Oriola - Growth pace remains solid
Oriola posted overall good figures in Q4. Net sales and invoicing growth was in the double-digits, and the pace exceeded our expectations. The adj. EBITDA of EUR 9.9m fell slightly short of our EUR 10.3m expectations, as the profitability in the Wholesale-segment remained subdued. Oriola expects the adj. EBITDA to increase in 2026 compared with 2025.
- Net sales in Q4 were EUR 502.0m (EUR 440.7m in Q4/24), slightly above expectations (EUR 479.9m/482m Evli/cons.). Net sales grew 13.9% and invoicing 12.8% y/y.
- The adj. EBITDA in Q4 amounted to EUR 9.9m (EUR 9.4m in Q4/24), slightly below our estimate (EUR 10.3m Evli). Profitability in the Wholesale-segment remained on the weaker side driven by the product mix and OPEX. The sales margin increased by 2% to EUR 43.3m.
- EPS in Q4 amounted to EUR -0.10 (EUR -0.10 in Q4/24), slightly below our expectations (EUR -0.07 Evli). Earnings were affected by the goodwill impairment and negative result of Kronans Apotek.
- Net sales in the Distribution-segment in Q4 were EUR 402.2m vs. EUR 386.0m Evli. Adj. EBITDA in Q4 amounted to EUR 8.8m vs. EUR 9.0m Evli.
- Net sales in the Wholesale-segment in Q4 were EUR 99.9m vs. EUR 94.0m Evli. Adj. EBITDA in Q4 amounted to EUR 2.8m vs. EUR 3.4m Evli.
- Adj. EBITDA in Group administration and others amounted to EUR -1.8m vs. EUR -2.1m Evli.
- Guidance for 2026: Oriola expects the adjusted EBITDA to increase from the previous year (2025: EUR 35.1 million).
- Oriola’s BoD proposes a dividend of EUR 0.03 per share for 2025, and a possible second instalment of up to EUR 0.04 per share, which would be carried out in November 2026. We assumed a full year dividend of EUR 0.07.