Operating environment

Year 2022 has started with Russia's military offensive against Ukraine, and it is affecting all European societies and individuals in many ways. Heavy sanctions against Russia and overall uncertainty in the global market are increasing inflation to a higher level than expected, especially energy and fuel prices. This is impacting consumer confidence and thus may change consumer behaviour and especially consumer spending. In the first quarter of 2022, consumers started to prepare for crisis by hoarding pharmaceuticals in Sweden. Moreover, the Russia's military offensive against Ukraine has again increased societies’ need to be better prepared for emergency conditions, for instance through enhanced pharmaceutical reserves.

The COVID-19 pandemic continued in Finland and Sweden, impacting still on Oriola’s operating environment. Despite this, the market recovery continued and the volume demand for pharmaceuticals and other health and wellbeing products were above 2019 levels.