Grizzly Research shorts Ottobock, cites Russia exposure

Grizzly Research said on May 19 that it had taken a short position in Ottobock SE & Co. KGaA, the German prosthetics maker that listed in Frankfurt in October 2025. In a report published on its website, Grizzly said its thesis centered on majority owner Hans Georg Näder’s margin loan exposure and Ottobock’s continued business ties to Russia. The short seller said those issues, along with what it described as aggressive accounting, put minority shareholders at risk. Ottobock’s investor relations and media pages showed no public response to the report at the time of writing. ### What exactly did Grizzly allege about Hans Georg Näder’s financing? Grizzly Research said Hans Georg Näder, Ottobock’s majority owner, controls about 81% of the company and has pledged all of his shares in a margin loan structure. The report said the loan has a nominal value of about €1.5 billion, accrues interest at roughly 15% a year and matures in 2030. (grizzlyreports.com) The report said Näder’s debt load could create an “overhang” for minority investors because Ottobock is, in Grizzly’s words, the only discernible profitable asset available to support those obligations. That characterization comes from Grizzly, which disclosed it was short the stock. ### What is the Russia issue in the short thesis? Grizzly’s May 19 report said Ottobock still derives a significant share of profit from Russia-related business. (grizzlyreports.com) The firm estimated that 35.1% of Ottobock’s total net income comes from sales to Russia and said larger portions of exports may be routed there through other countries. A separate website run by critics of Näder cited prior reporting that Ottobock’s Russian subsidiaries generated profit in 2023 and quoted a German business publication as saying business in roubles had contributed significantly to group revenue growth. (grizzlyreports.com) Reuters could not independently verify Grizzly’s 35.1% estimate from the material reviewed. ### What did Grizzly say about Ottobock’s accounting? Grizzly said Ottobock uses “Underlying Core EBITDA” and accounting treatment around research and development costs and the consolidation of its Russia business in ways that overstate earnings. The report said German accounting and audit experts consulted by Grizzly viewed those practices as impermissible, though the report did not identify those experts by name in the excerpts reviewed. (naeder.by) Ottobock’s own March 19 annual-results statement reported 2025 core revenue of €1.6 billion, underlying core EBITDA of €415.3 million and underlying net income of €177.3 million. The company also reported net income after extraordinary items of €88.3 million and said 2025 free cash flow rose to €228.0 million. (grizzlyreports.com) ### What is Ottobock’s recent market backdrop? Ottobock went public in Frankfurt in October 2025 at a total equity valuation of about €3.8 billion, with roughly €808 million of IPO shares sold, according to Grizzly’s report. Grizzly said the company now trades at about 42 times trailing earnings and put what it called fair value at around €30 a share. That valuation view is Grizzly’s and was published alongside its short disclosure. (marketscreener.com) Ottobock’s March 19 statement described 2025 as a record year, with double-digit growth across all regions and a proposed dividend of €0.97 per share. The company’s filings page also shows its annual general meeting scheduled for May 19 in Duderstadt. (grizzlyreports.com) ### Has Ottobock answered the report? Ottobock’s media and investor pages available on May 19 did not show a public rebuttal or separate statement addressing Grizzly’s allegations. The company’s events page remained live, and the annual general meeting notice was already posted in company filings. May 19 is the next immediate milestone because Ottobock shareholders are due to meet in Duderstadt at the annual general meeting. (marketscreener.com) Any company response, updated disclosure or management remarks would most likely appear through Ottobock’s investor relations or media channels. (eqs-news.com) (investors.ottobock.com)