Oriola posted strong growth figures in Q2, with net sales up 12% y/y and both segments showing double-digit growth. The adj. EBITDA of EUR 8.1m was slightly below our EUR 8.7m estimate.



Net sales in Q2 were EUR 493.9m (EUR 439.5m in Q2/24), above our estimates and in line with consensus (EUR 473.7m/496.7m Evli/cons.). Organic growth exceeded our expectations, with both segments posting double-digit growth, while the net sales growth in relation to invoicing leveled out as we had expected.
The adj. EBITDA in Q2 amounted to EUR 8.1m (EUR 8.0m in Q2/24), slightly below our estimate (EUR 8.7m Evli). The weaker profitability was driven by the Wholesale-segment. We had lowered our expectations for Wholesale pre-Q2, but the adj. EBITDA fell q/q while we had expected a slight improvement.
EPS in Q2 amounted to EUR -0.03 (EUR 0.01 in Q2/24), below our estimates and consensus (EUR 0.01/0.01 Evli/cons.). The difference was driven by adj. items of EUR -6.5m relating to the ERP investment and sale of Svensk Dos Ab and the weaker than expected profitability of Kronans Apotek.
Net sales in the Distribution segment in Q2 were EUR 397.8m vs. EUR 385.8m Evli. Adj. EBITDA in Q2 amounted to EUR 8.3m vs. EUR 7.5m Evli.
Net sales in the Wholesale segment in Q2 were EUR 96.1m vs. EUR 88.0m Evli. Adj. EBITDA in Q2 amounted to EUR 2.1m vs. EUR 2.6m Evli.
Adj. EBITDA in Group administration and others amounted to EUR -2.3m vs. EUR -1.4m Evli.
Guidance for 2025 (reiterated): For 2025, Oriola expects the adjusted EBITDA to increase from the previous year (2024: EUR 33.4 million).

Evli Research