First quarter performance in line with expectations

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

Changes in financial reporting to improve transparency

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

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

Services segment: Higher volumes in speciality flows

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

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

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

Products segment: Positive development in Finnish wholesale continued

Net sales grew by 9.8% to EUR 15.4 million (14.0) million.* Growth was supported by both the wholesale and dose dispensing businesses in Finland. 

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

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

Strategic investments progressing as planned

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

Stable supply chain

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

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

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

Kronans Apotek: Initiatives to improve profitability initiated

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

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

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

Future growth and profitability: Capital Markets Day

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

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

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

Katarina Gabrielson is Oriola’s CEO. This text was published in the Interim Report January-March 2026 on 29 April 2026. The complete report can be downloaded from the link below.

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