Slides
Page 1
Interim Report January- September 2026 29 October 2026
Page 2
Disclaimer The following applies to this presentation, the oral presentation of the information in this presentation by Oriola Corporation (the “Company” or “Oriola”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In accessing the Information, you agree to be bound by the following terms and conditions. This presentation does not constitute an offer of or an invitation by or on behalf of, Oriola, or any other person, to purchase any securities. The Information is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in,any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Information contains forward-looking statements. All statements other than statements of historical fact included in the Information are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that couldcause the Company’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The Information, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. Market data used in the Information not attributed to a specific source are estimates of the Company and have not been independentlyverified. 29 OCTOBER 2026Q3 2026 2
Page 3
Agenda 1 Q3 2026 highlights Operating environment Segments Financial review 2 3 4 Q&A 29 OCTOBER 2026Q3 2026 3
Page 4
Progress on strategic priorities and core business performance • Solid business performance as we continued to strengthen profitable growth through commercial execution, operational improvements, and infrastructure development. • Net sales grew by 5.1%, supported by continued high volumes in speciality flows, sales growth in wholesale, and strong sales in special-licensed medicines. • We were able to mitigate the impact of higher fuel prices by passing costs through to customers. Due to a one-off inventory provision of EUR 0.7 million, Group profitability was at last year’s level. • Our supply chain operations remained stable in both countries despite exceptionally high inventory levels and capacity pressures. • Implementation strategy for ERP and warehouse management programme revised based on insights from the first deployment. Timeline allows parallel core build and direct deployment in Järvenpää. • Kronans Apotek: Another quarter of growth and profitability improvement through a disciplined focus on commercial performance, customer value and cost efficiency. Net sales 53.0 (50.4) +5.1% EUR million Adjusted EBITDA margin 18.1% (19.0%) Q3 26 Adjusted EBITDA 9.6 (9.6) EUR million 29 OCTOBER 2026Q3 2026 4
Page 5
• In the third quarter, the value of the pharmaceutical distribution market grew in Sweden (7.8%), while growth in Finland remained low (0.5%). • Geopolitical developments continued to contribute to an uncertain operating environment, with high fuel prices and inflationary pressure. • Pharmaceutical companies continued building inventories to ensure availability of pharmaceuticals. • In advisory services, the continued uncertainty reflected in more cautious customer decision-making and longer lead times for new engagements. • The consumer confidence indicator was still weak in Finland and below long-term average, while it rose sharply in Sweden in September but is broadly in line with historical average. Operating environment 29 OCTOBER 2026Q3 2026 5
Page 6
Services segment in Q3: Strong partnerships deliver results • Strengthened joint account planning to improve value and margins over time. • Extended key partnerships and secured new business for 2027 onwards. • Continued partnerships in Finland supported Q3 growth, healthy pipeline across markets. • Further strengthened customer engagement and expanded Nordic collaboration to build an integrated multi-country advisory offering. • Advisory services sales remained weak, but actions support long-term development. • Launched a fully AI-enabled commercial data service in Sweden, converting medical information enquiries into actionable product insights. • Net sales grew by 3.7% to EUR 36.4 (35.1) million supported by continued high volumes in speciality flows, including export, vaccines and animal health, and solid development in direct-to-pharmacy deliveries. • Adjusted EBITDA improved to EUR 10.1 (9.6) million. • The improvement in adjusted EBITDA was driven by net sales growth, while most of the impact of higher fuel prices was mitigated. The Services segment consists of distribution of pharmaceuticals, value- adding services and parallel import in the Nordics. The segment also includes advisory services and commercial data solutions. 29 OCTOBER 2026Q3 2026 6
Page 7
Products segment in Q3: Focused growth plan brings positive outcome • Continued to align portfolio to growing sales channels and focus on products that support profitable growth. • Continuous development of own brands, including pricing and product offerings, to strengthen their competitiveness and relevance. • Recent launches have been well received, and new listings gained. • Net sales grew by 8.8% to EUR 16.8 (15.4) million supported by wholesale growth and strong sales of special-licensed medicines in both Finland and Sweden, continued growth in dose dispensing in Finland, and expansion into a major speciality retail channel in Sweden. • Adjusted EBITDA was EUR 1.7 (1.9), impacted by the one-off own product inventory provision of EUR 0.7 million related to a slow-moving special-licensed medicine. The Products segment consists of wholesale of traded goods and over-the- counter (OTC) products covering Oriola’s own brands and special licensed medicines in Finland and Sweden. The segment also includes the dose dispensing business in Finland. 29 OCTOBER 2026Q3 2026 7
Page 8
29 OCTOBER 2026Q3 2026 8 Continuous improvements enhance supply chain efficiency • Stable operations in Finland and Sweden despite elevated inventory levels and increased capacity pressure. • Efficiency gains from transport planning, delivery accuracy improvements, route optimisation in Northern Sweden and streamlined tote sorting processes. • AI-enabled demand and inventory planning improving product availability while releasing working capital. • Additional handling and external warehousing costs due to increased customer stock-building activities.
Page 9
29 OCTOBER 2026Q3 2026 9 Modernising Oriola’s physical and digital infrastructure is a key part of delivering the 10+10+10 roadmap to double EBITDA by 2029 and strengthen the foundation for future growth. Timeline and investment of ERP and warehouse management programmeupdated • Implementation strategy revised based on insights from the first deployment. • Strengthened programme governance, internal organisation and new implementation partner appointed. • The revised timeline extends to 2028 and increases investment-related costs to EUR 54 million (previously 2027 and EUR 35 million). This enables parallel core build in Sweden and Finland, followed by phased implementation. • Direct deployment planned to the new Järvenpää distribution centre. Other projects progressing according to plan • Järvenpää distribution centre construction advancing according to schedule. • Enköping automation upgrade entered implementation phase in September, planned go-live in Q1 2027. Strategic projects to modernise Oriola, support long- term competitiveness and improve profitability
Page 10
Financial review 29 OCTOBER 2026Q3 2026 10
Page 11
Invoicing and net sales Invoicing EUR million Q3 25 Q3 26 1,019 1,054 7-9 2026 • Invoicing increased by 3.4% to EUR 1,053.6 (1,018.6) million. • Net sales increased by 5.1% to EUR 53.0 (50.4) million. • Net sales growth driven especially by the Products segment. +3.4% 50.4 53.0 Q3 25 Q3 26 +5.1% Net sales EUR million YTD 25 YTD 26 3,091 3,264 YTD 25 YTD 26 156.4 158.9+5.6% +1.6% 1-9 2026 • Invoicing increased by 5.6% to EUR 3,263.8 (3,091.4) million. • Net sales increased by 1.6% to EUR 158.9 (156.4) million • Excluding Swedish dose dispensing business sales in Q1 2025, net sales grew by 4.1%. 29 OCTOBER 2026Q3 2026 11
Page 12
EBITDA Adjusted EBITDA EUR million 7-9 2026 • Adjusted EBITDA margin 18.1% (19.0%). • One-off own products inventory provision of EUR 0.7 million. • Adjusting items totalled EUR -3.5 (-2.6) million and included EUR -3.4 million ERP investment related implementation cost in Group administration. EBITDA was EUR 6.1 (7.0) million. 7.0 6.1 2.6 3.5 Q3 25 Q3 26 9.6 9.6 14.5 15.3 10.7 10.0 YTD 25 YTD 26 25.2 25.3 Adjusting items EBITDA 1-9 2026 • Adjusted EBITDA margin 15.9% (16.1%). • One-off own products inventory provision of EUR 0.7 million. • Higher fuel prices increased freight cost in Q2. • Excluding the Swedish dose dispensing business, adjusted EBITDA amounted to EUR 25.3 (25.0) million. • Adjusting items in EBITDA totalled EUR -10.1 (-10.7) million and included EUR -9.4 million ERP investment related implementation costs in Group administration. EBITDA was EUR 15.3 (14.5) million. 29 OCTOBER 2026Q3 2026 12
Page 13
Services segment Invoicing EUR million Adjusted EBITDA EUR million 9.6 10.1 Q3 25 Q3 26 7-9 2026 • Adjusted EBITDA increased to EUR 10.1 (9.6) million, with an adjusted EBITDA margin of 27.7% (27.3%). • The improvement in adjusted EBITDA was driven by net sales growth, while most of the impact of higher fuel prices was mitigated in the third quarter. • Adjusting items totalled -0.0 (-0.9) million. 7-9 2026 • Invoicing grew by 3.3% to EUR 1,039.1 million and net sales grew by 3.7% to EUR 36.4 million. • Export, vaccine, and animal health volumes remained at a high level. • Solid contribution from value-added services. • Existing and recently started partnerships in Finland supported growth. • Growth supported by customers’ strong performance and success in tendering in Sweden. • Growth in parallel imports, particularly in weight-loss medicines, continued. • Advisory net sales continued to be lower than last year. Q3 25 Q3 26 1,006 1,039 35.1 36.4 Q3 25 Q3 26 +3.3% +1.7% +5.4% Net sales EUR million YTD 25 YTD 26 3,050 3,222 +5.6% 27.3 27.1 YTD 25 YTD 26 108.3 110.1 YTD 25 YTD 26 +3.7% -0.6% 29 OCTOBER 2026Q3 2026 13
Page 14
15.4 16.8 Q3 25 Q3 26 Products segment Net sales EUR million Adjusted EBITDA EUR million 1.9 1.7 Q3 25 Q3 26 +8.8% -11.2% YTD 25 YTD 26 4.0 4.8+19.0% YTD 25 YTD 26 50.5 49.0 7-9 2026 • Adjusted EBITDA decreased to EUR 1.7 (1.9) million, with an adjusted EBITDA margin of 10.0% (12.3%). • A one-off own products inventory provision of EUR 0.7 million related to a slow-moving special licensed medicine impacted the adjusted EBITDA negatively. • There were no adjusting items in the reporting period. 7-9 2026 • Net sales grew by 8.8% to EUR 16.8 million. • Growth supported by wholesale in Finland and Sweden, and dose dispensing in Finland. • Sales of special-licensed medicines were strong in both markets. • Measures to strengthen price competitiveness of own brands in the grocery channel also began to support sales in Finland • In Sweden, growth was further supported by expansion into a major speciality retail channel. -3.0% Excl. Swedish dose dispensing business, net sales grew by 4.6% Excl. Swedish dose dispensing business, adjusted EBITDA was EUR 4.8 (3.8) million and adjusted EBITDA margin 9.8% (8.4%). 29 OCTOBER 2026Q3 2026 14
Page 15
Improved net profit YTD compared to last year Net profit EUR million EBITDA -9.7 Depreciation, amortisation and impairments EBIT -5.0 Financial income and expenses -1.6 Share of results in joint venture -0.2 Income taxes Profit for the period 15.3 5.6 -1.3 EBITDA -14.7 Depreciation, amortisation and impairments EBIT -4.6 Financial income and expenses -3.9 Share of results in joint venture -0.5 Income taxes Profit for the period 14.5 -0.2 -9.3 2026 1-9 2025 1-9 1-9 2026 • EBITDA above last year mainly due to lower adjusting items. • Adjusting items totalled EUR -10.1 (-10.7) million and included EUR -9.4 million ERP investment related implementation costs in Group administration. • 2025 figures includes impairment and write-down related to Svensk dos of EUR -5.7 million. • Depreciations for Mankkaa increased as a result to the expected lifetime being shorter due to the move to Järvenpää. • Loss of EUR 1.6 (loss of 3.9) million from share of results in joint venture (Kronans Apotek). • EPS -0.01 (-0.05). 29 OCTOBER 2026Q3 2026 15
Page 16
Free cash flow Free cash flow EUR million EUR million 1-9 2026 1-9 2025 Abs. change EBITDA 15.3 14.5 0.8 Adjustments 0.7 -1.4 2.1 Change in NWC -34.5 -0.7 -33.8 Taxes paid -2.8 -2.7 -0.1 Investments -8.5 -1.8 -6.7 Free cash flow -29.8 11.6 -41.4 1-9 2026 • EBITDA above last year mainly due to lower adjusting items. • Increase in trade receivables has negatively impacted working capital, primarily due to a reduced number of customers in the factoring programme and the customer mix in invoicing growth. • Investments consisted of investment in land area for the new Järvenpää distribution centre and investment to modernise and expand the automation capabilities at distribution centre in Enköping. • Free cash flow EUR -29.8 (11.6) million. Free cash flow = Operating cash flow before financial items and taxes – taxes paid – investments in tangible and intangible assets 29 OCTOBER 2026Q3 2026 16
Page 17
Net debt on a low level Net interest-bearing debt EUR million Net interest-bearing debt items EUR million Sep 2026 Sep 2025 Abs. change Bank loans (syndicated bank & term) 30.0 30.0 0.0 Commercial papers 19.8 17.9 1.9 Advance payment from pharmacies 11.8 10.9 0.9 Lease liabilities 9.5 12.3 -2.8 Interest-bearing debt 71.2 71.0 0.2 Cash and cash equivalents 108.7 107.6 1.1 Net interest-bearing debt -37.5 -36.6 -0.9 Sold trade receivables 99.6 109.1 -9.5 Unused facilities Short-term credit limits 40.0 40.0 - Revolving credit facility 70.0 70.0 - -7 -37 -64 -48 -37 -82 -58 -35 -38 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 29 OCTOBER 2026Q3 2026 17
Page 18
Solid financial position Gearing and equity ratio % -49 -41 -31 -81 -63 -39 -41 16 15 16 13 12 12 12 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Gearing Equity ratio Sep 2026 • No major changes compared to the previous quarter. • Compared to last year, net result has improved and in 2026 free cash flow has been negative mainly due to change in the factoring programme and bigger investments. 29 OCTOBER 2026Q3 2026 18
Page 19
Kronans Apotek (Swedish Pharmacy Holding) Kronans Apotek delivered another quarter of growth and improved profitability. Sales increased by 6.5% year-on-year and EBITA improved to EUR 4.6 (2.7) million. Market share was 20.8%. • Disciplined focus on commercial performance, customer value and cost efficiency. • Brand acceleration and a refined pricing strategy strengthened customer offering, market position and competitiveness. Net promoter score (NPS) showed strong development throughout the quarter. • Organisational restructuring and enhanced internal governance contributed to simpler, harmonised and more effective ways of working. Reduced reliance on external consultants, increased use of internal capabilities and process improvements, supported operational efficiency, cost control and savings. • A stronger foundation for customer loyalty was established: new CRM and marketing automation platform. • Kronans Apotek remains focused on strengthening its commercial performance, maintaining cost discipline and delivering sustainable profitable growth. • Key priorities for Q4 include further developing sales growth through the customer offering, accelerating e- commerce and customer loyalty initiatives, and continuing efficiency improvements, cost control and productivity measures across the organisation to support further savings and sustainable margins. Key figures EUR million 2026 7-9 2025 7-9 Change % 2026 1-9 2025 1-9 Change % 2025 1-12 Net sales 321.5 302.0 6.5 977.3 910.7 7.3 1223.1 EBITA 4.6 2.7 66.7 5.4 1.0 424.6 -4.4 EBIT 2.3 0.5 382.0 -1.5 -5.8 74.1 -45.0 Adjusted EBIT 2.3 2.1 11.7 0.1 -1.0 111.5 -7.4 Adjusted EBIT % 0.7 0.7 5.0 0.0 -0.1 110.7 -0.6 Result for the period 1.8 -0.1 -3.2 -7.8 58.6 -45.7 Net interest-bearing debt 77.9 92.4 -15.7 77.9 92.4 -15.7 86.9 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. 29 OCTOBER 2026Q3 2026 19
Page 20
Outlook In 2026, the pharmaceutical distribution market is expected to continue to grow. Value growth is expected to be driven by high-value pharmaceuticals and products requiring advanced logistics. The uncertainty in the geopolitical environment remains, and the availability issues of certain pharmaceuticals are expected to continue. Typically, in economic uncertainty, consumers tend to shift purchases of everyday health and wellness products toward low-price categories. For 2026, Oriola expects the adjusted EBITDA to increase from the previous year (2025: EUR 35.1 million). The expectation of improved adjusted EBITDA is based on growing markets and strategy execution. Outlook published on 25 February 2026. 29 OCTOBER 2026Q3 2026 20
Page 21
Building the foundation for future growth. Q3 26 Key takeaways Commercial execution and operational improvements are delivering results. Solid business performance and profitable growth. Outlook for 2026 reiterated: Adjusted EBITDA expected to increase from the previous year.
Page 22
Our next events 25 November 2026 Sijoittaja 2026 retail investor event 23 February 2027 Financial Statements Release 2026 Thank you for joining us today!