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Oriola posted good Q3 results, with a key positive the faster recovery than we had expected recovery of profitability in the Wholesale segment. With good development across the board, earnings also turned positive. We raise our target price to EUR 1.3 (1.2), ACCUMULATE-rating intact.
Oriola posted good figures in Q3. Net sales growth was nearly in the double-digits, while the adj. EBITDA of EUR 9.6m exceeded our EUR 9.1m expectations. Profitability was aided by faster than anticipated profitability recovery of the Wholesale-segment, with the adj. EBITDA back up to previous year levels.
Oriola saw solid growth in Q2, and we anticipate a continued good growth pace in Q3. We expect the weaker profitability in the Wholesale-business to improve gradually during the second half of the year, enabling y/y group level improvement.
Although slightly soft in terms of profitability, Oriola’s Q2 demonstrated success in the growth story and potential for the profitability trend to follow suite heading into H2.
Oriola posted strong growth figures in Q2, with net sales up 12% y/y and both segments showing double-digit growth. The adj. EBITDA of EUR 8.1m was slightly below our EUR 8.7m estimate.
Oriola reports its Q2 results on July 18th. We expect a fairly steady development, with the profitability of the Wholesale-segment of key interest. We have slightly dimmed our estimates ahead of Q2, expecting more gradual recovery. Overall, we expect continued good growth and volume-driven profitability improvements.
Oriola’s Q1 surprised positively on growth, while profitability development was two-fold due to Wholesale. We expect continued faster growth during 2025, while remaining fairly cautious on profitability development.
Oriola posted good Q1 results, with net sales development in particular above estimates, up 19% y/y and 8% organically. Adj. EBITDA of EUR 7.5m was fairly in line with our EUR 7.9m estimate.
Oriola reports Q1 results on April 29th. We expect to see growth remaining on a good track and margin development remaining on par with previous year levels.
We initiate coverage of Oriola with a target price of EUR 1.1 and ACCUMULATE-rating. Oriola is seeking a clear improvement in its profitability in the long term, which if materialized, would provide significant upside potential.
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Oriola Corporation Stock Exchange Release 15 January 2026 at 10:00 a.m. EET
Proposals of the Shareholders' Nomination Board of Oriola Corporation concerning the Board of Directors to be elected by the 2026 Annual General Meeting
Oriola's Shareholders' Nomination Board presents its proposal to the 2026 Annual General Meeting concerning the composition of the Board of Directors as follows:
- The number of members of the Board of Directors would be seven; however, if any of the proposed members becomes unavailable prior to the Annual General Meeting, the maximum number of elected Board members shall be the number of proposed members available
- The current members of the Board of Directors Petra Axdorff, Ann Carlsson Meyer, Yrjö Närhinen, Ellinor Persdotter Nilsson, Harri Pärssinen and Heikki Westerlund would be re-elected.
- Pekka Pajamo would be elected new member of the Board of Directors
- Heikki Westerlund would be re-elected Chairman of the Board of Directors
The Nomination Board has assessed all candidates to the Board of Directors to be independent of the company and its major shareholders. All the candidates proposed have given their consent to being elected members of the Board of Directors.
With regard to the selection procedure for the members of the Board of Directors, the Shareholders' Nomination Board recommends that shareholders take a position on the proposal as a whole at the General Meeting. The Shareholders' Nomination Board is responsible for ensuring that the proposed Board of Directors as a whole has sufficient expertise, knowledge and competence and that the composition of the Board of Directors takes into account the independence requirements set out in the Finnish Corporate Governance Code for listed companies and the stock exchange rules that apply to the company.
The Nomination Board notes that the proposed Board composition corresponds to the requirements of the Finnish Corporate Governance Code and the diversity principles approved for the company. When electing Board members, attention shall be paid to members' mutually complementary experience and competence.
The Nomination Board also proposes to the 2026 Annual General Meeting that the remunerations would be paid to the members of the Board of Directors as follows:
- Chairman of the Board: fee for term of office of 71,400 euros (2025: 71,400 euros)
- Vice chairman of the Board: fee for term of office of 40,800 euros (2025: 40,800 euros)
- Chairman of a Board Committee (provided that person is not the Chairman or Vice chairman of the Board): fee for term of office of 40,800 euros (2025: 40,800 euros)
- Other members of the Board: fee for term of office of 34,200 euros (2025: 34,200 euros)
- Attendance fees would remain unchanged and be paid as follows:
- for Board of Directors meetings 1,000 euros per meeting to the Chairman for meetings held in the Chairman's home country and 2,000 euros for meetings held elsewhere
- 500 euros per meeting to other members of the Board for meetings held in the home country of the respective member and 1,000 euros for meetings held elsewhere
- for committee meetings 1,000 euros per meeting to the committee Chairman for meetings held in the Chairman's home country and 2,000 euros for meetings held elsewhere and
- 500 euros per meeting to committee members for meetings held in the home country of the respective committee member and 1,000 euros for meetings held elsewhere.
- Of the fees for term of office, 40 per cent would be paid in Oriola Corporation's shares and 60 per cent would be paid in cash, so that the Oriola Corporation's shares would be acquired for the Board members on the Nasdaq Helsinki Stock Exchange within two weeks from the release of the Interim Report 1 January-31 March 2026 of the company.
- Travel expenses would be reimbursed in accordance with the travel policy of the company
The Board of Directors of Oriola will include these proposals of the Nomination Board in the notice of the 2026 Annual General Meeting.
It is noted that Pekka Pajamo has resigned from Oriola's Shareholders' Nomination Board and has not participated in the final assessment process made by the Nomination Board, nor has he participated in the preparation of the proposals of the Shareholders' Nomination Board. In accordance with the rules of procedure of the Oriola's Shareholders' Nomination Board the Nomination Board has continued its work in a composition of four members consisting of: Peter Immonen (Chairman of the Board of Directors of WIP Asset Management Oy, member of the Board of Directors of Mariatorp Oy and Wipunen varainhallinta Oy) as acting chairman, Annika Ekman (Chief Investment Officer, Ilmarinen Mutual Pension Insurance Company), Jari Paloniemi (M.Sc. [Economics]) and Jukka Ylppö (M.Sc. [Technology] and M.Sc. [Economics]). Heikki Westerlund, Chairman of the Board of Directors of Oriola, has participated in the work of the Nomination Board as an invited expert.
Presentation of Pekka Pajamo:
Pekka Pajamo (b. 1962, Finnish citizen, M.Sc. [Econ.]) has served as Senior Vice-President, Finance and Internal Services of Varma Mutual Pension Insurance Company since 2012. Prior to this Pajamo was employed by KPMG Oy AB 1988-2012, as Authorised Public Accountant 1993-2012 and Partner 1998-2012. Pajamo currently serves as member of the board of the Finnish National Gallery, Leino Group and the Ida Aalberg Foundation.
Oriola Corporation
Further information:
Peter Immonen
Acting Chairman of the Shareholders' Nomination Board
e-mail: peter.immonen@wip.fi
Petter Sandström
General Counsel, secretary to the Board of Directors
tel. +358 10 429 5761
e-mail: petter.sandstrom@oriola.com
Distribution:
Nasdaq Helsinki Ltd
Key media
Oriola Corporation Stock Exchange Release 7 January 2026 at 12:35 p.m. EET
Inside information: Oriola accelerates growth and modernises Finnish operations with a highly automated, state-of-the-art distribution centre in Järvenpää
Oriola has completed the planning phase for its distribution operations and has resolved on the development of a highly automated, state-of-the-art distribution centre located in Järvenpää, Finland, in total valued at EUR 110-120 million. The investment will be financed in a capital-efficient way through a long-term lease arrangement for the building, machinery and equipment, while the land is acquired and owned by Oriola. The new distribution centre will be financed by SEB Leasing Oy. Construction of this facility is scheduled to commence in the first quarter of 2026, with the relocation of operations from Espoo to Järvenpää anticipated to start by the end of 2027. Additionally, Oriola's headquarters will be relocated within Espoo.
The investment is anticipated to yield returns through enhanced operational efficiency, expanded capacity, and value generated from the eventual redevelopment of the current Espoo site. The lease arrangement will ensure outgoing cash flow to match incoming flows in an optimal way. During the relocation, both Espoo and Järvenpää sites will simultaneously be operational for a limited period, which will have an impact on cost. The investment will therefore have limited impact on cash flow and profitability before the new site is taken into use.
"The Järvenpää distribution centre is a major milestone in Oriola's long-term strategic plan to modernise operations and enable future growth. Through state-of-the-art, scalable and highly automated logistics, the facility directly supports our growth ambitions and is a step towards improved profitability in Finland. Together with the ongoing ERP and warehouse management initiative, the new distribution centre helps us to reach our financial targets and strengthen our competitiveness for the long term. These modernisations enable us to serve our customers even better by offering advanced logistics solutions to meet their evolving needs", says Oriola's CEO Katarina Gabrielson.
With an optimal distribution location in Southern Finland and building area of approximately 30,000 square metres, this strategic investment strengthens Oriola's logistics capabilities in response to market demands, ability to meet evolving customer and market requirements, drive future growth, and improve profitability. The previously announced change negotiations relating to the plans to build a new distribution centre have also now been concluded. No redundancies were made as all current logistics personnel will be offered the possibility to relocate to new distribution site. Customer operations will continue without disruptions during the relocation.
Järvenpää was selected for its optimal location, accessibility, and suitability for large-scale logistics. The Järvenpää centre supports Oriola's sustainability ambitions and further strengthens Oriola's position as part of Finland's critical healthcare infrastructure, ensuring reliable pharmaceutical distribution for society. The investment is expected to boost operational efficiency through automation and optimised layout. In addition, the new distribution centre offers 30% more capacity, including 80% added capacity to handle cold chain products. The building is planned to be constructed to BREEAM Excellent-level standards, and it will be 50% more energy efficient and reduce Oriola's Scope 1 and 2 CO2 emissions in Finland.
The relocation of the distribution centre to Järvenpää will give an opportunity to redevelop the owned land area in Espoo, Finland, valued in Oriola's balance sheet at EUR 0.1 million. The area is subject to changes in planning and zoning as Oriola has filed an application to have the area re-zoned to allow also residential building. The redevelopment of the current land area is expected to release capital after the completion of the relocation of the distribution operations.
Invitation to management presentation
Analysts, investors and media are invited to join a Microsoft Teams call where Oriola's management will talk through and answer questions on the new distribution centre. The call will take place on Wednesday 7 January 2026 at 3:00 p.m. EET. Click here to join the call.
Further information:
Katarina Gabrielson
CEO
tel. +46 72 234 8809
email: katarina.gabrielson@oriola.com
Mikael Wegmüller
VP, Communications and Sustainability
tel. +356 40 7762 314
email: mikael.wegmuller@oriola.com
Distribution:
Nasdaq Helsinki Ltd.
Key media
Oriola Corporation Investor news 7 January 2026 at 12:30 p.m. EET
Oriola initiates review of long-term plan, financial targets and capital allocation priorities - Capital Markets Day scheduled
Following the completion of its strategy review, Oriola is conducting an analysis of its full potential. As a result, Oriola is further advancing and clarifying its long-term plan, to support growth and drive profitability, and establishing capital allocation priorities to enhance shareholder value creation.
Oriola aims to complete the review of the long-term plan, financial targets and capital allocation priorities during spring 2026, and share details at its Capital Markets Day on 12 May 2026. Oriola's long-term plan and capital allocation priorities will focus on following key topics:
- Responding to evolving market needs and growing customer requirements
- Accelerating growth and improving profitability
- Maintaining strong cash generation and allocating a reasonable share of net operating cash flow to growth-oriented investments in core businesses
- Initiating a balance sheet optimisation programme including an evaluation of the divestment of non-core assets
- Strengthening and then maintaining reasonable equity level to ensure financial resilience
- Revisiting financial targets and dividend policy to align with renewed strategic ambitions
- Actively utilising the AGM authorisation to do share buybacks
These initiatives will provide a clear framework for disciplined investments, growth priorities, cash flow management, and shareholder returns, ensuring Oriola is well-positioned for the next phase of its strategic journey.
"Over the past year, we achieved good progress while strengthening customer relationships and attracting new ones. During the next 3-5 years we are taking steps to shape the company's future, focusing on building a stronger foundation for sustainable growth and profitability while continuing to deliver value for our shareholders and customers. As we advance our long-term plan, we remain fully committed to serving our customers and executing our current plans," says Oriola's CEO Katarina Gabrielson.
Save-the-date: 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:
Katarina Gabrielson
CEO
tel. +46 72 234 8809
email: katarina.gabrielson@oriola.com
Mikael Wegmüller
VP, Communications and Sustainability
tel. +356 40 7762 314
email: mikael.wegmuller@oriola.com
Oriola Corporation Stock Exchange Release 19 December 2025 at 1:00 p.m. EET
Kronans Apotek to record an impairment with an impact of approximately EUR 16 million to Oriola's net result
The integration in Oriola's joint venture company Kronans Apotek and the transition to one ERP system have been completed during this year, however both have required more time than expected. Due to this, Kronans Apotek will record a goodwill impairment of approximately SEK 349 million in its fourth quarter results.
Oriola's share of the impairment is approximately SEK 175 million or approximately EUR 16 million and will be recorded in the share of results in joint venture in the fourth quarter.
The value of Oriola's investment in Kronans Apotek after the impairment totals approximately EUR 187 million. The impairment will not affect the distributable funds of the parent company, Oriola Corporation.
The impairment will be recorded in Oriola's fourth quarter 2025 results and will have no effect on the Group's cash flow or adjusted EBITDA. Oriola's outlook for 2025 remains unchanged. Oriola will publish its Financial Statements Release for 2025 on 25 February 2026.
Further information:
Mats Danielsson
CFO
tel. +358 50 394 8575
email: mats.danielsson@oriola.com
Mikael Wegmüller
VP, Communications and Sustainability
tel. +356 40 7762 314
email: mikael.wegmuller@oriola.com
Distribution:
Nasdaq Helsinki Ltd.
Key media
Oriola Corporation Investor news 15 December 2025 at 1 p.m. EET
Change negotiations in connection with Oriola's plan for a new distribution centre in Finland have been concluded
As part of Oriola's strategic plan to build a new distribution centre in Järvenpää, Finland, change negotiations have been concluded in good collaboration.
Oriola plans to relocate its logistics operations from the distribution centre and satellite warehouse currently in Espoo to a new facility in Järvenpää. Additionally, the company intends to move its headquarters to a new location within Espoo.
The change negotiations encompassed the entire personnel in Espoo, approximately 400 employees. No redundancies were considered during the process. The negotiations began on 24 November 2025 (see Oriola's investor news published on 17 November 2025).
Further information:
Mikael Wegmüller, VP, Communications and Sustainability
tel. +356 40 7762 314
email: mikael.wegmuller@oriola.com
Distribution:
Nasdaq Helsinki Ltd.
Key media
Oriola Corporation Investor news 17 November 2025 at 9 a.m. EET
Oriola initiates change negotiations in connection with plans for a new distribution centre in Finland
As previously communicated, one of Oriola's strategic goals focuses on driving future growth, enabled by enhanced warehouse capacity and efficiency through investments in infrastructure and technology. Oriola is planning a new distribution centre in Järvenpää, Finland. As part of Oriola's strategic evaluation process regarding a new distribution centre, the company initiates change negotiations.
This strategic initiative would strengthen Oriola's logistics capabilities to better respond to evolving market needs and growing customer requirements. It is intended to enhance operational efficiency and contribute to improved profitability. The planned new facility is expected to play a key role in supporting Oriola's long-term growth strategy while significantly contributing to its sustainability ambitions through energy-efficient design and reduced environmental impact.
The intention would be to relocate Oriola's logistics operations from the distribution centre and satellite warehouse currently in Espoo to a new facility in Järvenpää. Additionally, the plan would be to move the company's headquarters to a new location within Espoo.
Oriola initiates change negotiations that will encompass the entire personnel in Espoo, approximately 400 employees. Redundancies are not contemplated in connection with the planned changes.
The negotiations will begin on 24 November 2025.
Further information:
Katarina Gabrielson
CEO
tel. +46 72 234 8809
email: katarina.gabrielson@oriola.com
Mikael Wegmüller
VP, Communications and Sustainability
tel. +356 40 7762 314
email: mikael.wegmuller@oriola.com
Distribution:
Nasdaq Helsinki Ltd.
Key media
Oriola Corporation Stock Exchange Release 30 October 2025 at 8.30 a.m. EET
Oriola Corporation's Interim Report January-September 2025
Sales margin growth and improved adjusted EBITDA
July-September 2025 financial highlights
- Invoicing increased by 9.8 % to EUR 1,018.6 (927.7) million.
- Net sales increased by 9.2% to EUR 463.3 (424.4) million.
- Sales margin increased by 6.3% to EUR 40.0 (37.7) million.
- Adjusted EBITDA was EUR 9.6 (8.4) million.
- EBITDA was EUR 7.0 (4.9) million including adjusting items of EUR -2.6 (-3.5) million.
- Profit for the period totalled EUR 1.7 (-1.9) million and earnings per share were EUR 0.01 (-0.01).
- Free cash flow was EUR -9.2 (-3.9) million.
January-September 2025 financial highlights
- Invoicing increased by 10.9% to EUR 3,091.4 (2,788.3) million.
- Net sales increased by 13.3% to EUR 1,404.2 (1,239.0) million.
- Sales margin increased by 5.3% to EUR 123.6 (117.3) million.
- Adjusted EBITDA was EUR 25.2 (24.1) million.
- EBITDA was EUR 14.5 (20.2) million including adjusting items of EUR -10.7 (-3.9) million.
- Profit for the period totalled EUR -9.3 (-2.3) million and earnings per share were EUR -0.05 (-0.01).
- Free cash flow was EUR 11.6 (4.2) million.
| Key figures | 2025 | 2024 | Change | 2025 | 2024 | Change | 2024 |
| EUR million | 7-9 | 7-9 | % | 1-9 | 1-9 | % | 1-12 |
| Invoicing | 1,018.6 | 927.7 | 9.8 | 3,091.4 | 2,788.3 | 10.9 | 3,771.8 |
| Net sales | 463.3 | 424.4 | 9.2 | 1,404.2 | 1,239.0 | 13.3 | 1,679.7 |
| Sales margin | 40.0 | 37.7 | 6.3 | 123.6 | 117.3 | 5.3 | 159.8 |
| Adjusted EBITDA1 | 9.6 | 8.4 | 14.3 | 25.2 | 24.1 | 4.6 | 33.4 |
| EBITDA | 7.0 | 4.9 | 42.4 | 14.5 | 20.2 | -28.2 | 27.2 |
| Adjusted EBITDA % | 2.1 | 2.0 | 1.8 | 1.9 | 2.0 | ||
| EBITDA % | 1.5 | 1.2 | 1.0 | 1.6 | 1.6 | ||
| Profit for the period | 1.7 | -1.9 | 188.8 | -9.3 | -2.3 | -307.6 | -20.1 |
| Earnings per share, EUR | 0.01 | -0.01 | -0.05 | -0.01 | -0.11 | ||
| Net cash flow from operating activies | -10.0 | -5.3 | 12.4 | 1.2 | 38.7 | ||
| Free cash flow | -9.2 | -3.9 | 11.6 | 4.2 | 43.4 | ||
| Gearing, % | -31.0 | -4.6 | -28.0 | ||||
| Equity ratio, % | 12.9 | 17.7 | 15.4 | ||||
| Return on capital employed (ROCE), % | -0.2 | 4.9 | 5.4 |
1 Adjusting items are specified in note Adjusting items on page 18.
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 2025
In 2025, 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.
Consumer confidence is expected to remain weak, which may have an impact on the wholesale market. Typically in economic uncertainty, consumers tend to shift purchases to low-price categories.
For 2025, Oriola expects the adjusted EBITDA to increase from the previous year (2024: EUR 33.4 million). The expectation of improved adjusted EBITDA is based on growing markets and strategy execution.
From the start of 2025, Oriola introduced adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) as a new alternative performance measure. EBITDA is widely used by management and investors when assessing the profitability of a company and cash flow generation.
CEO Katarina Gabrielson:
I am pleased with our third-quarter results. They confirm that we are on the right strategic path towards becoming the leading specialist in the wholesale of pharmaceuticals and health products.
We delivered solid results in the third quarter, with growth in both net sales and sales margin, and a year-on-year improvement in adjusted EBITDA. Our distribution business continued to perform strongly and steadily regardless the operating environment, where consumer confidence was still weak due to the overall uncertainty. The pharmaceutical distribution market in Sweden showed growth, while the Finnish market was weaker.
In the third quarter, net sales increased by 9% to EUR 463 million, and the sales margin reached EUR 40.0 (37.7) million, both driven by the Distribution and Wholesale segments. Adjusted EBITDA increased to EUR 9.6 (8.4) million. Although earlier vaccine deliveries led to high volumes and increased operating expenses towards the end of the quarter, our supply chain operations remained stable thanks to strategic initiatives implemented. For instance, we have expanded our warehousing capacity.
In the Distribution segment, net sales increased by 6% to EUR 373 million, driven by volume growth across both our existing portfolio and new customer accounts. Earlier vaccine deliveries compared to the previous year and overall market growth also contributed. Operating expenses increased mainly due to high volumes, including the need for additional warehouse capacity, and increased personnel costs. Despite the higher cost level, adjusted EBITDA increased to EUR 8.4 (7.1) million. Our strategic focus to build strong partnerships has brought good results - customer satisfaction has continued to improve and we have successfully retained all existing accounts. We are actively pursuing new business opportunities, with several new distribution agreements expected to contribute positively from the second half of next year.
In the Wholesale segment, net sales grew by 23% to EUR 91 million, supported by strong development in parallel imports in Sweden and solid performance in Finland, particularly in sales to veterinarians and in special-licensed medicines. Despite the sales growth, adjusted EBITDA remained at the previous year's level of EUR 3.1 (3.1) million, impacted by an unfavourable product mix and increased operating expenses, including personnel costs and planned marketing initiatives. For example, we recently refreshed our health and wellbeing brand, Apteekkarin, to better align with the expectations of today's consumers. Known for its good quality-to-price ratio, the brand is available exclusively in Finnish pharmacies.
In advisory business, the positive development in digital and data services continued with double-digit growth. We have also focused on new customer acquisition with positive impact expected next year, and on building a partner network to strengthen our capabilities for EU-wide assignments.
Our strategic investment to renew Oriola's ERP (enterprise resource planning) and WMS (warehouse management systems) is progressing and we are entering deployment's first phase in Sweden.
During the quarter, Oriola was awarded the EcoVadis gold medal for sustainability for the third consecutive year. This recognition emphasises the importance of continuous improvement and integrating sustainability into our daily operations.
In the joint venture company, Kronans Apotek, the market share remained stable at 20.9% during the third quarter, in line with the second quarter. Total sales increased by 3.0% compared with last year, driven by growth in both brick-and-mortar and e-commerce channel. The ERP integration has progressed according to plan and is expected to be completed in the fourth quarter. Completing the ERP also means finalising the integration process and setting a stable foundation for the growth.
As we approach year-end, it is essential that we stay focused on driving sales growth, improving margins and managing our cost base effectively.
I want to extend my warmest thanks to the entire Oriola team for your dedication and achievements. Your commitment is what enables us to move forwards.
Disclosure procedure
This stock exchange release is a summary of Oriola Corporation's Interim Report January-September 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.
Oriola's CEO Katarina Gabrielson and CFO Mats Danielsson will present the report at a live webcast meeting today at 10.00 a.m. Join the meeting: https://oriola.events.inderes.com/q3-2025
Financial calendar
Oriola will publish its Financial Statements Release for 1 January-31 December 2025 on Wednesday 25 February 2026.
The publication dates of the financial reports in 2026 are as follows:
- Interim Report 1-3/2026 on Wednesday 29 April 2026
- Half-Year Report 1-6/2026 Friday 17 July 2026
- Interim Report 1-9/2026 on Thursday 29 October 2026
Oriola Corporation's Annual General Meeting is planned to be held on Wednesday 25 March 2026. Oriola's Board of Directors will convene the Annual General Meeting at a later date. The Annual Report 2025 will be published during week 10 (latest 4 March 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
Oriola Corporation Investor news 16 October 2025 at 9:00 a.m. EEST
Oriola Corporation to publish its Interim Report for January-September 2025 on 30 October 2025
Oriola Corporation will publish its Interim Report for January-September 2025 on Thursday 30 October 2025 at around 8:30 a.m. EET. The Interim Report will be available on Oriola's website after the publication.
Welcome to join our results presentation
CEO Katarina Gabrielson and CFO Mats Danielsson will present the Q3 results at a webcast meeting on the same day starting at 10.00 a.m. EET. The link to the webcast will be available on Oriola's website: https://www.oriola.com/investors/.
Q&A
Questions to the management can be presented through the webcast chat.
Presentation material and recording
The presentation material and a recording of the webcast will be available on Oriola's website: https://www.oriola.com/investors/reports-and-presentations/
Oriola Corporation
Further information:
Tua Stenius-Örnhjelm, Investor Relations
tel. +358 40 748 8864
investor.relations@oriola.com
Oriola Corporation Stock Exchange Release 2 October 2025 at 2:00 p.m. EEST
Oriola appoints Maria Lundell as Chief People Officer
Maria Lundell, MA has been appointed Oriola Corporation's Chief People Officer (CPO) and member of the Oriola Management Team as of 1 November 2025. Lundell has previously worked as Executive Vice President, People and Culture at Blastr Green Steel and Senior Vice President, Human Resources at Stora Enso Paper.
"As we continue our strategic transformation toward becoming the leading specialist in wholesale of pharmaceuticals and health products, we are happy to welcome Maria. With a proven track record in change management and organisational development, her leadership will contribute to shaping a sustainable, values-driven culture at Oriola. This appointment reinforces our commitment to building a collaborative environment where openness, responsibility, and initiative are valued," comments Oriola's CEO Katarina Gabrielson.
"Joining Oriola at this important moment is both exciting and meaningful. I'm deeply committed to developing a culture that supports the transformation journey. With my experience in change management, I look forward to aligning the company strategy with leadership development," comments Maria Lundell.
Oriola's Management Team will from 1 November 2025 consist of the following members:
- Katarina Gabrielson, CEO
- Mats Danielsson, CFO
- Katja Lundell, EVP, Advisory Services
- Maria Lundell, Chief People Officer
- Mikael Nurmi, Chief Digital Officer
- Satu Nylén, EVP, Services and Products
- Petter Sandström, General Counsel
- Tuomas Tiilikainen, Chief Supply Chain Officer
- Stig Tornell, EVP, Sales
Katarina Gabrielson
CEO
******
CV - Maria Lundell
MA
Finnish citizen
Primary career
2023-present, Blastr Green Steel Oy, Executive Vice President, People & Culture
2017-2023, Stora Enso Paper Oy, Senior Vice President, Human Resources
2016, Strategic advisory roles for Deloitte Finland Oy and Enfo Oyj
2009-2015, Enfo Oyj, Senior Vice President, Human Resources
2005-2008, Nasdaq OMX Nordic exchange, Vice President Human Resources / Managing Director, Finland, Sweden, Denmark, the Baltics, Iceland, the UK
2001-2005, L'Oréal Finland Oy, Director of Human Resources
1999-2001, Starwood Hotels & Resorts, Hotel Kämp, Human Resources Manager
******
Further information:
Katarina Gabrielson, CEO
tel. +46 72 234 8809
email: katarina.gabrielson@oriola.com
Mikael Wegmüller
VP, Communications and Sustainability
tel. +356 40 7762 314
email: mikael.wegmuller@oriola.com
Distribution:
Nasdaq Helsinki Ltd.
Key media
Oriola Corporation Stock Exchange Release 24 September 2025 at 8:45 a.m. EEST
Publication schedule for Oriola Corporation's financial reporting in 2026
Oriola Corporation will publish its Financial Statements Release for 1 January-31 December 2025 on Wednesday 25 February 2026.
The publication dates of the financial reports in 2026 are as follows:
- Interim Report 1-3/2026 on Wednesday 29 April 2026
- Half-Year Report 1-6/2026 Friday 17 July 2026
- Interim Report 1-9/2026 on Thursday 29 October 2026
Oriola Corporation's Annual General Meeting is planned to be held on Wednesday 25 March 2026. Oriola's Board of Directors will convene the Annual General Meeting at a later date. The Annual Report 2025 will be published during week 10 (latest 4 March 2026).
Oriola Corporation
Further information:
Tua Stenius-Örnhjelm, Investor Relations, tel. +358 40 7488864
investor.relations@oriola.com
Distribution:
Nasdaq Helsinki Ltd
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Oriola Corporation Stock Exchange Release 18 July 2025 at 8.30 a.m. EEST
Oriola Corporation's Half-Year Report January-June 2025
Strong partnerships drive Distribution growth and profitability
April-June 2025 financial highlights
- Invoicing increased by 12.6 % to EUR 1,072.6 (952.2) million.
- Net sales increased by 12.4% to EUR 493.9 (439.4) million.
- Sales margin increased by 5.6% to EUR 42.2 (40.0) million.
- Adjusted EBITDA was EUR 8.1 (8.0) million.
- EBITDA was EUR 1.6 (8.6) million and included adjusting items of EUR -6.5 (0.5) million mainly related to the implementation cost of the ERP investment and to the sale of dose dispensing business in Sweden.
- Profit for the period totalled EUR -5.6 (2.0) million and earnings per share were EUR -0.03 (0.01).
- Free cash flow was EUR -4.2 (18.5) million.
- The sale of Svensk dos AB to Apotekstjänst Sverige AB was completed on 1 April 2025.
January-June 2025 financial highlights
- Invoicing increased by 11.4 % to EUR 2,072.8 (1,860.6) million.
- Net sales increased by 15.5% to EUR 940.9 (814.6) million.
- Sales margin increased by 4.8% to EUR 83.5 (79.7) million.
- Adjusted EBITDA was EUR 15.6 (15.7) million.
- EBITDA was EUR 7.5 (15.3) million and included adjusting items of EUR -8.1 (-0.4) million mainly related to the implementation cost of the ERP investment and to the sale of dose dispensing business in Sweden.
- Profit for the period totalled EUR -11.0 (-0.3) million and earnings per share were EUR -0.06 (-0.00).
- Free cash flow was EUR 20.8 (8.1) million.
| Key figures | 2025 | 2024 | Change | 2025 | 2024 | Change | 2024 |
| EUR million | 4-6 | 4-6 | % | 1-6 | 1-6 | % | 1-12 |
| Invoicing | 1,072.6 | 952.2 | 12.6 | 2,072.8 | 1,860.6 | 11.4 | 3,771.8 |
| Net sales | 493.9 | 439.4 | 12.4 | 940.9 | 814.6 | 15.5 | 1,679.7 |
| Sales margin | 42.2 | 40.0 | 5.6 | 83.5 | 79.7 | 4.8 | 159.8 |
| Adjusted EBITDA1 | 8.1 | 8.0 | 0.3 | 15.6 | 15.7 | -0.7 | 33.4 |
| EBITDA | 1.6 | 8.6 | -81.8 | 7.5 | 15.3 | -50.8 | 27.2 |
| Adjusted EBITDA % | 1.6 | 1.8 | 1.7 | 1.9 | 2.0 | ||
| EBITDA % | 0.3 | 2.0 | 0.8 | 1.9 | 1.6 | ||
| Profit for the period | -5.6 | 2.0 | -383.2 | -11.0 | -0.3 | -3,239.9 | -20.1 |
| Earnings per share, EUR | -0.03 | 0.01 | -0.06 | -0.00 | -0.11 | ||
| Net cash flow from operating activities | -8.0 | 17.8 | 22.4 | 6.5 | 38.7 | ||
| Free cash flow | -4.2 | 18.5 | 20.8 | 8.1 | 43.4 | ||
| Gearing, % | -41.4 | -8.1 | -28.0 | ||||
| Equity ratio, % | 12.5 | 17.2 | 15.4 | ||||
| Return on capital employed (ROCE), % | -4.2 | 7.3 | 5.4 |
1 Adjusting items are specified in note 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 2025
In 2025, 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.
Consumer confidence is expected to remain weak, which may have an impact on the wholesale market. Typically in economic uncertainty, consumers tend to shift purchases to low-price categories.
For 2025, Oriola expects the adjusted EBITDA to increase from the previous year (2024: EUR 33.4 million). The expectation of improved adjusted EBITDA is based on growing markets and strategy execution.
From the start of 2025, Oriola introduced adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) as a new alternative performance measure. EBITDA is widely used by management and investors when assessing the profitability of a company and cash flow generation.
CEO Katarina Gabrielson:
In the second quarter, net sales grew and sales margin improved, and the underlying distribution business remained strong. In the operating environment, we continue to see overall uncertainty which is reflected in continued weak consumer confidence. On the other hand, the overall pharmaceutical distribution market saw good growth.
In the second quarter, net sales grew by 12% to EUR 494 million, driven by both Distribution and Wholesale segments. Sales margin was EUR 42.2 (40.0) million, with improvement supported by the Distribution segment. The adjusted EBITDA was EUR 8.1 (8.0) million, including an increase in operational expenses from the comparison period. Operational expenses were higher due to an increase in personnel, temporary storage capacity and high peaks in orders. Freight costs were at the previous year's level despite higher volumes, reflecting a good development in the filling rate.
In the Distribution segment, net sales grew by 11% to EUR 398 million, supported by growing sales from existing portfolio, newly onboarded customers, service sales and market growth. Adjusted EBITDA increased to EUR 8.3 (6.1) million, driven by net sales growth, offsetting higher operating expenses. In the second quarter, we completed the onboarding of a new cross-market customer, supporting results for the rest of the year. The deregulation of the Finnish pharmacy market took a step forward with a new legislative proposal, indicating the width of the proposed changes in the first phase. We have been preparing for this in recent months, for instance by building our capabilities, such as creating a distribution model compliant with good distribution practice (GDP) for retail.
In the Wholesale segment, net sales grew by 18% to EUR 96 million. Growth was primarily driven by the wholesale business in Sweden, supported by good development in parallel import of weight-loss medicines. Overall sales growth in Finland remained modest. However, we achieved growth in sales to veterinarians, demonstrating our continued focus on customer centricity and our strong position in the animal health market. Adjusted EBITDA declined to EUR 2.1 (3.1) million. The fall in profitability was related to higher operating expenses due to planned increase in personnel and an unfavourable product mix due to parallel import. In the second quarter, the sale of seasonal products such as sun care and allergy products, and insect repellents, has been negatively impacted by the weather.
In advisory business, we continued to see positive development with double-digit growth in digital and data services, showing the need for high-quality market data to support customers in their decision-making. We also completed the integration of the recently acquired MedInfo in Denmark, which strengthens our Nordic footprint in medical information and patient support programmes.
We reached an important milestone with the approval of Oriola's science-based climate targets by the Science Based Targets initiative (SBTi). These targets, including ambitious near-term goals and a commitment to reach net-zero emissions across our value chain by 2050, reflect our dedication to responsible business and long-term climate action.
In the joint venture company, Kronans Apotek, the result was burdened by high costs in the second quarter. The e-commerce reached high sales with growth of 44%, further improving the e-commerce footprint, while the brick-and mortar operation saw flat sales. The overall sales growth resulted in Kronans Apotek improving its market share at the end of the period compared with the end of the first quarter. As of 1 April 2025, Kronans Apotek is now merged into one legal entity and during the second quarter the roll-out of the common ERP was started.
Our strategic investment to renew Oriola's ERP (enterprise resource planning) and WMS (warehouse management systems) is progressing according to plan. The first deployment, which is planned for a part of the operations in Sweden, is scheduled towards the end of this year. Ahead of this we have started the testing phase.
I am pleased with our progress in the second quarter, particularly the continued net sales growth and sales margin improvement, but there is still room for improvement in our profitability. In the second half of the year, we will focus on driving sales growth, further strengthening our sales margin, and implementing measures to manage our cost base. We have already implemented efficiency improvements, which provide more stable operations, and we continue with strict cost control across the company.
I would like to extend my sincere thanks to everyone at Oriola for their achievements and continued commitment to deliver on our strategic goals.
Disclosure procedure
This stock exchange release is a summary of Oriola Corporation's Half-Year Report January-June 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.
Oriola's CEO Katarina Gabrielson and CFO Mats Danielsson will present the report at a live webcast meeting today at 10.00 a.m. Join the meeting: https://oriola.events.inderes.com/q2-2025
Financial reporting in 2025
Oriola will publish the Interim Report January-September 2025 on 30 October 2025.
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
Oriola Corporation Investor news 4 July 2025 at 9:00 a.m. EEST
Oriola Corporation to publish its Half-Year Report for January-June 2025 on 18 July 2025
Oriola Corporation will publish its Half-Year Report for January-June 2025 on Friday 18 July 2025 at around 8:30 a.m. EEST. The Half-Year Report will be available on Oriola's website after the publication.
Welcome to join our results presentation
CEO Katarina Gabrielson and CFO Mats Danielsson will present the Q2 results at a webcast meeting on the same day starting at 10.00 a.m. EEST. The link to the webcast will be available on Oriola's website: https://www.oriola.com/investors/.
Q&A
Questions to the management can be presented through the webcast chat.
Presentation material and recording
The presentation material and a recording of the webcast will be available on Oriola's website: https://www.oriola.com/investors/reports-and-presentations/
Oriola Corporation
Further information:
Tua Stenius-Örnhjelm, Investor Relations
tel. +358 40 748 8864
investor.relations@oriola.com
Oriola Corporation Stock Exchange Release 18 June 2025 at 1:00 p.m. EEST
Oriola signed EUR 70 million revolving credit facility
Oriola Corporation has entered into a EUR 70 million revolving credit facility with a syndicate of its three relationship banks on 18 June 2025. The facility has a tenor of three years with two one-year extension options subject to the lenders' approval. The purpose of this facility is to refinance the existing unsecured EUR 70 million revolving credit facility maturing in June 2026 and general corporate purposes of the group. With this facility, Oriola strengthens its long-term liquidity position.
The facility was coordinated by SEB and the Mandated Lead Arrangers and Bookrunners are Danske Bank, OP Corporate Bank and SEB (Facility Agent)
Further information:
Mats Danielsson, CFO
mats.danielsson@oriola.com
Distribution:
Nasdaq Helsinki Ltd
Key media
Oriola Corporation Stock Exchange Release 3 June 2025 at 2.30 p.m. EEST
Composition of Oriola Corporation's Shareholders' Nomination Board
The largest shareholders of Oriola Corporation have in accordance with the rules of procedure of the Shareholders' Nomination Board confirmed that the Nomination Board is composed of five members and appointed the following persons members of the Nomination Board:
Annika Ekman
Peter Immonen
Jari Paloniemi
Pekka Pajamo
Jukka Ylppö
Pekka Pajamo was elected chairman of the Nomination Board.
Heikki Westerlund, Chairman of the Board of Directors of Oriola, will participate in the work of the Nomination Board as an invited expert.
The Nomination Board is a corporate body of Oriola Corporation's shareholders and responsible for preparing proposals on the appointment and remuneration of the members of the Board of Directors and submitting them to the Annual General Meeting. The Nomination Board must submit its proposals to the Board of Directors no later than on the first day of February preceding the Annual General Meeting.
Oriola Corporation
For additional information, please contact:
Petter Sandström
General Counsel, secretary to the Board of Directors
Tel. +358 50 429 5761
Email: petter.sandstrom@oriola.com
Distribution
Nasdaq Helsinki Ltd.
Key media
Oriola Corporation Stock Exchange Release 2 June 2025 at 9.30 a.m. EEST
Change in Oriola Management Team: Niklas Lindholm to leave Oriola
Niklas Lindholm, Chief People Officer, and a member of Oriola's Management Team, has resigned to take a position at another company. He will leave Oriola in the fourth quarter 2025 at the latest.
"I want to warmly thank Niklas for his contributions to the development of Oriola's people and culture agenda, particularly during a period of significant organisational change. I wish Niklas all the best in the next phase in his career", says Katarina Gabrielson, CEO.
The process to appoint a successor will be initiated immediately.
Oriola Corporation
Katarina Gabrielson
CEO
Further information:
Katarina Gabrielson, CEO
tel. +46 72 234 8809
email: katarina.gabrielson@oriola.com
Mikael Wegmüller
VP, Communications and Sustainability
tel. +356 40 7762 314
email: mikael.wegmuller@oriola.com
Distribution:
Nasdaq Helsinki Ltd.
Key media
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Company Facts
Guidance
For 2025, Oriola expects the adjusted EBITDA to increase from the previous year (2024: EUR 33.4 million).
Financial targets
Annual sales growth at the rate of market, minimum 4%. Adjusted EBIT margin above 3%. Return on equity >20%. Annually increasing dividend of 2/3 of net profit
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