Sales margin growth and improved adjusted EBITDA
CEO Katarina Gabrielson comments on Oriola’s Q3 2025 results.
31.10.2025
We delivered solid results in the third quarter, with growth in both net sales and sales margin, and a year-on-year improvement in adjusted EBITDA. Our distribution business continued to perform strongly and steadily regardless the operating environment, where consumer confidence was still weak due to the overall uncertainty. The pharmaceutical distribution market in Sweden showed growth, while the Finnish market was weaker.
I am pleased with our third-quarter results. They confirm that we are on the right strategic path towards becoming the leading specialist in the wholesale of pharmaceuticals and health products.
In the third quarter, net sales increased by 9% to EUR 463 million, and the sales margin reached EUR 40.0 (37.7) million, both driven by the Distribution and Wholesale segments. Adjusted EBITDA increased to EUR 9.6 (8.4) million. Although earlier vaccine deliveries led to high volumes and increased operating expenses towards the end of the quarter, our supply chain operations remained stable thanks to strategic initiatives implemented. For instance, we have expanded our warehousing capacity.
In the Distribution segment, net sales increased by 6% to EUR 373 million, driven by volume growth across both our existing portfolio and new customer accounts. Earlier vaccine deliveries compared to the previous year and overall market growth also contributed. Operating expenses increased mainly due to high volumes, including the need for additional warehouse capacity, and increased personnel costs. Despite the higher cost level, adjusted EBITDA increased to EUR 8.4 (7.1) million. Our strategic focus to build strong partnerships has brought good results – customer satisfaction has continued to improve and we have successfully retained all existing accounts. We are actively pursuing new business opportunities, with several new distribution agreements expected to contribute positively from the second half of next year.
In the Wholesale segment, net sales grew by 23% to EUR 91 million, supported by strong development in parallel imports in Sweden and solid performance in Finland, particularly in sales to veterinarians and in special-licensed medicines. Despite the sales growth, adjusted EBITDA remained at the previous year’s level of EUR 3.1 (3.1) million, impacted by an unfavourable product mix and increased operating expenses, including personnel costs and planned marketing initiatives. For example, we recently refreshed our health and wellbeing brand, Apteekkarin, to better align with the expectations of today’s consumers. Known for its good quality-to-price ratio, the brand is available exclusively in Finnish pharmacies.
In advisory business, the positive development in digital and data services continued with double-digit growth. We have also focused on new customer acquisition with positive impact expected next year, and on building a partner network to strengthen our capabilities for EU-wide assignments.
Our strategic investment to renew Oriola’s ERP (enterprise resource planning) and WMS (warehouse management systems) is progressing and we are entering deployment's first phase in Sweden.
During the quarter, Oriola was awarded the EcoVadis gold medal for sustainability for the third consecutive year. This recognition emphasises the importance of continuous improvement and integrating sustainability into our daily operations.
In the joint venture company, Kronans Apotek, the market share remained stable at 20.9% during the third quarter, in line with the second quarter. Total sales increased by 3.0% compared with last year, driven by growth in both brick-and-mortar and e-commerce channel. The ERP integration has progressed according to plan and is expected to be completed in the fourth quarter. Completing the ERP also means finalising the integration process and setting a stable foundation for the growth.
As we approach year-end, it is essential that we stay focused on driving sales growth, improving margins and managing our cost base effectively.
I want to extend my warmest thanks to the entire Oriola team for your dedication and achievements. Your commitment is what enables us to move forwards.
Katarina Gabrielson is Oriola’s CEO. This text was published in the Interim Report January-September 2025 on 30 October 2025. The complete report can be downloaded from the link below.