Tamro invests in approx. 3000m2 logistics expansion
The pharmaceutical market and volumes have grown strongly in recent years, and this development is expected to continue upwards. Currently, nearly 55% of the medicines and health products needed in Finland pass through Tamro to hospitals, pharmacies, and retail stores.
Let’s bring this up here too, as Oriola is also being discussed. 
Oriola Corporation investor news April 15, 2025 at 9:00 a.m.
Oriola Corporation to publish its January-March 2025 interim report on April 29, 2025
Oriola Corporation will publish its interim report for January-March 2025 on Tuesday, April 29, 2025, at approximately 8:30 a.m. The interim report will be available on Oriola’s website after its publication.
Oriola will indeed report its Q1 results in a week, and an interview will follow as usual. Please feel free to post any questions you might have here.
I’m interested in how Oriola sees the competitive situation in its three main operating sectors? And where does the company particularly see its own strengths?
How sensible is it for Oriola to use that accounts receivable factoring, given that it also has cash and the return on capital has been modest? The party offering the factoring probably earns more from this. How much does that affect the result, and is there a plan to discontinue it?
Rauli has given his comments as Oriola reports its Q1 results next week on Tuesday. 
We expect the adjusted operating profit to improve from the comparison period and the full-year earnings improvement guidance to remain unchanged.
A partial answer to this can be found in the annual report, i.e., the “main part” of 4.4 MEUR goes to factoring costs. Receivables sold have been just under 100 MEUR. The annual report also states that no significant changes are expected in this amount this year. But let’s raise this question.
Oriola publishes its first quarter results: Kauppalehti
Key highlights for January-March 2025
Oriola completed the sale of Svensk dos AB to Apotekstjänst Sverige AB. The cash consideration received in the second quarter is estimated to total approximately EUR 5.3 million. The loss for the review period includes an impairment of goodwill and other long-term assets recorded in the Swedish dose dispensing business totaling EUR 5.7 million, which is presented as an asset held for sale in the consolidated balance sheet.
Outlook for 2025 refined after the completion of Svensk dos AB’s sale:
From somewhere in his back pocket, @Rauli_Juva managed to pull a quick comment: Oriola Q1’25 -pikakommentti: Vertailukauden tasoinen tulos jäi hienoisesti odotuksista - Inderes
Rauli had time to interview CEO Katarina Gabrielsson.
Topics:
00:00 Introduction
00:15 Q1’25 in brief
02:29 Svensk dos divestment
03:23 Guidance and outlook
04:50 Combination of share series
06:01 Factoring arrangement
07:12 Competitive position
Juvan Rauli has prepared a new company report after Oriola’s Q1 release.
Oriola’s Q1 result fell short of our expectations and the comparison period for continuing operations, despite good revenue growth. The company still guides for improving results for the full year, but our slightly lowered forecast is now only slightly above last year’s earnings level. In the longer term, we believe the outlook remains unchanged, and the company has the potential to unlock value, e.g., through structural arrangements. We reiterate our ‘add’ recommendation and a target price of 1.25 euros.
Quoted from the report:
Strong Cash Flow and Net Cash
Oriola’s cash flow was strong during the quarter, supported by working capital changes, and its net cash swelled to over EUR 60 million. However, the company’s cash flow is highly volatile due to large fluctuations in working capital. Despite strong net cash, the company has both financial liabilities on its balance sheet and sold receivables that had grown to over EUR 100 million at the end of Q1. We believe it would be possible for the company to streamline its balance sheet to some extent, although this may also require smoothing out working capital fluctuations.
Neither AI nor human intelligence seems to be able to keep up with Oriola’s reporting changes. That EUR 7.5 million was the adjusted EBITDA figure that Oriola started using, and 5.3 was the adjusted EBIT I wrote in my forecast, as I forgot that such a change was coming in Q1. “Weaker than expected” was correct though
Comments from Rauli on Q2 outlook
What is the forum’s view on the new proposal for certain over-the-counter medicines to be sold in grocery stores: Esitys: Nämä lääkkeet saattavat tulla ruokakauppoihin - Ilta-Sanomat
Here are Rauli’s preview comments as Oriola reports its results next Friday.
Oriola reports its Q2 results on Friday, July 18th, at approximately 8:30 AM. We expect the adjusted operating profit to improve slightly from the comparison period, but to remain at the comparison period’s level for the entire H1. We believe the company will reiterate its guidance for an improvement in full-year adjusted operating profit. In our forecasts, however, the improvement will be reliant on the latter half of the year and be quite limited.
Oriola’s Q2 is out, haven’t followed it for a while, but it looks a bit soft to my eyes, perhaps @Rauli_Juva will find some glimmers of hope . Ah, there were those adjustment items that pulled the result into negative, so maybe it was actually quite good, as they were just one-off costs: Oriola Oyj:n puolivuosikatsaus tammi-kesäkuulta 2025 | Kauppalehti
Oriola Corporation: Half-Year Report January-June 2025
Strong partnerships promote growth and profitability in the Distribution segment
Key financial highlights for April-June 2025
Invoicing grew by 12.6 percent to EUR 1,072.6 (952.2) million.
Net sales grew by 12.4 percent to EUR 493.9 (439.4) million.
Gross profit grew by 5.6 percent to EUR 42.2 (40.0) million.
Adjusted EBITDA was EUR 8.1 (8.0) million.
EBITDA was EUR 1.6 (8.6) million, including EUR -6.5 (0.5) million in adjustment items, mainly related to ERP investment implementation costs and Svensk dos AB’s selling expenses.
The April-June result was EUR -5.6 (2.0) million and earnings per share were EUR -0.03 (0.01).
Free cash flow was EUR -4.2 (18.5) million.
The sale of Svensk dos AB to Apotekstjänst Sverige AB was completed on April 1, 2025.
Key financial highlights for January-June 2025
Here are Rauli’s comments on Oriola’s Q2.
Oriola’s result was well in line with our forecasts, and the company reiterated its guidance for an improvement in full-year adjusted operating profit. For H1, it is at the comparison period’s level, so the guidance requires improvement in H2 compared to the comparison period. At first glance, there are no material pressures for changes to the forecasts.
Rauli has prepared a company report on Oriola after Q2.
Oriola’s Q2 result was largely in line with expectations and the comparison period. The company reiterated its full-year guidance and expects an improvement in results. Our operational forecasts remained almost unchanged, and we reiterate our Add recommendation and a target price of EUR 1.25.
According to the Swedish Companies Registration Office, Aktivisten AB, founded in Sweden on May 27, 2025, published an open letter to Oriola’s Board of Directors via TT a couple of weeks ago.
Link to the letter:
In its letter, Aktivisten AB concludes that the fair value of Oriola’s share is 3.78 euros. Additionally, the letter proposes that Oriola’s Board of Directors take real action to develop Oriola’s value.
I personally paid particular attention to two things in the letter:
Since Oriola cannot publicly respond to Aktivisten AB’s demand in point 3 of its letter, it would be good to receive some kind of response regarding at least points 1 and 2 by the end of the year. Should the discussion also be started in Finland?