Oriola - Strong growth
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.
- Net sales in Q2 were EUR 493.9m (EUR 439.5m in Q2/24), above our estimates and in line with consensus (EUR 473.7m/496.7m Evli/cons.). Organic growth exceeded our expectations, with both segments posting double-digit growth, while the net sales growth in relation to invoicing leveled out as we had expected.
- The adj. EBITDA in Q2 amounted to EUR 8.1m (EUR 8.0m in Q2/24), slightly below our estimate (EUR 8.7m Evli). The weaker profitability was driven by the Wholesale-segment. We had lowered our expectations for Wholesale pre-Q2, but the adj. EBITDA fell q/q while we had expected a slight improvement.
- EPS in Q2 amounted to EUR -0.03 (EUR 0.01 in Q2/24), below our estimates and consensus (EUR 0.01/0.01 Evli/cons.). The difference was driven by adj. items of EUR -6.5m relating to the ERP investment and sale of Svensk Dos Ab and the weaker than expected profitability of Kronans Apotek.
- Net sales in the Distribution segment in Q2 were EUR 397.8m vs. EUR 385.8m Evli. Adj. EBITDA in Q2 amounted to EUR 8.3m vs. EUR 7.5m Evli.
- Net sales in the Wholesale segment in Q2 were EUR 96.1m vs. EUR 88.0m Evli. Adj. EBITDA in Q2 amounted to EUR 2.1m vs. EUR 2.6m Evli.
- Adj. EBITDA in Group administration and others amounted to EUR -2.3m vs. EUR -1.4m Evli.
- Guidance for 2025 (reiterated): For 2025, Oriola expects the adjusted EBITDA to increase from the previous year (2024: EUR 33.4 million).