Oriola (OKDBV) Q1 2025 earnings summary

Executive summary

• Net sales in Q1 2025 reached EUR 447.1 million, up 19% year-over-year, with organic growth of 8.1%, driven by strong performance in Distribution and Wholesale segments and a shift from consignment to ownership stock.

• Sales margin improved to EUR 41.3 million, mainly from Distribution, while adjusted EBITDA declined to EUR 7.5 million due to higher costs and strategic investments.

• Loss for the period was EUR -5.4 million, impacted by a EUR 5.7 million impairment from the Svensk dos sale.

• Customer satisfaction reached an all-time high in both countries.

• Acquisition of MedInfo in Denmark expanded advisory services; sale of Svensk dos completed; ERP project progressing as planned.

Financial highlights

• Net sales: EUR 447.1 million (+19% year-over-year); organic growth 8.1%.

• Sales margin: EUR 41.3 million (+4% year-over-year).

• Adjusted EBITDA: EUR 7.5 million (down 2% year-over-year); reported EBITDA declined due to higher adjusting items, mainly ERP costs.

• Free cash flow: EUR 25 million (vs. -EUR 10.4 million prior year), driven by positive working capital changes.

• Net interest-bearing debt: EUR -55.0 million to EUR -64.4 million; cash equivalents: EUR 134.6 million.

• Equity ratio declined to 13.9%-14%; gearing at -48% to -48.6%.

Outlook and guidance

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

• Growth expected to continue, with some uncertainty due to weak consumer confidence and market conditions.