Orion (ORNBV) investor relations material

Executive summary

• Achieved record net sales and operating profit for 2025, with all business divisions performing strongly and significant R&D progress, including a €180 million milestone payment from Bayer for Nubeqa.

• Nubeqa sales and royalties were key growth drivers, with Innovative Medicines division net sales up 54.8% year-over-year.

• Advanced clinical pipeline with phase II initiation for ODM-212, partner-initiated phase III trial for levosimendan, and a new R&D center in Cambridge.

• Secured new approvals, license agreements, and expanded partnerships in innovative medicines and oncology.

• Board proposes a dividend of €1.80 per share for 2025, to be paid in two instalments.

Financial highlights

• Q4 2025 net sales rose 60.1% year-over-year to €695.3 million; operating profit up 253.8% to €328.1 million.

• Full-year 2025 net sales increased 22.5% to €1,889.5 million; operating profit up 51.6% to €631.6 million.

• Operating profit margin for 2025 was 33.4%, up from 27.0% in 2024.

• Operating cash flow per share grew 7.8% year-over-year to €2.25.

• Equity ratio improved to 64.1% (from 61.9%), and return on equity rose to 43.7% (from 34.8%).

Outlook and guidance

• 2026 net sales guidance: €1.9–2.1 billion; operating profit: €550–750 million.

• Growth expected from Nubeqa royalties and product sales, Branded Products, and Animal Health; Generics and Consumer Health to remain stable or grow slightly.

• No material milestone payments included in 2026 outlook.

• Continued investment in R&D and sales/marketing expected to drive OpEx higher in 2026.

• Dividend proposal of €1.80 per share, payable in two installments.