549300UWB1AIR85BM957 2025-01-01 2025-12-31 549300UWB1AIR85BM957 2024-01-01 2024-12-31 549300UWB1AIR85BM957 2025-12-31 549300UWB1AIR85BM957 2024-12-31 549300UWB1AIR85BM957 2023-12-31 549300UWB1AIR85BM957 2023-12-31 ifrs-full:IssuedCapitalMember 549300UWB1AIR85BM957 2023-12-31 orio:FundsMember 549300UWB1AIR85BM957 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300UWB1AIR85BM957 2023-12-31 ifrs-full:RetainedEarningsMember iso4217:EUR iso4217:EUR xbrli:shares 549300UWB1AIR85BM957 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 549300UWB1AIR85BM957 2024-01-01 2024-12-31 orio:FundsMember 549300UWB1AIR85BM957 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300UWB1AIR85BM957 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember 549300UWB1AIR85BM957 2024-01-01 2024-12-31 orio:ReservesMember 549300UWB1AIR85BM957 2024-12-31 ifrs-full:IssuedCapitalMember 549300UWB1AIR85BM957 2024-12-31 orio:FundsMember 549300UWB1AIR85BM957 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300UWB1AIR85BM957 2024-12-31 ifrs-full:RetainedEarningsMember 549300UWB1AIR85BM957 2025-01-01 2025-12-31 ifrs-full:RetainedEarningsMember 549300UWB1AIR85BM957 2025-01-01 2025-12-31 ifrs-full:IssuedCapitalMember 549300UWB1AIR85BM957 2025-01-01 2025-12-31 orio:ReservesMember 549300UWB1AIR85BM957 2025-01-01 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300UWB1AIR85BM957 2025-01-01 2025-12-31 orio:FundsMember 549300UWB1AIR85BM957 2025-12-31 ifrs-full:IssuedCapitalMember 549300UWB1AIR85BM957 2025-12-31 orio:FundsMember 549300UWB1AIR85BM957 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300UWB1AIR85BM957 2025-12-31 ifrs-full:RetainedEarningsMember
Business review / Governance / Financial review / Sustainability Statement
This report is translated, non-official version
of Oriola Corporation’s Financial review 2025
presented in the ESEF-format.
Financial review
Report of the Board of Directors 35
Sustainability Statement 45
Share-related key figures 106
Financial indicators and
performance measures
108
Financial Statements 112
Dividend proposal 159
Auditor’s report 160
Sustainability assurance report 164
Auditor's assurance report on
ESEF Financial Statements 166
33 Oriola Annual Report 2025
Report of the Board of Directors .......... 35
Shares and shareholders ........................................... 42
Risk review ...................................................................... 43
Profit distribution proposal ......................................44
Outlook for 2026 ..........................................................44
Sustainability Statement ........................................... 45
Information on shares ..................................106
Share-related key figures .......................................106
Financial indicators and
performance measures ................................108
Financial indicators 2021–2025 .............................108
Alternative performance measures ....................110
Financial statements 2025 ........................112
Consolidated statement of
comprehensive income (IFRS) ...............................113
Consolidated statement of
financial position (IFRS) ...........................................114
Consolidated statement of cash flows (IFRS) .. 115
Consolidated statement of
changes in equity (IFRS) ..........................................116
Notes to the consolidated financial
statements .................................................................... 117
1. Basic information on the company ................ 117
2. Basis of presentation ............................................ 117
3. Use of estimates and judgement ................... 118
4. Operating result .................................................... 118
4.1. Segment reporting .....................................118
4.2. Net sales and other
operating income ........................................120
4.3. Operating expenses ..................................121
4.4. Employee benefits .....................................122
5. Working capital .....................................................125
5.1. Trade and other receivables ...................125
5.2. Inventories ..................................................... 126
5.3. Trade payables and other liabilities ..... 126
5.4. Provisions .......................................................126
6. Tangible and intangible assets and
other non-current assets.........................................127
6.1. Property, plant and equipment ............127
6.2. Goodwill and other intangible assets .. 128
6.3. Other non-current assets .........................130
7. Leases ........................................................................ 131
7.1. Leases in the statement of
financial position .........................................132
7.2. Leases in the statement of
comprehensive income .............................132
8. Capital structure ...................................................133
8.1. Financial income and expenses ............133
8.2. Financial assets and liabilities ................133
8.3. Financial risk management ..................... 137
8.4. Equity, shares and authorisations ..........140
8.5. Earnings per share, dividend
and other equity distribution ................143
9. Income taxes ......................................................... 144
9.1. Taxes recognised in the comprehensive
income for the period ............................... 144
9.2. Deferred tax assets and liabilities ........ 144
10. Group structure ..................................................146
10.1. Subsidiaries ...................................................146
10.2. Related party transactions ...................... 147
10.3. Acquisitions and divestments .................148
10.4. Investments in joint ventures .................149
11. Unrecognised items ..........................................151
11.1. Commitments and
contingent liabilities .................................. 151
11.2. Future lease payments ............................151
11.3. Litigation ....................................................... 151
11.4. Events after the balance sheet date .....151
12. Other notes ...........................................................151
12.1. Application of new and amended IFRS
standards and IFRIC interpretations .... 151
Parent company financial statements ...............152
Parent company income statement (FAS) ...152
Parent company balance sheet (FAS) ............ 152
Parent company cash flow statement (FAS) ... 153
Notes to the parent company financial
statements (FAS) ...................................................154
The Board of Directors’ proposal
for the profit distribution
and Auditor’s Note ........................................ 159
Auditor’s report .................................................160
Assurance report on the
Sustainability Report .......................................164
Independent auditor's report on
the ESEF financial statements
of Oriola Corporation .......................................169
Basis for preparation
The accounting principles are presented in
the relevant parts of the notes to the financial
statements in order to make the report more
user-friendly. The basis for preparation part of
the note is highlighted.
Use of estimates and judgement
If the accounting area presented in the note
involves estimates and judgement, those
estimates and judgements are described
separately in the relevant note. The description
of the use of estimate and judgement in the
note is highlighted.
Table of contents
Business review / Governance / Financial review / Sustainability Statement 35 Oriola Annual Report 2025
Report of the Board of Directors
Oriola offers advanced distribution, expert and advisory services
for pharmaceutical companies and a wide range of health and
wellbeing products for pharmacies, veterinarians, other healthcare
operators and retail operators in the Finnish and Swedish markets.
Additionally, Oriola offers dose dispensing services for pharmacies
and healthcare operators.
Reporting segments
Oriola’s reporting segments are Distribution and Wholesale.
Distribution
Oriola manages a high-quality, GDP compliant supply chain for
safe and reliable deliveries of pharmaceuticals and health products
in the Nordics. Specialised distribution services cover quality
control, warehousing and logistics, including advanced cold chain
and vaccine distribution. In Finland, Oriola provides automated
dose dispensing services that ensure patient safety and treatment
accuracy. Dose dispensing services in Sweden were sold in April
2025.
Wholesale
Oriola offers a broad range of traded goods, over-the-counter
(OTC) products, special licensed medicines and parallel imports,
supported by reliable logistics and local market expertise. Through
advisory services, Oriola helps pharmaceutical companies succeed
across the product lifecycle - from clinical trials and regulatory
compliance to market access, tenders, and medical information.
Business review
Operating environment
Oriola has identified solid long-term drivers supporting market
growth such as ageing population, wellbeing and healthcare,
online pharmaceuticals and growth of speciality products.
Operating environment remained stable during the year. The
pharmaceutical distribution market grew in value, while the volume
was flat in both countries. The consumer confidence remained
weak throughout the year both in Finland and Sweden.
Market environment - Pharmaceuticals
The pharmaceutical distribution markets in Finland and
Sweden are valued at around EUR 9 billion and have
historically been relatively stable also during uncertain economic
times. In the past three years, the average annual growth rate
has been about 6% in value terms.
In Sweden, the value of the pharmaceutical distribution market at
wholesale prices, measured in Swedish krona, grew by 6.3% (7.0%)
in 2025 (source: IQVIA). In Finland, the market value grew by 1.3%
(5.0%) (source: LTK).
According to Oriola’s estimate, Oriola’s share of the pharmaceutical
wholesale market in Sweden was approximately 42% (43%) and in
Finland approximately 46% (45%) in 2025.
In the dose dispensing business, Oriola offers pharmaceuticals
and dose dispensing for private and public healthcare sector
operators. The total market size for dose dispensing in Finland is
approximately 120,000 (116,000) patients of which Oriola serves
approximately 40,000 (36,000).
Market environment - Health products
The consumer health markets in Finland and Sweden are valued
at around EUR 1.6 billion. The historical market growth has been
3.4% (2019-2025 CAGR %) while growth is expected to be 3-5% for
2026-2028. In Sweden, OTC (over-the-counter) products in general
are expected to witness positive value growth over the forecast
period. Vitamins, dietary supplements and sports nutrition will
benefit from the overarching health and wellness trend supporting
positive volume and constant value growth over the forecast
period. In Finland, consumer interest is rising notably in areas
such as digestive health and stress relief/relaxation. The market is
anticipated to become increasingly polarised, featuring a price-
sensitive consumer segment focused on value products, alongside
Key numbers
1
Invoicing between segments EUR -0,3 million
2
Group administration and others
EUR -7.9 million
Net sales by country, %
Finland Sweden Other countries
Distribution Wholesale
307
20 24
64
80 76
Net sales
by segment
1
, %
Adjusted EBITDA by
segment
2
, %
Business review / Governance / Financial review / Sustainability Statement 36 Oriola Annual Report 2025
another segment seeking premium quality ingredients, ease of use,
and innovation. Some products in the middle ground may migrate
towards these two extremes.
E-commerce is a well-established and growing sales channel for
consumer health products in Sweden, while in Finland it is still
in the early stages of expansion. (Sources: Euromonitor, Oriola
management reporting)
The consumer confidence indicator in Finland remained weak
and below long-term average. In Sweden, the indicator remained
largely unchanged and points to a weaker-than-normal sentiment.
(Sources: Statistics Finland, Konjunkturinstitutet)
The Group’s financial performance
Invoicing and net sales
Invoicing increased by 11.4% (increased 5.1%) to EUR 4,201.2
(3,771.8) million. Net sales increased by 13.5% (increased 12.4%) to
EUR 1,906.2 (1,679.7) million. Invoicing and nets sales growth was
driven by both the Distribution and Wholesale segments.
Profitability
Adjusted EBITDA increased by 4.8% (increased 9.6%) to EUR 35.1
(33.4) million. Adjusting items totalled EUR -14.8 (-6.2) million and
included EUR -9.6 million ERP investment related implementation
costs in Group administration, EUR -1.6 million costs related to the
feasibility study of logistics operations in the Distribution segment
in Finland and EUR -3.0 million loss from sale of dose dispensing
business in Sweden. EBITDA was EUR 20.3 (27.2) million.
In 2025, Oriola recognised a loss of EUR 22.8 (loss of 24.8) million
fromSwedish Pharmacy Holding AB in the consolidated statement
of comprehensive income. The loss included Oriola’s share of the
impairment of goodwill in Kronans Apotek amounting to EUR 15.8
(16.3) million. The impairments were related to the integration of
Kronans Apotek and their transition to one common ERP system,
which required more time than anticipated. The integration and
ERP-project were completed in 2025.
Net financial expenses decreased to EUR 6.6 (7.3) million mainly
due to lower interest rates and debt level. The result for the
financial year was EUR -27.2 (-20.1) million. Income taxes were EUR
-0.3 (-1.5) million, which corresponds to an effective tax rate of
-1.3% (-8.1%). Earnings per share were EUR -0.15 (-0.11).
For more information on the Group’s financial performance, please
see the section Financial indicators 2021-2025.
Distribution segment
The Distribution segment consists of pharmaceutical logistics and
dose dispensing services in Finland and Sweden. Dose dispensing
services in Sweden have been included until the completion of the
sale on 1 April 2025.
Key figures
EUR million 2025 2024 Change %
Net sales 1,531.8 1,364.7 12.2
Adjusted EBITDA 32.6 27.6 18.1
Adjusted EBITDA % 2.1 2.0
EBITDA 28.3 29.1 -2.6
Net sales grew by 12.2% to EUR 1,531.8 (1,364.7) million. Growth
was primarily driven by the Swedish distribution business, with
positive development also in the Finnish distribution and dose
dispensing businesses.
Adjusted EBITDA increased to EUR 32.6 (27.6) million, supported by
net sales growth. Due to high volumes, additional
warehouse capacity and personnel was added, which led to
higher operating expenses. Adjusting items totalled EUR -4.3 (1.4)
million and included EUR -1.6 million costs related to the
feasibility study of logistics operations in Finland and EUR
-2.8 million loss from the sale of dose dispensing business in
Sweden. In 2024 adjusting items related to the compensation
from a court appeal of a tender process in the dose dispensing
business. EBITDA was EUR 28.3 (29.1) million.
Wholesale segment
The Wholesale segment consists of wholesale of traded goods
and over-the-counter (OTC) products, parallel import and special
licensed medicines, as well as advisory services in Finland and
Sweden.
3,588 3,7723,507 3,568
4,201
2021 2022 2023 2024 2025
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Invoicing
EUR million
31
33
31
35
35
2021 2022 2023 2024 2025
36
35
34
33
32
31
30
29
28
Adjusted EBITDA
EUR million
Business review / Governance / Financial review / Sustainability Statement 37 Oriola Annual Report 2025
Key figures
EUR million 2025 2024 Change %
Net sales 374.8 315.6 18.7
Adjusted EBITDA 10.3 12.5 -17.1
Adjusted EBITDA % 2.8 3.9
EBITDA 10.0 11.5 -12.6
Net sales grew by 18.7% to EUR 374.8 (315.6) million. Growth was
mainly driven by the Swedish wholesale business with strong
development in parallel import of mainly weightloss medicines
throughout the year. In Finland, sales to veterinarians were strong
and growth in special-licensed medicines was supported by medi-
cine shortages.
Adjusted EBITDA decreased to EUR 10.3 (12.5) million. Lower
profitability was related to higher operating expenses related to
increased personnel costs and expanded marketing activities, and
an unfavourable product mix mainly related to high volumes in
parallel import. Adjusting items totalled EUR -0.3 (-1.0) million and
included EUR -0.3 million integration and restructuring costs in
advisory services. In 2024 adjusting items related to a service level
agreement settlement. EBITDA was EUR 10.0 (11.5) million.
Balance sheet, cash flow and financing
Oriola’s total assets at the end of December 2025 were EUR 946.1
(875.6) million. Equity attributable to the equity holders was EUR
100.8 (133.4) million. The result for the financial year was EUR
-27.2 (-20.1) million, of which the joint venture Kronans Apotek’s
share was EUR -22.8 (-24.8) million. The loss from the joint venture
includes Oriola’s share of goodwill impairment amounting to
EUR 15.8 (16.3) million. The effect of the payment of dividends in
the equity was EUR -12.7 million. In the first quarter of 2025, the
fair value of Doktor.se was changed by EUR 2.9 million based on
realised share transactions. Oriola’s ownership of shares in
Doktor.se has not changed during the financial year.
Cash and cash equivalents totalled EUR 152.2 (113.5) million.
Netcash flow from operating activities in 2025 was EUR 60.0
(38.7) million, of which changes in working capital accounted for
EUR40.6(21.4) million. Increase in trade payables has impacted
working capital positively. Free cash flow was EUR 58.4 (43.4)
million. Netcashflow from investing activities was EUR 0.4 (-2.8)
million. Netcash flow from financing activities was EUR -21.7 (-60.7)
million. In 2025, loans from financial institutions were repaid by EUR
1.0 million and liabilities related to commercial paper issues were
reduced by EUR 4.9 million. The effect of the payment of dividends
on the net cash flow from financing was EUR -12.7 (-12.7) million.
At the end of December 2025, interest-bearing debt was EUR 70.1
(76.1) million. The non-current interest-bearing liabilities amounted
to EUR 38.3 (39.7) million and current interest-bearing liabilities
amounted to EUR 31.7 (36.4) million. Non-current interest-bearing
liabilities consist of loans from financial institutions totalling EUR
30.0 (30.0) million and non-current lease liabilities totalling EUR8.3
(9.7) million. Current interest-bearing liabilities mainly consist
of commercial paper issues of EUR 19.9 (24.8) million, advance
payments from Finnish pharmacies totalling EUR 8.3 (7.9)million,
loans from financial institutions totalling EUR - (1.0)million and
current lease liabilities totalling EUR 3.5 (2.7) million. Interest-
bearing net debt was EUR -82.1 (-37.4) million andgearing -81.4%
(-28.0%).
The non-recourse trade receivables sales programmes are in use in
Sweden. At the end of December 2025, a total of EUR 121.9 (94.1)
million in trade receivables had been sold. The average interest
rate on the interest-bearing liabilities excluding lease liabilities
was 2.84% (3.01%). Interest rate risk relating to the cash flow from
selling of trade receivables has been partly hedged with interest
rate swaps.
In June 2025, Oriola signed a new three-year unsecured EUR 70
million committed revolving credit facility agreement with two
one-year extension options subject to lenders’ approval. The new
revolving credit facility replaced the previous revolving credit facili-
ty of the same amount. The revolving credit facility matures in June
2028. The margin of the revolving credit facility is linked toOriola’s
financial covenants. The committed long-term revolving credit
facility of EUR 70.0 million and short-term credit limits totalling
EUR40.0million were unused at the end of December 2025.
At the end of December 2025, Oriola’s equity ratio was 10.8%
(15.4%). Return on capital employed was 1.3% (5.4%) and returnon
equity -23.3% (-13.2%).
For more information on the Group’s balance sheet and cash
flow and related key figures, see the section Financial indicators
2021–2025.
Investments and depreciation
Investments in total in 2025 were EUR 12.7 (8.7) million, of which
EUR 9.6 (5.9) were related to the ERP investment and recognised
as expense (adjusting item) in the income statement. Gross
investments excluding right-of-use assets, which were capitalised
on balance sheet totalled EUR 3.2 (2.9) million andconsisted
mainly of investments in warehouse management systems and
equipment.
Depreciation, amortisation and impairment amounted to EUR
17.7 (13.6) million. An impairment in total of EUR 5.7 million was
recognised in dose dispensing Sweden on goodwill and on other
Net cash flow from operating activities
EUR million
50
40
30
20
10
0
-10
-20
-30
-40
-50
Q1 Q2 Q3 Q4
2024
Q1 Q2 Q3 Q4
2025
48
-8
-10
30
37
18
- 5
- 11
Business review / Governance / Financial review / Sustainability Statement 38 Oriola Annual Report 2025
non-current assets. In 2024, an impairment of EUR 1.9 million was
recognised related to ERP investment previously capitalised on
unfinished intangible assets.
Joint venture Swedish Pharmacy Holding AB
(Kronans Apotek)
Oriola has 50% shareholding in Swedish Pharmacy Holding AB,
which controls pharmacy chain Kronans Apotek in Sweden. Oriola
reports its share of the net result in the Swedish Pharmacy Holding
AB below EBIT in the consolidated statement of comprehensive
income.
Key figures
EUR million 2025 2024 Change %
Net sales 1,223.1 1,151.1 6.3
EBITA -4.4 -5.9 26.1
EBIT -45.0 -47.3 4.8
Adjusted EBIT -7.4 -8.0 7.5
Adjusted EBIT % -0.6 -0.7
Loss for the period -45.7 -49.7 8.1
Net interest-bearing debt 86.9 96.9 -10.3
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.
In 2025, Swedish Pharmacy Holding AB reported net sales of
EUR1,223.1 (1,151.1) million. EBITA (Earnings before interest, taxes
and amortisation) was EUR -4.4 (-5.9) million. Adjusted EBIT was
EUR -7.4(-8.0)million. Adjusting items totalled EUR -37.4 (-39.3)
million including EUR -6.0 (-6.7) million one-off costs related to the
integration of the two companies and a goodwill impairment of
EUR -31.6 (-32.6) million. Adjusted EBIT was also impacted by other
one-off items related to prior periods, ERP-related disruption cost,
people related exit cost and legal and franchise-related items. The
impairments are related to the integration of Kronans Apotek and
transition to one common ERP system, which required more time
than anticipated. The integration and ERP project were completed
in 2025. Result for the period was EUR -45.7 (-49.7) million. At the
end of December 2025, netinterest-bearing debt was EUR 86.9
(96.9) million.
Kronans Apotek is an important strategic partner for Oriola, and
Oriola will actively support Kronans Apotek’s value creation as
a major shareholder. Oriola expects Kronans Apotek to reach
profitability level representing industry benchmark by 2027.
Changes in the Group structure
On 3 February 2025, the Group’s subsidiary Oriola Sweden AB
acquired 100% of the shares in MedInfo ApS in Denmark.
On 1 April 2025, Oriola completed the sale of Svensk dos AB to
Apotekstjänst Sverige AB.
Acquisitions and disposals
On 3 February 2025, the Group’s subsidiary Oriola Sweden
AB acquired 100% of the shares in MedInfo ApS in Denmark
to strengthen its Nordic footprint in medical information (MI)
and patient support programmes (PSP). MedInfo was Oriola’s
subcontractor covering the Danish and Norwegian markets with MI
and PSP services. MedInfo’s net sales in 2024 were EUR 0.9 million,
which mainly came from transactions with Oriola. The company
has nine employees in full-time equivalents (FTE).
Oriola announced on 13 October 2023 that it has signed an
agreement to sell all shares in Svensk dos AB to Apotekstjänst
Sverige AB. Svensk dos AB had been classified as held for sale
from October 2023 until the completion of the transaction. The
transaction was completed on 1 April 2025.
In dose dispensing business, Svensk dos AB offers pharmaceuticals
and dose dispensing for private and public healthcare sector
operators. In 2024, the net sales of dose dispensing Sweden were
EUR 21.7million and EBIT was EUR 1.5 million.
For more information about the acquisitions and disposals please
refer to note 10.3. Acquisitions and divestments in the Consolidated
FinancialStatements.
Personnel
Oriola’s primary key resource is competent, engaged and actively
participating employees. Active participation of employees in
developing a positive and inclusive operative environment enables
the company to serve as a role model for future work.
At the end of December 2025, the number of employees in full-
time equivalents (FTE) was 801 (816), of which 434 (409) worked
inFinland, 358 (407) in Sweden and 9 (-) in Denmark. The number
of personnel decreased 47 in FTE in Sweden due to the sale of
dose dispensing business. The increase in number of personnel in
commercial and supply chain units related to increased volume
and building capabilities. In addition, Oriola acquired MedInfo ApS
in Denmark in the first quarter of 2025. The average number of
employees (FTE) in 2025 was813 (812).
The total amount of wages, salaries and bonuses in 2025 was EUR
45.4 million (EUR 42.5 million in 2024 and EUR 39.8 million in 2023).
For more information about the employee benefits please
referto note 4.4. Employee benefits in the Consolidated
FinancialStatements.
Short-term Incentive Plan
The Short-term Incentive Plan (STI) is based on the achievement
of the company’s financial targets and personal targets. The
Board of Directors decides annually on the earnings criteria
and the determination of the STI based on the proposal of the
Compensation and Human Resources Committee.
Business review / Governance / Financial review / Sustainability Statement 39 Oriola Annual Report 2025
Share-based incentive programmes
Oriola has a share-based long-term incentive plan for the
company’s key employees, including the President & CEO and the
Oriola Management Team.
The incentive plan comprises a Performance Share Plan (the “PSP”)
and a share-based bridge plan to cover the transition phase to the
new LTI structure (the “Bridge Plan”). In addition, the long-term
incentive scheme comprises a Restricted Share Plan (also “RSP”)
as a complementary long-term share-based retention plan for
individually selected key employees in specific situations.
The Performance Share Plan (equity settled)
The Performance Share Plan for the years 2022-2025 consists of
annually commencing individual performance share plans, each
of which is subject to separate decision of the Board of Directors.
Eachplan comprises a performance period followed by the
payment of the potential share rewards in listed shares of Oriola.
The length of the performance period of the first plan, PSP 2022,
is four calendar years. At the end of the financial year PSP 2022
has 8 participants. The performance measures based on which the
potential share rewards under PSP 2022 will be paid are earnings
per share (EPS) and an environment-related target (CO2). PSP 2022
comprises a performance period covering the calendar years 2022-
2025, and the share rewards potentially payable thereunder will
be paid during the first half of 2026. The payment of the rewards
is conditional on the achievement of the performance targets
which the Board of Directors has set for the plan and the individual
participant’s continued employment or service relationship with
Oriola. If all the performance targets for the PSP 2022 are fully
achieved, the aggregate maximum number of shares to be paid
based on this plan is approximately 2,254,000 shares (referring to
gross earning, from which the applicable payroll tax is withheld).
The second plan, PSP 2024, is for three calendar years 2024-2026. At
the end of the financial year PSP 2024 has 17 participants. The per-
formance measures for this plan are cumulative adjusted EBIT, earn-
ings per share (EPS) and ESG-target (Delivery accuracy of pharma).
Possible share rewards are payable during the first half of 2027. The
aggregate maximum number of shares payable as a reward based
on this plan is approximately 2,283,305 shares (referring to gross
earnings, from which the applicable payroll tax is withheld).
The third plan, PSP 2025, is for three calendar years 2025-2027.
At the end of the financial year PSP 2025 has 20 participants. The
performance measures for this plan are net profit, adjusted EBITDA,
Cash volatility, net working capital and ESG-target (Delivery accura-
cy). Possible share rewards are payable during the first half of 2028.
The aggregate maximum number of shares payable as a reward
based on this plan is approximately 2,523,527 shares (referring to
gross earnings, from which the applicable payroll tax is withheld).
The Bridge Plan
In 2024, a total of 11,714 B treasury shares owned by the company
were conveyed without consideration to the key employees who
participated in the Bridge Plan 2022-2023 in accordance with the
terms and conditions of the plan.
The Restricted Share Plan
The Restricted Share Plan for the years 2022-2025 consists of
annually commencing individual restricted share plans which
aresubject to a separate decision of the Board of Directors.
Eachplan comprises a restriction period with an overall length
of three years, extending to first half of the fourth year of the
individual plan. During the plan period, the company may grant
fixed share rewards to individually selected key employees.
Thegranted share rewards are paid to the selected participants in
one or several tranches latest by the end of the restriction period.
The share rewards are paid in listed shares. The first plan, RSP 2022,
commences effective as of the beginning of 2022. Theaggregate
maximum number of shares payable as a reward isapproximately
225,400 shares (referring to gross earning, from which the
applicable payroll tax is withheld).
For all programs, if the individual’s employment with
OriolaCorporation terminates before the payment of the reward,
the individual is, as a main rule, not entitled to any reward.
Thevalue of the reward payable to each individual participant
based on the plans is limited by a maximum cap linked to a
multiplier of the individual’s annual salary. Oriola applies a share
ownership requirement to the CEO and the members of Oriola
Management Team. They are expected to retain ownership at least
half of the shares received under the incentive plans until thevalue
of his/her ownership in the company, in the case of theCEO,
corresponds to at least his/her annual gross base salary, and in
thecase of the other the members of the Oriola Management Team,
to at least half of his/her annual gross base salary.
Governance
Separate Corporate Governance Statement 2025 and Remuneration
Report 2025 can be found in Annual Report 2025.
Annual General Meeting 2025
The Annual General Meeting (AGM) of Oriola, held on 2 April 2025,
adopted the financial statements and discharged the members
ofthe Board of Directors and the President and CEO from liability
for the financial year ending 31 December 2024. According
to thedecision of the Annual General Meeting, a dividend of
EUR0.07per share was paid on the basis of the balance sheet
adopted for the financial year ending 31 December 2024.
Auditor
Authorised Public Accountants KPMG Oy Ab, who has put forward
authorised public accountant Mr Kim Järvi as principal auditor, was
re-elected as the auditor of the company.
Authorised Sustainability Audit Firm KPMG Oy Ab, who has put
forward Mr Kim Järvi as principal authorised sustainability auditor,
was re-elected as the sustainability reporting assurance provider of
the company.
The fees of the auditor and the sustainability reporting assurance
provider shall be paid according to an invoice approved by the
company.
Business review / Governance / Financial review / Sustainability Statement 40 Oriola Annual Report 2025
Board of Directors
The AGM confirmed that the Board of Directors is composed of
seven members. Ms Petra Axdorff, Ms Ann Carlsson Meyer, Ms Nina
Mähönen, Mr Yrjö Närhinen, Ms Ellinor Persdotter Nilsson, Mr Harri
Pärssinen and Mr Heikki Westerlund were re-elected to the Board of
Directors. Mr Heikki Westerlund was re-elected as Chairman of the
Board of Directors.
Board remuneration
The AGM confirmed that the fee for the term of office of the
Chairman of the Board of Directors is EUR 71,400, the fee for the
term of office of the Vice Chairman of the Board of Directors is EUR
40,800, the fee for the term of office of the Chairman of a Board
Committee, provided that the person is not the Chairman or Vice
Chairman of the Board of Directors, is EUR 40,800 and the fee for
the term of office of the other members of the Board of Directors
is EUR 34,200. Of the fees for term of office, 60 per cent is paid in
cash and 40 per cent is used to acquire Oriola Corporation’s shares
for the Board members on the Nasdaq Helsinki Stock Exchange.
The Chairman of the Board of Directors receives an attendance
fee of EUR 1,000 per meetings of the Board of Directors held in the
Chairman’s home country and EUR 2,000 for meetings of the Board
of Directors held elsewhere and the other members of the Board
of Directors receive attendance fees of EUR 500 per meeting for
meetings held in the home country of the respective member of
the Board of Directors and EUR 1,000 for meetings held elsewhere.
Attendance fees are correspondingly also paid to the Chairman
and members of company committees. Travel expenses are
compensated in accordance with the travel policy of the company.
Combination of Oriola’s share classes
The AGM approved the shareholder’s proposal to combine
the company’s A and B share classes without increasing the
share capital so that after the combination of the share classes,
the company has only one single share class. As a result of the
combination of the share classes, a total of 3,839,165 new shares
issued to holders of class A shares in a directed share issue without
payment were registered with the Finnish Trade Register on 4
April 2025. After the registration, the total number of shares in the
company is 185,325,378. The combination of share classes and the
related directed share issue without payment had no effect on the
share capital.
Authorisations
The Annual General Meeting authorised the Board to decide on
a share issue against payment in one or more issues, including
the right to issue new shares or to assign treasury shares held by
the company. The authorisation covers a combined maximum of
18,000,000 shares of the one single share class of the company and
includes the right to derogate from the shareholders’ pre-emptive
subscription right. The authorisation is in force for eighteen (18)
months following the decision of the Annual General Meeting.
The Board was also authorised to decide on a share issue against
payment of shares in one or more issues including the right to issue
new class shares or assign treasury shares held by the company.
The authorisation covers a combined maximum of 18,000,000
shares of the one single share class of the company including the
right to derogate from the shareholders’ preemptive subscription
right. The authorisation is in force for a maximum of eighteen (18)
months following the decision of the Annual General Meeting.
The Annual General Meeting authorised the Board to decide on
a share issue of class B shares without payment to the company
and on a directed share issue of shares in order to execute the
share-based incentive plan for Oriola Group’s executives and the
share savings plan for Oriola Group’s key personnel. The maximum
number of new shares to be issued under this authorisation is
250,000, which represents of 0.14% of all shares in the company.
The authorisation is in force for eighteen (18) months from the
decision of the Annual General Meeting.
The Annual General Meeting authorised the Board to decide on
repurchasing up to 18,000,000 of the company’s own shares. Shares
may be repurchased also in a proportion other than in which shares
are owned by the shareholders. The authorisation is in force for a
maximum of eighteen (18) months following the decision of the
Annual General Meeting.
All decisions of the Annual General Meeting 2025 are available on
the company’s website www.oriola.com.
Shareholder’s Nomination Board
The Shareholders’ Nomination Board consists of five members
appointed by the shareholders. In addition, the Chairman
of the Board of Directors acts as an expert member of
the Nomination Board.
The largest shareholders of Oriola Corporation elected on
3 June 2025 the following persons as members of
the Nomination Board:
- Annika Ekman
- Peter Immonen
- Jari Paloniemi
- Pekka Pajamo
- Jukka Ylppö
Pekka Pajamo was elected Chairman of the Nomination Board.
Heikki Westerlund, Chairman of the Board of Directors of Oriola,
serves as an expert member of the Nomination Board.
CEO and Oriola Management Team
At the end of the year 2025, the Oriola Management Team
consisted of nine members, including the President and CEO, to
whom the other Oriola Management Team members report.
On 1 January 2025 Katja Lundell, M. Sc. (Economics) was appointed
Executive Vice President, Advisory Services and a member of Oriola
Management Team.
On 1 January 2025 Satu Nylén , M. Sc. (Economics) was appointed
Executive Vice President, Services and Products and a member of
Oriola Management Team.
On 3 February 2025 Tuomas Tiilikainen, M. Sc. (Engineering) was
Business review / Governance / Financial review / Sustainability Statement 41 Oriola Annual Report 2025
appointed Chief Supply Chain Officer and a member of Oriola
Management Team.
On 1 April 2025 Stig Tornell, Sc. (Business Administration and
Economics) was appointed Executive Vice President, Sales and a
member of the Oriola Management Team.
Oriola announced on 2 June 2025 that Niklas Lindholm, Chief
People Officer and a member of Oriola Management Team, has
resigned. Niklas left the company at the end of September 2025.
On 1 November 2025 Maria Lundell, FM was appointed Chief
People Officer and a member of Oriola Management Team.
The following persons were members of Oriola Management Team
on 31 December 2025:
- Katarina Gabrielson, President and CEO
- Mats Danielsson, Chief Financial Officer
- Katja Lundell, Executive Vice President, Advisory Services
- Maria Lundell, Chief People Officer
- Mikael Nurmi, Chief Digital Officer
- Satu Nylén, Executive Vice President, Services and Products
- Petter Sandström, General Counsel
- Tuomas Tiilikainen, Chief Supply Chain Officer
- Stig Tornell, Executive Vice President, Sales
Oriola Corporation shares
Combination of Oriola’s share classes
The combination of Oriola Corporation’s A and B shares was
decided by the Annual General Meeting on 2 April 2025. As a result
of the combination of the share classes, a total of 3,839,165 new
shares issued to holders of class A shares in a directed share issue
without payment were registered with the Finnish Trade Register
on 4 April 2025. After the registration, the total number of shares in
the company is 185,325,378. The combination of share classes and
the related directed share issue without payment had no effect on
the share capital.
Oriola has a single class of shares (ORIOLA) and each share carries
one (1) vote at the general meeting.
Share trading
Oriola Corporation’s market capitalisation on 31 December 2025
was EUR 213.1 (162.0) million.
The price of Oriola share at the end of December 2025 was EUR
1.15 (EUR 0.90 class A share and EUR 0.89 class B share). During the
reporting period the highest price was EUR 1.23 and the lowest
price EUR 0.89.
In 2025, the traded volume of Oriola Corporation shares, excluding
treasury shares, was 23.4 million (3.4 million class A shares and
33.1 million class B shares). This corresponded to 12.7% of the total
number of shares. The trading value during the reporting period
was EUR 25.1 million (EUR 3.5 million class A shares and EUR 33.0
million class B shares).
At the end of 2025, the company had a total of 185,325,378
(181,486,213) shares. The company held a total of 80,258 (75,712)
treasury shares. The treasury shares held by the company account
for 0.04% (0.04%) of the company’s shares and 0.04% (0.11%) of the
votes.
Management’s holding
On 31 December 2025, the members of the Board of Directors, the
CEO and the members of the Oriola Management Team, including
their controlled corporations, owned a total of 656,967 shares
corresponding to 0.35% of the total number of shares and of the
votes.
Flagging notifications
On 4 April 2025, Maa- ja vesitekniikan tuki ry’s ownership of Oriola
Corporations votes decreased below 5%.
On 7 April 2025, Varma Mutual Pension Insurance Company’s own-
ership of Oriola Corporations votes decreased below 5%.
On 7 April 2025, Ilmarinen Mutual Pension Insurance Company’s
ownership of Oriola Corporation’s votes decreased below 5%.
Business review / Governance / Financial review / Sustainability Statement 42 Oriola Annual Report 2025
Shares and shareholders
Shareholders by type of owner, 31 December 2025
Shareholders % of shareholders % of shares
Individuals 32,875 96.4 45.0
Corporations and partnerships 823 2.4 29.6
Banks and insurance companies 34 0.1 5.7
Public entities 22 0.1 9.1
Non-profit institutions 185 0.5 3.6
Foreign shareholders 173 0.5 0.3
Total 34,112 100.0 93.3
Nominee registrations 6.7
Shareholders by number of shares held, 31 December 2025
Number of shares Shareholders % of shareholders
1–100 5,770 16.9
101–1,000 16,386 48.0
1,001–10,000 10,471 30.7
10,001–100,000 1,367 4.0
over 100,001 118 0.3
Total 34,112 100.0
Of which nominee registered 9
Number of shares Shares % of shares
1-100 257,664 0.1
101-1,000 7,198,131 3.9
1,001-10,000 32,433,467 17.5
10,001-100,000 33,948,226 18.3
over 100,001 111,487,890 60.2
Total 185,325,378 100.0
Of which nominee registered 12,413,714 6.7
Total number of shares 185,325,378 100.0
Largest shareholders, 31 December 2025
By number of shares held Total shares % of total shares
1. Mariatorp Oy 27,700,000 14.95
2. Wipunen Varainhallinta Oy 9,200,000 4.96
3. Keskinäinen Työeläkevakuutusyhtiö Varma 7,902,214 4.26
4. Keskinäinen Eläkevakuutusyhtiö Ilmarinen 6,153,033 3.32
5. Maa- ja Vesitekniikan Tuki ry. 4,312,883 2.33
6. Vakuutusosakeyhtiö Henki-Fennia 3,958,101 2.14
7. Greenzap Oy 3,227,660 1.74
8. Kansaneläkelaitos, KELA 1,991,481 1.07
9. Ylppö Jukka 1,890,450 1.02
10. Herlin Olli 1,800,000 0.97
11. Sijoitusrahasto Seligson & Co Phoebus 1,615,571 0.87
12. Proprius Partners Micro Finland 1,500,000 0.81
13. Ehnrooth Helene 1,304,333 0.70
14. Medical Investment Trust Oy 1,046,468 0.56
15. Drumbo Oy 1,000, 000 0.54
16. Paloniemi Jari 1,000,000 0.54
17. Ylppö Into 983,258 0.53
18. Laakkonen Mikko 899,422 0.49
19. Jocer Oy Ab 874,334 0.47
20. Sto-Rahoitus Oy 800,000 0.43
Total 79,159,208 42.71
Nominee registered 12,413,714 6.70
Oriola Corporation 80,258 0.04
Other 93,672,198 50.54
All shareholders total 185,325,378 100.00
Business review / Governance / Financial review / Sustainability Statement 106 Oriola Annual Report 2025
   2025 2024 2023 2022 2021
Earnings per share EUR -0.15 -0.11 -0.11 -0.01 0.06
Earnings per share, continuing operations EUR -0.15 -0.11 -0.11 0.03 0.05
Equity per share EUR 0.54 0.74 0.94 1.24 1.20
Total dividends EUR million 5.6* 12.7 12.7 10.9 7.3
Dividend per share EUR 0.03* 0.07 0.07 0.06 0.04
Payout ratio % -20.3* -63.2 -61.4 -453.7 63.9
Dividend yield A % - 7.80 6.25 3.25 2.02
Dividend yield B % 2.61* 7.87 6.43 3.45 2.00
P/E ratio, continuing operations A - -8.11 -9.82 70.34 41.67
P/E ratio, continuing operations B -7.78 -8.04 -9.54 66.33 42.09
Share price on 31 Dec A EUR - 0.90 1.12 1.85 1.99
Share price on 31 Dec B EUR 1.15 0.89 1.09 1.74 2.01
Average share price A EUR - 1.04 1.38 1.96 2.04
Average share price B EUR 1.08 0.98 1.27 1.93 1.94
Lowest share price A EUR - 0.89 1.02 1.75 1.78
Lowest share price B EUR 0.89 0.85 0.89 1.70 1.73
Highest share price A EUR - 1.23 1.93 2.30 2.37
Highest share price B EUR 1.23 1.17 1.82 2.31 2.20
Market capitalisation EUR million 213.1 162.0 199.2 321.4 362.8
Trading volume
A shares pc - 3,447,305 3,140,653 6,636,366 8,115,284
% of average number of A shares % - 6.4 5.8 12.3 15.1
B shares pc 23,436,972 33,120,201 57,073,164 29,890,534 50,733,906
% of average number of B shares % 13.8 25.9 44.7 23.4 39.7
% of average number of all shares % 12.7 20.1 33.2 20.1 32.4
Number of shares 31 Dec A pcs - 53,748,313 53,748,313 53,748,313 53,748,313
Number of shares 31 Dec B pcs 185,325,378 127,737,900 127,737,900 127,737,900 127,737,900
Total number of shares 31 Dec pcs 185,325,378 181,486,213 181,486,213 181,486,213 181,486,213
Total number of A shares, annual average pcs 14,283,798 53,748,313 53,748,313 53,748,313 53,748,313
Total number of B shares, annual average pcs 170,021,309 127,737,900 127,737,900 127,737,900 127,737,900
Total number of shares, annual average pcs 184,305,107 181,486,213 181,486,213 181,486,213 181,486,213
* Proposal by the Board of Directors. It is further proposed that the Annual General Meeting authorises the Board of Directors, at its discretion, to resolve on the distribution of a possible second dividend instalment up to a maximum of EUR 0.04 per share. It is the intention of the
Board of Directors that the possible dividend payment pursuant to this authorisation would be carried out in November 2026.
Share-related key figures
Information on shares
Business review / Governance / Financial review / Sustainability Statement 107 Oriola Annual Report 2025
Calculation of share related key figures
Earnings per share (EPS), EUR =
Profit attributable to shareholders of the parent company
Average number of shares during the period excluding treasury shares
Equity per share, EUR =
Equity attributable to shareholders of the parent company
Number of shares at the end of the period excluding treasury shares
Dividend per share, EUR =
Dividends paid for the financial period
Number of shares at the end of the period excluding treasury shares
Payout ratio, % =
Dividend per share
x 100
Earnings per share
Effective dividend yield, % =
Dividend per share
x 100
Closing price on the last trading day of the financial period
Price/Earnings ratio (P/E) =
Closing price on the last trading day of the financial period
Earnings per share
Average price of share, EUR =
Trading volume, EUR
Average number of shares traded during the financial period
Market capitalisation, EUR = Number of shares at the end of the financial period x closing price on the last trading day of the financial period
Business review / Governance / Financial review / Sustainability Statement 108 Oriola Annual Report 2025
Financial indicators and performance measures
Financial indicators 2021–2025
Consolidated income statement*  2025 2024 2023 2022 2021
Net sales EUR million 1 906.2 1,679.7 1,493.8 1,539.1 1,452.2
Adjusted EBITDA EUR million 35.1 33.4 30.5 35.1 30.6
% of net sales % 1.8 2.0 2.0 2.3 2.1
EBITDA EUR million 20.3 27.2 30.1 34.7 27.2
% of net sales % 1.1 1.6 2.0 2.3 1.9
Adjusted EBIT EUR million 23.1 21.7 16.7 19.7 14.9
% of net sales % 1.2 1.3 1.1 1.3 1.0
EBIT EUR million 2.6 13.6 -5.3 9.5 10.7
% of net sales % 0.1 0.8 -0.4 0.6 0.7
Financial income and expenses EUR million -6.6 -7.3 -7.6 -0.7 0.3
% of net sales % -0.3 -0.4 -0.5 0.0 0.0
Profit before taxes EUR million -26.9 -18.6 -17.6 6.9 11.0
% of net sales % -1.4 -1.1 -1.2 0.4 0.8
Profit for the period EUR million -27.2 -20.1 -20.7 4.8 8.6
% of net sales % -1.4 -1.2 -1.4 0.3 0.6
Consolidated balance sheet EUR million 2025 2024 2023 2022 2021
Non-current assets 289.3 314.0 347.5 419.1 539.3
Goodwill 35.6 35.1 35.2 61.1 273.5
Current assets 656.9 561.6 587.1 541.8 553.9
Inventories 188.5 176.3 162.9 148.5 229.2
Equity attributable to the parent company shareholders 100.8 133.4 171.3 225.6 216.8
Liabilities total 845.3 742.2 763.4 735.4 876.4
Interest-bearing liabilities 70.1 76.1 117.7 136.9 209.9
Non-interest-bearing liabilities 775.2 666.2 645.7 598.4 666.5
Total assets 946.1 875.6 934.7 960.9 1,093.2
1,494 1,6801,452 1,539
1,906
2021 2022 2023 2024 2025
2,500
2,000
1,500
1,000
500
0
Net sales
EUR million
Business review / Governance / Financial review / Sustainability Statement 109 Oriola Annual Report 2025
Key figures 2025 2024 2023 2022 2021
Equity ratio* % 10.8 15.4 18.5 23.8 20.1
Equity per share* EUR 0.54 0.74 0.94 1.24 1.20
Return on capital employed (ROCE)* % 1.3 5.4 -1.6 2.4 4.6
Return on equity* % -23.3 -13.2 -10.4 2.2 5.9
Net interest-bearing debt* EUR million -82.1 -37.4 -20.6 -23.7 100.8
Gearing* % -81.4 -28.0 -12.1 -10.5 46.5
Earnings per share from continuing operations EUR -0.15 -0.11 -0.11 0.03 0.05
Earnings per share incl. discontinued operations EUR -0.15 -0.11 -0.11 -0.01 0.06
Average number of shares** pcs 184,226,057 181,408,101 181,389,629 181,371,235 181,341,203
Average number of personnel from continuing operations, full time equivalents pers. 813 812 800 914 1,077
Gross capital expenditure incl. discontinued operations EUR million 3.2 2.9 3.5 8.4 22.8
* The comparative figures 2021 include discontinued operations.
** Company-owned treasury shares are not included.
Refer to section Alternative performance measures, for definitions of key figures.
30.5
33.4
30.6
35.1
35.1
2021 2022 2023 2024 2025
36
35
34
33
32
31
30
29
28
Adjusted EBITDA
EUR million
Business review / Governance / Financial review / Sustainability Statement 110 Oriola Annual Report 2025
Alternative performance measures
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 “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. These alternative performance measures are described in the
following tables:
Reconciliation of alternative performance measures to IFRS
Invoicing
EUR million 2025 2024
Net sales 1,906.2 1,679.7
+ Acquisition cost of consignment stock 2,294.9 2,092.4
+ Cash discounts 0.0 0.0
+ Exchange rate differences on sales 0.0 -0.3
Invoicing 4,201.2 3,771.8
Adjusted EBITDA, EBITDA and EBIT
EUR million 2025 2024
Adjusted EBITDA 35.1 33.4
- Adjusting items included in EBITDA -14.8 -6.2
EBITDA 20.3 27.2
Depreciations -12.0 -11.8
Impairments -5.7 -1.9
EBIT 2.6 13.6
EBIT and Adjusted EBIT
EUR million 2025 2024
EBIT 2.6 13.6
- Adjusting items included in EBIT 20.5 8.1
EBIT 23.1 21.7
Free cash flow
EUR million 2025 2024
Cash flow from operating activities before
financial items and taxes 65.3 49.1
- Taxes paid -3.5 -2.9
- Investments in property, plant and equipment
and intangible assets -3.3 -2.8
Free cash flow 58.4 43.4
Alternative performance measures on a constant currency basis
EUR million 2025 2024
Invoicing 4,201.2 3,771.8
Translation difference -88.8 -9.7
Invoicing calculated on a constant currency basis 4,112.4 3,762.1
Net sales 1,906.2 1,679.7
Translation difference -42.5 -4.5
Net sales calculated on a constant currency basis 1,863.7 1,675.2
Adjusted EBITDA 35.1 33.4
Translation difference -0.4 -0.0
Adjusted EBITDA calculated on a constant
currency basis 34.6 33.4
Business review / Governance / Financial review / Sustainability Statement 111 Oriola Annual Report 2025
Calculation of alternative performance measures
Alternative performance
measure Definitions Reason for use of the alternative performance measure
Invoicing = Net sales + acquisition cost of consignment stock + cash discounts + exchange rate differences on sales Invoicing describes the volume of the business.
Sales margin = Net sales - material purchases and exchange rate differences on sales and purchases Sales margin measures the profitability of the business.
EBITDA = Earnings before interest, taxes, depreciation, amortisation and impairments.
EBITDA measures profitability before depreciation,
amortisation and impairments.
EBIT =
Net sales less material purchases and exchange differences on sales and purchases, less employee benefit expenses and
other operating expenses, less depreciation, amortisation and impairment plus other operating income plus share of
results in joint venture
EBIT shows result generated by the business.
Adjusted EBITDA = EBITDA excluding adjusting items
Adjusted EBIT = EBIT excluding adjusting items
Oriola discloses adjusted EBITDA and EBIT in order to reflect
the underlying business performance and to enhance
comparability between financial periods.
Adjusting items
Adjusting items include gains or losses from the sale or discontinuation of business operations or assets, gains or losses
from restructuring business operations, and impairment losses of goodwill and other non-current assets, or other income
or expenses arising from rare events, and changes in estimates regarding the realisation of contingent consideration
arising from business acquisitions. Adjusting items are specified in note 4.1. Segment reporting.
Invoicing calculated on a constant currency basis Invoicing calculated with the average exchange rate of the corresponding period of the comparative year.
Invoicing, net sales, and adjusted EBITDA and EBIT on
a constant currency basis describe the development of
the business without changes due to fluctuating foreign
exchange rates and thus enhance the comparability between
financial periods.
Net sales calculated on a constant currency basis Net sales calculated with the average exchange rate currency basis of the corresponding period of the comparative year.
Adjusted EBITDA calculated on aconstant currency basis Adjusted EBITDA calculated with the average exchange rate of the corresponding period of the comparative year.
Adjusted EBIT calculated on aconstant currency basis Adjusted EBIT calculated with the average exchange rate of the corresponding period of the comparative year.
Net debt = Interest-bearing liabilities – cash and cash equivalents
Net debt is an indicator to measure the total external debt
financing of the company.
Investments =
Capitalised investments in property, plant and equipment and in intangible assets including goodwill arising from business
combinations, as well as investments in associates and joint ventures.
Investments provide additional information of the cash flow
need of the business operations. Investments by business
area are presented in note 4.1. Segment reporting.
Free cash flow = Operating cash flow before financial items and taxes - taxes paid - investments in tangible and intangible assets.
Free cash flow provides additional information about the
formation of cash flow and the ability to finance operations,
investments and dividend payments.
Return on capital employed (ROCE), % =
EBIT
x 100
Return on capital employed measures how efficiently the
Group generates profits from its capital employed.
Total assets – Non-interest-bearing liabilities (average between thebeginning and the end of the year)
Return on equity (ROE), %
= Profit for the period
x 100
Return on equity measures the Group’s profitability by
showing how much profit is generated with the funds
invested to the Group by the shareholders.
Equity total (average between the beginning and the end of the year)
Gearing, % =
Net debt
x 100
Gearing provides information of the Group's financial risk
level and the level on the Group's indebtedness.
Equity total
Equity ratio, % =
Equity total
x 100
Equity ratio provides information on the Group's financial risk
level and the level of the Group's capital used in operations.
Total assets – Advances received
Financial Statements 2025
112 Business review / Governance / Financial review / Sustainability Statement Oriola Annual Report 2025
Business review / Governance / Financial review / Sustainability Statement 113 Oriola Annual Report 2025
Consolidated statement of comprehensive income (IFRS)

EUR million | Note | 2025 | 2024
Net sales | 4.2. | 1,906.2 | 1,679.7
Other operating income | 4.2. | 1.1 | 4.5
Materials and supplies | 4.3. | -1,739.0 | -1,519.3
Employee benefit expenses | 4.4. | -60.7 | -56.1
Other operating expenses | 4.3. | -87.4 | -81.6
Depreciation, amortisation and impairments | 6.1./6.2. | -17.7 | -13.6
EBIT |  | 2.6 | 13.6
Financial income and expenses | 8.1. | -6.6 | -7.3
Share of results in joint venture | 10.4. | -22.8 | -24.8
Result before taxes |  | -26.9 | -18.6
Income taxes | 9.1. | -0.3 | -1.5
Result for the period |  | -27.2 | -20.1

Other comprehensive income |  |  |
Items which may be reclassified subsequently to profit or loss: |  |  |
Translation differences recognised in comprehensive income |  |  |
during the reporting period |  | 1.1 | -1.7
Translation differences reclassified to profit and loss during the reporting period | 10.3. | 2.6 | -
Cash flow hedge | 8.3. | -0.4 | -1.2
Income tax relating to other comprehensive income | 9.1. | 0.1 | 0.2
|  | 3.4 | -2.7
Items which will not be reclassified to profit or loss: |  |  |
Financial assets recognised at fair value through other comprehensive income | 8.2. | 2.9 | -2.6
Actuarial gains/losses on defined benefit plans | 4.4. | 0.7 | 0.2
Income tax relating to other comprehensive income | 9.1. | -0.1 | -0.0
|  | 3.5 | -2.5
Total comprehensive income for the period |  | -20.4 | -25.2
Result attributable to Parent company shareholders |  | -27.2 | -20.1

EUR million | Note | 2025 | 2024
Total comprehensive income attributable to |  |  |
Parent company shareholders |  | -20.4 | -25.2
Earnings per share attributable to parent company shareholders: |  |  |
Basic, EUR | 8.5. | -0.15 | -0.11
Diluted, EUR | 8.5. | -0.15 | -0.11

Business review / Governance / Financial review / Sustainability Statement 114 Oriola Annual Report 2025
Consolidated statement of financial position (IFRS)

EUR million | Note | 2025 | 2024
ASSETS |  |  |
Non-current assets |  |  |
Property, plant and equipment | 6.1. | 43.2 | 45.2
Goodwill | 6.2. | 35.6 | 35.1
Intangible assets | 6.2. | 7.8 | 10.5
Investments in joint ventures | 10.4. | 185.7 | 210.9
Other non-current assets | 6.3. | 14.2 | 11.7
Deferred tax assets | 9.2. | 2.8 | 0.6
Non-current assets total |  | 289.3 | 314.0
Current assets |  |  |
Inventories | 5.2. | 188.5 | 176.3
Trade receivables | 5.1. | 311.7 | 247.1
Income tax receivables | 5.1. | 1.1 | -
Other receivables | 5.1. | 3.4 | 11.7
Cash and cash equivalents | 8.2. | 152.2 | 113.5
Assets held for sale | 10.3. | - | 13.1
Current assets total |  | 656.9 | 561.6
ASSETS TOTAL |  | 946.1 | 875.6

EUR million | Note | 2025 | 2024
EQUITY AND LIABILITIES  |  |  |
Equity |  |  |
Share capital | 8.4. | 36.2 | 36.2
Fair value reserve | 8.4. | 5.7 | 3.1
Contingency fund | 8.4. | 19.4 | 19.4
Invested unrestricted equity reserve | 8.4. | 74.8 | 74.8
Other reserves | 8.4. | 0.1 | 0.1
Translation differences | 8.4. | -14.7 | -18.4
Retained earnings |  | -20.6 | 18.2
Equity attributable to the parent company shareholders |  | 100.8 | 133.4
Non-current liabilities |  |  |
Deferred tax liabilities | 9.2. | 1.7 | 0.8
Pension obligations | 4.4. | 14.3 | 13.3
Interest-bearing liabilities | 8.2. | 38.3 | 39.7
Other non-current liabilities | 5.3. | 0.9 | 1.0
Non-current liabilities total |  | 55.2 | 54.7
Current liabilities |  |  |
Trade payables | 5.3. | 725.7 | 626.2
Interest-bearing liabilities | 8.2. | 31.7 | 36.4
Income tax payables | 5.3. | 0.0 | 0.3
Other current liabilities | 5.3. | 32.6 | 22.9
Liabilities related to assets held for sale | 10.3. | - | 1.8
Current liabilities total |  | 790.1 | 687.6
EQUITY AND LIABILITIES TOTAL |  | 946.1 | 875.6


Business review / Governance / Financial review / Sustainability Statement 115 Oriola Annual Report 2025
Consolidated statement of cash flows (IFRS)

EUR million | Note | 2025 | 2024
Net cash flow from operating activities |  |  |
Profit for the period |  | -27.2 | -20.1
Adjustments |  |  |
Depreciation and amortisation | 6.1./6.2. | 12.0 | 11.8
Impairment | 6.1./6.2. | 5.7 | 1.9
Share of results in joint venture | 6.3. | 22.8 | 24.8
Financial income and expenses | 8.1. | 6.6 | 7.3
Income taxes | 9.1. | 0.3 | 1.5
Change in pension asset and pension obligation |  | 0.9 | 0.4
Other adjustments |  | 3.5 | 0.0
|  | 24.7 | 27.7
Change in working capital |  |  |
Change in current receivables increase (-)/ decrease (+) |  | -42.3 | 9.8
Change in inventories increase (-)/ decrease (+) |  | -6.1 | -16.6
Change in non-interest-bearing current liabilities increase (+)/decrease (-) |  | 89.0 | 28.2
|  | 40.6 | 21.4
Interest received |  | 3.5 | 4.0
Interest paid |  | -3.7 | -3.8
Other financial income and expenses |  | -1.6 | -7.8
Income taxes paid |  | -3.5 | -2.9
Net cash flow from operating activities |  | 60.0 | 38.7
Net cash flow from investing activities |  |  |
Investments in property, plant and equipment and intangible assets | 6.1./6.2. | -3.3 | -2.8
Proceeds from sales of property, plant and equipment and intangible assets | 6.1./6.2. | 0.0 | -
Acquisition of subsidiary, net of cash acquired | 10.3. | -0.5 | -
Proceeds from other shares and shareholdings | 6.3 | 0.1 | -
Sales of business operations, net of cash disposed | 10.3 | 4.1 | -
Net cash flow from investing activities |  | 0.4 | -2.8

EUR million | Note | 2025 | 2024
Net cash flow from financing activities |  |  |
Proceeds from long-term loans | 8.2. | - | 30.0
Repayments of long-term loans | 8.2. | - | -1.0
Repayments of short-term loans | 8.2. | -1.0 | -56.9
Change in other current financing * | 8.2. | -4.5 | -17.0
Amortisations of lease liabilities | 8.2. | -3.3 | -3.1
Purchasing of own shares |  | -0.1 | -0.1
Dividends paid | 8.5. | -12.7 | -12.7
Net cash flow from financing activities |  | -21.7 | -60.7
Net change in cash and cash equivalents |  | 38.7 | -24.9
Cash and cash equivalents at the beginning of the period |  | 113.5 | 138.4
Translation differences |  | -0.0 | -0.0
Net change in cash and cash equivalents |  | 38.7 | -24.9
Cash and cash equivalents at the end of the period | 8.2. | 152.2 | 113.5

* Includes cash flows from commercial papers.
Business review / Governance / Financial review / Sustainability Statement 116 Oriola Annual Report 2025
Consolidated statement of changes in equity (IFRS)

|  |  |  | Translation | Retained |
EUR million | Note | Share capital | Funds | differences | earnings | Equity total
Equity 1 January 2024 |  | 36.2 | 100.9 | -16.7 | 50.8 | 171.3
Comprehensive income for the period |  |  |  |  |  |
Net profit for the period |  | - | - | - | -20.1 | -20.1
Other comprehensive income: |  |  |  |  |  |
Financial assets recognised at fair value through other comprehensive income: |  |  |  |  |  |
Change in fair value | 8.2. | - | -2.6 | - | - | -2.6
Cash flow hedge | 8.3. | - | -1.2 | - | - | -1.2
Actuarial gains and losses | 4.4. | - | - | - | 0.2 | 0.2
Income tax relating to other comprehensive income | 9.1. | - | 0.2 | - | -0.0 | 0.2
Translation difference |  | - | - | -1.7 | - | -1.7
Comprehensive income for the period, total |  | - | -3.5 | -1.7 | -19.9 | -25.2
Transactions with owners |  |  |  |  |  |
Dividend distribution | 8.5. | - | - | - | -12.7 | -12.7
Share-based incentive | 4.4. | - | - | - | 0.1 | 0.1
Purchase of own shares |  | - | - | - | -0.1 | -0.1
Transactions with owners, total |  | - | - | - | -12.7 | -12.7
Equity 31 December 2024 |  | 36.2 | 97.3 | -18.4 | 18.2 | 133.4
Comprehensive income for the period |  |  |  |  |  |
Net profit for the period |  |  |  |  | -27.2 | -27.2
Other comprehensive income: |  |  |  |  |  |
Financial assets recognised at fair value through other comprehensive income: |  |  |  |  |  |
Change in fair value | 8.2. | - | 2.9 | - | - | 2.9
Cash flow hedge | 8.3. | - | -0.4 | - | - | -0.4
Actuarial gains and losses | 4.4. | - | - | - | 0.7 | 0.7
Income tax relating to other comprehensive income | 9.1. | - | 0.1 | - | -0.1 | -0.1
Translation difference |  | - | - | 1.1 | - | 1.1
Translation difference reclassified to profit and loss | 10.3. | - | - | 2.6 | - | 2.6
Comprehensive income for the period, total |  | - | 2.7 | 3.7 | -26.7 | -20.4
Transactions with owners |  |  |  |  |  |
Dividend distribution | 8.5. | - | - | - | -12.7 | -12.7
Share-based incentive | 4.4. | - | - | - | 0.7 | 0.7
Purchase of own shares |  | - | - | - | -0.1 | -0.1
Transactions with owners, total |  | - | - | - | -12.2 | -12.2
Equity 31 December 2025 |  | 36.2 | 100.0 | -14.7 | -20.6 | 100.8

1. Basic information on the company
Oriola Corporation is a Finnish public limited company, domiciled
in Espoo, Finland. Oriola and its subsidiaries together form the
consolidated Oriola Group. The consolidated financial statements
were approved for publication by the Board of Directors of Oriola
Corporation on 24 February 2026. In accordance with Finland’s
Limited Liability Companies Act, the shareholders have the right to
approve or reject the financial statements at the General Meeting
held after their publication. The General Meeting may also decide
to make amendments to the financial statements. The company’s
business ID is 1999215-0. Copies of the consolidated financial
statements of the Oriola Group are available from the head office of
Oriola Corporation at the following address: Orionintie 5, FI-02200
Espoo, Finland (investor.relations@oriola.com).
The consolidated financial statements are prepared in
accordance with International Financial Reporting Standards
(IFRSs) including the IAS and IFRS standards as well as the
SIC and IFRIC interpretations valid as of 31 December 2025.
The International Financial Reporting Standards refer to
standards and interpretations that have been approved for
application in the EU in the Finnish Accounting Act and the
provisions issued pursuant to it according to the procedures
provided for in EU regulation (EC) No. 1606/2002.
The consolidated financial statements are presented for
the 12-month period 1 January - 31 December 2025. The
financial statements are presented in EUR million and they
have been prepared under the historical cost convention,
except for financial assets recognised at fair value through
profit or loss, financial assets recognised at fair value through
other comprehensive income, derivatives and share-based
payments. The Group has applied the standards and
interpretations published by the International Accounting
Standards Board (IASB) that are mandatory as of 1 January
2025. These standards did not have a significant impact on
the Group in the current reporting period and they are not
expected to have a material impact on the Group in the
current or future reporting periods and on foreseeable future
transactions.
The sale of Svensk dos AB
Oriola announced on 13 October the sale of all shares in Svensk dos
AB to Apotekstjänst Sverige AB due to the tender structure and dy-
namics. In April 2024, the Swedish Competition Authority (Konkur-
rensverket) prohibited the sale. The Swedish Patent and Market
Court rejected Apoteksjänst Sverige AB’s appeal in November 2024.
The Swedish Patent and Market Court of Appeal (Patent- och mar-
kandsöverdomstolen) approved Apoteksjänst Sverige AB’s appeal
regarding the sale of Svensk dos AB on 7 March 2025.
Oriola announced on 1 April 2025 that it has completed the sale
of Svensk dos AB to Apotekstjänst Sverige AB. Oriola has applied
the requirements of IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations in the classification, presentation and
recognition of sale of Dose dispensing business in Sweden. Svensk
dos AB has been classified as held for sale as of October 2023 until
the completion of the sale. More information has been presented in
note 10.3. Acquisitions and divestments.
Notes to the consolidated financial statements
2. Basis of presentation
Impairment recognised in the share of result in joint venture
In 2025, Oriola recongised a loss of EUR 22.8 (loss of 24.8) million
from Swedish Pharmacy Holding AB in the consolidated statement
of comprehensive income. The loss included Oriola’s share of good-
will impairment in Kronans Apotek amounting to EUR 15.8 (16.3)
million. The impairments are related to the integration of Kronans
Apotek and the transition to one common ERP system, which have
required more time than anticipated. The integration and ERP-proj-
ect have been completed in 2025. More information has been
presented in note 10.4. Investments in joint ventures.
Business review / Governance / Financial review / Sustainability Statement 117 Oriola Annual Report 2025
Use of judgements
Information about judgements the Group management has made
in applying accounting policies that have the most significant effect
on the amounts recognised in the financial statements is included
in the following notes:

Item | Nature of management judgement | Note
Revenue recognition | Principal vs. agent assessment | 4.2.
Inventories | Principal vs. agent assessment | 5.2.
| Changes in the fair value of the investment |
Other shares | (Doktor.se) | 6.3.
Lease liabilities | Determining lease term for contracts | 7.1.

Estimates and assumptions
Information about assumptions and estimation uncertainties at the
reporting date that have a significant risk of resulting in a material
adjustment to the carrying amounts of assets and liabilities within
the next financial year in included in the following notes:

Item | Nature of assumptions and estimates | Note
Defined benefits | Key actuarial assumptions | 4.4.
| Projection parameters and key assumptions |
Impairment testing/ | used in determining the underlying |
goodwill | recoverable amounts | 6.2.
Impairment testing/joint |  |
venture | Events or change in circumstances | 10.4.

4. Operating result
4.1. Segment reporting
Oriola has two reporting segments, Distribution and
Wholesale. Oriola’s operating and reporting segments are
reported in accordance with internal reporting provided
to the Chief Executive Officer, the chief operating decision
maker responsible for allocating resources and assessing
performance of the business areas. The accounting
policies do not differ from the accounting policies for the
consolidated financial statements.
Segment non-current assets exclude financial instruments
and deferred taxes. Investments exclude right-of-use assets.
Transactions between segments are based on market prices.
Group items include eliminations and items related to
corporate functions.
Oriola’s reporting segments are Distribution and Wholesale.
Distribution segment consists of pharmaceutical logistics, quality
control, essential warehousing and dose dispensing services in Finland.
Wholesale segment consists of wholesale of traded goods and
over-the-counter (OTC) products, parallel import and special
licensed medicines, as well as advisory services in Finland, Sweden
and Denmark.
Oriola offers advanced distribution, expert and advisory services
for pharmaceutical companies and wide range of health and
wellbeing products for pharmacies, veterinarians, other healthcare
operators and retail operators in the Finnish and Swedish markets.
Additionally, Oriola offers dose dispensing services for pharmacies
and healthcare operators in Finland.
The geographical areas of Oriola are Finland (the country of
domicile), Sweden and other countries. Net sales are divided by
the countries in which the customers are located. Assets and
investments are divided according to the country in which they are
located.
In order to reflect the underlying business performance and
to enhance comparability between financial periods Oriola
discloses Adjusted EBITDA and Adjusted EBIT as permitted in
ESMA (European Securities and Markets Authority) guidelines
on Alternative Performance Measures. These measures should
not be considered as a substitute for measures of performance
in accordance with the IFRS. Adjusted EBITDA and Adjusted EBIT
are reported excluding adjusting items. In addition, Oriola uses
“Invoicing” as the measure to describe the business volume.
Adjusted EBIT excludes gains or losses from the sale or
discontinuation of business operations or assets, gains or losses
from restructuring business operations, and impairment losses
of goodwill and other non-current assets, or other income or
expenses arising from rare events and changes in estimates
regarding the realisation of contingent consideration arising from
business acquisitions.
Oriola’s agreements with pharmaceutical companies are either
wholesale agreements where Oriola buys the products into own
stock and acts as a principal or agreements where Oriola delivers
the products from consignment stock and acts as an agent. Oriola
reports invoicing of both type of agreements as it describes the
volume of the business.
The preparation of consolidated financial statements in
accordance with IFRS requires the application of judgement
by management in making estimates and assumptions. Such
estimates and assumptions have an impact on the assets and
liabilities reported as at the end of the reporting period, and
on the presentation of contingent assets and liabilities in the
notes to the consolidated financial statements as well as on
the income and expenses reported for the financial year. The
estimates are based on the management’s best knowledge
about the facts and as such actual results may differ from
the estimates and assumptions used. The application of
accounting principles also requires judgement .
3. Use of estimates and judgement
Business review / Governance / Financial review / Sustainability Statement 118 Oriola Annual Report 2025

EUR million |  |  |  |  |
2025 | Note | Distribution | Wholesale | Group items | Total
External invoicing |  | 3,826.7 | 374.5 | - | 4,201.2
Internal invoicing |  | - | 0.3 | -0.3 | -
Invoicing |  | 3,826.7 | 374.8 | -0.3 | 4,201.2
Sales to external customers |  | 1 531.8 | 374.4 | - | 1,906.2
Sales to other segments |  | - | 0.3 | -0.3 | -
Net sales | 4.2. | 1,531.8 | 374.8 | -0.3 | 1,906.2
EBITDA |  | 28.3 | 10.0 | -18.0 | 20.3
Adjusted EBITDA |  | 32.6 | 10.3 | -7.9 | 35.1
EBIT |  | 13.8 | 6.9 | -18.2 | 2.6
Non-current assets |  | 69.6 | 9.2 | 207.4 | 286.2
Investments | 6.1./6.2. | 2.9 | 0.0 | 0.2 | 3.2
Depreciation, amortisation and impairments | 6.1./6.2. | 14.5 | 3.1 | 0.2 | 17.7
Average number of personnel, full time equivalents |  | 445 | 288 | 80 | 813
2024 |  |  |  |  |
External invoicing |  | 3,456.5 | 315.3 | - | 3,771.8
Internal invoicing |  | - | 0.6 | -0.6 | -
Invoicing |  | 3,456.5 | 315.9 | -0.6 | 3,771.8
Sales to external customers |  | 1,364.7 | 315.0 | - | 1,679.7
Sales to other segments |  | - | 0.6 | -0.6 | -
Net sales | 4.2. | 1,364.7 | 315.6 | -0.6 | 1,679.7
EBITDA |  | 29.1 | 11.5 | -13.3 | 27.2
Adjusted EBITDA |  | 27.6 | 12.5 | -6.7 | 33.4
EBIT |  | 20.4 | 8.5 | -15.3 | 13.6
Non-current assets |  | 60.3 | 20.0 | 232.4 | 312.8
Investments | 6.1./6.2. | 2.6 | 0.2 | 0.1 | 2.9
Depreciation, amortisation and impairments | 6.1./6.2. | 8.6 | 3.0 | 2.0 | 13.6
Average number of personnel, full time equivalents |  | 447 | 292 | 74 | 812

Reporting segments Adjusting items

EUR million | 2025 | 2024
Restructuring costs | -0.1 | -0.1
ERP investment related costs | -9.6 | -5.9
Sale of dose dispensing business in Sweden | -3.0 | -0.8
Feasibility study of logistics operations in Finland | -1.6 | -
Service agreement settlement | - | -0.9
Compensation from court appeal | - | 1.4
Other | -0.5 | -
Total adjusting items included in EBITDA | -14.8 | -6.2
Impairments and write-downs | -5.7 | -1.9
Total adjusting items included in EBIT | -20.5 | -8.1

Other adjusting items in 2025 include EUR 0.3 million costs from
the combination of share classes and EUR 0.2 million integration
costs in advisory services in Denmark. Impairments and write-
downs relate to the impairment loss of goodwill and other non-
current assets in dose dispensing business in Sweden.
Restructuring costs in 2024 relate to expert services. Impairments
and write-downs include earlier under construction in progress
capitalized ERP investment related costs.

Geographical information |  |  |  |
EUR million |  |  | Other |
2025 | Sweden | Finland | countries | Total
Sales to external customers | 1,214.6 | 565.3 | 126.3 | 1,906.2
Non-current assets* | 3.7 | 282.2 | 0.4 | 286.2
Investments | 1.8 | 1.3 | - | 3.2
Average number of personnel, full time equivalents | 377 | 428 | 8 | 813
EUR million |  |  | Other |
2024 | Sweden | Finland | countries | Total
Sales to external customers | 1,093.8 | 549.8 | 36.2 | 1,679.7
Non-current assets* | 29.2 | 283.7 | - | 312.8
Investments | 1.0 | 1.8 | - | 2.9
Average number of personnel, full time equivalents | 394 | 418 | - | 812

* Non-current assets exclude financial instruments and deferred tax assets.
Business review / Governance / Financial review / Sustainability Statement 119 Oriola Annual Report 2025
4.2. Net sales and other operating income
The Group’s net sales comprise from the sale of goods,
distribution fees and the sale of services adjusted for indirect
taxes, discounts and currency translation differences arising
from sales in foreign currencies. Revenue is measured at the
amount of consideration specified in customer contracts
and excludes amounts collected on behalf of third parties.
Revenue is recognised when control of the product or
service transfers to the customer, reflecting fulfilment of the
Group’s performance obligations. Payment terms are typical
to the business. Oriola has open-ended frame agreements
in Sweden that allow the company to sell trade receivables
relating to Swedish wholesale businesses to the financial
institutions on a non-recourse basis.
Oriola’s agreements with pharmaceutical companies are
either wholesale agreements where Oriola buys the products
into own stock and acts as a principal or agreements where
Oriola delivers the products from consignment stock and
acts as an agent. For agreements in which Oriola acts as a
principal the revenue is recognized on gross basis. Oriola
obtains control of the goods or services before they are
transferred to a customer and is primarily responsible for the
delivery of the goods and ensuring product availability and
service. The legal title has transferred to Oriola at the time,
when goods have been delivered to the inventory. Oriola has
the significant risks and rewards of ownership of the goods.
For consignment agreements where Oriola acts as an agent,
only the distribution fee is recognized as revenue. Oriola
does not control the goods at any point and inventory
ownership remains with the pharmaceutical company until
the point the products are transferred to end-customers.
Oriola’s performance is limited to delivering logistics and
transportaion services. Oriola does not bear inventory risk
nor the credit risk.
Oriola reports invoicing of both type of agreements as it
describes the volume of the business. The definition of invoicing
is described in section Alternative performance measures.
The Group’s revenues derive from the following revenue
streams: services and products, dose dispensing, and sale of
other services. In the following section the principal activities
of the different revenue streams are described as well as the
nature of performance obligations.
Services and products in Distribution segment consist of
mainly medicinal products sold to pharmacies, veterinarians,
hospitals and other retailers, as well as sale of logistics and
transportation services to pharmaceutical companies.
Services and products in Wholesale segment consist
of mainly selfcare and other products sold to pharmacies,
retailers and veterinarians.
In products the performance obligation is sale of goods,
which is based on sales order. The transaction price is the
price of goods. Revenue is recognised when the Group
transfers control of goods to customer at the amount which
the Group expects to be entitled, i.e. the price of goods sold
less any possible discounts.
In Distribution segment where Oriola delivers products from
consignment stock and acts as an agent, the performance
obligation is sale of logistics and transportation services to
pharmaceutical companies. The revenue is recognised at
the time when actual services have been performed on a net
basis as a fee or commission.
Dose dispensing services are offered to pharmacies
in Finland. The performance obligation is sale of dose
dispensed goods. The transaction price includes the price of
goods sold and the price of dose dispensing. The revenue is
recognised when the control of the dose dispensed goods is
transferred to the customer.
Sale of other services consist of Advisory services providing
support to pharmacompanies regulatory needs, market
access services and patient support services, clinical
trial services and special licenced medicine sales. The
performance obligation is sales of services, which is based
on a contract for delivering services to the customer. The
revenue is recognised over the period during which the
service is performed at the amount totalling the price of
service performed less any possible discounts.
Use of judgements: Oriola’s agreements with pharmaceutical
companies are either wholesale agreements where Oriola
buys the products into own stock and acts as a principal
or agreements where Oriola delivers the products from
consignment stock and acts as an agent. Oriola is the principal
if it controls the goods and services before they are provided to
the customer. For agreements where Oriola acts as a principal
the legal title, control and payment liability has been transferred
to Oriola and the revenue is recognized on gross basis. For
consignment agreements where Oriola acts as an agent, only
the distribution fee is recognized as revenue. Analysis of the
agreements and the related revenue recognition method
requires significant management judgement, considering
various contractual terms. In such cases, the Group assesses,
whether Oriola has the primary responsibility for the supply
of the goods or services in question, the risk associated with
inventories and the discretion to determine the price of
the goods and services.
Business review / Governance / Financial review / Sustainability Statement 120 Oriola Annual Report 2025
4.3. Operating expenses
Operating expenses include material purchases, employee benefit
expenses and other operating expenses as presented on the face
of the statement of comprehensive income. Employee benefit
expenses are specified in note 4.4. Employee benefits.
Materials and supplies
Materials and supplies include materials, procurement and
other costs related to procurement.

EUR million | 2025 | 2024
Purchases during the period | 1,744.6 | 1,535.5
Change in inventories | -5.9 | -16.6
Products for own use | -0.1 | -0.1
Foreign exchange differences | 0.4 | 0.4
Total | 1,739.0 | 1,519.3

Materials and supplies by currency |  |
| 2025 |
Million | SEK | EUR
Sweden | 13,714.1 | 1,239.3
Finland |  | 499.8
Total |  | 1,739.0
| 2024 |
Million | SEK | EUR
Sweden | 11,782.7 | 1 030.6
Finland |  | 488.6
Total |  | 1,519.3

Other operating expenses |  |
EUR million | 2025 | 2024
Freights and other variable costs | 30.2 | 30.2
Marketing | 0.6 | 0.7
Information management | 11.8 | 9.9
Premises | 5.9 | 5.7
External services | 26.6 | 25.7
Other operating expenses | 12.2 | 9.4
Total | 87.4 | 81.6

External services include EUR 7.6 (4.7) million expenses related to
the ERP investment.

Audit fees |  |
EUR million | 2025 | 2024
To member firms of KPMG network |  |
Fees for statutory audit | 0.3 | 0.3
Fees for other audit assignments | 0.1 | 0.1
Fees for other services | 0.0 | 0.0
Total | 0.4 | 0.4

Net sales by currency |  |  |  |
| 2025 |  | 2024 |
Million | SEK | EUR | SEK | EUR
Sweden | 14,698.3 | 1,328.2 | 12,782.9 | 1,118.1
Finland |  | 578.0 |  | 561.5
Total |  | 1,906.2 |  | 1,679.7

Disaggregation of revenue
In the following table, the Group’s external revenue is
disaggregated by the Group’s major revenue streams.

EUR million |  |  |
2025 | Distribution | Wholesale | Total
Services and products | 1,479.7 | 249.6 | 1,729.3
Other* | 52.1 | 124.8 | 176.9
Total | 1,531.8 | 374.4 | 1,906.2
EUR million |  |  |
2024 | Distribution | Wholesale | Total
Services and products | 1,302.3 | 244.0 | 1,546.4
Other* | 62.4 | 70.9 | 133.3
Total | 1,364.7 | 315.0 | 1,679.7

* Other includes sales of dose dispensing and sale of other services.
Revenues from one customer in Distribution and Wholesale
segment were 420 (2024: 360) million from Group’s net sales.
Contract balances
The Group has recognised the following liabilities related to
contracts with customers:

EUR million | 31 Dec 2025 | 31 Dec 2024
Advances received from pharmacies | 8.3 | 7.9
Advances received related to other services | 0.1 | 0.1
Total | 8.4 | 8.0

Advances received from pharmacies are presented as current
interest-bearing liabilities in the statement of financial position.
Additional information on the interest-bearing liabilities can be
found in note 8.2. Financial assets and liabilities.
Other operating income

EUR million | 2025 | 2024
Gains on sales of tangible and intangible assets | 0.0 | -
Rental income | 0.2 | 0.1
Service charges | 0.3 | 1.4
Other operating income | 0.7 | 2.9
Total | 1,1 4.5 |

Other operating income in 2024 includes compensation of EUR 1.4
million received from court appeal.
Business review / Governance / Financial review / Sustainability Statement 121 Oriola Annual Report 2025
4.4. Employee benefits
The Group’s employee benefits include short-term employee
benefits, pension benefits, other long-term employee
benefits and share-based payments.
Short-term employee benefits: Wages and salaries, fringe
benefits, annual leave and bonuses are recognised in the
period in which the work is performed.
Pension benefits: The Group’s pension arrangements
are in compliance with each country’s local regulations
and practices. The pension arrangements of the Group
companies comprise both defined contribution plans
and defined benefit plans. The payments to the defined
contribution plans are recognised as expenses in the
statement of comprehensive income in the period in which
they incur. Under a defined benefit pension plan, the Group’s
obligation is not limited to the payments made under the
plan but also includes the actuarial and investment risks
related to the pension plan in question.
The pension expenses related to defined benefits have
been calculated using the projected unit credit method.
Pension expenses are recognised as expenses by distributing
them over the estimated period of service of the personnel
concerned. The amount of the pension obligation is the
present value of the estimated future pensions payable.
Other long-term employee benefits consist of a long-
service benefit scheme operated by the Group. The long-
service benefit scheme is presented as other non-current
liabilities in the statement of financial position.
Share-based payments: Share incentive plans are measured
at fair value at the grant date, and are recognised as
expenses over the vesting period. The fair value of the share
is the share price on the date at which the target group has
agreed to the conditions of the plan. Share-based payments
are paid in cash and in equity.

Employee benefit expenses |  |
EUR million | 2025 | 2024
Wages, salaries and bonuses | 45.4 | 42.5
Share-based payments | 0.7 | 0.1
Pension costs |  |
Defined contribution plans | 6.0 | 5.6
Defined benefit plans | 0.9 | 0.5
Other personnel expenses | 7.7 | 7.3
Total | 60.7 | 56.1

Number of employees
At the end of the financial year, the total number of employees
(headcount) was 904 (934).
The number of employees in full-time equivalents (FTE) was 801
(816), of which 434 (409) worked in Finland, 358 (407) in Sweden
and 9 (-) in Denmark. The increase in number of personnel in
Finland related to increased volume and building capabilities. The
number of personnel in Sweden decreased by 47 FTE due to the
sale of dose dispensing business. Oriola acquired MedInfo ApS in
Denmark in 2025. The average number of employees (FTE) during
the financial year was 813 (812).
Post-employment benefits
The Oriola Group has defined benefit pension plans in Finland and
Sweden.
In Finland, the defined benefits plans consist of a voluntary
insurance plan, which is a final average pay pension plan
concerning additional pensions. The benefits are insured with OP
Life Assurance.
In Sweden, some of the office employees are covered by the defined
benefit plan ITP 2 and others by the defined contribution plan ITP 1.
The employees have a defined contribution plan according to local
legislation. In ITP 2, the company can recognise the old age pension
liabilities in its statement of financial position or, alternatively, pay
the pension expenses to the pension insurance company Alecta.
Oriola Sweden AB has recognised its ITP 2 old age pension liabilities
in full in its statement of financial position. Oriola Sweden AB’s old
age pension benefits other than ITP 2 are insured with Alecta.
Employer contributions to post-employment benefit plans are
expected to be EUR 0.0 million during 2026 financial year. The
weighted average duration of the defined benefit obligation is 18.9
years.
All plan assets of the Group relate to the Finnish voluntary insurance
plan and are held by the insurance company. They are part of the
insurance company’s investment assets and are considered to be
unquoted.
Business review / Governance / Financial review / Sustainability Statement 122 Oriola Annual Report 2025

Net defined benefit liability in the statement of financial position is |  |
defined as follows: |  |
EUR million | 2025 | 2024
Present value of funded obligations | 15.6 | 14.7
Fair value of plan assets | -1.3 | -1.4
Deficit/surplus | 14.3 | 13.3
Net liability (+) / assets (-) in the statement of financial position | 14.3 | 13.3

Change in defined benefit obligation and plan assets: |  |  |
| Present value |  |
| of funded | Fair value of |
EUR million | obligation | plan assets | Total
1 Jan 2024 | 14.8 | -1.4 | 13.4
Current service cost | 0.6 | - | 0.6
Interest cost or income | 0.5 | -0.1 | 0.4
| 15.9 | -1.4 | 14.5
Remeasurements |  |  |
Actuarial gains (-) and losses (+) |  |  |
arising from changes in financial |  |  |
assumptions | -0.1 | 0.0 | -0.1
Experience profits (-) or losses (+) | -0.1 | - | -0.1
| 15.7 | -1.4 | 14.3
Differences in foreign exchange rates | -0.4 | - | -0.4
Contributions |  |  |
Plan participants | - | -0.1 | -0.1
Expenses arising from the plans |  |  |
Benefits paid | -0.6 | 0.1 | -0.5
31 Dec 2024 | 14.7 | -1.4 | 13.3
Current service cost | 0.9 | - | 0.9
Interest cost or income | 0.5 | -0.0 | 0.4
| 16.1 | -1.4 | 14.6
Remeasurements |  |  |
Actuarial gains (-) and losses (+) |  |  |
arising from changes in financial |  |  |
assumptions | -0.7 | 0.0 | -0.7
Experience profits (-) or losses (+) | -0.0 | - | -0.0
| 15.3 | -1.4 | 13.9

| Present value |  |
| of funded | Fair value of |
EUR million | obligation | plan assets | Total
Differences in foreign exchange rates | 0.8 | - | 0.8
Contributions |  |  |
Plan participants | - | -0.0 | -0.0
Expenses arising from the plans |  |  |
Benefits paid | -0.5 | 0.1 | -0.4
31 Dec 2025 | 15.6 | -1.3 | 14.3
Significant actuarial assumptions 31 Dec: |  | 2025 | 2024
Discount rate (%) |  | 3.50 | 3.30
Salary increases (%) |  | 2.20-3.45 | 2.30-3.45

Mortality assumptions are made on the basis of actuarial guidelines
and they are founded on statistics published in each region and on
experience.

Sensitivity of the defined benefit obligation to changes in the most |  |
significant assumptions: |  |
| Change in assumption | Effect of change
Assumption | as percentage point | in assumption %
Decrease in discount rate | -0.5 | increase by 9.9
Increase in discount rate | +0.5 | reduce by 8.8
Increase in salaries | +0.5 | increase by 2.5
Increase in benefits | +0.5 | increase by 9.9

The table presents a sensitivity analysis for the most significant
actuarial assumptions, showing the effect of any change in actuarial
assumptions on the defined benefit pension obligation.
The effects of the above sensitivity analysis have been calculated
so that when the effect of the change in the assumption is
calculated all other assumptions are expected to remain
unchanged. This is unlikely to happen and in some assumptions
changes may correlate with each other. The sensitivity of the
defined benefit obligation has been calculated using the same
method as in the calculation of the pension obligation to be
entered in the statement of financial position (the current value of
the defined benefit obligation at the end of the reporting period
using the projected unit credit method).
The most significant risks arising from defined benefit pension
plans:
Life expectancy: Most of the plan obligations are connected with
generating life-long benefits for employees and for this reason a
higher life expectancy will mean more obligations under the plan.
Inflation risk: Some of the Group’s pension obligations are linked
to inflation, and higher inflation will lead to higher liabilities.
Use of estimates: The discounted value of the pension
obligation is based on several actuarial assumptions.
Changes in the assumptions have an impact on the carrying
amount of the pension obligation. Discount rate used is one
of the assumptions used. The interest rate used is determined
at the date of measurement by reference to the maturity
of corporate bonds issued by financially sound companies
that is similar to that of the pension obligation. Other key
assumptions impacting pension liabilities are based on the
circumstances valid at the time.
Changes in bond yields: A decrease in bond yields will increase
plan liabilities, although this will be partially offset by an increase in
the value of the plans’ assets.
Short-term Incentive Plan
The Short-term Incentive Plan (STI) is based on the achievement
of the company’s financial targets and personal targets. The
Board of Directors decides annually on the earnings criteria
and the determination of the STI based on the proposal of the
Compensation and Human Resources Committee.
Business review / Governance / Financial review / Sustainability Statement 123 Oriola Annual Report 2025
EBIT, earnings per share (EPS) and ESG-target (Delivery accuracy
of pharma). Possible share rewards are payable during the first
half of 2027. The aggregate maximum number of shares payable
as a reward based on this plan is approximately 2,283,305 shares
(referring to gross earnings, from which the applicable payroll tax
is withheld).
The third plan, PSP 2025, is for three calendar years 2025-2027.
At the end of the financial year PSP 2025 has 20 participants. The
performance measures for this plan are net profit, adjusted EBITDA,
Cash volatility, net working capital and ESG-target (Delivery
accuracy). Possible share rewards are payable during the first half
of 2028. The aggregate maximum number of shares payable as
a reward based on this plan is approximately 2,523,527 shares
(referring to gross earnings, from which the applicable payroll tax
is withheld).

Changes in outstanding shares: |  |  |  |
2025 | PSP 2022 | PSP 2024 | PSP 2025 | Total
Outstanding shares 1 Jan | 1,136,948 | 1,574,160 | - | 2,711,108
Granted | - | 397,998 | 2,735,370 | 3,133,368
Forfeited | 147,100 | 224,876 | 202,624 | 574,600
Outstanding shares 31 Dec | 989,848 | 1,747,282 | 2,532,746 | 5,269,876

The fair value of share based incentives have been determined
at grant date and the fair value is expensed until vesting. The
pricing of the share based incentives granted during the year was
determined by the following inputs:

| 2025
Share price at grant, EUR | 1.07
Share price at reporting period end, EUR | 1.15
Expected annual dividend yield, % | 6.6
Fair value 31 Dec, EUR | 1,001,668

The expenses recognised for the Performance Share Plans were
EUR 0.5 (0.1) million in 2025.
THE BRIDGE PLAN (EQUITY-SETTLED)
In 2024, a total of 11,714 B treasury shares owned by the company
were conveyed without consideration to the key employees who
participated in the Bridge Plan 2022-2023 in accordance with the
terms and conditions of the plan.
THE RESTRICTED SHARE PLAN (EQUITY-SETTLED)
The Restricted Share Plan for the years 2022-2025 consists of
annually commencing individual restricted share plans which are
subject to a separate decision of the Board of Directors. Each plan
comprises a restriction period with an overall length of three years,
extending to first half of the fourth year of the individual plan.
During the plan period, the company may grant fixed share rewards
to individually selected key employees. The granted share rewards
are paid to the selected participants in one or several tranches latest
by the end of the restriction period. The share rewards are paid in
listed shares. The first plan, RSP 2022, commenced effective as of
the beginning of 2022. The aggregate maximum number of shares
payable as a reward is approximately 225,400 shares (referring to
gross earning, from which the applicable payroll tax is withheld).
For all programs, if the individual’s employment with Oriola
Corporation terminates before the payment of the reward, the
individual is, as a main rule, not entitled to any reward. The value
of the reward payable to each individual participant based on
the plans is limited by a maximum cap linked to a multiplier of
the individual’s annual salary. Oriola applies a share ownership
requirement to the CEO and the members of Oriola Management
Team. They are expected to retain ownership at least half of the
shares received under the incentive plans until the value of his/her
ownership in the company, in the case of the CEO, corresponds to
at least his/her annual gross base salary, and in the case of the other
the members of the Oriola Management Team, to at least half of his/
her annual gross base salary.
Share-based payments
Oriola has a share-based long-term incentive plan for the
company’s key employees, including the CEO and the Oriola
Management Team.
The incentive plan comprises a Performance Share Plan (the “PSP”)
and a share-based bridge plan to cover the transition phase to the
new LTI structure (the “Bridge Plan”). In addition, the long-term
incentive scheme comprises a Restricted Share Plan (the “RSP”)
as a complementary long-term share-based retention plan for
individually selected key employees in specific situations.
THE PERFORMANCE SHARE PLAN (EQUITY-SETTLED)
The Performance Share Plan for the years 2022-2025 consists of
annually commencing individual performance share plans, each of
which is subject to separate decision of the Board of Directors. Each
plan comprises a performance period followed by the payment of
the potential share rewards in listed shares of Oriola.
The length of the performance period of the first plan, PSP 2022,
is four calendar years. At the end of the financial year PSP 2022
has 8 participants. The performance measures based on which the
potential share rewards under PSP 2022 will be paid are earnings
per share (EPS) and an environment-related target (CO2). PSP 2022
comprises a performance period covering the calendar years 2022-
2025, and the share rewards potentially payable thereunder will
be paid during the first half of 2026. The payment of the rewards
is conditional on the achievement of the performance targets
which the Board of Directors has set for the plan and the individual
participant’s continued employment or service relationship with
Oriola. If all the performance targets for the PSP 2022 are fully
achieved, the aggregate maximum number of shares to be paid
based on this plan is approximately 2,254,000 shares (referring to
gross earning, from which the applicable payroll tax is withheld).
The second plan, PSP 2024, is for three calendar years 2024-2026.
At the end of the financial year PSP 2024 has 17 participants.
The performance measures for this plan are cumulative adjusted
Business review / Governance / Financial review / Sustainability Statement 124 Oriola Annual Report 2025
5. Working capital
5.1. Trade and other receivables
Trade receivables are amounts due from customers for
goods sold or services performed in the ordinary course of
business. Trade receivables are initially recognised when
they are originated and subsequently carried at amortised
cost. The Group applies the simplified approach to providing
for expected credit losses, which permits the use of the
lifetime expected loss allowance for all trade receivables.
Loss allowances are recognised as an expense in the
consolidated statement of comprehensive income. The part
of the trade receivables, which is held for sale, is classified
to measurement category fair value through profit and
loss. Sold non-recourse trade receivables’ credit risk and
contractual rights are transferred from the Group on the
selling date and related expenses are recognised as financial
expenses. Additional information on sales arrangement for
trade receivables can be found in note 8.3. Financial risk
management.

EUR million | 2025 | 2024
Trade receivables | 311.7 | 247.1
Income tax receivables | 1.1 | -
Prepaid expenses and accrued income | 2.4 | 2.3
VAT receivables | 0.2 | 8.2
Rental prepayments | 0.1 | 0.1
Other receivables | 0.6 | 0.9
Total | 316.2 | 258.8

As a part of managing liquidity risk Oriola has open-ended frame
agreements in Sweden that allows the company to sell trade
receivables relating to Swedish wholesale businesses to the
financial institutions on non-recourse basis. Sold and from the
statement of financial position derecognised non-recourse trade
receivables were EUR 121.9 (94.1) million on the balance sheet
date. No significant changes are anticipated in the scope of the
agreements to sell trade receivables in 2025.
The credit risk in Finland is reduced by interest-bearing advance
payments from pharmacies. These interest-bearing advance
payments are presented as current interest-bearing liabilities in
the statement of financial position. On the balance sheet date,
the amount of prepayments was EUR 8.3 (7.9) million. Additional
information on the interest-bearing advance payments can be
found in note 8.2. Financial assets and liabilities.
Information about the Group’s exposure to credit and market risks,
and impairment losses for trade receivables is included in note 8.3.
Financial risk management.
Ageing and loss allowance of trade receivables at the closing date

|  | 2025 |  | 2024
| Gross |  | Gross |
| carrying | Loss | carrying | Loss
EUR million | amount | allowance | amount | allowance
Not past due | 296.6 | -0.0 | 233.7 | -0.0
Past due 1 - 30 days | 12.0 | -0.0 | 11.4 | -0.0
Past due 31 - 180 days | 2.3 | -0.0 | 2.1 | -0.0
Past due more than 180 days | 0.9 | -0.2 | 0.1 | -0.1
Total | 311.9 | -0.2 | 247.3 | -0.2

The carrying amount of trade receivables corresponds to the
maximum amount of credit risk relating to them at the balance
sheet date.
The loss allowance for trade receivables as at 31 December recon-
cile to the opening loss allowances as follows:

EUR million | 2025 | 2024
Opening loss allowance at 1 Jan | 0.2 | 0.3
Net remeasurement of loss allowance | 0.1 | 0.1
Amounts written off during the year as uncollectible | -0.0 | -0.1
Unused amount reversed | -0.0 | -0.2
Foreign exchange rate differences | 0.0 | -0.0
Closing loss allowance at 31 Dec | 0.2 | 0.2

Business review / Governance / Financial review / Sustainability Statement 125 Oriola Annual Report 2025
5.3. Trade payables and other liabilities

EUR million | 2025 | 2024
Trade payables | 725.7 | 626.2
Income tax payables | 0.0 | 0.3
Accrued liabilities | 13.1 | 12.0
Derivatives measured at fair value through profit |  |
and loss | 0.1 | 0.0
VAT liabilities | 17.4 | 5.3
Other current liabilities | 2.1 | 5.5
Total | 758.4 | 649.4
Material items included in accrued liabilities |  |
EUR million | 2025 | 2024
Accrued wages, salaries and social security |  |
payments | 9.8 | 9.2
Other accrued liabilities | 3.2 | 2.8
Total | 13.1 | 12.0
Other non-current liabilities |  |
EUR million | 2025 | 2024
Derivatives | 0.4 | 0.5
Other non-current liabilities* | 0.5 | 0.5
Total | 0.9 | 1.0
*Other non-current liabilities include long-service benefit liability. |  |

5.4. Provisions
A provision is recognised in the consolidated statement
of financial position when the Group has a present legal
or contractual obligation as a result of a past event and
it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the
obligation.
A restructuring provision is recognised when the Group
has a detailed, formal restructuring plan, has started the
implementation of the plan or has informed those affected
by the plan. No provision related to costs for continuing
operations is recognised.
At the end of 2025 and 2024 the Group did not have any provisions
in the consolidated statement of financial position.
5.2. Inventories
Inventories are presented in the consolidated statement
of financial position at the lower of cost and net realisable
value. The net realisable value is the estimated selling price
in the ordinary course of business less the estimated costs
of completion and the estimated necessary direct costs
of sale. The cost of inventories is determined on the basis
of FIFO principle. If the net realisable value is lower than
cost, a valuation allowance is recognised for inventory
obsolescence.

EUR million | 2025 | 2024
Raw materials and consumables | 0.0 | 0.0
Work in progress | 0.0 | 0.0
Finished goods | 188.4 | 176.2
Total | 188.5 | 176.3
The inventories as of 31 December 2025 included pharmaceuticals |  |

and health related products. No significant valuation allowances
have been recognised on inventories.
Oriola’s agreements with pharmaceutical companies are either
wholesale agreements where Oriola buys the products into own
stock and acts as a principal or agreements where Oriola delivers
the products from consignment stock and acts as an agent.
Consignment stock is not included in Oriola’s inventories.
Business review / Governance / Financial review / Sustainability Statement 126 Oriola Annual Report 2025
6. Tangible and intangible assets and
other non-current assets
6.1. Property, plant and equipment
Tangible assets are initially recognised at historical cost
and they are subsequently measured at historical cost
less depreciation and impairment losses. The assets are
depreciated over their estimated useful life using the
straight-line method. The useful life of assets is reviewed
at least annually, and it is adjusted if necessary. The
estimated useful lives are as follows:
- Buildings 20–50 years
- Machinery and equipment 5–10 years
- Other tangible assets 3–10 years
Land areas are not subject to depreciation. Repair and
maintenance costs are recognised as expenses for
the period. Improvement investments are capitalised
providing they are expected to generate future economic
benefits. Gains and losses resulting from the disposal of
tangible assets are recognised as other operating income
or expense in the statement of comprehensive income.
Impairment of tangible assets is disclosed in the note 6.2.

Property. plant and equipment |  | Buildings | Machinery |  | Other | Advance payments |
EUR million | Land and | and | and | Right-of-use | tangible | and construction in |
2025 | water | constructions | equipment | assets* | assets | progress | Total
Historical cost 1 Jan 2025 | 1.8 | 59.6 | 53.0 | 29.6 | 0.6 | 3.6 | 148.2
Increases | - | 0.1 | 0.7 | 2.4 | 0.0 | 1.6 | 4.8
Acquired in business combinations | - | - | 0.0 | - | - | - | 0.0
Decreases | - | -0.0 | -1.2 | -3.0 | -0.1 | -3.3 | -7.6
Reclassifications | - | - | 0.9 | - | - | -0.9 | -
Foreign exchange rate differences | 0.0 | 1.1 | 2.0 | 1.4 | 0.0 | 0.1 | 4.7
Historical cost 31 Dec 2025 | 1.8 | 60.7 | 55.7 | 30.3 | 0.5 | 1.2 | 150.1
Accumulated depreciation 1 Jan 2025 | - | -45.1 | -36.9 | -17.6 | -0.3 | -3.1 | -103.0
Accumulated depreciation related to decreases and reclassifications | - | 0.0 | 1.2 | 3.0 | 0.0 | 3.3 | 7.6
Depreciation for the financial year | - | -1.2 | -3.7 | -3.5 | -0.0 | - | -8.5
Foreign exchange rate differences | - | -0.6 | -1.3 | -0.9 | -0.0 | -0.2 | -3.0
Accumulated depreciation 31 Dec 2025 | - | -46.9 | -40.8 | -19.0 | -0.3 | -0.0 | -106.9
Carrying amount 1 Jan 2025 | 1.8 | 14.5 | 16.1 | 12.0 | 0.3 | 0.5 | 45.2
Carrying amount 31 Dec 2025 | 1.8 | 13.8 | 14.7 | 11.4 | 0.2 | 1.2 | 43.2
2024 |  |  |  |  |  |  |
Historical cost 1 Jan 2024 | 1.8 | 60.1 | 52.4 | 24.7 | 0.5 | 3.5 | 143.2
Increases | - | 0.1 | 1.3 | 7.0 | 0.1 | 1.1 | 9.6
Decreases | - | -0.1 | -0.5 | -1.5 | -0.1 | -0.0 | -2.1
Reclassifications | - | 0.0 | 0.9 | - | - | -0.9 | -
Foreign exchange rate differences | -0.0 | -0.6 | -1.1 | -0.7 | 0.0 | -0.1 | -2.5
Historical cost 31 Dec 2024 | 1.8 | 59.6 | 53.0 | 29.6 | 0.6 | 3.6 | 148.2
Accumulated depreciation 1 Jan 2024 | - | -44.1 | -34.4 | -16.1 | -0.3 | -3.3 | -98.2
Accumulated depreciation related to decreases and reclassifications | - | 0.1 | 0.5 | 1.1 | 0.1 | - | 1.7
Depreciation for the financial year | - | -1.4 | -3.6 | -3.0 | -0.0 | - | -8.0
Foreign exchange rate differences | - | 0.3 | 0.6 | 0.4 | -0.0 | 0.1 | 1.5
Accumulated depreciation 31 Dec 2024 | - | -45.1 | -36.9 | -17.6 | -0.3 | -3.1 | -103.0
Carrying amount 1 Jan 2024 | 1.8 | 16.0 | 18.0 | 8.6 | 0.3 | 0.3 | 45.0
Carrying amount 31 Dec 2024 | 1.8 | 14.5 | 16.1 | 12.0 | 0.3 | 0.5 | 45.2

* For more details about the right-of-use assets please refer to section 7. leases.
Business review / Governance / Financial review / Sustainability Statement 127 Oriola Annual Report 2025
6.2. Goodwill and other intangible assets
Goodwill: Goodwill arising from business combinations is recognised
as the amount by which the aggregate of the fair value of the
consideration transferred, the acquisition date fair value of any
previously held interest and any non-controlling interest exceeds the
fair value of the net assets acquired. Goodwill is not amortised but
is tested for impairment at least annually according to the business
structure in force at the time of impairment testing. For impairment
testing, goodwill is allocated to cash-generating units. Goodwill is
measured at cost less accumulated impairment losses. Impairment
losses are recognised in the statement of comprehensive income.
Other intangible assets: Other intangible assets are initially
recognised at historical cost and they are subsequently measured at
historical cost less amortisation and impairment losses. Intangible
assets not yet available for use are tested annually for impairment.
Other intangible assets include sales licences, trademarks, patents,
software licences and product and marketing rights. Assets with finite
useful life are amortised over their useful life, using the straight-line
method. Research and development costs are normally expensed
as other operating expenses for the reporting period in which they
are incurred. Expenditures on development is capitalised only
when it relates to new products or services that are technically and
commercially feasible. The majority of the Group’s development
expenditure does not meet the criteria for capitalisation and are
recognised as expenses as incurred. Configuration and customisation
costs in a cloud service contract, which do not meet the definition
of an intangible asset, and which are distinct from the actual cloud
service, are recognised as expense when the service is received.
Customisation costs which are not distinct from the actual cloud
services, are recognised as advance payments in the statement of
financial position and expensed over the estimated term of the cloud
service contract. The estimated useful lives of other intangible assets
are as follows:
Intangible rights:
- Patents and trademarks 10 years
- Software 5–10 years
Other intangible assets 3–10 years

6.2. Goodwill and other intangible assets |  |  |  |  |
|  |  | Other | Advance payments |
EUR million |  | Intangible | intangible | and construction in |
2025 | Goodwill | rights*** | assets* | progress ** | Total
Historical cost 1 Jan 2025 | 35.1 | 15.3 | 30.6 | 0.7 | 81.8
Increases | - | 0.0 | 0.2 | 0.6 | 0.7
Acquired in business combinations | 0.3 | - | - | - | 0.3
Decreases | - | -5.1 | -0.0 | -0.5 | -5.6
Reclassifications | - | 0.1 | - | -0.1 | -
Foreign exchange rate differences | 0.1 | 0.5 | - | 0.0 | 0.6
Historical cost 31 Dec 2025 | 35.6 | 10.7 | 30.8 | 0.7 | 77.8
Accumulated amortisation 1 Jan 2025 | - | -15.0 | -20.7 | -0.5 | -36.1
Accumulated amortisation related to decreases and reclassifications | - | 5.1 | 0.0 | 0.5 | 5.6
Amortisation for the financial year | - | -0.2 | -3.3 | - | -3.5
Foreign exchange rate differences | - | -0.5 | - | -0.0 | -0.5
Accumulated amortisation 31 Dec 2025 | - | -10.5 | -24.0 | -0.0 | -34.5
Carrying amount 1 Jan 2025 | 35.1 | 0.3 | 10.0 | 0.2 | 45.7
Carrying amount 31 Dec 2025 | 35.6 | 0.2 | 6.8 | 0.7 | 43.4
2024 |  |  |  |  |
Historical cost 1 Jan 2024 | 35.2 | 15.5 | 30.8 | 2.4 | 83.9
Increases | - | - | 0.0 | 0.2 | 0.2
Decreases | - | - | -0.1 | -0.0 | -0.1
Impairments | - | - | - | -1.9 | -1.9
Reclassifications | - | - | 0.0 | -0.0 | -
Foreign exchange rate differences | -0.0 | -0.3 | - | -0.0 | -0.3
Historical cost 31 Dec 2024 | 35.1 | 15.3 | 30.6 | 0.7 | 81.8
Accumulated amortisation 1 Jan 2024 | - | -15.1 | -17.2 | -0.5 | -32.7
Accumulated amortisation related to decreases and reclassifications | - | - | 0.1 | - | 0.1
Amortisation for the financial year | - | -0.2 | -3.6 | - | -3.8
Foreign exchange rate differences | - | 0.2 | - | 0.0 | 0.3
Accumulated amortisation 31 Dec 2024 | - | -15.0 | -20.7 | -0.5 | -36.1
Carrying amount 1 Jan 2024 | 35.2 | 0.5 | 13.6 | 1.9 | 51.2
Carrying amount 31 Dec 2024 | 35.1 | 0.3 | 10.0 | 0.2 | 45.7

* Other intangible assets include expenses for installation and specialist work related to the implementation of computer software.
** Advance payments and construction in progress include mainly costs related to software.
*** Decreases and accumulated amortisation related to decreases in intangible rights relate to sale of Svensk Dos.
Business review / Governance / Financial review / Sustainability Statement 128 Oriola Annual Report 2025
Impairments
Impairment of tangible and intangible assets:
The Group assesses at each reporting date whether there
is any indication that an asset may be impaired. If any
indication exists, the Group estimates the asset’s recoverable
amount. The recoverable amount is the higher of the net
sales price or value in use, which is the present value of the
expected future cash flows expected to be derived from the
asset.
The impairment loss is recognised in the statement of
comprehensive income if the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is
reversed if there is a change in the circumstances and
the recoverable amount exceeds the carrying amount.
The reversal of impairment loss cannot exceed the asset’s
carrying amount without any impairment loss.
Allocation and impairment testing of goodwill:
The goodwill impairment test is conducted at least annually
or more frequently if there is any indication that goodwill
may be impaired. Impairment testing is conducted according
to the business structure in force at the time of impairment
testing. Impairment is recognised in the statement of
comprehensive income under Depreciation, amortisation
and impairments. Goodwill impairment losses are not
reversed.
IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
In 2025 an impairment of EUR 4.5 million was recognised on
goodwill and an impairment 1.2 million on other non-current
assets in dose dispensing in Sweden. Dose dispensing business
in Sweden was sold on 1 April 2025. More information is
presented in note 10.3. Acquisitions and divestments. In 2024
an impairment of EUR 1.9 million was recognised to costs related
to ERP investment previously capitalised on unfinished intangible
assets.
GOODWILL IMPAIRMENT TESTING
The recoverable amount of the cash-generating units (CGUs) in
impairment testing was based on value-in-use calculations. Value-
in-use has been determined based on discounted cash flows (DCF-
model). The cash flow forecasts are based on three-year strategic
plans approved by the management and are consistent with the
current business structure. The most important assumptions in the
strategic plans are estimates of overall long-term growth in the
market and the market position as well as the profitability of the
Group businesses. The foreign exchange rates used in converting
the calculations into euros are those prevailing at the time of
testing.
The main parameters used in the impairment testing are net sales
growth percentage, EBIT percentage, terminal growth percentage
and discount rate.
The three-year net sales forecasts are based on the management's
assessment of the net sales growth, market development forecasts
available from external information sources and sales growth based
on the Group’s actions.
The terminal growth rate used in the calculations is based on the
management’s assessments of the long-term growth. In estimating
the terminal growth rate, both country-specific and business sector
growth forecasts available from external information sources as
well as the characteristic features of each operating segment and
cash generating unit are considered. Terminal growth rate for cash
generating units was 2.0% from the year 2028. The discount rate
used in the calculation is based on the Group’s weighted average
cost of capital, taking into account the industry and country specific
risks in each of the Group's operating segment. When defining the
discount rates, Oriola has acquired the necessary information from
an external information source.
RESULT OF GOODWILL IMPAIRMENT TESTING
In the first quarter of 2025, a total impairment loss of EUR 4.5
million was recognised on goodwill in dose dispensing business
Sweden included in assets held for sale. More information is
presented in note 10.3. Acquisitions and divestments. The result of
impairment testing performed in the last quarter of the year shows
that the “value in use” in the tested cash generating units exceeds
the book value of the carrying amounts, and thus no further
impairment of goodwill was recognised in 2025.
GOODWILL AND PROJECTION PARAMETERS APPLIED
Goodwill is allocated to three independent cash-generating
units: dose dispensing, distribution services and expert services.
Dose dispensing and distribution services are part of distribution-
segment and expert services are part of wholesale-segment.

| Dose | Distribution | Expert |
2025 | dispensing | services | services | Total
Goodwill | 2.3 | 25.9 | 7.3 | 35.6
Pre-tax discount rate % | 10.8 | 9.3 | 9.3 |
Terminal growth % | 2.0 | 2.0 | 2.0 |
| Dose | Distribution | Expert |
2024 | dispensing | services | services | Total
Goodwill | 2.3 | 25.9 | 6.9 | 35.1
Pre-tax discount rate % | 9.4 | 8.4 | 8.4 |
Terminal growth % | 2.0 | 2.0 | 2.0 |

Sensitivity analysis for the following projection parameters
have been performed: discount rate, EBIT percentage, terminal
growth percentage, and net sales growth percentage. For Dose
dispensing CGU the recoverable amount would equal the carrying
amount if pre-tax rate increased 0.8 percentage points, or if EBIT
percentage decreased 0.2 percentage points, or if terminal growth
percentage decreased 1,0 percentage point, or if sales growth
percentage decreased 0.9 percentage points. For other CGUs, the
management believes that any reasonably possible change in the
projection parameters would not cause carrying amount of the
cash-generating units to exceed its recoverable amount .
Business review / Governance / Financial review / Sustainability Statement 129 Oriola Annual Report 2025
Use of estimates: The Group’s assets with an indefinite
useful life are subject to annual impairment testing and
any indication of impairment of assets is assessed using
information from external sources on market development
as well as information from internal sources on business
performance and estimates. When analysing these sources
and information and making conclusions, estimates are
used. The recoverable values used in impairment testing are
discounted future cash flows that can be obtained through
usage and possible sale of the assets. If the carrying amount
of the asset exceeds either its recoverable amount or fair
value, the difference is recognised as an impairment charge.
The preparation of such calculations requires the use of
estimates.

6.3. Other non-current assets |  |  |
| Other shares |  |
EUR million | and share- | Other non- |
2025 | holdings | current assets | Total
Carrying amount 1 Jan 2025 | 11.0 | 0.7 | 11.7
Increases | 0.0 | - | 0.0
Decreases | - | -0.4 | -0.4
Changes in fair value | 2.9 | - | 2.9
Foreign exchange rate |  |  |
differences | - | -0.1 | -0.1
Carrying amount 31 Dec 2025 | 14.0 | 0.3 | 14.2
2024 |  |  |
Carrying amount 1 Jan 2024 | 13.6 | 1.9 | 15.5
Increases | - | -1.3 | -1.3
Decreases | -2.6 | - | -2.6
Foreign exchange rate |  |  |
differences | - | -0.0 | -0.0
Carrying amount 31 Dec 2024 | 11.0 | 0.7 | 11.7

Other shares and shareholdings
The investment in Doktor.se is accounted for as a financial
asset. Additional information can be found in note 8.2
Financial assets and liabilities. Oriola classifies the shares
of Doktor.se as the investment in Doktor.se is seen as
strategic investment, which supports Oriola’s business
operations. The shares are presented in the consolidated
statement of financial position as part of other non-current
assets. Possible changes in fair value of the investment are
recognised in other comprehensive income and they shall
not subsequently be transferred to profit and loss. Possible
dividends are recognised as dividend income in the profit
and loss.
Other shares and shareholdings include Oriola’s holding in the
Swedish online medical centre Doktor.se. Doktor.se offers personal
digital healthcare services to its customers. Doktor.se has a
comprehensive organisation with specialist nurses, doctors and
psychologists.
The applied valuation method for the shares in Doktor.se is based
on realised transactions and the fair value of the investment is
calculated using the weighted average share price over the last
12 months. In 2025, change in the fair value of shareholdings in
Doktor.se was EUR 2.9 (-2.6) million. The change in fair value was
due to the realised share transactions at a higher price.
Oriola’s ownership at the end of the reporting period was 4.7%
of the total number of shares in Doktor.se. Oriola’s ownership of
shares in Doktor.se has not changed during years 2025 and 2024.
Use of judgements: The management has to evaluate
at each balance sheet date whether there have been any
changes to the fair value of the shares measured at fair value
through other comprehensive income. The applied valuation
method for the shares in Doktor.se is based on realised
transactions.
Business review / Governance / Financial review / Sustainability Statement 130 Oriola Annual Report 2025
7. Leases
The right-of-use asset is initially measured at cost, which
comprises:
- The initial amount of lease liability
- Any lease payments made at or before the
commencement date
- Any initial direct costs incurred by Oriola
- An estimate of costs to be incurred by Oriola in
dismantling and removing the underlying assets or
restoring the site on which the assets are located
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date. The lease payments included in the
measurement of the lease liability include the following:
- Fixed payments, including in-substance fixed payments
- Variable lease payments that depend on an index or a
rate, initially measured using the index or the rate as at
the commencement date
- Amounts expected to be payable under a residual value
guarantee
- The exercise price of a purchase option that Oriola is
reasonably certain to exercise
- Penalties for early termination of a lease if the
termination is taken into account in determining lease
period.
The lease payments included in the measurement of lease
liability exclude variable elements which are dependent on
sales or usage. Variable payments not included in the initial
measurement of the lease liability are recognised as an
expense over the lease term.
The lease payments are discounted using the interest
rate implicit in the lease or, if that rate cannot be readily
determined, the incremental borrowing rate. The incremental
borrowing rate is the rate of interest that a lessee would
have to pay to borrow over a similar term and with a
similar security, the funds necessary to obtain an asset of a
similar value to the right of use asset in a similar economic
environment. At Oriola, the incremental borrowing rates
are defined for the lease terms of 1, 3, 5 and 10 years. The
components of the incremental borrowing rate are:
- Risk free rate which reflect the different jurisdictions
and currencies: SEK and EUR swap rates for 1 to 3 years
and Government bonds for Finland and Sweden for 5
to 10 years
- Oriola’s internal credit rating for the parent company as
a company specific margin. As all the Group’s treasury
functions are centralized to the parent company and
all funding for the Group is managed centrally by the
parent company resulting in the parent providing a
guarantee of the lease payments to the lessor, the
pricing of the lease is more significantly influenced
by the credit standing of the parent than that of the
subsidiary.
- The incremental borrowing rates are reviewed monthly.
The lease term comprises of:
- Non-cancellable period of lease contract
- Periods covered by an option to extend the lease if Oriola is
reasonably certain to exercise that option
- Periods covered by an option to terminate the lease if the
lessee is reasonably certain not to exercise that option.
The exemption for short term leases is applied to real-estate
leases and the exemption for low-value assets is applied to
leases of IT equipment and other machinery and equipment.
Leases: The Group has lease contracts related to real estates,
IT equipment, vehicles and other machinery and equipment.
The Group’s real estate leases include leases of office and
warehouse premises. The duration of the leases is 2-6 years.
For most of the contracts the lease payments are adjusted
every year based on the change of the consumer price index.
The Group leases of vehicles consist of company cars, which
are used as part of employee benefits and forklifts, which are
used in warehouses. The lease period for the company cars is
usually 3 years and for forklifts 5 or 6 years.
The Group leases IT equipment such as servers, printers and
laptops. The lease period for IT equipment is usually 3-5
years.
Leases of other machinery and equipment include waste
presses in the warehouses and dose dispensing equipment,
containers, furniture and other machinery and equipment
such as franking machines and coffee machines.
At inception of a contract it is assessed whether a contract
contains a lease. A contract contains a lease if it conveys the
right to control the use of an identified asset for a period
of time in exchange for consideration. In order to assess
whether a contract conveys the right to control the use of an
identified asset, it is assessed whether:
- The contract involves the use of an identified asset
- Oriola has the right to obtain substantially all of the
economic benefits from the use of the asset throughout
the period of use
- Oriola has the right to direct the use of the asset.
Business review / Governance / Financial review / Sustainability Statement 131 Oriola Annual Report 2025
For short term leases of real estate leases that have a lease
term of 12 months or less and for low-value leases of IT
equipment and other machinery equipment the right-of-
use asset and lease liability is not recognised. The lease
payments associated with these leases are recognised as an
expense on a straight-line basis over the lease term. An asset
is considered to be a low-value asset, if the value of the asset
when it is new is less than EUR 5.000 or SEK 50.000.
The right-of-use asset is subsequently measured at cost
less accumulated depreciation and less any accumulated
impairment losses and adjusted for any remeasurements
of the lease liability. Depreciation is calculated using the
straight-line method from the commencement date to the
earlier of the end of useful life of the right-of-use asset or the
end of the lease term. The estimated useful lives of right-
of-use assets are determined on the same basis as those of
property, plant and equipment.
The lease liability is measured at amortised cost using the
effective interest method. It is remeasured when there is a
change in future lease payments arising from a change in
an index or a rate, if there is a change in Oriola’s estimate of
the amount expected to be payable under a residual value
guarantee, or if Oriola changes its assessment of whether
it will exercise a purchase, extension or termination option.
When the lease liability is remeasured, a corresponding
adjustment is made to the carrying amount of the right-of-
use asset or is recognised in the profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero.
The right-of-use assets are presented in property, plant
and equipment and the lease liabilities in interest-bearing
liabilities in the statement of financial position. The lease
liabilities with the maturity of more than 12 months are
presented in the non-current interest-bearing liabilities and
the lease liabilities with the maturity of 12 months or less are
presented in the current interest-bearing liabilities.
The depreciations of right-of-use assets are presented in
depreciation, amortisation and impairments in the statement
of comprehensive income. The interest expense on the lease
liability is presented within the financial expenses. The lease
payments of low-value assets and short-term leases are
included in other operating expenses in the statement of
comprehensive income.
In the statement of cash flows the cash payments for the
principal portion of the lease liability are presented within
financing activities. The cash payments for the interest
portion of the lease liability as well as short term lease
payments, payments for leases of low-value assets and
variable lease payments not included in the measurement of
the lease liabilities are presented within operating activities.
Use of estimates: The Group’s most significant leases
relate to the office and warehouse premises, for which the
management has taken into account the location of the
premises, their importance to the Group’s operations and
the availability of the alternative premises when determining
the lease term. The probable lease term for the leases, which
are valid until further notice is estimated based on the
business plans, taking into account the costs of termination.
Extension options (or periods after termination options)
are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated).
7.1. Leases in the statement of financial position
The Group has recognised following amounts in the statement of
financial position relating to leases:

Right-of-use assets |  |
EUR million | 2025 | 2024
Real estate | 9.9 | 10.8
Vehicles | 1.4 | 1.2
Other machinery and equipment | 0.1 | 0.1
Total | 11.4 | 12.0
Lease liabilities |  |
EUR million | 2025 | 2024
Current | 3.5 | 2.7
Non-current | 8.3 | 9.7
Total | 11.9 | 12.3
Additions to the right-of-use assets during year 2025 were EUR 2.4 |  |

(7.0) million. In 2024, the lease contract for the warehouse premises
in Mölnlycke, Sweden was renewed and a new office lease contract
for dose dispensing in Helsinki, Finland was signed.
7.2. Leases in the statement of comprehensive income
The Group has recognised following amounts in the statement
of comprehensive income relating to leases:

EUR million | 2025 | 2024
Depreciation charge of right-of-use assets |  |
Real estate | -2.8 | -2.3
IT equipment | - | -0.0
Vehicles | -0.7 | -0.6
Other machinery and equipment | -0.0 | -0.0
Total depreciation | -3.5 | -3.0
Interest expense (included in financial expenses) | -0.4 | -0.3
Expense relating to short-term leases |  |
(included in other operating expenses) | -0.1 | -0.1
Expense relating to leases of low-value assets |  |
(included in other operating expenses) | -0.2 | -0.2
Gains from changes in leases (included in other operating income) | 0.0 | 0.0

The total cash outflow for leases in 2025 was EUR 4.1 (3.7) million.
Business review / Governance / Financial review / Sustainability Statement 132 Oriola Annual Report 2025
8.1. Financial income and expenses
Interest income and expenses:
Interest income and expenses are recognised on a time-
proportion basis using the effective interest method .
The average interest rate on the interest-bearing liabilities
excluding lease liabilities was 2.84% (3.01%) in 2025.

Financial income and expenses |  |
EUR million | 2025 | 2024
Financial income |  |
Interest income on financial assets measured at amortised cost | 0.9 | 1.6
Interest income on financial assets and liabilities |  |
recognised at fair value | - | 0.1
Changes in fair values of financial assets and liabilities recognised at fair value, net | 0.6 | -
Foreign exchange rate gains from financial assets |  |
and liabilities measured at amortised cost, net | - | 1.3
Total | 1.5 | 3.0
Financial expenses |  |
Interest expenses on financial assets and liabilities |  |
recognised at fair value | 0.2 | -
Interest expenses on financial liabilities measured |  |
at amortised cost | 2.6 | 4.0
Interest expenses on leases | 0.4 | 0.3
Changes in fair values of financial assets and liabilities recognised at fair value, net | - | 1.7
Foreign exchange rate losses on financial assets |  |
and liabilities measured at amortised cost, net | 0.8 | -
Other financial expenses | 4.2 | 4.4
Total | 8.1 | 10.4
Financial income and expenses, total | -6.6 | -7.3

Other financial expenses are mainly related to the sale of trade
receivables in Sweden.
8.2. Financial assets and liabilities
Classification and measurement: Financial assets and
liabilities are recognised at the fair value at the settlement
date except derivatives, which are recognised at the trade
date in the statement of financial position. The Group’s
financial assets and liabilities include cash and cash
equivalents, loans and other financial receivables, trade
receivables, trade payables, loans and derivatives.
Financial assets and liabilities are classified into the following
measurement categories:
- Fair value through profit and loss
- Fair value through other comprehensive income
- Amortised cost
The classification of financial assets into different
measurement categories depends on the business model
for managing the financial asset and the contractual cash
flow characteristics of the financial asset. The classification
of financial liabilities into different measurement categories
depends on the purpose for which the financial liabilities
were initially acquired. The measurement category for
financial assets and liabilities is determined at the acquisition
date. Financial assets are derecognised when the Group
loses the rights to receive the contractual cash flows on the
financial asset or it transfers substantially all the risks and
rewards of ownership outside the Group. Financial liabilities
are derecognised when the obligation specified in the
contract is discharged or cancelled or expires.
Financial assets measured at fair value through profit
and loss: Money market investments, trade receivables held
for sale and derivatives which are not designated as hedges
are measured at fair value through profit and loss. Assets
within this category are short-term assets with a maturity of
less than 12 months and are measured at fair value using the
market price on the balance sheet date.
Both realised and unrealised gains and losses arising from
the changes in fair value are recognised in the consolidated
statement of comprehensive income for the financial period
during which they incurred.
Financial assets measured at amortised cost: Cash and
cash equivalents consist of cash in hand and cash at the bank
accounts. Items classified as cash and cash equivalents have
a maturity of less than 3 months from the acquisition date.
The used credit limits are included in current interest-bearing
liabilities.
Loans and other receivables are measured at amortised cost.
Receivables are classified as current financial assets unless
their maturity date is more than 12 months from the balance
sheet date. Trade and other receivables are included in this
category except for trade receivables held for sale, which
are measured at fair value through profit and loss. Trade
receivables are recognised at their original book value. A
valuation allowance for impairment of trade receivables is
recognised when there is objective evidence that the Group
will not be able to collect all amounts due according to
the original terms of the receivables. Significant financial
difficulties of the debtor, the probability of the debtor’s
bankruptcy, failure to pay and significant delay of payments
are considered to be justified reasons for the impairment of
trade receivables. The Group applies the simplified approach
to providing for expected credit losses, which permits the
use of the lifetime expected loss provision for all trade
receivables. Impairments are recognised as an expense in
the consolidated statement of comprehensive income. Sold
non-recourse trade receivables’ credit risk and contractual
8. Capital structure
Business review / Governance / Financial review / Sustainability Statement 133 Oriola Annual Report 2025
rights are transferred from the Group on the selling date
and related expenses are recognised as financial expenses.
Information about the Group’s exposure to credit and market
risks, and impairment losses for trade receivables is included
in note 8.3. Financial risk management .
Financial assets measured at fair value through
other comprehensive income: In 2018 and 2020, Oriola
Corporation invested a total of EUR 14.2 million in the
Swedish online medical centre Doktor.se. In 2021, Oriola sold
approximately 50% of its shareholding in Doktor.se for EUR
33.9 million. The investment is accounted for as a financial
asset. Oriola classifies the shares of Doktor.se as fair value
through other comprehensive income. The investment in
Doktor.se is seen as strategic investment, which supports
Oriola’s business operations. The purchase price of the shares
is recognised in the consolidated statement of financial
position in other non-current assets. Possible changes
in fair value of the investment are recognised in other
comprehensive income and they shall not subsequently be
transferred to profit and loss. The applied valuation method
for the shares in Doktor.se is based on realised transactions
and the fair value of the investment is calculated using
the weighted average share price over the last 12 months.
Possible dividends are recognised as dividend income in
the profit and loss. More information on the investment in
Doktor.se can be found in note 6.3. Other non-current assets.
Financial liabilities measured at amortised cost: Financial
liabilities measured at amortised cost are recognised in
the consolidated statement of financial position at the net
value received on the date of acquisition. Transaction costs
are included in the original carrying amount of financial
liabilities. Financial liabilities are subsequently measured
at amortised cost using the effective interest method.
Interest expenses are recognised in the statement of
comprehensive income using the effective interest method.
Financial liabilities that expire within 12 months from
the balance sheet date, including bank overdrafts in use,
are recognised within current interest-bearing liabilities,
and those expiring in a period exceeding 12 months, are
recognised within non-current interest-bearing liabilities.
Advances received from pharmacies consist of advance
payments made by pharmacies to the company for future

Financial assets and liabilities by category |  |  |  |  |  |  |
|  |  | 2025 |  |  | 2024 |
EUR million | Note | Fair value | Book value | Hierarchy | Fair value | Book value | Hierarchy
Derivatives designated as hedges | 8.3 | 0.3 | 0.3 | Level 2 | 0.8 | 0.8 | Level 2
Financial assets recognised at fair value through profit and loss |  |  |  |  |  |  |
Derivatives measured at fair value through profit |  |  |  |  |  |  |
and loss | 8.3. | 0.4 | 0.4 | Level 2 | 0.5 | 0.5 | Level 2
Other investments measured at fair value through OCI | 6.3. | 14.0 | 14.0 | Level 2 | 11.0 | 11.0 | Level 3
Trade receivables for sale | 5.1. | 20.0 | 20.0 | Level 2 | 13.1 | 13.1 | Level 2
Financial assets measured at amortised cost |  |  |  |  |  |  |
Cash equivalents |  | 152.2 | 152.2 | Level 2 | 113.5 | 113.5 | Level 2
Trade receivables and other receivables | 5.1. | 294.3 | 294.3 | Level 2 | 236.7 | 236.7 | Level 2
Financial assets, total |  | 481.2 | 481.2 |  | 375.6 | 375.6 |
Derivatives designated as hedges | 8.3. | 0.4 | 0.4 | Level 2 | 0.5 | 0.5 | Level 2
Financial liabilities recognised at fair value through profit and loss |  |  |  |  |  |  |
Derivatives measured at fair value through profit |  |  |  |  |  |  |
and loss | 8.3. | 0.1 | 0.1 | Level 2 | 0.0 | 0.0 | Level 2
Financial liabilities measured at amortised cost |  |  |  |  |  |  |
Non-current interest-bearing liabilities |  | 38.3 | 38.3 | Level 2 | 39.7 | 39.7 | Level 2
Current interest-bearing liabilities |  | 31.7 | 31.7 | Level 2 | 36.4 | 36.4 | Level 2
Trade payables and other current liabilities | 5.3. | 740.8 | 740.8 | Level 2 | 643.6 | 643.6 | Level 2
Financial liabilities, total |  | 811.3 | 811.3 |  | 720.2 | 720.2 |

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).
deliveries of goods and are presented in current interest-
bearing liabilities.
Financial liabilities measured at fair value through
profit and loss: The Group’s financial liabilities measured
at fair value through profit and loss include derivatives
which are not designated as hedges. More information on
measurement of derivatives can be found from note 8.3.
Business review / Governance / Financial review / Sustainability Statement 134 Oriola Annual Report 2025
Reconciliation of financial assets recognised at fair value according
to the level 3

EUR million | 2025 | 2024
Carrying amount 1 Jan | 11.0 | 13.6
Acquisition of shares | 0.0 | -
Change in fair value | 2.9 | -2.6
Carrying amount 31 Dec | 14.0 | 11.0

Financial assets recognised at fair value through other
comprehensive income (level 3) include Oriola’s holding in the
Swedish online medical centre Doktor.se. In 2025 an increase of
EUR 2.9 (decrease of 2.6) million was recognised in the fair value of
shareholdings in Doktor.se due to the realised transactions. More
information on the investment in Doktor.se and its valuation can be
found in note 6.3. Other non-current assets.

Net debt |  |
EUR million | 2025 | 2024
Loans from financial institutions | 30.0 | 30.0
Lease liabilities | 8.3 | 9.7
Non-current interest-bearing liabilities | 38.3 | 39.7
Loans from financial institutions | - | 1.0
Issued commercial papers | 19.9 | 24.8
Advances received from pharmacies | 8.3 | 7.9
Lease liabilities | 3.5 | 2.7
Current interest-bearing liabilities | 31.7 | 36.4
Interest-bearing liabilities, total | 70.1 | 76.1
Cash and cash equivalents | 152.2 | 113.5
Net debt | -82.1 | -37.4

Interest-bearing liabilities

Non-current |  |
EUR million | 2025 | 2024
Loans from financial institutions | 30.0 | 30.0
Lease liabilities | 8.3 | 9.7
Total | 38.3 | 39.7
Current |  |
EUR million | 2025 | 2024
Loans from financial institutions | - | 1.0
Issued commercial papers | 19.9 | 24.8
Advances received from pharmacies | 8.3 | 7.9
Lease liabilities | 3.5 | 2.7
Total | 31.7 | 36.4
Interest-bearing liabilities by currency |  |
EUR million | 2025 | 2024
EUR | 60.9 | 66.8
SEK | 9.2 | 9.3
Total | 70.1 | 76.1

The Group’s interest-bearing liabilities decreased by EUR 6.0 million
during the financial year 2025. Loan from financial institutions
were repaid by EUR 1.0 million and liabilities related to issued
commercial papers were reduced by EUR 4.9 million.
Business review / Governance / Financial review / Sustainability Statement 135 Oriola Annual Report 2025

Change in net debt |  |  |  |  |  |
| Loans from |  |  |  |  |
EUR million | financial | Commercial | Advances from |  | Cash and cash |
2025 | institutions | papers | pharmacies | Lease liabilities | equivalents | Total
Carrying value, at 1 January 2025 | -31.0 | -24.8 | -7.9 | -12.3 | 113.5 | 37.4
Change in net debt, cash: |  |  |  |  |  |
Repayment of current loans | 1.0 | - | - | - | - | 1.0
Repayments of lease liabilities | - | - | - | 3.3 | - |
Change in other current liabilities | - | 4.9 | -0.4 | - | - | 4.5
Change in cash and cash equivalents | - | - | - | - | 38.7 | 38.7
Cash flows, total | 1.0 | 4.9 | -0.4 | 3.3 | 38.7 | 47.6
Change in net debt, non-cash: |  |  |  |  |  |
Change in lease liabilities | - | - | - | -2.3 | - | -2.3
Foreign exchange adjustments | - | - | - | -0.5 | -0.0 | -0.5
Non-cash movements, total | - | - | - | -2.8 | -0.0 | -2.8
Carrying value, at 31 December 2025 | -30.0 | -19.9 | -8.3 | -11.9 | 152.2 | 82.1
| Loans from |  |  |  |  |
EUR million | financial | Commercial | Advances from |  | Cash and cash |
2024 | institutions | papers | pharmacies | Lease liabilities | equivalents | Total
Carrying value, at 1 January 2024 | -59.1 | -39.3 | -10.4 | -8.9 | 138.4 | 20.6
Change in net debt, cash: |  |  |  |  |  |
Proceeds from non-current loans | -30.0 | - | - | - | - | -30.0
Repayments of non-current loans | 1.0 | - | - | - | - | 1.0
Repayment of current loans | 56.9 | - | - | - | - | 56.9
Repayments of lease liabilities | - | - | - | 3.1 | - | 3.1
Change in other current liabilities | - | 14.5 | 2.4 | - | - | 17.0
Change in cash and cash equivalents | - | - | - | - | -24.9 | -24.9
Cash flows, total | 27.9 | 14.5 | 2.4 | 3.1 | -24.9 | 23.1
Change in net debt, non-cash: |  |  |  |  |  |
Change in lease liabilities | - | - | - | -6.8 | - | -6.8
Foreign exchange adjustments | 0.3 | - | - | 0.2 | -0.0 | 0.5
Non-cash movements, total | 0.3 | - | - | -6.6 | -0.0 | -6.3
Carrying value, at 31 December 2024 | -31.0 | -24.8 | -7.9 | -12.3 | 113.5 | 37.4

Business review / Governance / Financial review / Sustainability Statement 136 Oriola Annual Report 2025
8.3. Financial risk management
The financial risks relating to the business operations of the
Oriola Group are managed in accordance with the treasury policy
approved by the Board of Directors. Oriola’s centralised Group
Treasury is responsible for implementing, monitoring and reporting
of the treasury policy.
Oriola’s Group Treasury’s main objectives are to maintain solid
long-term financial position and secure daily liquidity of the Group
and to efficiently manage currency and interest rate risks.
The objective of financial risk management is to hedge against
unfavourable changes in the financial markets and to minimise the
impact of foreign exchange, interest rate, refinancing and liquidity
risks on the Group’s cash reserves, profits and shareholders’ equity.
Approved hedging instruments are set in the treasury policy.
Currency risk: The most important country-specific operating
currencies for the Oriola Group are the euro (EUR) and the Swedish
krona (SEK). A substantial proportion of procurements and sales
are conducted in the reporting currency of the subsidiaries,
which considerably reduces the currency risk. In accordance
with its treasury policy, Oriola’s internal loans and deposits are
denominated in the local currency of each subsidiary.
Transaction risk: Transaction risks arise from commercial and
finance-related transactions and payments made by the business
units, which are denominated in a currency other than the unit’s
reporting currency. Due to the nature of business operations,
Oriola’s transaction risks are minor. In accordance with its treasury
policy, Oriola’s internal loans and deposits are denominated in
the local currency of each subsidiary, mainly in Swedish krona. In
accordance of the treasury policy, transaction risk arising from
the items in the statement of financial position recognised in
the statement of comprehensive income is aimed to be fully
hedged with derivatives. On the balance sheet date Swedish krona
denominated open transaction position was EUR 0.3 (0.1) million.
Translation risk: Oriola’s most significant translation risk concerns
items in Swedish krona. Translation risks arise from capital
investments and goodwill in foreign subsidiaries. On the balance
sheet date Oriola had not hedged the equity-related translation
risks. On the balance sheet date Swedish krona denominated
translation risk position was EUR 3.9 (28.4) million. Translation risk
sensitivity: A 10% weakening/strengthening of Swedish krona
would have an impact of EUR -/+0.4 (-/+2.6) million in the Group’s
equity.
Liquidity risk: The objective of liquidity risk management is to
maintain adequate liquid assets and revolving credit facilities so
that Oriola is able to meet all of its financial obligations. The Group’s
liquidity management is based on 12-month cash flow forecasts
and 4-week rolling cash flow forecasts drawn up on a weekly basis.
Oriola has diversified its refinancing risk among several different
counterparties and various financing sources.
In June 2025, Oriola signed a new three-year unsecured EUR 70
million committed revolving credit facility agreement with two
one-year extention options subject to the lenders’ approval. The
revolving credit facility matures in June 2028. The margin of the
revolving credit facility is linked to Oriola’s financial covenants. The
committed long-term revolving credit facility of EUR 70.0 million
and short-term uncommitted credit account limits of EUR 40.0
(40.0) million were unused on the balance sheet date. In addition,
Oriola has a EUR 200 (200) million uncommitted commercial paper
programme of which EUR 19.9 (24.8) million had been issued on
the balance sheet date. The amount of trade receivables was EUR
311.7 (247.1) million on the balance sheet date, and they form
an essential part of the Group’s short-term working capital. Due
to the structure of the pharmaceutical distribution business, the
turnover of trade receivables is short and the related cash inflows
are predictable, which supports the Group’s ability to meet its
short-term payment obligations and reduces the need for external
financing. Maturity distribution of financial assets and liabilities
is presented on the following page. Oriola’s cash and cash
equivalents at the end of 2025 totalled EUR 152.2 (113.5) million.
Oriola’s financial agreements include financial covenants that
are maximum net debt to EBITDA -ratio of 3.5 and maximum net
debt to equity ratio of 100%. IFRS 16 Leases -standard shall not be
applied when determining net debt and when calculating EBITDA
in financial covenants. At the end of the reporting period the
financial covenants were fulfilled.
Oriola’s net working capital was EUR -225.5 (-202.8) million on
the balance sheet date. Oriola’s net working capital was negative
on the balance sheet date due to the payment terms defined
in principal and customer agreements and to the non-recourse
factoring programmes used in the retail and wholesale businesses
in Sweden. The Group’s principal and customer agreements are
based on established, long-term agreements, and no significant
changes are anticipated in them during 2026.
Oriola has open-ended frame agreements in Sweden that allow the
company to sell trade receivables relating to Swedish wholesale
businesses to the financial institutions on a non-recourse basis.
Sales of trade receivables were EUR 121.9 (94.1) million in total on
the balance sheet date. No significant changes are anticipated in
the scope of the agreements to sell trade receivables in 2026.
Interest rate risk: Interest rate risk arise from changes in interest
payments of floating rate loans due to changes in market interest
rates and market value changes of financial instruments (price
risk). The objective of the interest rate risk management is to
minimise the impact of interest rate fluctuations on the statement
of comprehensive income. The interest rate risk is evaluated using
sensitivity analysis and interest rate duration.
On the balance sheet date, Oriola’s interest rate risk consisted of
EUR 152.2 (113.5) million in cash assets, EUR 70.1 (76.1) million in
Business review / Governance / Financial review / Sustainability Statement 137 Oriola Annual Report 2025
interest-bearing liabilities, and EUR 121.9 (94.1) million from sales
of non-recourse trade receivables in Sweden. The interest-bearing
liabilities at the end of 2025 include lease liabilities totalling EUR
11.9 (12.3) million. On the balance sheet date, a total of EUR 85.3
(82.4) million of the interest rate risk was hedged, which covers
39.1% (48.9%) of total sales of non-recourse trade receivables. The
average interest rate on interest-bearing liabilities excluding lease
liabilities and including the sale of receivables on a non-recourse
basis and interest rate hedges, was 2.84% (3.01%), and the interest
rate duration was 12.0 (13.5) months. Interest rate hedges are
mainly long-term contracts. Oriola applies hedge accounting to the
interest rate swaps hedging cash flows relating to selling of non-
recourse trade receivables and to the interest rate swap hedging
future cash flows arising from floating rate long-term debt.
Based on the gross debt on the balance sheet date and assuming
that the trade receivables sales programmes will continue as
normal in Sweden, the effect of a one percentage point increase
in market interest rates on the Group’s annual earnings after taxes
would be EUR -1.3 (-1.9) million (including derivatives) and on
equity EUR 1.3 (1.9) million (including derivatives).
Credit and counterparty risks: A credit risk arises from the
possibility of a counterparty failing to meet its contractual payment
obligations or financial institutions failing to meet their obligations
relating to deposits and derivatives trading. Oriola’s treasury policy
provides the framework for credit-, investment- and counterparty
risk management.
Credit limits are determined for investments and derivative
agreement counterparties on the basis of creditworthiness and
solidity and are monitored and updated on a regular basis.
Business areas are responsible for the credit risk management
arising from commercial receivables. The Finnish and Swedish
wholesale business is based on well-established customer
relationships and contractual terms generally observed within the
industry, which significantly reduces the credit risk associated with
trade receivables. Due to the nature of the operations there are no
significant credit risks associated with the Swedish retail business.
The credit risk related to the wholesale business in Finland is
reduced by interest-bearing advance payments from pharmacies.
These interest-bearing advance payments are presented as current
interest-bearing liabilities in the statement of financial position. In
the wholesale business in Sweden, the credit risk is reduced by the
sale of non-recourse receivables to financial institutions and by the
usage of credit loss insurances.
The Group applies the simplified approach to providing for
expected credit losses, which permits the use of the lifetime
expected loss provision for all trade receivables. The Group uses a
provision matrix for loss allowance provision. The matrix is based
on historical observed default rates and incorporates forward
looking information.
Credit losses recognised in the statement of comprehensive
income for the financial year totalled EUR -0.2 (-0.2) million. The
ageing of trade receivables is presented in more detail in note 5.1.
Trade and other receivables.
Capital management: Oriola’s aim is to have an efficient capital
structure that allows the company to manage its ongoing
obligations and enables cost-effective operations under all
circumstances. The return on capital employed (ROCE) and
the gearing ratio are the measurements for monitoring capital
structure.
Oriola’s long-term financial targets are based on growth,
profitability and equity. The Group’s long-term targets are to grow
at the rate of the market, minimum 4%, adjusted EBIT margin above
3% and return on equity over 20%. In addition, Oriola’s aim is to pay
out an increasing annual dividend of 2/3 of its net profit.
For a definition of key figures, please see the section Alternative
performance measures.

Maturity distribution of financial assets and liabilities |  |  |  |  |
31 Dec 20245 |  |  |  |  |
EUR million | 2026 | 2027 | 2028 | 2029> | Total
Interest-bearing |  |  |  |  |
Loans from financial institutions and commercial paper loans | 19.9 | - | 30.0 | - | 49.9
Lease liabilities | 3.5 | 3.1 | 2.5 | 2.7 | 11.8
Advance payments received | 8.3 | - | - | - | 8.3
Non-interest-bearing |  |  |  |  |
Trade payables and other current |  |  |  |  |
liabilities | 740.8 | - | - | - | 740.8
Receivables from interest rate swaps | -0.1 | - | -0.2 | - | -0.3
Liabilities from interest rate swaps | - | 0.4 | 0.0 | - | 0.4
Receivables from foreign currency |  |  |  |  |
derivatives | -112.6 | - | - | - | -112.6
Payables on foreign currency |  |  |  |  |
derivatives | 112.4 | - | - | - | 112.4
Total | 772.2 | 3.5 | 32.3 | 2.7 | 810.6
Interest payments | 1,8 | 1,3 | 0,1 | 0,1 | 3,2
31 Dec 2024 |  |  |  |  |
EUR million | 2025 | 2026 | 2027 | 2028> | Total
Interest-bearing |  |  |  |  |
Loans from financial institutions and commercial paper loans | 25.8 | - | 30.0 | - | 55.8
Lease liabilities | 2.7 | 2.7 | 2.2 | 4.7 | 12.3
Advance payments received | 7.9 | - | - | - | 7.9
Non-interest-bearing |  |  |  |  |
Trade payables and other current |  |  |  |  |
liabilities | 643.6 | - | - | - | 643.6
Receivables from interest rate swaps | -0.2 | -0.3 | - | -0.3 | -0.8
Liabilities from interest rate swaps | - | - | 0.5 | - | 0.5
Receivables from foreign currency |  |  |  |  |
derivatives | -104.8 | - | - | - | -104.8
Payables on foreign currency |  |  |  |  |
derivatives | 104.4 | - | - | - | 104.4
Total | 679.4 | 2.4 | 32.7 | 4.4 | 718.9
Interest payments | 2.1 | 1.5 | 1.4 | 0.2 | 5.2

Business review / Governance / Financial review / Sustainability Statement 138 Oriola Annual Report 2025
Derivatives and hedge accounting
Recognition and measurement: Derivatives are initially
recognised at fair value on the date a derivative contract is
entered into and are subsequently measured to their fair
value at the end of each reporting month. The accounting for
subsequent changes in fair value depends on whether the
derivative is designated as a hedging instrument. Derivatives
are classified as held for trading and accounted for at fair
value through profit or loss unless they are designated as
hedges. They are presented as current assets or liabilities if
they are expected to be settled within 12 months after the
end of the reporting period.
Oriola has the following derivative instruments:
- Instruments held for trading: Foreign currency forward
and swap contracts
- Cash flow hedges: Interest rate swaps
The change in fair value of derivatives held for trading is
recognised either as other income or expense or as financial
income or expense depending on the underlying item being
hedged.
Hedge accounting: Oriola applies hedge accounting to
the interest rate swaps hedging cash flows relating to
selling of non-recourse trade receivables and to the interest
rate swap hedging future cash flows arising from floating
rate long-term debt. The floating interest rate has been
converted into fixed rate using interest rate swaps. When
initiating hedge accounting, the relationship between the
hedged item and the hedging instrument is documented
along with the objectives of the Group’s risk management.
The effective portion of the changes in the fair value of
interest rate swaps that are designated and qualify as cash
flow hedges is recognised in other comprehensive income
and accumulated in the reserves in equity. The ineffective
portion, if any, is recognised immediately in the statement of
comprehensive income within the financial items.
The fair value of currency forward and swap contracts is
determined by measuring them at fair value using market
rates on the balance sheet date.

Derivatives |  |  |
EUR million | Positive fair | Negative | Nominal
2025 | value | fair value | value
Derivatives recognised as cash flow hedges |  |  |
Interest rate swaps, in hedge accounting | 0.3 | 0.4 | 85.4
Derivatives measured at fair value through profit and loss |  |  |
Foreign currency forward and swap |  |  |
contracts | 0.4 | 0.1 | 112.3
Total | 0.7 | 0.5 | 197.7
2024 |  |  |
Derivatives recognised as cash flow hedges |  |  |
Interest rate swaps, in hedge accounting | 0.8 | 0.5 | 82.4
Derivatives measured at fair value through profit and loss |  |  |
Foreign currency forward and swap |  |  |
contracts | 0.5 | 0.0 | 104.4
Total | 1.3 | 0.5 | 186.7

Derivatives that are open on the balance sheet date fall due in the
12-month period except part of the interest rate swaps recognised
as cash flow hedges. Interest rate risk relating to cash flow from
selling of trade receivables and from floating rate long-term debt
has been hedged with interest rate swaps. The fair value of interest
rate derivatives is defined by cash flows due to contracts. Interest
rate swaps are designated as cash flow hedges and their changes
in fair value related to the effective portion of the hedge are
recognised in other comprehensive income and the potential
ineffective part is recognised within the financial items in the
statement of comprehensive income.
Fair values of the derivatives have been recognised in the
statement of financial position in gross amount as the
derivatives contracts are related to credit events and cannot
be netted in financial statements. The Group has not given nor
received collateral to/from derivatives counterparties.
Oriola has derivative positions with several banks and related
transactions are effected under master derivative agreements.
Master derivative agreements allow settlement on a net basis
of all outstanding items within the scope of the agreements for
example in the event of bankruptcy. On the balance sheet date,
the remaining counterparty risk after net settlement, as allowed
in the master derivative agreements, was EUR 0.7 (1.3) for Oriola
and EUR 0.5 (0.5) million for the counterparties.
The nominal amount of foreign currency derivatives is the euro
equivalent of the contracts’ currency denominated amount on
the balance sheet date.
Business review / Governance / Financial review / Sustainability Statement 139 Oriola Annual Report 2025
8.4. Equity, shares and authorisations
Share capital: Oriola Corporation’s share capital on 31 December
2025 stood at EUR 147,899,766.14. All issued shares have been paid
up in full. There were no changes in share capital in 2025.
Fair value reserve: The fair value reserve includes the change in
fair value of financial assets measured at fair value through other
comprehensive income as well as the effective portion of the
change in fair value of derivative financial instruments that are
designated as and qualify for cash flow hedges. At the balance
sheet date, the change in fair value of financial assets measured
at fair value through other comprehensive income recognised in
the fair value reserve totalled EUR 2.9 million. The change in fair
value of derivative financial instruments recognised in the reserve
totalled EUR -0.3 million (net of tax).
Contingency fund: The contingency fund is included in the
unrestricted equity of the company. The contingency fund has
been formed in 2006 when Oriola Corporation was entered into the
Trade Register. There were no changes in the contingency fund in
2025, and the fund stood at EUR 19.4 million on 31 December 2025.
OTHER FUNDS
Invested unrestricted equity reserve: Oriola Corporation
executed a directed share issue against payment in June 2009,
issuing 9,350,000 new class B shares. The net proceeds received from
the share issue amounted to EUR 20.7 million. The proceeds from
the share issue were credited to the reserve of invested unrestricted
equity. In accordance with the decision of the Annual General
Meeting of 6 April 2011, the company distributed on 19 April 2011
EUR 0.13 per share from the reserve of invested unrestricted equity
as repayment of equity, totalling EUR 19.7 million.
Oriola Corporation completed a rights offering in the first quarter
of 2015. The subscription period of the offering ended on 3 March
2015. In the offering 9,429,742 new A shares and 20,798,643
new B shares were subscribed and Oriola Corporation raised
gross proceeds of EUR 75.6 million through the offering. Oriola
Corporation recognised gross proceeds and the transaction costs
less taxes, totalling EUR 73.7 million, in the invested unrestricted
equity fund. There were no changes in the invested unrestricted
equity reserve in 2024, and the fund stood at EUR 74.8 million on 31
December 2025.
Translation differences: Translation differences include
translation differences arisen from the subsidiaries’ equity
translation during the consolidation, change of the fair values
of the net investment in the foreign subsidiary, and foreign
exchange rate differences arisen from the conversion of the foreign
subsidiaries’ income statements using the average exchange rate
of the reporting period and the conversion of their balance sheets
using the exchange rate quoted on the balance sheet date.
Shares: Oriola Corporation’s shares are quoted on the main list
of the Nasdaq OMX Helsinki exchange. The company’s field of
business on the stock exchange on 31 December 2025 was Health
Care Distributors and the company was classified under Health
Care. The ticker symbol for the shares is ORIOLA.
In April 2025 Oriola Corporation’s A and B share classes were
combined. As a result of the combination of the share classes, a
total of 3,839,165 new shares issued to holders of class A shares
in a directed share issue without payment were registered with
the Finnish Trade Register on 4 April 2025. At the end of 2025, the
company had a total of 185,325,378 shares. The shares do not have
a nominal value.
Oriola has a single class of shares and each share carries one (1)
vote at the general meeting.
Treasury shares: Treasury shares acquired by the company
and the related costs are presented as a deduction of equity.
Gain or loss on surrender of treasury shares are recognised in
equity net of tax.
The company holds a total of 80,258 treasury shares. The treasury
shares held by the company account for 0.04% of the company’s
shares and 0.04% of the votes.
Share trading and prices: In 2025, the traded volume of Oriola
Corporation shares, excluding treasury shares, corresponded to
12.7% of the total number of shares.
The average share price of Oriola Corporation’s shares was EUR 1.08
(EUR 1.04 class A shares and EUR 0.98 class B shares). The market
value of all Oriola Corporation shares at 31 December 2025 was EUR
213.1 (162.0) million.
Shareholders: On 31 December 2025 Oriola Corporation had a
total of 34,112 registered shareholders. There were 12,413,714
nominee-registered shares on 31 December 2025, corresponding
to 6.7% of all shares and 6.7% of all votes.
Management shareholdings: On 31 December 2025, the
members of the company’s Board of Directors and the President
and CEO, the members of the Oriola Management Team and
the companies controlled by them had a total of 656,967 shares,
corresponding to 0.35% of the total number of shares in the
company and of the votes.
Business review / Governance / Financial review / Sustainability Statement 140 Oriola Annual Report 2025

Management shareholding |  |
| 2025 | 2024
| Shares | B shares
Board of Directors |  |
Heikki Westerlund, Chairman | 72,608 | 46,593
Pension insurance where Heikki Westerlund is a beneficiary | 15,000 | 15,000
Heiwes Oy (Heikki Westerlund’s controlling |  |
corporation) | 150,000 | 150,000
Harri Pärssinen, Vice Chairman | 66,561 | 51,695
JF Capital Oy (Harri Pärssinen’s controlling |  |
corporation) | 65,000 | 65,000
Petra Axdorff | 26,739 | 14,278
Ann Carlsson Meyer | 26,739 | 14,278
Nina Mähönen | 42,950 | 30,489
Yrjö Närhinen | 37,523 | 22,657
Ellinor Persdotter Nilsson | 35,118 | 22,657
CEO and President |  |
Katarina Gabrielson | 71,430 | 71,430
Oriola Management team |  |
Mats Danielsson | - | -
Katja Lundell (from 1 January 2025) | - | -
Maria Lundell (from 1 November 2025) | 901 | -
Mikael Nurmi | 10,000 | 10,000
Satu Nylén (from 1 January 2025) | 6,347 | -
Petter Sandström | 30,051 | 30,051
Tuomas Tiilikainen (from 3 February 2025) | - | -
Stig Tornell (from 1 April 2025) | - | -
Hannes Hasselrot (until 1 January 2025) | - | 11,414
Niklas Lindholm (until 30 September 2025) | - | -

Authorisations: The Annual General Meeting authorised the
Board to decide on a share issue against payment in one or
more issues, including the right to issue new shares or to assign
treasury shares held by the company. The authorisation covers a
combined maximum of 18,000,000 shares of the one single share
class of the company and includes the right to derogate from the
shareholders’ pre-emptive subscription right. The authorisation
is in force for eighteen (18) months following the decision of the
Annual General Meeting.
The Board was also authorised to decide on a share issue against
payment of shares in one or more issues including the right to issue
new class shares or assign treasury shares held by the company.
The authorisation covers a combined maximum of 18,000,000
shares of the one single share class of the company including the
right to derogate from the shareholders’ pre-emptive subscription
right. The authorisation is in force for a maximum of eighteen (18)
months following the decision of the Annual General Meeting.
The Annual General Meeting authorised the Board to decide on a
share issue of shares without payment to the Company and on a
directed share issue of shares in order to execute the share-based
incentive plan for Oriola Group’s executives and the share savings
plan for Oriola Group’s key personnel. The maximum number of
new shares to be issued under this authorisation is 250,000, which
represents of 0.14% of all shares in the Company. The authorisation
is in force for eighteen (18) months from the decision of the Annual
General Meeting.
The Annual General Meeting authorised the Board to decide on
repurchasing up to 18,000,000 of the company’s own shares. Shares
may be repurchased also in a proportion other than in which shares
are owned by the shareholders. The authorisation is in force for a
maximum of eighteen (18) months following the decision of the
Annual General Meeting.
All decisions of the Annual General Meeting 2025 are available on
the company’s website www.oriola.com.
Business review / Governance / Financial review / Sustainability Statement 141 Oriola Annual Report 2025

Share capital |  |  |  |
Share capital |  | A shares | B shares | Total
Number of shares 1 Jan 2025 | pcs | 53,748,313 | 127,737,900 | 181,486,213
Combination of share series and free share issue | pcs | -53,748,313 | 57,587,478 | 3,839,165
Number of shares 31 Dec 2025 | pcs | - | 185,325,378 | 181,325,378
Treasury shares 31 Dec 2025 | pcs | - | 80,258 | 80,258
Votes 31 Dec 2025 | pcs | - | 185,325,378 | 185,325,378
Share capital per share class 31 Dec 2025 | EUR million | - | 147.9 | 147.9
Percentage from the total shares | % | - | 100.0 | 100.0
Percentage from the total votes | % | - | 100.0 | 100.0
Number of shares 1 Jan 2024 | pcs | 53,748,313 | 127,737,900 | 181,486,213
Conversion of A shares to B shares | pcs | - | - | 0
Number of shares 31 Dec 2024 | pcs | 53,748,313 | 127,737,900 | 181,486,213
Treasury shares 31 Dec 2024 | pcs | 63,650 | 12,062 | 75,712
Votes 31 Dec 2024 | pcs | 1,074,966,260 | 127,737,900 | 1,202,704,160
Share capital per share class 31 Dec 2024 | EUR million | 43.8 | 104.1 | 147.9
Percentage from the total shares | % | 29.6 | 70.4 | 100.0
Percentage from the total votes | % | 89.4 | 10.6 | 100.0
EUR million |  |  | 2025 | 2024
Parent company share capital 31 Dec |  |  | 147.9 | 147.9
Elimination of the revaluation of subsidiary shares in the consolidated financial statements |  |  | -111.7 | -111.7
Consolidated share capital 31 Dec |  |  | 36.2 | 36.2

Business review / Governance / Financial review / Sustainability Statement 142 Oriola Annual Report 2025
8.5. Earnings per share, dividend and other equity
distribution
Earnings per share: Basic earnings per share is calculated by
dividing the net result attributable to owners of the parent
company by the weighted share issue adjusted average
number of shares outstanding during the period, excluding
shares acquired by the Group and held as treasury shares.
When calculating diluted earnings per share, the weighted
share-issue adjusted average number of shares outstanding
during the period is adjusted by the effect of all dilutive
potential shares.
Dividend and other equity distribution: Dividends or
other equity distribution includes dividends and other
equity distribution approved by the Annual General
Meeting. Dividends and other equity distribution proposed
by the Board of Directors are not recognised in the
financial statements until they have been approved by the
shareholders at the Annual General Meeting. Dividend and
other equity distribution for shareholders is recognised as a
liability in the consolidated statement of financial position
for the period during which the dividend is approved by the
Annual General Meeting.
Dividend policy and distribution proposal: Oriola Corporation
will seek to pay out annually as dividends a 2/3 of the Group’s net
profit. The Company’s strategy and financial position shall be taken
into consideration when determining the annual dividend payout
ratio. The dividend paid for 2024 was EUR 12.7 million (EUR 0.07
per share) and for 2023 EUR 12.7 million (EUR 0.07 per share). The
Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 5.6 million, EUR 0.03 per share is paid for 2025. It is
further proposed that the Annual General Meeting authorises the
Board of Directors, at its discretion, to resolve on the distribution
of a possible second dividend instalment up to a maximum of EUR
0.04 per share. It is the intention of the Board of Directors that the
possible dividend payment pursuant to this authorisation would be
carried out in November 2026.

Earnings per share |  |
Profit for the period |  |
EUR million | 2025 | 2024
Profit attributable to equity owners of the parent | -27.2 | -20.1
Average number of outstanding |  |
shares pcs |  |
Basic | 184,226,057 | 181,408,101
Diluted | 184,288,192 | 181,422,563
Earnings per share, EUR |  |
Basic | -0.15 | -0.11
Diluted | -0.15 | -0.11

Business review / Governance / Financial review / Sustainability Statement 143 Oriola Annual Report 2025
9. Income taxes
9.1. Taxes recognised in the comprehensive income
for the period
Tax expense in the consolidated statement of
comprehensive income consists of income taxes based
on the taxable profit for the financial year, prior period
adjustments, and changes in deferred tax assets and
liabilities. Income tax for the taxable profit for the period is
calculated based on the effective income tax rate for each tax
jurisdiction. Taxes are recognised in profit and loss, except
when they relate to items recognised directly in equity or
in other comprehensive income, when the taxes are also
recognised in equity or in other comprehensive income
respectively.
Oriola Group is within the scope of the Pillar Two legislation,
where the Group is liable to pay a top-up tax for the difference
between their GloBE effective tax rate per jurisdiction and the 15%
minimum rate. All entities within the Group have an effective tax
rate that exceeds 15% and therefore the Group does not expect to
be subject to the top-up tax. The Group has applied a temporary
mandatory relief from deferred tax accounting for the impacts
of the top-up tax and accounts for it as a current tax when it is
incurred.

Income taxes |  |
EUR million | 2025 | 2024
Taxes for current year | 2.3 | 3.6
Taxes for previous years | -0.1 | 0.0
Deferred taxes | -1.9 | -2.1
Total | 0.3 | 1.5

Taxes related to other comprehensive income |  |  |
EUR million |  |  |
2025 | Before taxes | Tax effect | After taxes
Cash flow hedge | -0.4 | -0.1 | -0.3
Financial assets recognised |  |  |
at fair value through other comprehensive income | 2.9 | - | 2.9
Actuarial gains and losses | 0.7 | 0.1 | 0.6
Translation differences | 1.1 | - | 1.1
Total | 4.4 | 0.1 | 4.3
2024 |  |  |
Cash flow hedge | -1.2 | -0.2 | -0.9
Financial assets recognised |  |  |
at fair value through other comprehensive income | -2.6 | - | -2.6
Actuarial gains and losses | 0.2 | 0.0 | 0.1
Translation differences | -1.7 | - | -1.7
Total | -5.3 | -0.2 | -5.1
Tax rate reconciliation |  |  |
EUR million |  | 2025 | 2024
Profit before taxes |  | -26.9 | -18.6
Corporate income taxes calculated at Finnish tax |  |  |
rate |  | -5.4 | -3.7
Effect of different tax rates of foreign subsidiaries |  | -0.2 | -0.1
Impairment of goodwill - non-deductible |  | 0.9 | -
Non-deductible expenses and tax-exempt income |  | 0.4 | 0.2
Share of result in joint venture |  | 4.7 | 5.1
Adjustments recognised for taxes of previous |  |  |
years |  | -0.1 | -
Other items |  | -0.0 | -0.0
Income taxes in the income statement |  | 0.3 | 1.5
Effective tax rate |  | -1.3% | -8.1%

Taxes entered with a positive value are recognised as expenses and
taxes entered with a negative value are recognised as income.
The Finnish tax rate used to calculate taxes was 20.0% and the
Swedish tax rate was 20.6%.
9.2. Deferred tax assets and liabilities
Deferred tax is calculated on temporary differences between
the carrying amounts and the taxable values of assets and
liabilities and for tax loss carry-forwards to the extent that it
is probable that these can be utilised against future taxable
profits. The largest temporary differences are caused by lease
agreements, ERP-investment related costs, depreciation of
property, plant and equipment and defined pension benefit
plans. The deferred taxes are determined using tax rates and
laws that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the
related deferred income tax asset is realised, or the deferred
income tax liability is settled. Deferred tax assets and
liabilities offset in the consolidated statement of financial
position when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the
deferred taxes relate to the same fiscal authority.
Business review / Governance / Financial review / Sustainability Statement 144 Oriola Annual Report 2025

Deferred tax assets and liabilities |  |  |  |  |  |
|  | Items recognised in | Items recognised in other |  | Translation |
2025 | 1 Jan | income statement | comprehensive income | Disposals | differences | 31 Dec
Deferred tax assets |  |  |  |  |  |
Confirmed losses | - | 0.1 | - | -0.1 | - | -
Pension liabilities | 0.6 | 0.1 | -0.1 | -0.0 | 0.0 | 0.6
Employee benefits | 0.3 | 0.1 | - | - | - | 0.4
Lease agreements | 2.6 | -0.2 | - | - | 0.1 | 2.6
Other temporary differences | 1.4 | 1.1 | - | - | - | 2.5
Deferred tax assets | 4.9 | 1.3 | -0.1 | -0.2 | 0.2 | 6.0
Set-off of tax | -4.3 |  |  |  |  | -3.2
Net deferred tax assets | 0.6 |  |  |  |  | 2.8
Deferred tax liabilities |  |  |  |  |  |
Depreciation difference and other untaxed reserves | 2.7 | -0.3 | - | - | 0.1 | 2.5
Acquisitions | -0.1 | - | - | - | - | -0.1
Lease agreements | 2.5 | -0.2 | - | - | 0.1 | 2.3
Other temporary differences | 0.1 | 0.1 | - | - | - | 0.2
Deferred tax liabilities | 5.1 | -0.5 | - | - | 0.2 | 4.9
Set-off of tax | -4.3 |  |  |  |  | -3.2
Net deferred tax liabilities | 0.8 |  |  |  |  | 1.7
|  | Items recognised in | Items recognised in other | Classified as | Translation |
2024 | 1 Jan | income statement | comprehensive income | held for sale | differences | 31 Dec
Deferred tax assets |  |  |  |  |  |
Inventories | - | 0.1 | - | -0.1 | - | -
Pension liabilities | 0.7 | -0.1 | -0.0 | - | 0.0 | 0.6
Employee benefits | 0.3 | 0.0 | - | - | -0.0 | 0.3
Lease agreements | 1.9 | 0.7 | - | 0.1 | -0.1 | 2.6
Other temporary differences | 0.0 | 1.3 | - | - | - | 1.4
Deferred tax assets | 3.0 | 2.1 | -0.0 | -0.1 | -0.1 | 4.9
Set-off of tax | -2.6 |  |  |  |  | -4.3
Net deferred tax assets | 0.4 |  |  |  |  | 0.6
Deferred tax liabilities |  |  |  |  |  |
Depreciation difference and other untaxed reserves | 3.8 | -1.2 | - | 0.2 | -0.1 | 2.7
Acquisitions | -0.1 | - | - | - | - | -0.1
Lease agreements | 1.8 | 0.7 | - | 0.0 | -0.0 | 2.5
Other temporary differences | 0.0 | 0.1 | - | - | - | 0.1
Deferred tax liabilities, total | 5.5 | -0.5 | - | 0.2 | -0.2 | 5.1
Set-off of tax | -2.6 |  |  |  |  | -4.3
Net deferred tax liabilities | 2.9 |  |  |  |  | 0.8

Business review / Governance / Financial review / Sustainability Statement 145 Oriola Annual Report 2025
10. Group structure
Consolidation principles: The consolidated financial
statements include Oriola Corporation and those directly or
indirectly owned subsidiaries over which Oriola Corporation
exercises control. Control is presumed to exist when the Group
through participation in an investee becomes exposed to its
variable returns or is entitled to its variable returns and is able
to have an influence on the returns through exercising power
over the investee. Subsidiaries are consolidated from the date
the Group has gained control and divested companies are
consolidated until the date control is lost.
The acquisition method is used in the accounting for the
elimination of internal ownership. All intra-group transactions,
as well as intra-group receivables, payables, dividends and
unrealised internal margins, are eliminated. The Group’s profit
for the period is attributed to the equity holders of the parent
and non-controlling interests.
Changes in the parent’s ownership interest in a subsidiary
that do not result in a loss of control are accounted for as
equity transactions. As at the date when control is lost, any
investment retained in the former subsidiary is recognised
at fair value and the difference is recorded through the
statement of comprehensive income.
The consolidation principles for joint ventures are presented
in the note 10.4.
Foreign currency denominated items: The consolidated
financial statements have been presented in euros, which
is the functional and presentation currency of the Group’s
parent company. The items included in the financial
statements of the subsidiaries are valued in the currency,
which best describes the financial operating conditions of
each subsidiary (“functional currency”).
Transactions in foreign currencies are translated into
functional currency/euro at the rates of exchange prevailing
at the dates of transactions. Monetary items have been
translated into euros using the rates of exchange as at the
balance sheet date and non-monetary items using the rates
of exchange at the dates of transactions, excluding items
measured at fair value, which have been translated using the
rates of exchange on the date of valuation. Gains and losses
arising from the translation are recognised in the profit or
loss. Foreign exchange gains and losses from operations are
included within the corresponding items above EBIT. Foreign
exchange gains and losses from loans denominated in a
foreign currency are included within financial income and
expenses.
The income statements of foreign group companies outside
the eurozone are translated into euros using the weighted
average rate of exchange of the financial year and the
statements of financial position using the rates of exchange
as at the balance sheet date. Differences resulting from
the translation of the result for the period at a different
rate in the statement of comprehensive income and in the
statement of financial position are recognised as a separate
item within the consolidated statement of comprehensive
income. Translation differences arising from the acquisition
cost elimination of foreign subsidiaries and from the
translation of equity items accrued after the acquisition
date are recognised in other comprehensive income. When
a subsidiary is sold in full or in part, related translation
differences are included in the calculation of gain or loss for
the sale and recognised in the profit or loss for the period.
10.1. Subsidiaries

|  |  | Group | Parent company |
|  |  | Owner- | Owner-
31 Dec 2025 | Domicile |  | ship % Share % | ship % Share %
Parent company Oriola |  |  |  |  |
Corporation | Finland |  |  |  |
Oriola Finland Oy | Finland | 100 | 100 | 100 | 100
Oriola Sweden AB | Sweden | 100 | 100 | 100 | 100
Pharmaservice Oy | Finland | 100 | 100 | 100 | 100
Oriola Sweden AB | Sweden | 100 | 100 | 100 | 100
Oriola Advisory |  |  |  |  |
Services Denmark ApS Denmark |  | 100 | 100 |  |

The Group’s subsidiary Oriola Sweden AB acquired 100% of the
shares in Oriola Advisory Services Denmark ApS (former MedInfo
ApS) in Denmark on 3 February 2025. Svensk dos AB was sold to
Apotekstjänst Sverige AB on 1 April 2025.

|  |  | Group | Parent company |
|  |  | Owner- | Owner-
31 Dec 2024 | Domicile |  | ship % Share % | ship % Share %
Parent company Oriola |  |  |  |  |
Corporation | Finland |  |  |  |
Oriola Finland Oy | Finland | 100 | 100 | 100 | 100
Oriola Sweden AB | Sweden | 100 | 100 | 100 | 100
Svensk dos AB | Sweden | 100 | 100 | 100 | 100
Pharmaservice Oy | Finland | 100 | 100 | 100 | 100

Business review / Governance / Financial review / Sustainability Statement 146 Oriola Annual Report 2025
10.2. Related party transactions
Related parties in the Oriola Group are deemed to comprise the
members of the Board of Directors and the President and CEO of
Oriola Corporation, other members of the Oriola Management
Team (key management), the immediate family of the
aforementioned persons and companies in which they have control
or joint control, the Group’s subsidiaries and joint ventures.
The Group has transactions between the group companies and the
joint venture in the ordinary course of business. The Group has no
significant business transactions with other related parties.
Transactions with the joint venture are presented in the following
table:

EUR million | 2025 | 2024
Net sales | 420.0 | 360.0
Purchases of goods and services | 0.3 | 0.8
Trade and other receivables | 89.7 | 70.0
Trade and other payables | 0.7 | 4.3

Key management benefits |  |
EUR thousand | 2025 | 2024
Salaries and other short-term employee benefits | 2,443.5 | 1,828.1
Post-employment benefits | 324.1 | 345.0
Termination benefits | - | 408.0
Share-based payments | 115.9 | 132.5
Total | 2,883.5 | 2,713.6

Employee benefits to President and CEO |  |
EUR thousand | 2025 | 2024
Katarina Gabrielson |  |
Basic salary | 477.8 | 427.5
Bonuses | 62.2 | -
Share-based payments | - | 16.4
Pension expenses (statutory) | 37.3 | 36.1
Pension expenses (voluntary) | 20.5 | 42.0
Employee benefits to President and CEO total | 597.9 | 522.1

Employee benefits to other members of the Oriola Management |  |
Team |  |
EUR thousand | 2025 | 2024
Basic salary | 1,539.4 | 1,155.1
Bonuses | 109.2 | -
Share-based payments | - | 5.1
Termination expenses * | - | 408.0
Pension expenses (statutory) | 266.2 | 243.2
Pension expenses (voluntary) | - | 23.6
Total | 1,914.8 | 1,835.0

* Termination expenses in 2024 include the severance pay equal to 6 months’ salary.
The total benefits of the President and CEO of the Group and
the Oriola Management Team include a supplementary health
insurance. The President and CEO of the Group and the Oriola
Management Team participate in statutory pension schemes. The
President and CEO of the Group participates in a voluntary defined
contribution plan.

Remuneration of the members of the Board of Directors |  |
EUR thousand | 2025 | 2024
Heikki Westerlund, Chairman | 87.9 | 85.5
Harri Pärssinen, Vice Chairman | 52.8 | 52.5
Petra Axdorff* | 43.2 | 43.0
Ann Carlsson Meyer* | 44.2 | 41.0
Nina Mähönen | 43.7 | 43.0
Yrjö Närhinen | 55.3 | 47.0
Ellinor Persdotter Nilsson | 43.7 | 42.5
Eva Nilsson Bågenholm** | - | 2.0
Total 370.8 356.5 |  |

* from 19 March 2024
** until 19 March 2024
Annual General Meeting in 2025 confirmed that the fee for the term
of office of the Chairman of the Board of Directors is EUR 71,400,
the fee for the term of office of the Vice Chairman of the Board of
Directors and for the Chairman of the Board’s Audit Committee is
EUR 40,800 and the fee for the term of office of other members of
the Board of Directors is EUR 34,200. Of the annual fee, 60 per cent
shall be paid in cash and 40 per cent shall be used to acquire shares
of the one single share class of Oriola Corporation. The Chairman
of the Board of Directors receives an attendance fee of EUR 1,000
per meeting for meetings of the Board of Directors held in the
Chairman’s home country and EUR 2,000 for meetings of the Board
of Directors held elsewhere and the other members of the Board
of Directors receive attendance fees of EUR 500 per meeting for
meetings held in the home country of the respective member of
the Board of Directors and EUR 1,000 for meetings held elsewhere.
Attendance fees are correspondingly also paid to the Chairman
and members of company committees. Travel expenses are
compensated in accordance with the travel policy of the company.
For the apportionment paid in shares, an expense of EUR 0.1 (0.1)
million was recognised in 2025.
Business review / Governance / Financial review / Sustainability Statement 147 Oriola Annual Report 2025
Acquisitions
On 3 February 2025, the Group’s subsidiary Oriola Sweden
AB acquired 100% of the shares in MedInfo ApS in Denmark
to strengthen its Nordic footprint in medical information (MI)
and patient support programmes (PSP). MedInfo was Oriola’s
subcontractor covering the Danish and Norwegian markets with MI
and PSP services. MedInfo’s net sales in 2024 were EUR 0.9 million,
which mainly came from transactions with Oriola. The company has
nine employees in full-time equivalents (FTE).
The acquisition has been accounted for using the acquisition
method. The consolidated financial statements include the
results of Oriola Advisory Services Denmark ApS (former MedInfo
ApS) from the date of acquisition 3 February 2025 onwards. The
company has been integrated in Oriola’s Advisory services, which is
part of the Wholesale segment.
Net assets acquired were EUR 0.1 million and goodwill recognised
was EUR 0.3 million. The goodwill is attributed to the acquired
workforce in expert positions. Total purchase consideration
was EUR 0.4 million and net cash flow on acquisition was EUR
-0.5 million. Transaction costs were not significant, and they are
included in the other operating expenses in the income statement.
Divestments
Oriola completed the sale of the entire share capital of its
subsidiary Svensk dos AB to Apotekstjänst Sverige AB on 1
April 2025. Svensk dos AB had been classified as held for sale
from October 2023 until the completion of the transaction.
Svensk dos AB was part of the Distribution segment.
As a result of the transaction, Oriola incurred a sales loss of EUR
3.0 million. The total consideration in cash was EUR 4.1 million.
During the first quarter of 2025, an impairment loss of EUR 5.7
million was recognised in goodwill and in other non-current
assets in dose dispensing Sweden.
10.3. Acquisitions and divestments
Non-current assets, or disposal groups comprising assets
and liabilities, are classified as held for sale if it is highly
probable that they will be recovered primarily through sale
rather than through continuing use. Such assets, or disposal
groups, are generally measured at the lower of their carrying
amount and fair value less costs to sell. The recognition
criteria are met when a sale is highly probable, the asset or a
disposal group is available for immediate sale in its present
condition subject only to terms that are usual and customary
for the sales of such assets, the management is committed
to the plan to sell the asset and the sale is expected to be
completed within one year from the date of classification.
Once classified as held for sale, intangible assets and
property, plant and equipment are no longer amortised or
depreciated, and any equity-accounted investee is no longer
equity accounted. From the date of the classification, assets
held for sale or disposal group are measured at the lower of
its carrying amount and fair value less costs to sell.
Identifiable assets acquired and assumed liabilities of an
acquired entity are measured at their fair value as of the
acquisition date. Any contingent consideration is measured
at fair value at the date of acquisition and classified under
other interest-bearing liabilities. Changes in the contingent
consideration and acquisition-related expenses are recognised
as an expense in the statement of comprehensive income.

Impact of divestments on group’s assets and liabilities |  |
EUR million | 2025 | 2024*
Property, plant and equipment | 1.6 | 2.3
Goodwill | - | 4.5
Other intangible assets | 1.5 | 1.8
Deferred tax assets | 1.0 | 0.6
Inventories | 1.8 | 1.5
Trade and other receivables | 1.7 | 2.4
Cash and cash equivalents | 0.0 | 0.0
Total assets | 7.6 | 13.1
EUR million |  |
Deferred tax liabilities | 0.1 | 0.1
Current trade and other payables | 1.7 | 1.7
Total liabilities | 1.8 | 1.8
Net assets | 5.8 | 11.3

*At the end of 2024, the assets and liabilities of the dose dispensing
business in Sweden were classified as held for sale.

Impact of divestments on the Group’s result |
Milj. euroa | 2025
Sales price | 5.6
Sold net assets | -5.8
Sales related costs | -0.2
Total | -0.5
Translation differences reclassified from other comprehensive | -2.6
Loss from sale of operations | -3.0
Cash flow from sale of operations |
EUR million | 2025
Consideration received in cash | 5.6
Cash and cash equivalents of divested operations | -1.4
Cash flow from the sale of operations | 4.1

Oriola had no divestments in 2024.
Business review / Governance / Financial review / Sustainability Statement 148 Oriola Annual Report 2025
10.4. Investments in joint ventures
Joint ventures are joint arrangements where the Group has
joint control with other parties and the parties have rights to
the arrangement’s net assets.
Interests in joint ventures are accounted for using the
equity method of accounting and are initially recognised at
cost after which the Group’s share of the post-acquisition
retained profits and losses is included as part of investments
in joint ventures in the consolidated statement of financial
position. Under the equity method the share of profits
and losses of joint ventures is presented separately in the
statement of comprehensive income after EBIT.
Investments in joint ventures are tested for impairment
whenever events or change in circumstances indicate that
the carrying amount may not be recoverable.
Oriola has 50% shareholding in Swedish Pharmacy Holding
AB, which controls pharmacy chain Kronans Apotek in
Sweden.
Use of estimates: Management judgement is required
when testing the carrying amount of the joint venture for
impairment. The impairment test is based on determining
the recoverable amount using value in use. The value in use
has been calculated using a discounted cash flow model
(DCF). The cash flow forecasts applied in the test are derived
from the business plan for 2026–2030 approved by the joint
venture’s Board of Directors and management.
The plan was updated in 2025 and is supported by a comp-
rehensive market, competitive, and strategic analysis, as well
as an assessment of the current and target state of Kronans
Apotek. The key assumptions in the plans are estimates of
the long-term market growth, market position and profita-
bility of the business. Key variables in impairment testing are
net sales growth, EBITDA margin, terminal growth rate and
discount rate.
Integration and harmonisation of key business systems were
completed in 2025. Sales forecasts have been assessed as
realistic and consistent with prevailing market conditions. A
long term growth rate of 2.0 percent has been applied for the
period beyond 2030, reflecting the stable and moderate long
term growth outlook of the Swedish pharmacy market and
prevailing inflation expectations.
The discount rate 8.4% used in the calculations is based on
the weighted average cost of capital, taking into account
business-specific risks. Information used in determining the
discount rate was obtained from an external data source
and has been applied with the principles used in impairment
testing across Oriola’s other business operations.
Based on the impairment testing performed by Oriola, no
impairment of the joint venture’s carrying amount has been
identified.

EUR million | 2025 | 2024
Carrying amount 1 Jan | 210.9 | 235.4
Share of result for the period | -22.8 | -24.8
Foreign exchange rate differences | -2.4 | 0.3
Carrying amount 31 Dec | 185.7 | 210.9

The share of result in 2025 includes Oriola’s share of the impairment
of goodwill in Kronans Apotek amounting to EUR 15.8 (16.3)
million. The impairments were related to the integration of Kronans
Apotek, and the transition to one common ERP system, which have
required more time than anticipated. The integration and ERP-
project have been completed in 2025.
Summarised financial information for joint venture
The summary below is based on the reporting of the joint venture
prepared in accordance with IFRS.

| Swedish Pharmacy Holding AB |
Balance sheet EUR million | 31 Dec 2025 | 31 Dec 2024
Current assets |  |
Cash and cash equivalents | 13.8 | 3.8
Other current assets | 165.9 | 156.5
Current assets total | 179.7 | 160.3
Non-current assets |  |
Property, plant and equipment | 18.5 | 18.7
Intangible assets | 404.9 | 422.0
Other non-current assets | 70.1 | 67.1
Non-current assets total | 493.5 | 507.8
Current liabilities |  |
Trade payables | 142.3 | 114.2
Other current liabilities | 51.5 | 48.7
Current liabilities total | 193.8 | 162.8
Non-current liabilities | 102.0 | 104.8
Net assets total | 377.4 | 400.4

Business review / Governance / Financial review / Sustainability Statement 149 Oriola Annual Report 2025

Reconciliation to carrying amounts |  |
EUR million | 31 Dec 2025 | 31 Dec 2024
Net assets 1 Jan | 400.4 | 468.1
Change in reserves | 0.6 | -5.0
Adjustments | -0.6 | 1.7
Translation differences | 22.6 | -14.7
Loss for the period | -45.7 | -49.7
Net assets 31 Dec | 377.4 | 400.4
Group's share in joint venture | 50% | 50%
Group’s share of net assets | 188.3 | 200.2
Translation differences | 11.3 | 7.4
Other | -14.3 | 3.3
Carrying amount 31 Dec | 185.7 | 210.9
| Swedish Pharmacy Holding AB
Income statement EUR million | 2025 | 2024
Net sales | 1,223.1 | 1,151.1
Depreciation. amortisation and impairment losses | -72.2 | -84.7
Net interest expenses | -4.6 | -5.0
Income taxes | 4.0 | 2.6
Result for the period | -45.7 | -49.7

In 2025 the company recognised a goodwill impairment loss of EUR
31.6 (32.6) million. The impairments were related to the integration
of Kronans Apotek, and the transition to one common ERP system,
which have required more time than anticipated. The integration
and ERP-project have been completed in 2025.
Business review / Governance / Financial review / Sustainability Statement 150 Oriola Annual Report 2025
11.1. Commitments and contingent liabilities

EUR million | 2025 | 2024
Commitments for own liabilities |  |
Guarantees on behalf of subsidiaries | 6.9 | 7.1
Mortgages on company assets | 1.9 | 2.0
Other guarantees and liabilities | 0.6 | 1.7
Total | 9.4 | 10.9

The most significant guarantees on behalf of subsidiaries are bank
guarantees against Swedish wholesale company’s trade payables.
11.2. Future lease payments

Committed future minimum lease payments: |  |
EUR million | 2025 | 2024
Within one year | 0.2 | 0.7
One to five years | 0.1 | 0.3
Total | 0.3 | 0.9

Future payments consist of minimum leasing commitments
related to low-value assets and short-term leases, to which the
Group elected to apply recognition exemptions permitted by IFRS
16. For details about leases please refer to section 7. Leases. The
leasing expenses related to short-term leases and leases of low-
value assets are presented in note 7.2. Leases in the statement of
comprehensive income.
11.3. Litigation
Oriola is from time to time involved in legal actions, claims and
other proceedings. It is Oriola’s policy to provide for amounts
related to the proceedings if liability is probable and such amounts
can be estimated with reasonable accuracy. Taking into account all
available information to date, the legal actions, claims and other
proceedings are not expected to have material impact on the
financial position of the Group.
11.4. Events after the balance sheet date
Oriola accelerates growth and modernises Finnish
operations with a highly automated, state-of-the-art
distribution centre in Järvenpää
Oriola announced on 7 January 2025 that it has completed
the planning phase of a highly automated, state-of-the
art distribution centre located in Järvenpää, Finland, in
total valued at EUR 110-120 million. The investment will be
financed in a capital-efficient way through a long-term lease
arrangement for the building, machinery and equipment,
while the land is acquired and owned by Oriola. The new
distribution centre will be financed by SEB Leasing Oy.
Construction of this facility is scheduled to commence in the
first quarter of 2026, with the relocation of operations from
Espoo to Järvenpää anticipated to start by the end of 2027.
Additionally, Oriola’s headquarters will be relocated within
Espoo.
Oriola initiates review of long-term plan, financial targets
and capital allocation priorities – Capital Markets Day
scheduled
Oriola announced on 7 January 2025 that it initiates review
of long-term plan, to support growth and drive profitability,
financial targets and capital allocation priorities to enhance
shareholder value creation. Oriola aims to complete the review
during spring 2026 and share the details in its Capital Markets
Day on 12 May 2026.
11. Unrecognised items 12. Other notes
12.1. Application of new and amended IFRS standards
and IFRIC interpretations
Certain new or revised standards and interpretations have been
published by the International Accounting Standards Board (IASB)
that are not mandatory for 31 December 2025 reporting periods
and have not yet been applied by the Group. The Group will apply
each new standard and interpretation from the effective date. If
the effective date is other than the first day of a financial year, the
Group will apply the standard or interpretation from the beginning
of the following financial year.
IFRS 18 Presentation and Disclosure in Financial Statements -standard
requires new categories (operating, investing and financing) and
subtotals in the income statement, disclosures about management-
defined performance measures (MPMs), adds new principles for
aggregation and disaggregation of information and provides
limited amendments to IAS 7 Statement of Cash Flows. The new
standard is effective from 1 January 2027. The standard is not yet
endorsed by the EU.
Oriola Group’s operating profit as defined in accordance with
new IFRS 18 will be lower because certain financial items will be
classified to the operating category. In addition, some financial
items will be classified to the investing category. In accordance
with IFRS 18 standard the financing category will include mainly
interest and other expenses related to interest-bearing liabilities.
Oriola continues to analyse the impact of the new standard.
Other new or amended accounting standards are not expected
to have a material impact on the Group in the current or future
reporting periods and on froreseeable future transactions.
Business review / Governance / Financial review / Sustainability Statement 151 Oriola Annual Report 2025
Business review / Governance / Financial review / Sustainability Statement 152 Oriola Annual Report 2025
Parent company financial statements
Parent company income statement (FAS)
EUR thousand Note 2025 2024
Other operating income 2 16,483.4 17,580.9
Personnel expenses 3 -8,992.8 -8,038.3
Depreciation, amortisation
and impairment charges 4 -3,333.7 -3,634.8
Other operating expenses 5 -14,722.3 -13,032.5
Operating result -10,565.4 -7,124.7
Financial income and expenses 6 -6,764.2 -35,425.4
Result before appropriations and taxes -17,329.7 -42,550.1
Appropriations 7 19,582.1 19,278.5
Income taxes 8 -868.1 -1,335.8
Result for the period 1,384.3 -24,607.3
Parent company balance sheet (FAS)
EUR thousand Note 31 Dec 2025 31 Dec 2024
Assets
Non-current assets
Intangible assets 9
Intangible rights 96.7 151.3
Other intangible assets 6,738.4 9,832.2
Advance payments and construction in progress 11,760.1 6,394.9
18,595.2 16,378.4
Property, plant and equipment 10
Land and water areas 77.4 77.4
Machinery and equipment 0.0 1.1
Other tangible assets 7.0 7.5
84.5 86.0
Investments 11
Holdings in group companies 263,895.4 273,720.6
Holdings in participating interest companies 215,212.0 215,212.0
Other shares 8,203.2 8,203.2
487,310.5 497,135.7
Non-current assets, total 505,990.2 513,600.1
Current assets 12
Receivables
Long-term receivables
Accrued receivables 249.1 600.3
Short-term receivables
Trade receivables 7.4 -
Receivables from group companies 20,232.6 19,662.5
Other receivables 5.3 511.6
Accrued receivables 1,840.5 1,381.1
22,334.9 22,155.4
Cash and cash equivalents 152,112.6 113,463.9
Current assets, total 174,447.5 135,619.3
Assets total  680,437.7 649,219.5
EUR thousand Note 31 Dec 2025 31 Dec 2024
Equity and liabilities
Equity 13
Share capital 147,899.8 147,899.8
Other funds 19,418.7 19,418.7
Invested unrestricted equity reserve 76,957.5 76,957.5
Retained earnings 43,429.0 81,503.8
Result for the financial year 1,384.3 -24,607.3
289,089.4 301,172.4
Appropriations 14 1,505.0 1,488.8
Liabilities 15
Long-term liabilities
Borrowings 30,000.0 30,000.0
Liabilities to group companies - 18,326.2
Accrued liabilities 390.1 499.0
30,390.1 48,825.2
Short-term liabilities
Borrowings - 1,000.0
Trade payables 2,476.8 2,778.6
Liabilities to group companies 332,448.0 264,829.6
Other liabilities 22,558.0 27,384.6
Accrued liabilities  1,970.6 1,740.2
359,453.3 297,733.1
Liabilities total 389,843.3 346,558.3
Equity and liabilities total  680,437.7 649,219.5
Business review / Governance / Financial review / Sustainability Statement 153 Oriola Annual Report 2025
Parent company cash flow statement (FAS)
EUR thousand 2025 2024
Cash flow from operating activities
Result before appropriations and taxes -17,329.7 -42,550.1
Adjustments
Depreciation, amortisation
and impairment charges 3,333.7 3,634.8
Unrealised foreign exchange gains and losses 4,745.1 1,054.3
Other non-cash items -652.2 -1.2
Financial income and expenses 4,111.6 33,180.5
 -5,791.5 -4,681.6
Change in working capital
Change in current
non-interest-bearing receivables -118.0 -802.6
Change in non-interest-bearing current
liabilities 197.9 -537.3
 5,711.6 -6,021.5
Paid and received other financial expenses
and income -4,239.0 -497.3
Interest received 2,719.9 3,748.4
Interest paid -4,924.9 -7,924.4
Income taxes paid -1,195.8 -1,250.0
Cash flow from operating activities -13,351.3 -11,944.7
Cash flow from investing activities
Investments in tangible and intangible assets -5,761.6 -3,294.9
Proceeds from sale of tangible and intangible
assets 0.4 -
Proceeds from sale of subsidiaries 5,232.7 -
Dividends received - 8,799.7
Cash flow from investing activities -528.5 5,504.8
Cash flow from financing activities
Purchase of own shares -115.9 -111.0
EUR thousand 2025 2024
Repayments of long-term loans -19.113.5 -18,502.2
Proceeds from long-term loans - 30,000.0
Repayments of short-term loans -1,000.0 -57,860.5
Change in other current financing 62,729.4 22,147.9
Group contributions received 19,170.0 19,392.5
Dividends paid -12,698.7 -12,695.6
Cash flow from financing activities 48,971.2 -17,628.9
Change in cash and cash equivalents 35,091.4 -24,068.9
Cash and cash equivalents at
the beginning of period 113,463.9 137,532.8
Net change in cash and cash equivalents 35,091.4 -24,068.9
Effect of exchange rates on cash and cash
equivalents 3,557.3 -
Cash and cash equivalents at the end of period 152,112.6 113,463.9
Business review / Governance / Financial review / Sustainability Statement 154 Oriola Annual Report 2025
Notes to the parent company financial statements
(FAS)
1. Accounting principles
Oriola Corporation is the parent company of the Oriola Group,
domiciled in Espoo, Finland. Oriola Corporation provides
administrative services to group companies. These administrative
services are centralised to the parent company. Copies of the
consolidated financial statements of the Oriola Group are available
at the head office of Oriola Corporation, Orionintie 5, FI-02200
Espoo, Finland (investor.relations@oriola.com).
Oriola Corporation´s financial statements are prepared in euros and
according to Generally Accepted Accounting Principles in Finland
(Finnish GAAP) and according to corporate legislation. The financial
statements are presented in thousand euros.
When appropriate, the financial statements of Oriola Corporation
comply with the Group’s accounting principles based on IFRS.
Below are described those accounting principles in which
the financial statements of Oriola Corporation differ from the
accounting principles of the consolidated financial statements. The
accounting principles for the consolidated financial statements are
presented in the notes to the consolidated financial statements.
Financial assets and liabilities: Financial items classified as
loans and receivables or other financial liabilities are carried at
amortised cost.
The change in the fair value of the effective portion of interest rate
derivative agreements under hedge accounting made to hedge
cash flows is directly recognised against the fair value reserve
included in equity. Derivatives acquired to hedge balance sheet
items like bank accounts, loans and receivables denominated in
foreign currencies and derivatives made to hedge cash flows that
are not under hedge accounting are recorded in exchange gains
and losses in the financial items.
Share-based payments: The accounting treatment of Oriola
Corporations share-based incentive plans is described in the
accounting principles for the consolidated financial statements.
The share incentive plans of Oriola Corporation are a combination
of shares and a cash payment. The granted amount of the incentive
plans, settled in shares, is measured at share price of the grant
date less expected dividends. The cash-settled part of the plans is
measured at fair value, which is the share price at the end of the
reporting period. The expenses arising from the incentive plans
are recognised in the income statement over the vesting period.
In the financial statements of the parent company the component
settled in shares as well as the cash-settled part are recognised as
accrued liability until paid out. When paid out the share settled part
is credited to the equity.
Pension arrangements: The Statutory pension coverage of Oriola
Corporation is provided by Ilmarinen Mutual Pension Insurance
Company. Supplementary pension coverage is provided by OP Life
Assurance Company Ltd. Pension-related payments are recognised
as pension expenses on an accrual basis. No other pension liabilities
arising from pension arrangements are recognised in the balance
sheet except for pension-related accruals.
Leases: The lease agreements of Oriola Corporation consist
mainly of information and communication technology equipment.
Lease payments are expensed over the rental period and they are
included in other operating expenses. Assets leased and related
liabilities are not recognised in the parent company’s balance
sheet.
Subsidiary shares: The carrying amounts of subsidiary shares
are assessed as part of the Group’s impairment testing, where
cash flow forecasts based on value-in-use calculations are
prepared for the Group’s cash-generating units. In the impairment
testing of subsidiary shares, the cash flows are further allocated
to subsidiaries’ recoverable amounts. The impairment loss is
recognised, if the carrying amount of the subsidiary shares and
the amount of net loan receivables from the subsidiary exceed the
recoverable amount of the corresponding assets.
Other investments in non-current assets: If the recoverable
amount of the other investment in non-current assets is
estimated to be permanently lower than the acquisition cost less
amortisation, the difference is recorded as an impairment loss in
the income statement.
2. Other operating income
EUR thousand 2025 2024
Rental income 13.2 12.9
Other service charges 16,467.4 16,910.0
Other operating income 2.8 658.0
Total 16,483.4 17,580.9
3. Personnel
EUR thousand 2025 2024
Personnel costs
Salaries and fees 7,403.1 6,529.3
Pension costs 1,222.9 1,111.2
Other personnel costs 366.9 397.8
Total 8,992.8 8,038.3
Average number of personnel 71 67
Salaries and bonuses to the Management
CEO and Members of the Board of Directors 968.7 878.6
Remuneration and pension costs for the CEO and the members of
the Board of Directors are disclosed in the consolidated financial
statement in note 10.2. Related party transactions.
4. Depreciation, amortisation and impairment charges
EUR thousand 2025 2024
Depreciation 3,333.7 3,634.8
Total 3,333.7 3,634.8
Criteria applied for the straight-line depreciation is disclosed
in notes 6.1. and 6.2. to the consolidated financial statement.
Depreciation by asset class is presented in notes 9-10.
Business review / Governance / Financial review / Sustainability Statement 155 Oriola Annual Report 2025
5. Other operating expenses
EUR thousand 2025 2024
Postage, telephone and banking expenses 131.3 137.3
IT expenses 10,019.2 7,650.0
Travelling and car expenses 325.6 366.9
Administrative consultancy services 2,440.1 3,082.9
Other operating expenses 1,806.1 1,795.3
Total 14,722.3 13,032.5
Other operating costs are mainly costs related to the ownership.
Audit costs included in
other operating costs, EUR thousand 2025 2024
Fees for statutory audit 84.0 82.0
Fees for audit related assignments 76.9 104.7
Fees for other services 28.5 39.5
Total 189.5 226.2
6. Financial income and expenses
EUR thousand 2025 2024
Income from group companies
Dividend income from group companies - 8,799.7
Other interest and financial income
EUR thousand 2025 2024
Interest income from group companies 19.4 33.4
Interest income from other companies 2,700.5 3,715.0
Other financial income 20,581.1 16,184.5
Interest and other financial expenses
Interest expenses to group companies -1,081.8 -3,240.6
Interest expenses to other companies -3,784.7 -4,448.8
Other financial expenses -21,591.5 -18,386.0
Expense from group companies
Expense from sales of subsidiary shares -3,607.3 -
Impairment on investments
Impairment on investments
in non-current assets - -38,082.6
Total -6,764.2 -35,425.4
Financial income and expenses include:
Interest income 2,719.9 3,748.4
Interest expenses -4,866.5 -7,689.4
Exchange rate gains/losses -111.6 -36.3
In 2024, impairment on investments in non-current assets include
impairment on subsidiary shares (EUR 11.0 million) and impairment
on joint venture shares (EUR 27.0 million).
7. Appropriations
EUR thousand 2025 2024
Change in depreciation difference -16.2 108.6
Group contribution received 19,598.3 19,170.0
Total 19,582.1 19,278.5
8. Income taxes
EUR thousand 2025 2024
Income taxes for the financial period 998.7 1,335.8
Income taxes for previous financial periods -130.6 -
Total 868.1 1,335.8
Business review / Governance / Financial review / Sustainability Statement 156 Oriola Annual Report 2025
9. Intangible assets
EUR thousand
2025
Intangible
rights
Other
intangible
assets
Advance
payments and
construction in
progress Total
Historical cost 1 Jan 812.7 29,845.8 6,394.9 37,053.3
Increases - 184.2 5,365.2 5,549.4
Decreases - -25.3 - -25.3
Historical cost 31 Dec 812.7 30,004.7 11,760.1 42,577.4
Accumulated amortisation 1 Jan 661.4 20,013.6 - 20,674.9
Accumulated depreciation related to decreases - -25.3 - -25.3
Amortisation for the financial year 54.6 3,278.0 - 3,332.6
Accumulated amortisation 31 Dec 716.0 23,266.2 - 23,982.2
Carrying amount 31 Dec 96.7 6,738.4 11,760.1 18,595.2
2024    
Historical cost 1 Jan 812.7 29,819.9 1,865.6 32,498.1
Increases - 13.6 4,541.6 4,555.2
Reclassifications - 12.3 -12.3 -
Historical cost 31 Dec 812.7 29,845.8 6,394.9 37,053.3
Accumulated amortisation 1 Jan 589.8 16,451.8 - 17,041.6
Amortisation for the financial year 71.6 3,561.7 - 3,633.3
Accumulated amortisation 31 Dec 661.4 20,013.6 - 20,674.9
Carrying amount 31 Dec 151.3 9,832.2 6,394.9 16,378.4
10. Property, plant and equipment
EUR thousand
2025
Land and
water areas
Machinery and
equipment
Other
tangible assets Total
Historical cost 1 Jan 77.4 17.7 7.5 102.6
Decreases - - -0.5 -0.5
Historical cost 31 Dec 77.4 17.7 7.0 102.2
Accumulated depreciation 1 Jan - 16.6 - 16.6
Depreciation for the financial year - 1.1 - 1.1
Accumulated depreciation 31 Dec - 17.7 - 17.7

Carrying amount 31 Dec 77.4 0.0 7.0 84.5
2024    
Historical cost 1 Jan 77.4 17.7 7.5 102.6
Historical cost 31 Dec 77.4 17.7 7.5 102.6
Accumulated depreciation 1 Jan - 15.1 - 15.1
Depreciation for the financial year - 1.5 - 1.5
Accumulated depreciation 31 Dec - 16.6 - 16.6

Carrying amount 31 Dec 77.4 1.1 7.5 86.0
Business review / Governance / Financial review / Sustainability Statement 157 Oriola Annual Report 2025
11. Investments
EUR thousand
2025
Holdings in group
companies
Holdings in
participating
interest companies Other shares Total
Historical cost 1 Jan 308,750.9 242,250.0 8,203.2 559,204.1
Decreases -27,583.5 - - -27,583.5
Historical cost 31 Dec 281,167.4 242,250.0 8,203.2 531,620.6
Accumulated impairments 1 Jan -35,030.4 -27,038.0 - -62,068.4
Reversed impairments 17,758.3 - - 17,758.3
Impairment 31 Dec -17,272.1 -27,038.0 - -44,310.1
Carrying amount 31 Dec 263,895.4 215,212.0 8,203.2 487,310.5
2024   
Historical cost 1 Jan 308,750.9 242,250.0 8,203.2 559,204.1
Historical cost 31 Dec 308,750.9 242,250.0 8,203.2 559,204.1
Accumulated impairments 1 Jan -23,985.8 - - -23,985.8
Impairments -11,044.6 -27,038.0 - -38,082.6
Impairment 31 Dec -35,030.4 -27,038.0 - -62,068.4
Carrying amount 31 Dec 273,720.6 215,212.0 8,203.2 497,135.7
Holdings in participating interest companies include Oriola Corporation’s 50% shareholding in Swedish Pharmacy Holding
AB, which controls pharmacy chain Kronans Apotek in Sweden. In 2024, an impairment of EUR 11.0 million was made to
the subsidiary shares and an impairment of EUR 27.0 million to the shareholding in Swedish Pharmacy Holding AB.
12. Receivables
EUR thousand 2025 2024
Receivables from group companies
Short-term receivables
Trade receivables 634.3 466.1
Other receivables - 26.5
Accrued income and prepaid expenses 19,598.3 19,170.0
Total 20,232.6 19,662.5
Items included in accrued receivables
Long-term accrued receivables
Change of fair value for interest rate swap 249.1 600.3
Short-term accrued receivables
Arrangement fees relating to loans 236.3 146.8
Income tax receivables 327.7 -
Exchange rate profit on hedges 292.9 450.1
Compensations not received 17.0 15.1
Group contribution 19,598.3 19,170.0
Other accrued receivables 882.2 573.1
Change of fair value for interest rate swap 84.5 195.9
Total 21,687.9 21,151.4
Business review / Governance / Financial review / Sustainability Statement 158 Oriola Annual Report 2025
13. Equity
EUR thousand 2025 2024
Share capital 1 Jan 147,899.8 147,899.8
Share capital 31 Dec 147,899.8 147,899.8
Restricted equity 147,899.8 147,899.8
Contingency fund 1 Jan 19,418.7 19,418.7
Contingency fund 31 Dec 19,418.7 19,418.7
Invested unrestricted equity reserve 1 Jan 76,957.5 76,957.5
Invested unrestricted equity reserve 31 Dec 76,957.5 76,957.5
Profit/ loss from previous years 1 Jan 56,896.4 94,313.5
Dividend paid -12,698.7 -12,698.7
Adjustments -652.8 -
Share-based compensation -115.9 -124.0
Purchase of own shares * - -111.0
Delivery of own shares - 124.0
Profit/loss from previous years 31 Dec 43,429.0 81,503.8
Result for the period 1,384.3 -24,607.3
Non-restricted equity 141,189.6 153,272.7
Total 289,089.4 301,172.4
* Shares purchased for the share based incentive programme.
Distributable funds 31 Dec 2025 2024
Contingency fund 19,418.7 19,418.7
Invested unrestricted equity reserve 76,957.5 76,957.5
Profit/ loss from previous years 43,429.0 81,503.8
Net profit for the period 1,384.3 -24,607.3
Distributable funds 31 Dec 141,189.6 153,272.7
14. Appropriations
EUR thousand 2025 2024
Cumulative accelerated depreciation difference 1,505.0 1,488.8
Total 1,505.0 1,488.8
15. Liabilities
EUR thousand 2025 2024
Liabilities to group companies
Long-term liabilities
Other liabilities - 18,326.2
Short-term liabilities
Trade payables 66.7 54.7
Other liabilities 332,381.2 264,775.0
Total 332,448.0 283,155.8
Items included in accrued liabilities
Long-term accrued liabilities
Change of fair value for interest rate swap 390.1 499.0
Short-term accrued liabilities
Items related to personnel 1,829.6 1,544.4
Interest 48.6 107.0
Other accrued liabilities 92.4 88.8
Total 2,360.6 2,239.2
16. Guarantees, liability engagements
and other liabilities
EUR thousand 2025 2024
Guarantees and other liabilities
Other liabilities and engagements - 1,000.0
Total - 1,000.0
Rental liabilities on real estate
Maturity within one year 33.0 33.0
Total 33.0 33.0
Rental liabilities on machinery and fixtures
Maturity within one year 254.7 288.2
Maturity within 1–5 years 233.6 248.7
Total 488.3 536.9
17. Derivatives and financial risk management
EUR thousand 2025 2024
Book values of derivative instruments
Interest rate swap agreements 85,445.2 82,360.6
Foreign currency forward and swap contracts 102,573.6 94,249.1
Total 188,018.8 176,609.7
Fair values of derivative instruments
Interest rate swap agreements -56.5 595.6
Foreign currency forward and swap contracts 203.5 450.1
Total 147.0 1,045.8
Oriola Corporation has interest rate swap agreements hedging
the Oriola Group’s cash flows as well as foreign currency forward
and swap contracts with various counterparties. These derivatives
are managed in accordance with the treasury policy approved
by the Oriola Corporation Board of Directors. While the Oriola
Group’s interest rate risks from Oriola Sweden AB’s selling of trade
receivables are hedged with derivative agreements on a group level,
the hedging presents an interest rate risk to Oriola Corporation.
More information on the Oriola Group’s financial risk management
and derivatives are presented in note 8.3. Financial Risk
Management in the notes to the consolidated Financial Statements.
18. Ownership in other companies
The Parent company’s ownership in other companies is presented
in the note 10.1. Subsidiaries, in the notes to the Consolidated
Financial Statements.
Business review / Governance / Financial review / Sustainability Statement 159 Oriola Annual Report 2025
Parent company financial statements
According to the parent company’s balance sheet as of 31 December
2025, the total distributable funds are:
Other funds, EUR 19,418,729.58
Invested unrestricted equity
reserve, EUR 76,957,531.72
Retained earnings, EUR 43,428,986.73
Profit for the period, EUR 1,384,340.63
Total distributable funds, EUR 141,189,588.66
The Board of Directors’ proposal for the profit
distribution and Auditor’s Note
Auditor’s Note
The Auditor’s report has been issued today.
Helsinki, 24 February 2026
KPMG Oy Ab
Kim Järvi
Authorised Public Accountant
Signatures for the financial statements and the report of the Board of Directors
Espoo, 24 February 2026
Heikki Westerlund Harri Pärssinen Petra Axdorff Ann Carlsson Meyer
Chairman Vice Chairman
Nina Mähönen Yrjö Närhinen Ellinor Persdotter Nilsson Katarina Gabrielson
President and CEO
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.03 per share will be distributed to 185,245,120 shares, EUR 5,557,353.60
for year 2025. It is further proposed that the Annual General Meeting authorises
the Board of Directors, at its discretion, to resolve on the distribution of a
possible second dividend instalment up to a maximum of EUR 0.04 per share.
It is the intention of the Board of Directors that the possible dividend payment
pursuant to this authorisation would be carried out in November 2026. The
Board of Directors further proposes that the remaining non-restricted equity,
EUR 135,632,235.06 will be retained and carried forward.
There have been no material changes in the financial position of the company
after the end of the financial year.
Financial statements prepared in accordance with applicable accounting
regulations give a true and fair view of the assets, liabilities, financial position
and profit or loss for the company and the group.
The report of the Board of Directors provides a truthful description of the
development and the result of the business operations of the company and the
group, as well as a description of the most significant risks and uncertainties and
other aspects of the company’s condition.
The Sustainability Statement included in the report of the Board of Directors
has been prepared in accordance with the reporting standards referred to in
Chapter 7 of the Accounting Act and Article 8 of the Taxonomy Regulation.
Business review / Governance / Financial review / Sustainability Statement 160 Oriola Annual Report 2025
To the Annual General Meeting of Oriola Corporation
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Oriola Corporation
(business identity code 1999215-0) for the year ended December
31, 2025. The financial statements comprise the consolidated state-
ment of financial position, statement of comprehensive income,
statement of changes in equity, statement of cash flows and notes,
including material accounting policy information, as well as the
parent company’s balance sheet, income statement, statement of
cash flows and notes.
In our opinion
• the consolidated financial statements give a true and fair view
of the group’s financial position, financial performance and cash
flows in accordance with IFRS Accounting Standards as adopted
by the EU
• the financial statements give a true and fair view of the parent
company’s financial performance and financial position in
accordance with the laws and regulations governing the
preparation of financial statements in Finland and comply with
statutory requirements.
Our opinion is consistent with the additional report submitted to
the Audit Committee.
Auditor’s Report
Basis for Opinion
We conducted our audit in accordance with good auditing prac-
tice in Finland. Our responsibilities under good auditing practice
are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that are
applicable in Finland and are relevant to our audit, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements.
In our best knowledge and understanding, the non-audit
services that we have provided to the parent company and
group companies are in compliance with laws and regulations
applicable in Finland regarding these services, and we have not
provided any prohibited non-audit services referred to in Article
5(1) of regulation (EU) 537/2014. The non-audit services that we
have provided have been disclosed in note 4.3 to the consoli-
dated financial statements.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
Materiality
The scope of our audit was influenced by our application of
materiality. The materiality is determined based on our profes-
sional judgement and is used to determine the nature, timing
and extent of our audit procedures and to evaluate the effect
of identified misstatements on the financial statements as a
whole. The level of materiality we set is based on our assessment of
the magnitude of misstatements that, individually or in aggregate,
could reasonably be expected to have influence on the economic
decisions of the users of the financial statements. We have also
taken into account misstatements and/or possible misstatements
that in our opinion are material for qualitative reasons for the users
of the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in
the context of our audit of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate
opinion on these matters. The significant risks of material misstate-
ment referred to in the EU Regulation No 537/2014 point (c) of Arti-
cle 10(2) are included in the description of key audit matters below.
We have also addressed the risk of management override of
internal controls. This includes consideration of whether there was
evidence of management bias that represented a risk of material
misstatement due to fraud.
Business review / Governance / Financial review / Sustainability Statement 161 Oriola Annual Report 2025
THE KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN THE AUDIT
Revenue Recognition (refer to accounting principles for the consolidated financial statements and notes 4.2)
Revenue is mainly generated through the sale of goods and services. The revenue earned is recognized when the control is
transferred to the customer in accordance with the terms of delivery or agreement.
There are two types of agreements with the pharmaceutical companies in which Oriola acts either as a principal or an agent.
For agreements in which Oriola acts as a principal the legal title, control and payment liability has been transferred to Oriola,
and the revenue is recognized on gross basis. For consignment agreements where Oriola acts as an agent, only the distribution
fee is recognized as revenue. Analysis of the agreements and the related revenue recognition method requires management
judgement, considering the various contractual terms.
Due to the large volumes of transactions and management judgement involved revenue recognition has been identified as an
area of focus in the audit.
We obtained an understanding of the revenue recognition processes and evaluated the design and tested the controls over
revenue recognition. With special focus on identifying unusual sales transactions, we also performed substantive procedures
such as testing samples of sales agreements and year-end transactions to ensure appropriate application of revenue recognition
criteria.
We examined sales contracts with pharmaceutical companies to ensure that revenue was recognized in accordance with the
terms of the contract and the group’s accounting policy.
Audit procedures were performed over revenue recognition at the group level and at each of the reporting components that
were in scope for the group audit.
In addition, we have assessed the appropriateness of accounting policy and disclosure information related to revenue
recognition in the financial statements.
Valuation of Inventories (refer to accounting principles for the consolidated financial statements and note 5.2)
The carrying value of inventories amounted to EUR 188 million at the end of the financial year.
The carrying value of inventories amounted to EUR 188 million at the end of the financial year.
Inventory management, stocktaking routines and pricing of inventories are key factors in the valuation of inventories. Oriola has
different types of contracts with pharmaceutical companies which are either accounted for as own inventory or consignment
stock.
In addition, the valuation of inventories requires management estimates in respect of obsolescence assessment.
Due to management judgement and the significant carrying amount involved, valuation of inventories is determined a key
We evaluated the appropriateness of the accounting policies by reference to IFRS standards, as well as the functionality of the
key IT systems of inventory management.
We tested the controls over inventory management, accuracy of inventory amounts and valuation of inventories. We performed
substantive audit procedures in relation to pricing of inventory and provision for obsolete inventory.
We reviewed a sample of contracts to ensure that inventory is accounted appropriately in line with the terms of the contract and
the group’s accounting policy.
We also attended physical inventory counting at selected locations to assess the appropriateness of stocktaking routines.
Valuation of Investments in the parent company’s financial statements (refer to notes 1 and 11 to the parent company’s financial statements)
The carrying amount of the investments is EUR 487 million in the parent company’s financial statements as of December 31,
2025.
The valuation of investments requires management to make estimates of the probable amount of future income generated by
the asset and the permanence of any impairment. The valuation of investments is assessed annually and, if necessary, tested for
impairment based on future income expectations.
Due to the high level of judgment incorporated in respect of the future income expectations and the significant carrying
amounts involved, valuation of investments is considered a key audit matter for the parent company.
KPMG valuation specialists were involved in the audit of the investments assessing the appropriateness of the technical model
used in the impairment tests and testing the integrity of the calculations.
We challenged the assumptions used by management in respect of forecasted growth rates and profitability as well as
the appropriateness of the discount rates used. We also validated the assumptions used in relation to market and industry
information.
We evaluated the cash flows used by comparing them to the group’s budgeting process, external sources and the
understanding we gained from our audit.
Business review / Governance / Financial review / Sustainability Statement 162 Oriola Annual Report 2025
Responsibilities of the Board of Directors and the
President and CEO for the Financial Statements
The Board of Directors and the President and CEO are responsible
for the preparation of consolidated financial statements that give a
true and fair view in accordance with IFRS Accounting Standards as
adopted by the EU, and of financial statements that give a true and
fair view in accordance with the laws and regulations governing
the preparation of financial statements in Finland and comply with
statutory requirements. The Board of Directors and the President
and CEO are also responsible for such internal control as they deter-
mine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, the Board of Directors and
the President and CEO are responsible for assessing the parent
company’s and the group’s ability to continue as a going concern,
disclosing, as applicable, matters relating to going concern and
using the going concern basis of accounting. The financial state-
ments are prepared using the going concern basis of accounting
unless there is an intention to liquidate the parent company or the
group or cease operations, or there is no realistic alternative but to
do so.
Auditor’s Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material mis-
statement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in
accordance with good auditing practice will always detect a mate-
rial misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggre-
gate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with good auditing practice, we
exercise professional judgment and maintain professional skepti-
cism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material mis-
statement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the parent company’s or the
group’s internal control.
• Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related disclo-
sures made by management.
• Conclude on the appropriateness of the Board of Directors’
and the President and CEO’s use of the going concern basis of
accounting and based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions
that may cast significant doubt on the parent company’s or the
group’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evi-
dence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the parent company or
the group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and
events so that the financial statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient appropri-
ate audit evidence regarding the financial information of the
entities or business units within the group as a basis for forming
an opinion on the group financial statements. We are responsi-
ble for the direction, supervision and review of the audit work
performed for purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regard-
ing independence, and communicate with them all relationships
and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with govern-
ance, we determine those matters that were of most significance in
the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasona-
bly be expected to outweigh the public interest benefits of such
communication.
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting
on March 19, 2018, and our appointment represents a total period
of uninterrupted engagement of 8 years.
Business review / Governance / Financial review / Sustainability Statement 163 Oriola Annual Report 2025
Other Information
The Board of Directors and the Managing Director are responsible
for the other information. The other information comprises the
report of the Board of Directors and the information included in the
Annual Report but does not include the financial statements or our
auditor’s report thereon.
Our opinion on the financial statements does not cover the other
information.
In connection with our audit of the financial statements, our
responsibility is to read the other information identified above and,
in doing so, consider whether the other information is materi-
ally inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially
misstated. With respect to the report of the Board of Directors, our
responsibility also includes considering whether the report of the
Board of Directors has been prepared in compliance with the appli-
cable provisions, excluding the sustainability report information on
which there are provisions in Chapter 7 of the Accounting Act and
in the sustainability reporting standards.
In our opinion, the information in the report of the Board of Direc-
tors is consistent with the information in the financial statements
and the report of the Board of Directors has been prepared in
compliance with the applicable provisions. Our opinion does not
cover the sustainability report information on which there are pro-
visions in Chapter 7 of the Accounting Act and in the sustainability
reporting standards.
If, based on the work we have performed on the other information
that we obtained prior to the date of this auditor’s report, we con-
clude that there is a material misstatement of this other informa-
tion, we are required to report that fact. We have nothing to report
in this regard.
Other statements based on law
Our responsibility is to, based on our audit, express an opinion on
the registration and publication of the income tax report required
in Chapter 7 b of the Accounting Act.
The Board of Directors and the Managing Director are responsible
for the registration and the publication of the income tax report.
In our opinion, the company has not been obliged to register and
publish an income tax report referred to in Chapter 7 b of the
Accounting Act for the financial year immediately preceding the
financial year.
Helsinki, February 24, 2026
KPMG OY AB
Audit Firm
Kim Järvi
Authorized Public Accountant, KHT
Business review / Governance / Financial review / Sustainability Statement 164 Oriola Annual Report 2025
Assurance Report on the Sustainability Report
To the Annual General Meeting of Oriola Corporation
We have performed a limited assurance engagement on the group
sustainability report of Oriola Corporation (business identity code
1999215-0) that is referred to in Chapter 7 of the Accounting Act
and that is included in the report of the Board of Directors for the
financial year 1.1.–31.12.2025.
Opinion
Based on the procedures we have performed and the evidence we
have obtained, nothing has come to our attention that causes us to
believe that the group sustainability report does not comply, in all
material respects, with
1. the requirements laid down in Chapter 7 of the Accounting Act
and the sustainability reporting standards (ESRS);
2. the requirements laid down in Article 8 of the Regulation (EU)
2020/852 of the European Parliament and of the Council on the
establishment of a framework to facilitate sustainable invest-
ment, and amending Regulation (EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Oriola Corporation
has identified the information for reporting in accordance with the
sustainability reporting standards (double materiality assessment).
Our opinion does not cover the tagging of the group sustaina-
bility report with digital XBRL sustainability tags in accordance
with Chapter 7, Section 22, Subsection 1(2), of the Accounting
Act, because sustainability reporting companies have not had
the possibility to comply with that requirement in the absence of
requirements for the tagging of sustainability information in the
ESEF regulation or other European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability report as a
limited assurance engagement in compliance with good assurance
practice in Finland and with the International Standard on Assur-
ance Engagements (ISAE) 3000 (Revised) Assurance Engagements
Other than Audits or Reviews of Historical Financial Information.
Our responsibilities under this standard are further described in
the Responsibilities of the Authorized Group Sustainability Auditor
section of our report.
We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Authorized Group Sustainability Auditor’s
Independence and Quality Management
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that are
applicable in Finland and are relevant to our engagement, and we
have fulfilled our other ethical responsibilities in accordance with
these requirements.
The authorized group sustainability auditor applies International
Standard on Quality Management ISQM 1, which requires the
authorized sustainability audit firm to design, implement and oper-
ate a system of quality management including policies or proce-
dures regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Responsibilities of the Board of Directors and the
Managing Director
The Board of Directors and the Managing Director of Oriola Corpo-
ration are responsible for:
• the group sustainability report and for its preparation and pres-
entation in accordance with the provisions of Chapter 7 of the
Accounting Act, including the process that has been defined in
the sustainability reporting standards and in which the informa-
tion for reporting in accordance with the sustainability reporting
standards has been identified,
• the compliance of the group sustainability report with the
requirements laid down in Article 8 of the Regulation (EU)
2020/852 of the European Parliament and of the Council on the
establishment of a framework to facilitate sustainable invest-
ment, and amending Regulation (EU) 2019/2088, and for
• such internal control as the Board of Directors and the Manag-
ing Director determine is necessary to enable the preparation of
a group sustainability report that is free from material misstate-
ment, whether due to fraud or error.
Inherent Limitations in the Preparation of a
Sustainability Report
Preparing a group sustainability report requires a company to make
materiality assessment to identify relevant matters to report. This
includes significant management judgement and choices. It is also
characteristic to the sustainability reporting that reporting of this
kind of information includes estimates and assumptions as well as
measurement and estimation uncertainty.
Business review / Governance / Financial review / Sustainability Statement 165 Oriola Annual Report 2025
The determination of greenhouse gases is subject to inherent
uncertainty due to the incomplete scientific data used to determine
the emission factors and the numerical values needed to combine
emissions of different gases.
When reporting forward-looking information in accordance with
ESRS standards, a company’s management is required to make
assumptions about possible future events, and to disclose the
company’s possible future actions in relation to those events, as
well as to prepare the forward-looking information based on these
assumptions. Actual results are likely to differ because forecasted
events often do not occur as expected.
Responsibilities of the Authorized Group
Sustainability Auditor
Our responsibility is to perform an assurance engagement to obtain
limited assurance about whether the group sustainability report
is free from material misstatement, whether due to fraud or error,
and to issue a limited assurance report that includes our opinion.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably
be expected to influence the decisions of users taken on the basis
of the group sustainability report.
Compliance with the International Standard on Assurance Engage-
ments (ISAE) 3000 (Revised) requires that we exercise professional
judgment and maintain professional scepticism throughout the
engagement. We also:
• Identify and assess the risks of material misstatement of the
group sustainability report, whether due to fraud or error, and
obtain an understanding of internal control relevant to the
engagement in order to design assurance procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the parent compa-
ny’s or the group’s internal control.
• Design and perform assurance procedures responsive to those
risks to obtain evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of
internal control.
Description of the Procedures That Have Been
Performed
The procedures performed in a limited assurance engagement
vary in nature and timing from, and are less in extent than for, a
reasonable assurance engagement. The nature, timing and extent
of assurance procedures selected depend on professional judg-
ment, including the assessment of risks of material misstatement,
whether due to fraud or error. Consequently, the level of assurance
obtained in a limited assurance engagement is substantially lower
than the assurance that would have been obtained had a reasona-
ble assurance engagement been performed.
Our procedures included for ex. the following:
• We interviewed the company’s management and persons
responsible for collecting and preparing the information con-
tained in the group sustainability report at the group level and
in subsidiaries, as well as at different levels and business areas of
the organization.
• Regarding the double materiality assessment process, we
assessed the implementation of the process carried out by the
company and the information disclosed on the double materi-
ality assessment process in relation to the requirements of the
ESRS standards.
• Through interviews we gained understanding of the group’s key
processes, controls and information systems related to collect-
ing and consolidating the sustainability information.
• We got acquainted with the group’s internal guidelines and
operating principles relevant to the sustainability information
disclosed in the group sustainability report.
• We got acquainted with the background documentation and
documents prepared by the company, as applicable, and
assessed whether they support the information included in the
group sustainability report.
• We assessed the information disclosed on material sustainabil-
ity matters in the group sustainability report in relation to the
requirements of the ESRS standards.
• In relation to the EU taxonomy information, we gained
understanding about the process by which the company has
defined taxonomy eligible and taxonomy aligned activities,
and assessed the regulatory compliance of the information
provided.
Helsinki, February 24, 2026
KPMG OY AB
Authorized Sustainability Audit Firm
Kim Järvi
Authorized Sustainability Auditor, KRT
Business review / Governance / Financial review / Sustainability Statement 166 Oriola Annual Report 2025
Independent auditor’s report on the
ESEF financial statements of Oriola Corporation
To the Board of Directors of Oriola Corporation
We have performed a reasonable assurance engagement on the
financial statements 549300UWB1AIR85BM957-2025-12-31-1-fi.
zip of Oriola Corporation (Business ID 1999215-0) that have been
prepared in accordance with the Commission’s regulatory technical
standard for the financial year ended 31 December 2025.
Responsibilities of the Board of Directors and the
Managing Director
The Board of Directors and the Managing Director are responsible
for the preparation of the company’s report of the Board of
Directors and financial statements (the ESEF financial statements)
in such a way that they comply with the requirements of the
Commission’s regulatory technical standard. This responsibility
includes:
• preparing the ESEF financial statements in XHTML format
in accordance with Article 3 of the Commission’s regulatory
technical standard
• tagging the primary financial statements, notes and company’s
identification data in the consolidated financial statements that
are included in the ESEF financial statements with iXBRL tags
in accordance with Article 4 of the Commission’s regulatory
technical standard and
• ensuring the consistency between the ESEF financial statements
and the audited financial statements.
The Board of Directors and the Managing Director are also
responsible for such internal control as they determine is
necessary to enable the preparation of ESEF financial statements in
accordance with the requirements of the Commission’s regulatory
technical standard.
Auditor’s independence and quality management
We are independent of the company in accordance with the ethical
requirements that are applicable in Finland and are relevant to the
engagement we have performed, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
The auditor applies International Standard on Quality Management
(ISQM) 1, which requires the firm to design, implement and operate
a system of quality management including policies or procedures
regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8
of the Securities Markets Act, provide assurance on the financial
statements that have been prepared in accordance with the
Commission’s regulatory technical standard. We express an opinion
on whether the consolidated financial statements that are included
in the ESEF financial statements have been tagged, in all material
respects, in accordance with the requirements of Article 4 of the
Commission’s regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent
the assurance has been provided. We conducted a reasonable
assurance engagement in accordance with International Standard
on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
• whether the primary financial statements in the consolidated
financial statements that are included in the ESEF financial
statements have been tagged, in all material respects, with
iXBRL tags in accordance with the requirements of Article 4 of
the Commission’s regulatory technical standard and
• whether the notes and company’s identification data in the
consolidated financial statements that are included in the ESEF
financial statements have been tagged, in all material respects,
with iXBRL tags in accordance with the requirements of Article 4
of the Commission’s regulatory technical standard and
• whether there is consistency between the ESEF financial
statements and the audited financial statements.
The nature, timing and extent of the selected procedures depend
on the auditor’s judgment. This includes an assessment of the risk
of a material deviation due to fraud or error from the requirements
of the Commission’s regulatory technical standard.
We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities
Markets Act is that the primary financial statements, notes and
company’s identification data in the consolidated financial
statements that are included in the ESEF financial statements of
Oriola Corporation 549300UWB1AIR85BM957-2025-12-31-1-fi.zip
for the financial year ended 31 December 2025 have been tagged,
in all material respects, in accordance with the requirements of the
Commission’s regulatory technical standard.
Our opinion on the audit of the consolidated financial statements
of Oriola Corporation for the financial year ended 31 December
2025 has been expressed in our auditor’s report dated 24 February
2026. With this report we do not express an opinion on the audit
of the consolidated financial statements nor express another
assurance conclusion.
Helsinki 2 March 2026
KPMG OY AB
Audit Firm
Kim Järvi
Authorised Public Accountant, KHT
Oriola Corporation
Head office
Orionintie 5, FI-02200 Espoo, Finland
P.O.Box 8, FI-02101 Espoo, Finland
Tel. +358 10 429 99
firstname.lastname@oriola.com
investor.relations@oriola.com
www.oriola.com