Continued net sales growth in Product segment, Group profitability at last year's level

In the second quarter, Oriola’s net sales grew by 1.7% to EUR 51.8 million and adjusted EBITDA was EUR 8.1 (8.1) million, corresponding to an adjusted EBITDA margin of 15.6% (15.8%). 

Services segment: Volumes in speciality flows remained at a high level

Oriola’s volume growth was lower in the second quarter, reflecting continued market growth in weight-loss products in Sweden, where Oriola’s customer portfolio is less strongly positioned. Volumes in speciality flows such as vaccines, export, and animal health remained at a higher level compared with the previous year. 

The 2.0% decline in net sales was due to a weak quarter in pharmaceutical distribution in Sweden and in advisory services. Adjusted EBITDA decreased to EUR 9.0 (9.3) million, mainly due to higher freight costs. 

Products segment: Continued net sales growth

Net sales growth of 11.2% was supported by both the wholesale and dose dispensing businesses in Finland. 

Positive development in the Finnish wholesale business continued, supported by growth in the e-commerce, retail and pharmacy channels. The renewal of Oriola’s own brands progressed, and some of the renewed brands achieved double-digit sales growth. Sales of special-licensed medicines were strong, supported by agility in capturing market opportunities.

Adjusted EBITDA decreased to EUR 1.0 (1.1) million due to higher operating expenses. 

Supply chain remained stable despite operating environment uncertainty

Supply chain operations remained stable in the second quarter, and we made important improvements in efficiency. A key milestone was the successful transition of vaccine deliveries to Northern Sweden from air freight to road transportation, enhancing both sustainability and cost efficiency in the second half of the year.

The uncertain operating environment was reflected in higher freight costs. In addition, in Sweden, inventory levels increased as pharmaceutical companies continued to build stocks to ensure availability.

Kronans Apotek: Commercial and operation improvement agenda in place

Oriola’s joint venture company, Kronans Apotek delivered another quarter of revenue growth, with sales increasing in local currency by 5.3% year-on-year despite continued competitive market conditions. Market share amounted to 21.1% at the end of the quarter.

Compared with Q2 2025, profitability has improved. Building on the initiatives already launched, Kronans Apotek will continue to execute its commercial and operational improvement agenda to further strengthen profitability. During Q2, several actions were implemented across pricing, commercial execution and pharmacy operations, with additional initiatives agreed for Q3. These actions are intended to strengthen gross profit development, improve operational efficiency across the pharmacy network and support a more efficient cost base over time.

Kronans Apotek remains focused on the disciplined execution of its strategic priorities, with a continued emphasis on sustainable profitable growth.

Amending the ERP programme; Järvenpää distribution centre progressing

In the programme to renew Oriola’s ERP and warehouse management system, findings from the first deployment in Sweden are being considered in the amendment of the programme and its timeline. The design phase for the second deployment in Sweden is ongoing.

The amendment does not change the strategic objectives of the programme. We continue to expect the investment to support long‑term operational efficiency, harmonise processes and systems, and meet evolving business and customer needs.

In Finland, construction of Oriola’s new highly automated, state-of-the-art distribution centre in Järvenpää is progressing as planned. The distribution centre has begun to take physical shape, as the installation of the frame structure has started and the partner for the automation solution has been appointed.

Actions to improve

In the second half of the year, we will continue our focus on delivering profitable growth. Net sales growth is expected to be supported by market growth, continued good development in speciality flows such as export and vaccine distribution, new customers, and the sale of value-added services. The positive net sales performance in the Finnish wholesale business, together with the differentiated offering, is expected to continue.

Cost discipline will remain a key priority. We expect improved control over freight costs in the coming quarters, supported by measures already implemented. In supply chain operations, several efficiency initiatives introduced in the first half are expected to contribute positively in the second half, including
more accurate workload planning using AI and improved route planning in Sweden.

In advisory services, restructuring measures have been implemented to reduce personnel costs. Overall, additional cost-saving actions have been identified, and we will continue to maintain strict cost control.

I would like to thank everyone at Oriola for their contribution and commitment in delivering on our strategic goals during the second quarter.

Katarina Gabrielson is Oriola’s CEO. This text was published in the Half-Year Report January-June 2026 on 17 July 2026. The complete report can be downloaded from the link below.