Here is the company report from Thomas following Orthex’s Q2 
Orthex’s Q2 figures were operationally slightly stronger than our expectations, although one-off costs related to strategic projects pushed the reported result below our forecast. During the review period, the pick-up in Nordic sales and resilient gross margins demonstrated the company’s ability to pass on increased production costs to their own prices. Following the strong performance in the Nordics, we have slightly raised our forecasts for the coming years and are updating our target price to EUR 4.8 (previously EUR 4.4). We are upgrading our recommendation to Accumulate (previously Reduce).
Quotes from the report:
Balance sheet remains strong
Orthex’s free cash flow for the beginning of the year was at a healthy level of EUR 3.1 million. Supported by strong cash flow, the balance sheet remained solid, and the net debt to adjusted EBITDA ratio was only 1.1x at the end of the review period (Q2’25: 1.4x), which is well below the company’s target upper limit of 2.5x. A strong balance sheet provides Orthex with resilience against negative surprises, such as those in the Middle East. Additionally, it provides flexibility for potential acquisitions and organic investments, which can be used to strengthen production capacity closer to Europe’s growth markets.