Oriola (OKDBV) Q2 2026 earnings summary

Executive summary

• Net sales grew by 1.7% year-over-year to EUR 51.8 million in Q2 2026, with adjusted EBITDA stable at EUR 8.1 million and a margin of 15.6% (15.8% last year), despite higher freight costs.

• Positive sales development in the Finnish wholesale business and efficiency improvements in supply chain operations.

• Kronans Apotek achieved revenue growth and improved profitability, continuing its operational improvement agenda.

• Market share remained stable in both Finland and Sweden.

• Invoicing increased by 5.3% in Q2, driven by both Services and Products segments.

Financial highlights

• Q2 net sales grew by 1.7% to EUR 51.8 million; adjusted EBITDA was EUR 8.1 million, unchanged from last year.

• Adjusted EBITDA for H1 2026 was EUR 15.7 million, up 1.0% year-over-year; EBITDA margin was 15.5%.

• Net profit for H1 improved to EUR -3.3 million from EUR -11.0 million a year earlier; EPS at -0.02.

• Free cash flow for H1 was EUR -35.2 million, impacted by increased trade receivables and investments.

• Net interest-bearing debt at EUR -34.6 million, with a solid equity ratio of 12%.

Outlook and guidance

• Adjusted EBITDA for 2026 is expected to increase from 2025 (EUR 35.1 million), supported by market growth, strategy execution, and cost discipline.

• Pharmaceutical distribution market is forecasted to grow, driven by high-value products and advanced logistics.

• Geopolitical uncertainty and pharmaceutical availability issues are expected to persist.

• Cash conversion target of 80%-100% for the full year remains unchanged despite H1 volatility.