Oriola Oyj: Oriola Corporation's Half-Year Report 1 January-30 June 2026

Oriola Corporation Stock Exchange Release 17 July 2026 at 8.30 a.m. EEST

Oriola Corporation's Half-Year Report 1 January-30 June 2026

Continued net sales growth in Product segment, Group profitability at last year's level

April-June 2026 highlights:

• Invoicing increased by 5.3 % to EUR 1,129.1 (1,072.6) million.
• Net sales increased by 1.7% to EUR 51.8 (50.9) million.
• Adjusted EBITDA was EUR 8.1 (8.1) million.
• EBITDA was EUR 3.9 (1.6) million and included adjusting items of EUR -4.2 (-6.5) million mainly related to the implementation cost of the ERP investment.
• Result for the quarter totalled EUR -1.3 (-5.6) million and earnings per share were EUR -0.01 (-0.03).
• Free cash flow was EUR -14.3 (-4.2) million.

January-June 2026 highlights:

• Invoicing increased by 6.6 % to EUR 2,210.2 (2,072.8) million.
• Net sales decreased by 0.3% to EUR 101.6 (101.9) million (excluding the Swedish dose dispensing business net sales growth was 3.5%).*
• Adjusted EBITDA was EUR 15.7 (15.6) million (excluding the Swedish dose dispensing business adjusted EBITDA for Q2 2025 was EUR 15.4 million).*
• EBITDA was EUR 9.1 (7.5) million and included adjusting items of EUR -6.6 (-8.1) million mainly related to the implementation cost of the ERP investment.
• Result for the period totalled EUR -3.3 (-11.0) million and earnings per share were EUR -0.02 (-0.06).
• Free cash flow was EUR -35.2 (20.8) million.

*Reported figures include the Swedish dose dispensing business which was divested 1 April 2025. 

Key figures

¹ Adjusting items are specified in Adjusting items on page 20.

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 Half-Year 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:

The positive sales development in the wholesale business in Finland continued, and volumes in the distribution of speciality flows remained at a high level. Demand for Oriola's pharmaceutical distribution services was somewhat weaker than anticipated. Group profitability was at last year's level, despite higher freight costs driven by increased fuel prices. Measures implemented in the second quarter are expected to mitigate the impact more effectively in the coming quarters.

In the second quarter, Oriola's net sales grew by 1.7% to EUR 51.8 million and adjusted EBITDA was EUR 8.1 (8.1) million, corresponding to an adjusted EBITDA margin of 15.6% (15.8%).

Services segment: Volumes in speciality flows remained at a high level

Oriola's volume growth was lower in the second quarter, reflecting continued market growth in weight-loss products in Sweden, where Oriola's customer portfolio is less strongly positioned. Volumes in speciality flows such as vaccines, export, and animal health remained at a higher level compared with the previous year.

The 2.0% decline in net sales was due to a weak quarter in pharmaceutical distribution in Sweden and in advisory services. Adjusted EBITDA decreased to EUR 9.0 (9.3) million, mainly due to higher freight costs.

Products segment: Continued net sales growth

Net sales growth of 11.2% was supported by both the wholesale and dose dispensing businesses in Finland.

Positive development in the Finnish wholesale business continued, supported by growth in the e-commerce, retail and pharmacy channels. The renewal of Oriola's own brands progressed, and some of the renewed brands achieved double-digit sales growth. Sales of special-licensed medicines were strong, supported by agility in capturing market opportunities.

Adjusted EBITDA decreased to EUR 1.0 (1.1) million due to higher operating expenses.

Supply chain remained stable despite operating environment uncertainty

Supply chain operations remained stable in the second quarter, and we made important improvements in efficiency. A key milestone was the successful transition of vaccine deliveries to Northern Sweden from air freight to road transportation, enhancing both sustainability and cost efficiency in the second half of the year.

The uncertain operating environment was reflected in higher freight costs. In addition, in Sweden, inventory levels increased as pharmaceutical companies continued to build stocks to ensure availability.

Kronans Apotek: Commercial and operation improvement agenda in place

Oriola's joint venture company, Kronans Apotek delivered another quarter of revenue growth, with sales increasing in local currency by 5.3% year-on-year despite continued competitive market conditions. Market share amounted to 21.1% at the end of the quarter.

Compared with Q2 2025, profitability has improved. Building on the initiatives already launched, Kronans Apotek will continue to execute its commercial and operational improvement agenda to further strengthen profitability. During Q2, several actions were implemented across pricing, commercial execution and pharmacy operations, with additional initiatives agreed for Q3. These actions are intended to strengthen gross profit development, improve operational efficiency across the pharmacy network and support a more efficient cost base over time.

Kronans Apotek remains focused on the disciplined execution of its strategic priorities, with a continued emphasis on sustainable profitable growth.

Amending the ERP programme; Järvenpää distribution centre progressing

In the programme to renew Oriola's ERP and warehouse management system, findings from the first deployment in Sweden are being considered in the amendment of the programme and its timeline. The design phase for the second deployment in Sweden is ongoing.

The amendment does not change the strategic objectives of the programme. We continue to expect the investment to support long-term operational efficiency, harmonise processes and systems, and meet evolving business and customer needs.

In Finland, construction of Oriola's new highly automated, state-of-the-art distribution centre in Järvenpää is progressing as planned. The distribution centre has begun to take physical shape, as the installation of the frame structure has started and the partner for the automation solution has been appointed.

Actions to improve

In the second half of the year, we will continue our focus on delivering profitable growth. Net sales growth is expected to be supported by market growth, continued good development in speciality flows such as export and vaccine distribution, new customers, and the sale of value-added services. The positive net sales performance in the Finnish wholesale business, together with the differentiated offering, is expected to continue.

Cost discipline will remain a key priority. We expect improved control over freight costs in the coming quarters, supported by measures already implemented. In supply chain operations, several efficiency initiatives introduced in the first half are expected to contribute positively in the second half, including more accurate workload planning using AI and improved route planning in Sweden.

In advisory services, restructuring measures have been implemented to reduce personnel costs. Overall, additional cost-saving actions have been identified, and we will continue to maintain strict cost control.

I would like to thank everyone at Oriola for their contribution and commitment in delivering on our strategic goals during the second quarter.

Disclosure procedure

This stock exchange release is a summary of Oriola Corporation's Half-Year Report January-June 2026. 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. EEST

Oriola's CEO Katarina Gabrielson and CFO Mats Danielsson will present the report at a live audiocast meeting today at 10.00 a.m. EEST. Join the meeting: https://oriola.events.inderes.com/q2-2026

Financial calendar 2026

Interim Report 1-9/2026 on Thursday 29 October 2026.

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