,659 | -4,255 | -2,594 | -3,553 | -4,797 |
| Financial position key figures | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Net debt | 16,624 | 20,286 | 22,317 | 26,028 | 25,887 |
| Net debt / Adjusted EBITDA last 12 months | 1.1x | 1.4x | 1.5x | 2.8x | 1.7x |
| Net working capital | 12,872 | 13,090 | 14,266 | 13,670 | 14,482 |
| Capital employed excluding goodwill | 34,292 | 34,356 | 34,462 | 33,487 | 34,004 |
| Return on capital employed (ROCE), % | 28.5% | 28.6% | 31.6% | 15.4% | 28.1% |
| Adjusted return on capital employed (ROCE), % | 28.6% | 29.7% | 31.8% | 15.9 % | 33.0% |
| Equity ratio, % | 46.8% | 41.9% | 40.2% | 36.3% | 35.8% |
| Return on equity, % | 17.8% | 17.4% | 21.5% | 6.9% | 24.7% |
Calculation formulas of key figures
| Key figure | Formula |
|---|---|
| Constant currency net sales growth, % | Net sales growth 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 growth, % | Increase 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) | Profit for the period attributable to the owners of the parent / Weighted average number of shares outstanding |
| 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 |
| 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, % | Profit for the period / Total equity (average for the first and last day of the period) |