Oriola (OKDBV) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 increased by 9.2% year-over-year to EUR 463.3 million, with sales margin up 6.3% to EUR 40.0 million and adjusted EBITDA rising 14.3% to EUR 9.6 million, supported by both Distribution and Wholesale segments and early vaccine deliveries.

• For the first nine months, net sales grew 13.3% to EUR 1,404.2 million, sales margin rose 5.3% to EUR 123.6 million, and adjusted EBITDA reached EUR 25.2 million.

• Market share in the Kronans Apotek joint venture remained stable at 20.9%, with 3% sales growth and ongoing ERP integration.

• Strategic initiatives included ERP and WMS upgrades, expansion of warehousing, and sustainability achievements.

• Profit for Q3 was EUR 1.7 million, but for the nine months, the group posted a loss of EUR -9.3 million, impacted by impairments and adjusting items.

Financial highlights

• Q3 2025 net sales: EUR 463.3 million (+9.2% YoY); sales margin: EUR 40.0 million (+6.3% YoY); adjusted EBITDA: EUR 9.6 million (+14.3% YoY).

• Year-to-date net sales: EUR 1,404.2 million (+13.3% YoY); sales margin: EUR 123.6 million (+5.3% YoY); adjusted EBITDA: EUR 25.2 million.

• Free cash flow for 1-9 2025: EUR 11.6 million (vs. EUR 4.2 million in 2024); Q3 free cash flow was EUR -9.2 million.

• Net interest-bearing debt at EUR -36.5 million, reflecting a strong cash position; gearing improved to -31.0%.

• EPS for 1-9 2025: EUR -0.05 (vs. EUR -0.01 in 2024); equity per share at EUR 0.64.

Outlook and guidance

• Adjusted EBITDA for 2025 expected to increase from 2024 (EUR 33.4 million), driven by market growth and strategy execution.

• Pharmaceutical distribution market anticipated to grow, but geopolitical uncertainty and product availability issues persist.

• Weak consumer confidence may impact wholesale market, with a shift to low-price categories expected.