Progress on strategic priorities and core business performance

In the third quarter, Oriola’s net sales were EUR 53.0 (50.4) million and adjusted EBITDA was EUR 9.6 (9.6) million, corresponding to an adjusted EBITDA margin of 18.1% (19.0%).

Services segment: Strong partnerships deliver results

We have strengthened joint account planning by bringing our expertise across the organisation together to improve value and margin quality over time. This approach has enabled us to successfully extend long-term partnerships and secure new ones that are expected to contribute from 2027 onwards. At the same time, continued partnerships in Finland supported growth in the third quarter and customer pipeline remains good across markets. In the third quarter, Services segment net sales grew by 3.7%, supported by continued high volumes in speciality flows, including export, vaccines and animal health, and solid development in direct-to-pharmacy deliveries. Adjusted EBITDA increased to EUR 10.1 (9.6) million.

In advisory services, we continued to strengthen customer engagement, broaden customer relationships, and expand collaboration across the Nordic region to build a more integrated, multi-country offering. Despite continued weak sales in the third quarter, these efforts support the long-term development of the business. In Sweden, we launched a new fully AI-enabled commercial data service that turns real-life medical information enquiries into valuable insights about products.  

Products segment: Focused growth plan brings positive outcome

We continued to align our portfolio to growing sales channels and focus on products that support profitable growth. We continuously develop our own brands, including pricing and product offerings, to strengthen their competitiveness and relevance. Recent launches have been well received, and we have gained new listings. In the third quarter, Products segment net sales grew by 8.8%, supported by wholesale growth and strong sales of special-licensed medicines in both Finland and Sweden, continued growth in dose dispensing in Finland, and expansion into a major speciality retail channel in Sweden. Adjusted EBITDA was EUR 1.7 (1.9) million, impacted by the one-off own product inventory provision of EUR 0.7 million related to a slow-moving special-licensed medicine.

Continuous improvements enhance supply chain efficiency

Our supply chain operations remained stable in both countries despite exceptionally high inventory levels and capacity pressures. Increased stock intake among customers to protect product availability amid geopolitical uncertainty resulted in additional handling and external warehousing costs, particularly in Sweden. Practical, targeted initiatives, including improvements in transport planning and delivery accuracy, route optimisation in northern Sweden, and a streamlined tote sorting process, have contributed to meaningful efficiency gains and cost savings. The successful rollout of AI-enabled demand and inventory planning in wholesale is also delivering positive results, with lower inventory levels releasing working capital and improved product availability compared with the previous year.

Strategic projects to modernise the company

Based on insights from the first deployment, the implementation strategy for the ERP and warehouse management programme was revised. As a key enabler of Oriola’s modernisation, the programme now has strengthened internal organisation and governance, a new implementation partner, and a timeline that supports parallel core development in Sweden and Finland. The implementation will be phased across both countries, with direct deployment in the new Järvenpää distribution centre. Construction in Järvenpää continues according to plan, with the frame now standing and the scale of the high-bay warehouse becoming visible on site. The automation upgrade at the Enköping site entered the implementation phase in September with a plan to go-live at the end of the first quarter of 2027.

Kronans Apotek: Another quarter of profitability improvement

Kronans Apotek delivered another quarter of growth and improved profitability. Compared with Q3 2025, sales increased by 6.5% and EBITA improved to EUR 4.6 (2.7) million, while market share strengthened to 20.8%.

Despite continued competitive market conditions, profitability improved through a disciplined focus on commercial performance, customer value and cost efficiency. Brand acceleration and a refined pricing strategy strengthened customer offering, market position and competitiveness, while supporting profitability and improved returns. Net promoter score (NPS) also showed strong development throughout the quarter. In addition, organisational restructuring and enhanced internal governance contributed to simpler, harmonised and more effective ways of working. Reduced reliance on external consultants, increased use of internal capabilities and process improvements, supported operational efficiency, cost control and savings. Furthermore, a stronger foundation for customer loyalty was established through the implementation of a new CRM and marketing automation platform, enabling further development of the customer loyalty programme.

Kronans Apotek remains focused on strengthening its commercial performance, maintaining cost discipline and delivering sustainable profitable growth. Key priorities for the fourth quarter include further developing sales growth through the customer offering, accelerating e-commerce and customer loyalty initiatives, and continuing efficiency improvements, cost control and productivity measures across the organisation to support further savings and sustainable margins.

Focused on growth, efficiency and cost control

Looking ahead, we expect sales growth to continue in both segments, and new partnerships in distribution to have a positive impact already in the fourth quarter. Ongoing actions to mitigate higher fuel costs, savings from efficiency initiatives implemented during the second and third quarters, and continued strict cost control support our outlook for the remainder of the year.

My sincere thanks to everyone at Oriola for your dedication and for driving our strategy forward.

Katarina Gabrielson is Oriola’s CEO. This text was published in the Interim Report January-September 2026 on 29 October 2026. The complete report can be downloaded from the link below.