Steady progress in adjusted EBITDA and strategic priorities

In 2025, Oriola’s net sales increased by 14% to EUR 1,906 million. Sales margin improved to EUR 166.8 (159.8) million and adjusted EBITDA grew to EUR 35.1 million, exceeding the previous year’s level.  

Sustainability remained a key priority in 2025. Our new ambitious climate targets were validated by the Science Based Targets initiative (SBTi), confirming alignment with the 1.5°C pathway. Compared with the 2023 base year, we have reduced Scope 1 and Scope 2 emissions by 40%.  

Progress with strategic investments

We also advanced our strategic investment to renew Oriola’s ERP (enterprise resource planning) and WMS (warehouse management systems). At the end of the year, we completed the first deployment in Sweden, and preparations for the next deployment are underway. The planning phase for the distribution operations in Finland was finalised in December, and in early January 2026, the Board of Directors approved the development of a highly automated, state-of-the-art distribution centre in Järvenpää, valued at EUR 110-120 million. The distribution centre will increase capacity by 30% and cold chain capacity by 80%. Built to BREEAM Excellent standards, it will be 50% more energy efficient and reduce Scope 1 and 2 emissions in Finland. Construction has already started, with relocation planned to begin in late 2027. Following this move, our headquarters will relocate to another site within Espoo.

Stronger supply chain  

During the year, we strengthened Oriola’s supply chain, ensuring stable and reliable distribution services for our customers. In Sweden, we expanded capacity to support strong volume growth and secure product availability. We also delivered our most successful vaccine season, with delivered volumes exceeding the previous year by more than 20%. Continuous improvement efforts increased tote filling rates in both countries enhancing transport efficiency and sustainability. We also implemented new digital and AI-driven tools that improve workflow and productivity.

Improved customer satisfaction  

In the distribution business, we emphasised strong partnerships and engaged in closer dialogues with our customers, implementing improvement measures in response to their feedback. This is evidenced by a continuous improvement of customer satisfaction, reflected in an all-time high Net Promoter Score (NPS). With our holistic service offering and strong market support we aim to reduce complexity for our customers.  

Solid portfolio meeting customer needs

We continued to expand our wholesale offering based on customer needs, secured new listings, and renewed our own brands such as Dexal and Apteekkarin. These efforts are visible in improved NPS results, particularly in feedback regarding our range and quality of products. We also developed capabilities to serve cross-market the growing e-commerce and retail customer base, for example through pallet deliveries in Sweden. In advisory, we have identified business opportunities to use AI-driven tools to enhance our services, including commercial data and medical information.

Acquisition to strengthen advisory business

During the first half of the year, we completed the sale of the Swedish dose dispensing business and acquired MedInfo in Denmark. The acquisition strengthens our position in the Nordic advisory market and enables us to offer a full-service portfolio in medical information and patient support programmes in all Nordic markets.  

Q4 2025: Good progress in both segments  

In the fourth quarter, net sales increased by 14% to EUR 502 million and sales margin reached EUR 43.3 (42.4) million, both supported by the Distribution and Wholesale segments. Adjusted EBITDA increased to EUR 9.9 (9.4) million. The Distribution segment continued to deliver solid results in the fourth quarter, driven by strong partnerships, increase in value-adding services, higher vaccine volumes in Sweden, and market value growth. In Finland, the dose dispensing business performed well. Within the Wholesale segment, the investments to strengthen our commercial capabilities in Finland at the beginning of the year started to show good results in the fourth quarter. In addition, growth in Finland was supported by special-licensed medicines and double-digit growth in sales to veterinarians. Parallel import in Sweden continued a strong performance driven by weight-loss medicines. In advisory, the positive development in commercial data services continued with strong growth.

Integration of Kronans Apotek completed

Our joint venture, Kronans Apotek, achieved transformation milestones in 2025, completing its integration and harmonising key business systems. Activities included pharmacy network adjustments and private label initiatives. These efforts strengthened the organisation’s governance and operational foundation, and improved scalability. Throughout 2025, multiple commercial initiatives were started, and the organisation defined its long-term commercial strategy. In addition, actions were started to strengthen cross-functional coordination, to increase flexibility and competitiveness, and to optimise key processes and customer journeys. In the fourth quarter, Kronans Apotek reported a market share of 20.7% and total sales increased in local currency by 2.9% from the previous year, driven by growth in both physical pharmacies and the e-commerce channel.

Commitment to customer focus and strategic priorities

Looking ahead, we have initiated a review of Oriola’s long-term plan and financial targets to support growth, drive profitability, and establish capital allocation priorities. We will share details of the review at our Capital Markets Day on 12 May 2026, in Helsinki.  

Our commitment to our customers remains strong. We will continue to develop our holistic services and product offering, while executing our strategic priorities essential for our long-term growth and success. These initiatives require effective change management, strong leadership, and continuous open dialogue with our people.  

In the beginning of the year, we strengthened the commercial capabilities within our management team, enhancing our ability to capture new opportunities and supporting the company’s continued growth. The progress achieved in 2025 gives us confidence that our strategy is working, and we enter the coming year well positioned to build further on this achievement.

I want to thank everyone at Oriola for our joint achievements and the dedication over the past year. Your hard work and commitment have been instrumental to our progress. I also extend my appreciation to our customers, partners and shareholders for their ongoing support and trust in us. 

Katarina Gabrielson is Oriola’s CEO. This text was published in the Financial Statements Release 2025 on 25 February 2026. The complete report can be downloaded from the link below.