Oriola Corporation’s Interim Report 1 January-31 March 2026

Oriola Corporation Stock Exchange Release 29 April 2026 at 8.30 a.m. EEST

Oriola Corporation’s Interim Report 1 January-31 March 2026

First quarter performance in line with expectations

January-March 2026 highlights:

• Invoicing increased by 8.1% to EUR 1,081.2 (1,000.2) million.
• Net sales decreased by 2.2% to EUR 49.8 (50.9) million (excluding the Swedish dose dispensing business net sales growth was 10.7%).*
• Adjusted EBITDA was EUR 7.7 (7.5) million (excluding the Swedish dose dispensing business adjusted EBITDA for Q1 2025 was EUR 7.3 million).*
• EBITDA was EUR 5.3 (6.0) million including adjusting items of EUR -2.4 (-1.6) million.
• Result for the quarter totalled EUR -2.0 (-5.4) million and earnings per share were EUR -0.01 (-0.03). The loss includes Oriola share of the result of the joint venture Kronans Apotek of EUR -2.3 (-1.0) million.
• Free cash flow was EUR -20.9 (25.0) million.

Changes in financial reporting: To further improve transparency and enhance understanding of Oriola’s value creation, Oriola has adopted a new revenue recognition policy and segment reporting. More information on page 6.

*Reported figures include the Swedish dose dispensing business which was divested 1 April 2025. 

Key figures

	2026	2025	Change	2025
EUR million	1-3	1-3	%	1-12
Invoicing	1,081.2	1,000.2	8.1	4,201.2
Net sales	49.8	50.9	-2.2	201.6
Adjusted EBITDA1	7.7	7.5	2.0	35.1
EBITDA	5.3	6.0	-11.8	20.3
Adjusted EBITDA margin %	15.4	14.8		17.4
EBITDA margin %	10.6	11.7		10.1
Result for the period	-2.0	-5.4	62.9	-27.2
Earnings per share, EUR	-0.01	-0.03		-0.15
Net cash flow from operating activies	-18.0	30.4		60.0
Free cash flow	-20.9	25.0		58.4
Gearing, %	-62.9	-48.6		-81.4
Equity ratio, %	11.8	16.3		13.1
Return on capital employed (ROCE), %	4.6	-5.2		1.3

¹ Adjusting items are specified in Adjusting items on page 21.

In order to reflect the underlying business performance and to enhance comparability between financial periods, Oriola discloses certain performance measures of historical performance, financial position and cash flows, as permitted in the “Alternative performance measures” guidance issued by the European Securities and Markets Authority (ESMA). These measures should not be considered as a substitute for measures of performance in accordance with the IFRS. The calculation methods of these measures are provided under Key financial indicators in this Interim report.

Outlook for 2026

In 2026, the pharmaceutical distribution market is expected to continue to grow. Value growth is expected to be driven by high-value pharmaceuticals and products requiring advanced logistics.

The uncertainty in the geopolitical environment remains, and the availability issues of certain pharmaceuticals are expected to continue. Typically, in economic uncertainty, consumers tend to shift purchases of everyday health and wellness products toward low-price categories. 

For 2026, Oriola expects the adjusted EBITDA to increase from the previous year (2025: EUR 35.1 million). The expectation of improved adjusted EBITDA is based on growing markets and strategy execution.

CEO Katarina Gabrielson:

We had a good start to the year, with both net sales and adjusted EBITDA meeting our expectations. Demand for Oriola’s distribution services has remained strong, supported by continued engagement with existing customers and a solid pipeline of new customer opportunities. In the wholesale business, the positive development from last year has continued, building on the actions and improvements implemented in 2025. We have strengthened our footprint in the growing retail channel and expanded the sales channel mix for animal health. Growth also continued in the e-com channel.

Recent changes in the geopolitical situation have increased uncertainty in the operating environment, with higher fuel prices and inflationary pressure. However, these impacts were not directly impacting Oriola during the first quarter. Towards the end of the quarter, we saw increased volumes as pharmaceutical companies began to build inventories to ensure availability of pharmaceuticals. In advisory services, the increased uncertainty has been reflected in more cautious customer decision-making, with longer lead times for new engagements.

Changes in financial reporting to improve transparency
To further improve transparency in reporting and enhance understanding of Oriola’s value creation, we have updated our revenue recognition policy and segment reporting. These changes enhance visibility into transaction margins and operational performance, while providing a clearer view of our service‑ and product‑driven business models and their value creation.

In the first quarter, Oriola’s net sales grew by 10.7% to EUR 49.8 million and adjusted EBITDA was EUR 7.7 (7.3) million, corresponding to an adjusted EBITDA margin of 15.4% (16.3%).*

Services segment: Higher volumes in speciality flows
Net sales increased by 3.7% to EUR 36.6 (35.3) million. Growth was driven by positive development in the distribution of pharmaceuticals in Finland and Sweden, as well as continued high volumes in parallel import in Sweden.

In the pharmaceutical distribution, growth was supported by higher volumes in speciality flows such as vaccines, exports, and animal health, and by overall market growth particularly in Sweden. Advisory services had a slow start to the year, resulting in a decline in net sales compared with the previous year.

Adjusted EBITDA decreased to EUR 8.0 (8.5) million, with an adjusted EBITDA margin of 22.0% (24.0%). The reduction was mainly due to weak performance in advisory services and a sales mix impact from growth in parallel imports.

Products segment: Positive development in Finnish wholesale continued
Net sales grew by 9.8% to EUR 15.4 million (14.0) million.* Growth was supported by both the wholesale and dose dispensing businesses in Finland.

The Finnish wholesale business continued the positive development that started at the end of last year, supported by expansion in the retail channel and continuous development of own brands. Sales of special-licensed medicines in Sweden were lower than in the comparison period.

Adjusted EBITDA amounted to EUR 2.1 (0.9) million, with an adjusted EBITDA margin of 13.9% (6.1%).* The improvement was driven by the wholesale and dose dispensing businesses in Finland.

Strategic investments progressing as planned
In Finland, the construction of Oriola’s new highly automated, state-of-the-art distribution centre in Järvenpää has started well and is progressing as planned. In parallel, the investment to renew Oriola’s ERP and warehouse management system continues, with planning underway for the second deployment in Sweden.

Stable supply chain
Our supply chain operations remained stable during the first quarter. Operations at Enköping and Mankkaa sites performed well, while volumes at Mölnlycke central warehouse were high, partly reflecting customers building inventories.

At the Enköping distribution centre, continuous improvements in ways of working have enhanced operational efficiency. An improved tote filling rate has reduced the number of daily trucks, supporting cost control while also contributing to our environmental objectives. 

In March, we announced a EUR 5 million automation investment at Enköping. This will further increase the level of automation, improving efficiency and competitiveness and strengthening our ability to respond to market growth and evolving customer requirements.

Kronans Apotek: Initiatives to improve profitability initiated
First quarter profitability was weaker than expected, despite a 4.2%, in local currency, increase in revenue during ongoing macroeconomic uncertainty and heightened consumer price sensitivity. This performance has led to an increased focus on initiatives to improve profitability significantly.

Kronans Apotek is launching initiatives that are focused on both revenue and cost efficiency. On the revenue side, efforts are directed towards strengthening commercial execution, optimising product mix, and enhancing in-store and digital sales performance. In parallel, a cost optimisation programme has been launched, with a particular focus on reviewing head office functions and potential additional synergies from the recent integration. This includes identifying and eliminating inefficiencies, ensuring an appropriate cost base going forward, and clarifying which costs are structural versus temporary in nature.

With the integration now completed, the focus has shifted to targeted actions aimed at significantly improving profitability, strengthening operational discipline, and positioning the company for more sustainable performance in the coming quarters.

Future growth and profitability: Capital Markets Day
Looking ahead, our commitment to grow together with our customers remains strong. We have clear priorities and will continue to implement them while capturing new opportunities to support continued growth.

We will host our Capital Markets Day on 12 May in Helsinki, where we present our long-term growth strategy, discuss plans to enhance profitability and the new financial targets, and outline our approach to capital allocation to support shareholder value. I warmly welcome you to join the event and look forward to an active dialogue, either in person or online.

I would like to thank everyone at Oriola for the strong start to the year and your continued commitment to implementing our strategy.

*) Excluding the Swedish dose dispensing business which was divested 1 April 2025. Reported figures include the Swedish dose dispensing business.

Disclosure procedure

This stock exchange release is a summary of Oriola Corporation’s Interim Report January-March 2026. The complete report is attached to this release in pdf format and is also available on Oriola’s website at www.oriola.com.

Analyst and investor meeting at 10.00 a.m. EEST

Oriola’s CEO Katarina Gabrielson and CFO Mats Danielsson will present the report at a live audiocast meeting today at 10.00 a.m. EEST. Join the meeting: https://oriola.events.inderes.com/q1-2026    

Financial calendar 2026

• Half-Year Report 1-6/2026 Friday 17 July 2026
• Interim Report 1-9/2026 on Thursday 29 October 2026

Oriola’s Capital Markets 2026

Oriola’s Capital Markets Day will be held on Tuesday 12 May 2026 in Helsinki as a hybrid event. Members of the management team, led by CEO Katarina Gabrielson, will share the company’s long-term growth strategy and plans to enhance profitability, as well as discuss the financial targets and Oriola’s approach to capital allocation to support shareholder value. The agenda can be found on the company website at: www.oriola.com/cmd.

Further information:
Mats Danielsson
CFO
email: mats.danielsson@oriola.com

Mikael Wegmüller
VP, Communications and Sustainability
email: mikael.wegmuller@oriola.com

Distribution:
Nasdaq Helsinki Ltd
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