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Orion Interim Report January-September 2025 28 October 2025
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Disclaimer This presentation contains forward-looking statements which involve risks and uncertainty factors. These statements are not based on historical facts but relate to the Company’s future activities and performance. They include statements about future strategies and anticipated benefits of these strategies. These statements are subject to risks and uncertainties. Actual results may differ substantially from those stated in any forward-looking statement. This is due to a number of factors, including the possibility that Orion may decide not to implement these strategies and the possibility that the anticipated benefits of implemented strategies are not achieved. Orion assumes no obligation to update or revise any information included in this presentation. All the figures in this presentation have been rounded, which is why the total sums of individual figures may differ from the total sums shown. 28 October 2025 © Orion Corporation2
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• European Commisson approval for darolutamide + ADT in patients with mHSPC • All-time-high Nubeqa® royalties and product deliveries to Bayer in Q3 • Generics and Consumer Health had a strong quarter • ODM-105 (tasipimidine) Phase 2 trial did not reach its target • Development for the treatment of insomnia discontinued 28 October 20253 Q3 2025 Highlights © Orion Corporation
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Net sales, EUR million Operating profit, EUR million 28 October 20254 Q3 2025 Financial highlights Operating cash flow per share, EUR 341.3 Q3/2024 Q3/2025 471.3 423.2 130.0 -10.2% Q3/2024 Q3/2025 202.0 121.0 72.0 130.0 -40.1% Operating profit margin 28.6% (42.9%) Q3/2024 Q3/2025 0.48 0.55 +15.3% © Orion Corporation Underlying business Major milestones +24.0% +68.1%
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Net sales bridge (MEUR) from Q3/24 to Q3/25 28 October 2025 © Orion Corporation5 -59.1 1 2.1 2 6.9 3 2.1 471.3 423.2 4 -0.9 5 0.8 Q3/2024 Q3/20256 1 Innovative Medicines 4 Animal Health 2 Branded Products 5 Fermion 3 Generics and Consumer Health 6 Translation differences and other operations The figures in the chart are rounded, which is why the total sums of individual figures may differ from the total sums. The decline is due to major milestones total of EUR 130 million booked in Q3/2024 (vs. no major milestones in Q3/2025). Underlying net sales increased by EUR 70.9 million.
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Operating profit bridge (MEUR) Q3/24 to Q3/25 28 October 2025 © Orion Corporation6 16.0 1 3.7 2 -4.6 6 -3.9 5 -129.9 4 49.8 3 202.0 121.0 7 Q3/2025 -11.8 Q3/2024 1 Change in sales volume 5 Milestones 2 Changes in prices, COGS and product mix 6 Other operating income and expenses 3 Exchange rate effect on gross margin 7 Fixed cost 4 Royalties The figures in the chart are rounded, which is why the total sums of individual figures may differ from the total sums. The decline is due to major milestones total of EUR 130 million booked in Q3/2024 (vs. no major milestones in Q3/2025).
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Net sales, EUR million Operating profit, EUR million 28 October 20257 January-September 2025 Financial highlights Operating cash flow per share, EUR 978.0 130.0 YTD9/2024 YTD9/2025 1,108.0 1,194.2 +7.8% 193.8 130.0 YTD9/2024 YTD9/2025 323.8 303.5 -6.3% Operating profit margin 25.4% (29.2%) YTD9/2024 YTD9/2025 1.46 1.67 +14.5% © Orion Corporation Underlying net sales Major milestones +22.1% +56.6%
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28 October 2025 © Orion Corporation8 Innovative Medicines Nubeqa® sales (MEUR) 41 32 51 69 54 9622 18 21 26 36 38 44 48 2023 Q4 2024 Q1 2024 Q2 2024 Q3 116 2024 Q4 2025 Q1 2025 Q2 62 50 72 95 152 92 140 2025 Q3 166 118 Royalties Product sales to BayerNubeqa® Other Major milestones MEUR MEUR +70.7% +74.8%216.3 21.5 130.0 YTD9/2024 397.2 18.4 YTD9/2025 367.8 415.6 +13.0% 95.2 5.1 130.0 Q3/2024 165.6 5.5 Q3/2025 230.2 171.1 -25.7%
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28 October 2025 © Orion Corporation9 Branded Products • Growth slowed down somewhat in Q3 due to timing of some deliveries • CNS YTD sales growing mainly due to entacapone sales in Japan • Easyhaler® budesonide- formoterol the growth driver for respiratory therapy area 39.7 21.0 5.9 Q3/2024 42.1 19.8 6.8 Q3/2025 66.7 68.7 +3.1% Respiratory CNS Women’s Health MEUR 122.7 67.4 17.8 YTD9/2024 132.9 71.4 21.8 YTD9/2025 207.9 226.1 +8.8% MEUR
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28 October 2025 © Orion Corporation10 Generics and Consumer Health • New launches and good availability of Orion products in Finland supported growth • Good availability of Orion products in Scandinavia supported growth • Very good performance in Q3 and YTD taking into account that the sales of Simdax and dexmedetomidine products are still declining fast 96.9 32.1 Q3/2024 102.0 33.9 Q3/2025 128.9 135.9 5.4% Generic prescription drugs Self-care products MEUR 289.7 96.5 YTD9/2024 304.2 98.3 YTD9/2025 386.2 402.5 4.2% MEUR
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28 October 2025 © Orion Corporation11 Animal Health • The growth came from various different products and regions • In Q3 the growth was somewhat slowed down by the timing of some deliveries 24.4 7.0 Q3/2024 27.3 6.2 Q3/2025 31.3 33.5 +6.8% Other products Sedatives product portfolio MEUR 67.4 25.8 YTD9/2024 80.1 25.4 YTD9/2025 93.2 105.5 +13.2% MEUR
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TOP 10 products and net sales split in YTD9/2025 28 October 2025 © Orion Corporation12 Product or product portfolio EUR million vs. YTD9/2024 1. Nubeqa® 397.2 +83.6% 2. Easyhaler® product portfolio 129.7 +7.9% 3. Entacapone products1 64.5 +4.6% 4. Dexdomitor®, Domitor®, Domosedan®, Antisedan® 25.4 -1.6% 5. Divina® series 21.8 +22.9% 6. Burana® 17.5 -1.7% 7. Trexan® 12.3 +9.6% 8. Simdax® 12.2 -13.8% 9. Quetiapine products 9.9 +10.4% 10. Dexmedetomidine products for human use2 8.3 -31.4% Innovative Medicines Branded Products Animal Health Generics and Consumer Health 1 Stalevo®, Comtess®, Comtan® and other entacapone products 2 Dexdor®, Precedex® and other dexmedetomidine products 35% 19% 34% 9% 4% Innovative Medicines Branded Products Generics and Consumer Health Animal Health Fermion
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Orion’s key clinical development pipeline 13 Developed by Trial/compound Indication (or modality for pre-clinical assets) Phase I Phase II Phase III Registration ARASTEP (darolutamide) BCR (prostate cancer) DASL-HiCaP (darolutamide) (Neo-)Adjuvant prostate cancer OMAHA-003 (opevesostat) (later-line) metastatic castration-resistant prostate cancer OMAHA-004 (opevesostat) (front-line) metastatic castration-resistant prostate cancer LEVEL/TNX-103 (levosimendan) PH-HFpEF MK-5684-01A (opevesostat) metastatic castration-resistant prostate cancer OMAHA-015 (opevesostat) breast cancer endometrial cancer ovarian cancer CYPIDES (opevesostat)1 metastatic castration-resistant prostate cancer ODM-212 (TEAD inhibitor) solid tumours 1 study started prior license agreement with MSD and thus Orion is conducting and will complete the trial THERAPY AREAS Changes vs. Q2’2025: ARANOTE removed due to approvals in key markets, OMAHA1 renamed OMAHA-003, OMAHA2a renamed OMAHA-004, ODM-105 terminated and removed oncology cardiovascular BCR=biochemical recurrence after curative radiotherapy, PH-HFpEF=pulmonary hypertension in heart failure with preserved ejection fraction © Orion Corporation28 October 2025
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Progress toward decarbonization targets 28 October 202514 Turku steam project: Construction progressing to electrify steam production, expected to be operational in Q1 2026 Oulu plant: Successfully completed ahead of schedule transition from fossil to biobased fuel, projected to deliver locally ~90% CO2 reductions starting September 2025 Espoo steam project: On track and ready to enter the next phase latest by end of Q1 2026 Q3 Supplier engagement: Orion has launched an engagement program in 2025 targeting the highest-emitting suppliers not yet aligned with SBTi. In this program Orion offers support and exchanges best practices and technical expertise with its suppliers. Scope 1 & 2 Scope 3 © Orion Corporation Orion commits to reduce absolute scope 1 and 2 greenhouse gas (GHG) emissions 70% by 2030 from a 2023 base year. 70% Orion commits that 78% of its suppliers by emissions covering purchased goods and services, capital goods, and upstream transportation and distribution will have science-based targets by 2029. 78%
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28 October 2025 © Orion Corporation15 Net sales EUR 1,640–1,720 million Operating profit EUR 410–490 million Outlook for 2025 (specified on 28 Oct 2025)
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Upcoming events Financial Statement Release for 2025 12/2/2026 AGM planned to be held 24/3/2026 Interim Report 1–3/2026 23/4/2026 Half-Year Financial Report 1–6/2026 17/7/2026 Interim Report 1–9/2026 28/10/2026 The Financial Statements and the Report by the Board of Directors for 2025 will be published on the Company's website at the latest in week 10/2026. 28 October 2025 © Orion Corporation16