Oriola Oyj — Earnings Release 2025

Feb 25, 2026

Oriola Corporation's Financial Statements Release 1 January-31 December 2025

Oriola Corporation's Financial Statements Release 1 January-31 December 2025

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 EBITDA[1] 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 -18.0 -17.8 -0.9 -27.2 -20.1 -35.6
period
Earnings per -0.10 -0.10 -0.15 -0.11
share, EUR
Net cash flow from 47.6 37.5 60.0 38.7
operating activies
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 1.3 5.4
employed (ROCE), %

[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
Key media

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