Orthofix (NASDAQ: OFIX) boosts EBITDA and sets 2026–2028 growth goals

Rhea-AI Filing Summary

Orthofix Medical Inc. reported steady 2025 growth with improving profitability. Net sales reached $219.9 million in Q4 2025, up 2% year over year, and $822.3 million for the full year, up 2.9%. Pro forma constant-currency net sales grew 3.1% in Q4 and 4.1% for the year.

The company sharply narrowed its Q4 net loss to $2.2 million from $29.1 million, and full-year net loss to $92.2 million from $126.0 million. Non-GAAP pro forma adjusted EBITDA rose to $29.2 million in Q4 (13.4% margin) and $85.9 million for 2025 (10.6% margin), both higher than 2024. Q4 free cash flow was a strong $16.8 million, with near breakeven free cash flow for the year and positive $3.1 million excluding M6-related restructuring.

For 2026, Orthofix guides to net sales of $850–$860 million, non-GAAP adjusted EBITDA of $95–$98 million, and positive free cash flow. Updated 2026–2028 targets call for 6.5–7.5% annual net sales growth, mid-teens adjusted EBITDA margin by 2028, and sustained positive free cash flow.

Positive

• Profitability and cash flow inflection: 2025 non-GAAP pro forma adjusted EBITDA increased to $85.9M with margin up to 10.6%, Q4 free cash flow reached $16.8M, and 2026 guidance and 2026–2028 targets point to further margin expansion and sustained positive free cash flow.

Negative

• None.

Insights

Equity analyst – medtech and growth companies

Orthofix shows improving profitability, strong cash generation, and outlines more ambitious multi‑year growth and margin targets.

Orthofix delivered modest top-line growth in 2025 but meaningful profit improvement. Net sales rose to $822.3M, while non-GAAP pro forma adjusted EBITDA increased to $85.9M, lifting margin to 10.6% from 9.5%. Q4 trends were stronger, with Q4 adjusted EBITDA of $29.2M and a 13.4% margin.

Free cash flow dynamics improved notably. The company generated $16.8M of free cash flow in Q4 2025 and was near breakeven for the full year, or positive $3.1M excluding M6-related restructuring. Cash, cash equivalents, and restricted cash ended at $85.1M, providing liquidity alongside largely unchanged debt.

Forward-looking guidance signals confidence. For 2026, management projects net sales of $850–$860M and adjusted EBITDA of $95–$98M, implying further margin expansion. Updated 2026–2028 targets of 6.5–7.5% net sales CAGR, mid-teens EBITDA margin by 2028, and sustained positive free cash flow suggest a continued focus on profitable growth, though execution on commercial optimization and cost discipline will remain key.

false000088462400008846242026-02-242026-02-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2026

ORTHOFIX MEDICAL INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware			000-19961	98-1340767
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
3451 Plano Parkway
Lewisville, Texas				75056
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (214) 937-2000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, $0.10 par value per share		OFIX		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 24, 2026, Orthofix Medical Inc. (the “Company”) issued a news release announcing, among other things, its financial results for the fourth quarter and year ended December 31, 2025. A copy of the news release is furnished herewith as Exhibit 99.1 and attached hereto.

The information furnished in this Item 2.02, including the exhibit furnished herewith as Exhibit 99.1, will not be treated as “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or into another filing under the Exchange Act, unless that filing expressly incorporates by reference this Item 2.02 of this report.

Discussion of Non-GAAP Financial Measures

In addition to using standard measures of performance and liquidity that are recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP"), the Company uses additional financial measures excluding certain GAAP items ("non-GAAP measures"), such as:

Constant Currency

Constant currency is a non-GAAP measure, which the Company calculates by using foreign currency rates from the comparable, prior-year period, to present net sales at comparable rates. Constant currency can be presented for numerous GAAP measures, but is most commonly used by management to analyze net sales without the impact of changes in foreign currency rates.

Free Cash Flow

Free cash flow is a non-GAAP financial measure, which is calculated by subtracting capital expenditures from cash flow provided by or used in operating activities. Free cash flow is an important indicator of how much cash is generated or used by the Company's business operations, including capital expenditures. Management uses free cash flow to measure progress on its capital efficiency and cash flow initiatives.

Adjusted Gross Profit and Adjusted Gross Margin

Adjusted gross profit represents GAAP gross profit with adjustments to exclude the impact of the certain items recorded to cost of goods sold. Potential adjustments are listed within the section below under the header "Non-GAAP Adjustments." Adjusted gross margin represents adjusted gross profit as a percentage of GAAP net sales.

Adjusted Net Income (Loss)

Adjusted net income (loss) represents GAAP net loss with adjustments to exclude the impact of certain items recorded in such GAAP net loss. Potential adjustments are listed within the section below under the header "Non-GAAP Adjustments."

Adjusted Operating Expenses

Adjusted operating expenses represents GAAP operating expenses, such as sales, general, and administrative expense and research and development expense, with adjustments to exclude the impact of certain items recorded in such GAAP operating expenses. Potential adjustments are listed within the section below under the header "Non-GAAP Adjustments."

Adjusted Non-Operating Expenses

Adjusted non-operating expenses represents GAAP non-operating expenses, such as interest income (expense), net and other income (expense), net, with adjustments to exclude the impact of certain items recorded in such GAAP non-operating expenses. Potential adjustments are listed within the section below under the header "Non-GAAP Adjustments."

EBITDA

EBITDA is a non-GAAP financial measure, which the Company calculates by adding interest expense (income), net; income tax expense (benefit); and depreciation and amortization to net income (loss). EBITDA provides management with additional insight into the Company's results of operations. Adjusted EBITDA, which is the primary metric used by the Company's chief operating decision maker in managing the business, consists of EBITDA with adjustments to exclude certain items listed within the section below under the header "Non-GAAP Adjustments."

Non-GAAP Adjustments

The Company's non-GAAP financial measures provide management with additional insight into the Company's results of operations and reflect the exclusion of the following items:

•Share-based compensation expense – Costs related to awards granted under the Company's share-based compensation plans, which include stock options, performance-based or market-based stock options, restricted stock units, performance-based or market-based restricted stock units, and stock issued under the Company's stock purchase plan; see the share-based compensation footnote in the Company's Form 10-K for the year ended December 31, 2025, for an allocation of

these costs by consolidated statement of operations line item. Management excludes this item when evaluating the Company's operating performance as it represents a non-cash expense.

•Foreign exchange impact – Gains and losses related to foreign currency transactions, which are recorded as other income (expense), net. Management excludes this item when evaluating the Company's operating results as it is primarily a non-cash expense or benefit and is non-operating in nature.

•SeaSpine merger-related costs – Costs related to the Company's merger with SeaSpine Holdings Corporation ("SeaSpine"), which was consummated in January 2023, including costs relating to integration efforts, severance and retention costs, product rationalization charges, contract termination penalties, and professional fees related to the merger. Management excludes this item when evaluating the Company's operating results as these costs associated with this event are of a temporary nature, are not related to the Company's core operating performance, and are not expected to recur at a similar frequency and magnitude in the future.

•Restructuring costs and impairments related to M6 product lines - Restructuring costs, including severance-related benefits, and impairment charges incurred as a result of the Company's decision to discontinue its M6 artificial disc product lines. Management excludes this item when evaluating the Company's operating results as these costs associated with this event are one-time in nature and are not related to the Company's expected ongoing operations.

•Strategic investments – Costs related to the Company's strategic investments, such as due diligence and integration costs (unrelated to the merger with SeaSpine), which are primarily recorded as sales, general, and administrative expenses. These costs are not factored into the evaluation of the Company's performance by management because they are of a temporary nature, not related to the Company's core operating performance, and because the frequency and amount of such costs vary significantly based on the timing and magnitude of the Company's strategic investments.

•Acquisition-related fair value adjustments – Comprised of (i) gains and losses related to remeasurement of contingent consideration to fair value, which are recorded as operating expenses and (ii) amortization of acquired inventory fair market value adjustments. Management excludes these adjustments when evaluating the Company's operating results as (i) the remeasurement of contingent consideration is primarily non-cash in nature and (ii) inventory fair market value adjustments are of a temporary and non-cash nature.

•Amortization/depreciation of acquired long-lived assets – Amortization of intangible assets acquired in business combinations or asset acquisitions, including items such as developed technologies, customer relationships, trade names, manufacturing agreements, and other intangible assets, and any impairment of acquired goodwill, which are recorded in cost of sales or operating expenses. This item also includes depreciation recognized on adjustments to the fair value of certain long-lived assets acquired in the merger with SeaSpine. Management excludes this item when evaluating the Company's operating performance as it represents a non-cash expense.

•Interest and gain (loss) on investment – Interest income and net gains or losses recognized (realized or unrealized) within interest income (expense), net and other income (expense), net, respectively, relating to certain of the Company's investments. Management excludes these items when evaluating the Company's operating performance as it typically represents a non-cash gain or loss and is not related to the Company's core operating performance.

•Litigation and investigation-related costs – Inclusive of (i) adverse or favorable legal judgments or negotiated legal settlements and certain related legal expenses and (ii) amounts incurred in relation to and as a result of the Board of Directors’ investigation conducted by independent outside legal counsel that resulted in the departure of three former executive officers and certain charges stemming from these actions. These charges are primarily recorded within sales, general, and administrative expenses. Management excludes these items when evaluating the Company's operating results as these costs and/or benefits can vary significantly based on the timing, frequency, and magnitude of litigation matters or investigations.

•Succession charges – Costs related to the transition of certain executive officers, including any cessation and onboarding amounts, consulting services, and other related expenses, which are primarily recorded as sales, general, and administrative expenses. Management excludes this item when evaluating the Company's operating results as these costs associated with events that are not expected to recur at a similar frequency and magnitude in the future.

•Employee retention credit - Pertains to refunds received, interest earned, or professional fees incurred associated with the refundable payroll tax credit established by the Coronavirus Aid, Relief, and Economic Security Act. Management excludes this item when evaluating the Company's operating results as these amounts primarily relate to costs incurred in prior years, and are not related to the Company's ongoing operations.

•Long-term income tax rate adjustment – Reflects Management's expectation of a long-term normalized effective tax rate of 28% for 2024 and 2025 results, which is based on current tax law and current expected adjusted income; actual reported tax expense will ultimately be based on GAAP earnings and may differ from the expected long-term normalized effective tax rate due to a variety of factors, including the resolution of issues arising from tax audits with various tax authorities, the ability to realize deferred tax assets, and the tax impact of certain reconciling items that are excluded in determining adjusted net income (loss).

Usefulness and Limitations of Non-GAAP Financial Measures

Management uses non-GAAP measures to evaluate performance period-over-period, analyze the underlying trends in the Company's business, assess the Company's performance relative to its competitors, and establish operational goals and forecasts used in allocating resources. Management uses these non-GAAP measures as the basis for evaluating the ability of the Company's underlying operations to generate cash, prior to required investments in working capital, and to further its understanding of the performance of the Company's business units.

Material Limitations Associated with the Use of Non-GAAP Financial Measures

The non-GAAP financial measures described above may have limitations as analytical tools, and should not be considered in isolation or as a replacement for GAAP financial measures. Some of the limitations associated with the use of these non-GAAP financial measures are that they exclude items that reflect an economic cost and can have a material effect on cash flows. Similarly, certain non-cash expenses, such as share-based compensation, do not directly impact cash flows, but are part of total compensation costs accounted for under GAAP.

Compensation for Limitations Associated with Use of Non-GAAP Financial Measures

The Company compensates for the limitations of its non-GAAP financial measures by relying upon GAAP results to gain a complete picture of the Company's performance. GAAP results provide management with the ability to understand the Company's performance based on a defined set of criteria. The Company provides reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures and encourages investors to review these reconciliations.

Usefulness of Non-GAAP Financial Measures to Investors

The Company believes that providing non-GAAP financial measures, which exclude certain items, offers investors greater transparency into the information used by management in its financial and operational decision-making. Management believes it is important to provide investors with the same non-GAAP financial measures it uses to supplement information regarding the performance and underlying trends of the Company's business operations in order to facilitate comparisons to the Company's historical operating results and internally evaluate the effectiveness of the Company's operating strategies. The Company believes that these non-GAAP financial measures also facilitates comparisons of the Company's underlying operating performance with other companies in the industry that also supplement their GAAP results with non-GAAP financial measures.

Item 7.01 Regulation FD Disclosure.

The Company expects to use the corporate investor relations presentation furnished as Exhibit 99.2 to this report, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts, and others during the fiscal year ending December 31, 2025.

The information furnished in this Item 7.01, including the exhibit furnished herewith as Exhibit 99.2, will not be treated as “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. This information will not be deemed incorporated by reference into any filing under the Securities Act, or into another filing under the Exchange Act, unless that filing expressly incorporates by reference this Item 7.01 of this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1	News release, dated February 24, 2026
99.2	Corporate Investor Relations Presentation, dated February 24, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Orthofix Medical Inc.
By:		/s/ JULIE ANDREWS
		Julie Andrews Chief Financial Officer

Date: February 24, 2026

Exhibit 99.1

News Release

Orthofix Reports Fourth Quarter and Full-Year 2025 Financial Results and

Provides 2026 Financial Guidance

LEWISVILLE, Texas — February 24, 2026 — Orthofix Medical Inc. (NASDAQ:OFIX), a leading global medical technology company, today reported its financial results for the fourth quarter and full-year ended December 31, 2025, provided full-year 2026 financial guidance and updated its three-year financial targets. All pro forma measures contained within this release exclude the impact of the Company’s decision to discontinue its M6™ product lines.

Highlights

•Fourth quarter reported 2025 net sales of $219.9 million, including sales from M6 artificial cervical and lumbar discs, and non-GAAP pro forma net sales of $218.6 million, excluding sales from M6 discs, representing an increase of 2% on a reported basis and 3% on a non-GAAP pro forma constant currency basis compared to fourth quarter 2024

•Fourth quarter 2025 Global Spine Fixation1 reported net sales growth of 10% and constant currency net sales growth of 10% compared to prior year period, including U.S. Spine Fixation net sales growth of 5%; Full-year 2025 Global Spine Fixation reported net sales growth of 10% and constant currency net sales growth of 10%, both compared to full-year 2024, including U.S. Spine Fixation net sales growth of 6%

•Bone Growth Therapies (“BGT”) reported fourth quarter 2025 net sales growth of 7% compared to prior-year period and full-year 2025 net sales growth of 6% compared to full-year 2024

•U.S. Limb Reconstruction (formerly U.S. Orthopedics) reported fourth quarter 2025 net sales growth of 8% compared to prior-year period and full-year 2025 net sales growth of 16% compared to full-year 2024

•Fourth quarter 2025 reported net loss of $(2.2) million and non-GAAP pro forma adjusted EBITDA of $29.2 million, with non-GAAP pro forma adjusted EBITDA margin expanding approximately 230 basis points compared to reported non-GAAP adjusted EBITDA margin for fourth quarter 2024

•Standout quarter of robust free cash flow generation—$16.8 million in fourth quarter 2025; Delivered positive full-year 2025 free cash flow of $3.1 million, excluding M6-related restructuring charges, and near breakeven free cash flow for full-year 2025

“The fourth quarter capped a year of meaningful operational progress for Orthofix,” said Massimo Calafiore, President and Chief Executive Officer. “Throughout 2025, BGT and U.S. Limb Reconstruction delivered strong performance, and the work we did to finalize our Spine commercial channel supported double-digit year‑over‑year constant currency net sales growth in our global Spine Fixation business. This momentum contributed to our eighth consecutive quarter of adjusted EBITDA growth and a standout quarter of free cash flow generation, clear evidence of the strength of our focused initiatives and margin-enhancement efforts.”

Mr. Calafiore added, “As we move into 2026, our priorities remain centered on expanding market penetration, accelerating adoption of enabling technologies, such as 7D FLASH™ Navigation, and advancing commercial execution. With full-year contributions from the TRUELOK™ Elevate System and the FITBONE™ Bone Transport and Trochanteric Lengthening Nails, the planned second-half full launch of VIRATA™, continued Spine commercial channel optimization, a renewed focus on advancing our Biologics portfolio, and sustained momentum across our Limb Reconstruction and BGT businesses, we believe the Company is well-positioned to deliver durable top-line growth, expanding margins, and strong free cash flow that supports long-term shareholder value.”

1 Spine Fixation is comprised of the Company’s Spinal Implants product category, excluding motion preservation product offerings

1

Financial Results Overview

Fourth Quarter 2025 Net Sales and Financial Results

The following table provides net sales by major product category and by reporting segment on a pro forma basis, removing the effects of the Company’s discontinued M6 product lines:

		Three Months Ended December 31,
(Unaudited, U.S. Dollars, in millions)		2025				2024				Change				Constant Currency Change
Bone Growth Therapies		$	68.3			$	63.9				7.0	%			7.0	%
Spinal Implants, Biologics and Enabling Technologies*			112.3				110.2				1.9	%			1.8	%
Global Spine*			180.6				174.1				3.7	%			3.7	%
Global Limb Reconstruction			38.0				35.8				6.2	%			(0.1	%)
Pro forma net sales*			218.6				209.9				4.2	%			3.1	%
Impact from discontinuation of M6 product lines			1.3				5.8				(77.2	%)			(77.5	%)
Reported net sales		$	219.9			$	215.7				2.0	%			0.9	%

* Results above for each of Spinal Implants, Biologics, and Enabling Technologies; Global Spine; and pro forma net sales exclude the impact from discontinuation of the M6 product lines. Since pro forma net sales represent a non-GAAP measure, see the reconciliation above of the Company’s pro forma net sales to its reported figures under U.S. GAAP. The Company’s reported figures under U.S. GAAP represent each of the pro forma line items discussed above plus the impact from discontinuation of the M6 product lines.

For the fourth quarter 2025, net sales were $219.9 million, including sales from M6 artificial cervical and lumbar discs, and pro forma net sales were $218.6 million, excluding sales from M6 discs, representing an increase of 2.0% on a reported basis and 3.1% on a pro forma constant currency basis compared to fourth quarter 2024.

For the fourth quarter 2025, gross margins were 71.1% and were 71.4% on a non-GAAP pro forma adjusted basis.

Fourth quarter 2025 reported net loss was $(2.2) million, or $(0.06) per share compared to reported net loss of $(29.1) million, or $(0.75) per share in the prior year period. Non-GAAP pro forma adjusted EBITDA was $29.2 million, or 13.4% of pro forma net sales, in the fourth quarter of 2025, representing an increase of $5.3 million compared to reported non-GAAP adjusted EBITDA of $23.9 million, or 11.1% of reported net sales, in the fourth quarter of 2024.

Full-Year 2025 Net Sales and Financial Results

The following table provides net sales by major product category and by reporting segment on a pro forma basis, removing the effects of the Company’s discontinued M6 product lines:

		Year Ended December 31,
(Unaudited, U.S. Dollars, in millions)		2025				2024				Change				Constant Currency Change
Bone Growth Therapies		$	247.2			$	233.4				5.9	%			5.9	%
Spinal Implants, Biologics and Enabling Technologies*			430.0				418.5				2.8	%			2.8	%
Global Spine*			677.2				651.9				3.9	%			3.9	%
Global Limb Reconstruction			134.7				124.2				8.4	%			5.3	%
Pro forma net sales*			811.9				776.1				4.6	%			4.1	%
Impact from discontinuation of M6 product lines			10.4				23.4				(55.4	%)			(55.5	%)
Reported net sales		$	822.3			$	799.5				2.9	%			2.4	%

* Results above for each of Spinal Implants, Biologics, and Enabling Technologies; Global Spine; and pro forma net sales exclude the impact from discontinuation of the M6 product lines. Since pro forma net sales represent a non-GAAP measure, see the reconciliation above of the Company’s pro forma net sales to its reported figures under U.S. GAAP. The Company’s reported figures under U.S. GAAP represent each of the pro forma line items discussed above plus the impact from discontinuation of the M6 product lines.

For the full-year 2025, net sales were $822.3 million, including sales from M6 artificial cervical and lumbar discs, and pro forma net sales were $811.9 million, excluding sales from M6 discs, representing an increase of 2.9% on a reported basis and 4.1% on a pro forma constant currency basis compared to full-year 2024.

2

For the full-year 2025, gross margins were 68.8% and were 71.6% on a non-GAAP pro forma adjusted basis.

Full-year 2025 net loss was $(92.2) million, or $(2.33) per share, compared to net loss of $(126.0) million, or $(3.30) per share in the prior year period. Full-year 2025 non-GAAP pro forma adjusted EBITDA was $85.9 million, or 10.6% of non-GAAP pro forma net sales for the same period, compared to non-GAAP adjusted EBITDA of $67.4 million, or 8.4% of reported net sales, in the prior year period.

Liquidity

Cash, cash equivalents, and restricted cash on December 31, 2025 totaled $85.1 million compared to $65.9 million on September 30, 2025.

Business Outlook

The Company is providing full-year 2026 guidance as follows:

•Net sales expected to range between $850 million to $860 million. The Company’s expected net sales represent implied year-over-year pro forma constant currency growth of approximately 5.5% at the midpoint of the range. This guidance range is based on current foreign currency exchange rates and does not take into account any additional potential exchange rate changes that may occur this year.

•Non-GAAP adjusted EBITDA expected to be $95 million to $98 million. This represents 70 basis points of non-GAAP adjusted EBITDA margin expansion at the midpoint of the range compared to 2025.

•Free cash flow expected to be positive for full-year 2026, excluding the impact of any potential legal settlements.

Three-Year Financial Targets

The Company is updating its three-year financial targets and recalibrating the timeline by one year to fully capture the anticipated benefits of its Spine commercial channel optimization. This refreshed 2026-2028 outlook affirms the Company’s expectation of delivering above-market net sales growth, expanding its profitability profile, and generating sustained positive free cash flow:

•6.5% to 7.5% net sales CAGR from 2026 through 2028

•Mid-teens non-GAAP adjusted EBITDA as a percent of net sales for the full-year 2028

•Positive free cash flow generation from 2026 through 2028, excluding the impact of any potential legal settlements

An investor presentation for the Company’s fourth quarter and full-year 2025 financial results is available in the “Events & Presentations” section of the Orthofix Investor Relations Website at ir.orthofix.com.

Conference Call

Orthofix will host a conference call today at 8:30 AM Eastern time to discuss the Company’s financial results for the fourth quarter and full-year ended December 31, 2025. Interested parties may access the conference call by dialing (888) 596-4144 in the U.S., and (646) 968-2525 in all other locations, and referencing the conference ID 2236604. A webcast and replay of the conference call may be accessed in the “Events & Presentations” section of the Orthofix Investor Relations Website at ir.orthofix.com.

Internet Posting of Information

Orthofix regularly shares important updates in the “Investors” section of its website at www.orthofix.com. The Company encourages investors and potential investors to consult the Orthofix website regularly for important information about Orthofix.

About Orthofix

Orthofix is a global medical technology company headquartered in Lewisville, Texas. By providing medical technologies that heal musculoskeletal pathologies, Orthofix delivers exceptional experiences and life-changing solutions to patients around the world. Orthofix offers a comprehensive portfolio of spinal hardware, bone growth therapies, limb reconstruction solutions, biologics and enabling technologies, including the 7D FLASH Navigation System. Learn more about our surgical and therapeutic solutions at Orthofix.com and follow us on LinkedIn.

3

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our current beliefs, assumptions, intentions, plans, expectations, estimates, forecasts and projections. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” “positioned,” “deliver,” or “continue” or other comparable terminology. Forward-looking statements in this communication include the Company’s expectations regarding net sales, adjusted EBITDA, and free cash flow for the year ended December 31, 2025. Forward-looking statements are not guarantees of our future performance, are based on our current expectations and assumptions regarding our business, the economy and other future conditions, and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, including the risks described in Part I, Item 1A under the heading Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025. Factors that could cause future results to differ from those expressed by forward-looking statements include, but are not limited to, (i) our ability to maintain operations to support our customers and patients in the near-term and to capitalize on future growth opportunities, (ii) risks associated with acceptance of surgical products and procedures by surgeons and hospitals, (iii) development and acceptance of new products or product enhancements, (iv) clinical and statistical verification of the benefits achieved via the use of our products, (v) our ability to adequately manage inventory, (vi) our ability to successfully optimize our commercial channels, (vii) our success in defending legal proceedings brought against us, and (viii) the other risks and uncertainties more fully described in our periodic filings with the Securities and Exchange Commission (the “SEC”). As a result of these various risks, our actual outcomes and results may differ materially from those expressed in these forward-looking statements.

Further, any forward-looking statement speaks only as of the date hereof, unless it is specifically otherwise stated to be made as of a different date. The Company undertakes no obligation to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date hereof, new information, or otherwise, except as required by law.

The Company is unable to provide expectations of GAAP net income (loss), the closest comparable GAAP measures to adjusted EBITDA (which is a non-GAAP measure), on a forward-looking basis because the Company is unable to predict, without unreasonable efforts, the ultimate outcome of matters (including acquisition-related expenses, accounting fair value adjustments, and other such items) that will determine the quantitative amount of the items excluded in calculating adjusted EBITDA, which items are further described in the reconciliation tables and related descriptions below. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP.

Company Contact

Investors and Media

Julie Dewey, IRC

Chief Investor Relations & Communications Officer

JulieDewey@Orthofix.com

+1 209.613.6945

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ORTHOFIX MEDICAL INC.

Condensed Consolidated Statements of Operations

		Three Months Ended								Year Ended
		December 31,								December 31,
(U.S. Dollars, in thousands, except share and per share data)		2025				2024				2025				2024
		(Unaudited)
Net sales		$	219,911			$	215,657			$	822,312			$	799,491
Cost of sales			63,569				66,816				256,295				253,606
Gross profit			156,342				148,841				566,017				545,885
Sales, general, and administrative			136,752				136,479				554,329				532,525
Research and development			15,373				18,807				65,847				73,643
Acquisition-related amortization, impairment, and remeasurement			3,723				5,031				27,269				24,336
Operating income (loss)			494				(11,476	)			(81,428	)			(84,619	)
Interest expense, net			(4,351	)			(14,920	)			(17,488	)			(29,631	)
Other income (expense), net			1,665				(3,315	)			8,106				(9,625	)
Loss before income taxes			(2,192	)			(29,711	)			(90,810	)			(123,875	)
Income tax benefit (expense)			(30	)			564				(1,382	)			(2,122	)
Net loss		$	(2,222	)		$	(29,147	)		$	(92,192	)		$	(125,997	)
Net loss per common share:
Basic		$	(0.06	)		$	(0.75	)		$	(2.33	)		$	(3.30	)
Diluted			(0.06	)			(0.75	)			(2.33	)			(3.30	)
Weighted average number of common shares (in millions):
Basic			40.0				38.7				39.6				38.1
Diluted			40.0				38.7				39.6				38.1

5

ORTHOFIX MEDICAL INC.

Condensed Consolidated Balance Sheets

(U.S. Dollars, in thousands, except par value data)		December 31, 2025				December 31, 2024
Assets
Current assets
Cash and cash equivalents		$	82,025			$	83,238
Restricted cash			3,090				2,500
Accounts receivable, net of allowances of $8,308 and $7,418, respectively			135,746				134,713
Inventories			172,319				189,452
Prepaid expenses and other current assets			23,667				23,382
Total current assets			416,847				433,285
Property, plant, and equipment, net			129,399				139,804
Intangible assets, net			72,765				98,803
Goodwill			194,934				194,934
Other long-term assets			36,702				26,468
Total assets		$	850,647			$	893,294
Liabilities and shareholders’ equity
Current liabilities
Accounts payable		$	58,392			$	48,803
Current portion of finance lease liability			837				755
Other current liabilities			111,253				119,070
Total current liabilities			170,482				168,628
Long-term debt			157,391				157,015
Long-term portion of finance lease liability			17,060				17,835
Other long-term liabilities			55,677				46,692
Total liabilities			400,610				390,170
Contingencies
Shareholders’ equity
Common shares $0.10 par value; 100,000 shares authorized;    39,834 and 38,486 issued and outstanding as of December 31,    2025 and 2024, respectively			3,983				3,849
Additional paid-in capital			813,769				779,718
Accumulated deficit			(368,333	)			(276,141	)
Accumulated other comprehensive income (loss)			618				(4,302	)
Total shareholders’ equity			450,037				503,124
Total liabilities and shareholders’ equity		$	850,647			$	893,294

6

ORTHOFIX MEDICAL INC. Non-GAAP Financial Measures

The following tables present reconciliations of various financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to various non-GAAP financial measures that exclude (or in the case of free cash flow, include) items specified in the tables. The GAAP measures shown in the tables below represent the most comparable GAAP measure to the applicable non-GAAP measure(s) shown in the table. For further information regarding the nature of these exclusions, why the Company believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company’s Current Report on Form 8-K regarding this press release filed today with the SEC available on the SEC’s website at www.sec.gov and on the “Investors” page of the Company’s website at www.orthofix.com.

The Company’s non-GAAP financial measures for the three months and year ended December 31, 2025, and 2024, have been adjusted to eliminate the financial effects of the Company’s decision to discontinue its M6 product lines. Accordingly, previously reported figures for 2024 have been recast to reflect the financial impact of this decision.

Adjusted Gross Profit and Adjusted Gross Margin

		Three Months Ended December 31,								Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)		2025				2024				2025				2024
Gross profit		$	156,342			$	148,841			$	566,017			$	545,885
Share-based compensation expense			398				462				1,695				2,053
SeaSpine merger-related costs			(392	)			675				4,111				6,254
Restructuring costs and impairments related to M6 product lines			(401	)			—				13,309				—
Strategic investments			2				32				59				192
Acquisition-related fair value adjustments			—				3,047				—				12,188
Amortization/depreciation of acquired long-lived assets			313				313				1,253				1,153
Adjusted gross profit		$	156,262			$	153,370			$	586,444			$	567,725
Adjusted gross margin as a percentage of reported net sales			71.1	%			71.1	%			71.3	%			71.0	%
Adjusted gross profit attributable to M6 product lines			(256	)			(3,316	)			(4,791	)			(11,556	)
Pro forma adjusted gross profit		$	156,006			$	150,054			$	581,653			$	556,169
Pro forma adjusted gross margin as a percentage of pro forma net sales			71.4	%			71.5	%			71.6	%			71.7	%

7

Adjusted EBITDA

		Three Months Ended December 31,								Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)		2025				2024				2025				2024
Net loss		$	(2,222	)		$	(29,147	)		$	(92,192	)		$	(125,997	)
Income tax expense (benefit)			30				(564	)			1,382				2,122
Interest expense, net			4,351				14,920				17,488				29,631
Depreciation and amortization			13,078				15,994				77,321				60,061
Share-based compensation expense			7,214				7,165				28,688				32,455
Foreign exchange impact			314				3,132				(2,910	)			4,395
SeaSpine merger-related costs			(49	)			1,493				6,093				14,485
Restructuring costs and impairments related to M6 product lines			495				—				14,564				—
Strategic investments			821				440				4,915				910
Acquisition-related fair value adjustments			660				3,737				(1,140	)			19,088
Interest and (gain) loss on investments			(7	)			—				(48	)			5,120
Litigation and investigation costs			5,169				5,452				33,788				15,770
Succession charges			—				1,315				—				9,376
Employee retention credit			(1,972	)			—				(4,826	)			—
Adjusted EBITDA		$	27,882			$	23,937			$	83,123			$	67,416
Adjusted EBITDA as a percentage of reported net sales			12.7	%			11.1	%			10.1	%			8.4	%
Operating losses attributable to M6 product lines			1,323				1,058				2,741				6,371
Pro forma adjusted EBITDA		$	29,205			$	24,995			$	85,864			$	73,787
Pro forma adjusted EBITDA as a percentage of pro forma net sales			13.4	%			11.9	%			10.6	%			9.5	%

8

Adjusted Net Income

		Three Months Ended December 31,								Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)		2025				2024				2025				2024
Net loss		$	(2,222	)		$	(29,147	)		$	(92,192	)		$	(125,997	)
Share-based compensation expense			7,214				7,165				28,688				32,455
Foreign exchange impact			314				3,132				(2,910	)			4,395
SeaSpine merger-related costs			(449	)			4,430				8,962				17,864
Restructuring costs and impairments related to M6 product lines			496				—				35,495				—
Strategic investments			824				470				4,966				1,036
Acquisition-related fair value adjustments			660				3,737				(1,140	)			19,088
Amortization/depreciation of acquired long-lived assets			3,376				4,837				15,627				19,323
Litigation and investigation costs			5,169				5,452				33,788				15,770
Succession charges			—				1,315				—				9,376
Interest and (gain) loss on investments			(7	)			—				(48	)			5,070
Employee retention credit			(2,197	)			—				(5,813	)			—
Long-term income tax rate adjustment			(3,668	)			(796	)			(6,123	)			1,981
Adjusted net income		$	9,510			$	595			$	19,300			$	361
Operating losses attributable to M6 product lines			1,336				1,533				2,282				8,261
Long-term income tax rate adjustment for M6 product lines			(374	)			(429	)			(639	)			(2,313	)
Pro forma adjusted net income		$	10,472			$	1,699			$	20,943			$	6,309

Cash Flow and Free Cash Flow

		Year Ended December 31,
(U.S. Dollars, in thousands)		2025				2024
Net cash provided by operating activities		$	33,347			$	25,790
Net cash used in investing activities			(34,598	)			(27,580	)
Net cash provided by (used in) financing activities			(786	)			50,709
Effect of exchange rate changes on cash			1,414				(938	)
Net change in cash, cash equivalents, and restricted cash		$	(623	)		$	47,981

		Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)		2025				2024
Net cash provided by operating activities		$	33,347			$	25,790
Capital expenditures			(34,626	)			(34,876	)
Free cash flow		$	(1,279	)		$	(9,086	)

9

Reconciliation of Non-GAAP Financial Measures to Reported Operating Expenses

		Three Months Ended December 31,								Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)		2025				2024				2025				2024
Sales, general, and administrative		$	136,752			$	136,479			$	554,329			$	532,525
Reconciling items impacting sales, general, and administrative:
SeaSpine merger-related costs			66				(3,617	)			(4,614	)			(11,072	)
Restructuring costs and impairments related to M6 product lines			(898	)			—				(6,164	)			—
Strategic investments			(879	)			(456	)			(2,819	)			(602	)
Amortization/depreciation of acquired long-lived assets			(1	)			(182	)			(61	)			(733	)
Litigation and investigation costs			(5,169	)			(5,452	)			(33,338	)			(15,770	)
Succession charges			—				(160	)			—				(8,221	)
Sales, general, and administrative expense, as adjusted		$	129,871			$	126,612			$	507,333			$	496,127
As a percentage of reported net sales			59.1	%			58.7	%			61.7	%			62.1	%
Sales, general, and administrative expense attributable to M6 product lines			(866	)			(3,667	)			(3,914	)			(14,108	)
Pro forma sales, general, and administrative expense, as adjusted		$	129,005			$	122,945			$	503,419			$	482,019
As a percentage of pro forma net sales			59.0	%			58.6	%			62.0	%			62.1	%

		Three Months Ended December 31,								Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)		2025				2024				2025				2024
Research and development expense, as reported		$	15,373			$	18,807			$	65,847			$	73,643
Reconciling items impacting research and development:
SeaSpine merger-related costs			(9	)			(154	)			(237	)			(538	)
Restructuring costs and impairments related to M6 product lines			2				—				(1,927	)			—
Strategic investments			54				19				(2,090	)			(242	)
Litigation and investigation costs			—				—				(450	)			—
Succession charges			—				(1,155	)			—				(1,155	)
Research and development expense, as adjusted		$	15,420			$	17,517			$	61,143			$	71,708
As a percentage of reported net sales			7.0	%			8.1	%			7.4	%			9.0	%
Research and development expense attributable to M6 product lines			(710	)			(2,501	)			(3,086	)			(9,364	)
Pro forma research and development expense, as adjusted		$	14,710			$	15,016			$	58,057			$	62,344
As a percentage of pro forma net sales			6.7	%			7.2	%			7.2	%			8.0	%

10

Reconciliations of Non-GAAP Financial Measures to Reported Non-Operating (Income) Expense

		Three Months Ended December 31,								Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)		2025				2024				2025				2024
Non-operating expense		$	2,686			$	18,235			$	9,382			$	39,256
Reconciling items impacting non-operating expense:
Restructuring costs and impairments related to M6 product lines			—				—				3				—
Foreign exchange impact			(314	)			(3,132	)			2,910				(4,395	)
Interest and gain (loss) on investments			7				—				48				(5,070	)
Employee retention credit			2,198				—				5,814				—
Non-operating expense, as adjusted		$	4,577			$	15,103			$	18,157			$	29,791
As a percentage of reported net sales			2.1	%			7.0	%			2.2	%			3.7	%
Losses attributable to M6 product lines			(15	)			(56	)			(72	)			(144	)
Pro forma non-operating expense, as adjusted		$	4,562			$	15,047			$	18,085			$	29,647
As a percentage of pro forma net sales			2.1	%			7.2	%			2.2	%			3.8	%

Source

Orthofix Medical Inc.

###

11

Drive Profitable Growth Investor Presentation February 2026

Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our current beliefs, assumptions, intentions, plans, expectations, estimates, forecasts and projections. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” “positioned,” “deliver,” or “continue” or other comparable terminology. Forward-looking statements in this presentation include the Company's expectations regarding net sales, adjusted EBITDA, and free cash flow for the year ended December 31, 2025. Forward-looking statements are not guarantees of our future performance, are based on our current expectations and assumptions regarding our business, the economy and other future conditions, and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, including the risks described in Part I, Item 1A under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. Factors that could cause future results to differ from those expressed by forward-looking statements include, but are not limited to, (i) our ability to maintain operations to support our customers and patients in the near-term and to capitalize on future growth opportunities, (ii) risks associated with acceptance of surgical products and procedures by surgeons and hospitals, (iii) development and acceptance of new products or product enhancements, (iv) clinical and statistical verification of the benefits achieved via the use of our products, (v) our ability to adequately manage inventory, (vi) our ability to successfully optimize our commercial channels, (vii) our success in defending legal proceedings brought against us, and (viii) the other risks and uncertainties more fully described in our periodic filings with the Securities and Exchange Commission (the “SEC”). As a result of these various risks, our actual outcomes and results may differ materially from those expressed in these forward-looking statements. Further, any forward-looking statement speaks only as of the date hereof, unless it is specifically otherwise stated to be made as of a different date. The Company undertakes no obligation to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date hereof, new information, or otherwise, except as required by law. The Company is unable to provide expectations of GAAP net income (loss), the closest comparable GAAP measures to adjusted EBITDA (which is a non-GAAP measure), on a forward-looking basis because the Company is unable to predict, without unreasonable efforts, the ultimate outcome of matters (including acquisition-related expenses, accounting fair value adjustments, and other such items) that will determine the quantitative amount of the items excluded in calculating adjusted EBITDA, which items are further described in the reconciliation tables and related descriptions in this presentation. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP.

Non-GAAP Financial Measures Management uses certain non-GAAP financial measures in this presentation, most specifically Adjusted EBITDA, Adjusted Gross Margin, Adjusted Net Income and Free Cash Flow, as a supplement to GAAP financial measures to further evaluate the Company’s operating performance period over period, analyze the underlying business trends, assess performance relative to competitors and establish operational objectives. ​ Management believes it is important to provide investors with the same non-GAAP metrics it uses to evaluate the performance and underlying trends of the Company’s business operations to facilitate comparisons to its historical operating results and evaluate the effectiveness of its operating strategies. Disclosure of these non-GAAP financial measures also facilitates comparisons of the Company’s underlying operating performance with other companies in the industry that also supplement their GAAP results with non-GAAP financial measures.​ Unless noted otherwise, full-year guidance is based on the current foreign currency exchange rates and does not take into account any additional potential exchange rate changes that may occur this year. These non-GAAP financial measures should not be considered in isolation from, or as replacements for, the most directly comparable GAAP financial measures, as these measures are not prepared in accordance with U.S. GAAP.​ Reconciliations between GAAP and non‐GAAP results are included at the end of this presentation and represent the most comparable GAAP measure(s) to the applicable non-GAAP measure(s) shown in the table. For further information regarding the nature of these exclusions, why the Company believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company's Current Report on Form 8-K regarding its fourth quarter 2025 press release filed on February 24, 2026 with the SEC and available on the SEC's website at www.sec.gov and on the “Investors” page of the Company’s website at www.orthofix.com. The Company’s non-GAAP financial measures for the three and twelve months ended December 31, 2025, and 2024, have been adjusted to eliminate the financial effects of the Company’s decision to discontinue its M6™ product lines. Accordingly, previously reported figures for 2024 have been recast to reflect the financial impact of this decision. Amounts may not add due to rounding.​ 3

Key Themes Disciplined, Profitable Growth to Maximize Value Creation Building on a strong foundation as a leading global med tech company with a comprehensive portfolio of spinal solutions, bone growth therapies, biologics, specialized limb reconstruction solutions, and an advanced surgical navigation system (7D FLASH™) Driving meaningful and sustainable, above-market growth with broad, differentiated technologies, extensive commercial reach, and improving financial strength Delivering significant value to surgeons and patients and setting new standards of innovation through our products and extensive solutions Executing a clear strategy for profitable growth led by an established, world-class management team Advancing toward our 2028 financial targets to build on positive momentum, increase transparency, and maximize shareholder value creation 05 03 04 02 01

Commitment to Disciplined, Profitable Growth to Deliver Life-Changing Solutions and Maximize Value Creation Orthofix 5

Entering a New Phase in our Journey, Driven by Strategic, Operational and Financial Discipline Building on a Strong Foundation – Transformation Focused on Accelerating Excellence RECENT ACCOMPLISHMENTS AND TRANSFORMATIVE ACTIONS Building on clear competitive advantages Delivering consistent performance – achieved profitability objectives, including 8 consecutive quarters of adjusted EBITDA margin expansion Robust free cash flow generation— $16.8 million in Q4 2025 and $3.1 million1 in FY 2025 Supporting profitable growth with disciplined capital deployment Driving a culture of execution and accountability through established, world-class management team CONTINUED LEADERSHIP FOCUS AREAS –MULTIPLE LEVERS FOR PROFITABLE GROWTH Innovation FocusContinued development of differentiated products to meet diverse surgeon preferences Commercial Strategy EnhancementDeeper market penetration through comprehensive portfolio offerings Technology LeadershipHarnessing advanced systems for improved surgical outcomes and efficiency Growth SustainabilityEmphasis on high-quality revenue streams and operational excellence Cash Flow ManagementStrategic financial planning to achieve positive free cash flow 1 Excluding the free cash flow impact related to the Company's discontinuation of the M6 product lines and related restructuring activities.

Aligned Around Our Vision and Mission Vision The unrivaled partner in med tech, delivering exceptional experiences and life-changing solutions Mission We provide medical technologies that heal musculoskeletal pathologies. We enable our teams through opportunities for growth, ownership of responsibilities, and empowerment to execute. We do this for patients and the healthcare professionals who treat them. We collaborate with world-class surgeons and other partners to bring to market highly innovative, cost-effective, and user-friendly medical technologies through excellent customer service. We do this to improve people’s quality of life, and in doing so, create exceptional value for our customers, employees and stockholders.

Orthofix Today Healing Musculoskeletal Pathologies in Spine and Limb Reconstruction with Specialized Solutions and Enabling Technologies Attractive Stock Entry Point with Multiple Paths for Value Creation TTM Net Sales2 by Business ~$811.9M Bone Growth Therapies Spinal Implants, Biologics, and Enabling Technologies Limb Reconstruction ~17% Int’l HQLewisville, TX ~83% U.S. Founded 1980 Employees 1,600+ NASDAQ OFIX Office Manufacturing /Distribution 3rd-Party Logistics Global Presence TTM Net Sales2by Geography ~$524M Market-Cap1 ~$85.9M TTM Adjusted EBITDA2 ~71.6% TTM Adjusted Gross Margin2 ~$85.1M Cash, Cash Equivalents, and Restricted Cash2 Note: TTM = Trailing 12 Months. 1 1/30/2026. 2 As of 12/31/2025; All figures exclude impact of net sales and/or results of operations related to discontinuation of M6 product lines. Key Stats

Clear Strategic Pathway with Multiple Drivers for Value Creation Key Focus Areas & Priorities Innovate to drive growth and strengthen leading positions Future upside from high-impact new product launches Leverage technologies and sales channels across complementary product segments Create new entry points, cross-selling opportunities and stickier surgeon relationships Rigorous allocation of resources to high-return opportunities Focus on process and gross margin improvements Continuing to drive positive free cash flow over 2026 and thereafter Improved financial strength with profitability and term loan flexibility Invest in DifferentiatedTechnologies WhereOrthofix Can Win and Lead Capitalize on Multiple Access Points to Grow at Above-Market Rates Operate with Discipline for Margin Expansion Build Financial Resilience and Unlock Strong, Consistent Cash Flow Consistent Above-Market Growth, Expand Profitability and Positive Free Cash Flow

Two Growth Pillars – One Integrated Performance Engine Bone Growth Therapies (BGT) Combined portfolio with Biologics to target trauma surgeons Combine with select Limb Reconstruction products Expanding domestically through legacy SeaSpine distribution and U.S. Limb Reconstruction channels Biologics Expand cross-selling with U.S. Orthopedics channels Spine Maximize procedural selling opportunity with Biologics, BGT, and Enabling Technologies Limb Reconstruction (Orthopedics) Maximize procedural selling opportunity with Biologics, BGT, and Enabling Technologies Enabling Technologies (ET) Focus on 7D equipment placements to drive recurring implant usage Leverage investment and drive synergistic approach across the portfolio

Comprehensive Portfolio of Transformative Solutions Improved Clinical Efficiencies and Economic Value with 7D Enabling Technology EstablishedDistribution Channels and Extensive Global Commercial Reach Large Addressable Markets with High-Growth Opportunities Across Continuum of Care World-Class, Visionary Leadership Team with Deep Sector Expertise Expanding and Deepening Customer Relationships 11 Capitalizing on Clear Competitive Advantages

Total Addressable Market 2026 – 2028 Expected Market Growth Rate Spinal Implants ~$10.1B ~3% – 4% Bone Growth Therapies ~$0.6B ~2% – 3% Biologics ~$2.1B ~2% – 3% Limb Reconstruction (formerly Orthopedics) ~$2.6B ~5% – 6% Enabling Technologies ~$0.4B ~10% – 12% Addressable Markets ~$16B within Full Continuum of Care Well-Positioned for Favorable Macro Trends Aging Population Digital Healthcare AI and Machine Learning Enabling Technology Advancement Evolving Standards of Care

Spinal Implants Driving Innovation and Taking Share Select Product Examples Market Overview Sales channel optimization for growth, cross-selling, and OPEX leverage Pull through from lateral, cervical, and 7D earnouts Best-in-class implants to improve patient outcomes Interbody Cervical Thoracolumbar Fixation NorthStar™ OCT Mariner™ Deformity WaveForm™ (3D Printed) Explorer™ (Expandable) Reef™ (IBDs) ~$10.1BTAM1 Thoracolumbar Fixation Significant share capture opportunity ~3% – 4% market growth rate (2026 – 2028) Interbody Significant share capture opportunity ~3% – 4% market growth rate (2026 – 2028) Cervical Significant share capture opportunity ~3% – 4% market growth rate (2026 – 2028) OFIX Growth Drivers Shoreline™ ACS Wayfinder™ Phoenix™ MIS Meridian™ 1 U.S. Total Addressable Market. Sources: iData Research Inc.; U.S. Market Report for Spinal Implants and VCF; SmartTrak US Spine Market Report; Internal OFIX estimates Supporting Clinicians and Patients through Continuous Innovation of Procedure Solutions Comprehensive, best-in-class spinal implants designed to work in concert with 7D Navigation and biologics to support improved clinical outcomes Focus on deformity correction Proven expertise in cervical fixation and material science

AccelStim™ SpinalStim™ PhysioStim™ CervicalStim™ Complex Foot & Ankle Reconstruction and Fracture Management Bone Growth Therapies Maximizing #1 Market Position Exceeding Market Growth Rate through Innovation and Expansion Safe, effective, non-surgical solution to promote bone healing in fracture management and high-risk spine fusions Most comprehensive portfolio of bone growth stimulation devices Most indications on the market to aid in bone healing solutions Select Product Examples #1 prescribed bone growth stimulator First to offer free recycling for patients to properly dispose of their devices PEMF technology approved since 1986 Prescribed devices 1,400,000+ Spine Fusion Therapy Market Overview Procedural selling focused on cross-selling with limb reconstruction and spine New market channels with established sales representatives AccelStim growth to penetrate Fracture market ~$0.6BTAM1 Spine #1 Position ~2% – 3% market growth rate (2026 – 2028) Fracture #2 Position ~2% – 3% market growth rate (2026 – 2028) OFIX Growth Drivers Note: PEMF = Pulsed Electromagnetic Field. 1 U.S. Total Addressable Market.

Biologics Renewed Focus on Advancing our Portfolio Strategically Introducing New Products to Capture Additional Market Share Full spectrum of biologic solutions to enhance fusion process and promote bone repair and growth Provide industry leading, best-in-class products in each of the major bone grafting categories Select Product Examples Demineralized Bone Matrix OsteoSurge™ 300 OsteoStrand™ Plus Synthetic Procedure-Specific OsteoCove™ OsteoBallast™ Market Overview Opportunities in current portfolio and spine Product innovation with clinical research Disc regeneration, channel expansion options ~$2.1BTAM1 Synthetic Significant share capture opportunity ~2% – 3% market growth rate (2026 – 2028) Cellular Allograft #2 Position ~2% – 3% market growth rate (2026 – 2028) OFIX Growth Drivers Trinity Elite™ Cellular Allograft Growth Factors, Other Do not participate 1 Global Total Addressable Market, including Growth Factors. Demineralized Bone Matrix #3 Position ~2% – 3% market growth rate (2026 – 2028)

Limb Reconstruction (formerly Orthopedics) Leading the Growth Unique portfolio of limb reconstruction solutions, addressing the most challenging orthopedic conditions in patients of all ages Proven Leader with Room to Grow through Innovation of Hardware and Digital Solutions Enabling Technologies - OrthoNext™ 1 Global Total Addressable Market. Sources: iData Research Inc. 2021; Berkyl Global Market Analysis 2020; SmartTrak 2024; Orthoworld Industry Annual Report, 2024; Acuity MD Data, 2025; Grandview Research, 2023; US Bone Transport Procedure Volume Analysis, 2015; CDC National Diabetes Statistics Report, 2022; Brownrigg, et al. Evidence-based Management of PAD & the Diabetic Foot, 2013. 45(6), 673-681; Behroozian et al. Art Thro Vasc Biology, 2020. 40(3). Select Product Examples Galaxy Gemini™ ComplexFracture Management Fitbone™ Limb Lengthening TL-HEX™ Extremity Deformity Correction TrueLok™ Elevate Market Overview Accelerating U.S. growth and expanding position Global sales channel optimization through execution and focused distribution New, unique product platforms with next-gen digital capabilities OFIX Growth Drivers ~$2.6BTAM1 Complex Fracture Management ~3% – 4% market growth rate (2026 – 2028) Limb Lengthening ~9% market growth rate (2026 – 2028) Limb Preservation ~5% market growth rate (2026-2028) Extremity Deformity Correction ~5% – 6% market growth rate (2026 – 2028) Limb Preservation *Significant share capture opportunity across all 4 pillars

Complex Fracture Management Limb Lengthening Limb Preservation Extremity Deformity Correction LIMB RECON Industry leader with a unique portfolio of limb reconstruction solutions, addressing the most challenging conditions in patients of all ages ENABLING TECHNOLOGIES ENABLING TECHNOLOGIES 17 Four Focus Areas – Limb Reconstruction

Tibial cortex transverse transport: Historical evolution, clinical applications, and future directions-Schroeder, et al. Foot & Ankle Surgery: Techniques, Reports & Cases, Vol 5, Issue 3, 100513 © 2025 The Author(s). Published by Elsevier Inc. on behalf of American College of Foot and Ankle Surgeons. Orthofix has not made any changes to the image above and use of this image is in no way an endorsement of the Journal or Authors Supporting surgeon-led correction of complex bony and soft-tissue defects Innovation Spotlight: TrueLok Elevate System The TrueLok Elevate device has not been approved by the FDA for treatment of ulcers and the safety and effectiveness of the TrueLok Elevate for treatment of ulcers has not been established. Global commercial launch June 2025 Minimally invasive, quick application, reproducible technique Versatile design Sterile, ready to use components 18

Patient Case Study – What Limb Reconstruction Means for Justin Background Justin, a 6'9" newlywed, suffered from severe genu valgum (knock‑knees) that caused chronic pain and limited mobility. As he prepared for fatherhood, he feared becoming disabled without corrective surgery. OFIX Unique Solution Under the care of Dr. William Terrell, the team elected to treat both legs simultaneously TL-HEX External Fixation System used on tibias for gradual, precise realignment Double ring configuration for added support due to height and size Post-surgery, fixators adjusted twice a day to correct the bone alignment Result / Outcomes Successful Orthofix-supported deformity correction procedure Restoration of patient mobility Strengthened customer loyalty Life is much better than it was before the surgery. I am almost back to 100% to what I should have been before. – Justin Click here for Justin’s story

Enabling Technologies Empowering Excellence with Real-Time, Integrated Smart Technologies Seizing Significant Opportunity to Leverage Technology and Expand Share in Spine FLASH™ Navigation with 7D Technology, world’s leading zero-radiation1 spine image-guided surgery system Allows surgeons to perform fast, cost-effective, and radiation-free surgery Pacesetting leader for open spine procedures and deformity correction Open and Percutaneous Spine Modules2 Market Overview OFIX Growth Drivers 7D deployments through commercial financing structures and product pull through Product integration with spinal implant portfolio Digital ecosystem expansion (pre-op planning, intra-op navigation, and post-op care) ~$0.4BTAM3 Spinal Navigation Significant share capture opportunity ~10% – 12% market growth rate (2026 – 2028) FLASH Navigation with 7D Technology Product Example Significant Focus in Spine 1 Based on a pre-op CT or MRI, no intra-op radiation is required using Open Spine Module, eliminating exposure to surgeons, staff, and patients. Intra-op radiation is required for Percutaneous Module. 2 ~40% of U.S. installed base has cranial module. 3 Global Total Addressable Market.

Innovation Spotlight – FLASH Navigation with 7D Technology Technology Differentiates Portfolio While Enabling Service to Full Continuum of Surgical Care 97.8% reduction in intraoperative radiation during adult degenerative spinal fusions1* Revolutionizing Spinal Navigation Created Meaningful Advantages with FLASH Navigation with 7D Technology 61% reduction in intraoperative radiation during complex pediatric deformity spinal fusions2* 98.8% accurate with no pedicle breach1* 94% faster than intraoperative CT-based systems3* 63.6 minutes saved per case4* Flexible Selling Models to Meet Unique Needs of Facility First and only image-guided surgery (IGS) system featuring 7D’s machine-vision technology, allowing surgeons to perform fast, cost-effective, radiation-free IGS Capital Purchase Lease “Earnout” through purchase of spine hardware and/or biologics; creating recurring revenue stream and stronger customer relationships Voyager Earnout Program *Not an Orthofix sponsored clinical study. 1 Malham GM, Munday NR. Comparison of novel machine vision spinal image guidance system with existing 3D fluoroscopy-based navigation system: a randomized prospective study. Spine J. 2022 Apr;22(4):561-569. doi: 10.1016/j.spinee.2021.10.002. Epub 2021 Oct 16. PMID: 34666179. 2 Comstock, Christopher P. MD; Wait, Eric MD. Novel Machine Vision Image Guidance System Significantly Reduces Procedural Time and Radiation Exposure Compared With 2-dimensional Fluoroscopy-based Guidance in Pediatric Deformity Surgery. Journal of Pediatric Orthopaedics ():10.1097/BPO.0000000000002377, March 6, 2023. | DOI: 10.1097/ BPO.0000000000002377 3 Jakubovic R, Guha D, Gupta S, et al. High speed, high density intraoperative 3D optical topographical imaging with efficient registration to MRI and CT for craniospinal surgical navigation. Sci Rep. 2018;8:14894. doi:10.1038/s41598-018-32424-z. 4 Lim KBL, Yeo ISX, Ng SWL, Pan WJ, Lee NKL. The machine-vision image guided surgery system reduces fluoroscopy time, ionizing radiation and intraoperative blood loss in posterior spinal fusion for scoliosis. Eur Spine J. 2023 Jul 10. doi: 10.1007/s00586-023-07848-5. Epub ahead of print. PMID: 37428212.Stewart G. Visible Light Navigation in Spine Surgery: My Experience With My First 150 Cases. Int J Spine Surg. 2022 Oct;16(S2):S28-S36. doi: 10.14444/8274. Epub 2022 Aug 5. PMID: 36456113; PMCID: PMC9808787.

Clear Progress on Our Course to Transform the Business Q4 2025 Results 22

Throughout 2025, BGT and U.S. Limb Reconstruction delivered strong performance, and the work we did to finalize our Spine commercial channel supported double-digit year-over-year constant currency net sales growth in our global Spine Fixation business. This momentum contributed to our eighth consecutive quarter of adjusted EBITDA growth and a standout quarter of free cash flow generation, clear evidence of the strength of our focused initiatives and margin-enhancement efforts.” Massimo Calafiore President & Chief Executive Officer 23 1 The Company’s non-GAAP financial measures have been adjusted to eliminate the financial effects of the Company’s decision to discontinue its M6 product lines. 2 Constant currency is calculated by applying foreign currency rates applicable to the comparable, prior-year period to present the current period net sales at comparable rates. 3 The reasons for and nature of non-GAAP disclosures by the Company, descriptions of the adjustments used to calculate those non-GAAP financial measures, and reconciliations of those non-GAAP financial measures to the most comparable GAAP financial measure(s), are provided in the Company’s press release issued, and Annual Report on Form 10-K filed, on February 24, 2026.4 Spine Fixation is comprised of the Company's Spinal Implants product category, excluding motion preservation product offerings. Q4 2025 Financial Highlights $29.2M Non-GAAP Pro Forma Adjusted EBITDA1,3 $5.3M YoY increase and ~230 bps margin expansion $16.8M Free Cash Flow (FCF)3 Positive FCF of $3.1M in FY 2025, excluding M6-related restructuring charges 10% Global Spine Fixation4 YoY Constant Currency Net Sales Growth U.S. Spine Fixation4 5% growth YoY 7% Bone Growth Therapies YoY Net Sales Growth 7% Growth in BGT Fracture  71.4% Non-GAAP Pro Forma Adjusted Gross Margin1,3 Compared to 71.1% reported for Q4 2024  $218.6M Pro Forma Net Sales1 3% growth YoY on constant currency basis1,2 8% U.S. Limb Reconstruction YoY Net Sales Growth 16% growth YoY for full-year 2025

24 Continuing to execute the priorities outlined in long-term plan to transform our business and deliver on our commitment to drive disciplined, profitable growth Eight consecutive quarters of adjusted EBITDA margin expansion and near breakeven free cash flow for FY 2025 – demonstrate impact of focused initiatives and margin-enhancement efforts Continued progress on global commercial launch of TrueLok™ Elevate System and U.S. limited launch of VIRATA™ Spinal Fixation System Seeing positive impact from targeted U.S. distributor transitions that support a stronger, more scalable commercial organization to drive next phase of growth Prudently deploying capital and prioritizing investment in profitable growth opportunities in areas where we can win Q4 2025 Key Messages 05 03 04 02 01

Q4 2025 Results Summary Fourth Quarter 2025 Results Summary (in millions)           Pro Forma Q4 2025   Reported Q4 2024   Constant Currency Change Bone Growth Therapies $ 68.3 $ 63.9 7.0% Spinal Implants, Biologics, and Enabling Technologies 112.3 110.2 1.8% Global Spine 180.6 174.1 3.7% Global Limb Reconstruction 38.0 35.8 -0.1% Pro forma net sales (excludes M6) $ 218.6 $ 209.9 3.1% Impact from discontinuation of M6 1.3 5.8 (77.5%) Reported net sales $ 219.9 $ 215.7 0.9% Non-GAAP Adjusted Gross Margin 71.4% 71.1% +~30 bps Non-GAAP Adjusted EBITDA $ 29.2   $ 23.9   22.0% Q4 Total Pro Forma Net Sales: $218.6M3% YoY pro forma, constant currency growth Q4 Non-GAAP Pro Forma Adjusted EBITDA: $29.2M 13% of pro forma net sales vs $23.9M in Q4 2024; 11% of reported net sales Q4 Non-GAAP Pro Forma Adjusted Gross Margin: 71.4% vs 71.1% of reported net sales in Q4 2024  Q4 Non-GAAP Pro Forma SG&A Expense: $129.0M 59.0% of pro forma net sales vs $126.6M in Q4 2024; 58.7% of reported net sales Q4 Non-GAAP Pro Forma R&D Expense: $14.7M 6.7% of pro forma net sales vs $17.5M in Q4 2024; 8.1% of reported net sales 25 Q4 2025 Total Pro Forma Net Sales $218.6M +3% YoY* Bone Growth Therapies $68.3M +7.0%* Global Limb Reconstruction $38.0M -0.1%* Global Spinal Implants, Biologics, & Enabling Technologies $112.3M +1.8%* International Spinal Implants, Biologics & Enabling Technologies  $11.4M +28.5%* U.S. Spinal Implants, Biologics & Enabling Technologies  $100.8M -0.5% 90% 10% * YoY Growth is on a pro forma, constant currency basis compared to Q4 2024

SPINAL SOLUTIONS Global Spine Fixation net sales +10%* U.S. Spine Fixation net sales +5%* Top 30 U.S. distributor partners grew net sales >25%* and 27% on TTM basis U.S. limited launch of VIRATA™ Spinal Fixation System ongoing BONE GROWTH THERAPIES Net sales +7%* Strong sequential Q4 growth that benefited from cross-selling Continued focus on new surgeon adds and competitive surgeon conversions AccelStim™ Device continuing to drive fracture market growth Q4 2025 Business Segment Highlights 26 TTM = Trailing 12 Months * Net sales growth is on constant currency basis and compared to same prior-year quarter LIMB RECONSTRUCTION U.S. Limb Recon net sales +8%* Growth led by ongoing market release of TRUELOK™ Elevate System and FITBONE™ Bone Transport and Trochanteric Lengthening Nails

Full-Year 2026 Guidance1 $850M –$860M Net Sales $95M –$98M Adj. EBITDA Positive Free Cash Flowfor 2026² 1 As of the Company’s Q4 2025 Earnings Call hosted on 2/24/2026. Inclusion of this information in this presentation is not a confirmation or an update of, and should not be construed or otherwise assumed to reflect any confirmation or update of, that guidance by Orthofix leadership as of any date other than 2/24/2026. This guidance range is based on current foreign currency exchange rates and does not take into account any additional potential exchange rate changes that may occur this year. 2 Excluding impact of any potential legal settlements

Uniquely Positioned to Accelerate Our Profitable Growth Engine Looking Forward 28

lp Looking Forward Accelerating Our Profitable Growth Engine Advancing Toward Our Goals for Consistent Above-Market Growth,Improved Profitability, and Positive Free Cash Flow Invest inDifferentiatedTechnologies in Areas Where We Can Win and Lead Innovation Capitalize on Multiple Access Points to Grow Business at Sustained, Above-Market Rates Operate with Discipline for Margin Expansion Build Financial Resilienceand Unlock Strong, Consistent Free Cash Flow 29

lp Investing in Differentiated Technologies Innovation Driving Growth and Strengthening Leading Market Positions Systematic Approach to Driving Innovation Rigorous allocation of resources to high-return opportunities Leverage technologies (7D, Biologics, BGT) and sales channels (Spine, Limb Reconstruction) across complementary product segments Build enabling technology ecosystem using next-gen data, navigation and connected products for pre-, intra-, and post-op solutions Extensive expertise in intra-op surgical navigation creating accurate, efficient, and uninterrupted surgical workflow Continuum of musculoskeletal care integrated by Enabling Technologies Focal KPIs 1 Regular cadence of meaningful, high-impact new product launches 2 7% – 8% of salesinvested in R&D 3 Sustained sharecapture in U.S. Spine & U.S. Limb Reconstruction

On a Faster Path to Profitability with a Stronger Financial Profile Advancing Toward Our Long-Term Financial Goals 31

Operating with Discipline for Margin Expansion Well-Developed Infrastructure in Place to Further Scale and Support Growth Our Approach to Operational Excellence Building culture of excellence and accountability through implementation of the High Performance Management System (HPMS) Focusing on “Vital Few” initiatives to enhance operational excellence and drive business performance Key levers to drive higher margins and profitability across Company include: Rigorous allocation of resources to high-return opportunities Gross margin improvement Process improvements

Building Financial Resilience and Unlocking Strong, Consistent Free Cash Flow Strong Execution and Positive Free Cash Flow Momentum Driving Positive Free Cash Flow Expect to be free cash flow positive for full-year 20261 Drop-through to EBITDA from incremental revenue Working Capital improvements Efficient Working Capital Management Reduction in Inventory Days on Hand (DOH)and Instrument Efficiency Continued improvement in Days Sales Outstanding (DSO) 1 Excluding the impact of any potential legal settlements Near Breakeven For FY 2025

Strategy is Driving Long-Term Profitable Growth GrowthEngine Pillars Assumptions 6.5% – 7.5% Net Sales CAGR1 (2026 – 2028) Mid-Teens Adj. EBITDA (Full-year 2028) Positive Free Cash Flow Generation1 (2026 – 2028) Sustained market demand: weighted average market growth of ~4% to 5% Includes negative pricing impact of 1% to 2% No material change in reimbursement or regulatory environment ~300 bps of Gross Margin expansion over period Fixed cost leverage, moderating expense growth AI-informed enhancements to drive back-office efficiency Driven by continued Adj. EBITDA improvement Reduction in inventory DOH Improved instrument utilization DifferentiatedTechnologies Multiple Access Points MarginExpansion StrongCash Flow 2028 Financial Targets 1 Excluding impact of any potential legal settlements

Capital Allocation Priorities Investing to drive future profitable growth 1 Organic Growth Reinvest in business; enhance commercial channel; target capital spend levels at ~5% of sales 2 Inorganic Growth Tuck-in M&A to enhance growth & margin profile, support category leadership 3 Capital Structure Debt paydown and fortify balance sheet 4 Return of Capital In the absence of value-creating opportunities 35

World-Class Leadership Team with Extensive Med Tech Expertise – Focused on Results Combining Deep Institutional Knowledge with Fresh Perspectives and Proven Approaches Massimo Calafiore President and Chief Executive Officer Patrick Fisher President, Global Orthopedics Max Reinhardt President, Global Spine Julie Andrews Chief Financial Officer Year Joined: 2024 Years in Industry: 20+ Year Joined: 2024 Years in Industry: 25+ Year Joined: 2024 Years in Industry: 25+ Year Joined: 2024 Years in Industry: 25+ Jason Shallenberger President,Bone Growth Therapies Aviva McPherron President, Global Operations & Quality Lucas Vitale Chief People & Business Operations Officer Beau StandishPhD, PEng Chief EnablingTechnologies Officer Year Joined: 2005 Years in Industry: 20+ Year Joined: 2023 Years in Industry: 15+ Year Joined: 2024 Years in Industry: 10+ Year Joined: 2024 Years in Industry: 20+ Andrés Cedrón Chief Legal Officer Jill Mason Chief Compliance & Risk Officer Julie Dewey Chief Investor Relations & Communications Officer Year Joined: 2024 Years in Industry: 15+ Year Joined: 2024 Years in Industry: 25+ Year Joined: 2015 Years in Industry: 15+

Investment Summary Why Invest in Orthofix? 01 Strong fundamentals with profitable growth opportunity and compelling value proposition across diverse portfolio 02 More focused commercial strategy with robust innovation pipeline complemented by successful cross-selling 03 Established leadership team well-positioned to implement strategic vision and achieve sustainable, profitable growth across portfolio 04 Improved operational execution to drive toward profitability objectives and positive free cash flow 05 Long-term financial targets reflect confidence in sustainable growth trends, commercial strategy and execution

For additional information, please contact: Julie Dewey, IRC Chief IR & Communications Officer juliedewey@orthofix.com 209-613-6945 www.Orthofix.com NASDAQ: OFIX

Financial and Non-GAAP Reconciliation Tables Appendix 39

Net Sales by Major Product Category by Reporting Segment     Three Months Ended December 31,   (Unaudited, U.S. Dollars, in millions)   2025     2024     Change     ConstantCurrencyChange   Bone Growth Therapies   $ 68.3     $ 63.9       7.0 %     7.0 % Spinal Implants, Biologics and Enabling Technologies*     112.3       110.2       1.9 %     1.8 % Global Spine*     180.6       174.1       3.7 %     3.7 % Global Limb Reconstruction     38.0       35.8       6.2 %     (0.1 %) Pro forma net sales*     218.6       209.9       4.1 %     3.1 % Impact from discontinuation of M6 product lines     1.3       5.8       (77.2 %)     (77.5 %) Reported net sales   $ 219.9     $ 215.7       2.0 %     0.9 % * Results above for each of Spinal Implants, Biologics, and Enabling Technologies; Global Spine; and pro forma net sales exclude the impact from discontinuation of the M6 product lines. Since pro forma net sales represent a non-GAAP measure, see the reconciliation above of the Company’s pro forma net sales to its reported figures under U.S. GAAP. The Company’s reported figures under U.S. GAAP represent each of the pro forma line items discussed above plus the impact from discontinuation of the M6 product lines.     Year Ended December 31,   (Unaudited, U.S. Dollars, in millions)   2025     2024     Change     ConstantCurrencyChange   Bone Growth Therapies   $ 247.2     $ 233.4       5.9 %     5.9 % Spinal Implants, Biologics and Enabling Technologies*     430.0       418.4       2.8 %     2.8 % Global Spine*     677.2       651.8       3.9 %     3.9 % Global Limb Reconstruction     134.7       124.2       8.4 %     5.3 % Pro forma net sales*     811.9       776.0       4.6 %     4.1 % Impact from discontinuation of M6 product lines     10.5       23.5       (55.6 %)     (55.5 %) Reported net sales   $ 822.3     $ 799.5       2.9 %     2.4 % * Results above for each of Spinal Implants, Biologics, and Enabling Technologies; Global Spine; and pro forma net sales exclude the impact from discontinuation of the M6 product lines. Since pro forma net sales represent a non-GAAP measure, see the reconciliation above of the Company’s pro forma net sales to its reported figures under U.S. GAAP. The Company’s reported figures under U.S. GAAP represent each of the pro forma line items discussed above plus the impact from discontinuation of the M6 product lines.

Condensed Consolidated Balance Sheets (U.S. Dollars, in thousands, except par value data)   December 31, 2025     December 31, 2024   Assets             Current assets             Cash and cash equivalents   $ 82,025     $ 83,238   Restricted cash     3,090       2,500   Accounts receivable, net of allowances of $8,308 and $7,418, respectively     135,746       134,713   Inventories     172,319       189,452   Prepaid expenses and other current assets     23,667       23,382   Total current assets     416,847       433,285   Property, plant, and equipment, net     129,399       139,804   Intangible assets, net     72,765       98,803   Goodwill     194,934       194,934   Other long-term assets     36,702       26,468   Total assets   $ 850,647     $ 893,294   Liabilities and shareholders’ equity             Current liabilities             Accounts payable   $ 58,392     $ 48,803   Current portion of finance lease liability     837       755   Other current liabilities     111,253       119,070   Total current liabilities     170,482       168,628   Long-term debt     157,391       157,015   Long-term portion of finance lease liability     17,060       17,835   Other long-term liabilities     55,677       46,692   Total liabilities     400,610       390,170   Contingencies             Shareholders’ equity             Common shares $0.10 par value; 100,000 shares authorized; 39,834 and 38,486 issued and outstanding as of December 31, 2025 and 2024, respectively     3,983       3,849   Additional paid-in capital     813,769       779,718   Accumulated deficit     (368,333 )     (276,141 ) Accumulated other comprehensive income (loss)     618       (4,302 ) Total shareholders’ equity     450,037       503,124   Total liabilities and shareholders’ equity   $ 850,647     $ 893,294  

Condensed Consolidated Statements of Operations     Three Months Ended     Year Ended       December 31,     December 31,   (U.S. Dollars, in thousands, except share and per share data)   2025     2024     2025     2024       (Unaudited)         Net sales   $ 219,911     $ 215,657     $ 822,312     $ 799,491   Cost of sales     63,569       66,816       256,295       253,606   Gross profit     156,342       148,841       566,017       545,885   Sales, general, and administrative     136,752       136,479       554,329       532,525   Research and development     15,373       18,807       65,847       73,643   Acquisition-related amortization, impairment, and remeasurement     3,723       5,031       27,269       24,336   Operating income (loss)     494       (11,476 )     (81,428 )     (84,619 ) Interest expense, net     (4,351 )     (14,920 )     (17,488 )     (29,631 ) Other income (expense), net     1,665       (3,315 )     8,106       (9,625 ) Loss before income taxes     (2,192 )     (29,711 )     (90,810 )     (123,875 ) Income tax benefit (expense)     (30 )     564       (1,382 )     (2,122 ) Net loss   $ (2,222 )   $ (29,147 )   $ (92,192 )   $ (125,997 )                           Net loss per common share:                         Basic   $ (0.06 )   $ (0.75 )   $ (2.33 )   $ (3.30 ) Diluted     (0.06 )     (0.75 )     (2.33 )     (3.30 ) Weighted average number of common shares (in millions):                         Basic     40.0       38.7       39.6       38.1   Diluted     40.0       38.7       39.6       38.1  

Adjusted Gross Profit and Adjusted Gross Margin     Three Months Ended December 31,     Year Ended December 31,   (Unaudited, U.S. Dollars, in thousands)   2025     2024     2025     2024   Gross profit   $ 156,342     $ 148,841     $ 566,017     $ 545,885   Share-based compensation expense     398       462       1,695       2,053   SeaSpine merger-related costs     (392 )     675       4,111       6,254   Restructuring costs and impairments related to M6 product lines     (401 )     —       13,309       —   Strategic investments     2       32       59       192   Acquisition-related fair value adjustments     —       3,047       —       12,188   Amortization/depreciation of acquired long-lived assets     313       313       1,253       1,153   Adjusted gross profit   $ 156,262     $ 153,370     $ 586,444     $ 567,725   Adjusted gross margin as a percentage of reported net sales     71.1 %     71.1 %     71.3 %     71.0 % Adjusted gross profit attributable to M6 product lines     (256 )     (3,316 )     (4,791 )     (11,556 ) Pro forma adjusted gross profit   $ 156,006     $ 150,054     $ 581,653     $ 556,169   Pro forma adjusted gross margin as a percentage of pro forma net sales     71.4 %     71.5 %     71.6 %     71.7 %

Adjusted EBITDA and Pro Forma Adjusted EBITDA     Three Months Ended December 31,     Year Ended December 31,   (Unaudited, U.S. Dollars, in thousands)   2025     2024     2025     2024   Net loss   $ (2,222 )   $ (29,147 )   $ (92,192 )   $ (125,997 ) Income tax expense (benefit)     30       (564 )     1,382       2,122   Interest expense, net     4,351       14,920       17,488       29,631   Depreciation and amortization     13,078       15,994       77,321       60,061   Share-based compensation expense     7,214       7,165       28,688       32,455   Foreign exchange impact     314       3,132       (2,910 )     4,395   SeaSpine merger-related costs     (49 )     1,493       6,093       14,485   Restructuring costs and impairments related to M6 product lines     495       —       14,564       —   Strategic investments     821       440       4,915       910   Acquisition-related fair value adjustments     660       3,737       (1,140 )     19,088   Interest and (gain) loss on investments     (7 )     —       (48 )     5,120   Litigation and investigation costs     5,169       5,452       33,788       15,770   Succession charges     —       1,315       —       9,376   Employee retention credit     (1,972 )     —       (4,826 )     —   Adjusted EBITDA   $ 27,882     $ 23,937     $ 83,123     $ 67,416   Adjusted EBITDA as a percentage of reported net sales     12.7 %     11.1 %     10.1 %     8.4 % Operating losses attributable to M6 product lines     1,323       1,058       2,741       6,371   Pro forma adjusted EBITDA   $ 29,205     $ 24,995     $ 85,864     $ 73,787   Pro forma adjusted EBITDA as a percentage of pro forma net sales     13.4 %     11.9 %     10.6 %     9.5 %

Adjusted Net Income and Pro Forma Adjusted Net Income     Three Months Ended December 31,     Year Ended December 31,   (Unaudited, U.S. Dollars, in thousands)   2025     2024     2025     2024   Net loss   $ (2,222 )   $ (29,147 )   $ (92,192 )   $ (125,997 ) Share-based compensation expense     7,214       7,165       28,688       32,455   Foreign exchange impact     314       3,132       (2,910 )     4,395   SeaSpine merger-related costs     (449 )     4,430       8,962       17,864   Restructuring costs and impairments related to M6 product lines     496       —       35,495       —   Strategic investments     824       470       4,966       1,036   Acquisition-related fair value adjustments     660       3,737       (1,140 )     19,088   Amortization/depreciation of acquired long-lived assets     3,376       4,837       15,627       19,323   Litigation and investigation costs     5,169       5,452       33,788       15,770   Succession charges     —       1,315       —       9,376   Interest and (gain) loss on investments     (7 )     —       (48 )     5,070   Employee retention credit     (2,197 )     —       (5,813 )     —   Long-term income tax rate adjustment     (3,668 )     (796 )     (6,123 )     1,981   Adjusted net income   $ 9,510     $ 595     $ 19,300     $ 361   Operating losses attributable to M6 product lines     1,336       1,533       2,282       8,261   Long-term income tax rate adjustment for M6 product lines     (374 )     (429 )     (639 )     (2,313 ) Pro forma adjusted net income   $ 10,472     $ 1,699     $ 20,943     $ 6,309  

Cash Flow and Free Cash Flow     Year Ended December 31,   (U.S. Dollars, in thousands)   2025     2024   Net cash provided by operating activities   $ 33,347     $ 25,790   Net cash used in investing activities     (34,598 )     (27,580 ) Net cash provided by (used in) financing activities     (786 )     50,709   Effect of exchange rate changes on cash     1,414       (938 ) Net change in cash, cash equivalents, and restricted cash   $ (623 )   $ 47,981       Year Ended December 31,   (Unaudited, U.S. Dollars, in thousands)   2025     2024   Net cash provided by operating activities   $ 33,347     $ 25,790   Capital expenditures     (34,626 )     (34,876 ) Free cash flow   $ (1,279 )   $ (9,086 )

Adjusted Sales, General and Administrative Expense     Three Months Ended December 31,     Year Ended December 31,   (Unaudited, U.S. Dollars, in thousands)   2025     2024     2025     2024   Sales, general, and administrative   $ 136,752     $ 136,479     $ 554,329     $ 532,525   Reconciling items impacting sales, general, and administrative:                         SeaSpine merger-related costs     66       (3,617 )     (4,614 )     (11,072 ) Restructuring costs and impairments related to M6 product lines     (898 )     —       (6,164 )     —   Strategic investments     (879 )     (456 )     (2,819 )     (602 ) Amortization/depreciation of acquired long-lived assets     (1 )     (182 )     (61 )     (733 ) Litigation and investigation costs     (5,169 )     (5,452 )     (33,338 )     (15,770 ) Succession charges     —       (160 )     —       (8,221 ) Sales, general, and administrative expense, as adjusted   $ 129,871     $ 126,612     $ 507,333     $ 496,127   As a percentage of reported net sales     59.1 %     58.7 %     61.7 %     62.1 % Sales, general, and administrative expense attributable to M6 product lines     (866 )     (3,667 )     (3,914 )     (14,108 ) Pro forma sales, general, and administrative expense, as adjusted   $ 129,005     $ 122,945     $ 503,419     $ 482,019   As a percentage of pro forma net sales     59.0 %     58.6 %     62.0 %     62.1 %

Adjusted Research and Development Expense     Three Months Ended December 31,     Year Ended December 31,   (Unaudited, U.S. Dollars, in thousands)   2025     2024     2025     2024   Research and development expense, as reported   $ 15,373     $ 18,807     $ 65,847     $ 73,643   Reconciling items impacting research and development:                         SeaSpine merger-related costs     (9 )     (154 )     (237 )     (538 ) Restructuring costs and impairments related to M6 product lines     2       —       (1,927 )     —   Strategic investments     54       19       (2,090 )     (242 ) Litigation and investigation costs     —       —       (450 )     —   Succession charges     —       (1,155 )     —       (1,155 ) Research and development expense, as adjusted   $ 15,420     $ 17,517     $ 61,143     $ 71,708   As a percentage of reported net sales     7.0 %     8.1 %     7.4 %     9.0 % Research and development expense attributable to M6 product lines     (710 )     (2,501 )     (3,086 )     (9,364 ) Pro forma research and development expense, as adjusted   $ 14,710     $ 15,016     $ 58,057     $ 62,344   As a percentage of pro forma net sales     6.7 %     7.2 %     7.2 %     8.0 %

Adjusted Non-Operating (Income) Expense     Three Months Ended December 31,     Year Ended December 31,   (Unaudited, U.S. Dollars, in thousands)   2025     2024     2025     2024   Non-operating expense   $ 2,686     $ 18,235     $ 9,382     $ 39,256   Reconciling items impacting non-operating expense:                         Restructuring costs and impairments related to M6 product lines     —       —       3       —   Foreign exchange impact     (314 )     (3,132 )     2,910       (4,395 ) Interest and gain (loss) on investments     7       —       48       (5,070 ) Employee retention credit     2,198       —       5,814       —   Non-operating expense, as adjusted   $ 4,577     $ 15,103     $ 18,157     $ 29,791   As a percentage of reported net sales     2.1 %     7.0 %     2.2 %     3.7 % Losses attributable to M6 product lines     (15 )     (56 )     (72 )     (144 ) Pro forma non-operating expense, as adjusted   $ 4,562     $ 15,047     $ 18,085     $ 29,647   As a percentage of pro forma net sales     2.1 %     7.2 %     2.2 %     3.8 %

Pro Forma Non-GAAP Financial Statements – Excluding Impact of M6 Product Lines     Three Months Ended   Year Ended (Unaudited, U.S. Dollars, in thousands)   March 31, 2025   June 30, 2025   September 30, 2025   December 31, 2025   December 30, 2025 Net sales   $ 189,203   $ 200,658   $ 203,411   $ 218,590   $ 811,862 Cost of sales (inclusive of share-based compensation expense)   56,183   54,770   56,672   62,584   230,209 Gross profit   133,020   145,888   146,739   156,006   581,653 Sales, general, and administrative   121,851   127,698   124,862   129,007   503,418 Research and development   14,623   14,615   14,109   14,710   58,057 Less - Share-based compensation expense in operating expenses   (6,008)   (7,356)   (6,814)   (6,815)   (26,993) Operating income   2,554   10,931   14,582   19,104   47,171 Interest expense, net   (4,501)   (4,707)   (4,676)   (4,571)   (18,455) Other expense, net   212   111   37   10   370 Loss before income taxes   (1,735)   6,335   9,943   14,543   29,086 Income tax (expense) benefit   486   (1,775)   (2,783)   (4,072)   (8,144) Net income (loss)   $ (1,249)   $ 4,560   $ 7,160   $ 10,472   $ 20,943

Pro Forma Non-GAAP Adjusted EBITDA – Excluding Impact of M6 Product Lines     Three Months Ended   Year Ended   Three Months Ended   Year Ended (Unaudited, U.S. Dollars, in thousands)   March 31, 2025   June 30, 2025   September 30, 2025   December 31, 2025   December 31, 2025   March 31, 2024   June 30, 2024   September 30, 2024   December 31, 2024   December 31, 2024 Net loss   $ (20,201)   $ (10,589)   $ (23,232)   $ (390)   $ (54,412)   $ (32,501)   $ (30,172)   $ (23,930)   $ (26,477)   $ (113,079) Income tax expense   961   (144)   533   30   1,379   851   1,084   751   (564)   2,122 Interest expense, net   4,501   3,945   4,676   4,346   17,468   4,553   4,938   5,205   14,915   29,611 Depreciation and amortization   13,669   16,739   13,390   13,072   56,870   13,341   12,606   13,780   14,562   54,289 Share-based compensation expense   6,469   7,824   7,181   7,214   28,688   8,689   9,864   6,443   7,086   32,082 Foreign exchange impact   (1,044)   (2,751)   571   314   (2,910)   1,577   851   (1,180)   3,091   4,338 SeaSpine merger-related costs   1,130   4,886   126   (49)   6,093   4,462   5,946   2,312   1,440   14,160 Restructuring costs and impairments related to M6 product lines   —   —   —   (1)   —   —   —   —   —   — Strategic investments   3,514   353   227   821   4,915   120   311   39   440   910 Acquisition-related fair value adjustments   (610)   (763)   (427)   660   (1,140)   4,217   6,117   5,017   3,737   19,088 Interest and (gain) loss on investments   —   (31)   (10)   (7)   (48)   (260)   1,813   3,567   —   5,120 Litigation and investigation costs   3,042   4,029   21,548   5,169   33,788   2,260   (277)   8,335   5,452   15,770 Succession charges   —   —   —   —   —   2,210   5,346   505   1,315   9,376 Employee retention credit   —   (2,854)   —   (1,972)   (4,826)   —   —   —   —   — Adjusted EBITDA   $ 11,431   $ 20,646   $ 24,582   $ 29,205   $ 85,864   $ 9,519   $ 18,427   $ 20,844   $ 24,997   $ 73,787

Pro Forma Non-GAAP Adjusted Net Income (Loss) and Adjusted Gross Margin – Excluding Impact of M6 Product Lines     Three Months Ended   Year Ended   Three Months Ended   Year Ended (Unaudited, U.S. Dollars, in thousands)   March 31, 2025   June 30, 2025   September 30, 2025   December 31, 2025   December 31, 2025   March 31, 2024   June 30, 2024   September 30, 2024   December 31, 2024   December 31, 2024 Net loss   $ (20,201)   $ (10,589)   $ (23,232)   $ (390)   $ (54,412)   $ (32,501)   $ (30,172)   $ (23,930)   $ (26,477)   $ (113,079) Share-based compensation expense   6,469   7,824   7,181   7,214   28,688   8,689   9,864   6,443   7,086   32,082 Foreign exchange impact   (1,044)   (2,751)   571   314   (2,910)   1,577   851   (1,180)   3,090   4,338 SeaSpine merger-related costs   1,474   7,786   151   (449)   8,962   4,831   6,016   2,315   4,396   17,558 Restructuring costs and impairments related to M6 product lines   20,324   604   —   —   20,928   —   —   —   —   — Strategic investments   3,543   364   235   824   4,966   126   371   69   470   1,036 Acquisition-related fair value adjustments   (610)   (761)   (427)   660   (1,140)   4,217   6,117   5,017   3,737   19,088 Amortization/depreciation of acquired long-lived assets   (15,693)   3,615   3,396   3,376   (5,304)   3,812   3,668   4,066   3,857   15,403 Litigation and investigation costs   3,042   4,029   21,548   5,169   33,788   2,260   (277)   8,335   5,452   15,770 Succession charges   —   —   —   —   —   2,210   5,346   505   1,315   9,376 Interest and (gain) loss on investments   —   (31)   (10)   (7)   (48)   (260)   1,764   3,567   —   5,070 Employee retention credit   —   (3,616)   —   (2,197)   (5,813)   —   —   —   —   — Long-term income tax rate adjustment   1,447   (1,915)   (2,253)   (4,042)   (6,762)   2,024   (213)   (918)   (1,225)   (332) Adjusted net income (loss)   $ (1,249)   $ 4,560   $ 7,160   $ 10,472   $ 20,943   $ (3,015)   $ 3,335   $ 4,289   $ 1,701   $ 6,310     Three Months Ended   Year Ended   Three Months Ended   Year Ended (Unaudited, U.S. Dollars, in thousands)   March 31, 2025   June 30, 2025   September 30, 2025   December 31, 2025   December 31, 2025   March 31, 2024   June 30, 2024   September 30, 2024   December 31, 2024   December 31, 2024 Gross profit   $ 131,633   $ 140,683   $ 146,534   $ 155,686   $ 574,536   $ 124,360   $ 131,819   $ 132,862   $ 145,563   $ 534,604 Share-Based Compensation Expense   462   467   368   398   1,695   524   484   545   468   2,021 SeaSpine Merger-Related Costs   600   4,341   (438)   (392)   4,111   1,303   3,115   963   631   6,012 Restructuring costs and impairments related to M6 product lines   (1)   1   —   (1)   (1)   —   —   —   —   — Strategic investments   13   43   1   2   59   65   63   32   32   192 Acquisition-related fair value adjustments   —   —   —   —   —   3,047   3,047   3,047   3,047   12,188 Amortization/depreciation of acquired long-lived assets   313   351   276   313   1,253   318   209   313   313   1,153 Adjusted gross profit   $ 133,020   $ 145,887   $ 146,741   $ 156,006   $ 581,653   $ 129,617   $ 138,737   $ 137,762   $ 150,054   $ 556,170 Adjusted gross margin as a percentage of net sales   70.3%   72.7%   72.1%   71.4%   71.6%   71.2%   72.0%   72.0%   71.5%   71.7%

FAQ

How did Orthofix (OFIX) perform financially in the fourth quarter of 2025?

Orthofix reported Q4 2025 net sales of $219.9 million, up 2% year over year. Pro forma constant-currency net sales grew 3.1% to $218.6 million. The company narrowed its Q4 net loss to $2.2 million and delivered non-GAAP pro forma adjusted EBITDA of $29.2 million.

What were Orthofix’s full-year 2025 results for revenue and profitability?

For 2025, Orthofix generated net sales of $822.3 million, a 2.9% increase versus 2024, with pro forma constant-currency growth of 4.1%. Non-GAAP pro forma adjusted EBITDA rose to $85.9 million (10.6% margin), and the full-year net loss improved to $92.2 million from $126.0 million.

How strong was Orthofix’s free cash flow and liquidity at the end of 2025?

Orthofix produced $16.8 million of free cash flow in Q4 2025 and was near breakeven for the full year, or $3.1 million positive excluding M6-related restructuring. Cash, cash equivalents, and restricted cash totaled $85.1 million at December 31, 2025, supporting ongoing operations.

What 2026 financial guidance has Orthofix (OFIX) provided?

For 2026, Orthofix expects net sales between $850 million and $860 million, implying mid-single-digit pro forma constant-currency growth. Management also guides to non-GAAP adjusted EBITDA of $95–$98 million and anticipates positive free cash flow, excluding any potential legal settlements.

What are Orthofix’s revised 2026–2028 long-term financial targets?

Orthofix updated its three-year outlook to target a 6.5–7.5% net sales compound annual growth rate from 2026 through 2028. The company aims for mid-teens non-GAAP adjusted EBITDA margin by full-year 2028 and positive free cash flow each year, excluding potential legal settlements.

How did Orthofix’s main business segments perform in 2025?

In 2025, pro forma net sales reached $811.9 million, led by Bone Growth Therapies at $247.2 million, Spinal Implants, Biologics and Enabling Technologies at $430.0 million, and Global Limb Reconstruction at $134.7 million. Segment growth ranged from roughly 2.8% to 8.4% year over year.

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