Oriola Corporation Stock Exchange Release 25 February 2026 at 8.30 a.m. EET
Oriola Corporation's Financial Statements Release 1 January-31 December 2025
Steady progress in adjusted EBITDA and strategic priorities
October-December 2025 highlights
- Invoicing increased by 12.8 % to EUR 1,109.8 (983.5) million.
- Net sales increased by 13.9% to EUR 502.0 (440.7) million.
- Sales margin increased by 2.0% to EUR 43.3 (42.4) million.
- Adjusted EBITDA was EUR 9.9 (9.4) million.
- EBITDA was EUR 5.8 (7.0) million including adjusting items of EUR -4.1 (-2.4) million.
- Result for the quarter totalled EUR -18.0 (-17.8) million and earnings per share were EUR -0.10 (-0.10). The loss includes Oriola share of the result of the joint venture Kronans Apotek of EUR -18.9 (-19.5) million, which includes Oriola's share of the goodwill impairment EUR 15.8 (16.3) million.
- Free cash flow was EUR 46.8 (39.2) million.
January-December 2025 highlights:
- Invoicing increased by 11.4 % to EUR 4,201.2 (3,771.8) million.
- Net sales increased by 13.5% to EUR 1,906.2 (1,679.7) million.
- Sales margin increased by 4.4% to EUR 166.8 (159.8) million.
- Adjusted EBITDA was EUR 35.1 (33.4) million.
- EBITDA was EUR 20.3 (27.2) million including adjusting items of EUR -14.8 (-6.2) million.
- Result for the financial year totalled EUR -27.2 (-20.1) million and earnings per share were EUR -0.15 (-0.11). The loss includes Oriola share of the result of the joint venture Kronans Apotek of EUR -22.8 (-24.8) million, which includes Oriola's share of the goodwill impairment EUR 15.8 (16.3) million.
- Free cash flow was EUR 58.4 (43.4) million.
The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.03 (0.07) per share be paid for 2025. It is further proposed that the Annual General Meeting authorises the Board of Directors, at its discretion, to resolve on the distribution of a possible second dividend instalment up to a maximum of EUR 0.04 per share. It is the intention of the Board of Directors that the possible dividend payment pursuant to this authorisation would be carried out in November 2026.
Key figures
| 2025 | 2024 | Change | 2025 | 2024 | Change | |
| EUR million | 10-12 | 10-12 | % | 1-12 | 1-12 | % |
| Invoicing | 1,109.8 | 983.5 | 12.8 | 4,201.2 | 3,771.8 | 11.4 |
| Net sales | 502.0 | 440.7 | 13.9 | 1,906.2 | 1,679.7 | 13.5 |
| Sales margin | 43.3 | 42.4 | 2.0 | 166.8 | 159.8 | 4.4 |
| Adjusted EBITDA1 | 9.9 | 9.4 | 5.5 | 35.1 | 33.4 | 4.8 |
| EBITDA | 5.8 | 7.0 | -17.2 | 20.3 | 27.2 | -25.4 |
| Adjusted EBITDA % | 2.0 | 2.1 | 1.8 | 2.0 | ||
| EBITDA % | 1.2 | 1.6 | 1.1 | 1.6 | ||
| Result for the period | -18.0 | -17.8 | -0.9 | -27.2 | -20.1 | -35.6 |
| Earnings per share, EUR | -0.10 | -0.10 | -0.15 | -0.11 | ||
| Net cash flow from operating activies | 47.6 | 37.5 | 60.0 | 38.7 | ||
| Free cash flow | 46.8 | 39.2 | 58.4 | 43.4 | ||
| Gearing, % | -81.4 | -28.0 | ||||
| Equity ratio, % | 10.8 | 15.4 | ||||
| Return on capital employed (ROCE), % | 1.3 | 5.4 |
1 Adjusting items are specified in Adjusting items on page 19.
In order to reflect the underlying business performance and to enhance comparability between financial periods, Oriola discloses certain performance measures of historical performance, financial position and cash flows, as permitted in the "Alternative performance measures" guidance issued by the European Securities and Markets Authority (ESMA). These measures should not be considered as a substitute for measures of performance in accordance with the IFRS. The calculation methods of these measures are provided under Key financial indicators in this Interim report.
Outlook for 2026
In 2026, the pharmaceutical distribution market is expected to continue to grow. Value growth is expected to be driven by high-value pharmaceuticals and products requiring advanced logistics.
The uncertainty in the geopolitical environment remains, and the availability issues of certain pharmaceuticals are expected to continue. Typically, in economic uncertainty, consumers tend to shift purchases of everyday health and wellness products toward low-price categories.
For 2026, Oriola expects the adjusted EBITDA to increase from the previous year (2025: EUR 35.1 million). The expectation of improved adjusted EBITDA is based on growing markets and strategy execution.
CEO Katarina Gabrielson:
We delivered steady progress in line with our expectations, and the second half of the year was particularly strong. Throughout the year, we reinforced customer focus - a strategic priority following the introduction of our new operating model. Strengthening partnerships, onboarding new customers, expanding our value-adding services and product portfolio, and improving operational efficiency all contributed to a solid year and a stronger foundation for the next phase of our strategy. In 2025, Oriola's net sales increased by 14% to EUR 1,906 million. Sales margin improved to EUR 166.8 (159.8) million and adjusted EBITDA grew to EUR 35.1 million, exceeding the previous year's level.
Sustainability remained a key priority in 2025. Our new ambitious climate targets were validated by the Science Based Targets initiative (SBTi), confirming alignment with the 1.5°C pathway. Compared with the 2023 base year, we have reduced Scope 1 and Scope 2 emissions by 40%.
Progress with strategic investments
We also advanced our strategic investment to renew Oriola's ERP (enterprise resource planning) and WMS (warehouse management systems). At the end of the year, we completed the first deployment in Sweden, and preparations for the next deployment are underway. The planning phase for the distribution operations in Finland was finalised in December, and in early January 2026, the Board of Directors approved the development of a highly automated, state-of-the-art distribution centre in Järvenpää, valued at EUR 110-120 million. The distribution centre will increase capacity by 30% and cold chain capacity by 80%. Built to BREEAM Excellent standards, it will be 50% more energy efficient and reduce Scope 1 and 2 emissions in Finland. Construction has already started, with relocation planned to begin in late 2027. Following this move, our headquarters will relocate to another site within Espoo.
Stronger supply chain
During the year, we strengthened Oriola's supply chain, ensuring stable and reliable distribution services for our customers. In Sweden, we expanded capacity to support strong volume growth and secure product availability. We also delivered our most successful vaccine season, with delivered volumes exceeding the previous year by more than 20%. Continuous improvement efforts increased tote filling rates in both countries enhancing transport efficiency and sustainability. We also implemented new digital and AI-driven tools that improve workflow and productivity.
Improved customer satisfaction
In the distribution business, we emphasised strong partnerships and engaged in closer dialogues with our customers, implementing improvement measures in response to their feedback. This is evidenced by a continuous improvement of customer satisfaction, reflected in an all-time high Net Promoter Score (NPS). With our holistic service offering and strong market support we aim to reduce complexity for our customers.
Solid portfolio meeting customer needs
We continued to expand our wholesale offering based on customer needs, secured new listings, and renewed our own brands such as Dexal and Apteekkarin. These efforts are visible in improved NPS results, particularly in feedback regarding our range and quality of products. We also developed capabilities to serve cross-market the growing e-commerce and retail customer base, for example through pallet deliveries in Sweden. In advisory, we have identified business opportunities to use AI-driven tools to enhance our services, including commercial data and medical information.
Acquisition to strengthen advisory business
During the first half of the year, we completed the sale of the Swedish dose dispensing business and acquired MedInfo in Denmark. The acquisition strengthens our position in the Nordic advisory market and enables us to offer a full-service portfolio in medical information and patient support programmes in all Nordic markets.
Q4 2025: Good progress in both segments
In the fourth quarter, net sales increased by 14% to EUR 502 million and sales margin reached EUR 43.3 (42.4) million, both supported by the Distribution and Wholesale segments. Adjusted EBITDA increased to EUR 9.9 (9.4) million. The Distribution segment continued to deliver solid results in the fourth quarter, driven by strong partnerships, increase in value-adding services, higher vaccine volumes in Sweden, and market value growth. In Finland, the dose dispensing business performed well. Within the Wholesale segment, the investments to strengthen our commercial capabilities in Finland at the beginning of the year started to show good results in the fourth quarter. In addition, growth in Finland was supported by special-licensed medicines and double-digit growth in sales to veterinarians. Parallel import in Sweden continued a strong performance driven by weight-loss medicines. In advisory, the positive development in commercial data services continued with strong growth.
Integration of Kronans Apotek completed
Our joint venture, Kronans Apotek, achieved transformation milestones in 2025, completing its integration and harmonising key business systems. Activities included pharmacy network adjustments and private label initiatives. These efforts strengthened the organisation's governance and operational foundation, and improved scalability. Throughout 2025, multiple commercial initiatives were started, and the organisation defined its long-term commercial strategy. In addition, actions were started to strengthen cross-functional coordination, to increase flexibility and competitiveness, and to optimise key processes and customer journeys. In the fourth quarter, Kronans Apotek reported a market share of 20.7% and total sales increased in local currency by 2.9% from the previous year, driven by growth in both physical pharmacies and the e-commerce channel.
Commitment to customer focus and strategic priorities
Looking ahead, we have initiated a review of Oriola's long-term plan and financial targets to support growth, drive profitability, and establish capital allocation priorities. We will share details of the review at our Capital Markets Day on 12 May 2026, in Helsinki.
Our commitment to our customers remains strong. We will continue to develop our holistic services and product offering, while executing our strategic priorities essential for our long-term growth and success. These initiatives require effective change management, strong leadership, and continuous open dialogue with our people.
In the beginning of the year, we strengthened the commercial capabilities within our management team, enhancing our ability to capture new opportunities and supporting the company's continued growth. The progress achieved in 2025 gives us confidence that our strategy is working, and we enter the coming year well positioned to build further on this achievement.
I want to thank everyone at Oriola for our joint achievements and the dedication over the past year. Your hard work and commitment have been instrumental to our progress. I also extend my appreciation to our customers, partners and shareholders for their ongoing support and trust in us.
Disclosure procedure
This stock exchange release is a summary of Oriola Corporation's Financial Statements Release 2025. The complete report is attached to this release in pdf format and is also available on Oriola's website at www.oriola.com.
Analyst and investor meeting at 10.00 a.m. EET
Oriola's CEO Katarina Gabrielson and CFO Mats Danielsson will present the full-year results at a live audiocast meeting today at 10.00 a.m. EET. Join the meeting: https://oriola.events.inderes.com/q4-2025
Next financial reports
Oriola Corporation will publish its Annual Report 2025 during week 10 (latest 4 March 2026) and the Interim Report for January-March 2026 on Wednesday 29 April 2026.
Oriola's Capital Markets Day 2026
The Capital Markets Day will be held on 12 May 2026 live in Helsinki and webcasted online. Detailed information on the agenda, venue and registration will be published closer to the event.
Further information:
Mats Danielsson
CFO
email: mats.danielsson@oriola.com
Mikael Wegmüller
VP, Communications and Sustainability
email: mikael.wegmuller@oriola.com
Distribution:
Nasdaq Helsinki Ltd
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