| EUR million | |||||
2025 | Note | Distribution | Wholesale | Group items | Total |
External invoicing | 3,826.7 | 374.5 | - | 4,201.2 | |
Internal invoicing | - | 0.3 | -0.3 | - | |
Invoicing | 3,826.7 | 374.8 | -0.3 | 4,201.2 | |
Sales to external customers | 1 531.8 | 374.4 | - | 1,906.2 | |
Sales to other segments | - | 0.3 | -0.3 | - | |
Net sales | 4.2. | 1,531.8 | 374.8 | -0.3 | 1,906.2 |
EBITDA | 28.3 | 10.0 | -18.0 | 20.3 | |
Adjusted EBITDA | 32.6 | 10.3 | -7.9 | 35.1 | |
EBIT | 13.8 | 6.9 | -18.2 | 2.6 | |
Non-current assets | 69.6 | 9.2 | 207.4 | 286.2 | |
Investments | 6.1./6.2. | 2.9 | 0.0 | 0.2 | 3.2 |
Depreciation, amortisation and impairments | 6.1./6.2. | 14.5 | 3.1 | 0.2 | 17.7 |
Average number of personnel, full time equivalents | 445 | 288 | 80 | 813 | |
| 2024 | |||||
External invoicing | 3,456.5 | 315.3 | - | 3,771.8 | |
Internal invoicing | - | 0.6 | -0.6 | - | |
Invoicing | 3,456.5 | 315.9 | -0.6 | 3,771.8 | |
Sales to external customers | 1,364.7 | 315.0 | - | 1,679.7 | |
Sales to other segments | - | 0.6 | -0.6 | - | |
Net sales | 4.2. | 1,364.7 | 315.6 | -0.6 | 1,679.7 |
EBITDA | 29.1 | 11.5 | -13.3 | 27.2 | |
Adjusted EBITDA | 27.6 | 12.5 | -6.7 | 33.4 | |
EBIT | 20.4 | 8.5 | -15.3 | 13.6 | |
Non-current assets | 60.3 | 20.0 | 232.4 | 312.8 | |
Investments | 6.1./6.2. | 2.6 | 0.2 | 0.1 | 2.9 |
Depreciation, amortisation and impairments | 6.1./6.2. | 8.6 | 3.0 | 2.0 | 13.6 |
Average number of personnel, full time equivalents | 447 | 292 | 74 | 812 |
EUR million | 2025 | 2024 |
Restructuring costs | -0.1 | -0.1 |
ERP investment related costs | -9.6 | -5.9 |
Sale of dose dispensing business in Sweden | -3.0 | -0.8 |
Feasibility study of logistics operations in Finland | -1.6 | - |
Service agreement settlement | - | -0.9 |
Compensation from court appeal | - | 1.4 |
Other | -0.5 | - |
Total adjusting items included in EBITDA | -14.8 | -6.2 |
Impairments and write-downs | -5.7 | -1.9 |
Total adjusting items included in EBIT | -20.5 | -8.1 |
| Geographical information | ||||
| EUR million | Other | |||
2025 | Sweden | Finland | countries | Total |
Sales to external customers | 1,214.6 | 565.3 | 126.3 | 1,906.2 |
Non-current assets* | 3.7 | 282.2 | 0.4 | 286.2 |
Investments | 1.8 | 1.3 | - | 3.2 |
Average number of personnel, full time equivalents | 377 | 428 | 8 | 813 |
| EUR million | Other | |||
2024 | Sweden | Finland | countries | Total |
Sales to external customers | 1,093.8 | 549.8 | 36.2 | 1,679.7 |
Non-current assets* | 29.2 | 283.7 | - | 312.8 |
Investments | 1.0 | 1.8 | - | 2.9 |
Average number of personnel, full time equivalents | 394 | 418 | - | 812 |
Item | Nature of management judgement | Note |
Revenue recognition | Principal vs. agent assessment | 4.2. |
Inventories | Principal vs. agent assessment | 5.2. |
| Changes in the fair value of the investment | ||
| Other shares | (Doktor.se) | 6.3. |
Lease liabilities | Determining lease term for contracts | 7.1. |
Item | Nature of assumptions and estimates | Note |
Defined benefits | Key actuarial assumptions | 4.4. |
| Projection parameters and key assumptions | ||
| Impairment testing/ | used in determining the underlying | |
| goodwill | recoverable amounts | 6.2. |
| Impairment testing/joint | ||
venture | Events or change in circumstances | 10.4. |
| Net sales by currency | ||||
2025 | 2024 | |||
Million | SEK | EUR | SEK | EUR |
Sweden | 14,698.3 | 1,328.2 | 12,782.9 | 1,118.1 |
Finland | 578.0 | 561.5 | ||
Total | 1,906.2 | 1,679.7 |
| EUR million | |||
2025 | Distribution | Wholesale | Total |
Services and products | 1,479.7 | 249.6 | 1,729.3 |
Other* | 52.1 | 124.8 | 176.9 |
Total | 1,531.8 | 374.4 | 1,906.2 |
| EUR million | |||
2024 | Distribution | Wholesale | Total |
Services and products | 1,302.3 | 244.0 | 1,546.4 |
Other* | 62.4 | 70.9 | 133.3 |
Total | 1,364.7 | 315.0 | 1,679.7 |
EUR million | 31 Dec 2025 | 31 Dec 2024 |
Advances received from pharmacies | 8.3 | 7.9 |
Advances received related to other services | 0.1 | 0.1 |
Total | 8.4 | 8.0 |
EUR million | 2025 | 2024 |
Gains on sales of tangible and intangible assets | 0.0 | - |
Rental income | 0.2 | 0.1 |
Service charges | 0.3 | 1.4 |
Other operating income | 0.7 | 2.9 |
Total | 1,1 4.5 |
EUR million | 2025 | 2024 |
Purchases during the period | 1,744.6 | 1,535.5 |
Change in inventories | -5.9 | -16.6 |
Products for own use | -0.1 | -0.1 |
Foreign exchange differences | 0.4 | 0.4 |
Total | 1,739.0 | 1,519.3 |
| Materials and supplies by currency | ||
| 2025 | ||
Million | SEK | EUR |
Sweden | 13,714.1 | 1,239.3 |
Finland | 499.8 | |
Total | 1,739.0 | |
| 2024 | ||
Million | SEK | EUR |
Sweden | 11,782.7 | 1 030.6 |
Finland | 488.6 | |
Total | 1,519.3 |
| Other operating expenses | ||
EUR million | 2025 | 2024 |
Freights and other variable costs | 30.2 | 30.2 |
Marketing | 0.6 | 0.7 |
Information management | 11.8 | 9.9 |
Premises | 5.9 | 5.7 |
External services | 26.6 | 25.7 |
Other operating expenses | 12.2 | 9.4 |
Total | 87.4 | 81.6 |
| Audit fees | ||
EUR million | 2025 | 2024 |
| To member firms of KPMG network | ||
Fees for statutory audit | 0.3 | 0.3 |
Fees for other audit assignments | 0.1 | 0.1 |
Fees for other services | 0.0 | 0.0 |
Total | 0.4 | 0.4 |
EUR million | 2025 | 2024 |
Purchases during the period | 1,744.6 | 1,535.5 |
Change in inventories | -5.9 | -16.6 |
Products for own use | -0.1 | -0.1 |
Foreign exchange differences | 0.4 | 0.4 |
Total | 1,739.0 | 1,519.3 |
| Materials and supplies by currency | ||
| 2025 | ||
Million | SEK | EUR |
Sweden | 13,714.1 | 1,239.3 |
Finland | 499.8 | |
Total | 1,739.0 | |
| 2024 | ||
Million | SEK | EUR |
Sweden | 11,782.7 | 1 030.6 |
Finland | 488.6 | |
Total | 1,519.3 |
| Other operating expenses | ||
EUR million | 2025 | 2024 |
Freights and other variable costs | 30.2 | 30.2 |
Marketing | 0.6 | 0.7 |
Information management | 11.8 | 9.9 |
Premises | 5.9 | 5.7 |
External services | 26.6 | 25.7 |
Other operating expenses | 12.2 | 9.4 |
Total | 87.4 | 81.6 |
| Audit fees | ||
EUR million | 2025 | 2024 |
| To member firms of KPMG network | ||
Fees for statutory audit | 0.3 | 0.3 |
Fees for other audit assignments | 0.1 | 0.1 |
Fees for other services | 0.0 | 0.0 |
Total | 0.4 | 0.4 |
EUR million | 2025 | 2024 |
Gains on sales of tangible and intangible assets | 0.0 | - |
Rental income | 0.2 | 0.1 |
Service charges | 0.3 | 1.4 |
Other operating income | 0.7 | 2.9 |
Total | 1,1 4.5 |
| Employee benefit expenses | ||
EUR million | 2025 | 2024 |
Wages, salaries and bonuses | 45.4 | 42.5 |
Share-based payments | 0.7 | 0.1 |
| Pension costs | ||
Defined contribution plans | 6.0 | 5.6 |
Defined benefit plans | 0.9 | 0.5 |
Other personnel expenses | 7.7 | 7.3 |
Total | 60.7 | 56.1 |
| Net defined benefit liability in the statement of financial position is | ||
| defined as follows: | ||
EUR million | 2025 | 2024 |
Present value of funded obligations | 15.6 | 14.7 |
Fair value of plan assets | -1.3 | -1.4 |
Deficit/surplus | 14.3 | 13.3 |
Net liability (+) / assets (-) in the statement of financial position | 14.3 | 13.3 |
| Change in defined benefit obligation and plan assets: | |||
| Present value | |||
| of funded | Fair value of | ||
| EUR million | obligation | plan assets | Total |
1 Jan 2024 | 14.8 | -1.4 | 13.4 |
Current service cost | 0.6 | - | 0.6 |
Interest cost or income | 0.5 | -0.1 | 0.4 |
15.9 | -1.4 | 14.5 | |
| Remeasurements | |||
| Actuarial gains (-) and losses (+) | |||
| arising from changes in financial | |||
assumptions | -0.1 | 0.0 | -0.1 |
Experience profits (-) or losses (+) | -0.1 | - | -0.1 |
15.7 | -1.4 | 14.3 | |
Differences in foreign exchange rates | -0.4 | - | -0.4 |
| Contributions | |||
Plan participants | - | -0.1 | -0.1 |
| Expenses arising from the plans | |||
Benefits paid | -0.6 | 0.1 | -0.5 |
31 Dec 2024 | 14.7 | -1.4 | 13.3 |
Current service cost | 0.9 | - | 0.9 |
Interest cost or income | 0.5 | -0.0 | 0.4 |
16.1 | -1.4 | 14.6 | |
| Remeasurements | |||
| Actuarial gains (-) and losses (+) | |||
| arising from changes in financial | |||
assumptions | -0.7 | 0.0 | -0.7 |
Experience profits (-) or losses (+) | -0.0 | - | -0.0 |
15.3 | -1.4 | 13.9 |
| Present value | |||
| of funded | Fair value of | ||
| EUR million | obligation | plan assets | Total |
Differences in foreign exchange rates | 0.8 | - | 0.8 |
| Contributions | |||
Plan participants | - | -0.0 | -0.0 |
| Expenses arising from the plans | |||
Benefits paid | -0.5 | 0.1 | -0.4 |
31 Dec 2025 | 15.6 | -1.3 | 14.3 |
Significant actuarial assumptions 31 Dec: | 2025 | 2024 | |
Discount rate (%) | 3.50 | 3.30 | |
Salary increases (%) | 2.20-3.45 | 2.30-3.45 |
| Sensitivity of the defined benefit obligation to changes in the most | ||
| significant assumptions: | ||
| Change in assumption | Effect of change | |
| Assumption | as percentage point | in assumption % |
Decrease in discount rate | -0.5 | increase by 9.9 |
Increase in discount rate | +0.5 | reduce by 8.8 |
Increase in salaries | +0.5 | increase by 2.5 |
Increase in benefits | +0.5 | increase by 9.9 |
| Changes in outstanding shares: | ||||
2025 | PSP 2022 | PSP 2024 | PSP 2025 | Total |
Outstanding shares 1 Jan | 1,136,948 | 1,574,160 | - | 2,711,108 |
Granted | - | 397,998 | 2,735,370 | 3,133,368 |
Forfeited | 147,100 | 224,876 | 202,624 | 574,600 |
Outstanding shares 31 Dec | 989,848 | 1,747,282 | 2,532,746 | 5,269,876 |
| 2025 | |
Share price at grant, EUR | 1.07 |
Share price at reporting period end, EUR | 1.15 |
Expected annual dividend yield, % | 6.6 |
Fair value 31 Dec, EUR | 1,001,668 |
| Key management benefits | ||
EUR thousand | 2025 | 2024 |
Salaries and other short-term employee benefits | 2,443.5 | 1,828.1 |
Post-employment benefits | 324.1 | 345.0 |
Termination benefits | - | 408.0 |
Share-based payments | 115.9 | 132.5 |
Total | 2,883.5 | 2,713.6 |
| Employee benefits to President and CEO | ||
EUR thousand | 2025 | 2024 |
| Katarina Gabrielson | ||
Basic salary | 477.8 | 427.5 |
Bonuses | 62.2 | - |
Share-based payments | - | 16.4 |
Pension expenses (statutory) | 37.3 | 36.1 |
Pension expenses (voluntary) | 20.5 | 42.0 |
Employee benefits to President and CEO total | 597.9 | 522.1 |
| Employee benefits to other members of the Oriola Management | ||
| Team | ||
EUR thousand | 2025 | 2024 |
Basic salary | 1,539.4 | 1,155.1 |
Bonuses | 109.2 | - |
Share-based payments | - | 5.1 |
Termination expenses * | - | 408.0 |
Pension expenses (statutory) | 266.2 | 243.2 |
Pension expenses (voluntary) | - | 23.6 |
Total | 1,914.8 | 1,835.0 |
| Remuneration of the members of the Board of Directors | ||
EUR thousand | 2025 | 2024 |
Heikki Westerlund, Chairman | 87.9 | 85.5 |
Harri P\u00e4rssinen, Vice Chairman | 52.8 | 52.5 |
Petra Axdorff* | 43.2 | 43.0 |
Ann Carlsson Meyer* | 44.2 | 41.0 |
Nina M\u00e4h\u00f6nen | 43.7 | 43.0 |
Yrj\u00f6 N\u00e4rhinen | 55.3 | 47.0 |
Ellinor Persdotter Nilsson | 43.7 | 42.5 |
Eva Nilsson B\u00e5genholm** | - | 2.0 |
| Total 370.8 356.5 |
| Change in defined benefit obligation and plan assets: | |||
| Present value | |||
| of funded | Fair value of | ||
| EUR million | obligation | plan assets | Total |
1 Jan 2024 | 14.8 | -1.4 | 13.4 |
Current service cost | 0.6 | - | 0.6 |
Interest cost or income | 0.5 | -0.1 | 0.4 |
15.9 | -1.4 | 14.5 | |
| Remeasurements | |||
| Actuarial gains (-) and losses (+) | |||
| arising from changes in financial | |||
assumptions | -0.1 | 0.0 | -0.1 |
Experience profits (-) or losses (+) | -0.1 | - | -0.1 |
15.7 | -1.4 | 14.3 | |
Differences in foreign exchange rates | -0.4 | - | -0.4 |
| Contributions | |||
Plan participants | - | -0.1 | -0.1 |
| Expenses arising from the plans | |||
Benefits paid | -0.6 | 0.1 | -0.5 |
31 Dec 2024 | 14.7 | -1.4 | 13.3 |
Current service cost | 0.9 | - | 0.9 |
Interest cost or income | 0.5 | -0.0 | 0.4 |
16.1 | -1.4 | 14.6 | |
| Remeasurements | |||
| Actuarial gains (-) and losses (+) | |||
| arising from changes in financial | |||
assumptions | -0.7 | 0.0 | -0.7 |
Experience profits (-) or losses (+) | -0.0 | - | -0.0 |
15.3 | -1.4 | 13.9 |
| Present value | |||
| of funded | Fair value of | ||
| EUR million | obligation | plan assets | Total |
Differences in foreign exchange rates | 0.8 | - | 0.8 |
| Contributions | |||
Plan participants | - | -0.0 | -0.0 |
| Expenses arising from the plans | |||
Benefits paid | -0.5 | 0.1 | -0.4 |
31 Dec 2025 | 15.6 | -1.3 | 14.3 |
Significant actuarial assumptions 31 Dec: | 2025 | 2024 | |
Discount rate (%) | 3.50 | 3.30 | |
Salary increases (%) | 2.20-3.45 | 2.30-3.45 |
| Sensitivity of the defined benefit obligation to changes in the most | ||
| significant assumptions: | ||
| Change in assumption | Effect of change | |
| Assumption | as percentage point | in assumption % |
Decrease in discount rate | -0.5 | increase by 9.9 |
Increase in discount rate | +0.5 | reduce by 8.8 |
Increase in salaries | +0.5 | increase by 2.5 |
Increase in benefits | +0.5 | increase by 9.9 |
| Changes in outstanding shares: | ||||
2025 | PSP 2022 | PSP 2024 | PSP 2025 | Total |
Outstanding shares 1 Jan | 1,136,948 | 1,574,160 | - | 2,711,108 |
Granted | - | 397,998 | 2,735,370 | 3,133,368 |
Forfeited | 147,100 | 224,876 | 202,624 | 574,600 |
Outstanding shares 31 Dec | 989,848 | 1,747,282 | 2,532,746 | 5,269,876 |
| 2025 | |
Share price at grant, EUR | 1.07 |
Share price at reporting period end, EUR | 1.15 |
Expected annual dividend yield, % | 6.6 |
Fair value 31 Dec, EUR | 1,001,668 |
EUR million | 2025 | 2024 |
Trade receivables | 311.7 | 247.1 |
Income tax receivables | 1.1 | - |
Prepaid expenses and accrued income | 2.4 | 2.3 |
VAT receivables | 0.2 | 8.2 |
Rental prepayments | 0.1 | 0.1 |
Other receivables | 0.6 | 0.9 |
Total | 316.2 | 258.8 |
2025 | 2024 | |||
| Gross | Gross | |||
| carrying | Loss | carrying | Loss | |
| EUR million | amount | allowance | amount | allowance |
Not past due | 296.6 | -0.0 | 233.7 | -0.0 |
Past due 1 - 30 days | 12.0 | -0.0 | 11.4 | -0.0 |
Past due 31 - 180 days | 2.3 | -0.0 | 2.1 | -0.0 |
Past due more than 180 days | 0.9 | -0.2 | 0.1 | -0.1 |
Total | 311.9 | -0.2 | 247.3 | -0.2 |
EUR million | 2025 | 2024 |
Opening loss allowance at 1 Jan | 0.2 | 0.3 |
Net remeasurement of loss allowance | 0.1 | 0.1 |
Amounts written off during the year as uncollectible | -0.0 | -0.1 |
Unused amount reversed | -0.0 | -0.2 |
Foreign exchange rate differences | 0.0 | -0.0 |
Closing loss allowance at 31 Dec | 0.2 | 0.2 |
EUR million | 2025 | 2024 |
Trade payables | 725.7 | 626.2 |
Income tax payables | 0.0 | 0.3 |
Accrued liabilities | 13.1 | 12.0 |
| Derivatives measured at fair value through profit | ||
and loss | 0.1 | 0.0 |
VAT liabilities | 17.4 | 5.3 |
Other current liabilities | 2.1 | 5.5 |
Total | 758.4 | 649.4 |
| Material items included in accrued liabilities | ||
EUR million | 2025 | 2024 |
| Accrued wages, salaries and social security | ||
payments | 9.8 | 9.2 |
Other accrued liabilities | 3.2 | 2.8 |
Total | 13.1 | 12.0 |
| Other non-current liabilities | ||
EUR million | 2025 | 2024 |
Derivatives | 0.4 | 0.5 |
Other non-current liabilities* | 0.5 | 0.5 |
Total | 0.9 | 1.0 |
| *Other non-current liabilities include long-service benefit liability. |
EUR million | 2025 | 2024 |
Raw materials and consumables | 0.0 | 0.0 |
Work in progress | 0.0 | 0.0 |
Finished goods | 188.4 | 176.2 |
Total | 188.5 | 176.3 |
| The inventories as of 31 December 2025 included pharmaceuticals |
| Property. plant and equipment | Buildings | Machinery | Other | Advance payments | |||
| EUR million | Land and | and | and | Right-of-use | tangible | and construction in | |
| 2025 | water | constructions | equipment | assets* | assets | progress | Total |
Historical cost 1 Jan 2025 | 1.8 | 59.6 | 53.0 | 29.6 | 0.6 | 3.6 | 148.2 |
Increases | - | 0.1 | 0.7 | 2.4 | 0.0 | 1.6 | 4.8 |
Acquired in business combinations | - | - | 0.0 | - | - | - | 0.0 |
Decreases | - | -0.0 | -1.2 | -3.0 | -0.1 | -3.3 | -7.6 |
Reclassifications | - | - | 0.9 | - | - | -0.9 | - |
Foreign exchange rate differences | 0.0 | 1.1 | 2.0 | 1.4 | 0.0 | 0.1 | 4.7 |
Historical cost 31 Dec 2025 | 1.8 | 60.7 | 55.7 | 30.3 | 0.5 | 1.2 | 150.1 |
Accumulated depreciation 1 Jan 2025 | - | -45.1 | -36.9 | -17.6 | -0.3 | -3.1 | -103.0 |
Accumulated depreciation related to decreases and reclassifications | - | 0.0 | 1.2 | 3.0 | 0.0 | 3.3 | 7.6 |
Depreciation for the financial year | - | -1.2 | -3.7 | -3.5 | -0.0 | - | -8.5 |
Foreign exchange rate differences | - | -0.6 | -1.3 | -0.9 | -0.0 | -0.2 | -3.0 |
Accumulated depreciation 31 Dec 2025 | - | -46.9 | -40.8 | -19.0 | -0.3 | -0.0 | -106.9 |
Carrying amount 1 Jan 2025 | 1.8 | 14.5 | 16.1 | 12.0 | 0.3 | 0.5 | 45.2 |
Carrying amount 31 Dec 2025 | 1.8 | 13.8 | 14.7 | 11.4 | 0.2 | 1.2 | 43.2 |
| 2024 | |||||||
Historical cost 1 Jan 2024 | 1.8 | 60.1 | 52.4 | 24.7 | 0.5 | 3.5 | 143.2 |
Increases | - | 0.1 | 1.3 | 7.0 | 0.1 | 1.1 | 9.6 |
Decreases | - | -0.1 | -0.5 | -1.5 | -0.1 | -0.0 | -2.1 |
Reclassifications | - | 0.0 | 0.9 | - | - | -0.9 | - |
Foreign exchange rate differences | -0.0 | -0.6 | -1.1 | -0.7 | 0.0 | -0.1 | -2.5 |
Historical cost 31 Dec 2024 | 1.8 | 59.6 | 53.0 | 29.6 | 0.6 | 3.6 | 148.2 |
Accumulated depreciation 1 Jan 2024 | - | -44.1 | -34.4 | -16.1 | -0.3 | -3.3 | -98.2 |
Accumulated depreciation related to decreases and reclassifications | - | 0.1 | 0.5 | 1.1 | 0.1 | - | 1.7 |
Depreciation for the financial year | - | -1.4 | -3.6 | -3.0 | -0.0 | - | -8.0 |
Foreign exchange rate differences | - | 0.3 | 0.6 | 0.4 | -0.0 | 0.1 | 1.5 |
Accumulated depreciation 31 Dec 2024 | - | -45.1 | -36.9 | -17.6 | -0.3 | -3.1 | -103.0 |
Carrying amount 1 Jan 2024 | 1.8 | 16.0 | 18.0 | 8.6 | 0.3 | 0.3 | 45.0 |
Carrying amount 31 Dec 2024 | 1.8 | 14.5 | 16.1 | 12.0 | 0.3 | 0.5 | 45.2 |
| Right-of-use assets | ||
EUR million | 2025 | 2024 |
Real estate | 9.9 | 10.8 |
Vehicles | 1.4 | 1.2 |
Other machinery and equipment | 0.1 | 0.1 |
Total | 11.4 | 12.0 |
| Lease liabilities | ||
EUR million | 2025 | 2024 |
Current | 3.5 | 2.7 |
Non-current | 8.3 | 9.7 |
Total | 11.9 | 12.3 |
| Additions to the right-of-use assets during year 2025 were EUR 2.4 |
EUR million | 2025 | 2024 |
| Depreciation charge of right-of-use assets | ||
Real estate | -2.8 | -2.3 |
IT equipment | - | -0.0 |
Vehicles | -0.7 | -0.6 |
Other machinery and equipment | -0.0 | -0.0 |
Total depreciation | -3.5 | -3.0 |
Interest expense (included in financial expenses) | -0.4 | -0.3 |
| Expense relating to short-term leases | ||
(included in other operating expenses) | -0.1 | -0.1 |
| Expense relating to leases of low-value assets | ||
(included in other operating expenses) | -0.2 | -0.2 |
Gains from changes in leases (included in other operating income) | 0.0 | 0.0 |
| Committed future minimum lease payments: | ||
EUR million | 2025 | 2024 |
Within one year | 0.2 | 0.7 |
One to five years | 0.1 | 0.3 |
Total | 0.3 | 0.9 |
| 6.2. Goodwill and other intangible assets | |||||
| Other | Advance payments | ||||
| EUR million | Intangible | intangible | and construction in | ||
2025 | Goodwill | rights*** | assets* | progress ** | Total |
Historical cost 1 Jan 2025 | 35.1 | 15.3 | 30.6 | 0.7 | 81.8 |
Increases | - | 0.0 | 0.2 | 0.6 | 0.7 |
Acquired in business combinations | 0.3 | - | - | - | 0.3 |
Decreases | - | -5.1 | -0.0 | -0.5 | -5.6 |
Reclassifications | - | 0.1 | - | -0.1 | - |
Foreign exchange rate differences | 0.1 | 0.5 | - | 0.0 | 0.6 |
Historical cost 31 Dec 2025 | 35.6 | 10.7 | 30.8 | 0.7 | 77.8 |
Accumulated amortisation 1 Jan 2025 | - | -15.0 | -20.7 | -0.5 | -36.1 |
Accumulated amortisation related to decreases and reclassifications | - | 5.1 | 0.0 | 0.5 | 5.6 |
Amortisation for the financial year | - | -0.2 | -3.3 | - | -3.5 |
Foreign exchange rate differences | - | -0.5 | - | -0.0 | -0.5 |
Accumulated amortisation 31 Dec 2025 | - | -10.5 | -24.0 | -0.0 | -34.5 |
Carrying amount 1 Jan 2025 | 35.1 | 0.3 | 10.0 | 0.2 | 45.7 |
Carrying amount 31 Dec 2025 | 35.6 | 0.2 | 6.8 | 0.7 | 43.4 |
| 2024 | |||||
Historical cost 1 Jan 2024 | 35.2 | 15.5 | 30.8 | 2.4 | 83.9 |
Increases | - | - | 0.0 | 0.2 | 0.2 |
Decreases | - | - | -0.1 | -0.0 | -0.1 |
Impairments | - | - | - | -1.9 | -1.9 |
Reclassifications | - | - | 0.0 | -0.0 | - |
Foreign exchange rate differences | -0.0 | -0.3 | - | -0.0 | -0.3 |
Historical cost 31 Dec 2024 | 35.1 | 15.3 | 30.6 | 0.7 | 81.8 |
Accumulated amortisation 1 Jan 2024 | - | -15.1 | -17.2 | -0.5 | -32.7 |
Accumulated amortisation related to decreases and reclassifications | - | - | 0.1 | - | 0.1 |
Amortisation for the financial year | - | -0.2 | -3.6 | - | -3.8 |
Foreign exchange rate differences | - | 0.2 | - | 0.0 | 0.3 |
Accumulated amortisation 31 Dec 2024 | - | -15.0 | -20.7 | -0.5 | -36.1 |
Carrying amount 1 Jan 2024 | 35.2 | 0.5 | 13.6 | 1.9 | 51.2 |
Carrying amount 31 Dec 2024 | 35.1 | 0.3 | 10.0 | 0.2 | 45.7 |
| Dose | Distribution | Expert | ||
| 2025 | dispensing | services | services | Total |
Goodwill | 2.3 | 25.9 | 7.3 | 35.6 |
Pre-tax discount rate % | 10.8 | 9.3 | 9.3 | |
Terminal growth % | 2.0 | 2.0 | 2.0 | |
| Dose | Distribution | Expert | ||
| 2024 | dispensing | services | services | Total |
Goodwill | 2.3 | 25.9 | 6.9 | 35.1 |
Pre-tax discount rate % | 9.4 | 8.4 | 8.4 | |
Terminal growth % | 2.0 | 2.0 | 2.0 |
| Dose | Distribution | Expert | ||
| 2025 | dispensing | services | services | Total |
Goodwill | 2.3 | 25.9 | 7.3 | 35.6 |
Pre-tax discount rate % | 10.8 | 9.3 | 9.3 | |
Terminal growth % | 2.0 | 2.0 | 2.0 | |
| Dose | Distribution | Expert | ||
| 2024 | dispensing | services | services | Total |
Goodwill | 2.3 | 25.9 | 6.9 | 35.1 |
Pre-tax discount rate % | 9.4 | 8.4 | 8.4 | |
Terminal growth % | 2.0 | 2.0 | 2.0 |
| Dose | Distribution | Expert | ||
| 2025 | dispensing | services | services | Total |
Goodwill | 2.3 | 25.9 | 7.3 | 35.6 |
Pre-tax discount rate % | 10.8 | 9.3 | 9.3 | |
Terminal growth % | 2.0 | 2.0 | 2.0 | |
| Dose | Distribution | Expert | ||
| 2024 | dispensing | services | services | Total |
Goodwill | 2.3 | 25.9 | 6.9 | 35.1 |
Pre-tax discount rate % | 9.4 | 8.4 | 8.4 | |
Terminal growth % | 2.0 | 2.0 | 2.0 |
| 6.3. Other non-current assets | |||
| Other shares | |||
| EUR million | and share- | Other non- | |
| 2025 | holdings | current assets | Total |
Carrying amount 1 Jan 2025 | 11.0 | 0.7 | 11.7 |
Increases | 0.0 | - | 0.0 |
Decreases | - | -0.4 | -0.4 |
Changes in fair value | 2.9 | - | 2.9 |
| Foreign exchange rate | |||
differences | - | -0.1 | -0.1 |
Carrying amount 31 Dec 2025 | 14.0 | 0.3 | 14.2 |
| 2024 | |||
Carrying amount 1 Jan 2024 | 13.6 | 1.9 | 15.5 |
Increases | - | -1.3 | -1.3 |
Decreases | -2.6 | - | -2.6 |
| Foreign exchange rate | |||
differences | - | -0.0 | -0.0 |
Carrying amount 31 Dec 2024 | 11.0 | 0.7 | 11.7 |
| Financial income and expenses | ||
EUR million | 2025 | 2024 |
| Financial income | ||
Interest income on financial assets measured at amortised cost | 0.9 | 1.6 |
| Interest income on financial assets and liabilities | ||
recognised at fair value | - | 0.1 |
Changes in fair values of financial assets and liabilities recognised at fair value, net | 0.6 | - |
| Foreign exchange rate gains from financial assets | ||
and liabilities measured at amortised cost, net | - | 1.3 |
Total | 1.5 | 3.0 |
| Financial expenses | ||
| Interest expenses on financial assets and liabilities | ||
recognised at fair value | 0.2 | - |
| Interest expenses on financial liabilities measured | ||
at amortised cost | 2.6 | 4.0 |
Interest expenses on leases | 0.4 | 0.3 |
Changes in fair values of financial assets and liabilities recognised at fair value, net | - | 1.7 |
| Foreign exchange rate losses on financial assets | ||
and liabilities measured at amortised cost, net | 0.8 | - |
Other financial expenses | 4.2 | 4.4 |
Total | 8.1 | 10.4 |
Financial income and expenses, total | -6.6 | -7.3 |
| Financial income and expenses | ||
EUR million | 2025 | 2024 |
| Financial income | ||
Interest income on financial assets measured at amortised cost | 0.9 | 1.6 |
| Interest income on financial assets and liabilities | ||
recognised at fair value | - | 0.1 |
Changes in fair values of financial assets and liabilities recognised at fair value, net | 0.6 | - |
| Foreign exchange rate gains from financial assets | ||
and liabilities measured at amortised cost, net | - | 1.3 |
Total | 1.5 | 3.0 |
| Financial expenses | ||
| Interest expenses on financial assets and liabilities | ||
recognised at fair value | 0.2 | - |
| Interest expenses on financial liabilities measured | ||
at amortised cost | 2.6 | 4.0 |
Interest expenses on leases | 0.4 | 0.3 |
Changes in fair values of financial assets and liabilities recognised at fair value, net | - | 1.7 |
| Foreign exchange rate losses on financial assets | ||
and liabilities measured at amortised cost, net | 0.8 | - |
Other financial expenses | 4.2 | 4.4 |
Total | 8.1 | 10.4 |
Financial income and expenses, total | -6.6 | -7.3 |
| Financial assets and liabilities by category | |||||||
2025 | 2024 | ||||||
EUR million | Note | Fair value | Book value | Hierarchy | Fair value | Book value | Hierarchy |
Derivatives designated as hedges | 8.3 | 0.3 | 0.3 | Level 2 | 0.8 | 0.8 | Level 2 |
Financial assets recognised at fair value through profit and loss | |||||||
| Derivatives measured at fair value through profit | |||||||
and loss | 8.3. | 0.4 | 0.4 | Level 2 | 0.5 | 0.5 | Level 2 |
Other investments measured at fair value through OCI | 6.3. | 14.0 | 14.0 | Level 2 | 11.0 | 11.0 | Level 3 |
Trade receivables for sale | 5.1. | 20.0 | 20.0 | Level 2 | 13.1 | 13.1 | Level 2 |
| Financial assets measured at amortised cost | |||||||
Cash equivalents | 152.2 | 152.2 | Level 2 | 113.5 | 113.5 | Level 2 | |
Trade receivables and other receivables | 5.1. | 294.3 | 294.3 | Level 2 | 236.7 | 236.7 | Level 2 |
Financial assets, total | 481.2 | 481.2 | 375.6 | 375.6 | |||
Derivatives designated as hedges | 8.3. | 0.4 | 0.4 | Level 2 | 0.5 | 0.5 | Level 2 |
Financial liabilities recognised at fair value through profit and loss | |||||||
| Derivatives measured at fair value through profit | |||||||
and loss | 8.3. | 0.1 | 0.1 | Level 2 | 0.0 | 0.0 | Level 2 |
| Financial liabilities measured at amortised cost | |||||||
Non-current interest-bearing liabilities | 38.3 | 38.3 | Level 2 | 39.7 | 39.7 | Level 2 | |
Current interest-bearing liabilities | 31.7 | 31.7 | Level 2 | 36.4 | 36.4 | Level 2 | |
Trade payables and other current liabilities | 5.3. | 740.8 | 740.8 | Level 2 | 643.6 | 643.6 | Level 2 |
Financial liabilities, total | 811.3 | 811.3 | 720.2 | 720.2 |
EUR million | 2025 | 2024 |
Carrying amount 1 Jan | 11.0 | 13.6 |
Acquisition of shares | 0.0 | - |
Change in fair value | 2.9 | -2.6 |
Carrying amount 31 Dec | 14.0 | 11.0 |
| Net debt | ||
EUR million | 2025 | 2024 |
Loans from financial institutions | 30.0 | 30.0 |
Lease liabilities | 8.3 | 9.7 |
Non-current interest-bearing liabilities | 38.3 | 39.7 |
Loans from financial institutions | - | 1.0 |
Issued commercial papers | 19.9 | 24.8 |
Advances received from pharmacies | 8.3 | 7.9 |
Lease liabilities | 3.5 | 2.7 |
Current interest-bearing liabilities | 31.7 | 36.4 |
Interest-bearing liabilities, total | 70.1 | 76.1 |
Cash and cash equivalents | 152.2 | 113.5 |
Net debt | -82.1 | -37.4 |
| Non-current | ||
EUR million | 2025 | 2024 |
Loans from financial institutions | 30.0 | 30.0 |
Lease liabilities | 8.3 | 9.7 |
Total | 38.3 | 39.7 |
| Current | ||
EUR million | 2025 | 2024 |
Loans from financial institutions | - | 1.0 |
Issued commercial papers | 19.9 | 24.8 |
Advances received from pharmacies | 8.3 | 7.9 |
Lease liabilities | 3.5 | 2.7 |
Total | 31.7 | 36.4 |
| Interest-bearing liabilities by currency | ||
EUR million | 2025 | 2024 |
EUR | 60.9 | 66.8 |
SEK | 9.2 | 9.3 |
Total | 70.1 | 76.1 |
| Change in net debt | ||||||
| Loans from | ||||||
| EUR million | financial | Commercial | Advances from | Cash and cash | ||
| 2025 | institutions | papers | pharmacies | Lease liabilities | equivalents | Total |
Carrying value, at 1 January 2025 | -31.0 | -24.8 | -7.9 | -12.3 | 113.5 | 37.4 |
| Change in net debt, cash: | ||||||
Repayment of current loans | 1.0 | - | - | - | - | 1.0 |
Repayments of lease liabilities | - | - | - | 3.3 | - | |
Change in other current liabilities | - | 4.9 | -0.4 | - | - | 4.5 |
Change in cash and cash equivalents | - | - | - | - | 38.7 | 38.7 |
Cash flows, total | 1.0 | 4.9 | -0.4 | 3.3 | 38.7 | 47.6 |
| Change in net debt, non-cash: | ||||||
Change in lease liabilities | - | - | - | -2.3 | - | -2.3 |
Foreign exchange adjustments | - | - | - | -0.5 | -0.0 | -0.5 |
Non-cash movements, total | - | - | - | -2.8 | -0.0 | -2.8 |
Carrying value, at 31 December 2025 | -30.0 | -19.9 | -8.3 | -11.9 | 152.2 | 82.1 |
| Loans from | ||||||
| EUR million | financial | Commercial | Advances from | Cash and cash | ||
| 2024 | institutions | papers | pharmacies | Lease liabilities | equivalents | Total |
Carrying value, at 1 January 2024 | -59.1 | -39.3 | -10.4 | -8.9 | 138.4 | 20.6 |
| Change in net debt, cash: | ||||||
Proceeds from non-current loans | -30.0 | - | - | - | - | -30.0 |
Repayments of non-current loans | 1.0 | - | - | - | - | 1.0 |
Repayment of current loans | 56.9 | - | - | - | - | 56.9 |
Repayments of lease liabilities | - | - | - | 3.1 | - | 3.1 |
Change in other current liabilities | - | 14.5 | 2.4 | - | - | 17.0 |
Change in cash and cash equivalents | - | - | - | - | -24.9 | -24.9 |
Cash flows, total | 27.9 | 14.5 | 2.4 | 3.1 | -24.9 | 23.1 |
| Change in net debt, non-cash: | ||||||
Change in lease liabilities | - | - | - | -6.8 | - | -6.8 |
Foreign exchange adjustments | 0.3 | - | - | 0.2 | -0.0 | 0.5 |
Non-cash movements, total | 0.3 | - | - | -6.6 | -0.0 | -6.3 |
Carrying value, at 31 December 2024 | -31.0 | -24.8 | -7.9 | -12.3 | 113.5 | 37.4 |
| Financial income and expenses | ||
EUR million | 2025 | 2024 |
| Financial income | ||
Interest income on financial assets measured at amortised cost | 0.9 | 1.6 |
| Interest income on financial assets and liabilities | ||
recognised at fair value | - | 0.1 |
Changes in fair values of financial assets and liabilities recognised at fair value, net | 0.6 | - |
| Foreign exchange rate gains from financial assets | ||
and liabilities measured at amortised cost, net | - | 1.3 |
Total | 1.5 | 3.0 |
| Financial expenses | ||
| Interest expenses on financial assets and liabilities | ||
recognised at fair value | 0.2 | - |
| Interest expenses on financial liabilities measured | ||
at amortised cost | 2.6 | 4.0 |
Interest expenses on leases | 0.4 | 0.3 |
Changes in fair values of financial assets and liabilities recognised at fair value, net | - | 1.7 |
| Foreign exchange rate losses on financial assets | ||
and liabilities measured at amortised cost, net | 0.8 | - |
Other financial expenses | 4.2 | 4.4 |
Total | 8.1 | 10.4 |
Financial income and expenses, total | -6.6 | -7.3 |
| Net debt | ||
EUR million | 2025 | 2024 |
Loans from financial institutions | 30.0 | 30.0 |
Lease liabilities | 8.3 | 9.7 |
Non-current interest-bearing liabilities | 38.3 | 39.7 |
Loans from financial institutions | - | 1.0 |
Issued commercial papers | 19.9 | 24.8 |
Advances received from pharmacies | 8.3 | 7.9 |
Lease liabilities | 3.5 | 2.7 |
Current interest-bearing liabilities | 31.7 | 36.4 |
Interest-bearing liabilities, total | 70.1 | 76.1 |
Cash and cash equivalents | 152.2 | 113.5 |
Net debt | -82.1 | -37.4 |
| Non-current | ||
EUR million | 2025 | 2024 |
Loans from financial institutions | 30.0 | 30.0 |
Lease liabilities | 8.3 | 9.7 |
Total | 38.3 | 39.7 |
| Current | ||
EUR million | 2025 | 2024 |
Loans from financial institutions | - | 1.0 |
Issued commercial papers | 19.9 | 24.8 |
Advances received from pharmacies | 8.3 | 7.9 |
Lease liabilities | 3.5 | 2.7 |
Total | 31.7 | 36.4 |
| Interest-bearing liabilities by currency | ||
EUR million | 2025 | 2024 |
EUR | 60.9 | 66.8 |
SEK | 9.2 | 9.3 |
Total | 70.1 | 76.1 |
| Change in net debt | ||||||
| Loans from | ||||||
| EUR million | financial | Commercial | Advances from | Cash and cash | ||
| 2025 | institutions | papers | pharmacies | Lease liabilities | equivalents | Total |
Carrying value, at 1 January 2025 | -31.0 | -24.8 | -7.9 | -12.3 | 113.5 | 37.4 |
| Change in net debt, cash: | ||||||
Repayment of current loans | 1.0 | - | - | - | - | 1.0 |
Repayments of lease liabilities | - | - | - | 3.3 | - | |
Change in other current liabilities | - | 4.9 | -0.4 | - | - | 4.5 |
Change in cash and cash equivalents | - | - | - | - | 38.7 | 38.7 |
Cash flows, total | 1.0 | 4.9 | -0.4 | 3.3 | 38.7 | 47.6 |
| Change in net debt, non-cash: | ||||||
Change in lease liabilities | - | - | - | -2.3 | - | -2.3 |
Foreign exchange adjustments | - | - | - | -0.5 | -0.0 | -0.5 |
Non-cash movements, total | - | - | - | -2.8 | -0.0 | -2.8 |
Carrying value, at 31 December 2025 | -30.0 | -19.9 | -8.3 | -11.9 | 152.2 | 82.1 |
| Loans from | ||||||
| EUR million | financial | Commercial | Advances from | Cash and cash | ||
| 2024 | institutions | papers | pharmacies | Lease liabilities | equivalents | Total |
Carrying value, at 1 January 2024 | -59.1 | -39.3 | -10.4 | -8.9 | 138.4 | 20.6 |
| Change in net debt, cash: | ||||||
Proceeds from non-current loans | -30.0 | - | - | - | - | -30.0 |
Repayments of non-current loans | 1.0 | - | - | - | - | 1.0 |
Repayment of current loans | 56.9 | - | - | - | - | 56.9 |
Repayments of lease liabilities | - | - | - | 3.1 | - | 3.1 |
Change in other current liabilities | - | 14.5 | 2.4 | - | - | 17.0 |
Change in cash and cash equivalents | - | - | - | - | -24.9 | -24.9 |
Cash flows, total | 27.9 | 14.5 | 2.4 | 3.1 | -24.9 | 23.1 |
| Change in net debt, non-cash: | ||||||
Change in lease liabilities | - | - | - | -6.8 | - | -6.8 |
Foreign exchange adjustments | 0.3 | - | - | 0.2 | -0.0 | 0.5 |
Non-cash movements, total | 0.3 | - | - | -6.6 | -0.0 | -6.3 |
Carrying value, at 31 December 2024 | -31.0 | -24.8 | -7.9 | -12.3 | 113.5 | 37.4 |
| Maturity distribution of financial assets and liabilities | |||||
| 31 Dec 20245 | |||||
EUR million | 2026 | 2027 | 2028 | 2029> | Total |
| Interest-bearing | |||||
Loans from financial institutions and commercial paper loans | 19.9 | - | 30.0 | - | 49.9 |
Lease liabilities | 3.5 | 3.1 | 2.5 | 2.7 | 11.8 |
Advance payments received | 8.3 | - | - | - | 8.3 |
| Non-interest-bearing | |||||
| Trade payables and other current | |||||
liabilities | 740.8 | - | - | - | 740.8 |
Receivables from interest rate swaps | -0.1 | - | -0.2 | - | -0.3 |
Liabilities from interest rate swaps | - | 0.4 | 0.0 | - | 0.4 |
| Receivables from foreign currency | |||||
derivatives | -112.6 | - | - | - | -112.6 |
| Payables on foreign currency | |||||
derivatives | 112.4 | - | - | - | 112.4 |
Total | 772.2 | 3.5 | 32.3 | 2.7 | 810.6 |
Interest payments | 1,8 | 1,3 | 0,1 | 0,1 | 3,2 |
| 31 Dec 2024 | |||||
EUR million | 2025 | 2026 | 2027 | 2028> | Total |
| Interest-bearing | |||||
Loans from financial institutions and commercial paper loans | 25.8 | - | 30.0 | - | 55.8 |
Lease liabilities | 2.7 | 2.7 | 2.2 | 4.7 | 12.3 |
Advance payments received | 7.9 | - | - | - | 7.9 |
| Non-interest-bearing | |||||
| Trade payables and other current | |||||
liabilities | 643.6 | - | - | - | 643.6 |
Receivables from interest rate swaps | -0.2 | -0.3 | - | -0.3 | -0.8 |
Liabilities from interest rate swaps | - | - | 0.5 | - | 0.5 |
| Receivables from foreign currency | |||||
derivatives | -104.8 | - | - | - | -104.8 |
| Payables on foreign currency | |||||
derivatives | 104.4 | - | - | - | 104.4 |
Total | 679.4 | 2.4 | 32.7 | 4.4 | 718.9 |
Interest payments | 2.1 | 1.5 | 1.4 | 0.2 | 5.2 |
| Derivatives | |||
| EUR million | Positive fair | Negative | Nominal |
| 2025 | value | fair value | value |
Derivatives recognised as cash flow hedges | |||
Interest rate swaps, in hedge accounting | 0.3 | 0.4 | 85.4 |
Derivatives measured at fair value through profit and loss | |||
| Foreign currency forward and swap | |||
contracts | 0.4 | 0.1 | 112.3 |
Total | 0.7 | 0.5 | 197.7 |
| 2024 | |||
Derivatives recognised as cash flow hedges | |||
Interest rate swaps, in hedge accounting | 0.8 | 0.5 | 82.4 |
Derivatives measured at fair value through profit and loss | |||
| Foreign currency forward and swap | |||
contracts | 0.5 | 0.0 | 104.4 |
Total | 1.3 | 0.5 | 186.7 |
| Derivatives | |||
| EUR million | Positive fair | Negative | Nominal |
| 2025 | value | fair value | value |
Derivatives recognised as cash flow hedges | |||
Interest rate swaps, in hedge accounting | 0.3 | 0.4 | 85.4 |
Derivatives measured at fair value through profit and loss | |||
| Foreign currency forward and swap | |||
contracts | 0.4 | 0.1 | 112.3 |
Total | 0.7 | 0.5 | 197.7 |
| 2024 | |||
Derivatives recognised as cash flow hedges | |||
Interest rate swaps, in hedge accounting | 0.8 | 0.5 | 82.4 |
Derivatives measured at fair value through profit and loss | |||
| Foreign currency forward and swap | |||
contracts | 0.5 | 0.0 | 104.4 |
Total | 1.3 | 0.5 | 186.7 |
| Management shareholding | ||
| 2025 | 2024 | |
| Shares | B shares | |
| Board of Directors | ||
Heikki Westerlund, Chairman | 72,608 | 46,593 |
Pension insurance where Heikki Westerlund is a beneficiary | 15,000 | 15,000 |
| Heiwes Oy (Heikki Westerlund\u2019s controlling | ||
corporation) | 150,000 | 150,000 |
Harri P\u00e4rssinen, Vice Chairman | 66,561 | 51,695 |
| JF Capital Oy (Harri P\u00e4rssinen\u2019s controlling | ||
corporation) | 65,000 | 65,000 |
Petra Axdorff | 26,739 | 14,278 |
Ann Carlsson Meyer | 26,739 | 14,278 |
Nina M\u00e4h\u00f6nen | 42,950 | 30,489 |
Yrj\u00f6 N\u00e4rhinen | 37,523 | 22,657 |
Ellinor Persdotter Nilsson | 35,118 | 22,657 |
| CEO and President | ||
Katarina Gabrielson | 71,430 | 71,430 |
| Oriola Management team | ||
Mats Danielsson | - | - |
Katja Lundell (from 1 January 2025) | - | - |
Maria Lundell (from 1 November 2025) | 901 | - |
Mikael Nurmi | 10,000 | 10,000 |
Satu Nyl\u00e9n (from 1 January 2025) | 6,347 | - |
Petter Sandstr\u00f6m | 30,051 | 30,051 |
Tuomas Tiilikainen (from 3 February 2025) | - | - |
Stig Tornell (from 1 April 2025) | - | - |
Hannes Hasselrot (until 1 January 2025) | - | 11,414 |
Niklas Lindholm (until 30 September 2025) | - | - |
| Share capital | ||||
Share capital | A shares | B shares | Total | |
Number of shares 1 Jan 2025 | pcs | 53,748,313 | 127,737,900 | 181,486,213 |
Combination of share series and free share issue | pcs | -53,748,313 | 57,587,478 | 3,839,165 |
Number of shares 31 Dec 2025 | pcs | - | 185,325,378 | 181,325,378 |
Treasury shares 31 Dec 2025 | pcs | - | 80,258 | 80,258 |
Votes 31 Dec 2025 | pcs | - | 185,325,378 | 185,325,378 |
Share capital per share class 31 Dec 2025 | EUR million | - | 147.9 | 147.9 |
Percentage from the total shares | % | - | 100.0 | 100.0 |
Percentage from the total votes | % | - | 100.0 | 100.0 |
Number of shares 1 Jan 2024 | pcs | 53,748,313 | 127,737,900 | 181,486,213 |
Conversion of A shares to B shares | pcs | - | - | 0 |
Number of shares 31 Dec 2024 | pcs | 53,748,313 | 127,737,900 | 181,486,213 |
Treasury shares 31 Dec 2024 | pcs | 63,650 | 12,062 | 75,712 |
Votes 31 Dec 2024 | pcs | 1,074,966,260 | 127,737,900 | 1,202,704,160 |
Share capital per share class 31 Dec 2024 | EUR million | 43.8 | 104.1 | 147.9 |
Percentage from the total shares | % | 29.6 | 70.4 | 100.0 |
Percentage from the total votes | % | 89.4 | 10.6 | 100.0 |
EUR million | 2025 | 2024 | ||
Parent company share capital 31 Dec | 147.9 | 147.9 | ||
Elimination of the revaluation of subsidiary shares in the consolidated financial statements | -111.7 | -111.7 | ||
Consolidated share capital 31 Dec | 36.2 | 36.2 |
| Management shareholding | ||
| 2025 | 2024 | |
| Shares | B shares | |
| Board of Directors | ||
Heikki Westerlund, Chairman | 72,608 | 46,593 |
Pension insurance where Heikki Westerlund is a beneficiary | 15,000 | 15,000 |
| Heiwes Oy (Heikki Westerlund\u2019s controlling | ||
corporation) | 150,000 | 150,000 |
Harri P\u00e4rssinen, Vice Chairman | 66,561 | 51,695 |
| JF Capital Oy (Harri P\u00e4rssinen\u2019s controlling | ||
corporation) | 65,000 | 65,000 |
Petra Axdorff | 26,739 | 14,278 |
Ann Carlsson Meyer | 26,739 | 14,278 |
Nina M\u00e4h\u00f6nen | 42,950 | 30,489 |
Yrj\u00f6 N\u00e4rhinen | 37,523 | 22,657 |
Ellinor Persdotter Nilsson | 35,118 | 22,657 |
| CEO and President | ||
Katarina Gabrielson | 71,430 | 71,430 |
| Oriola Management team | ||
Mats Danielsson | - | - |
Katja Lundell (from 1 January 2025) | - | - |
Maria Lundell (from 1 November 2025) | 901 | - |
Mikael Nurmi | 10,000 | 10,000 |
Satu Nyl\u00e9n (from 1 January 2025) | 6,347 | - |
Petter Sandstr\u00f6m | 30,051 | 30,051 |
Tuomas Tiilikainen (from 3 February 2025) | - | - |
Stig Tornell (from 1 April 2025) | - | - |
Hannes Hasselrot (until 1 January 2025) | - | 11,414 |
Niklas Lindholm (until 30 September 2025) | - | - |
| Earnings per share | ||
| Profit for the period | ||
EUR million | 2025 | 2024 |
Profit attributable to equity owners of the parent | -27.2 | -20.1 |
| Average number of outstanding | ||
| shares pcs | ||
Basic | 184,226,057 | 181,408,101 |
Diluted | 184,288,192 | 181,422,563 |
| Earnings per share, EUR | ||
Basic | -0.15 | -0.11 |
Diluted | -0.15 | -0.11 |
| Income taxes | ||
EUR million | 2025 | 2024 |
Taxes for current year | 2.3 | 3.6 |
Taxes for previous years | -0.1 | 0.0 |
Deferred taxes | -1.9 | -2.1 |
Total | 0.3 | 1.5 |
| Taxes related to other comprehensive income | |||
| EUR million | |||
2025 | Before taxes | Tax effect | After taxes |
Cash flow hedge | -0.4 | -0.1 | -0.3 |
| Financial assets recognised | |||
at fair value through other comprehensive income | 2.9 | - | 2.9 |
Actuarial gains and losses | 0.7 | 0.1 | 0.6 |
Translation differences | 1.1 | - | 1.1 |
Total | 4.4 | 0.1 | 4.3 |
| 2024 | |||
Cash flow hedge | -1.2 | -0.2 | -0.9 |
| Financial assets recognised | |||
at fair value through other comprehensive income | -2.6 | - | -2.6 |
Actuarial gains and losses | 0.2 | 0.0 | 0.1 |
Translation differences | -1.7 | - | -1.7 |
Total | -5.3 | -0.2 | -5.1 |
| Tax rate reconciliation | |||
EUR million | 2025 | 2024 | |
Profit before taxes | -26.9 | -18.6 | |
| Corporate income taxes calculated at Finnish tax | |||
rate | -5.4 | -3.7 | |
Effect of different tax rates of foreign subsidiaries | -0.2 | -0.1 | |
Impairment of goodwill - non-deductible | 0.9 | - | |
Non-deductible expenses and tax-exempt income | 0.4 | 0.2 | |
Share of result in joint venture | 4.7 | 5.1 | |
| Adjustments recognised for taxes of previous | |||
years | -0.1 | - | |
Other items | -0.0 | -0.0 | |
Income taxes in the income statement | 0.3 | 1.5 | |
Effective tax rate | -1.3% | -8.1% |
| Deferred tax assets and liabilities | ||||||
| Items recognised in | Items recognised in other | Translation | ||||
2025 | 1 Jan | income statement | comprehensive income | Disposals | differences | 31 Dec |
| Deferred tax assets | ||||||
Confirmed losses | - | 0.1 | - | -0.1 | - | - |
Pension liabilities | 0.6 | 0.1 | -0.1 | -0.0 | 0.0 | 0.6 |
Employee benefits | 0.3 | 0.1 | - | - | - | 0.4 |
Lease agreements | 2.6 | -0.2 | - | - | 0.1 | 2.6 |
Other temporary differences | 1.4 | 1.1 | - | - | - | 2.5 |
Deferred tax assets | 4.9 | 1.3 | -0.1 | -0.2 | 0.2 | 6.0 |
Set-off of tax | -4.3 | -3.2 | ||||
Net deferred tax assets | 0.6 | 2.8 | ||||
| Deferred tax liabilities | ||||||
Depreciation difference and other untaxed reserves | 2.7 | -0.3 | - | - | 0.1 | 2.5 |
Acquisitions | -0.1 | - | - | - | - | -0.1 |
Lease agreements | 2.5 | -0.2 | - | - | 0.1 | 2.3 |
Other temporary differences | 0.1 | 0.1 | - | - | - | 0.2 |
Deferred tax liabilities | 5.1 | -0.5 | - | - | 0.2 | 4.9 |
Set-off of tax | -4.3 | -3.2 | ||||
Net deferred tax liabilities | 0.8 | 1.7 | ||||
| Items recognised in | Items recognised in other | Classified as | Translation | |||
2024 | 1 Jan | income statement | comprehensive income | held for sale | differences | 31 Dec |
| Deferred tax assets | ||||||
Inventories | - | 0.1 | - | -0.1 | - | - |
Pension liabilities | 0.7 | -0.1 | -0.0 | - | 0.0 | 0.6 |
Employee benefits | 0.3 | 0.0 | - | - | -0.0 | 0.3 |
Lease agreements | 1.9 | 0.7 | - | 0.1 | -0.1 | 2.6 |
Other temporary differences | 0.0 | 1.3 | - | - | - | 1.4 |
Deferred tax assets | 3.0 | 2.1 | -0.0 | -0.1 | -0.1 | 4.9 |
Set-off of tax | -2.6 | -4.3 | ||||
Net deferred tax assets | 0.4 | 0.6 | ||||
| Deferred tax liabilities | ||||||
Depreciation difference and other untaxed reserves | 3.8 | -1.2 | - | 0.2 | -0.1 | 2.7 |
Acquisitions | -0.1 | - | - | - | - | -0.1 |
Lease agreements | 1.8 | 0.7 | - | 0.0 | -0.0 | 2.5 |
Other temporary differences | 0.0 | 0.1 | - | - | - | 0.1 |
Deferred tax liabilities, total | 5.5 | -0.5 | - | 0.2 | -0.2 | 5.1 |
Set-off of tax | -2.6 | -4.3 | ||||
Net deferred tax liabilities | 2.9 | 0.8 |
Group | Parent company | ||||
| Owner- | Owner- | ||||
31 Dec 2025 | Domicile | ship % Share % | ship % Share % | ||
| Parent company Oriola | |||||
Corporation | Finland | ||||
Oriola Finland Oy | Finland | 100 | 100 | 100 | 100 |
Oriola Sweden AB | Sweden | 100 | 100 | 100 | 100 |
Pharmaservice Oy | Finland | 100 | 100 | 100 | 100 |
Oriola Sweden AB | Sweden | 100 | 100 | 100 | 100 |
| Oriola Advisory | |||||
Services Denmark ApS Denmark | 100 | 100 |
Group | Parent company | ||||
| Owner- | Owner- | ||||
31 Dec 2024 | Domicile | ship % Share % | ship % Share % | ||
| Parent company Oriola | |||||
Corporation | Finland | ||||
Oriola Finland Oy | Finland | 100 | 100 | 100 | 100 |
Oriola Sweden AB | Sweden | 100 | 100 | 100 | 100 |
Svensk dos AB | Sweden | 100 | 100 | 100 | 100 |
Pharmaservice Oy | Finland | 100 | 100 | 100 | 100 |
EUR million | 2025 | 2024 |
Net sales | 420.0 | 360.0 |
Purchases of goods and services | 0.3 | 0.8 |
Trade and other receivables | 89.7 | 70.0 |
Trade and other payables | 0.7 | 4.3 |
| Key management benefits | ||
EUR thousand | 2025 | 2024 |
Salaries and other short-term employee benefits | 2,443.5 | 1,828.1 |
Post-employment benefits | 324.1 | 345.0 |
Termination benefits | - | 408.0 |
Share-based payments | 115.9 | 132.5 |
Total | 2,883.5 | 2,713.6 |
| Employee benefits to President and CEO | ||
EUR thousand | 2025 | 2024 |
| Katarina Gabrielson | ||
Basic salary | 477.8 | 427.5 |
Bonuses | 62.2 | - |
Share-based payments | - | 16.4 |
Pension expenses (statutory) | 37.3 | 36.1 |
Pension expenses (voluntary) | 20.5 | 42.0 |
Employee benefits to President and CEO total | 597.9 | 522.1 |
| Employee benefits to other members of the Oriola Management | ||
| Team | ||
EUR thousand | 2025 | 2024 |
Basic salary | 1,539.4 | 1,155.1 |
Bonuses | 109.2 | - |
Share-based payments | - | 5.1 |
Termination expenses * | - | 408.0 |
Pension expenses (statutory) | 266.2 | 243.2 |
Pension expenses (voluntary) | - | 23.6 |
Total | 1,914.8 | 1,835.0 |
| Remuneration of the members of the Board of Directors | ||
EUR thousand | 2025 | 2024 |
Heikki Westerlund, Chairman | 87.9 | 85.5 |
Harri P\u00e4rssinen, Vice Chairman | 52.8 | 52.5 |
Petra Axdorff* | 43.2 | 43.0 |
Ann Carlsson Meyer* | 44.2 | 41.0 |
Nina M\u00e4h\u00f6nen | 43.7 | 43.0 |
Yrj\u00f6 N\u00e4rhinen | 55.3 | 47.0 |
Ellinor Persdotter Nilsson | 43.7 | 42.5 |
Eva Nilsson B\u00e5genholm** | - | 2.0 |
| Total 370.8 356.5 |
| Impact of divestments on group\u2019s assets and liabilities | ||
EUR million | 2025 | 2024* |
Property, plant and equipment | 1.6 | 2.3 |
Goodwill | - | 4.5 |
Other intangible assets | 1.5 | 1.8 |
Deferred tax assets | 1.0 | 0.6 |
Inventories | 1.8 | 1.5 |
Trade and other receivables | 1.7 | 2.4 |
Cash and cash equivalents | 0.0 | 0.0 |
Total assets | 7.6 | 13.1 |
| EUR million | ||
Deferred tax liabilities | 0.1 | 0.1 |
Current trade and other payables | 1.7 | 1.7 |
Total liabilities | 1.8 | 1.8 |
Net assets | 5.8 | 11.3 |
| Impact of divestments on the Group\u2019s result | |
Milj. euroa | 2025 |
Sales price | 5.6 |
Sold net assets | -5.8 |
Sales related costs | -0.2 |
Total | -0.5 |
Translation differences reclassified from other comprehensive | -2.6 |
Loss from sale of operations | -3.0 |
| Cash flow from sale of operations | |
EUR million | 2025 |
Consideration received in cash | 5.6 |
Cash and cash equivalents of divested operations | -1.4 |
Cash flow from the sale of operations | 4.1 |
| Impact of divestments on group\u2019s assets and liabilities | ||
EUR million | 2025 | 2024* |
Property, plant and equipment | 1.6 | 2.3 |
Goodwill | - | 4.5 |
Other intangible assets | 1.5 | 1.8 |
Deferred tax assets | 1.0 | 0.6 |
Inventories | 1.8 | 1.5 |
Trade and other receivables | 1.7 | 2.4 |
Cash and cash equivalents | 0.0 | 0.0 |
Total assets | 7.6 | 13.1 |
| EUR million | ||
Deferred tax liabilities | 0.1 | 0.1 |
Current trade and other payables | 1.7 | 1.7 |
Total liabilities | 1.8 | 1.8 |
Net assets | 5.8 | 11.3 |
| Impact of divestments on the Group\u2019s result | |
Milj. euroa | 2025 |
Sales price | 5.6 |
Sold net assets | -5.8 |
Sales related costs | -0.2 |
Total | -0.5 |
Translation differences reclassified from other comprehensive | -2.6 |
Loss from sale of operations | -3.0 |
| Cash flow from sale of operations | |
EUR million | 2025 |
Consideration received in cash | 5.6 |
Cash and cash equivalents of divested operations | -1.4 |
Cash flow from the sale of operations | 4.1 |
EUR million | 2025 | 2024 |
Carrying amount 1 Jan | 210.9 | 235.4 |
Share of result for the period | -22.8 | -24.8 |
Foreign exchange rate differences | -2.4 | 0.3 |
Carrying amount 31 Dec | 185.7 | 210.9 |
| Swedish Pharmacy Holding AB | ||
Balance sheet EUR million | 31 Dec 2025 | 31 Dec 2024 |
| Current assets | ||
Cash and cash equivalents | 13.8 | 3.8 |
Other current assets | 165.9 | 156.5 |
Current assets total | 179.7 | 160.3 |
| Non-current assets | ||
Property, plant and equipment | 18.5 | 18.7 |
Intangible assets | 404.9 | 422.0 |
Other non-current assets | 70.1 | 67.1 |
Non-current assets total | 493.5 | 507.8 |
| Current liabilities | ||
Trade payables | 142.3 | 114.2 |
Other current liabilities | 51.5 | 48.7 |
Current liabilities total | 193.8 | 162.8 |
Non-current liabilities | 102.0 | 104.8 |
Net assets total | 377.4 | 400.4 |
| Reconciliation to carrying amounts | ||
EUR million | 31 Dec 2025 | 31 Dec 2024 |
Net assets 1 Jan | 400.4 | 468.1 |
Change in reserves | 0.6 | -5.0 |
Adjustments | -0.6 | 1.7 |
Translation differences | 22.6 | -14.7 |
Loss for the period | -45.7 | -49.7 |
Net assets 31 Dec | 377.4 | 400.4 |
Group's share in joint venture | 50% | 50% |
Group\u2019s share of net assets | 188.3 | 200.2 |
Translation differences | 11.3 | 7.4 |
Other | -14.3 | 3.3 |
Carrying amount 31 Dec | 185.7 | 210.9 |
| Swedish Pharmacy Holding AB | ||
Income statement EUR million | 2025 | 2024 |
Net sales | 1,223.1 | 1,151.1 |
Depreciation. amortisation and impairment losses | -72.2 | -84.7 |
Net interest expenses | -4.6 | -5.0 |
Income taxes | 4.0 | 2.6 |
Result for the period | -45.7 | -49.7 |
EUR million | 2025 | 2024 |
| Commitments for own liabilities | ||
Guarantees on behalf of subsidiaries | 6.9 | 7.1 |
Mortgages on company assets | 1.9 | 2.0 |
Other guarantees and liabilities | 0.6 | 1.7 |
Total | 9.4 | 10.9 |
EUR million | 2025 | 2024 |
| Commitments for own liabilities | ||
Guarantees on behalf of subsidiaries | 6.9 | 7.1 |
Mortgages on company assets | 1.9 | 2.0 |
Other guarantees and liabilities | 0.6 | 1.7 |
Total | 9.4 | 10.9 |