Oriola - Solid organic growth
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.
- Net sales in Q1 were EUR 447.1m (EUR 375.1m in Q1/24), above our and consensus estimates (EUR 412.7m/419.5m Evli/cons.). Growth was mainly driven by a customer changing to Oriola’s inventory in Q3/24, but organic growth was still at a solid level of 8.1%, aided by onboarding of new customers.
- The adj. EBITDA in Q1 amounted to EUR 7.5m (EUR 7.7m in Q1/24), slightly below our estimate (EUR 7.9m Evli). EBIT amounted to EUR -2.8m, below our and consensus estimates (EUR 2.8m/5.4m Evli/cons.). EBIT was affected by an impairment loss of EUR 5.7m relating to Svensk dos, which was not included in our estimates.
- EPS in Q1 amounted to EUR -0.03 (EUR -0.01 in Q1/24), below our estimates and consensus (EUR -0.00/0.01 Evli/cons.). The loss from Oriola’s share of the JV was slightly less than anticipated, at EUR -1.0m (Evli EUR -2.0m).
- Net sales in the Distribution segment in Q1 were EUR 359.2m vs. EUR 328.8m Evli. Adj. EBITDA in Q1 amounted to EUR 7.1m vs. EUR 6.7m Evli.
- Net sales in the Wholesale segment in Q1 were EUR 88.1m vs. EUR 84.3m Evli. Adj. EBITDA in Q1 amounted to EUR 2.4m vs. EUR 3.8m Evli.
- Adj. EBITDA in Group administration and others amounted to EUR -2.0m vs. EUR -2.5m Evli.
Guidance for 2025 (refined): For 2025, Oriola expects the adjusted EBITDA to increase (prev. excluding the Swedish dose dispensing business) from the previous year (2024: EUR 33.4 million, prev. EUR 33.3m).