Ottobock categorically rejects the published report by Grizzly Research LLC (Grizzly) and the false conclusions it draws. By its own description, Grizzly is a short seller that has disclosed that it and/or related parties hold or may hold short positions in Ottobock shares. The report is therefore explicitly an opinion by a short seller (a short-biased report) that, according to its own disclaimer, has an economic interest in a declining share price.

Grizzly did not contact Ottobock prior to publication. The company considers the report defamatory and highly misleading and is currently reviewing legal steps, including a notification to the competent German supervisory authority on suspicion of market manipulation.

The report addresses topics that have already been disclosed by the company, have previously been reported on and proven false, or concern private matters at shareholder level.

Ottobock fully reaffirms the integrity of its securities prospectus approved by BaFin in October 2025, the financial statements audited and issued with unqualified audit opinions by independent auditor KPMG AG Wirtschaftsprüfungsgesellschaft, as well as all other capital market disclosures.

On the main allegations:

Claim: Ottobock applies “aggressive accounting metrics”, regarding the capitalization of development costs and the useful lives applied to property, plant and equipment.
Ottobock stands for transparent, compliant accounting and reporting. Its financial reporting is prepared in accordance with IFRS accounting principles and is audited by independent auditors. The mandatory capitalisation of development costs is carried out in line with the strict criteria of IAS 38. The depreciation period for property, plant and equipment is based, in accordance with IAS 16, on the expected useful economic life of each individual asset.
 

Claim: The presentation of “Core” and “Non-Core” enables Ottobock to conceal underperforming business areas.
The definitions of the Core and Non-Core business are transparently disclosed. In a phase of portfolio streamlining, the separate and additional presentation of Core and Non-Core key figures at Group level increases transparency for investors, as it provides a fair view of the operating performance of the continuing core business even before the divestment of non-strategic activities has been fully completed.
 

Claim: Russia accounts for around 35% of Ottobock’s net income; Ottobock supports Russia’s war effort.
The calculation presented in the report regarding the earnings contribution of the Russia business is incorrect; it is based on false metrics and therefore does not allow any conclusions to be drawn about the actual earnings contribution.
In Russia, Ottobock focuses exclusively on supplying civilians. There are no contracts with the military or military-related institutions, and the company does not participate in any military tenders.
 

Claim: Because of the “SE & Co. KGaA structure”, shareholders have no real influence in the company.
Ottobock operates under a legal structure that is established in the German capital markets and used by leading listed companies such as Fresenius and Hella. The structure reflects the company’s long-standing family heritage and supports a long-term strategic orientation from which all shareholders benefit.

Claim: Frequent changes in management, particularly in the CFO position, indicate unreliable leadership.
Ottobock is led by a long-serving management team. CEO and CSO Oliver Jakobi has been with the company for more than 30 years, having joined in 1990. Before his appointment to the Management Board in 2020, he held various senior leadership roles within the Group and therefore has extensive experience. CFO Dr Arne Kreitz joined Ottobock in 2018 as Chief Strategy and Transformation Officer and has served as CFO since 2022. COO and CTO Arne Jörn has been a member of the Management Board since March 2018, and CXO Martin Böhm since June 2021.
 

Allegations concerning Professor Hans Georg Näder or Näder Holding.
Ottobock does not comment on shareholder matters. Accordingly, the company will not comment on personal matters concerning Professor Hans Georg Näder or on issues relating to Näder Holding. Näder Holding is managed and financed independently of Ottobock. Financing arrangements at shareholder level are not obligations of Ottobock and do not give rise to any recourse against the company.

Ottobock has appointed external experts to review and consistently pursue all legal and regulatory steps against those responsible in connection with the report and its publication.