549300UWB1AIR85BM957 2025-01-01 2025-12-31 549300UWB1AIR85BM957 2024-01-01 2024-12-31 549300UWB1AIR85BM957 2025-12-31 549300UWB1AIR85BM957 2024-12-31 549300UWB1AIR85BM957 2023-12-31 549300UWB1AIR85BM957 2023-12-31 ifrs-full:IssuedCapitalMember 549300UWB1AIR85BM957 2023-12-31 orio:FundsMember 549300UWB1AIR85BM957 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300UWB1AIR85BM957 2023-12-31 ifrs-full:RetainedEarningsMember iso4217:EUR iso4217:EUR xbrli:shares 549300UWB1AIR85BM957 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 549300UWB1AIR85BM957 2024-01-01 2024-12-31 orio:FundsMember 549300UWB1AIR85BM957 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300UWB1AIR85BM957 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember 549300UWB1AIR85BM957 2024-01-01 2024-12-31 orio:ReservesMember 549300UWB1AIR85BM957 2024-12-31 ifrs-full:IssuedCapitalMember 549300UWB1AIR85BM957 2024-12-31 orio:FundsMember 549300UWB1AIR85BM957 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300UWB1AIR85BM957 2024-12-31 ifrs-full:RetainedEarningsMember 549300UWB1AIR85BM957 2025-01-01 2025-12-31 ifrs-full:IssuedCapitalMember 549300UWB1AIR85BM957 2025-01-01 2025-12-31 orio:FundsMember 549300UWB1AIR85BM957 2025-01-01 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300UWB1AIR85BM957 2025-01-01 2025-12-31 ifrs-full:RetainedEarningsMember 549300UWB1AIR85BM957 2025-01-01 2025-12-31 orio:ReservesMember 549300UWB1AIR85BM957 2025-12-31 ifrs-full:IssuedCapitalMember 549300UWB1AIR85BM957 2025-12-31 orio:FundsMember 549300UWB1AIR85BM957 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300UWB1AIR85BM957 2025-12-31 ifrs-full:RetainedEarningsMember
Business review / Governance / Financial review / Sustainability Statement
This report is translated, non-official version
of Oriola Corporation’s Financial review 2025
presented in the ESEF-format.
Financial review
Report of the Board of Directors 35
Sustainability Statement 45
Share-related key figures 106
Financial indicators and
performance measures
108
Financial Statements 112
Dividend proposal 159
Auditor’s report 160
Sustainability assurance report 164
Auditor's assurance report on
ESEF Financial Statements 166
33Oriola Annual Report 2025
Report of the Board of Directors .......... 35
Shares and shareholders ........................................... 42
Risk review ...................................................................... 43
Profit distribution proposal ......................................44
Outlook for 2026 ..........................................................44
Sustainability Statement ........................................... 45
Information on shares ..................................106
Share-related key figures .......................................106
Financial indicators and
performance measures ................................108
Financial indicators 2021–2025 .............................108
Alternative performance measures ....................110
Financial statements 2025 ........................112
Consolidated statement of
comprehensive income (IFRS) ...............................113
Consolidated statement of
financial position (IFRS) ...........................................114
Consolidated statement of cash flows (IFRS) .. 115
Consolidated statement of
changes in equity (IFRS) ..........................................116
Notes to the consolidated financial
statements .................................................................... 117
1. Basic information on the company ................ 117
2. Basis of presentation ............................................ 117
3. Use of estimates and judgement ................... 118
4. Operating result .................................................... 118
4.1. Segment reporting .....................................118
4.2. Net sales and other
operating income ........................................120
4.3. Operating expenses ..................................121
4.4. Employee benefits .....................................122
5. Working capital .....................................................125
5.1. Trade and other receivables ...................125
5.2. Inventories ..................................................... 126
5.3. Trade payables and other liabilities ..... 126
5.4. Provisions .......................................................126
6. Tangible and intangible assets and
other non-current assets.........................................127
6.1. Property, plant and equipment ............127
6.2. Goodwill and other intangible assets .. 128
6.3. Other non-current assets .........................130
7. Leases ........................................................................ 131
7.1. Leases in the statement of
financial position .........................................132
7.2. Leases in the statement of
comprehensive income .............................132
8. Capital structure ...................................................133
8.1. Financial income and expenses ............133
8.2. Financial assets and liabilities ................133
8.3. Financial risk management ..................... 137
8.4. Equity, shares and authorisations ..........140
8.5. Earnings per share, dividend
and other equity distribution ................143
9. Income taxes ......................................................... 144
9.1. Taxes recognised in the comprehensive
income for the period ............................... 144
9.2. Deferred tax assets and liabilities ........ 144
10. Group structure ..................................................146
10.1. Subsidiaries ...................................................146
10.2. Related party transactions ...................... 147
10.3. Acquisitions and divestments .................148
10.4. Investments in joint ventures .................149
11. Unrecognised items ..........................................151
11.1. Commitments and
contingent liabilities .................................. 151
11.2. Future lease payments ............................151
11.3. Litigation ....................................................... 151
11.4. Events after the balance sheet date .....151
12. Other notes ...........................................................151
12.1. Application of new and amended IFRS
standards and IFRIC interpretations .... 151
Parent company financial statements ...............152
Parent company income statement (FAS) ...152
Parent company balance sheet (FAS) ............ 152
Parent company cash flow statement (FAS) ... 153
Notes to the parent company financial
statements (FAS) ...................................................154
The Board of Directors’ proposal
for the profit distribution
and Auditor’s Note ........................................ 159
Auditor’s report .................................................160
Assurance report on the
Sustainability Report .......................................164
Independent auditor's report on
the ESEF financial statements
of Oriola Corporation .......................................169
Basis for preparation
The accounting principles are presented in
the relevant parts of the notes to the financial
statements in order to make the report more
user-friendly. The basis for preparation part of
the note is highlighted.
Use of estimates and judgement
If the accounting area presented in the note
involves estimates and judgement, those
estimates and judgements are described
separately in the relevant note. The description
of the use of estimate and judgement in the
note is highlighted.
Table of contents
Business review / Governance / Financial review / Sustainability Statement 35Oriola Annual Report 2025
Report of the Board of Directors
Oriola offers advanced distribution, expert and advisory services
for pharmaceutical companies and a wide range of health and
wellbeing products for pharmacies, veterinarians, other healthcare
operators and retail operators in the Finnish and Swedish markets.
Additionally, Oriola offers dose dispensing services for pharmacies
and healthcare operators.
Reporting segments
Oriola’s reporting segments are Distribution and Wholesale.
Distribution
Oriola manages a high-quality, GDP compliant supply chain for
safe and reliable deliveries of pharmaceuticals and health products
in the Nordics. Specialised distribution services cover quality
control, warehousing and logistics, including advanced cold chain
and vaccine distribution. In Finland, Oriola provides automated
dose dispensing services that ensure patient safety and treatment
accuracy. Dose dispensing services in Sweden were sold in April
2025.
Wholesale
Oriola offers a broad range of traded goods, over-the-counter
(OTC) products, special licensed medicines and parallel imports,
supported by reliable logistics and local market expertise. Through
advisory services, Oriola helps pharmaceutical companies succeed
across the product lifecycle - from clinical trials and regulatory
compliance to market access, tenders, and medical information.
Business review
Operating environment
Oriola has identified solid long-term drivers supporting market
growth such as ageing population, wellbeing and healthcare,
online pharmaceuticals and growth of speciality products.
Operating environment remained stable during the year. The
pharmaceutical distribution market grew in value, while the volume
was flat in both countries. The consumer confidence remained
weak throughout the year both in Finland and Sweden.
Market environment - Pharmaceuticals
The pharmaceutical distribution markets in Finland and
Sweden are valued at around EUR 9 billion and have
historically been relatively stable also during uncertain economic
times. In the past three years, the average annual growth rate
has been about 6% in value terms.
In Sweden, the value of the pharmaceutical distribution market at
wholesale prices, measured in Swedish krona, grew by 6.3% (7.0%)
in 2025 (source: IQVIA). In Finland, the market value grew by 1.3%
(5.0%) (source: LTK).
According to Oriola’s estimate, Oriola’s share of the pharmaceutical
wholesale market in Sweden was approximately 42% (43%) and in
Finland approximately 46% (45%) in 2025.
In the dose dispensing business, Oriola offers pharmaceuticals
and dose dispensing for private and public healthcare sector
operators. The total market size for dose dispensing in Finland is
approximately 120,000 (116,000) patients of which Oriola serves
approximately 40,000 (36,000).
Market environment - Health products
The consumer health markets in Finland and Sweden are valued
at around EUR 1.6 billion. The historical market growth has been
3.4% (2019-2025 CAGR %) while growth is expected to be 3-5% for
2026-2028. In Sweden, OTC (over-the-counter) products in general
are expected to witness positive value growth over the forecast
period. Vitamins, dietary supplements and sports nutrition will
benefit from the overarching health and wellness trend supporting
positive volume and constant value growth over the forecast
period. In Finland, consumer interest is rising notably in areas
such as digestive health and stress relief/relaxation. The market is
anticipated to become increasingly polarised, featuring a price-
sensitive consumer segment focused on value products, alongside
Key numbers
1
Invoicing between segments EUR -0,3 million
2
Group administration and others
EUR -7.9 million
Net sales by country, %
Finland Sweden Other countries
Distribution Wholesale
307
20 24
64
80 76
Net sales
by segment
1
, %
Adjusted EBITDA by
segment
2
, %
Business review / Governance / Financial review / Sustainability Statement 36Oriola Annual Report 2025
another segment seeking premium quality ingredients, ease of use,
and innovation. Some products in the middle ground may migrate
towards these two extremes.
E-commerce is a well-established and growing sales channel for
consumer health products in Sweden, while in Finland it is still
in the early stages of expansion. (Sources: Euromonitor, Oriola
management reporting)
The consumer confidence indicator in Finland remained weak
and below long-term average. In Sweden, the indicator remained
largely unchanged and points to a weaker-than-normal sentiment.
(Sources: Statistics Finland, Konjunkturinstitutet)
The Group’s financial performance
Invoicing and net sales
Invoicing increased by 11.4% (increased 5.1%) to EUR 4,201.2
(3,771.8) million. Net sales increased by 13.5% (increased 12.4%) to
EUR 1,906.2 (1,679.7) million. Invoicing and nets sales growth was
driven by both the Distribution and Wholesale segments.
Profitability
Adjusted EBITDA increased by 4.8% (increased 9.6%) to EUR 35.1
(33.4) million. Adjusting items totalled EUR -14.8 (-6.2) million and
included EUR -9.6 million ERP investment related implementation
costs in Group administration, EUR -1.6 million costs related to the
feasibility study of logistics operations in the Distribution segment
in Finland and EUR -3.0 million loss from sale of dose dispensing
business in Sweden. EBITDA was EUR 20.3 (27.2) million.
In 2025, Oriola recognised a loss of EUR 22.8 (loss of 24.8) million
fromSwedish Pharmacy Holding AB in the consolidated statement
of comprehensive income. The loss included Oriola’s share of the
impairment of goodwill in Kronans Apotek amounting to EUR 15.8
(16.3) million. The impairments were related to the integration of
Kronans Apotek and their transition to one common ERP system,
which required more time than anticipated. The integration and
ERP-project were completed in 2025.
Net financial expenses decreased to EUR 6.6 (7.3) million mainly
due to lower interest rates and debt level. The result for the
financial year was EUR -27.2 (-20.1) million. Income taxes were EUR
-0.3 (-1.5) million, which corresponds to an effective tax rate of
-1.3% (-8.1%). Earnings per share were EUR -0.15 (-0.11).
For more information on the Group’s financial performance, please
see the section Financial indicators 2021-2025.
Distribution segment
The Distribution segment consists of pharmaceutical logistics and
dose dispensing services in Finland and Sweden. Dose dispensing
services in Sweden have been included until the completion of the
sale on 1 April 2025.
Key figures
EUR million 2025 2024 Change %
Net sales 1,531.8 1,364.7 12.2
Adjusted EBITDA 32.6 27.6 18.1
Adjusted EBITDA % 2.1 2.0
EBITDA 28.3 29.1 -2.6
Net sales grew by 12.2% to EUR 1,531.8 (1,364.7) million. Growth
was primarily driven by the Swedish distribution business, with
positive development also in the Finnish distribution and dose
dispensing businesses.
Adjusted EBITDA increased to EUR 32.6 (27.6) million, supported by
net sales growth. Due to high volumes, additional
warehouse capacity and personnel was added, which led to
higher operating expenses. Adjusting items totalled EUR -4.3 (1.4)
million and included EUR -1.6 million costs related to the
feasibility study of logistics operations in Finland and EUR
-2.8 million loss from the sale of dose dispensing business in
Sweden. In 2024 adjusting items related to the compensation
from a court appeal of a tender process in the dose dispensing
business. EBITDA was EUR 28.3 (29.1) million.
Wholesale segment
The Wholesale segment consists of wholesale of traded goods
and over-the-counter (OTC) products, parallel import and special
licensed medicines, as well as advisory services in Finland and
Sweden.
3,588 3,7723,507 3,568
4,201
2021 2022 2023 2024 2025
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Invoicing
EUR million
31
33
31
35
35
2021 2022 2023 2024 2025
36
35
34
33
32
31
30
29
28
Adjusted EBITDA
EUR million
Business review / Governance / Financial review / Sustainability Statement 37Oriola Annual Report 2025
Key figures
EUR million 2025 2024 Change %
Net sales 374.8 315.6 18.7
Adjusted EBITDA 10.3 12.5 -17.1
Adjusted EBITDA % 2.8 3.9
EBITDA 10.0 11.5 -12.6
Net sales grew by 18.7% to EUR 374.8 (315.6) million. Growth was
mainly driven by the Swedish wholesale business with strong
development in parallel import of mainly weightloss medicines
throughout the year. In Finland, sales to veterinarians were strong
and growth in special-licensed medicines was supported by medi-
cine shortages.
Adjusted EBITDA decreased to EUR 10.3 (12.5) million. Lower
profitability was related to higher operating expenses related to
increased personnel costs and expanded marketing activities, and
an unfavourable product mix mainly related to high volumes in
parallel import. Adjusting items totalled EUR -0.3 (-1.0) million and
included EUR -0.3 million integration and restructuring costs in
advisory services. In 2024 adjusting items related to a service level
agreement settlement. EBITDA was EUR 10.0 (11.5) million.
Balance sheet, cash flow and financing
Oriola’s total assets at the end of December 2025 were EUR 946.1
(875.6) million. Equity attributable to the equity holders was EUR
100.8 (133.4) million. The result for the financial year was EUR
-27.2 (-20.1) million, of which the joint venture Kronans Apotek’s
share was EUR -22.8 (-24.8) million. The loss from the joint venture
includes Oriola’s share of goodwill impairment amounting to
EUR 15.8 (16.3) million. The effect of the payment of dividends in
the equity was EUR -12.7 million. In the first quarter of 2025, the
fair value of Doktor.se was changed by EUR 2.9 million based on
realised share transactions. Oriola’s ownership of shares in
Doktor.se has not changed during the financial year.
Cash and cash equivalents totalled EUR 152.2 (113.5) million.
Netcash flow from operating activities in 2025 was EUR 60.0
(38.7) million, of which changes in working capital accounted for
EUR40.6(21.4) million. Increase in trade payables has impacted
working capital positively. Free cash flow was EUR 58.4 (43.4)
million. Netcashflow from investing activities was EUR 0.4 (-2.8)
million. Netcash flow from financing activities was EUR -21.7 (-60.7)
million. In 2025, loans from financial institutions were repaid by EUR
1.0 million and liabilities related to commercial paper issues were
reduced by EUR 4.9 million. The effect of the payment of dividends
on the net cash flow from financing was EUR -12.7 (-12.7) million.
At the end of December 2025, interest-bearing debt was EUR 70.1
(76.1) million. The non-current interest-bearing liabilities amounted
to EUR 38.3 (39.7) million and current interest-bearing liabilities
amounted to EUR 31.7 (36.4) million. Non-current interest-bearing
liabilities consist of loans from financial institutions totalling EUR
30.0 (30.0) million and non-current lease liabilities totalling EUR8.3
(9.7) million. Current interest-bearing liabilities mainly consist
of commercial paper issues of EUR 19.9 (24.8) million, advance
payments from Finnish pharmacies totalling EUR 8.3 (7.9)million,
loans from financial institutions totalling EUR - (1.0)million and
current lease liabilities totalling EUR 3.5 (2.7) million. Interest-
bearing net debt was EUR -82.1 (-37.4) million andgearing -81.4%
(-28.0%).
The non-recourse trade receivables sales programmes are in use in
Sweden. At the end of December 2025, a total of EUR 121.9 (94.1)
million in trade receivables had been sold. The average interest
rate on the interest-bearing liabilities excluding lease liabilities
was 2.84% (3.01%). Interest rate risk relating to the cash flow from
selling of trade receivables has been partly hedged with interest
rate swaps.
In June 2025, Oriola signed a new three-year unsecured EUR 70
million committed revolving credit facility agreement with two
one-year extension options subject to lenders’ approval. The new
revolving credit facility replaced the previous revolving credit facili-
ty of the same amount. The revolving credit facility matures in June
2028. The margin of the revolving credit facility is linked toOriola’s
financial covenants. The committed long-term revolving credit
facility of EUR 70.0 million and short-term credit limits totalling
EUR40.0million were unused at the end of December 2025.
At the end of December 2025, Oriola’s equity ratio was 10.8%
(15.4%). Return on capital employed was 1.3% (5.4%) and returnon
equity -23.3% (-13.2%).
For more information on the Group’s balance sheet and cash
flow and related key figures, see the section Financial indicators
2021–2025.
Investments and depreciation
Investments in total in 2025 were EUR 12.7 (8.7) million, of which
EUR 9.6 (5.9) were related to the ERP investment and recognised
as expense (adjusting item) in the income statement. Gross
investments excluding right-of-use assets, which were capitalised
on balance sheet totalled EUR 3.2 (2.9) million andconsisted
mainly of investments in warehouse management systems and
equipment.
Depreciation, amortisation and impairment amounted to EUR
17.7 (13.6) million. An impairment in total of EUR 5.7 million was
recognised in dose dispensing Sweden on goodwill and on other
Net cash flow from operating activities
EUR million
50
40
30
20
10
0
-10
-20
-30
-40
-50
Q1 Q2 Q3 Q4
2024
Q1 Q2 Q3 Q4
2025
48
-8
-10
30
37
18
- 5
- 11
Business review / Governance / Financial review / Sustainability Statement 38Oriola Annual Report 2025
non-current assets. In 2024, an impairment of EUR 1.9 million was
recognised related to ERP investment previously capitalised on
unfinished intangible assets.
Joint venture Swedish Pharmacy Holding AB
(Kronans Apotek)
Oriola has 50% shareholding in Swedish Pharmacy Holding AB,
which controls pharmacy chain Kronans Apotek in Sweden. Oriola
reports its share of the net result in the Swedish Pharmacy Holding
AB below EBIT in the consolidated statement of comprehensive
income.
Key figures
EUR million 2025 2024 Change %
Net sales 1,223.1 1,151.1 6.3
EBITA -4.4 -5.9 26.1
EBIT -45.0 -47.3 4.8
Adjusted EBIT -7.4 -8.0 7.5
Adjusted EBIT % -0.6 -0.7
Loss for the period -45.7 -49.7 8.1
Net interest-bearing debt 86.9 96.9 -10.3
Kronans Apotek, achieved transformation milestones in 2025,
completing its integration and harmonising key business systems.
Activities included pharmacy network adjustments and private
label initiatives. These efforts strengthened the organisation’s
governance and operational foundation, and improved scalability.
Throughout 2025, multiple commercial initiatives were started,
and the organisation defined its long-term commercial strategy.
In addition, actions were started to strengthen cross-functional
coordination, to increase flexibility and competitiveness, and
to optimise key processes and customer journeys. In the fourth
quarter, Kronans Apotek reported a market share of 20.7% and
total sales increased in local currency by 2.9% from the previous
year, driven by growth in both physical pharmacies and the
e-commerce channel.
In 2025, Swedish Pharmacy Holding AB reported net sales of
EUR1,223.1 (1,151.1) million. EBITA (Earnings before interest, taxes
and amortisation) was EUR -4.4 (-5.9) million. Adjusted EBIT was
EUR -7.4(-8.0)million. Adjusting items totalled EUR -37.4 (-39.3)
million including EUR -6.0 (-6.7) million one-off costs related to the
integration of the two companies and a goodwill impairment of
EUR -31.6 (-32.6) million. Adjusted EBIT was also impacted by other
one-off items related to prior periods, ERP-related disruption cost,
people related exit cost and legal and franchise-related items. The
impairments are related to the integration of Kronans Apotek and
transition to one common ERP system, which required more time
than anticipated. The integration and ERP project were completed
in 2025. Result for the period was EUR -45.7 (-49.7) million. At the
end of December 2025, netinterest-bearing debt was EUR 86.9
(96.9) million.
Kronans Apotek is an important strategic partner for Oriola, and
Oriola will actively support Kronans Apotek’s value creation as
a major shareholder. Oriola expects Kronans Apotek to reach
profitability level representing industry benchmark by 2027.
Changes in the Group structure
On 3 February 2025, the Group’s subsidiary Oriola Sweden AB
acquired 100% of the shares in MedInfo ApS in Denmark.
On 1 April 2025, Oriola completed the sale of Svensk dos AB to
Apotekstjänst Sverige AB.
Acquisitions and disposals
On 3 February 2025, the Group’s subsidiary Oriola Sweden
AB acquired 100% of the shares in MedInfo ApS in Denmark
to strengthen its Nordic footprint in medical information (MI)
and patient support programmes (PSP). MedInfo was Oriola’s
subcontractor covering the Danish and Norwegian markets with MI
and PSP services. MedInfo’s net sales in 2024 were EUR 0.9 million,
which mainly came from transactions with Oriola. The company
has nine employees in full-time equivalents (FTE).
Oriola announced on 13 October 2023 that it has signed an
agreement to sell all shares in Svensk dos AB to Apotekstjänst
Sverige AB. Svensk dos AB had been classified as held for sale
from October 2023 until the completion of the transaction. The
transaction was completed on 1 April 2025.
In dose dispensing business, Svensk dos AB offers pharmaceuticals
and dose dispensing for private and public healthcare sector
operators. In 2024, the net sales of dose dispensing Sweden were
EUR 21.7million and EBIT was EUR 1.5 million.
For more information about the acquisitions and disposals please
refer to note 10.3. Acquisitions and divestments in the Consolidated
FinancialStatements.
Personnel
Oriola’s primary key resource is competent, engaged and actively
participating employees. Active participation of employees in
developing a positive and inclusive operative environment enables
the company to serve as a role model for future work.
At the end of December 2025, the number of employees in full-
time equivalents (FTE) was 801 (816), of which 434 (409) worked
inFinland, 358 (407) in Sweden and 9 (-) in Denmark. The number
of personnel decreased 47 in FTE in Sweden due to the sale of
dose dispensing business. The increase in number of personnel in
commercial and supply chain units related to increased volume
and building capabilities. In addition, Oriola acquired MedInfo ApS
in Denmark in the first quarter of 2025. The average number of
employees (FTE) in 2025 was813 (812).
The total amount of wages, salaries and bonuses in 2025 was EUR
45.4 million (EUR 42.5 million in 2024 and EUR 39.8 million in 2023).
For more information about the employee benefits please
referto note 4.4. Employee benefits in the Consolidated
FinancialStatements.
Short-term Incentive Plan
The Short-term Incentive Plan (STI) is based on the achievement
of the company’s financial targets and personal targets. The
Board of Directors decides annually on the earnings criteria
and the determination of the STI based on the proposal of the
Compensation and Human Resources Committee.
Business review / Governance / Financial review / Sustainability Statement 39Oriola Annual Report 2025
Share-based incentive programmes
Oriola has a share-based long-term incentive plan for the
company’s key employees, including the President & CEO and the
Oriola Management Team.
The incentive plan comprises a Performance Share Plan (the “PSP”)
and a share-based bridge plan to cover the transition phase to the
new LTI structure (the “Bridge Plan”). In addition, the long-term
incentive scheme comprises a Restricted Share Plan (also “RSP”)
as a complementary long-term share-based retention plan for
individually selected key employees in specific situations.
The Performance Share Plan (equity settled)
The Performance Share Plan for the years 2022-2025 consists of
annually commencing individual performance share plans, each
of which is subject to separate decision of the Board of Directors.
Eachplan comprises a performance period followed by the
payment of the potential share rewards in listed shares of Oriola.
The length of the performance period of the first plan, PSP 2022,
is four calendar years. At the end of the financial year PSP 2022
has 8 participants. The performance measures based on which the
potential share rewards under PSP 2022 will be paid are earnings
per share (EPS) and an environment-related target (CO2). PSP 2022
comprises a performance period covering the calendar years 2022-
2025, and the share rewards potentially payable thereunder will
be paid during the first half of 2026. The payment of the rewards
is conditional on the achievement of the performance targets
which the Board of Directors has set for the plan and the individual
participant’s continued employment or service relationship with
Oriola. If all the performance targets for the PSP 2022 are fully
achieved, the aggregate maximum number of shares to be paid
based on this plan is approximately 2,254,000 shares (referring to
gross earning, from which the applicable payroll tax is withheld).
The second plan, PSP 2024, is for three calendar years 2024-2026. At
the end of the financial year PSP 2024 has 17 participants. The per-
formance measures for this plan are cumulative adjusted EBIT, earn-
ings per share (EPS) and ESG-target (Delivery accuracy of pharma).
Possible share rewards are payable during the first half of 2027. The
aggregate maximum number of shares payable as a reward based
on this plan is approximately 2,283,305 shares (referring to gross
earnings, from which the applicable payroll tax is withheld).
The third plan, PSP 2025, is for three calendar years 2025-2027.
At the end of the financial year PSP 2025 has 20 participants. The
performance measures for this plan are net profit, adjusted EBITDA,
Cash volatility, net working capital and ESG-target (Delivery accura-
cy). Possible share rewards are payable during the first half of 2028.
The aggregate maximum number of shares payable as a reward
based on this plan is approximately 2,523,527 shares (referring to
gross earnings, from which the applicable payroll tax is withheld).
The Bridge Plan
In 2024, a total of 11,714 B treasury shares owned by the company
were conveyed without consideration to the key employees who
participated in the Bridge Plan 2022-2023 in accordance with the
terms and conditions of the plan.
The Restricted Share Plan
The Restricted Share Plan for the years 2022-2025 consists of
annually commencing individual restricted share plans which
aresubject to a separate decision of the Board of Directors.
Eachplan comprises a restriction period with an overall length
of three years, extending to first half of the fourth year of the
individual plan. During the plan period, the company may grant
fixed share rewards to individually selected key employees.
Thegranted share rewards are paid to the selected participants in
one or several tranches latest by the end of the restriction period.
The share rewards are paid in listed shares. The first plan, RSP 2022,
commences effective as of the beginning of 2022. Theaggregate
maximum number of shares payable as a reward isapproximately
225,400 shares (referring to gross earning, from which the
applicable payroll tax is withheld).
For all programs, if the individual’s employment with
OriolaCorporation terminates before the payment of the reward,
the individual is, as a main rule, not entitled to any reward.
Thevalue of the reward payable to each individual participant
based on the plans is limited by a maximum cap linked to a
multiplier of the individual’s annual salary. Oriola applies a share
ownership requirement to the CEO and the members of Oriola
Management Team. They are expected to retain ownership at least
half of the shares received under the incentive plans until thevalue
of his/her ownership in the company, in the case of theCEO,
corresponds to at least his/her annual gross base salary, and in
thecase of the other the members of the Oriola Management Team,
to at least half of his/her annual gross base salary.
Governance
Separate Corporate Governance Statement 2025 and Remuneration
Report 2025 can be found in Annual Report 2025.
Annual General Meeting 2025
The Annual General Meeting (AGM) of Oriola, held on 2 April 2025,
adopted the financial statements and discharged the members
ofthe Board of Directors and the President and CEO from liability
for the financial year ending 31 December 2024. According
to thedecision of the Annual General Meeting, a dividend of
EUR0.07per share was paid on the basis of the balance sheet
adopted for the financial year ending 31 December 2024.
Auditor
Authorised Public Accountants KPMG Oy Ab, who has put forward
authorised public accountant Mr Kim Järvi as principal auditor, was
re-elected as the auditor of the company.
Authorised Sustainability Audit Firm KPMG Oy Ab, who has put
forward Mr Kim Järvi as principal authorised sustainability auditor,
was re-elected as the sustainability reporting assurance provider of
the company.
The fees of the auditor and the sustainability reporting assurance
provider shall be paid according to an invoice approved by the
company.
Business review / Governance / Financial review / Sustainability Statement 40Oriola Annual Report 2025
Board of Directors
The AGM confirmed that the Board of Directors is composed of
seven members. Ms Petra Axdorff, Ms Ann Carlsson Meyer, Ms Nina
Mähönen, Mr Yrjö Närhinen, Ms Ellinor Persdotter Nilsson, Mr Harri
Pärssinen and Mr Heikki Westerlund were re-elected to the Board of
Directors. Mr Heikki Westerlund was re-elected as Chairman of the
Board of Directors.
Board remuneration
The AGM confirmed that the fee for the term of office of the
Chairman of the Board of Directors is EUR 71,400, the fee for the
term of office of the Vice Chairman of the Board of Directors is EUR
40,800, the fee for the term of office of the Chairman of a Board
Committee, provided that the person is not the Chairman or Vice
Chairman of the Board of Directors, is EUR 40,800 and the fee for
the term of office of the other members of the Board of Directors
is EUR 34,200. Of the fees for term of office, 60 per cent is paid in
cash and 40 per cent is used to acquire Oriola Corporation’s shares
for the Board members on the Nasdaq Helsinki Stock Exchange.
The Chairman of the Board of Directors receives an attendance
fee of EUR 1,000 per meetings of the Board of Directors held in the
Chairman’s home country and EUR 2,000 for meetings of the Board
of Directors held elsewhere and the other members of the Board
of Directors receive attendance fees of EUR 500 per meeting for
meetings held in the home country of the respective member of
the Board of Directors and EUR 1,000 for meetings held elsewhere.
Attendance fees are correspondingly also paid to the Chairman
and members of company committees. Travel expenses are
compensated in accordance with the travel policy of the company.
Combination of Oriola’s share classes
The AGM approved the shareholder’s proposal to combine
the company’s A and B share classes without increasing the
share capital so that after the combination of the share classes,
the company has only one single share class. As a result of the
combination of the share classes, a total of 3,839,165 new shares
issued to holders of class A shares in a directed share issue without
payment were registered with the Finnish Trade Register on 4
April 2025. After the registration, the total number of shares in the
company is 185,325,378. The combination of share classes and the
related directed share issue without payment had no effect on the
share capital.
Authorisations
The Annual General Meeting authorised the Board to decide on
a share issue against payment in one or more issues, including
the right to issue new shares or to assign treasury shares held by
the company. The authorisation covers a combined maximum of
18,000,000 shares of the one single share class of the company and
includes the right to derogate from the shareholders’ pre-emptive
subscription right. The authorisation is in force for eighteen (18)
months following the decision of the Annual General Meeting.
The Board was also authorised to decide on a share issue against
payment of shares in one or more issues including the right to issue
new class shares or assign treasury shares held by the company.
The authorisation covers a combined maximum of 18,000,000
shares of the one single share class of the company including the
right to derogate from the shareholders’ preemptive subscription
right. The authorisation is in force for a maximum of eighteen (18)
months following the decision of the Annual General Meeting.
The Annual General Meeting authorised the Board to decide on
a share issue of class B shares without payment to the company
and on a directed share issue of shares in order to execute the
share-based incentive plan for Oriola Group’s executives and the
share savings plan for Oriola Group’s key personnel. The maximum
number of new shares to be issued under this authorisation is
250,000, which represents of 0.14% of all shares in the company.
The authorisation is in force for eighteen (18) months from the
decision of the Annual General Meeting.
The Annual General Meeting authorised the Board to decide on
repurchasing up to 18,000,000 of the company’s own shares. Shares
may be repurchased also in a proportion other than in which shares
are owned by the shareholders. The authorisation is in force for a
maximum of eighteen (18) months following the decision of the
Annual General Meeting.
All decisions of the Annual General Meeting 2025 are available on
the company’s website www.oriola.com.
Shareholder’s Nomination Board
The Shareholders’ Nomination Board consists of five members
appointed by the shareholders. In addition, the Chairman
of the Board of Directors acts as an expert member of
the Nomination Board.
The largest shareholders of Oriola Corporation elected on
3 June 2025 the following persons as members of
the Nomination Board:
- Annika Ekman
- Peter Immonen
- Jari Paloniemi
- Pekka Pajamo
- Jukka Ylppö
Pekka Pajamo was elected Chairman of the Nomination Board.
Heikki Westerlund, Chairman of the Board of Directors of Oriola,
serves as an expert member of the Nomination Board.
CEO and Oriola Management Team
At the end of the year 2025, the Oriola Management Team
consisted of nine members, including the President and CEO, to
whom the other Oriola Management Team members report.
On 1 January 2025 Katja Lundell, M. Sc. (Economics) was appointed
Executive Vice President, Advisory Services and a member of Oriola
Management Team.
On 1 January 2025 Satu Nylén , M. Sc. (Economics) was appointed
Executive Vice President, Services and Products and a member of
Oriola Management Team.
On 3 February 2025 Tuomas Tiilikainen, M. Sc. (Engineering) was
Business review / Governance / Financial review / Sustainability Statement 41Oriola Annual Report 2025
appointed Chief Supply Chain Officer and a member of Oriola
Management Team.
On 1 April 2025 Stig Tornell, Sc. (Business Administration and
Economics) was appointed Executive Vice President, Sales and a
member of the Oriola Management Team.
Oriola announced on 2 June 2025 that Niklas Lindholm, Chief
People Officer and a member of Oriola Management Team, has
resigned. Niklas left the company at the end of September 2025.
On 1 November 2025 Maria Lundell, FM was appointed Chief
People Officer and a member of Oriola Management Team.
The following persons were members of Oriola Management Team
on 31 December 2025:
- Katarina Gabrielson, President and CEO
- Mats Danielsson, Chief Financial Officer
- Katja Lundell, Executive Vice President, Advisory Services
- Maria Lundell, Chief People Officer
- Mikael Nurmi, Chief Digital Officer
- Satu Nylén, Executive Vice President, Services and Products
- Petter Sandström, General Counsel
- Tuomas Tiilikainen, Chief Supply Chain Officer
- Stig Tornell, Executive Vice President, Sales
Oriola Corporation shares
Combination of Oriola’s share classes
The combination of Oriola Corporation’s A and B shares was
decided by the Annual General Meeting on 2 April 2025. As a result
of the combination of the share classes, a total of 3,839,165 new
shares issued to holders of class A shares in a directed share issue
without payment were registered with the Finnish Trade Register
on 4 April 2025. After the registration, the total number of shares in
the company is 185,325,378. The combination of share classes and
the related directed share issue without payment had no effect on
the share capital.
Oriola has a single class of shares (ORIOLA) and each share carries
one (1) vote at the general meeting.
Share trading
Oriola Corporation’s market capitalisation on 31 December 2025
was EUR 213.1 (162.0) million.
The price of Oriola share at the end of December 2025 was EUR
1.15 (EUR 0.90 class A share and EUR 0.89 class B share). During the
reporting period the highest price was EUR 1.23 and the lowest
price EUR 0.89.
In 2025, the traded volume of Oriola Corporation shares, excluding
treasury shares, was 23.4 million (3.4 million class A shares and
33.1 million class B shares). This corresponded to 12.7% of the total
number of shares. The trading value during the reporting period
was EUR 25.1 million (EUR 3.5 million class A shares and EUR 33.0
million class B shares).
At the end of 2025, the company had a total of 185,325,378
(181,486,213) shares. The company held a total of 80,258 (75,712)
treasury shares. The treasury shares held by the company account
for 0.04% (0.04%) of the company’s shares and 0.04% (0.11%) of the
votes.
Management’s holding
On 31 December 2025, the members of the Board of Directors, the
CEO and the members of the Oriola Management Team, including
their controlled corporations, owned a total of 656,967 shares
corresponding to 0.35% of the total number of shares and of the
votes.
Flagging notifications
On 4 April 2025, Maa- ja vesitekniikan tuki ry’s ownership of Oriola
Corporations votes decreased below 5%.
On 7 April 2025, Varma Mutual Pension Insurance Company’s own-
ership of Oriola Corporations votes decreased below 5%.
On 7 April 2025, Ilmarinen Mutual Pension Insurance Company’s
ownership of Oriola Corporation’s votes decreased below 5%.
Business review / Governance / Financial review / Sustainability Statement 42Oriola Annual Report 2025
Shares and shareholders
Shareholders by type of owner, 31 December 2025
Shareholders % of shareholders % of shares
Individuals 32,875 96.4 45.0
Corporations and partnerships 823 2.4 29.6
Banks and insurance companies 34 0.1 5.7
Public entities 22 0.1 9.1
Non-profit institutions 185 0.5 3.6
Foreign shareholders 173 0.5 0.3
Total 34,112 100.0 93.3
Nominee registrations 6.7
Shareholders by number of shares held, 31 December 2025
Number of shares Shareholders % of shareholders
1–100 5,770 16.9
101–1,000 16,386 48.0
1,001–10,000 10,471 30.7
10,001–100,000 1,367 4.0
over 100,001 118 0.3
Total 34,112 100.0
Of which nominee registered 9
Number of shares Shares % of shares
1-100 257,664 0.1
101-1,000 7,198,131 3.9
1,001-10,000 32,433,467 17.5
10,001-100,000 33,948,226 18.3
over 100,001 111,487,890 60.2
Total 185,325,378 100.0
Of which nominee registered 12,413,714 6.7
Total number of shares 185,325,378 100.0
Largest shareholders, 31 December 2025
By number of shares held Total shares % of total shares
1. Mariatorp Oy 27,700,000 14.95
2. Wipunen Varainhallinta Oy 9,200,000 4.96
3. Keskinäinen Työeläkevakuutusyhtiö Varma 7,902,214 4.26
4. Keskinäinen Eläkevakuutusyhtiö Ilmarinen 6,153,033 3.32
5. Maa- ja Vesitekniikan Tuki ry. 4,312,883 2.33
6. Vakuutusosakeyhtiö Henki-Fennia 3,958,101 2.14
7. Greenzap Oy 3,227,660 1.74
8. Kansaneläkelaitos, KELA 1,991,481 1.07
9. Ylppö Jukka 1,890,450 1.02
10. Herlin Olli 1,800,000 0.97
11. Sijoitusrahasto Seligson & Co Phoebus 1,615,571 0.87
12. Proprius Partners Micro Finland 1,500,000 0.81
13. Ehnrooth Helene 1,304,333 0.70
14. Medical Investment Trust Oy 1,046,468 0.56
15. Drumbo Oy 1,000, 000 0.54
16. Paloniemi Jari 1,000,000 0.54
17. Ylppö Into 983,258 0.53
18. Laakkonen Mikko 899,422 0.49
19. Jocer Oy Ab 874,334 0.47
20. Sto-Rahoitus Oy 800,000 0.43
Total 79,159,208 42.71
Nominee registered 12,413,714 6.70
Oriola Corporation 80,258 0.04
Other 93,672,198 50.54
All shareholders total 185,325,378 100.00
Business review / Governance / Financial review / Sustainability Statement 43Oriola Annual Report 2025
Risk review
Key external factors/trends impacting Oriola’s business
environment continue to include ageing of the population,
increased spending on health and wellbeing, growth in speciality
pharmaceuticals, the digitalisation of the retail trade and services,
increasing sustainability requirements as well as ongoing
global health challenges. During 2024–2025, these trends have
continued to affect demand patterns, particularly for high-value
pharmaceuticals and products requiring advanced logistics.
Strategic and financial risks
Oriola’s risk management framework updated in 2024, was
further implemented and embedded during 2025 to reflect the
current business and regulatory environment and to support
strategic planning and operational decision making. The Group’s
risk management policy outlines the principles, processes and
organisation designed to identify, measure and manage risks
impacting operations and strategic goals. The Group’s risk
management seeks to identify, measure and manage risks and
opportunities that may have an adverse or beneficial impact on
Oriola’s operations and strategic goals, with increased focus on
prioritisation and mitigation actions during 2025.
Oriola’s risk appetite reflects a balanced approach to taking
well-considered risks while maintaining strong financial stability
and operational continuity. Oriola’s risk management principles
emphasise proportionality, reasonableness, and disaster avoidance,
ensuring that risks are managed effectively and in alignment with
our long-term strategic goals.
Oriola also adheres to a Code of Conduct policy and a Treasury
policy covering compliance and financial risks, supported by
established governance structures and internal control systems.
The internal control and risk management systems related to
Oriola’s financial reporting are aimed at ensuring the reliability
of the company’s financial statements and financial reporting, as
well as the company’s compliance with legislation and generally
approved operating principles.
Oriola continuously monitors changes in the risk landscape and
adjusts the company’s risk and opportunity exposure in response
to shifts in the market, society, and geopolitical environment.
Changes in the pharmaceutical market regulation and related
licences, pricing, parallel import and public reimbursement are
examples of strategic and operational risks that may impact the
performance of the group. The competitive landscape continues to
evolve and for example changes in distribution models and the loss
or renegotiation of key pharmaceutical company agreements may
affect the Group’s performance.
Regulatory and market risks
Oriola operates in regulated pharmaceutical distribution and retail
markets closely monitored by authorities in its operating countries.
Regulatory changes and compliance requirements may affect
operating conditions, cost levels and service availability.
Finland’s reform of social and healthcare (Sote), continues to shape
the healthcare operating environment through wellbeing services
counties.
Oriola assesses ESG-related (Environment, Social and Governance)
risks and opportunities as part of the regular risk management
process. ESG-related impacts, risks and opportunities are presented
in Oriola’s Sustainability Statement.
The main financial risks for Oriola involve currency rate, liquidity,
interest rate and credit risks. Changes in the value of the Swedish
krona have an impact on Oriola’s net sales, earnings and
consolidated statement of financial position. Changes in cash flow
forecasts may cause impairment of goodwill. More information
about financial risk management can be found in note 8.3. in
thenotes to the Consolidated Financial Statements.
Near-term risks and uncertainty factors
Near-term risks and uncertainty factors related to instability in the
markets include cost inflation, salary inflation and labour markets
constraints, uncertain product availability due to material and
supply chain constraints, and electricity shortages. Cyber-attacks
against critical areas of society are expected to increase in a
heightened geopolitical environment. These factors may have a
significant impact on Oriola’s operations, net sales and profitability.
Oriola is deemed as a critical entity under the directive (2022/2557)
of the European Parliament on the resilience of critical entities.
Recognition of full-service healthcare distributors as critical
infrastructure reduces Oriola’s risks. The directive entered into force
on 16 January 2023 and will have to be implemented at national
level. Finland has made progress towards implementing Directive
(EU) 2022/2557. In Finland, national implementation progressed
during 2025, including the adoption of legislation transposing
the directive, with the act entered into force on 1 July 2025. The
legislation includes provisions on the identification of critical
entities and obligations imposed on them. Sweden has not yet
transposed the directive into national law. Under the directive,
Member States are required to formally identify critical entities by
July 2026, building on existing national security, preparedness and
resilience frameworks, which may affect supervisory practices and
compliance requirements.
Oriola’s continuity planning is designed to maintain critical
operations, even in the face of unforeseen challenges. It also
encompasses measures to rebuild and restore these operations if
disruptions occur. With well-defined protocols and a structured
methodology, Oriola strengthens its capacity to safeguard
customer requirements, ensure profitability, and support societal
needs. During 2025, the continuity planning model was further
developed, in response to changes in the geopolitical and security
environment.
By ensuring the availability and reliable distribution of critical
healthcare products, even under challenging conditions, Oriola
Business review / Governance / Financial review / Sustainability Statement 44Oriola Annual Report 2025
Profit distribution proposal
Oriola Group’s parent company is Oriola Corporation, whose
distributable funds according to the balance sheet as at
31 December 2025 were EUR 141.2 (153.3) million. Oriola
Corporation’s result for the financial year 2025 was EUR 1.4 (-24.6)
million. Earnings per share of the Oriola Group were EUR-0.15
(-0.11).
Oriola’s aim is to pay out an increasing annual dividend of 2/3 of
net profit. The Board of Directors proposes to the Annual General
Meeting that a dividend of EUR 0.03 (0.07) per share be paid for
2025. It is further proposed that the Annual General Meeting
authorises the Board of Directors, at its discretion, to resolve on
the distribution of a possible second dividend instalment up to
a maximum of EUR 0.04 per share. It is the intention of the Board
of Directors that the possible dividend payment pursuant to this
authorisation would be carried out in November 2026. The Board
of Directors further proposes that the remaining non-restricted
equity, EUR 135,632,235.06 will be retained and carried forward.
Annual General Meeting 2026
Oriola Corporation’s Annual General Meeting will be held on
25 March 2026. The matters specified in article 10 of the Articles
of Association and other proposals of the Board of Directors,
ifany, will be dealt with at the meeting. The notice to convene
will be available on the company’s website at www.oriola.com
on4 March 2026 at the latest.
Outlook for 2026
In 2026, the pharmaceutical distribution market is expected to
continue to grow. Value growth is expected to be driven by high-
value pharmaceuticals and products requiring advanced
logistics.
The uncertainty in the geopolitical environment remains, and
the availability issues of certain pharmaceuticals are expected to
continue. Typically, in economic uncertainty, consumers tend to
shift purchases of everyday health and wellness products toward to
low-price categories.
For 2026, Oriola expects the adjusted EBITDA to increase from the
previous year (2025: EUR 35.1 million). The expectation of improved
adjusted EBITDA is based on growing markets and strategy
execution.
Events after the balance sheet date
Oriola accelerates growth and modernises Finnish
operations with a highly automated, state-of-the-art
distribution centre in Järvenpää
Oriola announced on 7 January 2025 that it has completed the
planning phase of a highly automated, state-of-the art distribution
centre located in Järvenpää, Finland, in total valued at EUR 110-120
million. The investment will be financed in a capital-efficient way
through a long-term lease arrangement for the building, machinery
and equipment, while the land is acquired and owned by Oriola.
The new distribution centre will be financed by SEB Leasing Oy.
Construction of this facility is scheduled to commence in the first
quarter of 2026, with the relocation of operations from Espoo to
Järvenpää anticipated to start by the end of 2027. Additionally,
Oriola’s headquarters will be relocated within Espoo.
Oriola initiates review of long-term plan, financial targets
and capital allocation priorities – Capital Markets Day
scheduled
Oriola announced on 7 January 2025 that it initiates review of
long-term plan, to support growth and drive profitability, financial
targets and capital allocation priorities to enhance shareholder value
creation. Oriola aims to complete the review during spring 2026 and
share the details in its Capital Markets Day on 12 May 2026.
is also an important contributor to societal resilience and
preparedness. This entails that developments in national threat
scenarios and security protection legislation have an impact on
both the company’s risk exposure and its opportunities.
Oriola’s strategic development projects involve operational
risks which may have an effect on the company’s profitability if
materialised. Oriola has IT system projects underway. The company
has defined separate risk management plans for all major IT
projects and aims to ensure seamless implementation of the
systems through careful planning.
Oriola’s distribution capabilities rely on well-functioning
distribution centres with automation and information systems. If
the systems experience long or short-term malfunctions, Oriola’s
delivery accuracy might be affected.
From time to time, Oriola is involved in legal actions, claims and
other proceedings. It is Oriola’s policy to provide for amounts
related to the proceedings if liability is probable, and such amounts
can be estimated with reasonable accuracy. Taking into account
all available information to date, legal actions, claims and other
proceedings are not expected to have a material impact on the
financial position of the Group.
Oriola’s proactive risk management, strategic alignment with
regulatory changes, and strengthened operational resilience
position the company well for sustained performance. The
continued focus on ESG, financial stability, and supply chain
reliability supports the long-term success of the organisation.
Business review / Governance / Financial review / Sustainability Statement 45Oriola Annual Report 2025
ESRS 2 General Disclosures
General basis for preparation of
Sustainability Statement (BP-1, BP-2)
This Sustainability Statement has been prepared according to
the sustainability reporting standards (European Sustainability
Reporting Standards, ESRS) referred to in Chapter 7 of the Finnish
Accounting Act and Article 8 of the Taxonomy Regulation on a
consolidation basis.
Oriola’s sustainability reporting is aligned with reporting on the
financial year (calendar year 2025) and unless otherwise stated, it
comprises the parent company Oriola Corporation and all
the companies in which the Group holds over 50% of the voting
rights directly or indirectly. The scope of consolidation of this report
covers Oriola Group Plc’s legal entities in Finland, Sweden and
Denmark: Oriola Corporation, Oriola Finland Oy, PharmaService Oy,
Oriola Sweden AB, and Oriola Advisory Services Denmark ApS.
During the reporting period, Oriola Group divested its subsidiary
Svensk dos AB and acquired MedInfo ApS in Denmark. In line
with the GHG Protocol, Oriola Advisory Services Denmark Aps
(previously MedInfo ApS) is included in the 2025 sustainability
disclosures for the entire year, whereas Svensk dos AB is excluded
for the full year 2025, in order to ensure consistency and
comparability of reporting. Both transactions have been assessed
to have an immaterial impact and therefore comparative and base
year data has not been restated.
This statement includes information about Oriola’s material
impacts, risks and opportunities through its direct and indirect
business relationships in the upstream and downstream value
chain according to the outcome of the double materiality
assessment (DMA). The DMA was reviewed in May 2025, and this
report has been prepared to reflect its results. The inclusion of the
value chain information is clearly stated in connection with the
specific topic.
Oriola has not used the option to omit specific pieces of
information corresponding to intellectual property, know-how or
results of innovation. Neither has the company used the option to
omit disclosure of impending developments or matters in course of
negotiation.
In this report Oriola has applied the time horizon definitions
according to the ESRS standards. The short-term refers to the
upcoming financial year, the medium-term to the following 1–5
years, and the long-term to a time span exceeding 5 years.
Metrics related to greenhouse gas emissions encompass data from
both upstream and downstream parts of the value chain. While
most calculations rely on primary data, certain Scope 3 categories
incorporate information derived from indirect sources. The metrics,
including the basis for the preparation and the resulting level of
accuracy, are detailed in section E1 Climate Change.
No disclosure requirements or specific data points have been
incorporated by reference.
The role of the administrative,
management and supervisory bodies
(GOV-1)
Oriola’s administrative, management and supervisory bodies are
the Board of Directors and the President and CEO. The general
meeting of shareholders, the Board of Directors (including its
committees), and the President and CEO, assisted by the Oriola
Management Team, are responsible for the governance of Oriola.
The main tasks of the Board of Directors are listed in the
Board’s rules of procedure. According to the rules, the Board is
responsible for approving the company’s strategy, which includes
the sustainability agenda and strategic sustainability goals.
Oriola’s Board of Directors monitors the implementation of the
sustainability agenda and reviews the company’s sustainability
targets and progress of the sustainability work, including climate-
related issues.
The Audit Committee has a Board mandate to supervise the
execution of the Group’s sustainability agenda. The Audit
Committee prepares the sustainability agenda and strategic
sustainability goals for the Board’s approval. It monitors the
advancement of the sustainability agenda, offering feedback when
necessary.
The President and CEO has overall responsibility for implementing
Oriola’s sustainability agenda as part of the strategy. The CEO is
also responsible for establishing an appropriate organisation for
sustainability work and ensuring necessary internal and external
resources and expertise.
Oriola Management Team prepares and follows up the Group’s
sustainability agenda including action plans, risks, targets and
performance indicators. Oriola tracks progress in sustainability
areas using Group-level strategic targets and key performance
indicators (KPI).
Oriola has specified the company’s risk management model,
principles, organisation and process in the Group Risk Management
Policy. Sustainability-related risks are managed according to the Policy.
Diversity of the Board and Management
Oriola’s Board of Directors as a collegium has a competence profile
which supports the company’s existing and future business,
Sustainability Statement
1. General information
Business review / Governance / Financial review / Sustainability Statement 46Oriola Annual Report 2025
enabling the achievement of Oriola’s strategic goals. The members
of the Board of Directors have mutually complementary expertise
regarding their education and experience in different professional
areas and industrial sectors, businesses in various stages of
development, leadership, as well as their personal capacities.
Oriola’s Board of Directors consist of seven members: Heikki
Westerlund (chairman), Petra Axdorff, Ann Carlsson Meyer, Nina
Mähönen, Yrjö Närhinen, Ellinor Persdotter Nilsson and Harri
Pärssinen. All seven members (100%) are non-executive and
independent of the company and of the major shareholders.
The diversity of the Board of Directors is supported by experience
in operating environments and industries relevant to Oriola as
well as different cultures and by considering the age and gender
breakdown of the members. The percentage of female board
members is 57% and the gender diversity ratio is 1.33.
At the end of the year 2025, the Oriola Management Team
consisted of nine executive members, who have extensive
experience relevant to the company’s sectors, services and
products, and geographic locations. The percentage of female
management team members was 44% (2024: 17%). The Oriola
Management Team members were: Katarina Gabrielson, President
and CEO; Mats Danielsson, CFO; Katja Lundell, Executive Vice
President, Advisory Services; Maria Lundell, Chief People Officer;
Mikael Nurmi, Chief Digital Officer; Satu Nylén, Executive Vice
President, Services and Products; Petter Sandström, General
Counsel; Tuomas Tiilikainen, Chief Supply Chain Officer and Stig
Tornell, Executive Vice President, Sales.
In 2025, there was no employee representation in Oriola’s Board of
Directors or in the Oriola Management Team.
Managing material impacts, risks and opportunities
Oriola’s Board of Directors is the highest authority to oversee
the company’s material impacts, risks and opportunities. Oriola’s
Board of Directors approves the outcome of the double materiality
assessment and the Group’s sustainability agenda, based on the
outcome of the double materiality assessment, as a part of the
company’s strategy. The Board approves the Risk Management
Policy, Code of Conduct and Business Partner Code of Conduct and
the sustainability statement as a part of the company’s Financial
Statements.
The Audit Committee supervises the execution of the Group’s
sustainability agenda as well as tracking the progress of the
company’s sustainability reporting. Furthermore, it reviews the
sustainability-related matters finally decided upon by the Board. To
ensure alignment with the ESRS disclosures, the Audit Committee
reviews the processes, controls, methodologies and policies related
to material impacts, risks and opportunities that management
employs to enhance sustainability reporting.
The President and CEO has overall responsibility for implementing
Oriola’s sustainability agenda as part of the strategy. She reports
to the Board of Directors on material sustainability topics and
approves the Quality Policy setting the foundation for Oriola’s ISO-
certified Group-wide management system.
Skills and expertise to oversee sustainability matters
The members of Oriola’s Board of Directors currently hold or
have previously held leadership positions in companies where
sustainability is embedded across governance, operations and
value chains. The members have experience in areas such as
sustainability management, human resources management,
occupational safety management, sustainable sourcing,
responsible finance and risk management.
The members of the Oriola Management Team have extensive
business knowledge and appropriate skills and expertise relevant
to their responsibility areas. The competence in sustainability is
sufficient, including for example expertise in human resources, data
and risk management, and governance and compliance matters.
The governing bodies use actively the expertise of the company’s
sustainability and environmental organisations, and external
experts are consulted when necessary. In addition, sustainability-
related regulatory and scientific developments are monitored, and
relevant information is shared with all members of the Board of
Directors and Oriola Management Team to ensure they have an up-
to-date understanding of sustainability issues.
Information provided to and
sustainability matters addressed by
the undertaking’s administrative,
management and supervisory bodies
(GOV-2)
Sustainability is integral to Oriola’s mission of improving health
and wellbeing, increasingly important to its stakeholders, and
a key enabler of the Group’s business strategy. Oriola actively
incorporates environmentally and socially responsible practices into
its day-to-day operations, decision-making and risk management
processes. Sustainability topics are also covered in strategic
negotiations with key suppliers in main sourcing categories.
Oriola’s sustainability agenda drives actions towards ambitious
long-term goals, integrating environmental, social, governance and
economic priorities with a strategic approach. The agenda focuses
on four key areas: environment, people, society and governance.
Oriola strives to reduce the environmental impact of its operations,
advance a culture of fairness, development, and safety, ensure safe
and accurate deliveries, and uphold transparent and responsible
operations and supply chain practices. Through this approach,
Oriola emphasises transparency, innovation, and collaboration with
its stakeholders to create long-term value.
Sustainability being a key part of Oriola’s strategy brings
sustainability-related topics regularly to the Board’s agenda:
• The Board and the Audit Committee are informed about
sustainability-related topics as part of the CEO’s business review,
which is on the agenda of each monthly meeting.
Business review / Governance / Financial review / Sustainability Statement 47Oriola Annual Report 2025
Oriola’s Board of Directors
Decides, steers and guides sustainability agenda,
follows up progress against targets and approves relevant policies
CEO and Oriola Management Team
Have overall responsibility for implementing Oriola’s sustainability agenda
as part of the strategy. Prepare and follow up the Group’s sustainability
agenda including action plans, risks, targets and performance indicators.
Approve relevant policies.
Audit Committee
Monitors the advancement on the sustainability agenda
and the progess of sustainability reporting, reviews sustainability-related
processes, controls, methodologies and policies.
Communications and Sustainability function
Prepares proposals to Oriola Management Team about sustainability
development in line with the sustainability agenda and action plans.
Steers sustainability related activities, including follow-up of near- and
long-term plans and roadmaps as well as the Group’s
sustainability reporting according to the ESRS reporting standards.
Businesses and Functions
Ensure that sustainability goals are cascaded throughout
the organisation and KPIs are set at local level
Risk management team
Assesses sustainability risks as part of
the Group risk management process
Sustainability management • The Board approves the sustainability agenda and strategic
sustainability goals in connection with the strategy process. The
current sustainability agenda is valid 2026-2028.
• The Board and the Audit Committee review the main risks
according to Group’s Risk Management Process on a quarterly
basis, and relevant policies as needed.
• The Board follows up the results and effectiveness of policies,
actions, metrics and targets adopted to address material
impacts, risk and opportunities at least on a yearly basis, when
it approves the sustainability statement as part of the Financial
Statements. The Audit Committee reviews the sustainability
statement prior to its approval by the Board of Directors.
The Oriola Management Team (OMT) prepares and follows up the
Group’s sustainability agenda including action plans, risks, targets
and performance indicators. It approves the Group-wide Privacy
and Environmental Policies.
The OMT reviews sustainability topics throughout the year.
During the reporting year, discussions covered first the 2024
sustainability statement and climate target setting. Later on, the
OMT was involved in the review of sustainability opportunities and
the review of the double materiality assessment. In addition, the
Team approved the revised Sustainability agenda and accepted
sustainability criteria, including the aim for BREEAM Excellent
level certification, for the new distribution centre in Finland
(construction to begin in early 2026). In summer and fall, the OMT
updated the company’s strategy which integrates sustainability
aspects.
The OMT reviews the main risks quarterly according to the Group’s
Risk Management Process and updates the sustainability agenda
as part of the strategy process according to internal and external
expectations.
The Communications and Sustainability function, led by VP,
Communications and Sustainability, is responsible for preparing
proposals to the Oriola Management Team about sustainability
development in line with the sustainability agenda and action
Business review / Governance / Financial review / Sustainability Statement 48Oriola Annual Report 2025
plans, steering sustainability-related activities, which include
follow-up of near- and long-term plans and roadmaps and
sustainability reporting according to the ESRS reporting standards.
The People & Culture organisation is responsible for overseeing
social matters related to own workforce, including employee
engagement and diversity. Impacts related to Oriola’s own
workforce are identified and managed through People Policy
and multiple HR (Human Resources) and HSE (Health, Safety and
Environment) processes.
Within the Legal, Risk and Compliance organisation, led by
the General Counsel, the Legal organisation is responsible for
overseeing the governance and compliance matters and for
updating Oriola’s Code of Conduct, which guides management and
personnel on ethical principles within the Group.
The Risk Management organisation, led by the Director, Risk
and Security, is responsible for Oriola’s Risk Management Policy,
which outlines the company’s risk management model, principles,
organisation and process. The policy defines the enterprise risk
management system, objectives, roles and responsibilities within
Oriola, aiming to identify and manage risks associated with the
execution of the company’s strategy and operations.
The Quality and Environment organisation, led by the
Quality Director and part of the Legal, Risk and Compliance
organisation, is responsible for overseeing matters related to
operations quality (such as GDP compliance) and environment,
including environmental management, ISO certification, energy
consumption, waste handling and emissions reporting.
Within the Services and Product organisation, the Assortment
organisation, led by the Assortment Director, is responsible for
overseeing product quality and supplier evaluations related to
Oriola’s own assortment. The Sourcing organisation, led by the
Head of Sourcing, manages and develops supplier relationships
related to Oriola’s own assortment.
The IT organisation is responsible for Oriola’s comprehensive
Information Security Management framework including key policies
and data protection processes. Key policies include Oriola’s Privacy
Policy outlining the methods by which the company gathers, uses,
discloses and otherwise processes personal information.
List of material impacts, risks and opportunities
addressed by administrative, management and
supervisory bodies or their relevant committees in
2025
• Oriola’s Board of Directors reviewed and approved the outcome
of the Group’s double materiality assessment review.
• The Audit Committee reviewed the assessment prior to the
Board approval.
• Over the year, the Board and the Audit Committee followed up
the progress of sustainability reporting and related assurance
process.
• Other topics included for example the approval of the Science-
Based Targets (SBTi) for Oriola’s climate work.
• In September, the Board approved the updated Sustainability
agenda.
• The Board reviewed the proposed sustainability criteria,
including the aim for BREEAM Excellent level, for the new
distribution centre in Finland.
Integration of sustainability-related
performance in incentive schemes (GOV-3)
In line with Oriola’s Remuneration Policy and Remuneration Report
2025, Oriola’s remuneration supports achieving strategic targets,
profitability and increased shareholder value. The objective is to
reward concrete achievements in implementing Oriola’s strategy
and in achieving its targets. When setting the remuneration for
executives, Oriola follows the same main principles as for other
employees in the company. Remuneration across the company is
reviewed regularly to secure its competitiveness in the market.
The main components of the remuneration are the base salary and
short- and long-term incentives. The short-term incentive (STI) plan
is based on the achievement of the company’s financial targets and
personal targets. The measures may consist of a mix of financial,
operational and ESG-related metrics.
The share-based long-term incentive (LTI) plan covers the
company’s key employees. The objectives of the LTI are to
promote shareholder value creation in the long term, to
commit management and key employees to achieving Oriola’s
strategic targets, and the retention of Oriola’s key resources.
The performance criteria may include financial or non-financial
measures to support the Group’s long-term success such as key
financial targets, ESG targets, strategic priorities, shareholder
return, and other performance measures set for the performance
period. Currently Oriola has three ongoing LTI plans, each including
an ESG target.
Performance Share Plan (PSP) 2022-2025: The ESG target is
related to Oriola’s GHG emissions reduction target covering Scope
1 and Scope 2 emissions, as outlined in Oriola’s sustainability
agenda. The climate-related target carries a 10% weight in the LTI
plan and must be achieved without the use of carbon offsets.
PSP 2024-2026: The ESG target is related to picking accuracy of
pharmaceuticals, as outlined in Oriola’s sustainability agenda. The
target carries a 20% weight in the LTI plan.
PSP 2025-2027: The ESG target is related to picking accuracy,
as outlined in Oriola’s sustainability agenda, and specifically to
customer lines that are not fulfilled on time. The target carries a
10% weight in the LTI plan.
The Remuneration Policy is developed by the Compensation
and Human Resources Committee, reviewed by the Board of
Directors, and approved by the Annual General Meeting. Each
year, the Board of Directors, based on the committee’s proposal,
determines the earnings criteria and parameters for the short-
Business review / Governance / Financial review / Sustainability Statement 49Oriola Annual Report 2025
term incentive plan (STI). For the long-term incentive plan (LTI),
the Board establishes the performance criteria and sets the
required performance levels for each criterion at the start of each
performance period.
Statement on sustainability due
diligence (GOV-4)
In Oriola, due diligence refers to the process through which
the company identifies, assesses and manages the actual and
potential negative impacts its operations, supply chains or
business relationships may have on the environment, human
rights and society. The goal is to prevent harm, mitigate risks
and take corrective actions where necessary. Due diligence has
been incorporated in the company’s risk management process,
sustainability governance, and quality and management system.
Risk management and internal controls
over sustainability reporting (GOV-5)
Oriola’s sustainability management model, which is described in
sections GOV-1 and GOV-2, aims to mitigate also the risks related to
the sustainability reporting process. Additionally, a complementary
governance model with defined roles and responsibilities has been
implemented for sustainability reporting.
In its sustainability reporting Oriola uses a specialised reporting
platform to ensure that data for emissions calculations is stored
and calculated in a correct and consistent manner, and to ensure
an audit trail is kept. Instructions have been provided to all data
reporters and a detailed reporting guide has been compiled to
support the reporters of environmental data.
Key risks relating to the sustainability reporting process have
been identified for reporting project management purposes, but
they have not been assessed by any particular risk assessment
approach or risk prioritisation methodology. The risk assessment
Due diligence
DUE DILIGENCE GOV-4
CORE ELEMENTS OF DUE DILIGENCE PARAGRAPHS IN THE SUSTAINABILITY STATEMENT
a) Embedding due diligence in governance, strategy and business
model
• General Disclosures: GOV-1, GOV-2, GOV-3, SBM-1, SBM-3 • Environment: E1-1, E1.SBM-3
• Social: S1.SBM-3, S4.SBM-3 • Governance: G1-1
b) Engaging with affected stakeholders in all key steps of the due
diligence
• General Disclosures: GOV-2, SBM-2, IRO-1 • Environment: E1-2, E1-3
• Social: S1-2, S1-3, S4-2, S4-3 • Governance: G1-1, G1-2
c) Identifying and assessing adverse impacts
• General Disclosures: GOV-5, SBM-3, IRO-1 • Environment E1.SBM-3, E1-1, E5.IRO-1
• Social: S1.SBM-3, S1-1, S1-4, S4.SBM-3, S4-2 • Governance: G1.IRO-1, G1-1
d) Taking actions to address those adverse impacts
• General Disclosures: GOV-2 • Environment: E1-3, E5-2
• Social: S1-3, S1-4 , S4-3, S4-4 • Governance: G1-1, G1-2
e) Tracking the effectiveness of these efforts and communicating
• General Disclosures: SBM-1, SBM-2 • Environment E1-3, E1-4, E1-5, E1-6, E5-2, E5-3, E5-5,
EU Taxonomy • Social: S1-4, S1-5, S1-6, S1-7, S1-8, S1-9, S1-10, S1-11, S1-13, S1-14, S1-15, S1-16,
S1-17, S4-4, S4-5 • Governance: G1-1, G1-2, G1-6
KEY RISKS RELATING TO SUSTAINABILITY REPORTING PROCESS AND THEIR MITIGATION
RISKS MITIGATION ACTIONS
Timing of reporting • ESG data is gathered from multiple sources, and
the timing of data availability varies.
• Oriola’s reporting governance model ensures that required information is
produced according to the set reporting schedule.
• The approval and publication of the sustainability statement is aligned
with the Financial Statements.
Accuracy of data • HR data is sourced from Oriola’s HR systems.
• Environmental data is gathered from multiple
sources at the site-level.
• Data is verified through controls and analysis; instructions have been
provided to the reporters on how to store data and document audit trail.
Roles and responsibilities • Lack of adequate resourcing may become a
risk due to the rising demands for sustainability
reporting both from a regulatory point of view
and based on needs in the value chain.
• Oriola’s reporting governance model and reporting guide aims to mitigate
the risk of unclear roles and responsibilities which may arise especially in
organisational and personnel changes.
Reporting platform • Unavailability of service due to technical failure.
• Technical errors in key features of the platform
such as calculations, emission factors or data
export.
• Platform outputs are assured annually by an independent party.
• Approval workflows and version control have been established to ensure
that more than one person monitors input data and platform functionalities,
increasing the likelihood that errors or malfunctions are identified promptly.
Business review / Governance / Financial review / Sustainability Statement 50Oriola Annual Report 2025
was reviewed based on the experiences from the first statutory
reporting project. So far, no decisions have been made regarding
how and how often these risk assessment findings will be reported
to the administrative, management and supervisory bodies.
The responsibility for collecting data for sustainability reporting
primarily lies with Oriola’s experts from Quality and Environment,
People & Culture, Risk Management, Supply Chain and
Sustainability functions. External expertise is used in the calculation
of emissions data when deemed necessary.
The reporter (who inputs data into the reporting platform) must
ensure the data is correct by comparing it with the previous year
and by double-checking it with someone else. Reporters are
also instructed to verify the data if they suspect that something
is not correct. Reporters have been instructed to upload source
documentation or proof of evidence to the reporting platform to
support the data (both for numerical data and narrative content).
Strategy, business model and value
chain (SBM-1)
Oriola is a health and wellbeing company operating in the Nordic
countries. The Group aims to be the leading specialist in wholesale
of pharmaceuticals and health products. It offers advanced
distribution, expert and advisory services for pharmaceutical
companies and a wide range of health and wellbeing products for
pharmacies, veterinarians, as well as for other healthcare and retail
operators. Additionally, Oriola offers dose dispensing services for
pharmacies and healthcare operators.
Oriola operates in Finland, Sweden and Denmark. The total revenue
for 2025 was EUR 1,906.2 million (2024: EUR 1,679.7 million). At the
end of December 2025, the total number of employees (headcount)
was 904 (2024: 934), of which 469 (2024: 452) worked in Finland,
427 (2024: 482) in Sweden, and 8 (2024: -) in Denmark. Oriola does
not have product manufacturing of its own.
Oriola promotes wellbeing by ensuring that pharmaceuticals
as well as health and wellbeing products are delivered safely,
accurately and on time. Oriola’s wide range of services help
pharmaceutical companies and other operators in the healthcare
sector to succeed and promote a healthier life for people.
Oriola serves as the link between pharmaceutical companies, and
pharmacies, hospitals, veterinarians and other healthcare providers.
Consumers are the end-users of the Group’s products, and Oriola
also delivers its own brand products in Finland.
• Oriola’s distribution services include quality control, essential
warehousing and logistics, offering specialised services that
comply with Good Distribution Practice (GDP) standards to
ensure the secure and efficient delivery of pharmaceuticals. In
addition, Oriola offers dose dispensing services for pharmacies
and healthcare units, enhancing patient safety by providing pre-
measured doses of medication.
• Oriola’s wholesale business supplies a broad selection of traded
goods, over-the-counter (OTC) products, special licensed
medicines and parallel imports. Oriola serves a diverse array
of customers, including pharmacies and retailers, that operate
both online and in brick-and-mortar locations, as well as
veterinarians, ensuring that health and wellbeing products are
widely accessible across Finland and Sweden.
• Oriola’s advisory services provides pharmaceutical companies
with high quality expert services and tailored commercial data
solutions throughout the entire lifespan of a pharmaceutical
product. From clinical trials and regulatory compliance to
market access and patient support, Oriola’s expertise helps
customers navigate the complexities of successfully introducing
new medicines to market and meeting regulatory requirements
in the Nordics.
Strategy and its relation to sustainability
Oriola aims to be the leading specialist in wholesale of
pharmaceuticals and health products. The essence of Oriola’s
strategy is continued customer focus, with emphasis on
commercial capabilities and internal efficiency. Oriola has
defined three strategic goals to take the strategy forward: strong
partnerships, enhanced efficiency and portfolio and market
expansion. With the strategy, Oriola is enabling health, every day, in
accordance with the company’s vision.
At Oriola the sustainability agenda is a key part of the business
strategy. The long-term sustainability targets are closely
incorporated into the company’s strategic direction and
followed-up through long-term strategic targets. To measure the
achievements, the company has set strategic key performance
indicators (KPI) for each sustainability theme.
When setting the sustainability goals, the current significant
products and services, markets, customer groups and stakeholder
relationships have been taken into consideration.
Oriola’s sustainability agenda for 2026-2028
Oriola’s sustainability agenda for 2026-2028 is divided into four key
sustainability themes through which the Group can play a key role
in delivering services and products that enhance the health and
wellbeing of both people and the environment.
Pursuing net-zero emissions across the value chain by 2050
Oriola’s commitment to net-zero climate impact encompasses
its entire value chain. The Group focuses on reducing the
environmental footprint of its operations and supply chain,
particularly addressing the significant emissions generated within
the value chain. In 2025, Oriola’s net-zero, near-term and long-term
emission reduction targets were approved by the Science Based
Targets initiative (SBTi), reinforcing the company’s dedication to
science-based climate action.
• Oriola commits to reach net-zero greenhouse gas emissions
across the value chain by 2050.
• Oriola commits to reduce absolute Scope 1 and 2 GHG emissions
67% by 2030 from 2023 base year. In addition, the company
commits that 69% of its suppliers by spend, covering purchased
goods and services, will have science-based targets by 2028.
Raw materials
Raw material
manufacturers
Raw materials for
pharmaceutical products.
Approximately 75% of raw
materials are produced in
China or India.
Procurement
Assortment supply
The procurement of
healthcare and well-
being products in Oriola’s
assortment range.
Including transport to
Oriola warehouses.
Pharmaceuticals
Pharmaceutical supply
(upstream customers*)
Manufacturers of
pharmaceutical and other
healthcare products that
Oriola distributes.
Including transport to
Oriola warehouses.
Service providers
Purchased services
The procurement of
services, including expert
services, and facility
services such as cleaning,
maintenance and security.
Own operations
Oriola’s operations
Oriola offices, distribution
centres, warehouses, and
dose dispensing
services.
Logistics
Procured logistics
The procurement of
transport and logistics
services.
Customers
Customers (downstream)
Oriola’s downstream
customers such as
pharmacies; veterinarians;
other healthcare operators;
and retailers.
End-users
Use phase
Individuals who acquire,
consume or use the
pharmaceuticals and
healthcare products.
Oriola’s business model and value chain
INPUTS BUSINESS MODEL OUTPUTS & IMPACTS
Governance & Society
• Availability and safe distribution of pharmaceuticals
• Pharmaceutical advice
•
• Taxes
Customers
• Health-promoting products for consumers
• Value-adding services supporting healthcare operators and B2B
customers' business
• Good customer experience
Shareholders
• Stable investment
• Dividends
• Strong position in the Nordic health and wellbeing market
Environment
•
• Minimising environmental impact
• CO
emissions
• Waste
Social
• Strong Oriola culture, equal and
fair workplace
• Direct and indirect
employment
• Versatile career opportunities
• Training and development
• Wages, salaries and bonuses
Intellectual
• Pharmaceutical knowledge
• Service concepts and processes
• Leadership
• Brands
Financial
• Capital employed
Personnel
• Our employees in
pharmaceutical distribution,
dose production and other
expert positions
Infrastructure
• Distribution centres
• Central warehouses
• Dose-dispensing units
Social / Relationship
• Open dialogue with stakeholders
• Partnerships and collaboration
• Active participation in various
associations
Natural resources
• Energy consumption
• Fuel and water
Customers
Veterinarians
and veterinary
clinics
Retail
Patients
Hospital
pharmacies
Pharmaceutical
companies
Public and private
healthcare
Pharmacies
Services
Distribution
provides logistics
and dose dispensing
services mainly of
pharmaceuticals
Wholesale offers traded goods and
OTC-products to Oriola’s pharmacy and
retail customers including parallel import
and specialised medicines
Advisory provides
expert services to
pharmaceutical
companies and
pharmacies
* Note: Pharmaceutical companies also downstream customers in Oriola’s advisory business.
Business review / Governance / Financial review / Sustainability Statement 51Oriola Annual Report 2025
Business review / Governance / Financial review / Sustainability Statement 52Oriola Annual Report 2025
• Oriola commits to reduce absolute Scope 1, 2 and 3 GHG
emissions 90% by 2050 from 2023 base year.
• Oriola also aims to reduce packaging waste by improving waste
sorting and increasing the Group-level recycling rate to 90% by
2028.
Promoting a sustainable people journey
Oriola has recognised that a collaborative culture, good leadership
and workplace safety are key drivers for implementing the Group’s
strategy, enhancing work ability and creating value.
• Oriola strives to advance a culture that ensures fair treatment,
develops capable individuals, and empowers leaders. The
leadership Index is measured annually, and the target is 80 by
2027.
• Oriola’s long-term target is to reach zero accidents. This is
measured with the LTIF rate (lost time incident frequency) with
a target of 4.5 by 2027.
Safeguarding deliveries for health and wellbeing
Oriola ensures that the right pharmaceuticals and the right amount
are delivered to the right place at the right time – and in the right
conditions. Oriola also strives to maintain the highest quality and
safety standards for health products.
• The picking accuracy of ordered pharmaceuticals is closely
monitored and Oriola aims at 99.0% picking accuracy at Group-
level.
• Oriola’s efforts in maintaining product quality is measured
with the value of the non-conforming goods and inventory
adjustments where a 5% year-on-year improvement is the
target.
Driving ethical conduct and sustainable supply chains
Oriola holds itself to high ethical standards and complies with all
relevant laws and regulations, including compliance with Good
Distribution Practice (GDP).
• To ensure transparent and responsible operations and supply
chain practices, Oriola’s goal is that 100% of its key suppliers
are covered by Oriola’s Business Partner Code of Conduct or
equivalent by 2026.
• The company’s Code of Conduct outlines the principles with
which all employees and businesses are expected to comply.
Therefore, the target is that 100% of Oriola’s own workforce
have completed the annual Code of Conduct training from 2026
onwards.
To streamline its business processes, enhance efficiency and
strengthen data management, Oriola will replace its two separate
ERP and warehouse management systems in Finland and Sweden
with a unified system during the 2025-2027 period. This common
system will enable the Group to better serve its customers, improve
collaboration and enhance reporting to various stakeholders.
Opportunities to improve the accuracy of sustainability reporting
will be explored once the new system is in use.
Description of business model and value chain
Oriola creates value for different stakeholders, from societal
operators to patients, suppliers, consumers and its shareholders
(see chart on page 51). As Oriola provides logistics and expert
services to the pharmaceutical companies and pharmacies, the
company’s supply network consists of pharmaceutical suppliers
and retail suppliers in both Finland and Sweden. These include, for
example, manufacturers of healthcare products as well as suppliers
of packaging materials used in the warehousing of these products.
Oriola does not have product manufacturing of its own.
As Oriola does not operate its own fleet of transport vehicles,
working closely with transport service providers is essential in
warehousing and distribution operations. Most of Oriola’s direct
non-pharmaceutical product purchases originate from Europe.
Being a preferred partner and building the supply and partner
network on trust and accountability is a prerequisite for the
functioning of Oriola’s whole value chain.
Standardised procurement principles, as well as supplier selection
and approval processes, are important to the company. With these
tools Oriola assesses the business partners’ ways of operating and
ensure that they meet the requirements set by the company.
Systematic risk management with supplier evaluation process
and audits, and compliance with national and international
pharmaceutical sector laws and regulations, form the foundation of
continuous improvement at Oriola.
Interests and views of stakeholders (SBM-2)
Oriola’s key stakeholders consist of customers, employees, investors
and analysts, suppliers and subcontractors, authorities, trade
associations and industrial organisations. Engagement with all
stakeholders is ongoing and facilitated through various communication
channels, including online platforms and face-to-face meetings,
ensuring transparency and fostering open dialogue.
In addition to regular engagement, Oriola periodically gathers
stakeholder feedback to incorporate their perspectives into strategic
and operational decisions related to the Group’s sustainability agenda.
In the 2023-2024 period, the stakeholders’ views were collected
widely and systematically as a part of Oriola’s initial double materiality
assessment required by the CSRD legislation. The process, which
involved Oriola employees, investors, pharmaceutical companies,
pharmacies, retail customers, suppliers and authorities, used a digital
survey, interviews and workshops. In 2025, as part of the annual review
of the double materiality assessment, Oriola’s own employees were
consulted through both interviews and workshops. The 2025 review
focused solely on internal perspectives, as the broader stakeholder
survey remains relatively recent and no significant changes have
occurred in the company’s business or operating environment since
the previous assessment.
Based on the stakeholder engagement and the review of the double
materiality assessment in 2025, Oriola also reviewed its sustainability
agenda, including key themes and metrics, and the reporting scope.
To remain attentive to its stakeholders’ evolving sustainability
expectations, Oriola considers the double materiality assessment a
continuous process and aims to review it annually.
Business review / Governance / Financial review / Sustainability Statement 53Oriola Annual Report 2025
Key stakeholders Stakeholder engagement and its purpose How is the engagement organised How is the outcome taken into account
Customers • Ensure a transparent value chain – Open communication on sourcing, supply, and
sustainability practices.
• Secure safe deliveries – Timely and accurate deliveries with focus on patient safety.
• Provide comprehensive product information – Clear guidance for proper and effective
use.
• Minimise environmental impact – Collaborating to reduce footprint aligned with
sustainability goals.
• Maintain responsible practices – Committing to internal policies and external standards.
• Daily customer interactions, such as deliveries, customer service and
key account and sales representative action
• Customer forums and service channels
• Customer surveys
• Social media channels
• Customer experience development
• Internal processes to ensure quality
• Business Continuation Planning
• Regulatory compliance
• Continuous improvement of environmental work
Employees • Promote health, safety, wellbeing and work ability – Focus on initiatives that support
physical and mental health in a safe work environment.
• Foster leadership and collaboration – Develop strong leadership and a culture of
teamwork and shared values.
• Encourage skills development – Provide opportunities for learning and professional
growth.
• Support diversity and inclusion – Promote equal opportunities and fair treatment for all.
• Respect human rights – Uphold ethical employment practices and fundamental rights.
• Address data security and privacy – Protect sensitive information and mitigate risks
related to data security and employee privacy.
• Regular meetings and events focusing on employees and their needs
• Employee development discussions
• Employee engagement surveys
• Cooperation with employees
• Whistleblowing channel
• Internal and leadership communications
• Providing various learning and development
opportunities
• Ensuring continuous development of leadership skills
• Providing change management training for managers
• Promoting non-discrimination and fair employment
• Code of Conduct
• Conducting regular employee engagement surveys to
understand employee satisfaction
Investors and analysts • Ensure financial profitability and sustainable growth – Deliver consistent results aligned
with long-term goals to build investor confidence.
• Provide consistent and transparent reporting – Deliver accurate disclosures to maintain
trust and meet regulatory requirements.
• Offer insight into risks and opportunities – Communicate about potential risks,
opportunities, and strategies to manage them.
• Ensure sustainability compliance – Align with standards and commitments for
responsible business conduct.
• Regulatory financial communications (financial reporting, stock
exchange releases)
• Shareholders’ Meetings (Annual General Meeting)
• Investor and analyst meetings and site
• Capital Markets Day
• Communicating about Oriola’s strategy, sustainability
agenda and long-term targets
• Transparent and regular reporting and disclosure
• Sustainability risk management and compliance
Suppliers and
subcontractors
• Fulfill contractual responsibilities – Meet agreed terms and obligations to foster trust and
reliability in partnerships.
• Ensure data security in tendering – Protect sensitive information throughout
procurement and tendering processes.
• Practice ethical and fair sourcing – Promote fairness, integrity, and transparency in
supplier relations.
• Comply with legal and regulatory requirements – Observe laws and standards like GDPR
to protect stakeholder interests.
• Explore opportunities for cooperation – Identify ways to enhance supplier collaboration,
efficiency, and innovation.
• Supplier events and meetings
• Supplier audits
• Business Partner Code of Conduct
• Oriola’s Business Partner Code of Conduct and Good
Distribution Practice (GDP) standards for suppliers and
business associates
• Procurement policy, supplier evaluation guidelines
and regular supplier evaluations to maintain ongoing
compliance
• Joint efforts to improve sustainability performance
Authorities • Ensure safe and accurate deliveries – Guarantee timely delivery of pharmaceuticals and
health products to meet public health needs.
• Comply with Good Distribution Practice (GDP) – Maintain quality, safety, and efficacy
across operations.
• Maintain legal compliance and sound governance – Meet regulatory requirements,
including financial reporting requirements, and uphold high governance standards.
• Engage with policymakers – Host meetings and visits and operate in line with Finland’s
and the EU’s transparency principles.
• Close cooperation and information sharing
• Inspections by Finnish Medicines Agency Fimea and Swedish
Medical Products Agency Läkemedelsverket
• Internal processes to ensure quality
• Operating in accordance with applicable legal and
regulatory requirements while ensuring a reliable
supply of pharmaceuticals and other health products
Associations and
organisations
• Facilitate collective bargaining – Collaborate to establish fair agreements aligned with
industry standards and sustainable practices.
• Memberships in relevant organisations • Participating in discussions and collaborating with
industry associations, both as a member and a partner
Interests and views of stakeholders
Business review / Governance / Financial review / Sustainability Statement 54Oriola Annual Report 2025
As part of the double materiality process, Oriola Management Team
and Board of Directors were informed of stakeholder perspectives
on the company’s sustainability impacts. The Board of Directors
approved the outcome of the assessment and the revised scope of
the sustainability agenda.
During the double materiality assessment review in 2025,
Oriola assessed its position in the value chain and the potential
and actual impacts on workers in the value chain, affected
communities, consumers and end-users. As a result of the
re-evaluation, only consumers and end-users were identified
as material stakeholder group. Due to Oriola’s role as a
pharmaceutical distributor, engagement with these stakeholders
occurs mainly indirectly through suppliers, subcontractors or
customer interfaces.
Description of the process to identify
and assess material impacts, risks and
opportunities (IRO-1)
In the 2023-2024 period, Oriola conducted its initial double
materiality assessment to determine the company’s actual or
potential negative or positive material impacts on people or the
environment, and financial risks and opportunities related to
sustainability matters over the short-, medium- or long-term.
The process, covering Oriola’s own operations and upstream
and downstream value chain was twofold: an impact assessment
was conducted in 2023, while the assessment of financial risks
and opportunities took place in spring 2024. Specific activities,
business relationships, geographies or other factors that give
rise to heightened risk of adverse impacts were taken into
consideration. Impacts, risks and opportunities were considered
through Oriola’s products and services, as well as through its
business relationships.
Contextual analysis of the
operating environment and value
chain.
Interviews of internal experts on
selected sustainability topics.
Review of the materiality
assessment of previously
identified material impacts, risks,
and opportunities with internal
stakeholders. Reassessment
to identify any additional IROs
that may have emerged from
Oriola’s operations, stakeholder
expectations, or external context.
Update of material sustainability
themes, IROs and reporting scope.
Approval by the Board of Directors.
Annual review
of DMA
Linkage with Oriola’s business
strategy, purpose and values
as well as Oriola’s previous
materiality analyses, which served
as a basis for the work.
Identification of a long list of
potential impacts, risks and
opportunities (IRO’s)
for stakeholder engagement
purposes (considering e.g., current
topics in the industry, ESRS and
other key standards and EU
regulation and sustainability
megatrends).
Benchmarking peers.
Oriola Management Team’s
approval for the potential material
topics.
Gathering feedback from
Oriola’s key stakeholders to
prioritise sustainability topics and
understand their expectations.
Insight from the sustainability
survey targeted at Oriola’s
employees and other stakeholders
such as investors, pharmaceutical
companies, pharmacies,
suppliers and authorities.
Insight from the in-depth
interviews, representing
Oriola’s management, business
partners and suppliers, analysts,
investors and owners, bankers,
pharmaceutical companies,
pharmacies and retail customers.
Insight from embedding the
concept of “double materiality” in
the questionnaire and interviews.
Evaluating the topics on which
Oriola can have the greatest
impact externally (impact on
society and the planet). Also,
understanding the significance
of sustainability impacts at
the different stages of Oriola’s
value chain and reviewing the
stakeholders’ main information
needs.
Evaluating the potential impact
of sustainability topics on Oriola’s
ability to create value. Assessing
the importance of each issue
from the perspective of Oriola’s
stakeholders as well as the primary
current and future sustainability
risks and opportunities.
Describing the potential material
IRO’s and evaluating them based
on severity / financial effect and
likelihood of occurrence.
Prioritising IRO’s at internal
workshops.
Identifying the most material
sustainability topics for Oriola and
designing a materiality overview.
Internal review and feedback for
the double materiality assessment.
Documentation and final
presentation including summary,
conclusions and
recommendations.
Approval of the material topics by
Oriola Management Team.
Updating the Oriola’s sustainability
agenda according to the results of
the materiality assessment.
Approval by the Board of Directors.
Double materiality assessment process
Identifying
potentially material
topics
Gathering stakeholder
perspectives
Assessing impacts,
risks and opprtunities
Identifying Oriola’s
material
sustainability topics
Validation and
integration
Business review / Governance / Financial review / Sustainability Statement 55Oriola Annual Report 2025
The process started by identifying potentially material impacts,
risks and opportunities (IRO) by considering Oriola’s business
strategy and environment, external insights of typical material
topics in the industry, a comprehensive list of sustainability matters
as listed in ESRS standards, other key standards and EU regulation,
sustainability megatrends, and Oriola’s previous materiality
assessments and Human Rights impact screening from 2023.
To prioritise sustainability topics and better understand stakeholder
expectations, Oriola gathered both qualitative and quantitative
feedback from internal and external stakeholders. This was
achieved through an online sustainability survey targeting Oriola
employees, investors, pharmaceutical companies, pharmacies,
suppliers and authorities. The survey was further complemented by
in-depth interviews with a range of stakeholders, including Oriola’s
management, business partners, suppliers, analysts, investors,
owners, bankers, pharmaceutical companies, pharmacies and retail
customers.
By applying the results from stakeholder engagement, the
identified impacts, risks and opportunities were described and
assessed in accordance with the principles of the ESRS.
Assessment criteria
Negative impacts were scored based on severity – a combination
of scale, scope and irremediability – and likelihood. Severity
was prioritised over likelihood for potential negative impacts on
human rights.
Positive impacts were scored based on their scale, scope and
likelihood.
Financial materiality was assessed based on financial magnitude of
risk/opportunity and likelihood.
The impacts, risks and opportunities were grouped and prioritised
at internal workshops with a working group consisting of Oriola’s
people from various areas, functions and focus areas (internal/
external). The most material sustainability topics were identified
and mapped according to their materiality.
A sustainability matter was deemed material if at least one impact,
risk or opportunity had a materiality above the defined threshold,
indicating either impact materiality, financial materiality, or both.
Non-material sustainability matters were those where no IRO was
identified and/or all IROs were found to have materiality levels that
fell below these thresholds.
In the end the process was documented, and the results of the DMA
were approved by the Oriola Management Team and by Oriola’s
Board of Directors. To ensure alignment with ESRS disclosures,
the Audit Committee reviewed the process and the supporting
assurance assignment.
Double materiality assessment review
(IRO-1)
In 2025, Oriola reviewed its double materiality assessment in
accordance with the ESRS requirements. The double materiality
assessment review was conducted at a consolidated level, covering
the current group structure. The process included an analysis of the
operating environment and value chain, which did not reveal any
material changes since the previous assessment. However, Oriola
re-evaluated its position within the value chain, which influenced
the identification of material topics, while the structure of the value
chain itself remained unchanged.
Interviews were conducted with internal experts from the
environment, product quality, direct sourcing, and commercial
departments on selected sustainability topics to review the
impacts, risks and opportunities identified in the 2024 double
materiality assessment and to discuss potential changes, as well as
to identify any new emerging ones. Based on the internal expert
input and contextual analysis, a list of existing and potentially
emerging IROs was established for further discussion.
In subsequent workshops, the list of existing and potentially
emerging IROs was reviewed together with internal stakeholders
from the environment, finance, people and culture, risk and
compliance, and IT departments to evaluate their continued
relevance. The sessions also aimed to identify any additional IROs
that may have emerged from Oriola’s operations, stakeholder
expectations, or external context. In addition, the analysis covered
considerations of risks and opportunities arising from identified
impacts.
The human rights impact screening from 2023 was not updated as
part of the 2025 double materiality assessment review. No scenario
analysis or forecasts were used in determining sustainability-related
risks and opportunities.
The double materiality assessment review was conducted using
the same methodological approach as in the previous cycle. As
part of the review, IRO titles and descriptions were refined to
better reflect the nature of the impact, risk or opportunity. Some
IROs were combined to cover a broader scope and to avoid
overlap between different IROs while some were deemed not
material. New material and not material IROs were identified.
As a result of the review, the material topics and the scope of
sustainability reporting was updated (see table on page 56).
The reporting scope now covers five (earlier eight) sustainability
themes and 24 material IROs (earlier 44) (see table on page 58).
Pollution (ESRS E2), Workers in the value chain (ESRS S2) and
Affected communities (ESRS S3) were no longer deemed material
topics for Oriola. Due to its position in the value chain, Oriola
has limited direct influence over upstream manufacturing or
downstream product use and disposal. Engagement with workers
in the value chain takes place primarily through suppliers and
subcontractors, and interaction with affected communities is
minimal. Pollution impacts are concentrated at the beginning
of the value chain in manufacturing and at the end in product
disposal, where Oriola’s ability to influence outcomes is limited.
Legend:
Environmental Social
Governance
*amended or new IRO (IROs that are no longer deemed material)
Business review / Governance / Financial review / Sustainability Statement 56Oriola Annual Report 2025
Changes to material IROs compared with 2024 DMA results
TOPIC IMPACT MATERIALITY FINANCIAL MATERIALITY
Negative impacts Positive impacts Business opportunities Business risks
E1
Climate change
• Oriola’s own emissions
• Emissions from the value chain
• Oriola’s energy consumption
• Investment needs to meet climate and energy
targets*
• (Physical climate risks)
E2
(Pollution)
• (Potential upstream air pollutants)
• (Incorrect downstream handling of pharmaceuticals)
E5
Circular economy
• Waste generated throughout the value chain • Handling of partners’ pharmaceutical stock
and waste
• Regulatory demand for sustainable packaging
S1
Own workforce
• Occupational health and safety risks of employees
including challenges with work-life balance*
• Discrimination, harassment and inappropriate
behaviour
• Leadership development through promoting
equal opportunities, diversity, work ability, and
active participation*
• Collective bargaining agreements
• Active participation in developing a positive
and inclusive corporate culture
• Workplace hazards and incidents
S2
(Workers in the value chain)
• (Work-life balance)
• (Occupational health and safety)
• (Discrimination, harassment and inappropriate
behaviour)
• (Risk of infringement of workers’ freedom of
association and collective bargaining)
• (Risk for inadequate wages)
• (Risk of forced labour)
S3
(Affected communities)
• (Upstream environmental impacts to communities)
S4
Consumers and end-users
• (Disruption of product supply)
• (Affordability and accessibility of medicines)
• Ensure control of the distribution chain and
consequently maintain the quality and the integrity
of medicinal products and prevent falsified
pharmaceuticals enter the market*
• (Information security and non-compliance)
• Product safety, quality and availability for
consumers and end-users*
• Growing demand for pharmaceuticals
• Enhancing brand value and stakeholder
trust through sustainable and ethical health
products*
• (Disruption of product supply)
• Disruption to IT systems or breach of EU GDPR
resulting in business disruptions,* reputational
damage and/or sanctions
• Operational and compliance failures affecting
pharmaceutical distribution reliability*
G1
Business conduct
• Sustainable policies and business practices,
employee and supplier code of conduct
• Ethical sourcing and supply chain management
• (Supporting animals’ health and wellbeing)
• (Failure to meet ESG expectations of
stakeholders)
• Information security and operational risks
related to cyber attack*
Business review / Governance / Financial review / Sustainability Statement 57Oriola Annual Report 2025
Sustainability risks and opportunities management
Oriola conducted the initial assessment of financial risks and
opportunities in spring 2024. The starting point for the assessment
was the impact materiality assessment, which was conducted in
2023. Also, the company’s previous risk assessments were used when
identifying potential sustainability-related risks and opportunities.
When assessing risks and opportunities, consideration was given
to any risks and opportunities that might stem from impacts
and dependencies. Impacts were evaluated first to ensure that
any potential risks or opportunities arising from them could be
accurately identified and assessed.
In Oriola, sustainability-related risks, including climate-related risks,
are assessed as part of the Group’s regular risk management process.
The risk management team monitors the level of risks and ensures
that the risks are processed appropriately by Oriola’s businesses and
shared functions. Due to the strategic importance of sustainability at
Oriola, the risk appetite for sustainability risks is small.
As part of the double materiality assessment review, sustainability-
related risks and opportunities were re-evaluated in collaboration
with the risk management team, with consideration given to their
connection to the company’s regular risk management process.
Climate-related risks and opportunities have been assessed to
support the future actions related to Oriola’s climate work. These
are described in the E1 Climate change section of this Sustainability
Statement.
EU Deforestation Regulation
Oriola has assessed the applicability and potential impacts of
the EU Deforestation Regulation (EUDR) and concluded there
is no significant impact. To ensure transparency and regulatory
alignment, Oriola plans to report on specific products that contain
raw materials within scope of EUDR according to the regulation’s
new schedule.
Additional information for negative materiality
assessment (E2, E3, E4) – IRO-1 disclosures under
ESRS 2
E2 Pollution
The topic had previously been identified as material from an
impact perspective, particularly due to pollution risks associated
with pharmaceutical manufacturing and downstream handling of
pharmaceuticals. However, in the double materiality assessment
review, these impacts were re-evaluated and found to be of
low severity and limited relevance in relation to Oriola’s role as
a regional distributor with no direct operational control over
manufacturing or end-of-life handling of pharmaceuticals.
Oriola has not yet conducted a dedicated, systematic screening
of site locations or business activities to identify pollution-related
impacts, risks, or opportunities across its own operations or value
chain. Similarly, no specific consultations with affected communities
were carried out in relation to pollution topics. However, through
its ISO 14001 certification, Oriola is committed to environmental
responsibility and pollution prevention and has systems in place to
monitor, measure and improve environmental performance.
While pollution is no longer considered a material topic for
CSRD reporting purposes, relevant upstream and downstream
aspects will continue to be taken into account as part of Oriola’s
responsible sourcing practices and supplier engagement processes.
E3 Water and marine resources
Oriola’s daily operations involve minimal water usage and none
of Oriola’s sites are located in areas of high-water stress. The
Group employs several filtration stages before discharging water
according to sewer standards. Wastewater from Oriola’s operations
is directed to municipal water treatment plants. Oriola has not
conducted consultations with affected communities regarding
water-related issues. Oriola has not screened its assets and
activities in order to identify actual and potential water and marine
resources-related impacts, risks and opportunities.
E4 Biodiversity and ecosystems
As Oriola does not operate manufacturing facilities, the direct
impacts of its operations on biodiversity are minor. The wholesale
and distribution of pharmaceuticals do not reserve large areas
of land, and Oriola has not identified any high biodiversity areas
owned by the company. The primary way for Oriola to contribute
to maintaining biodiversity is through the reduction of greenhouse
gas emissions.
Since Oriola has not identified any high biodiversity areas
owned by the company, the company has concluded that it is
not necessary to implement biodiversity mitigation measures.
However, Oriola currently has a limited understanding of specific
biodiversity impacts and so this topic needs to be studied more
carefully in the future. Oriola has not performed a comprehensive
assessment of its impacts, risks, dependencies and opportunities at
its own site locations and in the upstream and downstream value
chain to the extent of the requirements of E4.IRO-1 paragraph 17.
Material impacts, risks and opportunities
and their interaction with strategy and
business model (SBM-3)
As a result of its double materiality assessment review, Oriola has
identified its material impacts, risks and opportunities (see table
on page 58). Depending on the topic, drivers of materiality arise
from impact materiality, financial materiality, or both. Some of the
drivers are concentrated in Oriola’s own operations and some in
its upstream or downstream value chain. Unless stated otherwise,
Oriola has assessed that the identified material impacts, risks and
opportunities may materialise across all time horizons, meaning
that they may be be applicable over the short-, medium- and
long-term.
To enhance relevance and avoid obscuring material information,
the material impacts, risks, opportunities, and their connections to
Oriola’s strategy and business model are presented in aggregated
Business review / Governance / Financial review / Sustainability Statement 58Oriola Annual Report 2025
groups, categorised according to topical ESRS standards. Detailed
descriptions of impacts, risks and opportunities are presented in
connection with material topical standards E1 Climate change,
E5 Resource use and circular economy, S1 Own workforce, S4
Consumers and end-users and G1 Business Conduct.
E1 Climate change
Climate change and emissions
Climate change has been assessed as material for Oriola from an
impact materiality perspective. Impact materiality is primarily
driven by value chain emissions. Due to Oriola’s role in the value
chain, a vast majority of Oriola’s total emissions are indirect
(Scope 3), originating from sources such as purchased goods and
services, packaging materials, transport, waste, business travel, and
employee commuting. Purchased goods and services is the largest
source of indirect emissions.
Physical climate risks, previously assessed material, were not
deemed material in the double materiality assessment review.
Potential impacts within the value chain are expected to primarily
affect individual deliveries rather than overall operations, resulting
in a more limited financial effect. In Oriola’s own operations,
potential cost increases are anticipated to be gradual and long-
term, providing the company with sufficient time to respond and
implement appropriate mitigation measures.
Energy efficiency
Oriola’s own energy consumption has been identified as a material
topic from both an impact materiality and financial materiality
perspective. To mitigate its negative impacts, Oriola is transitioning
to renewable or carbon-neutral energy sources. To meet its climate
and energy targets, Oriola identifies the need to invest in energy
efficiency measures, leading to increased costs, which have been
assessed as material from a financial perspective in the medium to
long term.
Material impacts, risks and opportunities
Legend:
Environmental Social
Governance
TOPIC IMPACT MATERIALITY FINANCIAL MATERIALITY
Type of IROs Negative impacts Positive impacts Business opportunities Business risks
E1
Climate change
• Oriola’s own emissions
• Emissions from the value chain
• Oriola’s energy consumption
• Investment needs to meet climate and energy
targets
E5
Circular economy
• Waste generated throughout the value chain • Handling of partners’ pharmaceutical stock
and waste
• Regulatory demand for sustainable packaging
S1
Own workforce
• Occupational health and safety risks of
employees including challenges with work-life
balance
• Discrimination, harassment and inappropriate
behaviour
• Leadership development through promoting
equal opportunities, diversity, work ability, and
active participation
• Collective bargaining agreements
• Active participation in developing a positive
and inclusive corporate culture
• Workplace hazards and incidents
S4
Consumers and end-users
• Ensure control of the distribution chain and
consequently maintain the quality and the
integrity of medicinal products and prevent
falsified pharmaceuticals enter the market
• Product safety, quality and availability for
consumers and end-users
• Growing demand for pharmaceuticals
• Enhancing brand value and stakeholder
trust through sustainable and ethical health
products
• Disruption to IT systems or breach of EU GDPR
resulting in business disruptions, reputational
damage and/or sanctions
• Operational and compliance failures affecting
pharmaceutical distribution reliability
G1
Business conduct
• Sustainable policies and business practices,
employee and supplier code of conduct
• Ethical sourcing and supply chain management
• Information security and operational risks
related to cyber attack
Business review / Governance / Financial review / Sustainability Statement 59Oriola Annual Report 2025
Due to the global importance and stakeholder expectations,
climate change is a top priority in Oriola’s sustainability agenda.
Oriola has committed to net-zero, near-term and long-term
science-based emission reduction targets.
E5 Resource use and circular economy
Packaging and waste
Waste is generated across Oriola’s value chain, mainly consisting of
packaging waste, including hard-to-recycle materials such as blister
packs. As a result, waste was identified as a material topic from both
an impact materiality and financial materiality perspective.
Looking ahead, packaging materials will likely need to
increasingly come from recycled sources. This could lead
to higher material costs and potentially reduced durability.
Consequently, rising costs associated with regulatory demands
for sustainable packaging were identified as financially material.
While the financial impact has not yet materialised, the regulation
is being actively monitored, and necessary adjustments will be
implemented as required.
Waste reduction, recycling and reuse are central to Oriola’s
sustainability agenda, with a growing emphasis on raising internal
awareness of packaging’s environmental impact.
Through the review of the materiality assessment conducted
during the reporting period, the impacts related to the incorrect
downstream handling of pharmaceuticals was no longer deemed
material. Also, the understanding of the material risks related to
sustainable packaging was slightly revised.
S1 Own workforce
In the double materiality assessment review, IROs related to the
“own workforce” topic were combined to cover a broader scope
and to avoid overlap between different IROs. Consequently, some
IRO titles and descriptions were refined to better reflect the nature
of the impact, risk or opportunity.
Leadership development through promoting equal
opportunities, diversity, work ability, and active participation
At Oriola, leadership and culture continue to play a key role in
fostering a fair, inclusive and resilient workplace. Oriola focuses on
leadership development as a driver of positive impact, particularly
through equal opportunities, diversity, strengthening work ability,
and encouraging employee participation. These efforts support
employee wellbeing, engagement, and competence development,
and are expected to generate financial opportunities by improving
retention, supporting productivity and strengthening the
company’s ability to adapt to change.
To seize these opportunities, the topic is highlighted in Oriola’s
sustainability agenda. Leadership quality is measured annually to
ensure continuous development.
Workplace safety and wellbeing
Oriola’s employees, particularly those in distribution centres, are
exposed to several occupational health and safety (OHS) risks,
such as exposure to medicine dust, high noise levels, cold storage
environments, and ergonomic challenges causing potential
negative impacts. At the same time, the increasing number of
mental health related issues and stress due to heavy workload pose
potential negative impacts on white-collar employees’ wellbeing
and may compromise work-life balance.
Workplace hazards and incidents can also result in potential
costs associated with medical treatments, legal liabilities, and lost
productivity in the medium to long term.
As a result of the double materiality assessment, the topic was
found material from both perspectives and continues to be a key
focus in Oriola’s sustainability agenda.
Fair working conditions including human rights
A large proportion of Oriola’s employees are covered by collective
bargaining agreements, which strengthens labour rights protection
in Finland and Sweden and therefore creates positive impacts
towards the company’s own workforce. However, risks such as
discrimination, harassment and inappropriate behaviour, especially
towards underrepresented groups such as migrant and external
workers, remain concerns and create potential negative impacts.
Oriola is committed to providing a fair and equal workplace
that supports diversity and inclusion. In addition to the Code
of Conduct, which outlines diversity and inclusion principles in
general, the People Policy sets the frames for more detailed human
rights principles at Group level.
S4 Consumers and end-users
Operational and compliance failures affecting pharmaceutical
distribution reliability
Oriola plays a vital role in ensuring the quality and availability of
pharmaceuticals, with timely deliveries across Finland and Sweden.
Ensuring pharmaceutical safety and the delivery of pharmaceuticals
is the highest priority in Oriola’s operations, and the most significant
task societally for Oriola contributing to positive impacts on patient
health. As part of its sustainability agenda Oriola closely monitors the
quality and accuracy of pharmaceutical deliveries.
Failures in these procedures – whether due to human error, process
deviations, power outages, or system disruptions – could result
in product damage, delivery delays, or incorrect handling. These
incidents may lead to regulatory consequences, reputational
damage, and eroded trust in Oriola’s pharmaceutical services.
For these reasons, the topic has been assessed as material from
financial perspective.
Product safety and quality
While pharmaceutical companies are responsible for their products,
Oriola is responsible for the services it provides to its customers.
Oriola ensures that only authorised medicines from licensed
producers are distributed, and that all handling complies with
applicable requirements. For health products, Oriola conducts
quality inspections as part of its internal quality control procedures.
Through collaboration with authorities and supply chain partners,
Oriola promotes safe, responsible, and reliable access to health-
Business review / Governance / Financial review / Sustainability Statement 60Oriola Annual Report 2025
promoting products, pharmaceuticals and services that support
societal well-being of humans and animals.
The focus on product safety is critical for Oriola, and therefore it
has been identified as a material topic with positive and potential
negative impacts on public health. Product safety and quality
form a core part of Oriola’s quality management, which is firmly
grounded in legal and regulatory standards.
Data protection/Information security risk and potential non-
compliance
Oriola handles sensitive consumer and end-user data, particularly
in its advisory services. While data is anonymised and Oriola
has policies to safeguard data, disruptions to IT systems – such
as cyber-attacks or infrastructure failures – may cause business
interruptions or reputational harm. Breaches of EU GDPR or data
governance failures could also lead to reputational damage and
regulatory sanctions. Therefore, the topic has been assessed as
material from a financial materiality perspective.
Financial risks resulting in business disruptions, reputational
damage and/or sanctions are mitigated by Oriola’s robust data
protection approach including policies, procedures and controls
that are designed to protect the confidentiality, integrity and
availability of its data and information systems.
Responding to growing healthcare demand and stakeholder
expectations through sustainable health products
Amid rising healthcare needs driven by an aging population,
demand for pharmaceuticals and related services continues to grow.
At the same time, stakeholders – including consumers, customers
and healthcare professionals – are placing greater value on ethical,
transparent and environmentally responsible offerings. Oriola sees
this development as a strategic opportunity to respond to both
rising healthcare demand and stakeholder expectations through the
expansion and promotion of sustainable own-brand health products.
Proactive actions – such as responsible sourcing, credible
sustainability communication, and product and service innovation
– can strengthen brand value, enhance customer loyalty, and
support long-term competitiveness. This IRO is considered a
positive financial opportunity and supports Oriola’s sustainability-
driven growth agenda.
G1 Business conduct
Sustainable policies and business practices
Oriola has implemented sustainable policies and a Code of Conduct
for employees and partners to ensure ethical practices throughout
the supply chain. This was assessed as having a positive impact on
business conduct. However, the company also recognised a financial
risk if it fails to meet growing stakeholder demands for sustainable
governance, which could affect employee recruitment and retention,
operations, financial performance, reputation and share price.
Ethical sourcing and supply chain management
According to Oriola’s double materiality assessment, responsible
supply chain practices and transparent, ethical relations with
suppliers create a positive impact by promoting sustainability and
social responsibility.
Data protection/Information security and operational risks
related to cyber-attacks
Cyber-attacks were identified as a potential source of business risks,
which may result in operational costs related to corrective actions,
cause disruption for business operations and harm the company’s
reputation and relationships with key business partners.
Both the impacts related to animal welfare and the business
risks deriving from potential failure to meet ESG expectations of
stakeholders were no longer deemed material as the result of the
review of the double materiality assessment conducted during the
reporting period.
Financial effects of material risks and opportunities
Material risks that were identified during the initial double materiality
assessment and the assessment review have not yet materialised and
have not had an impact on Oriola’s financial position, performance
or cash flows. Additionally, the company has not identified material
risks or opportunities that could lead to significant adjustments to
the carrying amounts of assets or liabilities in its financial statements
within the next annual reporting period.
To ensure the resilience of its strategy, Oriola has integrated
sustainability-related risks and opportunities into its continuous risk
management process. Regularly updated risk assessments are used
in the company’s strategy process. While climate-related risks and
opportunities were included in the 2024 risk assessment and the
company has initiated a comprehensive climate risk, scenario and
resilience analysis in 2025.
Changes to previous reporting periods
The double materiality assessment review mainly confirmed the
importance of Oriola’s current sustainability focus areas, and the
company’s sustainability agenda was updated in connection with
the review. Moderate changes were also made to the grouping of
material impacts, risks and opportunities compared with previous
reporting period. For full details on the changes compared with the
previous reporting period, consult the topic-specific sections of the
Sustainability Statement.
Entity-specific information
All of Oriola’s material impacts, risks and opportunities are covered
by the topical ESRS. Therefore, Oriola has not decided to include
any additional entity-specific topics. However, under the topic
S4 Consumers and end-users, Oriola has included entity-specific
metrics – picking accuracy and value of non-conforming goods and
inventory adjustments – to provide further insight into service and
product quality.
Disclosure Requirements in ESRS
covered by the sustainability statement
(IRO-2)
ppendix 1: Content index of ESRS disclosure requirements
Appendix 2: List of datapoints that derive from other EU legislation
Business review / Governance / Financial review / Sustainability Statement 61Oriola Annual Report 2025
EU Taxonomy
The EU taxonomy is a classification system for environmentally
sustainable economic activities for directing investments to
more sustainable activities. Economic activities are classified
as taxonomy-eligible or taxonomy-non-eligible according to
the delegated acts supplementing the Taxonomy Regulation
(Regulation (EU) 2020/852).
Taxonomy-eligible activities are considered as taxonomy-aligned if
they comply with the technical screening criteria as defined in the
delegated act (commission delegated regulation (EU) 2021/2139,
partially supplemented by the delegated act (EU) 2023/2486), and
are carried out in compliance with minimum safeguards. In order
to meet the criteria for environmentally sustainable economic
activities, an economic activity must additionally contribute
substantially to one or more environmental objectives set out
in the Regulation while not doing significant harm to any of the
other environmental objectives. Environmental objectives in
the EU taxonomy are the following: climate change mitigation,
climate change adaptation, the sustainable use and protection of
water and marine resources, the transition to a circular economy,
pollution prevention and control and the protection and
restoration of biodiversity and ecosystems.
Oriola is required to disclose information about environmentally
sustainable economic activities in accordance with the Finnish
Accounting Act and ESRS as defined in the EU taxonomy. Reporting
in accordance with the EU taxonomy requires presenting the
shares of taxonomy-eligible, taxonomy non-eligible and taxonomy-
aligned turnover, capital expenditure (CapEx) and operating
expenditure (OpEx) as defined in the delegated act (EU) 2021/2178.
Oriola has conducted an analysis on all of its economic activities
to identify taxonomy-eligible activities as described in the
delegated regulations ((EU) 2021/2139 and (EU) 2023/2486).
Based on the assessment and the company’s best interpretation
of the EU taxonomy regulation, a few economic activities have
been identified as taxonomy eligible within the scope of CapEx.
Total OpEx (denominator) as defined by the EU Taxonomy has
been deemed not material, and therefore no economic activities
have been assessed within the scope of OpEx. Neither has Oriola
identified economic activities as taxonomy-eligible within the
scope of turnover. In addition, as part of the assessment process,
a few economic activities have been considered as possibly
eligible for which further analysis has been conducted. However,
after further considerations these have been concluded as being
non-eligible. However, none of the economic activities have been
assessed to fulfill the requirements of taxonomy alignment and
therefore, no further assessment on the taxonomy alignment has
been conducted.
The economic activities assessed as eligible are reported in the
CapEx KPI table in section A.2. (taxonomy-eligible but not aligned).
Oriola has identified the following activities eligible under climate
change mitigation objective: 7.7. Acquisition and ownership of
buildings and 6.5. Transport by motorbikes, passenger cars and
light commercial vehicles. All taxonomy-eligible CapEx is classified
as category c) as defined in section 1.1.2.2. of the EU Taxonomy
delegated regulation 2021/2178. Oriola did not identify capital
expenditure in categories a) or b). As it was assessed that the
criteria for alignment were not met, section A.1. (taxonomy-
aligned) is reported as zero on CapEx KPI table. As there are neither
eligible nor aligned activities identified for turnover or OpEx KPIs,
sections A.1. (taxonomy-aligned) and A.2. (taxonomy-eligible but
not aligned) include only zero values on the turnover and OpEx KPI
tables. Accordingly, in the KPI tables section B (non-eligible), the
proportion of turnover and OpEx is 100%.
Calculation of denominators
Turnover is the part of net sales relating to the sale of products and
services (Note 4.2.) and totalled EUR 1,906.2 million in 2025.
Capital expenditure (CapEx) is determined on the basis of additions
to property, plant and equipment (Note 6.1.), intangible assets
(Note 6.2.) and IFRS 16 Leases (Note 6.1.) during the financial
year and included in the Financial Statements for 1 January-31
December 2025. CapEx (denominator) totalled EUR 5.5 million in
2025.
Operating expenditure is determined according to the EU
Taxonomy’s definition and includes direct non-capitalised costs
that relate to building renovation measures, short-term lease, and
maintenance and repair. OpEx (denominator) totalled EUR 2.5
million in 2025.
Taxonomy-eligible CapEx in the reporting year
EUR million 2025 2024
Taxonomy-eligible CapEx, total 2.3 7.0
of which attributable to property, plant and equipment -
of which attributable to intangible assets -
of which attributable to IFRS 16 Leases 2.3 7.0
The taxonomy-eligible CapEx in 2025 consists of additions to IFRS
16 Leases i.e. company vehicles and forklifts as well as rented
properties.
Oriola notes that the EU Taxonomy Regulation will keep evolving
and will continue to consider its impacts as well as future reporting
obligations.
2. Environmental information
Business review / Governance / Financial review / Sustainability Statement 62Oriola Annual Report 2025
Substantial Contribution Criteria
DNSH criteria
(‘Does Not Significantly Harm’) (h)
Economic activities (1)
Code (a) (2)
Turnover (3)
Proportion of Turnover, year N (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned
(A.1.) or eligible (A.2.) turnover, year
N-1 (18)
Category enabling activity (19)
Category transitional activity (20)
€
million
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)
0 0% - - - - - - - - - - - - - -
Of which Enabling
0 0% - - - - - - - - - - - - - - -
Of which Transitional
0 0% - - - - - - - - -
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not
Taxonomy-aligned activities) (g)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Turnover of Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
0 0% - - - - - - -
A. Turnover of Taxonomy eligible activities (A.1+A.2)
0 0% - - - - - - -
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities
1,906.2 100 %
TOTAL
1,906.2 100 %
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities -
disclosure covering year2025
Business review / Governance / Financial review / Sustainability Statement 63Oriola Annual Report 2025
Substantial Contribution Criteria
DNSH criteria
(‘Does Not Significantly Harm’) (h)
Economic Activities (1)
Code (a) (2)
CapEx (3)
Proportion of CapEx, year N (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned (A.1.)
or eligible (A.2.) CapEx, year N-1 (18)
Category enabling activity (19)
Category transitional activity (20)
€
million
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)
0 0% - - - - - - - - - - - - - -
Of which Enabling
0 0% - - - - - - - - - - - - - - -
Of which Transitional
0 0% - - - - - - - - - -
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not
Taxonomy-aligned activities) (g)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Transport by motorbikes, passenger cars and light commercial vehicles
6.5. 0.9 16% EL N/EL N/EL N/EL N/EL N/EL -
Acquisition and ownership of buildings 7.7. 1.4 25% EL N/EL N/EL N/EL N/EL N/EL -
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
2.3 42% - - - - - - -
A. CapEx of Taxonomy eligible activities (A.1+A.2)
2.3 42% - - - - - - -
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities
3.2 58%
TOTAL
5.5 100 %
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities -
disclosure covering year2025
Business review / Governance / Financial review / Sustainability Statement 64Oriola Annual Report 2025
Substantial contribution criteria DNSH criteria
Economic Activities (1)
Code (a) (2)
OpEx (3)
Proportion of OpEx, year N (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned (A.1.)
or eligible (A.2.) OpEx, year N-1 (18)
Category enabling activity (19)
Category transitional activity (20)
€
million
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)
0 0% - - - - - - - - - - - - - -
Of which Enabling
0 0% - - - - - - - - - - - - - - -
Of which Transitional
0 0% - - - - - - - - - -
A.2 Taxonomy-Eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities) (g)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
OpEx of Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
0 0% - - - - - - -
A. OpEx of Taxonomy eligible activities (A.1+A.2)
0 0% - - - - - - -
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities
2.5 100%
TOTAL
2.5 100%
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities -
disclosure covering year2025
Business review / Governance / Financial review / Sustainability Statement 65Oriola Annual Report 2025
The table below presents, in accordance with the Taxonomy,
activities related to nuclear energy and fossil gas.
Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to
research, development, demonstration and deployment of
innovative electricity generation facilities that produce energy
from nuclear processes with minimal waste from the fuel cycle
No
2. The undertaking carries out, funds or has exposures to
construction and safe operation of new nuclear installations
to produce electricity or process heat, including for the
purposes of district heating or industrial processes such as
hydrogen production, as well as their safety upgrades, using
best available technologies.
No
3. The undertaking carries out, funds or has exposures to safe
operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of
district heating or industrial processes such as hydrogen
production from nuclear energy, as well as their safety
upgrades.
No
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to
construction or operation of electricity generation facilities
that produce electricity using fossil gaseous fuels.
No
5. The undertaking carries out, funds or has exposures to
construction, refurbishment, and operation of combined
heat/cool and power generation facilities using fossil gaseous
fuels.
No
6. The undertaking carries out, funds or has exposures to
construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
No
ESRS E1 Climate change
Transition plan for climate change
mitigation (E1-1)
Oriola’s environmental work focuses on efficient resources use and
emissions reduction. In 2025, Oriola initiated the development of a
climate transition plan (CTP) to address climate change mitigation
and support the shift towards a sustainable economy. While the final
climate transition plan has not yet been adopted, Oriola is actively
working towards its implementation which is planned for 2026.
As a part of this process, Oriola has identified key decarbonisation
levers across Scope 1, 2 and 3 GHG emissions. These levers reflect
the current direction of Oriola’s climate mitigation efforts and will
be further refined in the finalised transition plan. Oriola has not yet
assessed the potential emissions reductions of these levers. This
assessment is planned to be conducted in 2026.
For Scope 1 and 2, the identified decarbonisation levers are:
• Reducing emissions arising from refrigerants used to ensure the
cold chain for products;
• Electrification of Oriola’s leasing cars;
• Shifting to renewable energy use for Oriola’s own operations’
electricity and district heating.
For Scope 3 the main decarbonization levers are:
• The most important lever for Oriola’s emissions reduction
is supplier engagement, which includes communication,
procurement criteria development, enhancing data quality and
working with suppliers to support emissions reduction efforts;
• Working with the transport partners to transition toward fossil-
free transport;
• Minimising business travel-related emissions;
• Supporting employees in the transition to lower-emission
commuting modes.
In line with the Group’s commitment to enhanced emissions
reporting, Oriola has set Greenhouse Gas (GHG) emissions
reduction targets compatible with the limiting of global warming
to 1.5 °C in line with the Paris Agreement. The targets were
approved by the Science Based Targets initiative (SBTi) in July 2025.
Further details on Oriola’s climate targets are presented in the
climate-related target section (E1-4) on page 68.
Oriola acknowledges that environmental risks, including transition
risks related to climate change, may impact the Group’s business
and its value chain suppliers and partners. Such risks could involve
fluctuations in fossil fuel prices, stricter environmental regulations
that increase operational costs, and shifts in consumer behaviour
driven by sustainability priorities.
Oriola has achieved GHG emissions reductions in its own
operations primarily through energy optimisation and the use
of renewable energy. Oriola continuously works with transport
partners to find opportunities to reduce GHG emissions. More
information about the GHG emissions reductions can be found in
the section Actions and resources in relation to climate change
policies (E1-3) on page 67.
Locked-in emissions from the company’s key assets will be assessed
in connection with the company’s climate transition plan.
Oriola is not excluded from the EU Paris-aligned Benchmarks.
Oriola has implemented a share-based long-term incentive (LTI)
plan for key employees, including the CEO and Oriola Management
Team, which links part of the compensation to climate-related
performance. More information about Oriola’s sustainability-related
KPIs in the company’s incentive schemes is presented under ESRS 2
General disclosures on page 48.
Material impacts, risks and
opportunities (E1.SBM-3)
Given its global significance and stakeholder expectations, climate
change is a top priority in Oriola’s sustainability agenda. In the
Business review / Governance / Financial review / Sustainability Statement 66Oriola Annual Report 2025
double materiality assessment, Oriola has assessed climate change
to be a material topic for the Group both from an impact materiality
and a financial materiality perspective.
The material impacts, risks and opportunities and the changes
made to them compared with the previous reporting period as
a result of the review of the double materiality assessment are
described below.
Material negative impacts arise from Oriola’s value chain GHG
emissions, Oriola’s direct GHG emissions and Oriola’s energy
consumption:
• GHG emissions from Oriola’s value chain:
Due to Oriola’s role in the value chain, around 99% (583,858
tCO
2
eq) of Oriola’s total GHG emissions are indirect (Scope 3),
originating from sources such as purchased goods and services,
packaging materials, transport, waste, business travel, and
employee commuting. Purchased goods and services is the
largest source of indirect emissions.
• Oriola’s own GHG emissions from maintenance of
warehouse and office facilities, including ventilation,
lighting, and specific heating and cooling for pharmaceutical
warehouses:
Around 0,04% (243 tCO
2
eq) of Oriola’s emissions are direct
emissions (Scope 1) mainly arising from refrigerants and around
0,02% (97 tCO
2
eq market-based) come from purchased energy
(Scope 2) including electricity and heating. Given that some
products require cold storage, enhancing the energy efficiency
of cooling systems and transitioning to more climate-friendly
refrigerants are a high priority.
• Oriola’s own energy consumption:
Oriola’s energy usage encompasses the maintenance
of warehouse and office facilities, including ventilation,
lighting, and specific heating and cooling for pharmaceutical
warehouses.
• Changes: the description of the impact arising in the value chain
was rephrased to reflect the slight update in the understanding
of Oriola’s scope 3 GHG emissions.
The following financial risks were determined material:
• Investments needs to meet climate and energy targets:
Oriola identified a transition risk related to the investments
needed to meet its climate and energy targets. A key area is the
replacement of existing cooling systems to enable the use of
refrigerants with reduced climate impact, which is essential for
reducing Scope 1 emissions. Oriola prioritises energy efficiency
in its environmental work and also seeks to minimise emissions
by using renewable energy.
• Changes: The description of the risk listed above was revised
slightly to address more specifically the type of investments
needed. Additionally, the physical climate risks were reviewed,
the definition of the related risks were refined and they were no
longer assessed as being material.
Identified opportunities related to climate change were not as-
sessed material for Oriola in the double materiality assessment.
Oriola initiated a resilience analysis of its strategy and business
model in relation to climate change in 2025. The analysis is ongoing
and planned to be completed in 2026 as part of Oriola’s climate
transition plan.
Oriola manages climate risks by focusing on the most relevant low
carbon technologies when acquiring new or modernising existing
equipment.
Climate change assessment (E1.IRO-1)
Oriola’s assessment to identify climate-related impacts, risks and
opportunities is based on the company’s general risk analysis,
GHG emissions calculation and double materiality assessment.
The double materiality assessment process and the review
performed in 2025 are presented in detail under the section ESRS
2 General disclosures / IRO-1 of this sustainability statement on
page 54.
Oriola recognises that effective risk management is vital to
achieving its strategic objectives, increasing shareholder value, and
contributing to a healthier, more sustainable world.
The Group’s balanced, fact-based risk appetite supports the long-
term resilience, profitability and sustainability of Oriola’s business,
serving as a guiding framework for risk management and decision-
making. The risk appetite is regularly updated to align with changes
in the business environment, industry dynamics, regulatory
requirements and stakeholder expectations. Sustainability risks,
including climate risks, are integrated into Oriola’s overall risk
management process.
Oriola integrates sustainability into its strategy with low-risk
appetite for related risks. This reflects Oriola´s commitment to
environmental, social and economic responsibility, guiding the
identification, assessment and management of sustainability
risks in line with strategic goals and stakeholder expectations.
Supporting initiatives for current and future generations is central
to Oriola´s values.
Climate-related risks and opportunities were assessed in May as
a part of Oriola’s Double Materiality Assessment (See sections
“General information / Double material assessment review (IRO-
1)” and “Material impacts, risks and opportunities (E1.SBM-3)”).
In addition, annual Climate risk assessment was conducted in
December. Risks were analysed by category, source and event
and rated based on consequence, probability and overall risk
level. A mitigation owner was assigned to each identified risk. No
significant changes in operating environment or company business
context were observed that would require adjustment to the risk
assessment. Oriola continues to address climate risks through its
climate transition plan and resilience analysis.
The climate-related risks and opportunities identified in the
company’s general risk analysis are presented below. These were
assessed as not material during the double materiality assessment:
Business review / Governance / Financial review / Sustainability Statement 67Oriola Annual Report 2025
Transition risks
Oriola is actively addressing potential challenges such as growing
demand for climate-neutral transport, stricter material regulations,
and the rising costs of sustainable materials and packaging. Efforts
are also focused on managing fluctuations in renewable energy
and fossil fuel pricing, reducing emissions from operations and the
value chain, and improving waste management to meet increasing
regulatory requirements.
Physical risks
Oriola is actively managing physical risks such as delivery delays
caused by extreme weather, potential shortages of raw materials
for pharmaceutical manufacturing, and the increasing probability
of pandemics and new diseases linked to changing climate.
The company is also taking measures to mitigate the impacts of
extreme weather events on warehouse conditions, ensuring the
safe storage of temperature-sensitive pharmaceuticals.
Opportunities related to transition events
Oriola recognises opportunities in meeting growing consumer
demand for easily recyclable packaging materials and contributing
to the transition towards a lower-carbon economy. These efforts
not only align with Oriola’s purpose and objectives but also offer
reputational and market advantages.
Oriola has conducted its GHG accounting in accordance with the
applicable SBTi criteria, using calculation methods consistent with
the GHG Protocol Corporate Standard. The SBTi has approved the
company’s near-term and long-term climate targets. Consequently,
the calculation of actual GHG emissions covers more than 95%
of Scope 1 and Scope 2 emissions and more than 90% of Scope
3 emissions. Oriola has assessed all emissions categories under
the GHG Protocol Corporate Standard relevant to its operations.
Categories that have been evaluated as material have been included
in the GHG emissions calculation. Potential future sources of GHG
emissions were identified in relation to potential investments
in Oriola’s properties. The investments will temporarily increase
greenhouse gas emissions, but in the long term will reduce them, for
example by introducing new technology and more energy-efficient
solutions. Oriola’s actual impacts on climate change, specifically GHG
emissions, are further detailed in section GHG emissions (E1-6).
Oriola will enhance the identification and assessment of climate
related impacts across its own operations and value chain by
conducting a climate scenario analysis. This analysis will cover
short-, medium-, and long -term horizons and will evaluate physical
risks, transition risks, and climate related opportunities. As a part
of this assessment Oriola will identify climate-related hazards and
transition events and assess the extent to which its assets and
business activities may be exposed. See the section “Material
impacts, risks and opportunities (E1.SBM-3)” for further information
on the resilience analysis and the section “Transition plan for
climate change mitigation (E1-1)” for further information on the
climate transition plan.
Climate-related policy (E1-2)
Oriola’s Group Environmental Policy sets the framework for
environmental work throughout the group’s operations. The policy
is approved by the Oriola Management Team and Board of Directors.
The Quality and Environment organisation, led by the Quality Director,
is responsible for overseeing matters related to environment, including
energy consumption and emissions reporting.
The policy applies to all employees and Group companies. Oriola
makes the policy available on the company’s public website to
potentially affected stakeholders.
In accordance with the Group Environmental Policy, Oriola is
committed to work to lower energy consumption and decrease the
emissions generated from transport. Oriola takes environmental
issues into consideration when making decisions related to
procurement, subcontracting and investing.
Oriola’s current Environmental Policy gives an overview of
the company’s approach on environmental matters, but does
not disclose information about material impacts, risks and
opportunities related to climate change mitigation and adaptation,
energy efficiency or renewable energy deployment. Oriola initiated
the renewal of its Group Environmental Policy in 2025. The updated
policy is planned to be finalized and adopted in 2026.
Oriola’s environmental work is governed by an ISO 14001-certified
environmental management system.
To reduce environmental impacts across its value chain, Oriola
requires its partners, suppliers and subcontractors to meet the
same high environmental principles it upholds. Outlined in Oriola’s
Code of Conduct, these principles include, but are not limited
to, compliance with laws, climate action and environmental
protection. Oriola expects these principles to be applied
throughout each supplier’s own supply chain. In addition, Oriola
has committed to Science Based Targets initiative aiming that 69 %
of its suppliers by spend, covering purchased goods and services,
will have science-based targets by 2028.
Actions and resources in relation to
climate change policies (E1-3)
Climate change is the greatest health threat humanity is facing,
affecting both individual health and healthcare systems. Reducing
environmental impacts by using resources efficiently and
minimising GHG emissions and waste is a top priority for Oriola.
Scope 1 and 2: mitigation actions in Oriola’s own operations
Oriola’s energy usage encompasses the maintenance of warehouse
and office facilities, including ventilation, lighting, and specific
heating and cooling for pharmaceutical warehouses. Oriola
prioritises energy efficiency in the environmental work related to
the Group’s own operations. To meet its climate targets, Oriola
invests in measures such as heat recovery, LED lighting upgrades
and retrofitting cooling equipment.
To mitigate the climate impact, Oriola has implemented a range
of actions across its operations in Finland and Sweden in 2025.
Business review / Governance / Financial review / Sustainability Statement 68Oriola Annual Report 2025
Actions in Finland
Mankkaa site:
• Traditional refrigerants in cold storage units have been replaced
with low-emission alternatives where technically feasible
• All forklifts at the site are electric. In 2025, Oriola acquired
new models with improved battery technology to enhance
operational efficiency and reduce energy consumption.
• To improve energy efficiency, lighting in selected areas of
the facility was replaced with LED technology. Currently,
approximately 70% of the facility´s lighting is LED.
• Ultra-low freezer capacity was expanded by adding 21 cabinets
equipped with frequency operated compressors, which enable
energy efficient operations by adjusting power as needed. This
initiative replaced 19 older cabinets.
PharmaService:
• PharmaService moved to new premises at the end of 2024,
where renewable electricity is provided by the lessor.
Actions in Sweden
Mölnlycke site:
• The warehouse was renovated to improve energy efficiency
• All luminaires were replaced with LED lights
• Several cooling units were upgraded to high-efficiency models,
reducing electricity consumption
Enköping site
• Heat recovery systems were improved to enhance energy
performance
• Partial lighting upgrade were carried out, replacing
conventional fittings with LED lighting
Scope 3: mitigation actions across Oriola’s value chain
The most significant environmental impacts of Oriola’s business
and operations stem from Scope 3 GHG emissions, particularly
those related to purchased goods and services and upstream
transportation and distribution. In line with Oriola’s Environmental
Policy and climate targets, Oriola has implemented actions to
reduce emissions across the value chain.
Supplier engagement:
• In 2025, Oriola committed to a science-based target requiring
that 69% of its suppliers by spend, covering purchased goods
and services, will have science-based targets by 2028.
• Oriola has initiated a supplier mapping to monitor progress and
support suppliers in setting and achieving these targets.
Transport GHG emissions reduction:
• Oriola works continuously with transport partners to identify
opportunities for emissions reductions
• Route optimisation, efficient capacity use and expanding the
use of alternative fuels
• Improved filling rates of totes through combining product flows
and customer orders
• Transition to full pallet delivery for customers, reducing internal
transfers and shipment volumes
• Oriola requires its transport partners to disclose their short-term
(1-3 years) and long-term (5+ years) GHG emissions strategies
and targets. Emission transparency is a key criterion in the
selection of logistic providers.
• Additionally, Oriola also supports its customers with transport
emissions data, helping them gain better visibility into their
carbon footprint.
Waste management improvements:
• In 2025, Oriola enhanced waste handling process at the
Mölnlycke facility by updating the waste room and introducing
new labelling for the waste bins, improving sorting accuracy
and recycling efficiency.
• Oriola changed its waste management partner in Sweden in
2025. The effects of this change will be reflected in 2026.
Planned activities:
Scope 1 and 2: mitigation actions in Oriola’s own operations
• Oriola has planned to increase the share of renewable electricity
across its operations
• Oriola continues to improve energy efficiency across the
operations
Scope 3: mitigation actions across Oriola’s value chain
• Oriola will encourage its suppliers to establish their own
science-based targets by 2028
• Oriola will continue collaborating with its transport partners to
identify and implement opportunities for reducing greenhouse
gas emissions across logistic operations
• Oriola is exploring opportunities to reduce the use of plastic
shrink wrap in its dispatch operations. If viable, a pilot project
may be launched to test reduced plastic, contributing to Oriola’s
broader climate mitigation goals.
• Oriola is observing emission reduction potential through the
transition to electric vehicles for last-mile deliveries by transport
partners
• Oriola is exploring opportunities to improve the management
of pharmaceutical waste, aiming to enhance resource efficiency
and minimising environmental impact
Oriola has not yet quantitatively estimated the GHG emissions
reduction impacts of the activities reported in 2025 or of the
planned activities 2026 onwards. The company intends to report on
GHG emissions reductions in the future disclosures following the
development of its climate transition plan, scheduled for 2026.
Oriola has not used carbon offsetting in 2025.
Oriola’s climate-related actions are mainly operational and
currently assessed as not requiring significant financial resources.
No substancial operational or capital expenditures have been
allocated for these actions. Oriola does not apply sustainable
finance instruments or financial support.
Climate-related targets (E1-4)
Oriola is committed to using resources efficiently and reducing
GHG emissions. Oriola has set GHG emissions reduction targets, as
they constitute strategic key performance indicators. Oriola tracks
the progress towards the adopted targets over time using the GHG
emissions reductions on Scopes 1, 2 and 3 as well as total GHG
Business review / Governance / Financial review / Sustainability Statement 69Oriola Annual Report 2025
emissions. Oriola tracks its targets annually, with key indicators
reviewed semi-annually. GHG emissions calculations are conducted
once a year.
In 2025, the SBTi approved Oriola’s climate targets which are the
following:
• Overall Net-Zero Target:
Oriola Oyj commits to reach net-zero greenhouse gas emissions
across the value chain by 2050.
• Near-Term Targets:
- Oriola Oyj commits to reduce absolute scope 1 and 2 GHG
emissions 67% by 2030 from a 2023 base year.*
- Oriola Oyj also commits that 69% of its suppliers by spend,
covering purchased goods and services, will have science-
based targets by 2028.
• Long-Term Targets:
Oriola Oyj commits to reduce absolute scope 1, 2 and 3 GHG
emissions 90% by 2050 from a 2023 base year.*
*The target boundary includes land-related emissions and removals from bioenergy
feedstocks.
Oriola´s Management Team and Board of Directors have approved
the climate targets. External stakeholders were not involved in the
target-setting process.
These targets are compatible with limiting global warming to 1.5°C.
The base year has changed from 2019 to 2023, which has been
used for setting Oriola´s SBTi targets. Scope 3 GHG emissions in
the 2023 base year are significantly higher than in 2019 due to
the extension of the inventory to a wider number of categories
(4 categories in 2019 and 10 categories in 2023) and due to the
extension of the scope of category 1 (purchased goods and
services) to include all purchased goods and services whereas the
previous calculation included only purchased packaging material.
The baseline value and detailed GHG emissions and emissions
reductions are disclosed in the table on page 72. Performance
against mitigation targets is monitored annually. In 2025, Scope
1 and Scope 2 market-based emissions amounted to 340 tCO₂eq,
corresponding to a 40% reduction compared to the base year 2023,
supporting progress towards Oriola´s emission reduction target.
Additionally, 78% of Oriola´s suppliers by spend had science-
based targets, exceeding the company´s SBTi target for supplier
engagement.
Due to the change in the base year, the baseline value has
changed significantly, resulting in GHG emissions reduction
information (% change in GHG emissions from base year) not being
comparable with the previously disclosed information. During
the reporting period, there were changes to Oriola’s operational
boundaries (see section General disclosures / General basis for
preparation of Sustainability Statements (BP-1, BP-2)). Oriola
assessed the impact of these changes and concluded that the
impact was not significant. Accordingly, these changes did not
affect the comparability of GHG emissions information. Scope 3
Category 1 emissions for 2024 were recalculated as disclosed in
the GHG emissions table. No other significant changes to Oriola’s
operational boundaries, premises or core activities have occurred
during the reporting period, ensuring the comparability of the
comparative information for GHG emissions with the information
for the reporting period.
Oriola has initiated a climate transition plan and has identified
expected decarbonisation levers. Actions related to these levers
are listed in the above section “Actions to reduce GHG emissions
(E1-3)”. In connection with the climate transition plan, Oriola will
conduct a resilience analysis including the use of climate scenario
analysis to detect relevant environmental-, societal-, technology-,
market- and policy-related developments.
Energy consumption and mix (E1-5)
Managing energy supply risk is crucial for Oriola because it could
impact Oriola’s ability to ensure that pharmaceuticals, essential
for health and wellbeing, have the right conditions during storage
and transport. Oriola’s general business continuity plan covers the
preparedness for potential power outages in the daily operating
environment. The continuity plan includes and defines the critical
functions to be maintained or run down in a controlled manner
during risk events, such as power outage. The Group has back-up
power at the Finnish sites of Mankkaa and Juvanmalmi as well as
the Swedish sites in Enköping and Mölnlycke.
Oriola’s energy usage encompasses the maintenance of warehouse
and office facilities, including ventilation, lighting, and specific
heating and cooling for pharmaceutical warehouses. See the tables
E1-5 for full details of Oriola’s total energy consumption in absolute
value, exposure to coal, oil and gas-related activities, and the share
of renewable energy in its overall energy mix.
As much as 95% (2024: 94%) of Oriola’s total energy consumption
comes from renewable sources. For example, in Mölnlycke, heating
is provided by geothermal energy, and the site also utilises solar
panels. Energy consumption figures have been compiled based
on energy supplier invoices. In cases where year-end- data was
not available at the time of reporting, Oriola has used reasonable
estimates based on historical consumption patterns, partial
data and known operational activity levels. These estimates will
be updated once final figures are received. Oriola continues
to improve data collection process to enhance accuracy and
completeness in the future reporting.
The amount of self-generated energy (solar electricity produced in
Mölnlycke, Sweden) is read from the meter. The share of renewable
energy has been calculated based on the energy guarantees of
origin issued by the suppliers. Energy consumption figures are not
validated by an external body other than the assurance provider.
E1-5 Energy consumption within the organisation, MWh
2025 2024
Electricity
11,898
12,275
Heat
4,698
4,060
Own produced energy (solar panels)
236
210
Fuel consumption (stationary combustion and
company vehicles)
274
218
Total energy consumption
17,106
16,763
Business review / Governance / Financial review / Sustainability Statement 70Oriola Annual Report 2025
E1-6 GHG emissions disaggregated by Scopes 1 and 2 and significant Scope 3
Retrospective Milestones and target years
Base year
2023
tCO
2
eq
2024
tCO
2
eq
2025
tCO
2
eq
year-on-year
relative change
(2025/2024)
in %
2030
tCO
2
eq
2050
tCO
2
eq
Annual %
target / base
year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions 339 66 243 268
Scope 2 GHG emissions
Gross Scope 2 GHG emissions
(location-based) 852 614 542 -12
Gross Scope 2 GHG emissions (market-
based) 230 171 97 -43
Total Scope 1 and 2 GHG emissions
Total Scope 1 and 2 (location-based)
GHG emissions 1,192 680 785 15
Total Scope 1 and 2 (market-based)
GHG emissions 570 237 340 44 188 9,6
Significant Scope 3 GHG emissions*
1: Purchased goods and services 536,492 538,735 577,715 7
2: Capital goods 393 737 695 -6
3: Fuel- and energy-related activities 205 163 186 14
4: Upstream transportation and
distribution 2,857 2,290 2,761 21
5: Waste generated in operations 88 273 349 28
6: Business travel 293 292 253 -14
7: Employee commuting 475 459 409 -11
8: Upstream leased assets 18 16 20 23
12: End-of-life treatment of sold
products 1,577 1,542 1,471 -5
13: Downstream leased assets 46 70 - -
Total Gross Scope 3 GHG emissions 542,426 544,578 583,858 7
Total GHG emissions*
Total GHG emissions (location-based) 543,618 545,258 584,643 7
Total GHG emissions (market-based) 542,996 544,814 584,198 7 54,300 3,3
* The 2024 comparative Scope 3 Category 1 GHG emissions figure has been revised from 739,825 tCO
2
eq to 538,735 tCO
2
eq following a data quality review.
E1-5 Energy consumption and mix
Unit 2025 2024
Total fossil energy consumption MWh 819 954
Share of fossil sources in total energy
consumption % 5 6
Consumption from nuclear sources MWh 20 46
Share of consumption from nuclear sources in
total energy consumption % 0 0
Fuel consumption for renewable sources,
including biomass (also comprising industrial
and municipal waste of biologic origin,
biogas, renewable hydrogen, etc.) MWh 0 0
Consumption of purchased or acquired
electricity, heat, steam, and cooling from
renewable sources MWh 16,032 15,553
The consumption of self-generated non-fuel
renewable energy MWh 236 210
Total renewable energy consumption MWh 16,267 15,763
Share of renewable sources in total energy
consumption % 95 94
Total energy consumption MWh 17,106 16,763
GHG emissions (E1-6)
The information on GHG emissions presented in the table E1-6 was
established using calculation methods consistent with the GHG
Protocol Corporate Standard. There were no significant changes in
the reporting boundaries. Year-on year comparability is maintained
except for Scope 3 Category 1, which was restated for 2024.
Around 99% of total emissions are indirect (Scope 3), originating
from sources such as purchased goods, packaging materials,
transport, waste, business travel, and employee commuting.
Significant Scope 3 emissions categories are purchased goods and
services and upstream transportation and distribution, accounting
for 580,475 tCO
2
eq (99.4% of total Scope 3 emissions). Purchased
goods and services cover 98.9% of total Scope 3 emissions, while
upstream transportation and distribution amount to 0.5% of total
Scope 3 emissions.
Business review / Governance / Financial review / Sustainability Statement 71Oriola Annual Report 2025
E1-6 GHG emissions intensity based on net revenue, tCO
2
eq/MEUR
2025 2024
Total Scope 1 GHG emissions per net revenue 0.13 0.04
Total Scope 2 (location-based) GHG emissions per net revenue 0.28 0.37
Total Scope 2 (market-based) GHG emissions per net revenue 0.05 0.10
Total Scope 3 GHG emissions per net revenue 306.29 324.22
Total GHG emissions (location-based) per net revenue 306.71 324.62
Total GHG emissions (market-based) per net revenue 306.47 324.36
Net revenue (Note 4.2) used in GHG intensity ratio calculation is EUR 1,906.2 million.
Scope 3: Share of GHG emissions by source, %
2025
1: Purchased goods and services 98.95
2: Capital goods 0.12
3: Fuel- and energy-related activities 0.03
4: Upstream transportation and distribution 0.47
5: Waste generated in operations 0.06
6: Business travel 0.04
7: Employee commuting 0.07
8: Upstream leased assets 0.003
12: End-of-life treatment of sold products 0.25
13: Downstream leased assets -
GHG accounting principles and calculation
methodology
Oriola has aligned its GHG emissions calculation with the principles,
requirements, and guidelines outlined in the GHG Protocol
Corporate Standard. The reported total greenhouse gas emissions
include CO₂, CH₄, N₂O, HFCs, PFCs, SF₆, and NF₃, calculated in metric
tons of CO₂ equivalent (tCO₂eq).
Oriola has applied the financial control approach in the Group’s
GHG emissions accounting. The company ensures that all GHG
emissions data used in its reporting aligns with Oriola’s reporting
period. The joint venture company, Kronans Apotek, is excluded
from the reporting since Oriola does not have operational control
over the entity. There have not been significant changes in the
organisational structure or value chain.
Oriola uses a centralised platform to compile the GHG emissions
calculations across all scopes and categories except for the Scope
3 outbound transport and business travel emissions data, which
are provided as ready-calculated values by the respective service
providers.
Scope 1 and 2 GHG emissions calculation methodology
The primary and secondary energy data presented in the Energy
Consumption and Mix section are used in the calculation of Scope
1 and Scope 2 GHG emissions. Oriola prioritises the use of actual
primary and secondary energy consumption data in these calculations
wherever available. The chosen emission factor libraries are widely
recognised and reliable, and emission factors are updated annually.
Scope 1:
• Onsite stationary combustion
• Company vehicles
• Fugitive emissions
Scope 1 emissions include fugitive emissions, leased cars, and
stationary combustion emissions. The sources for fugitive emission
factors are Opteon (2023) and DEFRA (2025). Calculation is carried
out based on data of refrigerant refill invoicing of maintenance
companies. Emission factors used for calculating leased cars’
emissions are from DEFRA (2025), AIB (2025), the Swedish Energy
Agency (ER 2023), and IEA (2025). Emission data is obtained from
travel agencies, leasing companies and Oriola payroll department.
The stationary combustion emission factor is from DEFRA (2025).
Calculation is based on refuelling litres.
Scope 2:
• Purchased electricity
• Purchased heat
Scope 2 emissions calculations follow the Greenhouse Gas Protocol
Scope 2 Guidance. Consumption figures of electricity and heat
are calculated based on the invoicing of the energy suppliers.
Sources for Scope 2 purchased electricity’s market-based emission
factors are from AIB (2025) and electricity suppliers. Location-based
Scope 1 -Share of Emissions by Source, %
Scope 2 -Share of Emissions by Source, %
Company vehicles
Fugitive emissions
78%
22%
19%
78%
3%
On site stationary combustion
Purchased heatPurchased electricity
Business review / Governance / Financial review / Sustainability Statement 72Oriola Annual Report 2025
emission factors are from AIB (2025). Purchased heating’s Scope 2
emission factor sources are Finnish Energy (2025) and Swedenergy
(2025).
Excluded categories from Scope 1 and Scope 2 and reason for
exclusion:
Scope 1
• Process emissions: Oriola has no processes that cause emissions
Scope 2
• Purchased steam: Oriola did not purchase steam in 2025
• Purchased cooling: Oriola did not purchase cooling in 2025
Scope 3 GHG emissions accounting methodology
Oriola reports Scope 3 GHG emissions in accordance with the GHG
Protocol Corporate Accounting and Reporting Standard, as well
as the Corporate Value Chain (Scope 3) Accounting and Reporting
Standard. The reporting covers indirect emissions across Oriola’s
entire value chain, including both upstream and downstream
activities. Oriola revised its GHG emissions base year from 2019
to 2023 to cover Scope 3 more comprehensively and including
a broader range of purchased goods and services. This update
enhances methodological robustness but affects year-on-year
comparability of data.
A screening of the 15 categories was carried out in connection
with the project to set science-based targets (SBTi) in 2024. Nine
categories have been assessed to be material for Oriola. The
identified categories have been included in the calculations. The
remaining six categories were evaluated as non-material and
consequently excluded from the assessment.
Scope 3 emissions cover the following categories:
• Cat 1. Purchased goods and services
• Cat 2. Capital goods
• Cat 3. Fuel and energy related activities, outside of Scope 1 & 2
• Cat 4. Upstream transportation and distribution
• Cat 5. Waste generated in operations
• Cat 6. Business travel
• Cat 7. Employee commuting
• Cat 8. Upstream leased assets
• Cat 12. End-of-life treatment of sold products
Either the spend-based, mass-based or average data method
emission factors were used in the calculation depending on the
type of initial data.
1% of Scope 3 GHG emissions are calculated using primary data.
The reporting boundaries and value chain are reviewed annually.
Biogenic emission of CO
2
from the combustion or biodegradation
of biomass do not occur in the Oriola’s Scope 3 upstream or
downstream value chain. Emissions factors after 2021 follow the
latest IPCC Global Warming Potential values over a 100-year time
horizon for CO₂-equivalent calculations of non-CO₂ gases.
Category 1: Purchased goods and services emissions related to
purchased packaging materials were calculated using mass-based
emission factors DEFRA (2025). Primary activity data on the volume
of purchased packaging materials was obtained from suppliers.
Emissions related to other purchased goods and services were
calculated using spend-based emission factors Exiobase 3.9 (2019)
with primary spend data sourced from Oriola`s finance system.
Category 2: Capital goods emissions were calculated using the
spend-based method with Exiobase 3.9 emission factors (2019).
Primary data on the value of capital goods was obtained from
Oriola’s finance system and used as the activity data for the
emission calculation.
Category 3: Fuel and energy related activities, outside of Scope 1
& 2 emission factors for electricity were obtained from IEA (2025),
while purchased heating’s emission factors were sourced from
DEFRA (2025) and Swedenergy (2025). Primary data on electricity
and heat consumption was obtained from energy supplier invoices.
Category 4: Upstream transportation and distribution. Distances
and volumes for upstream transportation were estimated based on
supplier locations and available data on delivery weights at Oriola.
Inbound transportation emission factors (well-to-wheel) were
sourced from NTM (2025). Outbound transportation emissions were
calculated by the transport suppliers using primary data.
Category 5: Waste generated in operations. Emissions from waste
generated in Oriola’s own operations were calculated using mass-
based emission factors of EU & DK Input Output Database (2022),
and DEFRA (2023, 2025). Primary data on waste volumes was
obtained from waste treatment company invoices. A waste-type-
specific method is used that considers both non-hazardous and
hazardous waste.
Category 6: Business travel emissions were obtained as ready-
calculated values from the travel agency.
Category 7: Employee commuting emissions were calculated based
on the 2024 employee survey of commuting distance and average
remote working days. In 2025, a limited survey was conducted for
the new office in Denmark. A comprehensive new survey is planned
for upcoming reporting period. Average method using distance-
based emission factors of DEFRA (2025), AIB (2025), Bosch eBike
system (2023), NTM (2018), NTMCalc.advanced 4.0. and LCA of the
TIER mobility VI e-Scooter (2022) were used in calculations.
Category 8: Upstream leased assets emissions were calculated
based on an average emissions factor of AIB (2025), CTR, HOFOR
and VEKS (2025) and Finnish Energy (2025). Oriola’s Advisory
Services office in Denmark and the PharmaService premises in
Finland are included under upstream leased assets and their energy
consumption was obtained from the energy suppliers’ invoices.
Category 12: End-of-life treatment of sold products emissions were
calculated with mass-based emission factors of EU & DK Input
Output Database (2022), and DEFRA (2025). The volume of sold
products by the product type was obtained from Oriola’s finance
system as a primary data and linked to the corresponding emission
factors to estimate emissions.
Business review / Governance / Financial review / Sustainability Statement 73Oriola Annual Report 2025
Total GHG emissions market-based (tCO
2
eq) = Gross Scope 1 + Gross
Scope 2 market-based + Gross Scope 3.
Total GHG emissions location-based (tCO
2
eq) = Gross Scope 1 + Gross
Scope 2 location based + Gross Scope 3.
The emission factors used have been selected to correspond as closely
as possible to the specific categories.
Carbon offset is a secondary means for Oriola, to be used when it is not
possible to further reduce the company’s emission levels. Oriola has not
used carbon credits in 2025 and therefore does not report section E1-7.
Oriola does not have internal carbon pricing (E1-8) methods
and does not anticipate being regulated in the next three years.
According to ESRS 1 Appendix C, Oriola omits the information
prescribed by ESRS E1-9.
Excluded categories for Scope 3 and reason for exclusions from the
GHG calculation are:
• Category 9: Downstream transportation and distribution. There
are no activities included under this category as defined by the
GHG Protocol. All outbound transport emissions are accounted
for under Category 4 (Upstream transportation and distribution).
• Category 10: Processing of sold products. Oriola did not sell any
intermediate products which could need processing in 2025
• Category 11: Use of sold products. There is generally no energy
consumption related to the usage of the products sold in 2025
and therefore there are no GHG emissions related to that phase
of the life cycle of the products. Only an insignificant proportion
of the sold products consume electricity during use, so the
emissions generated can be assumed to be negligible compared
with total emissions
• Category 13: Downstream leased assets. Oriola has reviewed
its operation and assessed that it does not have leased assets
that fall under Scope 3 category 13. In previous reporting,
emissions from downstream leased asset were included in this
category. However, since Oriola retains operational control over
the energy used in the leased area, these emissions have been
reclassified under Scope 2 in accordance with GHG protocol.
• Category 14, Franchises: Oriola does not have any franchises
• Category 15, Investments has been excluded from the GHG
inventory because it represents on average 1% of the total
GHG emissions and is therefore considered not material. Oriola
does not have direct emissions data for investment and uses
average data method in emissions calculation. Oriola will
continue to monitor this category and include more accurate
data in future inventories if its materiality increases or data
quality improves.
Total GHG marked based and location based emissions are
calculated as follows:
Waste flows
Upstream in
value chain
Own operations
OutputsOrganisationInputs
Suppliers
Customers
Storing
Packaging
Delivering
Other activities:
• Office, kitchen
Pharmaceutical and
non-pharmaceutical
products
Packaging materials:
• Plastic
• Cardboard
• Reusable wooden
pallets
Upstream waste
Products, Packages
Waste:
• Cardboard
• Plastic
• Paper waste
• Bio waste
• Mixed waste
• Hazardous waste,
incl. pharmaceutical
waste
Waste handling
Recycling
Energy recovery
Reusable delivery boxes
Waste:
• Packaging waste
• Pharmaceutical waste
Downstream in value chain
ESRS E5 Resource use and circular
economy
Material impacts, risks and opportunities
(E5.IRO-1)
During the reporting period, Oriola reviewed its double materiality
assessment. No changes were made to the material IROs related
to resource use and circular economy. Oriola has identified
material impacts and risks related to circular economy and waste
management in its own operations as well as its value chain
operations both upstream and downstream. The assessment
was informed by the analysis of the main waste streams which is
performed as part of Oriola’s waste management development
actions. Oriola has identified the main waste streams within its own
operations and across the value chain. See the waste flow chart
on page 73 for details. The double materiality assessment and the
review performed in 2025 are further described in the section ESRS
2 General Disclosures / IRO-1 of this sustainability statement on
page 54.
Business review / Governance / Financial review / Sustainability Statement 74Oriola Annual Report 2025
The following impacts and risks related to resource use and
transition to a circular economy have been identified as material:
• Negative impact arising from waste generated throughout
the Group’s value chain. The generated waste includes
packaging that can be difficult to recycle such as blister packs.
Oriola primarily generates packaging waste from its own
operations, including storage and delivery.
• Positive impact arising from handling partners’
pharmaceutical stock and waste. Oriola manages the
pharmaceutical inventory of pharmacies and, when necessary,
also oversees the proper disposal of pharmaceutical
waste, ensuring it complies with regulatory standards.
Pharmaceutical waste is generated in Oriola’s warehouses
mainly due to damaged packaging or goods or exceeded
expiration dates. This type of waste is collected and treated
by waste management companies. In Finland and Sweden,
the responsibility for collecting unused medicines lies with
pharmacies. Unused medicines gathered at pharmacies are
collected by waste management companies.
• Risk arising from increasing costs due to regulatory
requirements for sustainable packaging. Oriola faces a
transition risk arising from tightening regulatory requirements
on packaging sustainability. These affect both the reporting
and labelling obligations for all packaged products distributed
through Oriola’s operations and the type of packaging used in
Oriola’s own products. New regulations are expected to require
increased use of recycled or recyclable materials, which may
raise material costs and potentially affect packaging durability.
At the same time, growing requirements for packaging data
reporting and labelling will increase administrative workload
and may require system or process updates.
• Changes: the description of the negative impact was slightly
revised compared to the last reporting period to allow for better
granularity.
Policies related to resource use and
circular economy (E5-1)
Oriola’s environmental efforts across its operations and value chain
are guided by the Group Environmental Policy and Oriola’s Code
of Conduct. The Environmental Policy does not address the waste
hierarchy or the prioritisation of avoiding or minimising waste over
waste treatment. Oriola provides site-specific instructions for waste
handling which are reinforced during employee induction through
practical demonstrations of waste management procedures.
Further details are provided under E1 Climate Change on page 65.
Waste prevention, minimisation and
recycling (E5-2)
Waste reduction, recycling and reuse constitute one of the
main initiatives of Oriola’s environmental work related to
circularity. Waste is primarily generated in Oriola´s wholesale and
distribution operations.
Oriola’s key actions to enhance waste management and resource
efficiency include the implementation of advanced sorting
capabilities, reusable transport solutions including water reuse and
energy recovery, and employee training programmes.
Oriola has consistently enhanced its waste sorting capabilities in
recent years, earning positive feedback on the quality of its recycling
efforts from the Group’s waste management partners. Oriola’s
largest warehouses in Finland and Sweden sort waste into over ten
categories, with cardboard, plastic and waste-to-energy being the
most substantial. The plastic category is further divided into several
sub-categories. All hazardous waste, including pharmaceutical waste,
is securely stored in a locked area and disposed of at a waste disposal
centre. At the warehouses and distribution centres, the adequacy
of the waste sorting arrangements and signalisation is continuously
reviewed and adjusted as needed to fit the sorting needs of different
warehouse sectors.
To reduce waste quantities, Oriola delivers products from the
Group’s distribution centres to customers mainly in reusable
transport boxes and with reusable cold shields. This initiative
reduces the reliance on single-use packaging materials, aligning
with the company’s sustainability goals. Additionally, Oriola
reuses the water used for washing these plastic transport boxes
in Sweden. In Finland, opportunities for water reuse were
thoroughly explored; however, instead of reusing the water in the
same manner, the heat generated during the washing process
is recovered and repurposed, enhancing resource efficiency and
supporting sustainable practices. Waste is handled offsite and is
arranged locally by waste management companies to avoid long-
distance transport.
Employee training plays a crucial role in Oriola’s daily efforts to
reduce waste and improve recycling. This includes familiarising
employees with Oriola’s recycling categories and correct handling
of waste. In 2025, Oriola’s waste-related training activities in
Finland and Sweden consisted of workplace-specific introduction
sessions and the onboarding process, which included sorting
instructions. Comprehensive training for employees is expected
to increase employee compliance with recycling procedures,
improve waste sorting quality, and reduce contamination of
recyclable waste streams.
All the key actions align with Oriola’s Group Environmental Policy
objectives of minimising waste and increasing recycling at the
company’s own premises. They are ongoing initiatives that are
integrated into daily operations. They cover Oriola’s internal
operations, including its major warehouses and distribution centres
in Finland and Sweden. In the value chain, efforts to achieve these
objectives extend to customer interactions, particularly through
the implementation of reusable transport solutions that reduce
packaging waste. Key stakeholders involved in these initiatives
include Oriola’s employees, who are actively trained in recycling
and applying the appropriate waste management practices, as well
as waste management partners and customers, who benefit from
improved packaging solutions and more sustainable practices.
Business review / Governance / Financial review / Sustainability Statement 75Oriola Annual Report 2025
The key actions are reviewed annually to assess their effectiveness
and identify opportunities for further improvement, ensuring
continuous alignment with sustainability objectives.
Environmental impact of pharmaceuticals and packaging
Pharmaceuticals can enter the environment through various ways
and potentially impact the environment throughout their lifecycle.
As Oriola does not manufacture pharmaceuticals, the direct
impacts on the environment from its operations are not significant.
Instead, the most significant impacts occur at the start of the value
chain and relate to the products distributed by Oriola. Impacts arise
from the manufacturing of these products as well as through the
raw materials used and the pharmaceutical waste generated.
Ensuring the safe transport of all pharmaceuticals is a primary duty
for Oriola. The company implements appropriate packaging and
securing measures for pharmaceutical products to maintain their
integrity during transit.
Oriola complies with local regulations and adapts its waste
management practices and local reporting accordingly.
Targets (E5-3)
An increased recycling rate is one of the targets in Oriola’s
sustainability agenda. During the reporting period, Oriola revised
the strategic target related to increase the Group-level recycling
rate: it is set to 90% by 2028 (previously 90% by 2025). This
change was made in connection with the science-based climate
target setting process and Oriola’s sustainability agenda update.
The target closely follows Oriola’s Group Environmental Policy
objectives and the Group’s environmental work initiatives focused
on minimising waste and increasing recycling.
The recycling rate is measured as the share of the total amount of
non-pharmaceutical waste collected from Group facilities that is
recycled during the reporting period. No base year or base value
has been established.
The target relates to waste and waste management, including the
preparation for proper treatment, it corresponds to the third layer
of the waste hierarchy: recycling. Oriola monitors its performance
against the target every six months. There are ongoing initiatives
at sites to reach the target. These initiatives include adjusting the
number of bins to improve accessibility and better suit Oriola’s
needs, reviewing bin labelling to facilitate sorting, and enhancing
training as part of the onboarding process.
Oriola has reported its recycling rate since 2021. The set target is
voluntary and not required by legislation. No stakeholders other
than Oriola’s own employees were involved in the target setting. In
2025, the Group-level recycling rate of non-pharmaceutical waste
was 84% (2024: 85%).
Waste (E5-5)
Packaging waste remains the most important category of waste
generated in Oriola’s storage and delivery of pharmaceuticals and
non-pharmaceutical products.
The main types of waste generated are cardboard, paper, biowaste,
wood, glass, plastic film, metal, electrical and electronic waste,
plastic packaging, waste-to-energy, construction waste, mixed
waste, hazardous and pharmaceutical waste.
E5-5 Waste generated, tonnes of waste diverted from disposal and
waste directed to disposal, tonnes
Waste diverted from disposal 2025 2024
Non-hazardous waste 1,735.80 2,313.60
Preparation for reuse - -
Recycling 1,735.80 2,313.60
Other recovery operations - -
Hazardous waste 5.90 3.90
Preparation for reuse - -
Recycling 5.90 3.90
Other recovery operations - -
Waste directed to disposal
Non-hazardous waste 331.00 285.70
Incineration 330.90 275.90
Landfill 0.1 9.80
Other disposal operations - -
Hazardous waste 309.30 264.60
Incineration 309.18 264.60
Landfill 0.08 -
Other disposal operations 0.04 -
2025 2024
Total waste generated in Oriola’s own operations 2,382.00 2,867.80
Total amount of non-hazardous waste 2,066.80 2,599.30
Total amount of hazardous waste 315.20 268.50
Total amount of non-recycled waste 640.30 550.30
Percentage of non-recycled waste 26.88% 19.19%
Total amount of recycled waste 1,741.70 2,317.50
Percentage of recycled waste 73.12% 80.81%
Total amount of radioactive waste - -
Oriola calculates the reported data based on information provided
by the waste collection companies. Insignificant quantities of office
waste generated at some of the small rented and shared offices in
Sweden and Denmark are excluded.
According to appendix C of ESRS 1, Oriola omits the information
prescribed by ESRS E5-6.
Business review / Governance / Financial review / Sustainability Statement 76Oriola Annual Report 2025
3. Social information
ESRS S1 Own workforce
Material impacts, risks and opportunities
and their interaction with strategy and
business model (S1.SBM-3)
Advancing a sustainable people journey is one of the focus areas
in Oriola’s sustainability agenda. It guides the Group’s work in
leadership, employee engagement, attracting new employees and
wellbeing at work. Oriola aims to advance a culture that ensures fair
treatment, develops capable individuals, empowers leaders, and
targets zero workplace accidents. Oriola’s sustainability agenda is
described in more detail under Strategy, business model and value
chain (SBM-1).
During the double materiality assessment process, several material
potential negative and positive impacts, risks and opportunities
towards the company’s own workforce were identified. It was also
realised that all Oriola employees can be materially impacted, but
some groups may be at greater risk of harm.
The material impacts, risks and opportunities, and the changes made
to them compared with the previous reporting period as a result
of the review of the double materiality assessment, are described
below. Further details on the double materiality assessment and
the review conducted in 2025 are provided under the section ESRS
2 General Disclosures / IRO-1 of this Sustainability Statement. The
potential negative impacts identified within Oriola’s operations are
limited to individual incidents rather than systemic issues.
Potential negative impacts
• Discrimination, harassment and inappropriate behaviour,
especially towards underrepresented groups, including
migrant and external workers. High workload can impact
employees’ mental and emotional wellbeing, potentially
increasing the risk of conflict or inappropriate behaviour. The
underrepresentation of certain groups, such as racial and ethnic
minorities, and individuals with disabilities, can contribute to
discriminatory practices since it becomes easier for biases to
go unchallenged. Migrant workers in particular are prone to
different forms of discrimination, including racial and ethnic
discrimination, unequal pay and working conditions. Similarly,
external workers may be discriminated against through lower
compensation / benefits, and a lack of effective channels (for
external workers) to share concerns or grievances may stipulate
that possible discrimination and harassment cases remain
unreported and unsolved.
• Occupational health and safety risks of employees including
challenges with work-life balance. Employees working in
the distribution centres and warehouses may be exposed to
medicine dust, high levels of noise, incidents from trucking, or
health problems stemming from working in cold storage and /
or poor ergonomics. The risk is heightened in the case of high
staff turnover, external workers, or limited cross functional
OHS training. Increasing numbers of mental health related
issues pose health risks for office employees. In particular, risk
of burnout is relevant for Oriola, considering the high staff
turnover and workload of those staying (or joining as new
employees). Organisational transformation and relatively
high staff turnover cause fluctuations in working hours, while
changes in management and employee levels can lead to
inadequate communication and guidance in some functions.
Lack of resources can result in unbalanced work tasks and
potential overburdening. Unclarity around working conditions
for the subcontracted production staff may occur, while peak
times in production and delivery might cause additional
working hours for external staff. Challenges with work-life
balance can include both office and logistics employees in the
company’s own and the external workforce.
• Changes: Compared with the previous reporting period, two
previously separate impacts, namely ‘Challenges with work-life
balance’ and ‘Occupational health and safety risks of employees’
were merged as these are tackled as a single theme.
Positive impacts
• Leadership development through promoting equal
opportunities, diversity, work ability, and active participation.
As Oriola’s business environment, company structure, culture and
ways of working are changing, change leadership is one of the
key areas in leadership development in the whole organisation.
Furthermore, Oriola is committed to providing a fair and equal
workplace that supports diversity and inclusion. In addition to
Oriola’s Code of Conduct, which outlines diversity and inclusion
principles in general, the company’s People Policy sets the
framework for more detailed human rights principles and the
approach to equal opportunities at Group level. Each year a
salary review is conducted to enhance pay equality. Oriola’s
own employees are actively involved in developing a positive
and inclusive operative environment. Work ability development
is in the focus of leadership to support work-life balance,
adequate resources, competences and wellbeing at work. This
positive impact concerns all the workforce. Activities that lead
to this positive impact include involving the company’s own
employees actively through different channels, such as online
platforms, face-to-face meetings, and employee representative
engagements. Training leaders about change management
and team building results in the positive impact of leadership
promoting equal opportunities.
• Large share of employees are covered by collective
bargaining agreements. All logistics employees and most of
the office employees are covered by collective agreements.
In Finland 76.8% (2024: 78.5%), in Sweden 100% (2024: 100%)
and in Denmark 87.5% (2024: not applicable) of employees are
covered by collective bargaining agreements. In Finland, the
Business review / Governance / Financial review / Sustainability Statement 77Oriola Annual Report 2025
Commerce sector collective agreement does not include senior
salaried employees (personnel group). However, according to
Oriola’s personnel policy guidelines, collective agreement terms
are partially applied to senior salaried employees as well. To
ensure commitment and alignment with collective agreements,
the company has compliance practices in place.
• Changes: First, a previously separate impact – active
participation in developing a positive and inclusive operative
environment – was merged with the impact related
to leadership development through promoting equal
opportunities and diversity, as these are tackled as a unified
theme. Second, work ability development aspects were added
to emphasise the importance of the topic.
Risks
• Workplace hazards and incidents. Workplace hazards and
incidents can result in potential costs associated with medical
treatments, legal liabilities and lost productivity. There is a risk
of accidents in Oriola’s warehouse operations, as well as during
employees’ commutes.
Opportunities
• Active participation in developing a positive and inclusive
operative environment and serving as a role model for future
work. By being an inclusive and attractive employer, Oriola can
attract and retain top talent, increase employee engagement
and productivity, and therefore foster innovation.
Interaction with strategy and business model
Oriola’s strategy and business model impact its workforce through
safety, regulatory and operational demands.
These risks affect the strategy by making strong safety rules and
proper training, including leadership development, necessary.
Using new ideas and technology can improve efficiency and
support worker wellbeing. Together, these measures ensure
alignment with the broader business model.
Occupational health and safety risks and workplace hazards and
incidents particularly include a mix of employees responsible for
Oriola’s warehousing operations. It may also involve non-employees,
including contractors and personnel provided by third-party logistics
or employment agencies. These groups face operational impacts
such as safety risks, compliance with handling standards, and
delivery pressures, depending on their role and employment type.
Since Oriola operates in Finland, Sweden and Denmark, there are
no operations at significant risk of incidents of forced labour or
compulsory labour.
Transitioning to Oriola’s long-term net-zero commitment may
impact the workforce by requiring new technologies, training
and workflow changes. It could also offer opportunities for skill
development and better working conditions through sustainable
practices. This can lead to a more engaged and active own
workforce pursuing active participation.
Human Rights Policy commitments
Fair working conditions, including human rights, are covered in
Oriola’s People Policy. The Policy explicitly addresses trafficking
of human beings, forced labour, and compulsory labour and child
labour. Alignment with the following internationally recognised
human rights instruments is recognised in the People Policy and
maintained through regular reviews, audits and reporting to ensure
integration into Oriola’s business practices:
• UDHR, the United Nations Universal Declaration of Human
Rights
• UNGP, the United Nations Guiding Principles on Business and
Human Rights
• ILO Declaration: Upholding core labour rights such as freedom
of association, non-discrimination, and eliminating forced and
child labour
• OECD Guidelines: Ensuring responsible business conduct,
transparency, and supply chain due diligence
• International Bill of Human Rights
Policies related to own workforce (S1-1)
Policy* Description Related IROs
Code of
Conduct
The purpose of the Code
of Conduct – applicable to
the whole Oriola Group – is
to provide guidance and
support in daily work and
decision making, ensure
common understanding and
foster a culture of doing the
right thing.
• Discrimination, harassment
and inappropriate
behaviour, especially
towards underrepresented
groups, including migrant
and external workers.
• Leadership development
through promoting equal
opportunities, diversity,
work ability, and active
participation.
People Policy The policy gives guidance
on how Oriola promotes a
culture of diversity, inclusion,
equal opportunities and fair
employment. The aim is to
ensure that human rights are
respected throughout our
operations and across our
supply chains.
• Discrimination, harassment
and inappropriate
behaviour, especially
towards underrepresented
groups, including migrant
and external workers.
• Leadership development
through promoting equal
opportunities, diversity,
work ability, and active
participation.
Risk
Management
Policy
The purpose of Oriola Risk
Management is to reduce
unbeneficial risk exposure
and increase beneficial risk
exposure by identifying,
analysing and managing
risks related to the execution
of Oriola’s goals, strategy,
operations, and business
objectives.
The policy is established to
manage financial, operational,
market, strategic, compliance,
reputational, life and health,
sustainability, and human
rights risks.
• Occupational health and
safety risks of employees
including challenges with
work-life balance.
• Workplace hazards and
incidents, which can result
in potential costs associated
with medical treatments,
legal liabilities and lost
productivity.
• Discrimination, harassment
and inappropriate
behaviour, especially
towards underrepresented
groups, including migrant
and external workers.
*The listed policies in the table cover the company’s own workforce. Oriola’s CEO and the
Oriola Management Team are responsible for implementing the policies. To put these
policies into practice and engage with employees, Oriola has several local or Group level
operational procedures related to, for example, training and onboarding.
Business review / Governance / Financial review / Sustainability Statement 78Oriola Annual Report 2025
Oriola’s human rights focus is on the due diligence efforts where
the Group’s operations can have the most severe impact. Oriola
regularly reviews its approach to human rights and reflects on
its commitments to human rights in the policies and procedures
where relevant.
The human rights work is guided by local regulation and Oriola’s
values. This includes promoting fair wages, safe working conditions,
freedom of association, and non-discrimination. Oriola complies with
national laws and respects international human rights standards.
Where they are in conflict, Oriola respects national law while seeking
to honour the principles of internationally recognised human rights.
Regular engagement with Oriola’s own workforce occurs through
surveys, consultations and grievance mechanisms to ensure
employees’ human and labour rights are respected, allowing workers
to voice concerns and provide feedback on workplace conditions.
Compliance with these human rights commitments is monitored
through internal audits, third-party assessments, and grievance
mechanisms. Alignment with the UN Guiding Principles on Business
and Human Rights and international labour standards is tracked,
and corrective actions are taken as needed. In cases of human
rights impacts, remedies such as grievance channels, mediation
and compensation are provided to ensure affected individuals are
supported in line with international standards.
Oriola Group operates in countries in which fair working conditions
and human rights related legislation is at a high level and therefore
there is no remarkable risk identified for severe human rights
impacts. The Group is fully committed to local legislation, collective
agreements and compliance enhancing practices to ensure social
responsibility.
Oriola’s Business Partner Code of Conduct includes provisions
addressing the safety of workers, precarious work, human
trafficking, the use of forced labour or child labour, and is fully in
line with applicable ILO standards.
Eliminating discrimination (including harassment),
promoting equal opportunities, and other ways of
advancing diversity and inclusion
To ensure fair working conditions, including human rights, the
following policies aimed at eliminating discrimination are in place:
People Policy and Code of Conduct. Everyone at Oriola shall follow
these policies.
The People Policy and Code of Conduct state that Oriola promotes
a culture of diversity, inclusion, equal opportunities and fair
employment. Oriola respects and values diversity in its workforce
and is committed to actively work for, and maintain, an inclusive
workplace with zero tolerance for discrimination. This applies to all
areas of employment. Oriola is committed to providing a workplace
where employees can perform their work in an environment of
mutual respect and fairness. The company does not tolerate any
form of harassment or bullying of employees by other colleagues.
All employees are expected to treat each other, customers and
stakeholders with dignity and respect.
The following grounds for discrimination are covered in the
People Policy: racial and ethnic origin, colour, gender, sexual
orientation, gender identity, disability, age, religion, political
opinion, national extraction and social origin. All other forms of
discrimination, covered by the European Union regulation and
national law, are covered by the People Policy. These include
marital status, medical condition, or any other characteristic
protected by local law or regulation.
Oriola is committed to equal pay. Pay levels are reviewed
annually and at the same time, possible deviations that cannot
be explained by, for example, seniority or performance, will be
corrected.
Oriola’s policies are implemented through specific procedures
aimed at preventing, mitigating and addressing discrimination,
while also promoting diversity and inclusion:
• Clear, confidential grievance mechanisms, such as online
platforms, allow employees to report discrimination incidents
safely and without fear of retaliation.
• Investigation and response: On receiving a report, a structured
investigation process is initiated to promptly address and
resolve discrimination claims, including disciplinary actions if
necessary.
• Regular audits and monitoring: Ongoing audits and diversity
metrics are used to assess the workplace environment, track
progress, and identify areas where further action is needed.
These procedures ensure that discrimination is effectively addressed,
and that diversity and inclusion are continuously advanced.
Processes for engaging with own
workforce and workers’ representatives
about impacts (S1-2)
At Oriola, engagement with the company’s own workforce is
frequent and is established periodically and within everyday work
via various surveys and regular engagements. Managers engage
with their direct reports on a recurring basis, weekly and / or every
two weeks. A representative of the employer engages with workers’
representatives via recurring collaboration committees monthly,
as well as with safety committees at least quarterly. An anonymous
employee engagement survey is done yearly.
The CEO and Oriola Management Team is the most senior level
in the organisation with operational responsibility for ensuring
engagement happens and that results inform its approach.
Oriola has several agreements in place related to respecting the
human rights of workers. These include UN rights, local labour
legislation and legal requirements, local collective agreements
and internal company policies (People Policy). More information is
available under S1-1: Human Rights Policy commitments.
Business review / Governance / Financial review / Sustainability Statement 79Oriola Annual Report 2025
At Oriola, processes and designated channels for engaging with own
workforce and workers’ representatives about all the impacts are:
• Cooperation and safety committees
• Regular meetings and employee events
• Employee development discussions
• Employee engagement surveys
• Whistleblowing channel
• Internal HR case management system
• Internal communication including all-employee
information sessions
• Leadership communications
• Sounding boards
• Enterprise social networking service (Engage)
• Company intranet for information sharing purposes
Engagement activities take place at both organisation level and at
project or site level. The information from engagement activities is
aggregated from individual level all the way to Group level.
Allocated resources for processes for engaging with Oriola’s own
workforce or employees’ representatives are Business controllers
and HR People Partners, nominated occupational health and safety
managers, occupational safety committee members, dedicated
employee sounding board members and cooperation committee
members.
Oriola engages with its workforce and employees’ representatives
on the potential impacts of reducing emissions and transitioning
towards Oriola’s long-term net-zero commitment through the
processes described above.
Processes to remediate negative impacts
and channels for own workforce to raise
concerns (S1-3)
Oriola’s approach to remedying material negative impacts on its
workforce typically includes identifying the issue through internal
assessments or grievance mechanisms, engaging with affected
workers, and implementing corrective actions. This may involve
offering compensation, improving working conditions, or providing
access to support services such as counselling. The process also
includes monitoring outcomes to ensure that the remedy is
effective, and preventing recurrence through policy changes or
improved oversight.
Workers may raise issues through elected occupational safety
representatives, employee representatives or unions.
Oriola has implemented both formal and informal grievance
mechanisms that allow employees to raise concerns and needs
about issues affecting their work environment, rights or wellbeing.
Through a formal grievance mechanism employees can submit
complaints or concerns confidentially, via a dedicated portal.
The whistleblowing service is provided by an external partner to
ensure anonymity. The communication channel is encrypted and
password protected. All messages are processed in confidence.
Further information about the whistleblowing channel is available
in the context of disclosure G1-1. Employees may also report
misconduct or violations to their manager or discuss the topic with
the Legal or People and Culture team.
Assessing own workforce’s awareness and trust
towards the processes to raise concerns
Oriola assesses that its own workforce is aware of and trusts
structures or processes to raise their concerns or needs through the
following channels:
• Employee surveys: Regular anonymous surveys or feedback
forms are distributed to gauge employees’ knowledge of
available channels and their confidence in using them without
fear of retaliation.
• Usage data and trends: Monitoring the frequency and nature of
grievances raised, alongside resolution times, can reveal gaps in
awareness or trust if usage is low or issues recur.
• Training and communication: Training sessions and workshops
followed by evaluations help confirm employees’ understanding
of grievance mechanisms.
These methods collectively measure both awareness and trust in
using these structures to raise concerns.
Policies regarding protection against retaliation for
individuals that use channels to raise concerns or
needs are in place
Oriola’s principles for protecting whistleblowers are described
in Oriola’s Code of Conduct. The team investigating the reports
ensures that the employee raising the concern is not placed
in a disadvantageous position. Any type of retaliation towards
employees who have raised concerns is treated as a serious breach
of the Code of Conduct.
As long as the employee raising a concern acts in good faith,
honestly and with integrity, they will not suffer any negative
consequences if they have mistakenly raised a concern. Further
information is disclosed in the section G1-1.
Taking action on material impacts on
own workforce, and approaches to
managing material risks and pursuing
material opportunities related to own
workforce, and effectiveness of those
actions (S1-4)
Needed and appropriate actions in response to material impacts,
risks and opportunities are based on the People Strategy. Actions
specific to a certain country are outlined separately within each
action description. The entire own workforce is, or will be, included
in the scope of other listed actions. The implementation of the
action plans does not require significant operational expenditures
(OpEx) or capital expenditures (CapEx) for Oriola. Time horizons
for each action are explained in connection with each action
description. In general, actions are taken in 2025 or planned to be
accomplished in 2025-2026.
Business review / Governance / Financial review / Sustainability Statement 80Oriola Annual Report 2025
Addressing material negative impacts, risks and
opportunities
Oriola’s approach to addressing risks and pursuing opportunities
for its workforce includes systematic monitoring and assessment
of health and safety risks, along with proactive adjustments to
operational procedures. By investing in training and employee
development, the company not only mitigates risks but also fosters
a culture of safety and continuous improvement. These efforts,
combined with expanded healthcare services and employee
benefits, contribute to workforce satisfaction and retention. Oriola’s
structured and proactive initiatives demonstrate its effectiveness
in managing workforce-related impacts and opportunities,
positioning the company to continue driving positive outcomes for
its employees.
Oriola has allocated the following resources for the actions listed
in this chapter: line managers (according to work delegation
in Sweden and legislation in Finland), people and culture team
members, outsourced healthcare services and dedicated healthcare
personnel, occupational safety representatives and occupational
safety managers in Finland and the Safety Committee of Sweden.
Due to the size of the organisation in Denmark, Oriola is not
required under local regulations to establish a health and safety
organisation (AMO). However, Oriola remains committed to
ensuring appropriate monitoring and assessment of health and
safety risks in Denmark.
Oriola’s approach to remedying material negative impacts on its
workforce typically includes identifying the issue through internal
assessments or grievance mechanisms, engaging with affected
workers, and implementing corrective actions. This may involve
offering compensation, improving working conditions, or providing
access to support services such as counselling. The process also
includes monitoring outcomes to ensure that the remedy is
effective and preventing recurrence through policy changes or
improved oversight. No severe cases requiring major actions
occurred during the reporting period.
Workplace safety and wellbeing actions
Workplace safety and wellbeing actions to mitigate negative
impacts and risks are identified through continuous incident and
hazard reporting, regular risk assessments, and evaluations of
workplace conditions. Feedback from employees, occupational
healthcare providers, and safety committees informs action plans,
which are reviewed and updated annually to ensure effectiveness
and compliance with regulations.
The following actions were taken during 2025 to prevent and
mitigate negative impacts of occupational health and safety risks of
employees including challenges with work-life balance.
Expected outcomes of the listed action plans are a safer work
environment, increased health, greater wellbeing, higher
productivity and engagement, reduced absenteeism and employee
turnover, a stronger safety culture, regulatory compliance and
continuous improvement. The actual outcomes are measured with
Oriola’s long-term goal of zero workplace accidents and Lost Time
Incident Frequency (S1-5).
• Managers are trained to support employee work ability.
• Joint steering groups (such as Finland’s Work Ability Steering
Group and Sweden’s ‘Samverkan Arbetsmiljö’) continuously
improve workplace safety and work ability through preventive
measures. Due to the size of the organisation in Denmark,
Oriola is not required under local regulations to establish a
steering group. However, Oriola remains committed to ensuring
appropriate workplace safety and work ability in Denmark.
• Health related follow-ups between managers and employees
support early identification of health risks. Work ability
processes are maintained in line with the mandatory
occupational healthcare action plans.
• Risk assessments and safety observations: To mitigate
risks of workplace hazards and incidents, health and safety
risk assessments are conducted regularly in both Finland
and Sweden, with quarterly reviews by Health and Safety
Committees. Channels for reporting safety observations and
processes for managing accidents are in place to continuously
enhance workplace safety. Due to the size of the organisation
in Denmark, Oriola is not required under local regulations to
conduct regular risk assessments or reviews. However, Oriola
remains committed to ensuring appropriate mitigation of
workplace hazards and incidents in Denmark.
• Tailored occupational safety and ergonomic training
programmes are provided across all sites, focusing on job-
specific risks such as chemical handling, equipment usage and
ergonomics. Site management teams are actively involved in
identifying and mitigating these risks.
• Health and safety action plans are created in all countries to
promote work ability and to mitigate and remediate negative
impacts and risks of health, safety and wellbeing.
Actions to prevent discrimination, harassment and
inappropriate behaviour
The process of identifying fair working conditions, including human
rights, involves regular assessments of workplace practices against
national laws, international standards, and company policies.
Feedback from employees, audits and engagement surveys helps
to identify gaps or risks and ensure effectiveness. Human rights
considerations are integrated into business operations, guided
by frameworks such as the UN Guiding Principles on Business and
Human Rights. Findings inform targeted actions to ensure ethical,
equitable and compliant working conditions.
The following actions have been taken in 2025 to mitigate
negative impacts of discrimination, harassment and inappropriate
behaviour, especially towards underrepresented groups, including
migrant and external workers.
The expected outcome of the listed actions is an ethical, fair and
inclusive workplace by promoting awareness of conduct standards,
ensuring equitable compensation and raising awareness of the
level of psychological safety.
• Code of Conduct training was assigned to all employees
in the new Learning Management system in 2025. These
ethical principles guide the Group’s approach to fair working
conditions and human rights together with the People Policy.
Adding the training to the new Learning Management System
Business review / Governance / Financial review / Sustainability Statement 81Oriola Annual Report 2025
enhances tracking of training completion. The actual outcome
of this action is measured with Oriola’s goal of Annual Code of
Conduct training completion rate (S1-5).
• A new section was added to the Oriola Voice employee
engagement survey in 2025 to gain insights into the employees’
feeling of psychological safety at Oriola.
• Salary review: The Group conducted a salary review, including
an equal pay review, as one of its key elements. Adequate and
fair wages are covered by local legislation, applied collective
agreements and staffing company agreements.
Employees covered by collective bargaining
agreements actions
To promote the positive impact of a large share of employees
being covered by collective bargaining agreements, the Group has
continued close collaboration with the employee representatives.
According to the People Policy, the Group continues to respect
freedom of association and the right to collective bargaining.
There are no specific actions set for promoting the positive impact
of the large share of employees covered by collective bargaining
agreements.
Leadership, culture and talent development actions
The process of identifying and ensuring effectiveness of leadership,
culture and talent development actions involves analysing
employee feedback from engagement surveys, performance
reviews and development discussions. Insights are gathered
through collaboration with managers, human resources teams
and employee focus groups to pinpoint areas for improvement.
Strategy and strategic competencies set the baseline for the talent
development actions.
The following actions are taken, planned or underway to pursue
the material opportunity of active participation in developing a
positive and inclusive operative environment and serving as a role
model for future work.
Expected outcomes of the listed action plans are having a
motivated and skilled workforce, a continued focus on leadership
culture development, and ensuring equal development
opportunities. Leadership culture development actions’ actual
outcomes are measured with the Leadership index (S1-5).
• Leadership training: Capable leaders have a key role in promoting
equal opportunities within Oriola. A leadership development
programme, launched in 2024, continued in 2025 to enable
authentic leadership in Oriola. Leadership training will continue.
• Oriola culture: Organisational culture is one of the key
enablers for Oriola to reach its strategic goals. To enhance the
collaborative culture, Oriola’s Senior Management Meeting
(SMM) concept was continued in 2025 to strengthen alignment
and commitment to the company’s common leadership and
cultural goals.
• Communication: Regular manager meetings and employee
information sessions are held to enhance leadership and culture.
• Talent and Performance Development: In 2025,
implementation of the renewed performance and
development process was started to emphasise talent and
leadership development. Implementation will continue
during 2026. The purpose is to ensure equal development
opportunities and increase regular feedback about leadership
to enhance the leadership culture.
• Talent development by strategic competencies: As part of
the renewed performance and development process, Oriola
continued to analyse the level of strategic competencies within
the company (Value Adding Relationships, Analytics & Insights,
and Business Acumen, defined in 2024) to review the skill gaps
and future training requirements.
• Talent development by LMS: The new Learning Management
System was launched in 2025 to enable structured talent
development. The new LMS is a tool for offering training and
support for efficient processes.
• Values day: The yearly Values day event where employees come
together to celebrate and reflect on the organisation’s core
values, ran again in 2025. The purpose is to strengthen company
culture and foster a sense of shared purpose.
• Engagement survey: Values were promoted as their own
dedicated section in the Oriola Voice employee engagement
survey in 2025. The questions in the section aim to gain insight
into how well employees know and identify with Oriola’s values
and how well they think the values are followed in practice.
Tracking and assessing the effectiveness of the
actions and initiatives in delivering outcomes for own
workforce
Leadership, culture and talent development related actions’
effectiveness is tracked through employee engagement surveys
and regular performance reviews.
Workplace safety and wellbeing actions are tracked in the
Occupational Health and Safety (OHS) committee’s quarterly
meetings. Oriola’s occupational health and safety processes are
designed to meet local legislative requirements and promote a
safe and supportive work environment. Work-related hazards
are systematically identified through continuous processes, such
as incident and near-miss reporting, annual or bi-annual risk
assessments, and workplace investigations aligned with OHS action
plans. Regular health and safety risk assessments are conducted
throughout the year. These assessments are reviewed quarterly
by the Health and Safety Committees in Finland and Sweden
to ensure consistent monitoring and mitigation of potential
hazards. Due to the size of the organisation in Denmark, Oriola
is not required under local regulations to establish a health and
safety organisation (AMO). However, Oriola remains committed
to ensuring appropriate monitoring and mitigation of potential
hazards in Denmark.
Fair working conditions, including human rights related actions’
effectiveness, is tracked through the following channels: equal
pay process, employee satisfaction surveys, and grievance
channels.
Business review / Governance / Financial review / Sustainability Statement 82Oriola Annual Report 2025
The ways to ensure that own practices do not cause
or contribute to material negative impacts on its own
workforce
Occupational health and safety risks of employees including
challenges with work-life balance:
The employer follows local legislation requirements to prevent
and mitigate significant negative OHS impacts that are directly
linked to its operations, products or services by its business
relationships. The legislation covers both Oriola’s own employees
and non-employee workers. Related hazards and risks are related to
normal physical, social and psychological topics. To ensure that the
company’s practices do not contribute to material negative impacts
of challenges with work-life balance, for example additional
personnel are added temporarily when necessary to support the
existing team and prevent a too heavy workload. Rental workers
are insourced, when possible, to bring stability to the working
environment. There is also a work ability management system,
including individual case management, to further monitor work-life
balance.
Discrimination, harassment and inappropriate behaviour, especially
towards underrepresented groups, including migrant and external
workers:
The Code of Conduct and accessible whistleblowing channel
are in place to mitigate the negative impacts of discrimination,
harassment and inappropriate behaviour in the company’s own
practices. There are regular meetings with selected staffing
companies to align equal employment conditions for external and
internal workers.
Additional actions or initiatives with the primary
purpose of delivering positive impacts for its own
workforce
Oriola Group operates in countries in which health and safety, and
work environment related legislation is at a high level. The early
intervention model, adopted in all countries, allows proactive
identification and resolution of health-related issues. Preventive
occupational healthcare services are offered for employees. In
Finland, the statutory occupational safety organisation represents
all personnel groups, while in Sweden, compliance with local
legislation is supported through partnerships with occupational
healthcare providers and collaboration with internal safety officer
representatives. In Denmark, Oriola is not required under local
regulations to establish a health and safety organisation (AMO).
To further support the workforce, Oriola provides comprehensive
occupational healthcare services, health insurance and health
benefits for employees, ensuring access to medical care and
preventive measures. Oriola applies parental leave rights that
are covered by union regulation and national law in all of its
countries.
Business review / Governance / Financial review / Sustainability Statement 83Oriola Annual Report 2025
Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities (S1-5)
Target Related IRO Related policy
2025
Performance ***
2024
Performance
Baseline
value
(baseline year
2023)
Long-term
goal of zero
accidents in
2025: 0
Occupational health and safety risks of employees, including
challenges with work-life balance.
Workplace hazards and incidents, which can result in potential
costs associated with medical treatments, legal liabilities and lost
productivity.
Oriola Risk
Management
policy
44 28 7
Lost Time
Incident
Frequency
(LTIF) rate 4.5
by 2027* **
Occupational health and safety risks of employees including
challenges with work-life balance.
Workplace hazards and incidents, which can result in potential
costs associated with medical treatments, legal liabilities and lost
productivity.
Oriola Risk
Management
policy
2.96 5.04 6.09
Leadership
index 80 by
2027**
Leadership development through promoting equal opportunities,
diversity, work ability, and active participation.
Oriola People
Policy
75 79 79
* Lost-time injury rate reflects the number of injuries resulting in an absence of at least one workday per million hours worked. Incidents included:
Accidents at work, but no commuting incidents. Rental workers are excluded.
** During the reporting period, Oriola revised the strategic targets related to Lost Time Incident Frequency: it is set to 4.5 by 2027 (previously 4.5 by 2026), and Leadership index:
set to 80 by 2027 (previously 80 by 2026). These changes were made in connection with Oriola’s sustainability agenda update.
*** Reporting of workplace accidents has increased as reporting practices have strengthened, while the number of accidents leading to absences has continued to decline. The
extensive ERP transformation project underway in the company has, in part, influenced the leadership index results adversely
Workplace safety and wellbeing related targets
Workplace safety and wellbeing targets, described in the table, are
derived from the Oriola Risk Management policy, which states the
company’s striving towards zero accidents and emphasises proactive
measures to prevent accidents, injuries and health-related incidents.
All the company’s businesses and functions are in scope of these
targets. The methodologies and significant assumptions used to
define targets are based on Oriola’s business strategy.
The methodology for tracking the process is accident reporting
tools. Work-related hazards are systematically identified through
continuous processes, such as incident and near-miss reporting,
annual or bi-annual risk assessments, and workplace investigations
aligned with OHS action plans.
Engagement directly with Oriola’s own workforce to set and track the
target: LTIF and zero accident goals are based on health and safety
committee provided input. Occupational Health and Safety (OHS)
committees participate in tracking workplace accidents and lost
time incident frequency in quarterly meetings. Accident statistics are
included in the public meeting minutes of the Occupational Safety
and Health Commission. Oriola’s occupational health and safety
processes are designed to meet local legislative requirements and
promote a safe and supportive work environment.
Occupational Health and Safety processes involve collaboration
between managers, OHS representatives, line organisations, and
occupational healthcare professionals, with evaluations conducted at
least annually to ensure effectiveness and continuous improvement.
The company has implemented a structured hierarchy for
managing incidents and corrective actions, with employees actively
participating in hazard reporting and proposing solutions. Line
managers and OHS representatives review and approve actions,
with final oversight provided by OHS managers. All processes are
documented and followed by appropriate training or updates to
policies and procedures.
Leadership, culture and talent development related
targets
The Leadership index target is connected to the Oriola People
Policy that states principles for leadership in Oriola. All the
company’s businesses and functions are in scope of this target.
The methodologies and significant assumptions used to define the
target are based on Oriola’s business strategy.
Engagement directly with Oriola’s own workforce to set and
track the target: Employees are engaged in setting this target
by responding to the employee engagement survey, which is
feedback from the company’s personnel. Employee engagement
survey results including the leadership index are tracked yearly in
all-employee information sharing channels.
Oriola’s own workforce and workforce representatives are engaged
directly in identifying lessons and improvements of the Leadership
index targets through employee engagement survey related team
workshops and action plans.
Target to prevent discrimination, harassment and
inappropriate behaviour
The following target is set to mitigate the possible negative impact
of discrimination, harassment and inappropriate behaviour: Annual
Code of Conduct training completion rate among Oriola’s own
workforce 100% from 2026 onwards.
The target was initially validated in Oriola’s first double materiality
assessment under the S1 Own workforce standard. During the 2025
review of the assessment the target was reclassified under the G1
Governance standard, as its thematic relevance and scope were
determined to be more appropriate.
Business review / Governance / Financial review / Sustainability Statement 84Oriola Annual Report 2025
Characteristics of the undertaking’s employees (S1-6)
S1-6: Employees by contract type, broken down by gender, headcount
2025 2024
Female Male Other*
Not
disclosed Total Female Male Other*
Not
disclosed Total
Number of employees 484 418 0 2 904 498 434 0 2 934
Number of permanent
employees 465 413 0 2 880 477 411 0 2 890
Number of temporary
employees 11 3 0 0 14 10 6 0 0 16
Number of non-guaranteed
hours employees 8 2 0 0 10 11 17 0 0 28
Number of full-time
employees 435 397 0 1 833 453 410 0 1 864
Number of part-time
employees 49 21 0 1 71 45 24 0 1 70
Employee data includes individuals employed by the Group at the end of the reporting period. Figures are sourced from the Group’s
HR system which is updated by managers and HR professionals which may introduce a risk of human error. Gender information is
recorded during the hiring process and can be updated by employees through the HR system. The metric is not validated by an
external body other than the assurance provider.
S1-6: Employees by contract type, broken down by region, headcount
2025 2024
Finland Sweden Total Finland Sweden Total
Number of employees 469 427 896 452 482 934
Number of permanent employees 455 419 874 421 469 890
Number of temporary employees 4 8 12 9 7 16
Number of non-guaranteed employees 10 0 10 22 6 28
Number of full-time employees 414 415 829 397 467 864
Number of part-time employees 55 12 67 55 15 70
Employee data includes individuals employed by the Group at the end of the reporting period. Figures are sourced from the
Group’s HR system which is updated by managers and HR professionals which may introduce a risk of human error. Information
concerning Denmark is not disclosed due to the size of the organisation. The metric is not validated by an external body other than
the assurance provider.
S1-6: Employee headcount by country
2025 2024
Number of employees
Finland 469 452
Sweden 427 482
Denmark 8 -
Total 904 934
Employee data includes individuals employed by the Group at the end of the reporting period. Figures are sourced from the Group’s HR
system which is updated by managers and HR professionals which may introduce a risk of human error. The metric is not validated by
an external body other than the assurance provider. Number of employees is presented in Financial Statements, Note 4.4.
S1-6: Employee headcount by gender
2025 2024
Number of employees
Female 484 498
Male 418 434
Other 0 0
Not disclosed 2 2
Total 904 934
Employee data includes individuals employed by the Group at the end of the reporting period. Figures are sourced from the Group’s
HR system which is updated by managers and HR professionals which may introduce a risk of human error. Gender information is
recorded during the hiring process and can be updated by employees through the HR system. The metric is not validated by an
external body other than the assurance provider.
Employees covered by collective bargaining
agreements
According to the People Policy, the Group respects freedom of
association and the right to collective bargaining. Oriola continuously
works to promote a good work environment and fair working
conditions according to industry standards. There is no specific target
set for promoting the positive impact of the large share of employees
covered by collective bargaining agreements.
S1-6: Employee turnover
2025 2024
Employee turnover rate rate [%] 8.8 10.6
Employees who left the company 78 99
Employee data includes individuals employed by the Group at the end of the reporting
period. Figures are sourced from the Group’s HR system which is updated by managers
and HR professionals which may introduce a risk of human error. Employee numbers
are reported as headcount. The metric is not validated by an external body other than
the assurance provider.
Business review / Governance / Financial review / Sustainability Statement 85Oriola Annual Report 2025
The percentage of employees covered by collective bargaining
agreements is calculated using the following formula: number
of employees covered by collective agreements / number of
employees x 100. Global workers’ representatives coverage is
calculated by using following formula: number of employees
working in establishments with workers’ representatives / number
of employees x 100.
Characteristics of non-employees in the
undertaking’s own workforce (S1-7)
The total average number of non-employees (FTE) in the company’s
own workforce was 207 (2024: 228) during the year 2025.
Non-employees FTE was calculated by dividing the total externals’
worked hours (including overtime) during the reporting year by
country-specific default full-time monthly hours, and multiplied by
the number of working months (one month of holiday excluded).
Non-employee workers were mainly staffing consultants in the
logistics environment (warehouse operations). The need to employ
non-employee workers in the warehouse depends on volumes over
the year. Non-employee workers also include consultants in for
example Finance and IT. There was no significant fluctuation during
the reporting period.
Finland
The non-employee data is gathered from worked hours in time
management system for logistics employees and estimated
working hours added for office employees in HR system
(PharmaService based on managers’ estimations).
Sweden
The non-employee data is gathered from planners’ reports and
staffing companies for logistics employees, and external company
invoiced hours for office employees.
Omission: Details on non-employee workers is not available
in reliable format. Oriola plans to develop data collection and
reporting in the coming years. Information concerning Denmark is
not disclosed due to the size of the organisation. The metric is not
validated by an external body other than the assurance provider.
Measurement methodology(s) and significant assumptions
Data about collective agreement coverage is according to the HR
data master system. The data in the master system is based on work
contracts signed by employees and employer.
In Sweden, collective agreement terms are applied throughout the
entire own workforce. In Finland, the Commerce sector collective
agreement does not include senior salaried employees (personnel
group). According to Oriola’s personnel policy guidelines, collective
agreement terms are partially applied to senior salaried employees.
In Denmark collective agreement terms are applied to most of the
own workforce.
Collective bargaining coverage and social dialogue (S1-8)
S1-8: Collective bargaining coverage and social dialogue
Collective bargaining coverage Social dialogue
Employees – EEA Employees – Non-EEA Workplace representation (EEA only)
Coverage Rate 2025 2024 2025 2024 2025 2024
0-19%
20-39%
40-59%
60-79% Finland Finland
80-100% Sweden Sweden
Sweden,
Finland
Sweden,
Finland
Employee data includes individuals employed by the Group at the end of the reporting period. Figures are sourced from the Group’s HR system which is updated by managers and HR
professionals which may introduce a risk of human error. The percentage of employees covered by collective bargaining agreements is calculated using the following formula: number
of employees covered by collective agreements / number of employees x 100. Information concerning Denmark is not disclosed due to the size of the organisation. The metric is not
validated by an external body other than the assurance provider.
S1-8: Percentage of employees covered by collective
bargaining agreement
Year Collective bargaining agreement coverage rate (%)
2025 88
2024 90
Employee data includes individuals employed by the Group at the end of the
reporting period. Figures are sourced from the Group’s HR system which is updated
by managers and HR professionals which may introduce a risk of human error. Global
workers’ representatives coverage is calculated using the following formula: number
of employees working in establishments with workers’ representatives / number
of employees x 100. The metric is not validated by an external body other than the
assurance provider.
Business review / Governance / Financial review / Sustainability Statement 86Oriola Annual Report 2025
Diversity metrics (S1-9)
S1-9: Distribution of top management by gender
2025 2024
Number of women in top management 4 1
Number of men in top management 5 5
Number of other in top management 0 0
Number of gender not disclosed in top management 0 0
Percentage of women in top management [%] 44.44 16.67
Percentage of men in top management [%] 55.56 83.33
Percentage of other in top management [%] 0 0
Percentage of employees with gender not disclosed in
top management [%] 0 0
Employee data includes individuals employed by the Group at the end of the reporting
period. Figures are sourced from the Group’s HR system which is updated by managers
and HR professionals which may introduce a risk of human error. Gender information is
recorded during the hiring process and can be updated by employees through the HR
system. Top Management covers Oriola Management team members. The metric is not
validated by an external body other than the assurance provider.
Top Management covers Oriola Management team members
31 December 2025.
S1-9: Distribution of employees by age
2025 2024
Number of employees under 30 years old 146 170
Number of employees 30-50 years old 522 522
Number of employees over 50 years old 236 242
Percentage of employees under 30 years old [%] 16.15 18.2
Percentage of employees 30-50 years old [%] 57.74 55.89
Percentage of employees over 50 years old [%] 26.11 25.91
Employee data includes individuals employed by the Group at the end of the reporting
period. Figures are sourced from the Group’s HR system which is updated by managers
and HR professionals which may introduce a risk of human error. Employee numbers
are reported as headcount. Age data is based on verified national IDs. The metric is not
validated by an external body other than the assurance provider. Distributions 30–50
and over 50 for the year 2024 are presented again in this report so that the 30–50 age
group includes those who are 50 years old. Figures in the 2024 report:
30–50-year-olds: 500/53.53%, over 50-year-olds: 264/28.27%.
Age data is based on verified national identification numbers.
Adequate wages (S1-10)
All employees are paid an adequate wage, in line with applicable
benchmarks. Collective agreements applied and followed in Oriola
determine minimum wages that provide for the satisfaction of the
needs of the worker and their family in light of national economic
and social conditions for employees. The lowest pay category is
guaranteed an adequate minimum wage by applying the salary table
from the relevant collective agreement. The compliance is validated
by comparing the lowest wage paid against the minimum wage
specified in the collective agreement as part of the payroll process.
In Oriola, base salary ranges are created based on job architecture,
external salary market data and collective agreements to ensure
fair and adequate pay for each role. To ensure adequate pay
levels, the following benchmarks are used in addition to collective
agreements: data provided by the Confederation of Finnish
Industries, employer unions and Statistics Sweden and Finland.
The metric is not validated by an external body other than the
assurance provider.
Social protection (S1-11)
All employees are covered by social protection against loss of
income due to major life events, including sickness, unemployment
starting from when the own worker is working for the undertaking,
employment injury and acquired disability, parental leave and
retirement, either through public programmes or through benefits
offered by the company.
Training and skills development metrics
(S1-13)
At present, training hours data is not maintained in a reportable
format. Consequently, Oriola is unable to provide official reporting
on training hours. However, Oriola has implemented a learning
management system during 2025 to ensure that this information
can be reported accurately in the future.
S1-13: Percentage of employees that participated in regular
performance and career development reviews by gender
2025
Female Male
Not
disclosed All
Office Employees 74.93 71.21 100.00 73.64
Logistics Employees 10.74 1.82 N/A 5.42
Total 55.17 34.69 100.00 45.80
2024
Office Employees 83.53 44.24 100 57.00
Logistics Employees 0.00 0.00 0.00 0.00
Total 41.77 22.12 100 32.76
The persentage of documented reviews: amount of documented goals in the HR
system/ HC*100.
The limitation of the method is that there might not be doumentation although the
regular performance and career development review may have been completed.
Reliable data is not available for logistics employees, as the documentation in the HR
system has not been mandatory for logistics employees during 2025. The metric is not
validated by an external body other than the assurance provider.
Business review / Governance / Financial review / Sustainability Statement 87Oriola Annual Report 2025
Health and safety metrics (S1-14)
S1-14: Health and safety metrics – Own workforce
Metric 2025 2024
Percentage of own workers in headcount who
are covered by the company’s health and safety
management system based on legal requirements and
/ or recognised standards or guidelines 100 100
Percentage of own workers who are covered by a
health and safety management system which is based
on legal requirements and / or recognised standards or
guidelines, and which has been internally audited and
/ or audited or certified by an external party 0 0
Number of fatalities as a result of work-related injuries
and work-related ill health 0 0
Number of recordable work-related accidents
(excluding fatalities) 44 28
Rate of recordable work-related accidents 32.57 20.15
Number of cases of recordable work-related ill health 0 0
Number of days lost to work-related injuries and
fatalities from work-related accidents, work-related ill
health and fatalities from ill health 68.25 12.6
Work-related accidents are captured through the company’s accident reporting systems.
Total hours worked are derived from payroll and time management systems. Limitations:
Non-employees are not included in the health and safety management system and
therefore are excluded from reporting. Accident data relies on reporting by employees
or managers, which may result in underreporting. Information on the health and safety
metrics is not reported for Denmark due to the size of the organisation. The metric is not
validated by an external body other than the assurance provider.
Work-life balance metrics (S1-15)
S1-15: Percentage of employees entitled to take family-related leave
Metric 2025 2024
Percentage of employees entitled to take
family-related leave 100 100
Percentage of entitled employees that took
family-related leave 18.58 20.02
Percentage of entitled women that took
family-related leave 20.53 20.68
Percentage of entitled men that took family-
related leave 16.66 19.12
Percentage of entitled other employees that
took family-related leave 0 0
Percentage of entitled employees with
gender not disclosed that took family-
related leave 0 50
Employee data includes individuals employed by the Group at the during the
reporting period. Figures are sourced from the Group’s payroll system which is by
HR professionals which may introduce a risk of human error. Gender information
is recorded during the hiring process and can be updated by employees through
the HR system. Information on the Work-life balance metrics is not reported for
Denmark due to the size of the organisation. The metric is not validated by an
external body other than the assurance provider.
Data received from payroll vendors. Reported family-related leaves
include: Parental leave, Leave with sick child, First 10 days after
child is born (applicable for Sweden), Pregnancy leave.
Remuneration metrics (pay gap and total
remuneration) (S1-16)
S1-16: Pay gap metrics
Aggregated gender pay gap [%]
Country 2025 2024
Finland 3.58 2.1
Sweden -3.61 -6.73
Total -4.36 -6.93
The gender pay gap is calculated using the following formula: (Average gross
hourly pay level of male employees – average gross hourly pay level of female
employees) / Average gross hourly pay level of male employees x 100.
Gender pay gap is based on internal workforce’s basic salaries, including base
salary and monthly fixed entitlements, excluding variable pay such as bonuses and
incentives. CEO is excluded from the data.
The metric is not validated by an external body other than the assurance provider.
Gender pay gap is presented as unadjusted gap by country. It
does not take into consideration different job roles, pay grades,
performance rating, tenure in position, or education level.
Omission: Information on the pay gap metrics is not reported for
Denmark due to the size of the organisation.
The annual total remuneration ratio was 14 (2024: 12). This ratio is
calculated using the following formula: Annual total compensation
of the CEO / Median annual total compensation for all employees
(excluding the CEO). The CEO’s total annual remuneration includes
base pay, car benefit, holiday bonus, LTI cash rewards and fair
value, additional pension and other benefit (medical insurance).
Employees’ median total annual salary includes base salaries,
monthly fixed entitlements, variable pay (production bonus, STI,
LTI cash rewards and fair value), benefits, supplements and holiday
bonuses. Employees’ median salaries are calculated as annual full-
time salaries as of 31.12.2025, together with benefits, supplements
and holiday bonuses paid in 2025 and reported from payrolls.
The metric is not validated by an external body other than the
assurance provider.
Business review / Governance / Financial review / Sustainability Statement 88Oriola Annual Report 2025
Incidents, complaints and severe human
rights impacts (S1-17)
S1-17: Work-related grievances, incidents and complaints
2025 2024
Total number of incidents of discrimination,
including harassment 0 0
Number of complaints filed through
channels for own workers to raise concerns
(including grievance mechanisms) 11 6
Number of complaints filed through
channels for own workers to raise concerns
(including grievance mechanisms) to
the National Contact Points for OECD
Multinational Enterprises 0 0
Total amount of fines, penalties and
compensation for damages as a result of
incidents and complaints [EUR] 0 0
Total number of severe human rights
incidents connected to the company’s
workforce 0 0
Incidents, complaints, and severe human rights impacts are monitored using
both qualitative and quantitative approaches. Data is recorded in systems based
on self-reporting by employees and other stakeholders. Key assumptions include
the completeness and accuracy of reported cases. Limitations may arise from
underreporting due to fear of retaliation or lack of awareness. The metric is not
validated by an external body other than the assurance provider.
Business review / Governance / Financial review / Sustainability Statement 89Oriola Annual Report 2025
ESRS S4 Consumers and end-users
Material impacts, risks and opportunities
and their interaction with strategy and
business model (S4.SBM-3)
As a wholesaler of pharmaceuticals and health products, Oriola
plays an important role in the critical infrastructure in Finland and
Sweden.
Oriola ensures secure, timely and efficient distribution of
pharmaceuticals to pharmacies, hospitals, clinics, and veterinarians.
The distribution services include quality control, warehousing and
logistics, including modern cold chain technology and vaccine
distribution expertise. The pharmaceutical distribution industry is
highly regulated, governed by Good Distribution Practice (GDP)
guidelines and legislation, and closely monitored by authorities. In
addition to regulatory requirements, Oriola’s operations are guided
by a comprehensive management system and detailed Standard
Operating Procedures (SOP).
Oriola delivers a broad assortment of health and wellbeing
products, including for example vitamins, supplements, natural
remedies and self-care essentials. Oriola focuses on responsible
sourcing and regulatory reliability, so that the products meet
Oriola’s high standards for quality, compliance and sustainability.
Oriola supports pharmaceutical companies with advisory services
across the entire product lifecycle. These services include, for
example, clinical trials, market insights, regulatory compliance,
research services and medical translations.
Although Oriola has very limited direct engagement with
consumers and end-users, it plays a crucial role in the
pharmaceutical value chain. Oriola may thereby indirectly impact
patients’ health where it operates.
The material impacts, risks and opportunities, and the changes
made to them compared with the previous reporting period
are presented below. Further details on the double materiality
assessment and the review conducted in 2025 are provided
under the section ESRS 2 General Disclosures / IRO-1 of this
Sustainability Statement.
Positive impacts:
• Product safety, quality and availability for consumers and
end-users: Oriola contributes to public health and consumer
wellbeing by ensuring the safety, quality, and availability of
pharmaceuticals and health products. As a leading distributor
in Finland and Sweden, Oriola delivers pharmaceuticals to
pharmacies, hospitals, and healthcare providers within 24 hours
of ordering and targets a 99.0% picking accuracy, helping to
secure timely access to essential products. While pharmaceutical
manufacturers are responsible for product quality, Oriola
ensures that only authorised pharmaceuticals from licensed
producers are distributed, and that all handling and
warehousing complies with applicable requirements. For health
products, Oriola conducts quality inspections as part of its
internal quality control procedures. In addition to distribution,
Oriola supports pharmaceutical companies with services across
the product lifecycle, including regulatory and market access
advisory. Through collaboration with authorities and supply
chain partners, Oriola promotes safe, responsible, and reliable
access to pharmaceuticals, health products and services that
support societal wellbeing.
• Change: The two material positive impacts previously identified
(safe and timely delivery of pharmaceuticals as well as enhanced
product safety and quality) were combined into one.
Potential negative impacts
• Ensure control of the distribution chain and consequently
maintain the quality and the integrity of pharmaceuticals
and prevent falsified pharmaceuticals from entering the
market: As a distributor of pharmaceuticals, Oriola plays a
significant role in ensuring that the quality of pharmaceuticals
is preserved and that the products delivered maintain their
quality and integrity and remain within the legal supply
chain during storage and transportation. For pharmaceuticals
requiring special conditions, such as narcotics or psychotropic
substances, the wholesale distributor should maintain a safe
and secure supply chain. Oriola ensures that the origin of
pharmaceuticals delivered to Oriola’s warehouses stems from a
legal supply chain. Upon arrival, Oriola verifies the authenticity
of pharmaceuticals using a risk-based approach. Falsified
pharmaceuticals pose a real danger to patients’ health because
they may not meet standard requirements for safety, quality,
and efficiency, as an example, they might not contain the
expected amount of active ingredient.
These potential negative impacts may occur in relation to
individual incidents.
• Changes: The description of the material impact listed above
was slightly updated as a result of the review of the double
materiality assessment. Also, the materiality of the impacts
arising from disruption of product supply and from the
affordability and accessibility of pharmaceuticals was assessed
anew during the double materiality assessment review. As
a result, both these impacts are no longer deemed material.
However these matters remain material as they are directly
connected to the risks affecting pharmaceutical service
reliability listed below.
It is worth noting that all consumers using pharmaceuticals
distributed by Oriola could be negatively affected by
pharmaceuticals that would not meet the quality standards fully, but
Oriola has not identified any consumer and end-user groups as being
more vulnerable to these potential negative impacts than others.
Risks (R) and opportunities (O)
• Operational and compliance failures affecting pharmaceutical
distribution reliability (R): Oriola’s ability to ensure the quality
and availability of pharmaceuticals relies on strict compliance
with Good Distribution Practice (GDP), standard operating
procedures (SOPs), and robust operational systems. Failures
Business review / Governance / Financial review / Sustainability Statement 90Oriola Annual Report 2025
in these procedures – whether due to human error, process
deviations, power outages, or system disruptions – could result
in product damage, delivery delays, or incorrect handling. These
incidents may lead to regulatory consequences, reputational
damage, and reduced trust in Oriola’s pharmaceutical
distribution. A short-term risk is associated with the upcoming
deployment of a new ERP system within the next few years.
While such transitions inherently involve elevated operational
risks, Oriola has strong capabilities and preparedness to manage
the implementation and ensure continuity in pharmaceutical
distribution reliability.
• Disruption to IT systems or breach of EU GDPR resulting in
business disruptions, reputational damage and/or sanctions
(R): Oriola handles sensitive consumer and end-user data,
particularly in its advisory services activities. This includes
anonymised health datasets such as Real World Data (RWD)
and Patient Reported Outcomes (PRO), collected from national
registers, hospitals, pharmacies, and healthcare providers. While
data is anonymised and safeguards are in place, disruptions to
IT systems – such as cyberattacks or infrastructure failures – may
cause business interruptions or reputational harm. Breaches
of EU GDPR or data governance failures could also lead to
reputational damage and regulatory sanctions.
• Growing demand for pharmaceuticals and related services,
increased spending on healthcare (O): As longevity increases,
there is a growing demand for pharmaceuticals and related
services which results in increased spending on healthcare.
• Enhancing brand value and stakeholder trust through
sustainable and ethical health products (O): Rising consumer
expectations for ethical, transparent, and environmentally
responsible offerings create an opportunity for Oriola to
strengthen its brand and stakeholder relationships by
expanding and promoting sustainable own-brand health
products. Proactively responding to these expectations –
through credible communication, responsible sourcing, and
sustainability-driven innovation – can enhance customer
loyalty, attract new market segments, and support long-term
competitiveness.
• Changes: During the review of the double materiality
assessment, several changes were made to the list of material
impacts, risks and opportunities concerning consumers and
end-users. Here is a brief description of the changes: a new
material risk arising from the material impact entitled “Product
safety, quality and availability for consumers and end-users”
was identified. This risk is described above: see “Operational
and compliance failures affecting pharmaceutical distribution
reliability”. Also, a new material opportunity was identified. It is
described above: see “Enhancing brand value and stakeholder
trust through sustainable and ethical health products”.
Additionally, the materiality of the risk arising from disruption of
product supply was reassessed and this risk is no longer deemed
material. Finally, minor updates were made to the description
and time horizon of the other material risks and opportunities.
The identified impacts, risks and opportunities are already
embedded in Oriola’s business model and strategy. Consequently,
no modifications to the strategy or business model have been
required as a result of the review of the double materiality
assessment or of identified impacts, risks and opportunities.
Policies related to consumers and
end-users (S4-1)
To secure reliable, safe and timely delivery of pharmaceuticals,
mitigate potential disruptions in product supply and to maintain
product safety and quality, Oriola’s operations adhere to the Good
Distribution Practice (GDP) guidelines of the European Medicines
Agency, which ensure that all pharmaceuticals are handled in
compliance with stringent safety and quality requirements.
Compliance with GDP is monitored by the Finnish Medicines
Agency (Fimea) and the Swedish Medical Products Agency (MPA).
Oriola’s Quality Policy further strengthens and communicates
this commitment by setting the strategic direction for quality
and outlining the overall intentions and alignments across the
organisation. It sets the foundation for the company’s quality
management and commitment to continuous improvement
throughout the Group.
In line with the policy, Oriola is committed to maintaining and
continuously improving its quality management system and
ensuring that the company complies with requirements set by
customers, regulation and the company itself. The policy, approved
by the Chief Executive Officer, applies to all employees and Group
companies. It is publicly available on Oriola’s external website.
Oriola’s Quality Policy, owned by the Quality Director, is
implemented through its ISO 9001 certified Quality Management
System which ensures the quality of products that Oriola handles,
services the company performs, and the safety of human health
through the distribution chain. The Oriola Management Team
oversees the implementation of the Quality Policy according to the
defined management review procedures.
To mitigate information security risks and potential negative
impacts related to IT disruptions and ensure consumer data
protection, Oriola has implemented a comprehensive Information
Security Management framework including data protection
processes. This framework includes policies, procedures and
controls that are designed to protect the confidentiality, integrity
and availability of its data and information systems. Oriola also
has processes in place for protection against cyber-attacks and
phishing.
Oriola’s approach to data protection focuses on ensuring
compliance with EU GDPR and regulations such as GxP, as well
as industry best practices. Oriola follows the Information Security
Forum’s Standard of Good Practices for Information Security
framework (ISF SOGP), which includes major frameworks such as
ISO 27001, COBIT, and NIST CSF.
Information Security Policy, owned by the Chief Digital Officer,
is a key element of Oriola’s Information Security Management
framework. Its primary focus is securing information from a wide
Business review / Governance / Financial review / Sustainability Statement 91Oriola Annual Report 2025
range of threats to ensure business continuity and patient safety.
Oriola’s Information Security Steering Group is a cross-
organisational board that governs information security activities
throughout the Group. The Head of Information Security is
responsible for information security activities and development
within the Oriola Group.
Oriola’s Privacy Policy outlines the methods by which the
company gathers, uses, discloses and otherwise processes personal
information. Additionally, it explains individuals’ rights, how they
can get in touch with the company, and the measures Oriola takes
to protect their data. Privacy Policy is applicable to all personal
data that Oriola handles. Oriola’s Privacy Policy, approved by the
Oriola Management Team, applies to all employees and Group
companies. It is available via Oriola’s external website.
In case of potential breaches on sensitive patient data or GDPR
violations, Oriola follows a strict process for addressing the issue,
including immediate notification of relevant stakeholders and
authorities and implementation of corrective actions according
to Major Incident Management procedure. The Major Incident
Management procedure is a common guideline for the IT
organisation on how to act when a major incident occurs or when
there is an imminent threat of interruption or data breach on any IT
system or data category.
Approach towards human rights of consumers and
end-users
Due to Oriola’s role in the pharmaceutical value chain, these
impacts are managed through general policies and procedures
previously listed. Oriola does not have separate human rights
policy commitments specific to consumers and/or end-users; the
company’s general human rights commitments, included in the
company’s Code of Conduct, apply to the entire value chain.
Oriola’s Code of Conduct is aligned with the United Nations’
Universal Declaration of Human Rights, the International Bill of
Human Rights, and ILO Declaration core conventions.
In case of potential violations of Oriola’s Code of Conduct, Oriola’s
whistleblowing channel is also available for consumers and end-
users via the company’s external website. Oriola is not aware of any
violations related to the UN Global Compact principles or the OECD
Guidelines for Multinational Enterprises involving consumers and/
or end-users in its downstream value chain during the reporting
period.
Processes for engaging with consumers
and end-users about impacts (S4-2)
Oriola regularly engages with its downstream customers, which
include pharmacies, veterinarians, healthcare providers and various
retailers. These interactions are key to ensuring the reliable supply
of pharmaceuticals and health products, supporting partners with
timely information, and upholding quality standards.
However, due to its role in the pharmaceutical value chain, Oriola’s
direct engagement with consumers is very limited. It is currently
mainly focused on Oriola’s own product lines and branded
offerings, where it provides information and support as part of its
customer service. Given the scale of these activities, it has not been
deemed necessary to adopt a general procedure to engage with
consumers and end-users. However, the situation will be monitored
in the coming years as Oriola continues to expand its wholesale
operations in alignment with its strategy.
Processes to remediate negative impacts
and channels for consumers and end-
users to raise concerns (S4-3)
Oriola operates in a regulated market with well-defined processes
and channels for handling product-related grievances and
feedback. As a distributor, Oriola does not engage directly with
consumers and end-users but plays a critical role in the process by
relaying necessary information between product manufacturers
(‘upstream customers’) and consumer-facing organisations, such as
pharmacies and healthcare operators (‘downstream customers’).
In case of disruptions in product deliveries or deviations in product
safety or quality, Oriola follows established procedures and
cooperates closely with its upstream and downstream customers to
mitigate impacts and ensure timely resolution.
Handling delivery disruptions
In the event of significant delivery delays, Oriola actively
communicates with its downstream customers to minimise
disruptions. It also identifies root causes of the issue and
implements corrective and preventive actions.
Addressing product safety and quality deviations
If a quality deviation is identified in a product distributed by
Oriola, the company acts as an intermediary by relaying reports
to the responsible pharmaceutical company through agreed
communication channels. For suspected product defects and
recalls, Oriola follows a predefined procedure to ensure efficient
and coordinated action between upstream and downstream
customers.
Grievance channels, including contact details for reporting issues,
are typically provided by product manufacturers on the product
packaging. Oriola does not manage or monitor these channels and
is therefore unable to evaluate their effectiveness. Responsibility
for follow-up and providing remedies for product defects rests with
the product manufacturer.
Business review / Governance / Financial review / Sustainability Statement 92Oriola Annual Report 2025
Taking action on material impacts
on consumers and end-users, and
approaches to managing material risks
and pursuing material opportunities
related to consumers and end-users, and
effectiveness of those actions (S4-4)
Safe and high-quality products, delivered timely
Oriola’s operations are designed to reliably make safe
pharmaceuticals available and therefore actions to address the
related IROs namely are taken on an ongoing basis.
• Product safety, quality and availability for consumers and end-
users (positive impact);
• Ensure control of the distribution chain and consequently
maintain the quality and the integrity of pharmaceuticals and
prevent falsified pharmaceuticals from entering the market
(potential negative impact);
• Operational and compliance failures affecting pharmaceutical
service reliability (risk);
• Disruption to IT systems or breach of EU GDPR resulting in
business disruptions, reputational damage and/or sanctions
(risk);
These are presented below.
To ensure that consumers and patients receive the pharmaceuticals
they need at the right time, in the right place, and under the right
conditions, Oriola must operate with care and high precision.
For Oriola, timely deliveries are best captured through high
picking accuracy, which the company closely monitors. In
essence, improvement in picking accuracy is achieved through
the continuous development of the company’s processes. Oriola
is committed to delivering pharmaceuticals within 24 hours of
ordering to pharmacies, hospital pharmacies, and other healthcare
operators.
On an ongoing basis, Oriola not only maintains high picking
accuracy but also take actions to ensure quality by optimising
product storage locations and anticipating customer demand.
Collaboration is central to ensuring pharmaceutical availability.
Oriola works proactively with authorities, suppliers and
stakeholders to strengthen supply chains and improve market
operations. Using data-driven tools, Oriola supports pharmaceutical
companies in supply and demand planning to mitigate potential
disruptions.
Oriola closely cooperates with its suppliers and customers to be
well informed of the supply and demand balance of the entire
value chain. This is important in anticipating and reacting to
possible disturbances and shortages.
In 2025, as part of a broader demand and supply planning project,
which supports Oriola’s digital roadmap and the implementation
of a new ERP and warehouse management system, Oriola
introduced a new demand and supply planning tool. This tool
improves visibility across markets and teams, reduces manual work
and harmonises planning processes. It also enables data-driven
decision-making with real-time insights and prepares for the use of
AI and machine learning in forecasting and optimisation.
Oriola also contributes to the safe handling and delivery of
pharmaceuticals that require special conditions. As some
pharmaceuticals are temperature sensitive products, appropriate
conditions are continuously monitored throughout the supply
chain. In addition, Oriola promotes pharmaceutical safety by
preventing counterfeit pharmaceuticals from entering the market.
This is done by dealing directly with pharmaceutical companies
and complying with the EU Falsified Medicines Directive.
While pharmaceutical companies are responsible for their
own products, Oriola plays a key role in ensuring that the
pharmaceuticals delivered to consumers/patients are safe to
use. Oriola ensures that pharmaceutical manufacturers have the
necessary licenses and that products are brought to market in
accordance with defined processes.
Oriola ensures the high quality of its own health and wellbeing
brands through an ongoing quality evaluation process. In 2025,
Oriola introduced a new KPI related to non-conforming products as
part of its product quality instruments.
Oriola offers advisory services ranging from clinical trial services
and market entry to commercial strategy and market intelligence
including regulatory compliance. Oriola offers regulatory and
quality services to support companies with the obligations and
requirements related to human and veterinary medicines as well
as non-medicinal products. These include marketing authorisation
applications and maintenance, scientific and medical review of
promotional materials, drug safety responsibilities and medical
information.
No significant CapEx has been assessed necessary to implement
the action plans. The implementation of the action plans to
ensure products are safe and of high quality requires operational
expenditures that can be classified in two categories. First,
payments to employees whose functions are solely dedicated
to addressing these issues and the related expenditures such as
training, consulting and office supply. Second, software and IT and
the related consulting that are necessary to tackle the same issues.
It is not possible to disclose the amount of OpEx allocated to these
as they are not allocated separately from other expenditures in the
company’s accounting given that they constitute a pre-requisite to
deliver services and products.
Protecting data and mitigating information security
risks
Actions and measures taken to protect data and ensure that
information security not only contributes to achieving the purpose
of making pharmaceuticals reliably available but also to safeguard
consumers’ and patients’ confidential information.
Oriola maintains a structured internal training programme to
ensure that personnel understand and comply with the company’s
data protection and information security requirements. Training
is delivered on a role-based basis, focusing on employees
whose responsibilities involve handling sensitive information
or processing personal data. These programmes provide the
Business review / Governance / Financial review / Sustainability Statement 93Oriola Annual Report 2025
necessary knowledge and skills to safeguard the confidentiality,
integrity and availability of Oriola’s information assets and systems.
Foundational information security awareness is provided to
all employees, and awareness levels are continually reinforced
through the use of simulated phishing campaigns and other
targeted awareness measures.
Oriola continuously assesses information security risks through
various methods, including regular risk assessments, vulnerability
assessments and penetration testing. These assessments are
designed to identify potential vulnerabilities and threats to Oriola’s
data and information systems, and to develop appropriate controls
to mitigate these risks.
Oriola has implemented several audits to ensure that the
company’s data protection programme is effective and compliant
with applicable laws and regulations. These audits are conducted
by both internal and external auditors and were designed to
identify areas for improvement.
In 2025, Oriola experienced two major IT incidents, but no
information security incidents occurred during the year. The
company maintains a comprehensive incident response plan, and
the established Major Incident Management procedures ensure
effective coordination when incidents arise. Readiness to activate
these procedures is continuously upheld through regular rehearsals
and structured exercises, enabling Oriola to respond quickly and
effectively to any incidents that may occur.
No significant CapEx has been assessed necessary to implement the
action plans. The implementation of the action plans to ensure data
protection requires operational expenditures that can be classified
in two categories. First, payments to employees whose functions
are solely dedicated to addressing these issues and the related
expenditures such as training, consulting and office supply. Second,
software and IT and the related consulting that are necessary to
tackle the same issues. It is not possible to disclose the amount of
OpEx allocated to these as they are not allocated separately from
other expenditures in the company’s accounting given that they
constitute a pre-requisite to deliver services and products.
Meeting the growing demand for pharmaceuticals
and related services
To meet consumers’ growing needs and desire to invest in
their own health, Oriola focuses, according to its strategy, on
growing its wholesale business by developing existing brands
and new brands, product categories and customer segments. The
company develops its product assortment in line with market and
consumer needs. Its extensive product range covers everyday
essentials, from premium consumer brands to private-label
products. Product categories include skincare, haircare, vitamins,
dietary supplements, self-care products, and animal health
products.
No significant CapEx has been assessed necessary to implement
the action plans. The actions to address this opportunity result
in some operational expenditures such as payments to newly
recruited employees and marketing costs. These are not accounted
for separately and therefore no quantitative information is available
on these particular OpEx.
Enhancing brand value and trust through sustainable
and ethical health products
Oriola’s business model and strategy actively pursues
sustainable goals and continuous improvement of sustainability
performance. Therefore, to embrace the business opportunity
related to consumers rising expectations for responsible
offerings Oriola proactively enhances credible communication,
responsible sourcing, and sustainability-driven innovation. In
2025, Oriola prepared its Sustainable Sourcing Policy, aiming for
implementation in 2026.
No significant CapEx has been assessed necessary to implement
the action plans. The actions to address this opportunity result
in some operational expenditures such as payments to newly
recruited employees and marketing costs. These are not accounted
for separately and therefore no quantitative information is available
on these particular OpEx.
Oriola’s actions in relation to material impacts on consumers and
end-users and the related risks and opportunities are ongoing
initiatives based on the principle of continuous development
and therefore they are not tied to a certain timeframe. The
implementation of actions is part of the company’s daily
operations, and strategy execution involving several teams and
functions.
Targets related to managing material
negative impacts, advancing positive
impacts, and managing material risks
and opportunities (S4-5)
Oriola has set a target related to securing timely and accurate
deliveries and mitigating disruptions of product supply. The
target, emphasising Oriola’s pivotal role in the pharmaceutical
value chain, is designed to ensure the safe and timely delivery of
pharmaceuticals and to enhance patient safety by mitigating the
risks of incorrect or misplaced pharmaceuticals, and disruptions of
product supply.
To support the realisation of this target, Oriola is continuously
following up a key performance indicator (KPI) of picking accuracy
at the company’s Enköping and Mankkaa sites.
The target is defined as follows: Picking accuracy of ordered
pharmaceuticals 99.0% by 2026 at group level, including Mankkaa
and Enköping.
Performance: 99.8% (2024: 99.8%)
Baseline year: 2023
Baseline value: 99.8%
Business review / Governance / Financial review / Sustainability Statement 94Oriola Annual Report 2025
Picking accuracy is commonly used in warehousing and logistics
industries. Picking accuracy measures the percentage of customer
order lines that are picked and packed accurately. It is calculated
by comparing total order lines with the number of under or over
picked, or incorrect order lines. The Group-level delivery accuracy
includes order data from Mankkaa and Enköping. It is an operative
metric monitored on a daily basis. The calculation is not validated
by an external body.
Oriola has set a target related to maintaining the highest quality
and safety standards for health products. The aim of the target is to
ensure the safe handling of pharmaceuticals and health products
throughout Oriola’s processes and thereby minimise waste and
protect end-user wellbeing.
The target is defined as follows: 5% year-on-year improvement of
non-conforming goods and inventory adjustments value.
Performance: 14% year-on-year improvement (2024: not reported)
Baseline year: 2024
Baseline value: N/A
Tracking the value of non-conforming goods and inventory
adjustments value in pharmaceutical logistics is a key sustainability
KPI, as it reflects not only resource and cost inefficiencies but
also potential risks to product safety and patient health. The
improvement in the value of non-conforming goods and inventory
adjustments is calculated by comparing the value of the reporting
period with the previous year’s value. Change in value is presented
in %. Value of non-conforming goods includes value of damaged
goods during handling or transport. Value of inventory adjustments
equals inventory differences. The Group-level metric covers all
products at Mankkaa, Enköping and Mölnlycke. Calculation is based
on accounting data, but the metric itself is not validated by an
external body.
Consumers and end-users were not engaged in setting these
targets, tracking performance against the targets or identifying
lessons or improvements as a result of Oriola’s performance.
Oriola has not set any measurable outcome-oriented targets for
the IRO “disruption to IT systems or breach of EU GDPR resulting
in business disruptions, reputational damage and/or sanctions”.
Oriola’s IT function tracks the effectiveness of its policies and
actions closely and reports to the Management on incidents and
threats.
Business review / Governance / Financial review / Sustainability Statement 95Oriola Annual Report 2025
4. Governance
ESRS G1 Business Conduct
Description of the processes to identify
and assess material impacts, risks and
opportunities (G1.IRO-1)
The double materiality assessment was first conducted in 2024
and reviewed in 2025. Both the results of the assessment (material
impacts, risks and opportunities) and the changes compared with
the previous reporting period are described below. Further details
on the double materiality assessment and the review conducted
in 2025 is provided under the section ESRS 2 General Disclosures /
IRO-1 of this Sustainability Statement.
Material impacts, risks and opportunities
• Sustainable policies and business practices (positive impact):
Oriola has established sustainable business practices and
further promotes ethical operations across the supply chain
through its Code of Conduct and Business Partner Code of
Conduct. Oriola aims to continuously improve the processes
and policies to identify and monitor risks and impacts in the
value chain.
• Ethical sourcing and supply chain management (positive
impact): Responsible supply chain practices including fair labour
practices together with transparent, ethical relations with
suppliers create a positive impact by promoting sustainability
and social responsibility.
• Information security and operational risks related to cyber
attacks (risk): Cyber attacks targeting Oriola’s own IT systems
pose a potential business risk. They may lead to operational
costs from corrective actions, disrupt business operations, and
harm the company’s reputation. Such incidents can also weaken
relationships with key business partners.
• Changes: As a result of the double materiality assessment review,
an editorial change was made to the description of the risk in
order to clarify it. Also, the risk associated with the failure to meet
ESG expectations of stakeholders and the positive impact on the
health and wellbeing of animals were deemed no longer material.
As a result, the topic of animal welfare is no longer material.
Business conduct policies and corporate
culture (G1-1)
Corporate culture
Oriola’s purpose ‘Health for life’ steers the company’s activities
and the company’s business strategy, financial and sustainability
targets give a clear direction forward. The strategy further
provides understanding of common priorities, and it brings clarity,
alignment and commitment.
Oriola’s collaborative culture is based on the company’s common
values – openness, responsibility, together and initiative. Through
a collaborative culture and with engaged people, Oriola supports
cross-market and cross-cultural working, diversity and inclusion,
and creates a solid foundation for the fut ure.
Oriola has established sustainable business practices and further
promotes ethical operations across the supply chain through its
Code of Conduct and Business Partner Code of Conduct. More
details on the Business Partner Code of Conduct is provided in the
paragraph G1-2.
Oriola’s Code of Conduct
Oriola is committed to promoting ethical and sustainable business
practices. Oriola expects high commitment from all employees to
the principles and practices outlined in the Code of Conduct.
The Code of Conduct applies to all Oriola employees and other
representatives acting on behalf of the company, including
permanent and temporary employees, non-employee workers,
consultants, contractors, senior management and board members
of Oriola Group companies.
The purpose of Oriola’s Code of Conduct is to provide guidance
and support in daily work and decision-making, ensure common
understanding and foster a culture of doing the right thing.
It is based on national and international laws and regulations
applicable to Oriola’s operations, as well as good governance,
openness, fairness and confidentiality.
The Code of Conduct includes Oriola’s commitment to human
rights, diversity, non-discrimination and health and safety, and
to respecting the environment. Furthermore, it outlines Oriola’s
commitment to fair competition, anti-bribery and anti-corruption
and the company’s principles for engaging with suppliers
and protecting information. It explicitly addresses that the
company does not tolerate the use of child or any form of forced
labour, human trafficking or other forms of modern slavery, or
discrimination in its own or its suppliers’ or partners’ operations.
Oriola’s Code of Conduct has been approved by Oriola’s Board
of Directors. Oriola’s Management Team reviews the Code of
Conduct regularly and proposes changes to it, when necessary, for
the approval of the Audit Committee and the Board of Directors.
Oriola’s Management Team oversees the implementation of the
Code of Conduct.
Policy for training on business conduct
It is important that each employee understands and knows the
Code of Conduct. All employees have access to an online Code of
Conduct training and are asked to confirm that they have read and
understood the Code of Conduct.
Business review / Governance / Financial review / Sustainability Statement 96Oriola Annual Report 2025
Oriola has set a target relating to the implementation and training
of the Code of Conduct. The target is defined as follows:
Annual Code of Conduct training completion rate among Oriola’s
own workforce 100% from 2026 onwards.
Performance: 72% (2024: not reported)
Baseline year: 2023
Baseline value: Not applicable.
The completion rate is calculated by including employees working
in Oriola Group legal entities and excluding external workforce.
The target was initially validated in Oriola’s first double materiality
assessment under the S1 Own workforce standard. During the 2025
review of the assessment the target was reclassified under the G1
Governance standard, as its thematic relevance and scope were
determined to be more appropriate.
Anti-corruption and bribery
Oriola’s own operations are located among the lowest risk regions
in the world in terms of corruption and bribery, so anti-corruption
and bribery are not material topics for Oriola. The company’s anti-
corruption principles are included in Oriola’s Code of Conduct,
which is available in Finnish, Swedish and English.
Protection of whistleblowers
Oriola’s principles for protecting whistleblowers are described in
Oriola’s Code of Conduct.
Oriola’s own employees, non-employee workers, workers in
the value chain and other stakeholders may anonymously and
confidentially report violations of Oriola’s Code of Conduct through
Oriola’s whistleblowing channel, which is available both internally
and externally. The whistleblowing channel, administered by an
impartial service provider, safeguards the anonymous handling of
whistleblowing reports. Neither Oriola nor the service provider can
identify or track the source of a report unless the reporter provides
contact details.
Access to any reports made through Oriola’s reporting channel is
restricted to the company’s whistleblowing team, which consists
of three individuals (General Counsel, Chief People Officer and
Vice President, Risk & Security). Reports submitted through Oriola’s
whistleblowing channel are anonymous, treated confidentially,
seriously and investigated in detail in accordance with set
guidelines. The whistleblowing team determines the appropriate
manner of investigation. During the investigation process, the
team may include other people and request information. A
report will not be investigated by someone who may be involved
or connected with the misgiving. The team investigating the
reports ensures that the employee raising the concern is not
at a disadvantageous position. Any type of retaliation towards
employees who have raised concerns is treated as a serious breach
of the Code of Conduct. As long as the employee raising a concern
acts in good faith, honestly and with integrity, they will not suffer
any negative consequences if they have mistakenly raised a
concern.
Personal data included in a whistleblowing report will be deleted
when no longer needed for investigation and enforcement
purposes, and within a reasonable time from completion of the
investigation. Archived documentation from the investigation is
anonymised.
Oriola’s whistleblowing team reports whistleblowing cases to
Oriola’s Management Team. Whistleblowing cases are further
reported to the Board of Directors via the Audit Committee. If
needed, corrective actions are taken.
Mechanisms for identifying, reporting and investigating
concerns
Everyone at Oriola, its business partners and other stakeholders
are encouraged to promptly raise concerns, report violations and
address potential misconduct of the Code of Conduct.
As described above, there are instruments to ensure the protection
of whistleblowers.
In 2025, the channel received 11 (2024: 6) reports related to, among
other things, HR and health and safety. No discrimination-related
cases were reported. All reports were investigated in line with
Oriola’s process and necessary actions were taken accordingly.
None of the cases reported via the whistleblowing channel in 2025
were classified as critical.
Management of relationships with
suppliers (G1-2)
Oriola’s strategy is built on strong partnerships and a reliable
supplier network, managed through robust supplier relationship
management practices. Oriola values a diverse supplier base and
carefully chooses its suppliers and business partners based on
their ability to enable the implementation of Oriola’s sustainability
agenda and their commitment to operating in accordance with
Oriola’s values and principles outlined in the company’s Business
Partner Code of Conduct.
Sustainable sourcing and responsible supply chain
management practices
Oriola has policies in place to ensure that key principles of
sustainable sourcing and responsible supply chain management
practices are respected. The key policies are Oriola’s Procurement
Policy, Oriola’s Indirect Procurement Policy and Oriola’s Business
Partner Code of Conduct. In 2025, Oriola prepared its Sustainable
Sourcing Policy, aiming for implementation in 2026.
Oriola aims to identify, prevent and address negative impacts on
human rights in its operations and requires its suppliers to do the
same. The company does not tolerate any form of human rights
violations.
Oriola appreciates long-term partnerships and EU-based suppliers.
Compliance with laws and regulations as well as respect for the
environment and international human rights is required of each
supplier. Suppliers are required to provide information about their
Business review / Governance / Financial review / Sustainability Statement 97Oriola Annual Report 2025
compliance with internationally accepted standards such as the UN
Universal Declaration of Human Rights, the UN Convention against
Corruption and ILO’s Declaration on Fundamental Principles and
Rights at Work.
Oriola’s GDP critical partners, for instance, transport partners,
need to fulfil Good Distribution Practice (GDP) requirements.
The Quality team holds overall responsibility for ensuring that
GDP critical partners are evaluated and assessed to verify their
compliance with all criteria for qualified suppliers.
Oriola emphasises the importance of standardised procurement
principles, as well as supplier selection and approval processes.
Oriola assesses the sustainability performance of its direct suppliers
as part of its regular supplier evaluation process, which is based
on Oriola’s Procurement Policy, reviewed and approved by the
Oriola Management Team. All new direct suppliers entering into
business with Oriola must be appropriately pre-qualified and
approved by Oriola’s Product Quality and Sourcing teams.
Oriola’s direct sourcing team assess the suppliers’ ways of
operating and ensures that they meet the requirements set by
Oriola. The sourcing team holds overall responsibility for ensuring
that suppliers are evaluated and assessed to verify their compliance
with the criteria set by Oriola. These criteria include financial
solvency, adherence to applicable laws and regulations, fulfilment
of customer requirements, compliance with Oriola’s technical,
quality and safety standards, and the ability to meet Oriola’s
demand.
In 2025, Oriola’s product quality team conducted in total 43 (2024:
54) evaluations of new suppliers of which 13 (2024: 30) suppliers
were approved in Sweden and 22 (2024:10) in Finland. Five of the
suppliers evaluated in Sweden were for both markets. Supplier re-
evaluations were conducted in Finland.
Oriola’s direct suppliers include manufacturers of healthcare
products (pharmaceuticals, non-pharmaceuticals and other health
products), as well as suppliers of packaging materials used in
the warehousing of these products. Most of Oriola’s direct non-
pharmaceutical product purchases come from Europe.
Oriola also follows the Indirect Procurement Policy, reviewed and
approved by the Oriola Management Team. The policy covers all
indirect procurement processes including sourcing, contracting,
purchasing, receiving, invoicing and governance. All indirect
materials and services procured by Oriola, or a company within the
Oriola Group, are covered under this Policy.
Indirect sourcing covers a wide variety of suppliers with key
suppliers such as transport partners, energy suppliers, IT and
facility management service providers. Oriola does not operate its
own fleet of vehicles, so working closely with transport partners is
essential in warehousing and distribution operations.
The supplier evaluations in Oriola’s indirect sourcing focus on
business-critical suppliers such as transport and logistics partners,
facility maintenance and IT services. Oriola also focus on proactive
information sharing on forthcoming legislation and regulation, and
this approach has been appreciated by the Group’s partners.
Oriola oversees its suppliers through regular monitoring and re-
evaluations to ensure ongoing compliance with its Procurement
and Indirect Procurement policies and the Business Partner Code of
Conduct.
Oriola’s operations regarding the warehousing and distribution of
pharmaceuticals, healthcare products and consumer goods, as well
as the performance of services and logistics for clinical trials, have
been certified according to ISO 9001 and ISO 14001 in Finland and
Sweden.
Oriola’s Business Partner Code of Conduct
Oriola’s Business Partner Code of Conduct forms the basis for ethical
sourcing. Oriola requires its direct and indirect suppliers either to
commit to Oriola’s Business Partner Code of Conduct, or to their own
equivalent policy.
The principles it covers are outlined in Oriola’s Code of Conduct and
are related to, but not limited to, complying with applicable laws,
standards and regulations, support and respect of internationally
recognised human rights, addressing climate change, protecting the
environment and ethical business conduct. Specifically, principles
relate to anti-bribery, anti-corruption and discrimination, respecting
labour and human rights (including freedom of association,
adequate wages and respect for work-life balance) and promoting
occupational safety and health. Oriola requires its suppliers and
subcontractors to enforce the same requirements in their own
supply chains.
Oriola, or any mutually appointed third party, is entitled to audit the
business partner’s premises or the premises of any subcontractor
with respect to Oriola’s Business Partner Code of Conduct,
environment, production, control of quality system and quality
control of products, and to carry out sampling and other necessary
investigations of quality and environmental management, and
delivery performance. Oriola monitors its suppliers and also conducts
re-evaluations to ensure continued compliance.
To support ethical practices across the value chain, Oriola provides
a formal grievance mechanism, including a whistleblowing channel,
accessible to all via Oriola’s external website.
Oriola’s Business Partner Code of Conduct has been approved by
Oriola’s Board of Directors. The Oriola Management Team reviews
the Code regularly and proposes changes to it, when necessary, for
the approval of the Audit Committee and the Board of Directors. The
Oriola Management Team oversees the implementation of the policy,
which is further cascaded to the various organisations, functions and
teams responsible for supplier and subcontractor contracts.
Business review / Governance / Financial review / Sustainability Statement 98Oriola Annual Report 2025
Oriola has set a target relating to the implementation of the
Business Partner Code of Conduct. The target is defined as follows:
100% of its key suppliers are covered by Oriola’s Business Partner
Code of Conduct or equivalent by 2026.
Performance: 90% (2024: 91%)
Baseline year: 2023
Baseline value: 89%
Key suppliers represent approximately 90% of Oriola’s total supplier
spend, including Assortment Sweden.
Policies and practices to prevent late payments,
specifically to SMEs
Oriola does not have a policy for payments to SMEs and applies the
same process to prevent late payments as applied to all payments.
Cyber security
Oriola has robust mechanisms in place to ensure cyber security
and manage the material risks that cyber attacks represent. Full
details on the matter is provided under the S4-4 section of this
sustainability statement.
Payment practices (G1-6)
The average time it takes for Oriola to pay an invoice from the date
when the contractual or statutory term of payment calculation
begins is 37 (2024: 37) days in Finland and 44 (2024: 49) days in
Sweden. The average time is calculated as an average of total
payment days in Finland and Sweden. The calculation is not
validated by an external body.
Oriola does not apply standard payment terms. Payment terms are
negotiated on a case-by-case basis.
Oriola is not a party to any legal proceedings due to late payments.
Business review / Governance / Financial review / Sustainability Statement 99Oriola Annual Report 2025
ESRS
REQUIREMENT PARAGRAPH IN THE SUSTAINABILITY STATEMENT COMMENTS
General information
ESRS 2 General Disclosures
BP-1 General basis for preparation of Sustainability Statement (BP-1, BP-2)
BP-2 General basis for preparation of Sustainability Statement (BP-1, BP-2)
GOV-1 The role of the administrative, management and supervisory bodies
(GOV-1)
GOV-2 Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
(GOV-2)
GOV-3 Integration of sustainability-related performance in incentive schemes
(GOV-3)
GOV-4 Statement on sustainability due diligence (GOV-4)
GOV-5 Risk management and internal controls over sustainability reporting
(GOV-5)
SBM-1 Strategy, business model and value chain (SBM-1)
SBM-2 Interests and views of stakeholders (SBM-2)
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model (SBM-3)
IRO-1 Description of the process to identify and assess material impacts, risks
and opportunities (IRO-1)
IRO-2 Disclosure Requirements in ESRS covered by the sustainability statement
(IRO-2)
Environmental information
E1 Climate change
E1.GOV-3 Transition plan (E1-1)
E1-1 Transition plan (E1-1)
E1.SBM-3 Material impacts, risks and opportunities (E1.SBM-3)
E1.IRO-1 Climate change assessment (E1.IRO-1)
E1-2 Climate-related policy (E1-2)
E1-3 Actions to reduce emissions (E1-3)
E1-4 Climate targets (E1-4)
E1-5 Energy consumption and mix (E1-5)
E1-6 GHG Emissions (E1-6)
Appendix 1: Content index of ESRS disclosure requirements
E5 Resource use and circular economy
E5.IRO-1 Material impacts, risks and opportunities (IRO-1)
E5-1 Policies related to resource use and circular economy (E5-1)
E5-2 Waste prevention, minimisation and recycling (E5-2)
E5-3 Targets (E5-3)
E5-5 Waste (E5-5) Only waste
reported as
material
Social information
S1 Own workforce
S1.SBM-2 Interests and views of stakeholders (SBM-2)
S1.SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model (S1.SBM-3)
S1-1 Policies related to own workforce (S1-1)
S1-2 Processes for engaging with own workforce and workers’ representatives
about impacts (S1-2)
S1-3 Processes to remediate negative impacts and channels for own
workforce to raise concerns (S1-3)
S1-4 Taking action on material impacts on own workforce, and approaches to
managing material risks and pursuing material opportunities related to
own workforce, and effectiveness of those actions (S1-4)
S1-5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities (S1-5)
Business review / Governance / Financial review / Sustainability Statement 100Oriola Annual Report 2025
ESRS
REQUIREMENT PARAGRAPH IN THE SUSTAINABILITY STATEMENT COMMENTS
S1-6 Characteristics of the undertaking’s employees (S1-6)
S1-7 Characteristics of non-employees in the undertaking’s own workforce
(S1-7)
S1-8 Collective bargaining coverage and social dialogue (S1-8)
S1-9 Diversity metrics (S1-9)
S1-10 Adequate wages (S1-10)
S1-11 Social protection (S1-11)
S1-13 Training and skills development metrics (S1-13)
S1-14 Health and safety metrics (S1-14)
S1-15 Work-life balance metrics (S1-15)
S1-16 Remuneration metrics (pay gap and total remuneration) (S1-16)
S1-17 Incidents, complaints and severe human rights impacts (S1-17)
S4 Consumers and end-users
S4.SBM-2 Interests and views of stakeholders (SBM-2)
S4.SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model (S4.SBM-3)
S4 -1 Policies related to consumers and end-users (S4-1)
S4-2 Processes for engaging with consumers and end-users about impacts
(S4-2)
S4-3 Processes to remediate negative impacts and channels for consumers
and endusers to raise concerns (S4-3)
S4-4 Taking action on material impacts on consumers and end-users,
and approaches to managing material risks and pursuing material
opportunities related to consumers and end-users, and effectiveness of
those actions (S4-4)
S4-5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities (S4-5)
Governance
G1 Business conduct
G1.GOV-1 The role of the administrative, management and supervisory bodies
(GOV-1)
G1.IRO -1 Description of the processes to identify and assess material impacts, risks
and opportunities (IRO-1)
G1-1 Business conduct policies and corporate culture (G1-1)
G1-2 Management of relationships with suppliers (G1-2)
G1-6 Payment practices (G1-6)
Business review / Governance / Financial review / Sustainability Statement 101Oriola Annual Report 2025
Disclosure
Requirement and
related datapoint
SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material/Not material
Paragraph
reference
ESRS 2 GOV-1
Board's gender
diversity paragraph 21 (d)
Indicator number 13 of
Table #1 of
Annex 1
Commission Delegated
Regulation (EU)
2020/181627, Annex II
Material ESRS 2 GOV-1
ESRS 2 GOV-1
Percentage of board members who are independent
paragraph 21 (e)
Delegated Regulation
(EU)
2020/1816, Annex II
Material ESRS 2 GOV-1
ESRS 2 GOV-4
Statement on due diligence paragraph 30
Indicator number 10
Table #3 of Annex 1
Material ESRS 2 GOV-4
ESRS 2 SBM-1
Involvement in activities related to fossil fuel activities
paragraph 40 (d) i
Indicators number 4
Table
#1 of Annex 1
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/245328 Table 1:
Qualitative information on Environmental risk and Table
2: Qualitative information on Social risk
Delegated Regulation
(EU)
2020/1816, Annex II
Not material
ESRS 2 SBM-1
Involvement in activities related to chemical production
paragraph 40 (d) ii
Indicator number 9
Table #2 of Annex 1
Delegated Regulation (EU) 2020/1816, Annex II Not material
ESRS 2 SBM-1
Involvement in activities related to controversial weapons
paragraph 40 (d) iii
Indicator number 14
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/181829,
Article 12(1) Delegated
Regulation (EU) 20/1816,
Annex II
Not material
ESRS 2 SBM-1
Involvement in activities related to cultivation and
production of
tobacco paragraph 40 (d) iv
Delegated Regulation
(EU) 2020/1818, Article
12(1) Delegated
Regulation (EU)
2020/1816, Annex II
Not material
ESRS E1-1
Transition plan to reach climate neutrality by 2050
paragraph 14
Regulation (EU)
2021/1119,
Ar ticle 2(1)
Material E1-1
ESRS E1-1
Undertakings excluded from Paris-aligned Benchmarks
paragraph 16 (g)
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 1:
Banking book- Climate Change transition risk: Credit quality
of exposures by sector, emissions and residual maturity
Delegated Regulation
(EU) 2020/1818,
Article12.1 (d) to (g), and
Ar ticle 12. 2
Material E1-1
ESRS E1-4
GHG emission reduction targets paragraph 34
Indicator number 4 Table
#2 of Annex 1
Article 449a Regulation (EU) No
575/2013; Commission Implementing Regulation (EU)
2022/2453 Template 3: Banking book – Climate change
transition risk: alignment metrics
Delegated Regulation
(EU) 2020/1818, Article 6
Material E1-4
ESRS E1-5
Energy consumption from fossil sources disaggregated by
sources (only high climate impact sectors) paragraph 38
Indicator number 5
Table #1 and Indicator n.
5 Table #2 of Annex 1
Not material
Appendix 2: List of datapoints that derive from other EU legislation
Business review / Governance / Financial review / Sustainability Statement 102Oriola Annual Report 2025
Disclosure
Requirement and
related datapoint
SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material/Not material
Paragraph
reference
ESRS E1-5
Energy consumption and mix paragraph 37
Indicator number 5
Table #1 of Annex 1
Material E1-5
ESRS E1-5
Energy intensity associated with activities in high climate
impact sectors paragraphs 40 to 43
Indicator number 6
Table #1 of Annex 1
Not material
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44
Indicators number 1
and 2
Table #1 of Annex 1
Article 449a; Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 1:
Banking book – Climate change transition risk: Credit quality
of exposures by sector, emissions and residual maturity
Delegated Regulation
(EU) 2020/1818, Article
5(1), 6 and 8(1)
Material E1-6
ESRS E1-6
Gross GHG emissions intensity paragraphs 53 to 55
Indicators number 3
Table #1 of Annex 1
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 3:
Banking book – Climate change transition risk: alignment
metrics
Delegated Regulation
(EU) 2020/1818, Article
8(1)
Material E1-6
ESRS E1-7
GHG removals and carbon credits paragraph 56
Regulation (EU)
2021/1119,
Ar ticle 2(1)
Not material
ESRS E1-9
Exposure of the benchmark portfolio to climate-related
physical risks paragraph 66
Delegated Regulation
(EU) 2020/1818, Annex
II Delegated Regulation
(EU) 2020/1816, Annex II
Phased-in, not reported
in 2025
ESRS E1-9
Disaggregation of monetary amounts by acute and chronic
physical risk paragraph 66 (a)
ESRS E1-9
Location of significant assets at material physical risk
paragraph 66 (c)
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 paragraphs 46 and
47; Template 5: Banking book - Climate change physical risk:
Exposures subject to physical risk.
Phased-in, not reported
in 2025
ESRS E1-9
Breakdown of the carrying value of its real estate assets by
energy-efficiency classes paragraph 67 (c).
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 paragraph
34;Template 2:Banking book -Climate change transition risk:
Loans collateralised by immovable property - Energy
efficiency of the collateral
Phased-in, not reported
in 2025
ESRS E1-9
Degree of exposure of the portfolio to climate- related
opportunities paragraph 69
Delegated Regulation (EU) 2020/1818, Annex II Phased-in, not reported
in 2025
ESRS E2-4
Amount of each pollutant listed in Annex II of the E- PRTR
Regulation (European Pollutant Release and Transfer
Register) emitted to air,
water and soil, paragraph 28
Indicator number 8
Table #1 of Annex 1
Indicator number 2 Table
#2 of Annex 1 Indicator
number 1 Table #2
of Annex 1 Indicator
number 3 Table #2 of
Annex 1
Not material
ESRS E3-1
Water and marine resources paragraph 9
Indicator number 7
Table #2 of Annex 1"
Not material
ESRS E3-1
Dedicated policy paragraph 13
Indicator number 8
Table 2 of Annex 1
Not material
ESRS E3-1
Sustainable oceans and seas paragraph 14
Indicator number 12
Table #2 of Annex 1
Not material
Business review / Governance / Financial review / Sustainability Statement 103Oriola Annual Report 2025
Disclosure
Requirement and
related datapoint
SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material/Not material
Paragraph
reference
ESRS E3-4
Total water recycled and reused paragraph 28 (c)
Indicator number 6.2
Table #2 of Annex 1
Not material
ESRS E3-4
Total water consumption in m
3
per net revenue on own
operations paragraph 29
Indicator number 6.1
Table #2 of Annex 1
Not material
ESRS 2- SBM-3 - E4
paragraph 16 (a) i
Indicator number 7
Table #1 of Annex 1
Material IRO-1
ESRS 2- SBM-3 - E4
paragraph 16 (b)
Indicator number 10
Table #2 of Annex 1
Material IRO-1
ESRS 2- SBM-3 - E4
paragraph 16 (c)
Indicator number 14
Table #2 of Annex 1
Material IRO-1
ESRS E4-2
Sustainable land / agriculture practices or policies
paragraph 24 (b)
Indicator number 11
Table #2 of Annex 1
Not material
ESRS E4-2
Sustainable oceans / seas practices or policies paragraph
24 (c)
Indicator number 12
Table #2 of Annex 1
Not material
ESRS E4-2
Policies to address deforestation paragraph 24 (d)
Indicator number 15
Table #2 of Annex 1
Not material
ESRS E5-5
Non-recycled waste paragraph 37 (d)
Indicator number 13
Table #2 of Annex 1
Material E5-5
ESRS E5-5
Hazardous waste and radioactive waste paragraph 39
Indicator number 9
Table #1 of Annex 1
Material E5-5
ESRS 2- SBM3 - S1
Risk of incidents of forced labour paragraph 14 (f)
Indicator number 13
Table #3 of Annex I
Material S1.SBM-3
ESRS 2- SBM3 - S1
Risk of incidents of child labour paragraph 14 (g)
Indicator number 12
Table #3 of Annex I
Not material
ESRS S1-1
Human rights policy commitments paragraph 20
Indicator number 9
Table #3 and Indicator
number 11
Table #1 of Annex I
Material S1-1
ESRS S1-1
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation Conventions 1 to 8,
paragraph 21
Delegated Regulation
(EU) 2020/1816, Annex II
Material S1-1
ESRS S1-1
Processes and measures for preventing trafficking in
human beings paragraph 22
Indicator number 11
Table #3 of Annex I
Material S1-1
ESRS S1-1
Workplace accident prevention policy or management
system paragraph 23
Indicator number 1
Table #3 of Annex I
Material S1-1, S1-4
Business review / Governance / Financial review / Sustainability Statement 104Oriola Annual Report 2025
Disclosure
Requirement and
related datapoint
SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material/Not material
Paragraph
reference
ESRS S1-3
Grievance/complaints handling mechanisms paragraph
32 (c)
Indicator number 5
Table #3 of Annex I
Material S1-1, S1-3
ESRS S1-14
Number of fatalities and number and rate of work-related
accidents paragraph 88 (b) and (c)
Indicator number 2
Table #3 of Annex I
Delegated Regulation (EU) 2020/1816, Annex II Material S1-14
ESRS S1-14
Number of days lost to injuries, accidents, fatalities or
illness paragraph 88 (e)
Indicator number 3
Table #3 of Annex I
Material S1-14
ESRS S1-16
Unadjusted gender pay gap paragraph 97 (a)
Indicator number 12
Table #1 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Material S1-16
ESRS S1-16
Excessive CEO pay ratio paragraph 97 (b)
Indicator number 8
Table #3 of Annex I
Material S1-16
ESRS S1-17
Incidents of discrimination paragraph 103 (a)
Indicator number 7
Table #3 of Annex I
Material S1-17
ESRS S1-17
Non-respect of UNGPs on Business and Human Rights and
OECD paragraph 104 (a)
Indicator number 10
Table #1 and Indicator
n. 14
Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818
Ar t 12 (1)
Material S1-17
ESRS 2- SBM3 – S2
Significant risk of child labour or forced labour in the value
chain paragraph 11 (b)
Indicators number 12 and
n. 13 Table #3 of Annex I
Not material
ESRS S2-1
Human rights policy commitments paragraph 17
Indicator number 9
Table #3 and Indicator n.
11 Table #1 of Annex 1
Material S1-1
ESRS S2-1
Policies related to value chain workers paragraph 18
Indicator number 11
and n. 4
Table #3 of Annex 1
Material G1-2
ESRS S2-1
Non-respect of UNGPs on Business and Human Rights
principles and OECD guidelines paragraph 19
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818,
Ar t 12 (1)
Not material
ESRS S2-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation
(EU) 2020/1816, Annex II
Not material
ESRS S2-4
Human rights issues and incidents connected to its
upstream and downstream value chain paragraph 36
Indicator number 14
Table #3 of Annex 1
Material S4 -1
ESRS S3-1
Human rights policy commitments paragraph 16
Indicator number 9
Table #3 of Annex 1 and
Indicator number 11
Table #1 of Annex 1
Material S1-1
Business review / Governance / Financial review / Sustainability Statement 105Oriola Annual Report 2025
Disclosure
Requirement and
related datapoint
SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material/Not material
Paragraph
reference
ESRS S3-1
Non-respect of UNGPs on Business and Human Rights, ILO
principles or and OECD guidelines paragraph 17
Indicator number 10
Table #1 Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art
12 (1)
Not material
ESRS S3-4
Human rights issues and incidents paragraph 36
Indicator number 14
Table #3 of Annex 1
Material S4 -1
ESRS S4-1
Policies related to consumers and end-users paragraph 16
Indicator number 9
Table #3 and Indicator
number 11
Table #1 of Annex 1
Material S4 -1
ESRS S4-1
Non-respect of UNGPs on Business and Human Rights and
OECD guidelines paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art 12 (1)
Ar t 12 (1)
Material S4 -1
ESRS S4-4
Human rights issues and incidents paragraph 35
Indicator number 14
Table #3 of Annex 1
Material S4 -1
ESRS G1-1
United Nations Convention against Corruption paragraph
10 (b)
Indicator number 15
Table #3 of Annex 1
Material G1-1
ESRS G1-1
Protection of whistle- blowers paragraph 10 (d)
Indicator number 6
Table #3 of Annex 1
Material G1-1
ESRS G1-4
Fines for violation of anti-corruption and anti-bribery laws
paragraph 24 (a)
Indicator number 17
Table #3 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II)
Material G1-1
ESRS G1-4
Standards of anti- corruption and anti- bribery paragraph
24 (b)
Indicator number 16
Table #3 of Annex 1
Material G1-1
Business review / Governance / Financial review / Sustainability Statement 106Oriola Annual Report 2025
   2025 2024 2023 2022 2021
Earnings per share EUR -0.15 -0.11 -0.11 -0.01 0.06
Earnings per share, continuing operations EUR -0.15 -0.11 -0.11 0.03 0.05
Equity per share EUR 0.54 0.74 0.94 1.24 1.20
Total dividends EUR million 5.6* 12.7 12.7 10.9 7.3
Dividend per share EUR 0.03* 0.07 0.07 0.06 0.04
Payout ratio % -20.3* -63.2 -61.4 -453.7 63.9
Dividend yield A % - 7.80 6.25 3.25 2.02
Dividend yield B % 2.61* 7.87 6.43 3.45 2.00
P/E ratio, continuing operations A - -8.11 -9.82 70.34 41.67
P/E ratio, continuing operations B -7.78 -8.04 -9.54 66.33 42.09
Share price on 31 Dec A EUR - 0.90 1.12 1.85 1.99
Share price on 31 Dec B EUR 1.15 0.89 1.09 1.74 2.01
Average share price A EUR - 1.04 1.38 1.96 2.04
Average share price B EUR 1.08 0.98 1.27 1.93 1.94
Lowest share price A EUR - 0.89 1.02 1.75 1.78
Lowest share price B EUR 0.89 0.85 0.89 1.70 1.73
Highest share price A EUR - 1.23 1.93 2.30 2.37
Highest share price B EUR 1.23 1.17 1.82 2.31 2.20
Market capitalisation EUR million 213.1 162.0 199.2 321.4 362.8
Trading volume
A shares pc - 3,447,305 3,140,653 6,636,366 8,115,284
% of average number of A shares % - 6.4 5.8 12.3 15.1
B shares pc 23,436,972 33,120,201 57,073,164 29,890,534 50,733,906
% of average number of B shares % 13.8 25.9 44.7 23.4 39.7
% of average number of all shares % 12.7 20.1 33.2 20.1 32.4
Number of shares 31 Dec A pcs - 53,748,313 53,748,313 53,748,313 53,748,313
Number of shares 31 Dec B pcs 185,325,378 127,737,900 127,737,900 127,737,900 127,737,900
Total number of shares 31 Dec pcs 185,325,378 181,486,213 181,486,213 181,486,213 181,486,213
Total number of A shares, annual average pcs 14,283,798 53,748,313 53,748,313 53,748,313 53,748,313
Total number of B shares, annual average pcs 170,021,309 127,737,900 127,737,900 127,737,900 127,737,900
Total number of shares, annual average pcs 184,305,107 181,486,213 181,486,213 181,486,213 181,486,213
* Proposal by the Board of Directors. It is further proposed that the Annual General Meeting authorises the Board of Directors, at its discretion, to resolve on the distribution of a possible second dividend instalment up to a maximum of EUR 0.04 per share. It is the intention of the
Board of Directors that the possible dividend payment pursuant to this authorisation would be carried out in November 2026.
Share-related key figures
Information on shares
Business review / Governance / Financial review / Sustainability Statement 107Oriola Annual Report 2025
Calculation of share related key figures
Earnings per share (EPS), EUR =
Profit attributable to shareholders of the parent company
Average number of shares during the period excluding treasury shares
Equity per share, EUR =
Equity attributable to shareholders of the parent company
Number of shares at the end of the period excluding treasury shares
Dividend per share, EUR =
Dividends paid for the financial period
Number of shares at the end of the period excluding treasury shares
Payout ratio, % =
Dividend per share
x 100
Earnings per share
Effective dividend yield, % =
Dividend per share
x 100
Closing price on the last trading day of the financial period
Price/Earnings ratio (P/E) =
Closing price on the last trading day of the financial period
Earnings per share
Average price of share, EUR =
Trading volume, EUR
Average number of shares traded during the financial period
Market capitalisation, EUR = Number of shares at the end of the financial period x closing price on the last trading day of the financial period
Business review / Governance / Financial review / Sustainability Statement 108Oriola Annual Report 2025
Financial indicators and performance measures
Financial indicators 2021–2025
Consolidated income statement*  2025 2024 2023 2022 2021
Net sales EUR million 1 906.2 1,679.7 1,493.8 1,539.1 1,452.2
Adjusted EBITDA EUR million 35.1 33.4 30.5 35.1 30.6
% of net sales % 1.8 2.0 2.0 2.3 2.1
EBITDA EUR million 20.3 27.2 30.1 34.7 27.2
% of net sales % 1.1 1.6 2.0 2.3 1.9
Adjusted EBIT EUR million 23.1 21.7 16.7 19.7 14.9
% of net sales % 1.2 1.3 1.1 1.3 1.0
EBIT EUR million 2.6 13.6 -5.3 9.5 10.7
% of net sales % 0.1 0.8 -0.4 0.6 0.7
Financial income and expenses EUR million -6.6 -7.3 -7.6 -0.7 0.3
% of net sales % -0.3 -0.4 -0.5 0.0 0.0
Profit before taxes EUR million -26.9 -18.6 -17.6 6.9 11.0
% of net sales % -1.4 -1.1 -1.2 0.4 0.8
Profit for the period EUR million -27.2 -20.1 -20.7 4.8 8.6
% of net sales % -1.4 -1.2 -1.4 0.3 0.6
Consolidated balance sheet EUR million 2025 2024 2023 2022 2021
Non-current assets 289.3 314.0 347.5 419.1 539.3
Goodwill 35.6 35.1 35.2 61.1 273.5
Current assets 656.9 561.6 587.1 541.8 553.9
Inventories 188.5 176.3 162.9 148.5 229.2
Equity attributable to the parent company shareholders 100.8 133.4 171.3 225.6 216.8
Liabilities total 845.3 742.2 763.4 735.4 876.4
Interest-bearing liabilities 70.1 76.1 117.7 136.9 209.9
Non-interest-bearing liabilities 775.2 666.2 645.7 598.4 666.5
Total assets 946.1 875.6 934.7 960.9 1,093.2
1,494 1,6801,452 1,539
1,906
2021 2022 2023 2024 2025
2,500
2,000
1,500
1,000
500
0
Net sales
EUR million
Business review / Governance / Financial review / Sustainability Statement 109Oriola Annual Report 2025
Key figures 2025 2024 2023 2022 2021
Equity ratio* % 10.8 15.4 18.5 23.8 20.1
Equity per share* EUR 0.54 0.74 0.94 1.24 1.20
Return on capital employed (ROCE)* % 1.3 5.4 -1.6 2.4 4.6
Return on equity* % -23.3 -13.2 -10.4 2.2 5.9
Net interest-bearing debt* EUR million -82.1 -37.4 -20.6 -23.7 100.8
Gearing* % -81.4 -28.0 -12.1 -10.5 46.5
Earnings per share from continuing operations EUR -0.15 -0.11 -0.11 0.03 0.05
Earnings per share incl. discontinued operations EUR -0.15 -0.11 -0.11 -0.01 0.06
Average number of shares** pcs 184,226,057 181,408,101 181,389,629 181,371,235 181,341,203
Average number of personnel from continuing operations, full time equivalents pers. 813 812 800 914 1,077
Gross capital expenditure incl. discontinued operations EUR million 3.2 2.9 3.5 8.4 22.8
* The comparative figures 2021 include discontinued operations.
** Company-owned treasury shares are not included.
Refer to section Alternative performance measures, for definitions of key figures.
30.5
33.4
30.6
35.1
35.1
2021 2022 2023 2024 2025
36
35
34
33
32
31
30
29
28
Adjusted EBITDA
EUR million
Business review / Governance / Financial review / Sustainability Statement 110Oriola Annual Report 2025
Alternative performance measures
In order to reflect the underlying business performance and to
enhance comparability between financial periods Oriola discloses
certain performance measures of historical performance, financial
position and cash flows, as permitted in “Alternative performance
measures” guidance issued by the European Securities and Markets
Authority (ESMA). These measures should not be considered as
a substitute for measures of performance in accordance with the
IFRS. These alternative performance measures are described in the
following tables:
Reconciliation of alternative performance measures to IFRS
Invoicing
EUR million 2025 2024
Net sales 1,906.2 1,679.7
+ Acquisition cost of consignment stock 2,294.9 2,092.4
+ Cash discounts 0.0 0.0
+ Exchange rate differences on sales 0.0 -0.3
Invoicing 4,201.2 3,771.8
Adjusted EBITDA, EBITDA and EBIT
EUR million 2025 2024
Adjusted EBITDA 35.1 33.4
- Adjusting items included in EBITDA -14.8 -6.2
EBITDA 20.3 27.2
Depreciations -12.0 -11.8
Impairments -5.7 -1.9
EBIT 2.6 13.6
EBIT and Adjusted EBIT
EUR million 2025 2024
EBIT 2.6 13.6
- Adjusting items included in EBIT 20.5 8.1
EBIT 23.1 21.7
Free cash flow
EUR million 2025 2024
Cash flow from operating activities before
financial items and taxes 65.3 49.1
- Taxes paid -3.5 -2.9
- Investments in property, plant and equipment
and intangible assets -3.3 -2.8
Free cash flow 58.4 43.4
Alternative performance measures on a constant currency basis
EUR million 2025 2024
Invoicing 4,201.2 3,771.8
Translation difference -88.8 -9.7
Invoicing calculated on a constant currency basis 4,112.4 3,762.1
Net sales 1,906.2 1,679.7
Translation difference -42.5 -4.5
Net sales calculated on a constant currency basis 1,863.7 1,675.2
Adjusted EBITDA 35.1 33.4
Translation difference -0.4 -0.0
Adjusted EBITDA calculated on a constant
currency basis 34.6 33.4
Business review / Governance / Financial review / Sustainability Statement 111Oriola Annual Report 2025
Calculation of alternative performance measures
Alternative performance
measure Definitions Reason for use of the alternative performance measure
Invoicing = Net sales + acquisition cost of consignment stock + cash discounts + exchange rate differences on sales Invoicing describes the volume of the business.
Sales margin = Net sales - material purchases and exchange rate differences on sales and purchases Sales margin measures the profitability of the business.
EBITDA = Earnings before interest, taxes, depreciation, amortisation and impairments.
EBITDA measures profitability before depreciation,
amortisation and impairments.
EBIT =
Net sales less material purchases and exchange differences on sales and purchases, less employee benefit expenses and
other operating expenses, less depreciation, amortisation and impairment plus other operating income plus share of
results in joint venture
EBIT shows result generated by the business.
Adjusted EBITDA = EBITDA excluding adjusting items
Adjusted EBIT = EBIT excluding adjusting items
Oriola discloses adjusted EBITDA and EBIT in order to reflect
the underlying business performance and to enhance
comparability between financial periods.
Adjusting items
Adjusting items include gains or losses from the sale or discontinuation of business operations or assets, gains or losses
from restructuring business operations, and impairment losses of goodwill and other non-current assets, or other income
or expenses arising from rare events, and changes in estimates regarding the realisation of contingent consideration
arising from business acquisitions. Adjusting items are specified in note 4.1. Segment reporting.
Invoicing calculated on a constant currency basis Invoicing calculated with the average exchange rate of the corresponding period of the comparative year.
Invoicing, net sales, and adjusted EBITDA and EBIT on
a constant currency basis describe the development of
the business without changes due to fluctuating foreign
exchange rates and thus enhance the comparability between
financial periods.
Net sales calculated on a constant currency basis Net sales calculated with the average exchange rate currency basis of the corresponding period of the comparative year.
Adjusted EBITDA calculated on aconstant currency basis Adjusted EBITDA calculated with the average exchange rate of the corresponding period of the comparative year.
Adjusted EBIT calculated on aconstant currency basis Adjusted EBIT calculated with the average exchange rate of the corresponding period of the comparative year.
Net debt = Interest-bearing liabilities – cash and cash equivalents
Net debt is an indicator to measure the total external debt
financing of the company.
Investments =
Capitalised investments in property, plant and equipment and in intangible assets including goodwill arising from business
combinations, as well as investments in associates and joint ventures.
Investments provide additional information of the cash flow
need of the business operations. Investments by business
area are presented in note 4.1. Segment reporting.
Free cash flow = Operating cash flow before financial items and taxes - taxes paid - investments in tangible and intangible assets.
Free cash flow provides additional information about the
formation of cash flow and the ability to finance operations,
investments and dividend payments.
Return on capital employed (ROCE), % =
EBIT
x 100
Return on capital employed measures how efficiently the
Group generates profits from its capital employed.
Total assets – Non-interest-bearing liabilities (average between thebeginning and the end of the year)
Return on equity (ROE), %
= Profit for the period
x 100
Return on equity measures the Group’s profitability by
showing how much profit is generated with the funds
invested to the Group by the shareholders.
Equity total (average between the beginning and the end of the year)
Gearing, % =
Net debt
x 100
Gearing provides information of the Group's financial risk
level and the level on the Group's indebtedness.
Equity total
Equity ratio, % =
Equity total
x 100
Equity ratio provides information on the Group's financial risk
level and the level of the Group's capital used in operations.
Total assets – Advances received
Financial Statements 2025
112Business review / Governance / Financial review / Sustainability StatementOriola Annual Report 2025
Business review / Governance / Financial review / Sustainability Statement 113Oriola Annual Report 2025
Consolidated statement of comprehensive income (IFRS)

EUR million | Note | 2025 | 2024
Net sales | 4.2. | 1,906.2 | 1,679.7
Other operating income | 4.2. | 1.1 | 4.5
Materials and supplies | 4.3. | -1,739.0 | -1,519.3
Employee benefit expenses | 4.4. | -60.7 | -56.1
Other operating expenses | 4.3. | -87.4 | -81.6
Depreciation, amortisation and impairments | 6.1./6.2. | -17.7 | -13.6
EBIT |  | 2.6 | 13.6
Financial income and expenses | 8.1. | -6.6 | -7.3
Share of results in joint venture | 10.4. | -22.8 | -24.8
Result before taxes |  | -26.9 | -18.6
Income taxes | 9.1. | -0.3 | -1.5
Result for the period |  | -27.2 | -20.1

Other comprehensive income |  |  |
Items which may be reclassified subsequently to profit or loss: |  |  |
Translation differences recognised in comprehensive income |  |  |
during the reporting period |  | 1.1 | -1.7
Translation differences reclassified to profit and loss during the reporting period | 10.3. | 2.6 | -
Cash flow hedge | 8.3. | -0.4 | -1.2
Income tax relating to other comprehensive income | 9.1. | 0.1 | 0.2
|  | 3.4 | -2.7
Items which will not be reclassified to profit or loss: |  |  |
Financial assets recognised at fair value through other comprehensive income | 8.2. | 2.9 | -2.6
Actuarial gains/losses on defined benefit plans | 4.4. | 0.7 | 0.2
Income tax relating to other comprehensive income | 9.1. | -0.1 | -0.0
|  | 3.5 | -2.5
Total comprehensive income for the period |  | -20.4 | -25.2
Result attributable to Parent company shareholders |  | -27.2 | -20.1

EUR million | Note | 2025 | 2024
Total comprehensive income attributable to |  |  |
Parent company shareholders |  | -20.4 | -25.2
Earnings per share attributable to parent company shareholders: |  |  |
Basic, EUR | 8.5. | -0.15 | -0.11
Diluted, EUR | 8.5. | -0.15 | -0.11

Business review / Governance / Financial review / Sustainability Statement 114Oriola Annual Report 2025
Consolidated statement of financial position (IFRS)

EUR million | Note | 2025 | 2024
ASSETS |  |  |
Non-current assets |  |  |
Property, plant and equipment | 6.1. | 43.2 | 45.2
Goodwill | 6.2. | 35.6 | 35.1
Intangible assets | 6.2. | 7.8 | 10.5
Investments in joint ventures | 10.4. | 185.7 | 210.9
Other non-current assets | 6.3. | 14.2 | 11.7
Deferred tax assets | 9.2. | 2.8 | 0.6
Non-current assets total |  | 289.3 | 314.0
Current assets |  |  |
Inventories | 5.2. | 188.5 | 176.3
Trade receivables | 5.1. | 311.7 | 247.1
Income tax receivables | 5.1. | 1.1 | -
Other receivables | 5.1. | 3.4 | 11.7
Cash and cash equivalents | 8.2. | 152.2 | 113.5
Assets held for sale | 10.3. | - | 13.1
Current assets total |  | 656.9 | 561.6
ASSETS TOTAL |  | 946.1 | 875.6

EUR million | Note | 2025 | 2024
EQUITY AND LIABILITIES  |  |  |
Equity |  |  |
Share capital | 8.4. | 36.2 | 36.2
Fair value reserve | 8.4. | 5.7 | 3.1
Contingency fund | 8.4. | 19.4 | 19.4
Invested unrestricted equity reserve | 8.4. | 74.8 | 74.8
Other reserves | 8.4. | 0.1 | 0.1
Translation differences | 8.4. | -14.7 | -18.4
Retained earnings |  | -20.6 | 18.2
Equity attributable to the parent company shareholders |  | 100.8 | 133.4
Non-current liabilities |  |  |
Deferred tax liabilities | 9.2. | 1.7 | 0.8
Pension obligations | 4.4. | 14.3 | 13.3
Interest-bearing liabilities | 8.2. | 38.3 | 39.7
Other non-current liabilities | 5.3. | 0.9 | 1.0
Non-current liabilities total |  | 55.2 | 54.7
Current liabilities |  |  |
Trade payables | 5.3. | 725.7 | 626.2
Interest-bearing liabilities | 8.2. | 31.7 | 36.4
Income tax payables | 5.3. | 0.0 | 0.3
Other current liabilities | 5.3. | 32.6 | 22.9
Liabilities related to assets held for sale | 10.3. | - | 1.8
Current liabilities total |  | 790.1 | 687.6
EQUITY AND LIABILITIES TOTAL |  | 946.1 | 875.6


Business review / Governance / Financial review / Sustainability Statement 115Oriola Annual Report 2025
Consolidated statement of cash flows (IFRS)

EUR million | Note | 2025 | 2024
Net cash flow from operating activities |  |  |
Profit for the period |  | -27.2 | -20.1
Adjustments |  |  |
Depreciation and amortisation | 6.1./6.2. | 12.0 | 11.8
Impairment | 6.1./6.2. | 5.7 | 1.9
Share of results in joint venture | 6.3. | 22.8 | 24.8
Financial income and expenses | 8.1. | 6.6 | 7.3
Income taxes | 9.1. | 0.3 | 1.5
Change in pension asset and pension obligation |  | 0.9 | 0.4
Other adjustments |  | 3.5 | 0.0
|  | 24.7 | 27.7
Change in working capital |  |  |
Change in current receivables increase (-)/ decrease (+) |  | -42.3 | 9.8
Change in inventories increase (-)/ decrease (+) |  | -6.1 | -16.6
Change in non-interest-bearing current liabilities increase (+)/decrease (-) |  | 89.0 | 28.2
|  | 40.6 | 21.4
Interest received |  | 3.5 | 4.0
Interest paid |  | -3.7 | -3.8
Other financial income and expenses |  | -1.6 | -7.8
Income taxes paid |  | -3.5 | -2.9
Net cash flow from operating activities |  | 60.0 | 38.7
Net cash flow from investing activities |  |  |
Investments in property, plant and equipment and intangible assets | 6.1./6.2. | -3.3 | -2.8
Proceeds from sales of property, plant and equipment and intangible assets | 6.1./6.2. | 0.0 | -
Acquisition of subsidiary, net of cash acquired | 10.3. | -0.5 | -
Proceeds from other shares and shareholdings | 6.3 | 0.1 | -
Sales of business operations, net of cash disposed | 10.3 | 4.1 | -
Net cash flow from investing activities |  | 0.4 | -2.8

EUR million | Note | 2025 | 2024
Net cash flow from financing activities |  |  |
Proceeds from long-term loans | 8.2. | - | 30.0
Repayments of long-term loans | 8.2. | - | -1.0
Repayments of short-term loans | 8.2. | -1.0 | -56.9
Change in other current financing * | 8.2. | -4.5 | -17.0
Amortisations of lease liabilities | 8.2. | -3.3 | -3.1
Purchasing of own shares |  | -0.1 | -0.1
Dividends paid | 8.5. | -12.7 | -12.7
Net cash flow from financing activities |  | -21.7 | -60.7
Net change in cash and cash equivalents |  | 38.7 | -24.9
Cash and cash equivalents at the beginning of the period |  | 113.5 | 138.4
Translation differences |  | -0.0 | -0.0
Net change in cash and cash equivalents |  | 38.7 | -24.9
Cash and cash equivalents at the end of the period | 8.2. | 152.2 | 113.5

* Includes cash flows from commercial papers.
Business review / Governance / Financial review / Sustainability Statement 116Oriola Annual Report 2025
Consolidated statement of changes in equity (IFRS)

|  |  |  | Translation | Retained |
EUR million | Note | Share capital | Funds | differences | earnings | Equity total
Equity 1 January 2024 |  | 36.2 | 100.9 | -16.7 | 50.8 | 171.3
Comprehensive income for the period |  |  |  |  |  |
Net profit for the period |  | - | - | - | -20.1 | -20.1
Other comprehensive income: |  |  |  |  |  |
Financial assets recognised at fair value through other comprehensive income: |  |  |  |  |  |
Change in fair value | 8.2. | - | -2.6 | - | - | -2.6
Cash flow hedge | 8.3. | - | -1.2 | - | - | -1.2
Actuarial gains and losses | 4.4. | - | - | - | 0.2 | 0.2
Income tax relating to other comprehensive income | 9.1. | - | 0.2 | - | -0.0 | 0.2
Translation difference |  | - | - | -1.7 | - | -1.7
Comprehensive income for the period, total |  | - | -3.5 | -1.7 | -19.9 | -25.2
Transactions with owners |  |  |  |  |  |
Dividend distribution | 8.5. | - | - | - | -12.7 | -12.7
Share-based incentive | 4.4. | - | - | - | 0.1 | 0.1
Purchase of own shares |  | - | - | - | -0.1 | -0.1
Transactions with owners, total |  | - | - | - | -12.7 | -12.7
Equity 31 December 2024 |  | 36.2 | 97.3 | -18.4 | 18.2 | 133.4
Comprehensive income for the period |  |  |  |  |  |
Net profit for the period |  |  |  |  | -27.2 | -27.2
Other comprehensive income: |  |  |  |  |  |
Financial assets recognised at fair value through other comprehensive income: |  |  |  |  |  |
Change in fair value | 8.2. | - | 2.9 | - | - | 2.9
Cash flow hedge | 8.3. | - | -0.4 | - | - | -0.4
Actuarial gains and losses | 4.4. | - | - | - | 0.7 | 0.7
Income tax relating to other comprehensive income | 9.1. | - | 0.1 | - | -0.1 | -0.1
Translation difference |  | - | - | 1.1 | - | 1.1
Translation difference reclassified to profit and loss | 10.3. | - | - | 2.6 | - | 2.6
Comprehensive income for the period, total |  | - | 2.7 | 3.7 | -26.7 | -20.4
Transactions with owners |  |  |  |  |  |
Dividend distribution | 8.5. | - | - | - | -12.7 | -12.7
Share-based incentive | 4.4. | - | - | - | 0.7 | 0.7
Purchase of own shares |  | - | - | - | -0.1 | -0.1
Transactions with owners, total |  | - | - | - | -12.2 | -12.2
Equity 31 December 2025 |  | 36.2 | 100.0 | -14.7 | -20.6 | 100.8

1. Basic information on the company
Oriola Corporation is a Finnish public limited company, domiciled
in Espoo, Finland. Oriola and its subsidiaries together form the
consolidated Oriola Group. The consolidated financial statements
were approved for publication by the Board of Directors of Oriola
Corporation on 24 February 2026. In accordance with Finland’s
Limited Liability Companies Act, the shareholders have the right to
approve or reject the financial statements at the General Meeting
held after their publication. The General Meeting may also decide
to make amendments to the financial statements. The company’s
business ID is 1999215-0. Copies of the consolidated financial
statements of the Oriola Group are available from the head office of
Oriola Corporation at the following address: Orionintie 5, FI-02200
Espoo, Finland (investor.relations@oriola.com).
The consolidated financial statements are prepared in
accordance with International Financial Reporting Standards
(IFRSs) including the IAS and IFRS standards as well as the
SIC and IFRIC interpretations valid as of 31 December 2025.
The International Financial Reporting Standards refer to
standards and interpretations that have been approved for
application in the EU in the Finnish Accounting Act and the
provisions issued pursuant to it according to the procedures
provided for in EU regulation (EC) No. 1606/2002.
The consolidated financial statements are presented for
the 12-month period 1 January - 31 December 2025. The
financial statements are presented in EUR million and they
have been prepared under the historical cost convention,
except for financial assets recognised at fair value through
profit or loss, financial assets recognised at fair value through
other comprehensive income, derivatives and share-based
payments. The Group has applied the standards and
interpretations published by the International Accounting
Standards Board (IASB) that are mandatory as of 1 January
2025. These standards did not have a significant impact on
the Group in the current reporting period and they are not
expected to have a material impact on the Group in the
current or future reporting periods and on foreseeable future
transactions.
The sale of Svensk dos AB
Oriola announced on 13 October the sale of all shares in Svensk dos
AB to Apotekstjänst Sverige AB due to the tender structure and dy-
namics. In April 2024, the Swedish Competition Authority (Konkur-
rensverket) prohibited the sale. The Swedish Patent and Market
Court rejected Apoteksjänst Sverige AB’s appeal in November 2024.
The Swedish Patent and Market Court of Appeal (Patent- och mar-
kandsöverdomstolen) approved Apoteksjänst Sverige AB’s appeal
regarding the sale of Svensk dos AB on 7 March 2025.
Oriola announced on 1 April 2025 that it has completed the sale
of Svensk dos AB to Apotekstjänst Sverige AB. Oriola has applied
the requirements of IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations in the classification, presentation and
recognition of sale of Dose dispensing business in Sweden. Svensk
dos AB has been classified as held for sale as of October 2023 until
the completion of the sale. More information has been presented in
note 10.3. Acquisitions and divestments.
Notes to the consolidated financial statements
2. Basis of presentation
Impairment recognised in the share of result in joint venture
In 2025, Oriola recongised a loss of EUR 22.8 (loss of 24.8) million
from Swedish Pharmacy Holding AB in the consolidated statement
of comprehensive income. The loss included Oriola’s share of good-
will impairment in Kronans Apotek amounting to EUR 15.8 (16.3)
million. The impairments are related to the integration of Kronans
Apotek and the transition to one common ERP system, which have
required more time than anticipated. The integration and ERP-proj-
ect have been completed in 2025. More information has been
presented in note 10.4. Investments in joint ventures.
Business review / Governance / Financial review / Sustainability Statement 117Oriola Annual Report 2025
Use of judgements
Information about judgements the Group management has made
in applying accounting policies that have the most significant effect
on the amounts recognised in the financial statements is included
in the following notes:

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.

Estimates and assumptions
Information about assumptions and estimation uncertainties at the
reporting date that have a significant risk of resulting in a material
adjustment to the carrying amounts of assets and liabilities within
the next financial year in included in the following notes:

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.

4. Operating result
4.1. Segment reporting
Oriola has two reporting segments, Distribution and
Wholesale. Oriola’s operating and reporting segments are
reported in accordance with internal reporting provided
to the Chief Executive Officer, the chief operating decision
maker responsible for allocating resources and assessing
performance of the business areas. The accounting
policies do not differ from the accounting policies for the
consolidated financial statements.
Segment non-current assets exclude financial instruments
and deferred taxes. Investments exclude right-of-use assets.
Transactions between segments are based on market prices.
Group items include eliminations and items related to
corporate functions.
Oriola’s reporting segments are Distribution and Wholesale.
Distribution segment consists of pharmaceutical logistics, quality
control, essential warehousing and dose dispensing services in Finland.
Wholesale segment consists of wholesale of traded goods and
over-the-counter (OTC) products, parallel import and special
licensed medicines, as well as advisory services in Finland, Sweden
and Denmark.
Oriola offers advanced distribution, expert and advisory services
for pharmaceutical companies and wide range of health and
wellbeing products for pharmacies, veterinarians, other healthcare
operators and retail operators in the Finnish and Swedish markets.
Additionally, Oriola offers dose dispensing services for pharmacies
and healthcare operators in Finland.
The geographical areas of Oriola are Finland (the country of
domicile), Sweden and other countries. Net sales are divided by
the countries in which the customers are located. Assets and
investments are divided according to the country in which they are
located.
In order to reflect the underlying business performance and
to enhance comparability between financial periods Oriola
discloses Adjusted EBITDA and Adjusted EBIT as permitted in
ESMA (European Securities and Markets Authority) guidelines
on Alternative Performance Measures. These measures should
not be considered as a substitute for measures of performance
in accordance with the IFRS. Adjusted EBITDA and Adjusted EBIT
are reported excluding adjusting items. In addition, Oriola uses
“Invoicing” as the measure to describe the business volume.
Adjusted EBIT excludes gains or losses from the sale or
discontinuation of business operations or assets, gains or losses
from restructuring business operations, and impairment losses
of goodwill and other non-current assets, or other income or
expenses arising from rare events and changes in estimates
regarding the realisation of contingent consideration arising from
business acquisitions.
Oriola’s agreements with pharmaceutical companies are either
wholesale agreements where Oriola buys the products into own
stock and acts as a principal or agreements where Oriola delivers
the products from consignment stock and acts as an agent. Oriola
reports invoicing of both type of agreements as it describes the
volume of the business.
The preparation of consolidated financial statements in
accordance with IFRS requires the application of judgement
by management in making estimates and assumptions. Such
estimates and assumptions have an impact on the assets and
liabilities reported as at the end of the reporting period, and
on the presentation of contingent assets and liabilities in the
notes to the consolidated financial statements as well as on
the income and expenses reported for the financial year. The
estimates are based on the management’s best knowledge
about the facts and as such actual results may differ from
the estimates and assumptions used. The application of
accounting principles also requires judgement .
3. Use of estimates and judgement
Business review / Governance / Financial review / Sustainability Statement 118Oriola Annual Report 2025

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

Reporting segments Adjusting items

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

Other adjusting items in 2025 include EUR 0.3 million costs from
the combination of share classes and EUR 0.2 million integration
costs in advisory services in Denmark. Impairments and write-
downs relate to the impairment loss of goodwill and other non-
current assets in dose dispensing business in Sweden.
Restructuring costs in 2024 relate to expert services. Impairments
and write-downs include earlier under construction in progress
capitalized ERP investment related costs.

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

* Non-current assets exclude financial instruments and deferred tax assets.
Business review / Governance / Financial review / Sustainability Statement 119Oriola Annual Report 2025
4.2. Net sales and other operating income
The Group’s net sales comprise from the sale of goods,
distribution fees and the sale of services adjusted for indirect
taxes, discounts and currency translation differences arising
from sales in foreign currencies. Revenue is measured at the
amount of consideration specified in customer contracts
and excludes amounts collected on behalf of third parties.
Revenue is recognised when control of the product or
service transfers to the customer, reflecting fulfilment of the
Group’s performance obligations. Payment terms are typical
to the business. Oriola has open-ended frame agreements
in Sweden that allow the company to sell trade receivables
relating to Swedish wholesale businesses to the financial
institutions on a non-recourse basis.
Oriola’s agreements with pharmaceutical companies are
either wholesale agreements where Oriola buys the products
into own stock and acts as a principal or agreements where
Oriola delivers the products from consignment stock and
acts as an agent. For agreements in which Oriola acts as a
principal the revenue is recognized on gross basis. Oriola
obtains control of the goods or services before they are
transferred to a customer and is primarily responsible for the
delivery of the goods and ensuring product availability and
service. The legal title has transferred to Oriola at the time,
when goods have been delivered to the inventory. Oriola has
the significant risks and rewards of ownership of the goods.
For consignment agreements where Oriola acts as an agent,
only the distribution fee is recognized as revenue. Oriola
does not control the goods at any point and inventory
ownership remains with the pharmaceutical company until
the point the products are transferred to end-customers.
Oriola’s performance is limited to delivering logistics and
transportaion services. Oriola does not bear inventory risk
nor the credit risk.
Oriola reports invoicing of both type of agreements as it
describes the volume of the business. The definition of invoicing
is described in section Alternative performance measures.
The Group’s revenues derive from the following revenue
streams: services and products, dose dispensing, and sale of
other services. In the following section the principal activities
of the different revenue streams are described as well as the
nature of performance obligations.
Services and products in Distribution segment consist of
mainly medicinal products sold to pharmacies, veterinarians,
hospitals and other retailers, as well as sale of logistics and
transportation services to pharmaceutical companies.
Services and products in Wholesale segment consist
of mainly selfcare and other products sold to pharmacies,
retailers and veterinarians.
In products the performance obligation is sale of goods,
which is based on sales order. The transaction price is the
price of goods. Revenue is recognised when the Group
transfers control of goods to customer at the amount which
the Group expects to be entitled, i.e. the price of goods sold
less any possible discounts.
In Distribution segment where Oriola delivers products from
consignment stock and acts as an agent, the performance
obligation is sale of logistics and transportation services to
pharmaceutical companies. The revenue is recognised at
the time when actual services have been performed on a net
basis as a fee or commission.
Dose dispensing services are offered to pharmacies
in Finland. The performance obligation is sale of dose
dispensed goods. The transaction price includes the price of
goods sold and the price of dose dispensing. The revenue is
recognised when the control of the dose dispensed goods is
transferred to the customer.
Sale of other services consist of Advisory services providing
support to pharmacompanies regulatory needs, market
access services and patient support services, clinical
trial services and special licenced medicine sales. The
performance obligation is sales of services, which is based
on a contract for delivering services to the customer. The
revenue is recognised over the period during which the
service is performed at the amount totalling the price of
service performed less any possible discounts.
Use of judgements: Oriola’s agreements with pharmaceutical
companies are either wholesale agreements where Oriola
buys the products into own stock and acts as a principal
or agreements where Oriola delivers the products from
consignment stock and acts as an agent. Oriola is the principal
if it controls the goods and services before they are provided to
the customer. For agreements where Oriola acts as a principal
the legal title, control and payment liability has been transferred
to Oriola and the revenue is recognized on gross basis. For
consignment agreements where Oriola acts as an agent, only
the distribution fee is recognized as revenue. Analysis of the
agreements and the related revenue recognition method
requires significant management judgement, considering
various contractual terms. In such cases, the Group assesses,
whether Oriola has the primary responsibility for the supply
of the goods or services in question, the risk associated with
inventories and the discretion to determine the price of
the goods and services.
Business review / Governance / Financial review / Sustainability Statement 120Oriola Annual Report 2025
4.3. Operating expenses
Operating expenses include material purchases, employee benefit
expenses and other operating expenses as presented on the face
of the statement of comprehensive income. Employee benefit
expenses are specified in note 4.4. Employee benefits.
Materials and supplies
Materials and supplies include materials, procurement and
other costs related to procurement.

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

External services include EUR 7.6 (4.7) million expenses related to
the ERP investment.

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

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

Disaggregation of revenue
In the following table, the Group’s external revenue is
disaggregated by the Group’s major revenue streams.

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

* Other includes sales of dose dispensing and sale of other services.
Revenues from one customer in Distribution and Wholesale
segment were 420 (2024: 360) million from Group’s net sales.
Contract balances
The Group has recognised the following liabilities related to
contracts with customers:

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

Advances received from pharmacies are presented as current
interest-bearing liabilities in the statement of financial position.
Additional information on the interest-bearing liabilities can be
found in note 8.2. Financial assets and liabilities.
Other operating income

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 |

Other operating income in 2024 includes compensation of EUR 1.4
million received from court appeal.
Business review / Governance / Financial review / Sustainability Statement 121Oriola Annual Report 2025
4.4. Employee benefits
The Group’s employee benefits include short-term employee
benefits, pension benefits, other long-term employee
benefits and share-based payments.
Short-term employee benefits: Wages and salaries, fringe
benefits, annual leave and bonuses are recognised in the
period in which the work is performed.
Pension benefits: The Group’s pension arrangements
are in compliance with each country’s local regulations
and practices. The pension arrangements of the Group
companies comprise both defined contribution plans
and defined benefit plans. The payments to the defined
contribution plans are recognised as expenses in the
statement of comprehensive income in the period in which
they incur. Under a defined benefit pension plan, the Group’s
obligation is not limited to the payments made under the
plan but also includes the actuarial and investment risks
related to the pension plan in question.
The pension expenses related to defined benefits have
been calculated using the projected unit credit method.
Pension expenses are recognised as expenses by distributing
them over the estimated period of service of the personnel
concerned. The amount of the pension obligation is the
present value of the estimated future pensions payable.
Other long-term employee benefits consist of a long-
service benefit scheme operated by the Group. The long-
service benefit scheme is presented as other non-current
liabilities in the statement of financial position.
Share-based payments: Share incentive plans are measured
at fair value at the grant date, and are recognised as
expenses over the vesting period. The fair value of the share
is the share price on the date at which the target group has
agreed to the conditions of the plan. Share-based payments
are paid in cash and in equity.

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

Number of employees
At the end of the financial year, the total number of employees
(headcount) was 904 (934).
The number of employees in full-time equivalents (FTE) was 801
(816), of which 434 (409) worked in Finland, 358 (407) in Sweden
and 9 (-) in Denmark. The increase in number of personnel in
Finland related to increased volume and building capabilities. The
number of personnel in Sweden decreased by 47 FTE due to the
sale of dose dispensing business. Oriola acquired MedInfo ApS in
Denmark in 2025. The average number of employees (FTE) during
the financial year was 813 (812).
Post-employment benefits
The Oriola Group has defined benefit pension plans in Finland and
Sweden.
In Finland, the defined benefits plans consist of a voluntary
insurance plan, which is a final average pay pension plan
concerning additional pensions. The benefits are insured with OP
Life Assurance.
In Sweden, some of the office employees are covered by the defined
benefit plan ITP 2 and others by the defined contribution plan ITP 1.
The employees have a defined contribution plan according to local
legislation. In ITP 2, the company can recognise the old age pension
liabilities in its statement of financial position or, alternatively, pay
the pension expenses to the pension insurance company Alecta.
Oriola Sweden AB has recognised its ITP 2 old age pension liabilities
in full in its statement of financial position. Oriola Sweden AB’s old
age pension benefits other than ITP 2 are insured with Alecta.
Employer contributions to post-employment benefit plans are
expected to be EUR 0.0 million during 2026 financial year. The
weighted average duration of the defined benefit obligation is 18.9
years.
All plan assets of the Group relate to the Finnish voluntary insurance
plan and are held by the insurance company. They are part of the
insurance company’s investment assets and are considered to be
unquoted.
Business review / Governance / Financial review / Sustainability Statement 122Oriola Annual Report 2025

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

Mortality assumptions are made on the basis of actuarial guidelines
and they are founded on statistics published in each region and on
experience.

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

The table presents a sensitivity analysis for the most significant
actuarial assumptions, showing the effect of any change in actuarial
assumptions on the defined benefit pension obligation.
The effects of the above sensitivity analysis have been calculated
so that when the effect of the change in the assumption is
calculated all other assumptions are expected to remain
unchanged. This is unlikely to happen and in some assumptions
changes may correlate with each other. The sensitivity of the
defined benefit obligation has been calculated using the same
method as in the calculation of the pension obligation to be
entered in the statement of financial position (the current value of
the defined benefit obligation at the end of the reporting period
using the projected unit credit method).
The most significant risks arising from defined benefit pension
plans:
Life expectancy: Most of the plan obligations are connected with
generating life-long benefits for employees and for this reason a
higher life expectancy will mean more obligations under the plan.
Inflation risk: Some of the Group’s pension obligations are linked
to inflation, and higher inflation will lead to higher liabilities.
Use of estimates: The discounted value of the pension
obligation is based on several actuarial assumptions.
Changes in the assumptions have an impact on the carrying
amount of the pension obligation. Discount rate used is one
of the assumptions used. The interest rate used is determined
at the date of measurement by reference to the maturity
of corporate bonds issued by financially sound companies
that is similar to that of the pension obligation. Other key
assumptions impacting pension liabilities are based on the
circumstances valid at the time.
Changes in bond yields: A decrease in bond yields will increase
plan liabilities, although this will be partially offset by an increase in
the value of the plans’ assets.
Short-term Incentive Plan
The Short-term Incentive Plan (STI) is based on the achievement
of the company’s financial targets and personal targets. The
Board of Directors decides annually on the earnings criteria
and the determination of the STI based on the proposal of the
Compensation and Human Resources Committee.
Business review / Governance / Financial review / Sustainability Statement 123Oriola Annual Report 2025
EBIT, earnings per share (EPS) and ESG-target (Delivery accuracy
of pharma). Possible share rewards are payable during the first
half of 2027. The aggregate maximum number of shares payable
as a reward based on this plan is approximately 2,283,305 shares
(referring to gross earnings, from which the applicable payroll tax
is withheld).
The third plan, PSP 2025, is for three calendar years 2025-2027.
At the end of the financial year PSP 2025 has 20 participants. The
performance measures for this plan are net profit, adjusted EBITDA,
Cash volatility, net working capital and ESG-target (Delivery
accuracy). Possible share rewards are payable during the first half
of 2028. The aggregate maximum number of shares payable as
a reward based on this plan is approximately 2,523,527 shares
(referring to gross earnings, from which the applicable payroll tax
is withheld).

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

The fair value of share based incentives have been determined
at grant date and the fair value is expensed until vesting. The
pricing of the share based incentives granted during the year was
determined by the following inputs:

| 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

The expenses recognised for the Performance Share Plans were
EUR 0.5 (0.1) million in 2025.
THE BRIDGE PLAN (EQUITY-SETTLED)
In 2024, a total of 11,714 B treasury shares owned by the company
were conveyed without consideration to the key employees who
participated in the Bridge Plan 2022-2023 in accordance with the
terms and conditions of the plan.
THE RESTRICTED SHARE PLAN (EQUITY-SETTLED)
The Restricted Share Plan for the years 2022-2025 consists of
annually commencing individual restricted share plans which are
subject to a separate decision of the Board of Directors. Each plan
comprises a restriction period with an overall length of three years,
extending to first half of the fourth year of the individual plan.
During the plan period, the company may grant fixed share rewards
to individually selected key employees. The granted share rewards
are paid to the selected participants in one or several tranches latest
by the end of the restriction period. The share rewards are paid in
listed shares. The first plan, RSP 2022, commenced effective as of
the beginning of 2022. The aggregate maximum number of shares
payable as a reward is approximately 225,400 shares (referring to
gross earning, from which the applicable payroll tax is withheld).
For all programs, if the individual’s employment with Oriola
Corporation terminates before the payment of the reward, the
individual is, as a main rule, not entitled to any reward. The value
of the reward payable to each individual participant based on
the plans is limited by a maximum cap linked to a multiplier of
the individual’s annual salary. Oriola applies a share ownership
requirement to the CEO and the members of Oriola Management
Team. They are expected to retain ownership at least half of the
shares received under the incentive plans until the value of his/her
ownership in the company, in the case of the CEO, corresponds to
at least his/her annual gross base salary, and in the case of the other
the members of the Oriola Management Team, to at least half of his/
her annual gross base salary.
Share-based payments
Oriola has a share-based long-term incentive plan for the
company’s key employees, including the CEO and the Oriola
Management Team.
The incentive plan comprises a Performance Share Plan (the “PSP”)
and a share-based bridge plan to cover the transition phase to the
new LTI structure (the “Bridge Plan”). In addition, the long-term
incentive scheme comprises a Restricted Share Plan (the “RSP”)
as a complementary long-term share-based retention plan for
individually selected key employees in specific situations.
THE PERFORMANCE SHARE PLAN (EQUITY-SETTLED)
The Performance Share Plan for the years 2022-2025 consists of
annually commencing individual performance share plans, each of
which is subject to separate decision of the Board of Directors. Each
plan comprises a performance period followed by the payment of
the potential share rewards in listed shares of Oriola.
The length of the performance period of the first plan, PSP 2022,
is four calendar years. At the end of the financial year PSP 2022
has 8 participants. The performance measures based on which the
potential share rewards under PSP 2022 will be paid are earnings
per share (EPS) and an environment-related target (CO2). PSP 2022
comprises a performance period covering the calendar years 2022-
2025, and the share rewards potentially payable thereunder will
be paid during the first half of 2026. The payment of the rewards
is conditional on the achievement of the performance targets
which the Board of Directors has set for the plan and the individual
participant’s continued employment or service relationship with
Oriola. If all the performance targets for the PSP 2022 are fully
achieved, the aggregate maximum number of shares to be paid
based on this plan is approximately 2,254,000 shares (referring to
gross earning, from which the applicable payroll tax is withheld).
The second plan, PSP 2024, is for three calendar years 2024-2026.
At the end of the financial year PSP 2024 has 17 participants.
The performance measures for this plan are cumulative adjusted
Business review / Governance / Financial review / Sustainability Statement 124Oriola Annual Report 2025
5. Working capital
5.1. Trade and other receivables
Trade receivables are amounts due from customers for
goods sold or services performed in the ordinary course of
business. Trade receivables are initially recognised when
they are originated and subsequently carried at amortised
cost. The Group applies the simplified approach to providing
for expected credit losses, which permits the use of the
lifetime expected loss allowance for all trade receivables.
Loss allowances are recognised as an expense in the
consolidated statement of comprehensive income. The part
of the trade receivables, which is held for sale, is classified
to measurement category fair value through profit and
loss. Sold non-recourse trade receivables’ credit risk and
contractual rights are transferred from the Group on the
selling date and related expenses are recognised as financial
expenses. Additional information on sales arrangement for
trade receivables can be found in note 8.3. Financial risk
management.

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

As a part of managing liquidity risk Oriola has open-ended frame
agreements in Sweden that allows the company to sell trade
receivables relating to Swedish wholesale businesses to the
financial institutions on non-recourse basis. Sold and from the
statement of financial position derecognised non-recourse trade
receivables were EUR 121.9 (94.1) million on the balance sheet
date. No significant changes are anticipated in the scope of the
agreements to sell trade receivables in 2025.
The credit risk in Finland is reduced by interest-bearing advance
payments from pharmacies. These interest-bearing advance
payments are presented as current interest-bearing liabilities in
the statement of financial position. On the balance sheet date,
the amount of prepayments was EUR 8.3 (7.9) million. Additional
information on the interest-bearing advance payments can be
found in note 8.2. Financial assets and liabilities.
Information about the Group’s exposure to credit and market risks,
and impairment losses for trade receivables is included in note 8.3.
Financial risk management.
Ageing and loss allowance of trade receivables at the closing date

|  | 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

The carrying amount of trade receivables corresponds to the
maximum amount of credit risk relating to them at the balance
sheet date.
The loss allowance for trade receivables as at 31 December recon-
cile to the opening loss allowances as follows:

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

Business review / Governance / Financial review / Sustainability Statement 125Oriola Annual Report 2025
5.3. Trade payables and other liabilities

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. |  |

5.4. Provisions
A provision is recognised in the consolidated statement
of financial position when the Group has a present legal
or contractual obligation as a result of a past event and
it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the
obligation.
A restructuring provision is recognised when the Group
has a detailed, formal restructuring plan, has started the
implementation of the plan or has informed those affected
by the plan. No provision related to costs for continuing
operations is recognised.
At the end of 2025 and 2024 the Group did not have any provisions
in the consolidated statement of financial position.
5.2. Inventories
Inventories are presented in the consolidated statement
of financial position at the lower of cost and net realisable
value. The net realisable value is the estimated selling price
in the ordinary course of business less the estimated costs
of completion and the estimated necessary direct costs
of sale. The cost of inventories is determined on the basis
of FIFO principle. If the net realisable value is lower than
cost, a valuation allowance is recognised for inventory
obsolescence.

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 |  |

and health related products. No significant valuation allowances
have been recognised on inventories.
Oriola’s agreements with pharmaceutical companies are either
wholesale agreements where Oriola buys the products into own
stock and acts as a principal or agreements where Oriola delivers
the products from consignment stock and acts as an agent.
Consignment stock is not included in Oriola’s inventories.
Business review / Governance / Financial review / Sustainability Statement 126Oriola Annual Report 2025
6. Tangible and intangible assets and
other non-current assets
6.1. Property, plant and equipment
Tangible assets are initially recognised at historical cost
and they are subsequently measured at historical cost
less depreciation and impairment losses. The assets are
depreciated over their estimated useful life using the
straight-line method. The useful life of assets is reviewed
at least annually, and it is adjusted if necessary. The
estimated useful lives are as follows:
- Buildings 20–50 years
- Machinery and equipment 5–10 years
- Other tangible assets 3–10 years
Land areas are not subject to depreciation. Repair and
maintenance costs are recognised as expenses for
the period. Improvement investments are capitalised
providing they are expected to generate future economic
benefits. Gains and losses resulting from the disposal of
tangible assets are recognised as other operating income
or expense in the statement of comprehensive income.
Impairment of tangible assets is disclosed in the note 6.2.

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

* For more details about the right-of-use assets please refer to section 7. leases.
Business review / Governance / Financial review / Sustainability Statement 127Oriola Annual Report 2025
6.2. Goodwill and other intangible assets
Goodwill: Goodwill arising from business combinations is recognised
as the amount by which the aggregate of the fair value of the
consideration transferred, the acquisition date fair value of any
previously held interest and any non-controlling interest exceeds the
fair value of the net assets acquired. Goodwill is not amortised but
is tested for impairment at least annually according to the business
structure in force at the time of impairment testing. For impairment
testing, goodwill is allocated to cash-generating units. Goodwill is
measured at cost less accumulated impairment losses. Impairment
losses are recognised in the statement of comprehensive income.
Other intangible assets: Other intangible assets are initially
recognised at historical cost and they are subsequently measured at
historical cost less amortisation and impairment losses. Intangible
assets not yet available for use are tested annually for impairment.
Other intangible assets include sales licences, trademarks, patents,
software licences and product and marketing rights. Assets with finite
useful life are amortised over their useful life, using the straight-line
method. Research and development costs are normally expensed
as other operating expenses for the reporting period in which they
are incurred. Expenditures on development is capitalised only
when it relates to new products or services that are technically and
commercially feasible. The majority of the Group’s development
expenditure does not meet the criteria for capitalisation and are
recognised as expenses as incurred. Configuration and customisation
costs in a cloud service contract, which do not meet the definition
of an intangible asset, and which are distinct from the actual cloud
service, are recognised as expense when the service is received.
Customisation costs which are not distinct from the actual cloud
services, are recognised as advance payments in the statement of
financial position and expensed over the estimated term of the cloud
service contract. The estimated useful lives of other intangible assets
are as follows:
Intangible rights:
- Patents and trademarks 10 years
- Software 5–10 years
Other intangible assets 3–10 years

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

* Other intangible assets include expenses for installation and specialist work related to the implementation of computer software.
** Advance payments and construction in progress include mainly costs related to software.
*** Decreases and accumulated amortisation related to decreases in intangible rights relate to sale of Svensk Dos.
Business review / Governance / Financial review / Sustainability Statement 128Oriola Annual Report 2025
Impairments
Impairment of tangible and intangible assets:
The Group assesses at each reporting date whether there
is any indication that an asset may be impaired. If any
indication exists, the Group estimates the asset’s recoverable
amount. The recoverable amount is the higher of the net
sales price or value in use, which is the present value of the
expected future cash flows expected to be derived from the
asset.
The impairment loss is recognised in the statement of
comprehensive income if the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is
reversed if there is a change in the circumstances and
the recoverable amount exceeds the carrying amount.
The reversal of impairment loss cannot exceed the asset’s
carrying amount without any impairment loss.
Allocation and impairment testing of goodwill:
The goodwill impairment test is conducted at least annually
or more frequently if there is any indication that goodwill
may be impaired. Impairment testing is conducted according
to the business structure in force at the time of impairment
testing. Impairment is recognised in the statement of
comprehensive income under Depreciation, amortisation
and impairments. Goodwill impairment losses are not
reversed.
IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
In 2025 an impairment of EUR 4.5 million was recognised on
goodwill and an impairment 1.2 million on other non-current
assets in dose dispensing in Sweden. Dose dispensing business
in Sweden was sold on 1 April 2025. More information is
presented in note 10.3. Acquisitions and divestments. In 2024
an impairment of EUR 1.9 million was recognised to costs related
to ERP investment previously capitalised on unfinished intangible
assets.
GOODWILL IMPAIRMENT TESTING
The recoverable amount of the cash-generating units (CGUs) in
impairment testing was based on value-in-use calculations. Value-
in-use has been determined based on discounted cash flows (DCF-
model). The cash flow forecasts are based on three-year strategic
plans approved by the management and are consistent with the
current business structure. The most important assumptions in the
strategic plans are estimates of overall long-term growth in the
market and the market position as well as the profitability of the
Group businesses. The foreign exchange rates used in converting
the calculations into euros are those prevailing at the time of
testing.
The main parameters used in the impairment testing are net sales
growth percentage, EBIT percentage, terminal growth percentage
and discount rate.
The three-year net sales forecasts are based on the management's
assessment of the net sales growth, market development forecasts
available from external information sources and sales growth based
on the Group’s actions.
The terminal growth rate used in the calculations is based on the
management’s assessments of the long-term growth. In estimating
the terminal growth rate, both country-specific and business sector
growth forecasts available from external information sources as
well as the characteristic features of each operating segment and
cash generating unit are considered. Terminal growth rate for cash
generating units was 2.0% from the year 2028. The discount rate
used in the calculation is based on the Group’s weighted average
cost of capital, taking into account the industry and country specific
risks in each of the Group's operating segment. When defining the
discount rates, Oriola has acquired the necessary information from
an external information source.
RESULT OF GOODWILL IMPAIRMENT TESTING
In the first quarter of 2025, a total impairment loss of EUR 4.5
million was recognised on goodwill in dose dispensing business
Sweden included in assets held for sale. More information is
presented in note 10.3. Acquisitions and divestments. The result of
impairment testing performed in the last quarter of the year shows
that the “value in use” in the tested cash generating units exceeds
the book value of the carrying amounts, and thus no further
impairment of goodwill was recognised in 2025.
GOODWILL AND PROJECTION PARAMETERS APPLIED
Goodwill is allocated to three independent cash-generating
units: dose dispensing, distribution services and expert services.
Dose dispensing and distribution services are part of distribution-
segment and expert services are part of wholesale-segment.

| 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 |

Sensitivity analysis for the following projection parameters
have been performed: discount rate, EBIT percentage, terminal
growth percentage, and net sales growth percentage. For Dose
dispensing CGU the recoverable amount would equal the carrying
amount if pre-tax rate increased 0.8 percentage points, or if EBIT
percentage decreased 0.2 percentage points, or if terminal growth
percentage decreased 1,0 percentage point, or if sales growth
percentage decreased 0.9 percentage points. For other CGUs, the
management believes that any reasonably possible change in the
projection parameters would not cause carrying amount of the
cash-generating units to exceed its recoverable amount .
Business review / Governance / Financial review / Sustainability Statement 129Oriola Annual Report 2025
Use of estimates: The Group’s assets with an indefinite
useful life are subject to annual impairment testing and
any indication of impairment of assets is assessed using
information from external sources on market development
as well as information from internal sources on business
performance and estimates. When analysing these sources
and information and making conclusions, estimates are
used. The recoverable values used in impairment testing are
discounted future cash flows that can be obtained through
usage and possible sale of the assets. If the carrying amount
of the asset exceeds either its recoverable amount or fair
value, the difference is recognised as an impairment charge.
The preparation of such calculations requires the use of
estimates.

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

Other shares and shareholdings
The investment in Doktor.se is accounted for as a financial
asset. Additional information can be found in note 8.2
Financial assets and liabilities. Oriola classifies the shares
of Doktor.se as the investment in Doktor.se is seen as
strategic investment, which supports Oriola’s business
operations. The shares are presented in the consolidated
statement of financial position as part of other non-current
assets. Possible changes in fair value of the investment are
recognised in other comprehensive income and they shall
not subsequently be transferred to profit and loss. Possible
dividends are recognised as dividend income in the profit
and loss.
Other shares and shareholdings include Oriola’s holding in the
Swedish online medical centre Doktor.se. Doktor.se offers personal
digital healthcare services to its customers. Doktor.se has a
comprehensive organisation with specialist nurses, doctors and
psychologists.
The applied valuation method for the shares in Doktor.se is based
on realised transactions and the fair value of the investment is
calculated using the weighted average share price over the last
12 months. In 2025, change in the fair value of shareholdings in
Doktor.se was EUR 2.9 (-2.6) million. The change in fair value was
due to the realised share transactions at a higher price.
Oriola’s ownership at the end of the reporting period was 4.7%
of the total number of shares in Doktor.se. Oriola’s ownership of
shares in Doktor.se has not changed during years 2025 and 2024.
Use of judgements: The management has to evaluate
at each balance sheet date whether there have been any
changes to the fair value of the shares measured at fair value
through other comprehensive income. The applied valuation
method for the shares in Doktor.se is based on realised
transactions.
Business review / Governance / Financial review / Sustainability Statement 130Oriola Annual Report 2025
7. Leases
The right-of-use asset is initially measured at cost, which
comprises:
- The initial amount of lease liability
- Any lease payments made at or before the
commencement date
- Any initial direct costs incurred by Oriola
- An estimate of costs to be incurred by Oriola in
dismantling and removing the underlying assets or
restoring the site on which the assets are located
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date. The lease payments included in the
measurement of the lease liability include the following:
- Fixed payments, including in-substance fixed payments
- Variable lease payments that depend on an index or a
rate, initially measured using the index or the rate as at
the commencement date
- Amounts expected to be payable under a residual value
guarantee
- The exercise price of a purchase option that Oriola is
reasonably certain to exercise
- Penalties for early termination of a lease if the
termination is taken into account in determining lease
period.
The lease payments included in the measurement of lease
liability exclude variable elements which are dependent on
sales or usage. Variable payments not included in the initial
measurement of the lease liability are recognised as an
expense over the lease term.
The lease payments are discounted using the interest
rate implicit in the lease or, if that rate cannot be readily
determined, the incremental borrowing rate. The incremental
borrowing rate is the rate of interest that a lessee would
have to pay to borrow over a similar term and with a
similar security, the funds necessary to obtain an asset of a
similar value to the right of use asset in a similar economic
environment. At Oriola, the incremental borrowing rates
are defined for the lease terms of 1, 3, 5 and 10 years. The
components of the incremental borrowing rate are:
- Risk free rate which reflect the different jurisdictions
and currencies: SEK and EUR swap rates for 1 to 3 years
and Government bonds for Finland and Sweden for 5
to 10 years
- Oriola’s internal credit rating for the parent company as
a company specific margin. As all the Group’s treasury
functions are centralized to the parent company and
all funding for the Group is managed centrally by the
parent company resulting in the parent providing a
guarantee of the lease payments to the lessor, the
pricing of the lease is more significantly influenced
by the credit standing of the parent than that of the
subsidiary.
- The incremental borrowing rates are reviewed monthly.
The lease term comprises of:
- Non-cancellable period of lease contract
- Periods covered by an option to extend the lease if Oriola is
reasonably certain to exercise that option
- Periods covered by an option to terminate the lease if the
lessee is reasonably certain not to exercise that option.
The exemption for short term leases is applied to real-estate
leases and the exemption for low-value assets is applied to
leases of IT equipment and other machinery and equipment.
Leases: The Group has lease contracts related to real estates,
IT equipment, vehicles and other machinery and equipment.
The Group’s real estate leases include leases of office and
warehouse premises. The duration of the leases is 2-6 years.
For most of the contracts the lease payments are adjusted
every year based on the change of the consumer price index.
The Group leases of vehicles consist of company cars, which
are used as part of employee benefits and forklifts, which are
used in warehouses. The lease period for the company cars is
usually 3 years and for forklifts 5 or 6 years.
The Group leases IT equipment such as servers, printers and
laptops. The lease period for IT equipment is usually 3-5
years.
Leases of other machinery and equipment include waste
presses in the warehouses and dose dispensing equipment,
containers, furniture and other machinery and equipment
such as franking machines and coffee machines.
At inception of a contract it is assessed whether a contract
contains a lease. A contract contains a lease if it conveys the
right to control the use of an identified asset for a period
of time in exchange for consideration. In order to assess
whether a contract conveys the right to control the use of an
identified asset, it is assessed whether:
- The contract involves the use of an identified asset
- Oriola has the right to obtain substantially all of the
economic benefits from the use of the asset throughout
the period of use
- Oriola has the right to direct the use of the asset.
Business review / Governance / Financial review / Sustainability Statement 131Oriola Annual Report 2025
For short term leases of real estate leases that have a lease
term of 12 months or less and for low-value leases of IT
equipment and other machinery equipment the right-of-
use asset and lease liability is not recognised. The lease
payments associated with these leases are recognised as an
expense on a straight-line basis over the lease term. An asset
is considered to be a low-value asset, if the value of the asset
when it is new is less than EUR 5.000 or SEK 50.000.
The right-of-use asset is subsequently measured at cost
less accumulated depreciation and less any accumulated
impairment losses and adjusted for any remeasurements
of the lease liability. Depreciation is calculated using the
straight-line method from the commencement date to the
earlier of the end of useful life of the right-of-use asset or the
end of the lease term. The estimated useful lives of right-
of-use assets are determined on the same basis as those of
property, plant and equipment.
The lease liability is measured at amortised cost using the
effective interest method. It is remeasured when there is a
change in future lease payments arising from a change in
an index or a rate, if there is a change in Oriola’s estimate of
the amount expected to be payable under a residual value
guarantee, or if Oriola changes its assessment of whether
it will exercise a purchase, extension or termination option.
When the lease liability is remeasured, a corresponding
adjustment is made to the carrying amount of the right-of-
use asset or is recognised in the profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero.
The right-of-use assets are presented in property, plant
and equipment and the lease liabilities in interest-bearing
liabilities in the statement of financial position. The lease
liabilities with the maturity of more than 12 months are
presented in the non-current interest-bearing liabilities and
the lease liabilities with the maturity of 12 months or less are
presented in the current interest-bearing liabilities.
The depreciations of right-of-use assets are presented in
depreciation, amortisation and impairments in the statement
of comprehensive income. The interest expense on the lease
liability is presented within the financial expenses. The lease
payments of low-value assets and short-term leases are
included in other operating expenses in the statement of
comprehensive income.
In the statement of cash flows the cash payments for the
principal portion of the lease liability are presented within
financing activities. The cash payments for the interest
portion of the lease liability as well as short term lease
payments, payments for leases of low-value assets and
variable lease payments not included in the measurement of
the lease liabilities are presented within operating activities.
Use of estimates: The Group’s most significant leases
relate to the office and warehouse premises, for which the
management has taken into account the location of the
premises, their importance to the Group’s operations and
the availability of the alternative premises when determining
the lease term. The probable lease term for the leases, which
are valid until further notice is estimated based on the
business plans, taking into account the costs of termination.
Extension options (or periods after termination options)
are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated).
7.1. Leases in the statement of financial position
The Group has recognised following amounts in the statement of
financial position relating to leases:

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 |  |

(7.0) million. In 2024, the lease contract for the warehouse premises
in Mölnlycke, Sweden was renewed and a new office lease contract
for dose dispensing in Helsinki, Finland was signed.
7.2. Leases in the statement of comprehensive income
The Group has recognised following amounts in the statement
of comprehensive income relating to leases:

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

The total cash outflow for leases in 2025 was EUR 4.1 (3.7) million.
Business review / Governance / Financial review / Sustainability Statement 132Oriola Annual Report 2025
8.1. Financial income and expenses
Interest income and expenses:
Interest income and expenses are recognised on a time-
proportion basis using the effective interest method .
The average interest rate on the interest-bearing liabilities
excluding lease liabilities was 2.84% (3.01%) in 2025.

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

Other financial expenses are mainly related to the sale of trade
receivables in Sweden.
8.2. Financial assets and liabilities
Classification and measurement: Financial assets and
liabilities are recognised at the fair value at the settlement
date except derivatives, which are recognised at the trade
date in the statement of financial position. The Group’s
financial assets and liabilities include cash and cash
equivalents, loans and other financial receivables, trade
receivables, trade payables, loans and derivatives.
Financial assets and liabilities are classified into the following
measurement categories:
- Fair value through profit and loss
- Fair value through other comprehensive income
- Amortised cost
The classification of financial assets into different
measurement categories depends on the business model
for managing the financial asset and the contractual cash
flow characteristics of the financial asset. The classification
of financial liabilities into different measurement categories
depends on the purpose for which the financial liabilities
were initially acquired. The measurement category for
financial assets and liabilities is determined at the acquisition
date. Financial assets are derecognised when the Group
loses the rights to receive the contractual cash flows on the
financial asset or it transfers substantially all the risks and
rewards of ownership outside the Group. Financial liabilities
are derecognised when the obligation specified in the
contract is discharged or cancelled or expires.
Financial assets measured at fair value through profit
and loss: Money market investments, trade receivables held
for sale and derivatives which are not designated as hedges
are measured at fair value through profit and loss. Assets
within this category are short-term assets with a maturity of
less than 12 months and are measured at fair value using the
market price on the balance sheet date.
Both realised and unrealised gains and losses arising from
the changes in fair value are recognised in the consolidated
statement of comprehensive income for the financial period
during which they incurred.
Financial assets measured at amortised cost: Cash and
cash equivalents consist of cash in hand and cash at the bank
accounts. Items classified as cash and cash equivalents have
a maturity of less than 3 months from the acquisition date.
The used credit limits are included in current interest-bearing
liabilities.
Loans and other receivables are measured at amortised cost.
Receivables are classified as current financial assets unless
their maturity date is more than 12 months from the balance
sheet date. Trade and other receivables are included in this
category except for trade receivables held for sale, which
are measured at fair value through profit and loss. Trade
receivables are recognised at their original book value. A
valuation allowance for impairment of trade receivables is
recognised when there is objective evidence that the Group
will not be able to collect all amounts due according to
the original terms of the receivables. Significant financial
difficulties of the debtor, the probability of the debtor’s
bankruptcy, failure to pay and significant delay of payments
are considered to be justified reasons for the impairment of
trade receivables. The Group applies the simplified approach
to providing for expected credit losses, which permits the
use of the lifetime expected loss provision for all trade
receivables. Impairments are recognised as an expense in
the consolidated statement of comprehensive income. Sold
non-recourse trade receivables’ credit risk and contractual
8. Capital structure
Business review / Governance / Financial review / Sustainability Statement 133Oriola Annual Report 2025
rights are transferred from the Group on the selling date
and related expenses are recognised as financial expenses.
Information about the Group’s exposure to credit and market
risks, and impairment losses for trade receivables is included
in note 8.3. Financial risk management .
Financial assets measured at fair value through
other comprehensive income: In 2018 and 2020, Oriola
Corporation invested a total of EUR 14.2 million in the
Swedish online medical centre Doktor.se. In 2021, Oriola sold
approximately 50% of its shareholding in Doktor.se for EUR
33.9 million. The investment is accounted for as a financial
asset. Oriola classifies the shares of Doktor.se as fair value
through other comprehensive income. The investment in
Doktor.se is seen as strategic investment, which supports
Oriola’s business operations. The purchase price of the shares
is recognised in the consolidated statement of financial
position in other non-current assets. Possible changes
in fair value of the investment are recognised in other
comprehensive income and they shall not subsequently be
transferred to profit and loss. The applied valuation method
for the shares in Doktor.se is based on realised transactions
and the fair value of the investment is calculated using
the weighted average share price over the last 12 months.
Possible dividends are recognised as dividend income in
the profit and loss. More information on the investment in
Doktor.se can be found in note 6.3. Other non-current assets.
Financial liabilities measured at amortised cost: Financial
liabilities measured at amortised cost are recognised in
the consolidated statement of financial position at the net
value received on the date of acquisition. Transaction costs
are included in the original carrying amount of financial
liabilities. Financial liabilities are subsequently measured
at amortised cost using the effective interest method.
Interest expenses are recognised in the statement of
comprehensive income using the effective interest method.
Financial liabilities that expire within 12 months from
the balance sheet date, including bank overdrafts in use,
are recognised within current interest-bearing liabilities,
and those expiring in a period exceeding 12 months, are
recognised within non-current interest-bearing liabilities.
Advances received from pharmacies consist of advance
payments made by pharmacies to the company for future

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 |

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).
deliveries of goods and are presented in current interest-
bearing liabilities.
Financial liabilities measured at fair value through
profit and loss: The Group’s financial liabilities measured
at fair value through profit and loss include derivatives
which are not designated as hedges. More information on
measurement of derivatives can be found from note 8.3.
Business review / Governance / Financial review / Sustainability Statement 134Oriola Annual Report 2025
Reconciliation of financial assets recognised at fair value according
to the level 3

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

Financial assets recognised at fair value through other
comprehensive income (level 3) include Oriola’s holding in the
Swedish online medical centre Doktor.se. In 2025 an increase of
EUR 2.9 (decrease of 2.6) million was recognised in the fair value of
shareholdings in Doktor.se due to the realised transactions. More
information on the investment in Doktor.se and its valuation can be
found in note 6.3. Other non-current assets.

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

Interest-bearing liabilities

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

The Group’s interest-bearing liabilities decreased by EUR 6.0 million
during the financial year 2025. Loan from financial institutions
were repaid by EUR 1.0 million and liabilities related to issued
commercial papers were reduced by EUR 4.9 million.
Business review / Governance / Financial review / Sustainability Statement 135Oriola Annual Report 2025

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

Business review / Governance / Financial review / Sustainability Statement 136Oriola Annual Report 2025
8.3. Financial risk management
The financial risks relating to the business operations of the
Oriola Group are managed in accordance with the treasury policy
approved by the Board of Directors. Oriola’s centralised Group
Treasury is responsible for implementing, monitoring and reporting
of the treasury policy.
Oriola’s Group Treasury’s main objectives are to maintain solid
long-term financial position and secure daily liquidity of the Group
and to efficiently manage currency and interest rate risks.
The objective of financial risk management is to hedge against
unfavourable changes in the financial markets and to minimise the
impact of foreign exchange, interest rate, refinancing and liquidity
risks on the Group’s cash reserves, profits and shareholders’ equity.
Approved hedging instruments are set in the treasury policy.
Currency risk: The most important country-specific operating
currencies for the Oriola Group are the euro (EUR) and the Swedish
krona (SEK). A substantial proportion of procurements and sales
are conducted in the reporting currency of the subsidiaries,
which considerably reduces the currency risk. In accordance
with its treasury policy, Oriola’s internal loans and deposits are
denominated in the local currency of each subsidiary.
Transaction risk: Transaction risks arise from commercial and
finance-related transactions and payments made by the business
units, which are denominated in a currency other than the unit’s
reporting currency. Due to the nature of business operations,
Oriola’s transaction risks are minor. In accordance with its treasury
policy, Oriola’s internal loans and deposits are denominated in
the local currency of each subsidiary, mainly in Swedish krona. In
accordance of the treasury policy, transaction risk arising from
the items in the statement of financial position recognised in
the statement of comprehensive income is aimed to be fully
hedged with derivatives. On the balance sheet date Swedish krona
denominated open transaction position was EUR 0.3 (0.1) million.
Translation risk: Oriola’s most significant translation risk concerns
items in Swedish krona. Translation risks arise from capital
investments and goodwill in foreign subsidiaries. On the balance
sheet date Oriola had not hedged the equity-related translation
risks. On the balance sheet date Swedish krona denominated
translation risk position was EUR 3.9 (28.4) million. Translation risk
sensitivity: A 10% weakening/strengthening of Swedish krona
would have an impact of EUR -/+0.4 (-/+2.6) million in the Group’s
equity.
Liquidity risk: The objective of liquidity risk management is to
maintain adequate liquid assets and revolving credit facilities so
that Oriola is able to meet all of its financial obligations. The Group’s
liquidity management is based on 12-month cash flow forecasts
and 4-week rolling cash flow forecasts drawn up on a weekly basis.
Oriola has diversified its refinancing risk among several different
counterparties and various financing sources.
In June 2025, Oriola signed a new three-year unsecured EUR 70
million committed revolving credit facility agreement with two
one-year extention options subject to the lenders’ approval. The
revolving credit facility matures in June 2028. The margin of the
revolving credit facility is linked to Oriola’s financial covenants. The
committed long-term revolving credit facility of EUR 70.0 million
and short-term uncommitted credit account limits of EUR 40.0
(40.0) million were unused on the balance sheet date. In addition,
Oriola has a EUR 200 (200) million uncommitted commercial paper
programme of which EUR 19.9 (24.8) million had been issued on
the balance sheet date. The amount of trade receivables was EUR
311.7 (247.1) million on the balance sheet date, and they form
an essential part of the Group’s short-term working capital. Due
to the structure of the pharmaceutical distribution business, the
turnover of trade receivables is short and the related cash inflows
are predictable, which supports the Group’s ability to meet its
short-term payment obligations and reduces the need for external
financing. Maturity distribution of financial assets and liabilities
is presented on the following page. Oriola’s cash and cash
equivalents at the end of 2025 totalled EUR 152.2 (113.5) million.
Oriola’s financial agreements include financial covenants that
are maximum net debt to EBITDA -ratio of 3.5 and maximum net
debt to equity ratio of 100%. IFRS 16 Leases -standard shall not be
applied when determining net debt and when calculating EBITDA
in financial covenants. At the end of the reporting period the
financial covenants were fulfilled.
Oriola’s net working capital was EUR -225.5 (-202.8) million on
the balance sheet date. Oriola’s net working capital was negative
on the balance sheet date due to the payment terms defined
in principal and customer agreements and to the non-recourse
factoring programmes used in the retail and wholesale businesses
in Sweden. The Group’s principal and customer agreements are
based on established, long-term agreements, and no significant
changes are anticipated in them during 2026.
Oriola has open-ended frame agreements in Sweden that allow the
company to sell trade receivables relating to Swedish wholesale
businesses to the financial institutions on a non-recourse basis.
Sales of trade receivables were EUR 121.9 (94.1) million in total on
the balance sheet date. No significant changes are anticipated in
the scope of the agreements to sell trade receivables in 2026.
Interest rate risk: Interest rate risk arise from changes in interest
payments of floating rate loans due to changes in market interest
rates and market value changes of financial instruments (price
risk). The objective of the interest rate risk management is to
minimise the impact of interest rate fluctuations on the statement
of comprehensive income. The interest rate risk is evaluated using
sensitivity analysis and interest rate duration.
On the balance sheet date, Oriola’s interest rate risk consisted of
EUR 152.2 (113.5) million in cash assets, EUR 70.1 (76.1) million in
Business review / Governance / Financial review / Sustainability Statement 137Oriola Annual Report 2025
interest-bearing liabilities, and EUR 121.9 (94.1) million from sales
of non-recourse trade receivables in Sweden. The interest-bearing
liabilities at the end of 2025 include lease liabilities totalling EUR
11.9 (12.3) million. On the balance sheet date, a total of EUR 85.3
(82.4) million of the interest rate risk was hedged, which covers
39.1% (48.9%) of total sales of non-recourse trade receivables. The
average interest rate on interest-bearing liabilities excluding lease
liabilities and including the sale of receivables on a non-recourse
basis and interest rate hedges, was 2.84% (3.01%), and the interest
rate duration was 12.0 (13.5) months. Interest rate hedges are
mainly long-term contracts. Oriola applies hedge accounting to the
interest rate swaps hedging cash flows relating to selling of non-
recourse trade receivables and to the interest rate swap hedging
future cash flows arising from floating rate long-term debt.
Based on the gross debt on the balance sheet date and assuming
that the trade receivables sales programmes will continue as
normal in Sweden, the effect of a one percentage point increase
in market interest rates on the Group’s annual earnings after taxes
would be EUR -1.3 (-1.9) million (including derivatives) and on
equity EUR 1.3 (1.9) million (including derivatives).
Credit and counterparty risks: A credit risk arises from the
possibility of a counterparty failing to meet its contractual payment
obligations or financial institutions failing to meet their obligations
relating to deposits and derivatives trading. Oriola’s treasury policy
provides the framework for credit-, investment- and counterparty
risk management.
Credit limits are determined for investments and derivative
agreement counterparties on the basis of creditworthiness and
solidity and are monitored and updated on a regular basis.
Business areas are responsible for the credit risk management
arising from commercial receivables. The Finnish and Swedish
wholesale business is based on well-established customer
relationships and contractual terms generally observed within the
industry, which significantly reduces the credit risk associated with
trade receivables. Due to the nature of the operations there are no
significant credit risks associated with the Swedish retail business.
The credit risk related to the wholesale business in Finland is
reduced by interest-bearing advance payments from pharmacies.
These interest-bearing advance payments are presented as current
interest-bearing liabilities in the statement of financial position. In
the wholesale business in Sweden, the credit risk is reduced by the
sale of non-recourse receivables to financial institutions and by the
usage of credit loss insurances.
The Group applies the simplified approach to providing for
expected credit losses, which permits the use of the lifetime
expected loss provision for all trade receivables. The Group uses a
provision matrix for loss allowance provision. The matrix is based
on historical observed default rates and incorporates forward
looking information.
Credit losses recognised in the statement of comprehensive
income for the financial year totalled EUR -0.2 (-0.2) million. The
ageing of trade receivables is presented in more detail in note 5.1.
Trade and other receivables.
Capital management: Oriola’s aim is to have an efficient capital
structure that allows the company to manage its ongoing
obligations and enables cost-effective operations under all
circumstances. The return on capital employed (ROCE) and
the gearing ratio are the measurements for monitoring capital
structure.
Oriola’s long-term financial targets are based on growth,
profitability and equity. The Group’s long-term targets are to grow
at the rate of the market, minimum 4%, adjusted EBIT margin above
3% and return on equity over 20%. In addition, Oriola’s aim is to pay
out an increasing annual dividend of 2/3 of its net profit.
For a definition of key figures, please see the section Alternative
performance measures.

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

Business review / Governance / Financial review / Sustainability Statement 138Oriola Annual Report 2025
Derivatives and hedge accounting
Recognition and measurement: Derivatives are initially
recognised at fair value on the date a derivative contract is
entered into and are subsequently measured to their fair
value at the end of each reporting month. The accounting for
subsequent changes in fair value depends on whether the
derivative is designated as a hedging instrument. Derivatives
are classified as held for trading and accounted for at fair
value through profit or loss unless they are designated as
hedges. They are presented as current assets or liabilities if
they are expected to be settled within 12 months after the
end of the reporting period.
Oriola has the following derivative instruments:
- Instruments held for trading: Foreign currency forward
and swap contracts
- Cash flow hedges: Interest rate swaps
The change in fair value of derivatives held for trading is
recognised either as other income or expense or as financial
income or expense depending on the underlying item being
hedged.
Hedge accounting: Oriola applies hedge accounting to
the interest rate swaps hedging cash flows relating to
selling of non-recourse trade receivables and to the interest
rate swap hedging future cash flows arising from floating
rate long-term debt. The floating interest rate has been
converted into fixed rate using interest rate swaps. When
initiating hedge accounting, the relationship between the
hedged item and the hedging instrument is documented
along with the objectives of the Group’s risk management.
The effective portion of the changes in the fair value of
interest rate swaps that are designated and qualify as cash
flow hedges is recognised in other comprehensive income
and accumulated in the reserves in equity. The ineffective
portion, if any, is recognised immediately in the statement of
comprehensive income within the financial items.
The fair value of currency forward and swap contracts is
determined by measuring them at fair value using market
rates on the balance sheet date.

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 that are open on the balance sheet date fall due in the
12-month period except part of the interest rate swaps recognised
as cash flow hedges. Interest rate risk relating to cash flow from
selling of trade receivables and from floating rate long-term debt
has been hedged with interest rate swaps. The fair value of interest
rate derivatives is defined by cash flows due to contracts. Interest
rate swaps are designated as cash flow hedges and their changes
in fair value related to the effective portion of the hedge are
recognised in other comprehensive income and the potential
ineffective part is recognised within the financial items in the
statement of comprehensive income.
Fair values of the derivatives have been recognised in the
statement of financial position in gross amount as the
derivatives contracts are related to credit events and cannot
be netted in financial statements. The Group has not given nor
received collateral to/from derivatives counterparties.
Oriola has derivative positions with several banks and related
transactions are effected under master derivative agreements.
Master derivative agreements allow settlement on a net basis
of all outstanding items within the scope of the agreements for
example in the event of bankruptcy. On the balance sheet date,
the remaining counterparty risk after net settlement, as allowed
in the master derivative agreements, was EUR 0.7 (1.3) for Oriola
and EUR 0.5 (0.5) million for the counterparties.
The nominal amount of foreign currency derivatives is the euro
equivalent of the contracts’ currency denominated amount on
the balance sheet date.
Business review / Governance / Financial review / Sustainability Statement 139Oriola Annual Report 2025
8.4. Equity, shares and authorisations
Share capital: Oriola Corporation’s share capital on 31 December
2025 stood at EUR 147,899,766.14. All issued shares have been paid
up in full. There were no changes in share capital in 2025.
Fair value reserve: The fair value reserve includes the change in
fair value of financial assets measured at fair value through other
comprehensive income as well as the effective portion of the
change in fair value of derivative financial instruments that are
designated as and qualify for cash flow hedges. At the balance
sheet date, the change in fair value of financial assets measured
at fair value through other comprehensive income recognised in
the fair value reserve totalled EUR 2.9 million. The change in fair
value of derivative financial instruments recognised in the reserve
totalled EUR -0.3 million (net of tax).
Contingency fund: The contingency fund is included in the
unrestricted equity of the company. The contingency fund has
been formed in 2006 when Oriola Corporation was entered into the
Trade Register. There were no changes in the contingency fund in
2025, and the fund stood at EUR 19.4 million on 31 December 2025.
OTHER FUNDS
Invested unrestricted equity reserve: Oriola Corporation
executed a directed share issue against payment in June 2009,
issuing 9,350,000 new class B shares. The net proceeds received from
the share issue amounted to EUR 20.7 million. The proceeds from
the share issue were credited to the reserve of invested unrestricted
equity. In accordance with the decision of the Annual General
Meeting of 6 April 2011, the company distributed on 19 April 2011
EUR 0.13 per share from the reserve of invested unrestricted equity
as repayment of equity, totalling EUR 19.7 million.
Oriola Corporation completed a rights offering in the first quarter
of 2015. The subscription period of the offering ended on 3 March
2015. In the offering 9,429,742 new A shares and 20,798,643
new B shares were subscribed and Oriola Corporation raised
gross proceeds of EUR 75.6 million through the offering. Oriola
Corporation recognised gross proceeds and the transaction costs
less taxes, totalling EUR 73.7 million, in the invested unrestricted
equity fund. There were no changes in the invested unrestricted
equity reserve in 2024, and the fund stood at EUR 74.8 million on 31
December 2025.
Translation differences: Translation differences include
translation differences arisen from the subsidiaries’ equity
translation during the consolidation, change of the fair values
of the net investment in the foreign subsidiary, and foreign
exchange rate differences arisen from the conversion of the foreign
subsidiaries’ income statements using the average exchange rate
of the reporting period and the conversion of their balance sheets
using the exchange rate quoted on the balance sheet date.
Shares: Oriola Corporation’s shares are quoted on the main list
of the Nasdaq OMX Helsinki exchange. The company’s field of
business on the stock exchange on 31 December 2025 was Health
Care Distributors and the company was classified under Health
Care. The ticker symbol for the shares is ORIOLA.
In April 2025 Oriola Corporation’s A and B share classes were
combined. As a result of the combination of the share classes, a
total of 3,839,165 new shares issued to holders of class A shares
in a directed share issue without payment were registered with
the Finnish Trade Register on 4 April 2025. At the end of 2025, the
company had a total of 185,325,378 shares. The shares do not have
a nominal value.
Oriola has a single class of shares and each share carries one (1)
vote at the general meeting.
Treasury shares: Treasury shares acquired by the company
and the related costs are presented as a deduction of equity.
Gain or loss on surrender of treasury shares are recognised in
equity net of tax.
The company holds a total of 80,258 treasury shares. The treasury
shares held by the company account for 0.04% of the company’s
shares and 0.04% of the votes.
Share trading and prices: In 2025, the traded volume of Oriola
Corporation shares, excluding treasury shares, corresponded to
12.7% of the total number of shares.
The average share price of Oriola Corporation’s shares was EUR 1.08
(EUR 1.04 class A shares and EUR 0.98 class B shares). The market
value of all Oriola Corporation shares at 31 December 2025 was EUR
213.1 (162.0) million.
Shareholders: On 31 December 2025 Oriola Corporation had a
total of 34,112 registered shareholders. There were 12,413,714
nominee-registered shares on 31 December 2025, corresponding
to 6.7% of all shares and 6.7% of all votes.
Management shareholdings: On 31 December 2025, the
members of the company’s Board of Directors and the President
and CEO, the members of the Oriola Management Team and
the companies controlled by them had a total of 656,967 shares,
corresponding to 0.35% of the total number of shares in the
company and of the votes.
Business review / Governance / Financial review / Sustainability Statement 140Oriola Annual Report 2025

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’s controlling |  |
corporation) | 150,000 | 150,000
Harri Pärssinen, Vice Chairman | 66,561 | 51,695
JF Capital Oy (Harri Pärssinen’s controlling |  |
corporation) | 65,000 | 65,000
Petra Axdorff | 26,739 | 14,278
Ann Carlsson Meyer | 26,739 | 14,278
Nina Mähönen | 42,950 | 30,489
Yrjö Närhinen | 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 Nylén (from 1 January 2025) | 6,347 | -
Petter Sandström | 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) | - | -

Authorisations: The Annual General Meeting authorised the
Board to decide on a share issue against payment in one or
more issues, including the right to issue new shares or to assign
treasury shares held by the company. The authorisation covers a
combined maximum of 18,000,000 shares of the one single share
class of the company and includes the right to derogate from the
shareholders’ pre-emptive subscription right. The authorisation
is in force for eighteen (18) months following the decision of the
Annual General Meeting.
The Board was also authorised to decide on a share issue against
payment of shares in one or more issues including the right to issue
new class shares or assign treasury shares held by the company.
The authorisation covers a combined maximum of 18,000,000
shares of the one single share class of the company including the
right to derogate from the shareholders’ pre-emptive subscription
right. The authorisation is in force for a maximum of eighteen (18)
months following the decision of the Annual General Meeting.
The Annual General Meeting authorised the Board to decide on a
share issue of shares without payment to the Company and on a
directed share issue of shares in order to execute the share-based
incentive plan for Oriola Group’s executives and the share savings
plan for Oriola Group’s key personnel. The maximum number of
new shares to be issued under this authorisation is 250,000, which
represents of 0.14% of all shares in the Company. The authorisation
is in force for eighteen (18) months from the decision of the Annual
General Meeting.
The Annual General Meeting authorised the Board to decide on
repurchasing up to 18,000,000 of the company’s own shares. Shares
may be repurchased also in a proportion other than in which shares
are owned by the shareholders. The authorisation is in force for a
maximum of eighteen (18) months following the decision of the
Annual General Meeting.
All decisions of the Annual General Meeting 2025 are available on
the company’s website www.oriola.com.
Business review / Governance / Financial review / Sustainability Statement 141Oriola Annual Report 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

Business review / Governance / Financial review / Sustainability Statement 142Oriola Annual Report 2025
8.5. Earnings per share, dividend and other equity
distribution
Earnings per share: Basic earnings per share is calculated by
dividing the net result attributable to owners of the parent
company by the weighted share issue adjusted average
number of shares outstanding during the period, excluding
shares acquired by the Group and held as treasury shares.
When calculating diluted earnings per share, the weighted
share-issue adjusted average number of shares outstanding
during the period is adjusted by the effect of all dilutive
potential shares.
Dividend and other equity distribution: Dividends or
other equity distribution includes dividends and other
equity distribution approved by the Annual General
Meeting. Dividends and other equity distribution proposed
by the Board of Directors are not recognised in the
financial statements until they have been approved by the
shareholders at the Annual General Meeting. Dividend and
other equity distribution for shareholders is recognised as a
liability in the consolidated statement of financial position
for the period during which the dividend is approved by the
Annual General Meeting.
Dividend policy and distribution proposal: Oriola Corporation
will seek to pay out annually as dividends a 2/3 of the Group’s net
profit. The Company’s strategy and financial position shall be taken
into consideration when determining the annual dividend payout
ratio. The dividend paid for 2024 was EUR 12.7 million (EUR 0.07
per share) and for 2023 EUR 12.7 million (EUR 0.07 per share). The
Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 5.6 million, EUR 0.03 per share is paid for 2025. It is
further proposed that the Annual General Meeting authorises the
Board of Directors, at its discretion, to resolve on the distribution
of a possible second dividend instalment up to a maximum of EUR
0.04 per share. It is the intention of the Board of Directors that the
possible dividend payment pursuant to this authorisation would be
carried out in November 2026.

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

Business review / Governance / Financial review / Sustainability Statement 143Oriola Annual Report 2025
9. Income taxes
9.1. Taxes recognised in the comprehensive income
for the period
Tax expense in the consolidated statement of
comprehensive income consists of income taxes based
on the taxable profit for the financial year, prior period
adjustments, and changes in deferred tax assets and
liabilities. Income tax for the taxable profit for the period is
calculated based on the effective income tax rate for each tax
jurisdiction. Taxes are recognised in profit and loss, except
when they relate to items recognised directly in equity or
in other comprehensive income, when the taxes are also
recognised in equity or in other comprehensive income
respectively.
Oriola Group is within the scope of the Pillar Two legislation,
where the Group is liable to pay a top-up tax for the difference
between their GloBE effective tax rate per jurisdiction and the 15%
minimum rate. All entities within the Group have an effective tax
rate that exceeds 15% and therefore the Group does not expect to
be subject to the top-up tax. The Group has applied a temporary
mandatory relief from deferred tax accounting for the impacts
of the top-up tax and accounts for it as a current tax when it is
incurred.

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%

Taxes entered with a positive value are recognised as expenses and
taxes entered with a negative value are recognised as income.
The Finnish tax rate used to calculate taxes was 20.0% and the
Swedish tax rate was 20.6%.
9.2. Deferred tax assets and liabilities
Deferred tax is calculated on temporary differences between
the carrying amounts and the taxable values of assets and
liabilities and for tax loss carry-forwards to the extent that it
is probable that these can be utilised against future taxable
profits. The largest temporary differences are caused by lease
agreements, ERP-investment related costs, depreciation of
property, plant and equipment and defined pension benefit
plans. The deferred taxes are determined using tax rates and
laws that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the
related deferred income tax asset is realised, or the deferred
income tax liability is settled. Deferred tax assets and
liabilities offset in the consolidated statement of financial
position when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the
deferred taxes relate to the same fiscal authority.
Business review / Governance / Financial review / Sustainability Statement 144Oriola Annual Report 2025

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

Business review / Governance / Financial review / Sustainability Statement 145Oriola Annual Report 2025
10. Group structure
Consolidation principles: The consolidated financial
statements include Oriola Corporation and those directly or
indirectly owned subsidiaries over which Oriola Corporation
exercises control. Control is presumed to exist when the Group
through participation in an investee becomes exposed to its
variable returns or is entitled to its variable returns and is able
to have an influence on the returns through exercising power
over the investee. Subsidiaries are consolidated from the date
the Group has gained control and divested companies are
consolidated until the date control is lost.
The acquisition method is used in the accounting for the
elimination of internal ownership. All intra-group transactions,
as well as intra-group receivables, payables, dividends and
unrealised internal margins, are eliminated. The Group’s profit
for the period is attributed to the equity holders of the parent
and non-controlling interests.
Changes in the parent’s ownership interest in a subsidiary
that do not result in a loss of control are accounted for as
equity transactions. As at the date when control is lost, any
investment retained in the former subsidiary is recognised
at fair value and the difference is recorded through the
statement of comprehensive income.
The consolidation principles for joint ventures are presented
in the note 10.4.
Foreign currency denominated items: The consolidated
financial statements have been presented in euros, which
is the functional and presentation currency of the Group’s
parent company. The items included in the financial
statements of the subsidiaries are valued in the currency,
which best describes the financial operating conditions of
each subsidiary (“functional currency”).
Transactions in foreign currencies are translated into
functional currency/euro at the rates of exchange prevailing
at the dates of transactions. Monetary items have been
translated into euros using the rates of exchange as at the
balance sheet date and non-monetary items using the rates
of exchange at the dates of transactions, excluding items
measured at fair value, which have been translated using the
rates of exchange on the date of valuation. Gains and losses
arising from the translation are recognised in the profit or
loss. Foreign exchange gains and losses from operations are
included within the corresponding items above EBIT. Foreign
exchange gains and losses from loans denominated in a
foreign currency are included within financial income and
expenses.
The income statements of foreign group companies outside
the eurozone are translated into euros using the weighted
average rate of exchange of the financial year and the
statements of financial position using the rates of exchange
as at the balance sheet date. Differences resulting from
the translation of the result for the period at a different
rate in the statement of comprehensive income and in the
statement of financial position are recognised as a separate
item within the consolidated statement of comprehensive
income. Translation differences arising from the acquisition
cost elimination of foreign subsidiaries and from the
translation of equity items accrued after the acquisition
date are recognised in other comprehensive income. When
a subsidiary is sold in full or in part, related translation
differences are included in the calculation of gain or loss for
the sale and recognised in the profit or loss for the period.
10.1. Subsidiaries

|  |  | 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 |  |

The Group’s subsidiary Oriola Sweden AB acquired 100% of the
shares in Oriola Advisory Services Denmark ApS (former MedInfo
ApS) in Denmark on 3 February 2025. Svensk dos AB was sold to
Apotekstjänst Sverige AB on 1 April 2025.

|  |  | 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

Business review / Governance / Financial review / Sustainability Statement 146Oriola Annual Report 2025
10.2. Related party transactions
Related parties in the Oriola Group are deemed to comprise the
members of the Board of Directors and the President and CEO of
Oriola Corporation, other members of the Oriola Management
Team (key management), the immediate family of the
aforementioned persons and companies in which they have control
or joint control, the Group’s subsidiaries and joint ventures.
The Group has transactions between the group companies and the
joint venture in the ordinary course of business. The Group has no
significant business transactions with other related parties.
Transactions with the joint venture are presented in the following
table:

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

* Termination expenses in 2024 include the severance pay equal to 6 months’ salary.
The total benefits of the President and CEO of the Group and
the Oriola Management Team include a supplementary health
insurance. The President and CEO of the Group and the Oriola
Management Team participate in statutory pension schemes. The
President and CEO of the Group participates in a voluntary defined
contribution plan.

Remuneration of the members of the Board of Directors |  |
EUR thousand | 2025 | 2024
Heikki Westerlund, Chairman | 87.9 | 85.5
Harri Pärssinen, Vice Chairman | 52.8 | 52.5
Petra Axdorff* | 43.2 | 43.0
Ann Carlsson Meyer* | 44.2 | 41.0
Nina Mähönen | 43.7 | 43.0
Yrjö Närhinen | 55.3 | 47.0
Ellinor Persdotter Nilsson | 43.7 | 42.5
Eva Nilsson Bågenholm** | - | 2.0
Total 370.8 356.5 |  |

* from 19 March 2024
** until 19 March 2024
Annual General Meeting in 2025 confirmed that the fee for the term
of office of the Chairman of the Board of Directors is EUR 71,400,
the fee for the term of office of the Vice Chairman of the Board of
Directors and for the Chairman of the Board’s Audit Committee is
EUR 40,800 and the fee for the term of office of other members of
the Board of Directors is EUR 34,200. Of the annual fee, 60 per cent
shall be paid in cash and 40 per cent shall be used to acquire shares
of the one single share class of Oriola Corporation. The Chairman
of the Board of Directors receives an attendance fee of EUR 1,000
per meeting for meetings of the Board of Directors held in the
Chairman’s home country and EUR 2,000 for meetings of the Board
of Directors held elsewhere and the other members of the Board
of Directors receive attendance fees of EUR 500 per meeting for
meetings held in the home country of the respective member of
the Board of Directors and EUR 1,000 for meetings held elsewhere.
Attendance fees are correspondingly also paid to the Chairman
and members of company committees. Travel expenses are
compensated in accordance with the travel policy of the company.
For the apportionment paid in shares, an expense of EUR 0.1 (0.1)
million was recognised in 2025.
Business review / Governance / Financial review / Sustainability Statement 147Oriola Annual Report 2025
Acquisitions
On 3 February 2025, the Group’s subsidiary Oriola Sweden
AB acquired 100% of the shares in MedInfo ApS in Denmark
to strengthen its Nordic footprint in medical information (MI)
and patient support programmes (PSP). MedInfo was Oriola’s
subcontractor covering the Danish and Norwegian markets with MI
and PSP services. MedInfo’s net sales in 2024 were EUR 0.9 million,
which mainly came from transactions with Oriola. The company has
nine employees in full-time equivalents (FTE).
The acquisition has been accounted for using the acquisition
method. The consolidated financial statements include the
results of Oriola Advisory Services Denmark ApS (former MedInfo
ApS) from the date of acquisition 3 February 2025 onwards. The
company has been integrated in Oriola’s Advisory services, which is
part of the Wholesale segment.
Net assets acquired were EUR 0.1 million and goodwill recognised
was EUR 0.3 million. The goodwill is attributed to the acquired
workforce in expert positions. Total purchase consideration
was EUR 0.4 million and net cash flow on acquisition was EUR
-0.5 million. Transaction costs were not significant, and they are
included in the other operating expenses in the income statement.
Divestments
Oriola completed the sale of the entire share capital of its
subsidiary Svensk dos AB to Apotekstjänst Sverige AB on 1
April 2025. Svensk dos AB had been classified as held for sale
from October 2023 until the completion of the transaction.
Svensk dos AB was part of the Distribution segment.
As a result of the transaction, Oriola incurred a sales loss of EUR
3.0 million. The total consideration in cash was EUR 4.1 million.
During the first quarter of 2025, an impairment loss of EUR 5.7
million was recognised in goodwill and in other non-current
assets in dose dispensing Sweden.
10.3. Acquisitions and divestments
Non-current assets, or disposal groups comprising assets
and liabilities, are classified as held for sale if it is highly
probable that they will be recovered primarily through sale
rather than through continuing use. Such assets, or disposal
groups, are generally measured at the lower of their carrying
amount and fair value less costs to sell. The recognition
criteria are met when a sale is highly probable, the asset or a
disposal group is available for immediate sale in its present
condition subject only to terms that are usual and customary
for the sales of such assets, the management is committed
to the plan to sell the asset and the sale is expected to be
completed within one year from the date of classification.
Once classified as held for sale, intangible assets and
property, plant and equipment are no longer amortised or
depreciated, and any equity-accounted investee is no longer
equity accounted. From the date of the classification, assets
held for sale or disposal group are measured at the lower of
its carrying amount and fair value less costs to sell.
Identifiable assets acquired and assumed liabilities of an
acquired entity are measured at their fair value as of the
acquisition date. Any contingent consideration is measured
at fair value at the date of acquisition and classified under
other interest-bearing liabilities. Changes in the contingent
consideration and acquisition-related expenses are recognised
as an expense in the statement of comprehensive income.

Impact of divestments on group’s 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

*At the end of 2024, the assets and liabilities of the dose dispensing
business in Sweden were classified as held for sale.

Impact of divestments on the Group’s 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

Oriola had no divestments in 2024.
Business review / Governance / Financial review / Sustainability Statement 148Oriola Annual Report 2025
10.4. Investments in joint ventures
Joint ventures are joint arrangements where the Group has
joint control with other parties and the parties have rights to
the arrangement’s net assets.
Interests in joint ventures are accounted for using the
equity method of accounting and are initially recognised at
cost after which the Group’s share of the post-acquisition
retained profits and losses is included as part of investments
in joint ventures in the consolidated statement of financial
position. Under the equity method the share of profits
and losses of joint ventures is presented separately in the
statement of comprehensive income after EBIT.
Investments in joint ventures are tested for impairment
whenever events or change in circumstances indicate that
the carrying amount may not be recoverable.
Oriola has 50% shareholding in Swedish Pharmacy Holding
AB, which controls pharmacy chain Kronans Apotek in
Sweden.
Use of estimates: Management judgement is required
when testing the carrying amount of the joint venture for
impairment. The impairment test is based on determining
the recoverable amount using value in use. The value in use
has been calculated using a discounted cash flow model
(DCF). The cash flow forecasts applied in the test are derived
from the business plan for 2026–2030 approved by the joint
venture’s Board of Directors and management.
The plan was updated in 2025 and is supported by a comp-
rehensive market, competitive, and strategic analysis, as well
as an assessment of the current and target state of Kronans
Apotek. The key assumptions in the plans are estimates of
the long-term market growth, market position and profita-
bility of the business. Key variables in impairment testing are
net sales growth, EBITDA margin, terminal growth rate and
discount rate.
Integration and harmonisation of key business systems were
completed in 2025. Sales forecasts have been assessed as
realistic and consistent with prevailing market conditions. A
long term growth rate of 2.0 percent has been applied for the
period beyond 2030, reflecting the stable and moderate long
term growth outlook of the Swedish pharmacy market and
prevailing inflation expectations.
The discount rate 8.4% used in the calculations is based on
the weighted average cost of capital, taking into account
business-specific risks. Information used in determining the
discount rate was obtained from an external data source
and has been applied with the principles used in impairment
testing across Oriola’s other business operations.
Based on the impairment testing performed by Oriola, no
impairment of the joint venture’s carrying amount has been
identified.

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

The share of result in 2025 includes Oriola’s share of the impairment
of goodwill in Kronans Apotek amounting to EUR 15.8 (16.3)
million. The impairments were related to the integration of Kronans
Apotek, and the transition to one common ERP system, which have
required more time than anticipated. The integration and ERP-
project have been completed in 2025.
Summarised financial information for joint venture
The summary below is based on the reporting of the joint venture
prepared in accordance with IFRS.

| 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

Business review / Governance / Financial review / Sustainability Statement 149Oriola Annual Report 2025

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’s 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

In 2025 the company recognised a goodwill impairment loss of EUR
31.6 (32.6) million. The impairments were related to the integration
of Kronans Apotek, and the transition to one common ERP system,
which have required more time than anticipated. The integration
and ERP-project have been completed in 2025.
Business review / Governance / Financial review / Sustainability Statement 150Oriola Annual Report 2025
11.1. Commitments and contingent liabilities

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

The most significant guarantees on behalf of subsidiaries are bank
guarantees against Swedish wholesale company’s trade payables.
11.2. Future lease payments

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

Future payments consist of minimum leasing commitments
related to low-value assets and short-term leases, to which the
Group elected to apply recognition exemptions permitted by IFRS
16. For details about leases please refer to section 7. Leases. The
leasing expenses related to short-term leases and leases of low-
value assets are presented in note 7.2. Leases in the statement of
comprehensive income.
11.3. Litigation
Oriola is from time to time involved in legal actions, claims and
other proceedings. It is Oriola’s policy to provide for amounts
related to the proceedings if liability is probable and such amounts
can be estimated with reasonable accuracy. Taking into account all
available information to date, the legal actions, claims and other
proceedings are not expected to have material impact on the
financial position of the Group.
11.4. Events after the balance sheet date
Oriola accelerates growth and modernises Finnish
operations with a highly automated, state-of-the-art
distribution centre in Järvenpää
Oriola announced on 7 January 2025 that it has completed
the planning phase of a highly automated, state-of-the
art distribution centre located in Järvenpää, Finland, in
total valued at EUR 110-120 million. The investment will be
financed in a capital-efficient way through a long-term lease
arrangement for the building, machinery and equipment,
while the land is acquired and owned by Oriola. The new
distribution centre will be financed by SEB Leasing Oy.
Construction of this facility is scheduled to commence in the
first quarter of 2026, with the relocation of operations from
Espoo to Järvenpää anticipated to start by the end of 2027.
Additionally, Oriola’s headquarters will be relocated within
Espoo.
Oriola initiates review of long-term plan, financial targets
and capital allocation priorities – Capital Markets Day
scheduled
Oriola announced on 7 January 2025 that it initiates review
of long-term plan, to support growth and drive profitability,
financial targets and capital allocation priorities to enhance
shareholder value creation. Oriola aims to complete the review
during spring 2026 and share the details in its Capital Markets
Day on 12 May 2026.
11. Unrecognised items 12. Other notes
12.1. Application of new and amended IFRS standards
and IFRIC interpretations
Certain new or revised standards and interpretations have been
published by the International Accounting Standards Board (IASB)
that are not mandatory for 31 December 2025 reporting periods
and have not yet been applied by the Group. The Group will apply
each new standard and interpretation from the effective date. If
the effective date is other than the first day of a financial year, the
Group will apply the standard or interpretation from the beginning
of the following financial year.
IFRS 18 Presentation and Disclosure in Financial Statements -standard
requires new categories (operating, investing and financing) and
subtotals in the income statement, disclosures about management-
defined performance measures (MPMs), adds new principles for
aggregation and disaggregation of information and provides
limited amendments to IAS 7 Statement of Cash Flows. The new
standard is effective from 1 January 2027. The standard is not yet
endorsed by the EU.
Oriola Group’s operating profit as defined in accordance with
new IFRS 18 will be lower because certain financial items will be
classified to the operating category. In addition, some financial
items will be classified to the investing category. In accordance
with IFRS 18 standard the financing category will include mainly
interest and other expenses related to interest-bearing liabilities.
Oriola continues to analyse the impact of the new standard.
Other new or amended accounting standards are not expected
to have a material impact on the Group in the current or future
reporting periods and on froreseeable future transactions.
Business review / Governance / Financial review / Sustainability Statement 151Oriola Annual Report 2025
Business review / Governance / Financial review / Sustainability Statement 152Oriola Annual Report 2025
Parent company financial statements
Parent company income statement (FAS)
EUR thousand Note 2025 2024
Other operating income 2 16,483.4 17,580.9
Personnel expenses 3 -8,992.8 -8,038.3
Depreciation, amortisation
and impairment charges 4 -3,333.7 -3,634.8
Other operating expenses 5 -14,722.3 -13,032.5
Operating result -10,565.4 -7,124.7
Financial income and expenses 6 -6,764.2 -35,425.4
Result before appropriations and taxes -17,329.7 -42,550.1
Appropriations 7 19,582.1 19,278.5
Income taxes 8 -868.1 -1,335.8
Result for the period 1,384.3 -24,607.3
Parent company balance sheet (FAS)
EUR thousand Note 31 Dec 2025 31 Dec 2024
Assets
Non-current assets
Intangible assets 9
Intangible rights 96.7 151.3
Other intangible assets 6,738.4 9,832.2
Advance payments and construction in progress 11,760.1 6,394.9
18,595.2 16,378.4
Property, plant and equipment 10
Land and water areas 77.4 77.4
Machinery and equipment 0.0 1.1
Other tangible assets 7.0 7.5
84.5 86.0
Investments 11
Holdings in group companies 263,895.4 273,720.6
Holdings in participating interest companies 215,212.0 215,212.0
Other shares 8,203.2 8,203.2
487,310.5 497,135.7
Non-current assets, total 505,990.2 513,600.1
Current assets 12
Receivables
Long-term receivables
Accrued receivables 249.1 600.3
Short-term receivables
Trade receivables 7.4 -
Receivables from group companies 20,232.6 19,662.5
Other receivables 5.3 511.6
Accrued receivables 1,840.5 1,381.1
22,334.9 22,155.4
Cash and cash equivalents 152,112.6 113,463.9
Current assets, total 174,447.5 135,619.3
Assets total  680,437.7 649,219.5
EUR thousand Note 31 Dec 2025 31 Dec 2024
Equity and liabilities
Equity 13
Share capital 147,899.8 147,899.8
Other funds 19,418.7 19,418.7
Invested unrestricted equity reserve 76,957.5 76,957.5
Retained earnings 43,429.0 81,503.8
Result for the financial year 1,384.3 -24,607.3
289,089.4 301,172.4
Appropriations 14 1,505.0 1,488.8
Liabilities 15
Long-term liabilities
Borrowings 30,000.0 30,000.0
Liabilities to group companies - 18,326.2
Accrued liabilities 390.1 499.0
30,390.1 48,825.2
Short-term liabilities
Borrowings - 1,000.0
Trade payables 2,476.8 2,778.6
Liabilities to group companies 332,448.0 264,829.6
Other liabilities 22,558.0 27,384.6
Accrued liabilities  1,970.6 1,740.2
359,453.3 297,733.1
Liabilities total 389,843.3 346,558.3
Equity and liabilities total  680,437.7 649,219.5
Business review / Governance / Financial review / Sustainability Statement 153Oriola Annual Report 2025
Parent company cash flow statement (FAS)
EUR thousand 2025 2024
Cash flow from operating activities
Result before appropriations and taxes -17,329.7 -42,550.1
Adjustments
Depreciation, amortisation
and impairment charges 3,333.7 3,634.8
Unrealised foreign exchange gains and losses 4,745.1 1,054.3
Other non-cash items -652.2 -1.2
Financial income and expenses 4,111.6 33,180.5
 -5,791.5 -4,681.6
Change in working capital
Change in current
non-interest-bearing receivables -118.0 -802.6
Change in non-interest-bearing current
liabilities 197.9 -537.3
 5,711.6 -6,021.5
Paid and received other financial expenses
and income -4,239.0 -497.3
Interest received 2,719.9 3,748.4
Interest paid -4,924.9 -7,924.4
Income taxes paid -1,195.8 -1,250.0
Cash flow from operating activities -13,351.3 -11,944.7
Cash flow from investing activities
Investments in tangible and intangible assets -5,761.6 -3,294.9
Proceeds from sale of tangible and intangible
assets 0.4 -
Proceeds from sale of subsidiaries 5,232.7 -
Dividends received - 8,799.7
Cash flow from investing activities -528.5 5,504.8
Cash flow from financing activities
Purchase of own shares -115.9 -111.0
EUR thousand 2025 2024
Repayments of long-term loans -19.113.5 -18,502.2
Proceeds from long-term loans - 30,000.0
Repayments of short-term loans -1,000.0 -57,860.5
Change in other current financing 62,729.4 22,147.9
Group contributions received 19,170.0 19,392.5
Dividends paid -12,698.7 -12,695.6
Cash flow from financing activities 48,971.2 -17,628.9
Change in cash and cash equivalents 35,091.4 -24,068.9
Cash and cash equivalents at
the beginning of period 113,463.9 137,532.8
Net change in cash and cash equivalents 35,091.4 -24,068.9
Effect of exchange rates on cash and cash
equivalents 3,557.3 -
Cash and cash equivalents at the end of period 152,112.6 113,463.9
Business review / Governance / Financial review / Sustainability Statement 154Oriola Annual Report 2025
Notes to the parent company financial statements
(FAS)
1. Accounting principles
Oriola Corporation is the parent company of the Oriola Group,
domiciled in Espoo, Finland. Oriola Corporation provides
administrative services to group companies. These administrative
services are centralised to the parent company. Copies of the
consolidated financial statements of the Oriola Group are available
at the head office of Oriola Corporation, Orionintie 5, FI-02200
Espoo, Finland (investor.relations@oriola.com).
Oriola Corporation´s financial statements are prepared in euros and
according to Generally Accepted Accounting Principles in Finland
(Finnish GAAP) and according to corporate legislation. The financial
statements are presented in thousand euros.
When appropriate, the financial statements of Oriola Corporation
comply with the Group’s accounting principles based on IFRS.
Below are described those accounting principles in which
the financial statements of Oriola Corporation differ from the
accounting principles of the consolidated financial statements. The
accounting principles for the consolidated financial statements are
presented in the notes to the consolidated financial statements.
Financial assets and liabilities: Financial items classified as
loans and receivables or other financial liabilities are carried at
amortised cost.
The change in the fair value of the effective portion of interest rate
derivative agreements under hedge accounting made to hedge
cash flows is directly recognised against the fair value reserve
included in equity. Derivatives acquired to hedge balance sheet
items like bank accounts, loans and receivables denominated in
foreign currencies and derivatives made to hedge cash flows that
are not under hedge accounting are recorded in exchange gains
and losses in the financial items.
Share-based payments: The accounting treatment of Oriola
Corporations share-based incentive plans is described in the
accounting principles for the consolidated financial statements.
The share incentive plans of Oriola Corporation are a combination
of shares and a cash payment. The granted amount of the incentive
plans, settled in shares, is measured at share price of the grant
date less expected dividends. The cash-settled part of the plans is
measured at fair value, which is the share price at the end of the
reporting period. The expenses arising from the incentive plans
are recognised in the income statement over the vesting period.
In the financial statements of the parent company the component
settled in shares as well as the cash-settled part are recognised as
accrued liability until paid out. When paid out the share settled part
is credited to the equity.
Pension arrangements: The Statutory pension coverage of Oriola
Corporation is provided by Ilmarinen Mutual Pension Insurance
Company. Supplementary pension coverage is provided by OP Life
Assurance Company Ltd. Pension-related payments are recognised
as pension expenses on an accrual basis. No other pension liabilities
arising from pension arrangements are recognised in the balance
sheet except for pension-related accruals.
Leases: The lease agreements of Oriola Corporation consist
mainly of information and communication technology equipment.
Lease payments are expensed over the rental period and they are
included in other operating expenses. Assets leased and related
liabilities are not recognised in the parent company’s balance
sheet.
Subsidiary shares: The carrying amounts of subsidiary shares
are assessed as part of the Group’s impairment testing, where
cash flow forecasts based on value-in-use calculations are
prepared for the Group’s cash-generating units. In the impairment
testing of subsidiary shares, the cash flows are further allocated
to subsidiaries’ recoverable amounts. The impairment loss is
recognised, if the carrying amount of the subsidiary shares and
the amount of net loan receivables from the subsidiary exceed the
recoverable amount of the corresponding assets.
Other investments in non-current assets: If the recoverable
amount of the other investment in non-current assets is
estimated to be permanently lower than the acquisition cost less
amortisation, the difference is recorded as an impairment loss in
the income statement.
2. Other operating income
EUR thousand 2025 2024
Rental income 13.2 12.9
Other service charges 16,467.4 16,910.0
Other operating income 2.8 658.0
Total 16,483.4 17,580.9
3. Personnel
EUR thousand 2025 2024
Personnel costs
Salaries and fees 7,403.1 6,529.3
Pension costs 1,222.9 1,111.2
Other personnel costs 366.9 397.8
Total 8,992.8 8,038.3
Average number of personnel 71 67
Salaries and bonuses to the Management
CEO and Members of the Board of Directors 968.7 878.6
Remuneration and pension costs for the CEO and the members of
the Board of Directors are disclosed in the consolidated financial
statement in note 10.2. Related party transactions.
4. Depreciation, amortisation and impairment charges
EUR thousand 2025 2024
Depreciation 3,333.7 3,634.8
Total 3,333.7 3,634.8
Criteria applied for the straight-line depreciation is disclosed
in notes 6.1. and 6.2. to the consolidated financial statement.
Depreciation by asset class is presented in notes 9-10.
Business review / Governance / Financial review / Sustainability Statement 155Oriola Annual Report 2025
5. Other operating expenses
EUR thousand 2025 2024
Postage, telephone and banking expenses 131.3 137.3
IT expenses 10,019.2 7,650.0
Travelling and car expenses 325.6 366.9
Administrative consultancy services 2,440.1 3,082.9
Other operating expenses 1,806.1 1,795.3
Total 14,722.3 13,032.5
Other operating costs are mainly costs related to the ownership.
Audit costs included in
other operating costs, EUR thousand 2025 2024
Fees for statutory audit 84.0 82.0
Fees for audit related assignments 76.9 104.7
Fees for other services 28.5 39.5
Total 189.5 226.2
6. Financial income and expenses
EUR thousand 2025 2024
Income from group companies
Dividend income from group companies - 8,799.7
Other interest and financial income
EUR thousand 2025 2024
Interest income from group companies 19.4 33.4
Interest income from other companies 2,700.5 3,715.0
Other financial income 20,581.1 16,184.5
Interest and other financial expenses
Interest expenses to group companies -1,081.8 -3,240.6
Interest expenses to other companies -3,784.7 -4,448.8
Other financial expenses -21,591.5 -18,386.0
Expense from group companies
Expense from sales of subsidiary shares -3,607.3 -
Impairment on investments
Impairment on investments
in non-current assets - -38,082.6
Total -6,764.2 -35,425.4
Financial income and expenses include:
Interest income 2,719.9 3,748.4
Interest expenses -4,866.5 -7,689.4
Exchange rate gains/losses -111.6 -36.3
In 2024, impairment on investments in non-current assets include
impairment on subsidiary shares (EUR 11.0 million) and impairment
on joint venture shares (EUR 27.0 million).
7. Appropriations
EUR thousand 2025 2024
Change in depreciation difference -16.2 108.6
Group contribution received 19,598.3 19,170.0
Total 19,582.1 19,278.5
8. Income taxes
EUR thousand 2025 2024
Income taxes for the financial period 998.7 1,335.8
Income taxes for previous financial periods -130.6 -
Total 868.1 1,335.8
Business review / Governance / Financial review / Sustainability Statement 156Oriola Annual Report 2025
9. Intangible assets
EUR thousand
2025
Intangible
rights
Other
intangible
assets
Advance
payments and
construction in
progress Total
Historical cost 1 Jan 812.7 29,845.8 6,394.9 37,053.3
Increases - 184.2 5,365.2 5,549.4
Decreases - -25.3 - -25.3
Historical cost 31 Dec 812.7 30,004.7 11,760.1 42,577.4
Accumulated amortisation 1 Jan 661.4 20,013.6 - 20,674.9
Accumulated depreciation related to decreases - -25.3 - -25.3
Amortisation for the financial year 54.6 3,278.0 - 3,332.6
Accumulated amortisation 31 Dec 716.0 23,266.2 - 23,982.2
Carrying amount 31 Dec 96.7 6,738.4 11,760.1 18,595.2
2024    
Historical cost 1 Jan 812.7 29,819.9 1,865.6 32,498.1
Increases - 13.6 4,541.6 4,555.2
Reclassifications - 12.3 -12.3 -
Historical cost 31 Dec 812.7 29,845.8 6,394.9 37,053.3
Accumulated amortisation 1 Jan 589.8 16,451.8 - 17,041.6
Amortisation for the financial year 71.6 3,561.7 - 3,633.3
Accumulated amortisation 31 Dec 661.4 20,013.6 - 20,674.9
Carrying amount 31 Dec 151.3 9,832.2 6,394.9 16,378.4
10. Property, plant and equipment
EUR thousand
2025
Land and
water areas
Machinery and
equipment
Other
tangible assets Total
Historical cost 1 Jan 77.4 17.7 7.5 102.6
Decreases - - -0.5 -0.5
Historical cost 31 Dec 77.4 17.7 7.0 102.2
Accumulated depreciation 1 Jan - 16.6 - 16.6
Depreciation for the financial year - 1.1 - 1.1
Accumulated depreciation 31 Dec - 17.7 - 17.7

Carrying amount 31 Dec 77.4 0.0 7.0 84.5
2024    
Historical cost 1 Jan 77.4 17.7 7.5 102.6
Historical cost 31 Dec 77.4 17.7 7.5 102.6
Accumulated depreciation 1 Jan - 15.1 - 15.1
Depreciation for the financial year - 1.5 - 1.5
Accumulated depreciation 31 Dec - 16.6 - 16.6

Carrying amount 31 Dec 77.4 1.1 7.5 86.0
Business review / Governance / Financial review / Sustainability Statement 157Oriola Annual Report 2025
11. Investments
EUR thousand
2025
Holdings in group
companies
Holdings in
participating
interest companies Other shares Total
Historical cost 1 Jan 308,750.9 242,250.0 8,203.2 559,204.1
Decreases -27,583.5 - - -27,583.5
Historical cost 31 Dec 281,167.4 242,250.0 8,203.2 531,620.6
Accumulated impairments 1 Jan -35,030.4 -27,038.0 - -62,068.4
Reversed impairments 17,758.3 - - 17,758.3
Impairment 31 Dec -17,272.1 -27,038.0 - -44,310.1
Carrying amount 31 Dec 263,895.4 215,212.0 8,203.2 487,310.5
2024   
Historical cost 1 Jan 308,750.9 242,250.0 8,203.2 559,204.1
Historical cost 31 Dec 308,750.9 242,250.0 8,203.2 559,204.1
Accumulated impairments 1 Jan -23,985.8 - - -23,985.8
Impairments -11,044.6 -27,038.0 - -38,082.6
Impairment 31 Dec -35,030.4 -27,038.0 - -62,068.4
Carrying amount 31 Dec 273,720.6 215,212.0 8,203.2 497,135.7
Holdings in participating interest companies include Oriola Corporation’s 50% shareholding in Swedish Pharmacy Holding
AB, which controls pharmacy chain Kronans Apotek in Sweden. In 2024, an impairment of EUR 11.0 million was made to
the subsidiary shares and an impairment of EUR 27.0 million to the shareholding in Swedish Pharmacy Holding AB.
12. Receivables
EUR thousand 2025 2024
Receivables from group companies
Short-term receivables
Trade receivables 634.3 466.1
Other receivables - 26.5
Accrued income and prepaid expenses 19,598.3 19,170.0
Total 20,232.6 19,662.5
Items included in accrued receivables
Long-term accrued receivables
Change of fair value for interest rate swap 249.1 600.3
Short-term accrued receivables
Arrangement fees relating to loans 236.3 146.8
Income tax receivables 327.7 -
Exchange rate profit on hedges 292.9 450.1
Compensations not received 17.0 15.1
Group contribution 19,598.3 19,170.0
Other accrued receivables 882.2 573.1
Change of fair value for interest rate swap 84.5 195.9
Total 21,687.9 21,151.4
Business review / Governance / Financial review / Sustainability Statement 158Oriola Annual Report 2025
13. Equity
EUR thousand 2025 2024
Share capital 1 Jan 147,899.8 147,899.8
Share capital 31 Dec 147,899.8 147,899.8
Restricted equity 147,899.8 147,899.8
Contingency fund 1 Jan 19,418.7 19,418.7
Contingency fund 31 Dec 19,418.7 19,418.7
Invested unrestricted equity reserve 1 Jan 76,957.5 76,957.5
Invested unrestricted equity reserve 31 Dec 76,957.5 76,957.5
Profit/ loss from previous years 1 Jan 56,896.4 94,313.5
Dividend paid -12,698.7 -12,698.7
Adjustments -652.8 -
Share-based compensation -115.9 -124.0
Purchase of own shares * - -111.0
Delivery of own shares - 124.0
Profit/loss from previous years 31 Dec 43,429.0 81,503.8
Result for the period 1,384.3 -24,607.3
Non-restricted equity 141,189.6 153,272.7
Total 289,089.4 301,172.4
* Shares purchased for the share based incentive programme.
Distributable funds 31 Dec 2025 2024
Contingency fund 19,418.7 19,418.7
Invested unrestricted equity reserve 76,957.5 76,957.5
Profit/ loss from previous years 43,429.0 81,503.8
Net profit for the period 1,384.3 -24,607.3
Distributable funds 31 Dec 141,189.6 153,272.7
14. Appropriations
EUR thousand 2025 2024
Cumulative accelerated depreciation difference 1,505.0 1,488.8
Total 1,505.0 1,488.8
15. Liabilities
EUR thousand 2025 2024
Liabilities to group companies
Long-term liabilities
Other liabilities - 18,326.2
Short-term liabilities
Trade payables 66.7 54.7
Other liabilities 332,381.2 264,775.0
Total 332,448.0 283,155.8
Items included in accrued liabilities
Long-term accrued liabilities
Change of fair value for interest rate swap 390.1 499.0
Short-term accrued liabilities
Items related to personnel 1,829.6 1,544.4
Interest 48.6 107.0
Other accrued liabilities 92.4 88.8
Total 2,360.6 2,239.2
16. Guarantees, liability engagements
and other liabilities
EUR thousand 2025 2024
Guarantees and other liabilities
Other liabilities and engagements - 1,000.0
Total - 1,000.0
Rental liabilities on real estate
Maturity within one year 33.0 33.0
Total 33.0 33.0
Rental liabilities on machinery and fixtures
Maturity within one year 254.7 288.2
Maturity within 1–5 years 233.6 248.7
Total 488.3 536.9
17. Derivatives and financial risk management
EUR thousand 2025 2024
Book values of derivative instruments
Interest rate swap agreements 85,445.2 82,360.6
Foreign currency forward and swap contracts 102,573.6 94,249.1
Total 188,018.8 176,609.7
Fair values of derivative instruments
Interest rate swap agreements -56.5 595.6
Foreign currency forward and swap contracts 203.5 450.1
Total 147.0 1,045.8
Oriola Corporation has interest rate swap agreements hedging
the Oriola Group’s cash flows as well as foreign currency forward
and swap contracts with various counterparties. These derivatives
are managed in accordance with the treasury policy approved
by the Oriola Corporation Board of Directors. While the Oriola
Group’s interest rate risks from Oriola Sweden AB’s selling of trade
receivables are hedged with derivative agreements on a group level,
the hedging presents an interest rate risk to Oriola Corporation.
More information on the Oriola Group’s financial risk management
and derivatives are presented in note 8.3. Financial Risk
Management in the notes to the consolidated Financial Statements.
18. Ownership in other companies
The Parent company’s ownership in other companies is presented
in the note 10.1. Subsidiaries, in the notes to the Consolidated
Financial Statements.
Business review / Governance / Financial review / Sustainability Statement 159Oriola Annual Report 2025
Parent company financial statements
According to the parent company’s balance sheet as of 31 December
2025, the total distributable funds are:
Other funds, EUR 19,418,729.58
Invested unrestricted equity
reserve, EUR 76,957,531.72
Retained earnings, EUR 43,428,986.73
Profit for the period, EUR 1,384,340.63
Total distributable funds, EUR 141,189,588.66
The Board of Directors’ proposal for the profit
distribution and Auditor’s Note
Auditor’s Note
The Auditor’s report has been issued today.
Helsinki, 24 February 2026
KPMG Oy Ab
Kim Järvi
Authorised Public Accountant
Signatures for the financial statements and the report of the Board of Directors
Espoo, 24 February 2026
Heikki Westerlund Harri Pärssinen Petra Axdorff Ann Carlsson Meyer
Chairman Vice Chairman
Nina Mähönen Yrjö Närhinen Ellinor Persdotter Nilsson Katarina Gabrielson
President and CEO
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.03 per share will be distributed to 185,245,120 shares, EUR 5,557,353.60
for year 2025. It is further proposed that the Annual General Meeting authorises
the Board of Directors, at its discretion, to resolve on the distribution of a
possible second dividend instalment up to a maximum of EUR 0.04 per share.
It is the intention of the Board of Directors that the possible dividend payment
pursuant to this authorisation would be carried out in November 2026. The
Board of Directors further proposes that the remaining non-restricted equity,
EUR 135,632,235.06 will be retained and carried forward.
There have been no material changes in the financial position of the company
after the end of the financial year.
Financial statements prepared in accordance with applicable accounting
regulations give a true and fair view of the assets, liabilities, financial position
and profit or loss for the company and the group.
The report of the Board of Directors provides a truthful description of the
development and the result of the business operations of the company and the
group, as well as a description of the most significant risks and uncertainties and
other aspects of the company’s condition.
The Sustainability Statement included in the report of the Board of Directors
has been prepared in accordance with the reporting standards referred to in
Chapter 7 of the Accounting Act and Article 8 of the Taxonomy Regulation.
Business review / Governance / Financial review / Sustainability Statement 160Oriola Annual Report 2025
To the Annual General Meeting of Oriola Corporation
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Oriola Corporation
(business identity code 1999215-0) for the year ended December
31, 2025. The financial statements comprise the consolidated state-
ment of financial position, statement of comprehensive income,
statement of changes in equity, statement of cash flows and notes,
including material accounting policy information, as well as the
parent company’s balance sheet, income statement, statement of
cash flows and notes.
In our opinion
• the consolidated financial statements give a true and fair view
of the group’s financial position, financial performance and cash
flows in accordance with IFRS Accounting Standards as adopted
by the EU
• the financial statements give a true and fair view of the parent
company’s financial performance and financial position in
accordance with the laws and regulations governing the
preparation of financial statements in Finland and comply with
statutory requirements.
Our opinion is consistent with the additional report submitted to
the Audit Committee.
Auditor’s Report
Basis for Opinion
We conducted our audit in accordance with good auditing prac-
tice in Finland. Our responsibilities under good auditing practice
are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that are
applicable in Finland and are relevant to our audit, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements.
In our best knowledge and understanding, the non-audit
services that we have provided to the parent company and
group companies are in compliance with laws and regulations
applicable in Finland regarding these services, and we have not
provided any prohibited non-audit services referred to in Article
5(1) of regulation (EU) 537/2014. The non-audit services that we
have provided have been disclosed in note 4.3 to the consoli-
dated financial statements.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
Materiality
The scope of our audit was influenced by our application of
materiality. The materiality is determined based on our profes-
sional judgement and is used to determine the nature, timing
and extent of our audit procedures and to evaluate the effect
of identified misstatements on the financial statements as a
whole. The level of materiality we set is based on our assessment of
the magnitude of misstatements that, individually or in aggregate,
could reasonably be expected to have influence on the economic
decisions of the users of the financial statements. We have also
taken into account misstatements and/or possible misstatements
that in our opinion are material for qualitative reasons for the users
of the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in
the context of our audit of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate
opinion on these matters. The significant risks of material misstate-
ment referred to in the EU Regulation No 537/2014 point (c) of Arti-
cle 10(2) are included in the description of key audit matters below.
We have also addressed the risk of management override of
internal controls. This includes consideration of whether there was
evidence of management bias that represented a risk of material
misstatement due to fraud.
Business review / Governance / Financial review / Sustainability Statement 161Oriola Annual Report 2025
THE KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN THE AUDIT
Revenue Recognition (refer to accounting principles for the consolidated financial statements and notes 4.2)
Revenue is mainly generated through the sale of goods and services. The revenue earned is recognized when the control is
transferred to the customer in accordance with the terms of delivery or agreement.
There are two types of agreements with the pharmaceutical companies in which Oriola acts either as a principal or an agent.
For agreements in which Oriola acts as a principal the legal title, control and payment liability has been transferred to Oriola,
and the revenue is recognized on gross basis. For consignment agreements where Oriola acts as an agent, only the distribution
fee is recognized as revenue. Analysis of the agreements and the related revenue recognition method requires management
judgement, considering the various contractual terms.
Due to the large volumes of transactions and management judgement involved revenue recognition has been identified as an
area of focus in the audit.
We obtained an understanding of the revenue recognition processes and evaluated the design and tested the controls over
revenue recognition. With special focus on identifying unusual sales transactions, we also performed substantive procedures
such as testing samples of sales agreements and year-end transactions to ensure appropriate application of revenue recognition
criteria.
We examined sales contracts with pharmaceutical companies to ensure that revenue was recognized in accordance with the
terms of the contract and the group’s accounting policy.
Audit procedures were performed over revenue recognition at the group level and at each of the reporting components that
were in scope for the group audit.
In addition, we have assessed the appropriateness of accounting policy and disclosure information related to revenue
recognition in the financial statements.
Valuation of Inventories (refer to accounting principles for the consolidated financial statements and note 5.2)
The carrying value of inventories amounted to EUR 188 million at the end of the financial year.
The carrying value of inventories amounted to EUR 188 million at the end of the financial year.
Inventory management, stocktaking routines and pricing of inventories are key factors in the valuation of inventories. Oriola has
different types of contracts with pharmaceutical companies which are either accounted for as own inventory or consignment
stock.
In addition, the valuation of inventories requires management estimates in respect of obsolescence assessment.
Due to management judgement and the significant carrying amount involved, valuation of inventories is determined a key
We evaluated the appropriateness of the accounting policies by reference to IFRS standards, as well as the functionality of the
key IT systems of inventory management.
We tested the controls over inventory management, accuracy of inventory amounts and valuation of inventories. We performed
substantive audit procedures in relation to pricing of inventory and provision for obsolete inventory.
We reviewed a sample of contracts to ensure that inventory is accounted appropriately in line with the terms of the contract and
the group’s accounting policy.
We also attended physical inventory counting at selected locations to assess the appropriateness of stocktaking routines.
Valuation of Investments in the parent company’s financial statements (refer to notes 1 and 11 to the parent company’s financial statements)
The carrying amount of the investments is EUR 487 million in the parent company’s financial statements as of December 31,
2025.
The valuation of investments requires management to make estimates of the probable amount of future income generated by
the asset and the permanence of any impairment. The valuation of investments is assessed annually and, if necessary, tested for
impairment based on future income expectations.
Due to the high level of judgment incorporated in respect of the future income expectations and the significant carrying
amounts involved, valuation of investments is considered a key audit matter for the parent company.
KPMG valuation specialists were involved in the audit of the investments assessing the appropriateness of the technical model
used in the impairment tests and testing the integrity of the calculations.
We challenged the assumptions used by management in respect of forecasted growth rates and profitability as well as
the appropriateness of the discount rates used. We also validated the assumptions used in relation to market and industry
information.
We evaluated the cash flows used by comparing them to the group’s budgeting process, external sources and the
understanding we gained from our audit.
Business review / Governance / Financial review / Sustainability Statement 162Oriola Annual Report 2025
Responsibilities of the Board of Directors and the
President and CEO for the Financial Statements
The Board of Directors and the President and CEO are responsible
for the preparation of consolidated financial statements that give a
true and fair view in accordance with IFRS Accounting Standards as
adopted by the EU, and of financial statements that give a true and
fair view in accordance with the laws and regulations governing
the preparation of financial statements in Finland and comply with
statutory requirements. The Board of Directors and the President
and CEO are also responsible for such internal control as they deter-
mine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, the Board of Directors and
the President and CEO are responsible for assessing the parent
company’s and the group’s ability to continue as a going concern,
disclosing, as applicable, matters relating to going concern and
using the going concern basis of accounting. The financial state-
ments are prepared using the going concern basis of accounting
unless there is an intention to liquidate the parent company or the
group or cease operations, or there is no realistic alternative but to
do so.
Auditor’s Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material mis-
statement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in
accordance with good auditing practice will always detect a mate-
rial misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggre-
gate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with good auditing practice, we
exercise professional judgment and maintain professional skepti-
cism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material mis-
statement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the parent company’s or the
group’s internal control.
• Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related disclo-
sures made by management.
• Conclude on the appropriateness of the Board of Directors’
and the President and CEO’s use of the going concern basis of
accounting and based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions
that may cast significant doubt on the parent company’s or the
group’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evi-
dence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the parent company or
the group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and
events so that the financial statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient appropri-
ate audit evidence regarding the financial information of the
entities or business units within the group as a basis for forming
an opinion on the group financial statements. We are responsi-
ble for the direction, supervision and review of the audit work
performed for purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regard-
ing independence, and communicate with them all relationships
and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with govern-
ance, we determine those matters that were of most significance in
the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasona-
bly be expected to outweigh the public interest benefits of such
communication.
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting
on March 19, 2018, and our appointment represents a total period
of uninterrupted engagement of 8 years.
Business review / Governance / Financial review / Sustainability Statement 163Oriola Annual Report 2025
Other Information
The Board of Directors and the Managing Director are responsible
for the other information. The other information comprises the
report of the Board of Directors and the information included in the
Annual Report but does not include the financial statements or our
auditor’s report thereon.
Our opinion on the financial statements does not cover the other
information.
In connection with our audit of the financial statements, our
responsibility is to read the other information identified above and,
in doing so, consider whether the other information is materi-
ally inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially
misstated. With respect to the report of the Board of Directors, our
responsibility also includes considering whether the report of the
Board of Directors has been prepared in compliance with the appli-
cable provisions, excluding the sustainability report information on
which there are provisions in Chapter 7 of the Accounting Act and
in the sustainability reporting standards.
In our opinion, the information in the report of the Board of Direc-
tors is consistent with the information in the financial statements
and the report of the Board of Directors has been prepared in
compliance with the applicable provisions. Our opinion does not
cover the sustainability report information on which there are pro-
visions in Chapter 7 of the Accounting Act and in the sustainability
reporting standards.
If, based on the work we have performed on the other information
that we obtained prior to the date of this auditor’s report, we con-
clude that there is a material misstatement of this other informa-
tion, we are required to report that fact. We have nothing to report
in this regard.
Other statements based on law
Our responsibility is to, based on our audit, express an opinion on
the registration and publication of the income tax report required
in Chapter 7 b of the Accounting Act.
The Board of Directors and the Managing Director are responsible
for the registration and the publication of the income tax report.
In our opinion, the company has not been obliged to register and
publish an income tax report referred to in Chapter 7 b of the
Accounting Act for the financial year immediately preceding the
financial year.
Helsinki, February 24, 2026
KPMG OY AB
Audit Firm
Kim Järvi
Authorized Public Accountant, KHT
Business review / Governance / Financial review / Sustainability Statement 164Oriola Annual Report 2025
Assurance Report on the Sustainability Report
To the Annual General Meeting of Oriola Corporation
We have performed a limited assurance engagement on the group
sustainability report of Oriola Corporation (business identity code
1999215-0) that is referred to in Chapter 7 of the Accounting Act
and that is included in the report of the Board of Directors for the
financial year 1.1.–31.12.2025.
Opinion
Based on the procedures we have performed and the evidence we
have obtained, nothing has come to our attention that causes us to
believe that the group sustainability report does not comply, in all
material respects, with
1. the requirements laid down in Chapter 7 of the Accounting Act
and the sustainability reporting standards (ESRS);
2. the requirements laid down in Article 8 of the Regulation (EU)
2020/852 of the European Parliament and of the Council on the
establishment of a framework to facilitate sustainable invest-
ment, and amending Regulation (EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Oriola Corporation
has identified the information for reporting in accordance with the
sustainability reporting standards (double materiality assessment).
Our opinion does not cover the tagging of the group sustaina-
bility report with digital XBRL sustainability tags in accordance
with Chapter 7, Section 22, Subsection 1(2), of the Accounting
Act, because sustainability reporting companies have not had
the possibility to comply with that requirement in the absence of
requirements for the tagging of sustainability information in the
ESEF regulation or other European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability report as a
limited assurance engagement in compliance with good assurance
practice in Finland and with the International Standard on Assur-
ance Engagements (ISAE) 3000 (Revised) Assurance Engagements
Other than Audits or Reviews of Historical Financial Information.
Our responsibilities under this standard are further described in
the Responsibilities of the Authorized Group Sustainability Auditor
section of our report.
We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Authorized Group Sustainability Auditor’s
Independence and Quality Management
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that are
applicable in Finland and are relevant to our engagement, and we
have fulfilled our other ethical responsibilities in accordance with
these requirements.
The authorized group sustainability auditor applies International
Standard on Quality Management ISQM 1, which requires the
authorized sustainability audit firm to design, implement and oper-
ate a system of quality management including policies or proce-
dures regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Responsibilities of the Board of Directors and the
Managing Director
The Board of Directors and the Managing Director of Oriola Corpo-
ration are responsible for:
• the group sustainability report and for its preparation and pres-
entation in accordance with the provisions of Chapter 7 of the
Accounting Act, including the process that has been defined in
the sustainability reporting standards and in which the informa-
tion for reporting in accordance with the sustainability reporting
standards has been identified,
• the compliance of the group sustainability report with the
requirements laid down in Article 8 of the Regulation (EU)
2020/852 of the European Parliament and of the Council on the
establishment of a framework to facilitate sustainable invest-
ment, and amending Regulation (EU) 2019/2088, and for
• such internal control as the Board of Directors and the Manag-
ing Director determine is necessary to enable the preparation of
a group sustainability report that is free from material misstate-
ment, whether due to fraud or error.
Inherent Limitations in the Preparation of a
Sustainability Report
Preparing a group sustainability report requires a company to make
materiality assessment to identify relevant matters to report. This
includes significant management judgement and choices. It is also
characteristic to the sustainability reporting that reporting of this
kind of information includes estimates and assumptions as well as
measurement and estimation uncertainty.
Business review / Governance / Financial review / Sustainability Statement 165Oriola Annual Report 2025
The determination of greenhouse gases is subject to inherent
uncertainty due to the incomplete scientific data used to determine
the emission factors and the numerical values needed to combine
emissions of different gases.
When reporting forward-looking information in accordance with
ESRS standards, a company’s management is required to make
assumptions about possible future events, and to disclose the
company’s possible future actions in relation to those events, as
well as to prepare the forward-looking information based on these
assumptions. Actual results are likely to differ because forecasted
events often do not occur as expected.
Responsibilities of the Authorized Group
Sustainability Auditor
Our responsibility is to perform an assurance engagement to obtain
limited assurance about whether the group sustainability report
is free from material misstatement, whether due to fraud or error,
and to issue a limited assurance report that includes our opinion.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably
be expected to influence the decisions of users taken on the basis
of the group sustainability report.
Compliance with the International Standard on Assurance Engage-
ments (ISAE) 3000 (Revised) requires that we exercise professional
judgment and maintain professional scepticism throughout the
engagement. We also:
• Identify and assess the risks of material misstatement of the
group sustainability report, whether due to fraud or error, and
obtain an understanding of internal control relevant to the
engagement in order to design assurance procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the parent compa-
ny’s or the group’s internal control.
• Design and perform assurance procedures responsive to those
risks to obtain evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of
internal control.
Description of the Procedures That Have Been
Performed
The procedures performed in a limited assurance engagement
vary in nature and timing from, and are less in extent than for, a
reasonable assurance engagement. The nature, timing and extent
of assurance procedures selected depend on professional judg-
ment, including the assessment of risks of material misstatement,
whether due to fraud or error. Consequently, the level of assurance
obtained in a limited assurance engagement is substantially lower
than the assurance that would have been obtained had a reasona-
ble assurance engagement been performed.
Our procedures included for ex. the following:
• We interviewed the company’s management and persons
responsible for collecting and preparing the information con-
tained in the group sustainability report at the group level and
in subsidiaries, as well as at different levels and business areas of
the organization.
• Regarding the double materiality assessment process, we
assessed the implementation of the process carried out by the
company and the information disclosed on the double materi-
ality assessment process in relation to the requirements of the
ESRS standards.
• Through interviews we gained understanding of the group’s key
processes, controls and information systems related to collect-
ing and consolidating the sustainability information.
• We got acquainted with the group’s internal guidelines and
operating principles relevant to the sustainability information
disclosed in the group sustainability report.
• We got acquainted with the background documentation and
documents prepared by the company, as applicable, and
assessed whether they support the information included in the
group sustainability report.
• We assessed the information disclosed on material sustainabil-
ity matters in the group sustainability report in relation to the
requirements of the ESRS standards.
• In relation to the EU taxonomy information, we gained
understanding about the process by which the company has
defined taxonomy eligible and taxonomy aligned activities,
and assessed the regulatory compliance of the information
provided.
Helsinki, February 24, 2026
KPMG OY AB
Authorized Sustainability Audit Firm
Kim Järvi
Authorized Sustainability Auditor, KRT
Business review / Governance / Financial review / Sustainability Statement 166Oriola Annual Report 2025
Independent auditor’s report on the
ESEF financial statements of Oriola Corporation
To the Board of Directors of Oriola Corporation
We have performed a reasonable assurance engagement on the
financial statements 549300UWB1AIR85BM957-2025-12-31-2-fi.
zip of Oriola Corporation (Business ID 1999215-0) that have been
prepared in accordance with the Commission’s regulatory technical
standard for the financial year ended 31 December 2025.
Responsibilities of the Board of Directors and the
Managing Director
The Board of Directors and the Managing Director are responsible
for the preparation of the company’s report of the Board of
Directors and financial statements (the ESEF financial statements)
in such a way that they comply with the requirements of the
Commission’s regulatory technical standard. This responsibility
includes:
• preparing the ESEF financial statements in XHTML format
in accordance with Article 3 of the Commission’s regulatory
technical standard
• tagging the primary financial statements, notes and company’s
identification data in the consolidated financial statements that
are included in the ESEF financial statements with iXBRL tags
in accordance with Article 4 of the Commission’s regulatory
technical standard and
• ensuring the consistency between the ESEF financial statements
and the audited financial statements.
The Board of Directors and the Managing Director are also
responsible for such internal control as they determine is
necessary to enable the preparation of ESEF financial statements in
accordance with the requirements of the Commission’s regulatory
technical standard.
Auditor’s independence and quality management
We are independent of the company in accordance with the ethical
requirements that are applicable in Finland and are relevant to the
engagement we have performed, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
The auditor applies International Standard on Quality Management
(ISQM) 1, which requires the firm to design, implement and operate
a system of quality management including policies or procedures
regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8
of the Securities Markets Act, provide assurance on the financial
statements that have been prepared in accordance with the
Commission’s regulatory technical standard. We express an opinion
on whether the consolidated financial statements that are included
in the ESEF financial statements have been tagged, in all material
respects, in accordance with the requirements of Article 4 of the
Commission’s regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent
the assurance has been provided. We conducted a reasonable
assurance engagement in accordance with International Standard
on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
• whether the primary financial statements in the consolidated
financial statements that are included in the ESEF financial
statements have been tagged, in all material respects, with
iXBRL tags in accordance with the requirements of Article 4 of
the Commission’s regulatory technical standard and
• whether the notes and company’s identification data in the
consolidated financial statements that are included in the ESEF
financial statements have been tagged, in all material respects,
with iXBRL tags in accordance with the requirements of Article 4
of the Commission’s regulatory technical standard and
• whether there is consistency between the ESEF financial
statements and the audited financial statements.
The nature, timing and extent of the selected procedures depend
on the auditor’s judgment. This includes an assessment of the risk
of a material deviation due to fraud or error from the requirements
of the Commission’s regulatory technical standard.
We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities
Markets Act is that the primary financial statements, notes and
company’s identification data in the consolidated financial
statements that are included in the ESEF financial statements of
Oriola Corporation 549300UWB1AIR85BM957-2025-12-31-2-fi.zip
for the financial year ended 31 December 2025 have been tagged,
in all material respects, in accordance with the requirements of the
Commission’s regulatory technical standard.
Our opinion on the audit of the consolidated financial statements
of Oriola Corporation for the financial year ended 31 December
2025 has been expressed in our auditor’s report dated 24 February
2026. With this report we do not express an opinion on the audit
of the consolidated financial statements nor express another
assurance conclusion.
Helsinki 4 June 2026
KPMG OY AB
Audit Firm
Kim Järvi
Authorised Public Accountant, KHT
Oriola Corporation
Head office
Orionintie 5, FI-02200 Espoo, Finland
P.O.Box 8, FI-02101 Espoo, Finland
Tel. +358 10 429 99
firstname.lastname@oriola.com
investor.relations@oriola.com
www.oriola.com