Oriola - Good development across the board
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.
- Net sales in Q3 were EUR 463.3m (EUR 424.4m in Q3/24), quite in line with expectations (EUR 473.7m/465.9m Evli/cons.). Net sales grew 9.2% and invoicing 9.8% y/y.
- The adj. EBITDA in Q3 amounted to EUR 9.6m (EUR 8.4m in Q3/24), above our estimate (EUR 9.1m Evli). The profitability was driven by the by good development in the Wholesale-segment, while the profitability of the Distribution-segment corresponded to our expectations.
- EPS in Q3 amounted to EUR 0.01 (EUR -0.01 in Q3/24), in line with expectations (EUR 0.00/0.01 Evli/cons.). Earnings were aided by improved profitability (q/q) of Kronans Apotek.
- Net sales in the Distribution-segment in Q3 were EUR 372.6m vs. EUR 389.0m Evli. Adj. EBITDA in Q3 amounted to EUR 8.4m vs. EUR 8.5m Evli.
- Net sales in the Wholesale-segment in Q3 were EUR 90.6m vs. EUR 86.0m Evli. Adj. EBITDA in Q3 amounted to EUR 3.1m vs. EUR 2.6m Evli.
- Adj. EBITDA in Group administration and others amounted to EUR -1.8m vs. EUR -2.0m Evli.
- Guidance for 2025 (reiterated): For 2025, Oriola expects the adjusted EBITDA to increase from the previous year (2024: EUR 33.4 million).