Orion Oyj Class A · OMXHEX:ORNAV
Orion Oyj Class A — Investor Presentation (February 2026)
63 slides from Orion Oyj Class A's investor presentation, Feb 12, 2026
Slide 1: Orion Equity story
Orion Equity story
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements which involve risks and uncertainty factors. These statements are not based on historical facts but relate to the Company’s future activities and performance. They include statements about future strategies and anticipated benefits of
Slide 3: Orion today – building well-being since 1917
Orion today – building well-being since 1917 Diversified R&D focus in pharmaceutical company oncology and pain ~4,000 employees Operations in more than 35 countries Net sales1 EUR 1,890 million Impacting millions of Operating profit1 632 million lives globally 3 Investor Presentation © Orion Corpora
Slide 4: Our diversified and balanced businesses
Our diversified and balanced businesses Innovative Generics and Branded Products Animal Health Fermion Medicines Consumer Health Respiratory Companion API Portfolio CNS 300+ products animals & manufacturing highlights Women’s Health livestock & CDMO Nordics & Geographies Global Europe & APAC Global
Slide 5: Strong track record in delivering financial results, new growth era
With strong track record in delivering financial results, we have entered a new growth era Net sales Operating profit (EUR million) (EUR million) 2,000 1,890 700 +12.1% 632 183 600 1,542 1,500 183 1,341 134 500 1,190 440 234 417 1,051 1,078 1,041 32 400 51 42 3 1,000 134 +15.5% 280 234 1,706 300 253
Slide 6: From local to global step by step
From local to global step by step 6 4 5 1 2 1. 2008-2011: Southern Europe 2. 2020: Thailand, Singapore & Malaysia 3. 2021: Australia & New Zealand 4. 3 2023: R&D Site in USA 5. 2024: Japan subsidiary 6. 2025: R&D Site in Cambridge, UK Sales operations Production and supply chain operations 6 Investo
Slide 7: Geographic split has become more balanced
Geographic split has become more balanced Net sales split by geography, EUR million Net sales split by geography, % 1,890 13% 14% 11% 15% 15% 323 17% 1,542 8% 9% 232 25% 15% 1,341 24% 481 25% 142 1,190 1,078 34% 34% 1,041 173 369 135 335 31% 141 175 30% 83 90 28% 530 28% 368 431 354 399 367 46% 44%
Slide 8: Orion's roadmap for growth in the 2030s
Orion’s roadmap for growth in the 2030s • Nubeqa® expansion to new indications expected in 20281 • Opevesostat expected phase III read- outs2 in 2028 • Enhance clinical pipeline through • TNX-103 possible MA in US internal research pipeline and • Robust clinical pipeline with different external inno
Slide 9: How we are building our growth
How we are building our growth Growth through innovation Growth through portfolio expansion • Focus on internal pipeline in oncology and pain • In-licensing of commercial assets in key areas • Supported by external innovation Growth through geographic expansion M&As are an option • Strengthen and ex
Slide 10: Innovative Medicines growth driven by Nubeqa and opevesostat
Innovative Medicines short and mid-term growth driven by key assets Nubeqa® and opevesostat Net sales 790 (EUR million) 180 Nubeqa® Opevesostat 498 Partner Partner 60 70 Annually tiered royalty Annually tiered royalty from 315 Annual average now ~25% low double-digit to low 610 twenties 213 Launched
Slide 11: Branded Products with Easyhaler leading the way
Branded Products build on innovative legacy products with Easyhaler® leading the way 315 288 32 271 177 261 24 166 28 21 100 13.2% 144 93 130 113 94 115 117 105 90 77 EUR million EUR million 64 170 183 51 130 146 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Respiratory
Slide 12: Investment case – key themes
Investment case – key themes GROWTH CAPITAL ALLOCATION STABILITY PRIORITIES Innovative Medicines business division Branded Products, Generics and Consumer Innovation driving the growth – currently with Nubeqa® Health, and Animal Health business divisions are the rock-solid base of Orion. Growth oppo
Slide 13: Research & Development
Research & Development 13 Investor Presentation © Orion Corporation
Slide 14: Long history of bringing innovative treatments to market
We have a long history of bringing innovative treatments to market Proprietary human pharmaceuticals developed by Orion 1993 1998 2000 2003 2011 2018 1988 1994 1999 2002 2004 2014 2019 14 Investor Presentation © Orion Corporation
Slide 15: Orion's key clinical development pipeline
Orion’s key clinical development pipeline Invented by Developer(s) Trial/compound Indication Phase I Phase II Phase III ARASTEP (darolutamide) prostate cancer (BCR2) DASL-HiCaP (darolutamide) (Neo-)adjuvant prostate cancer OMAHA-003 (opevesostat) prostate cancer (later-line mCRPC3) OMAHA-004 (opeves
Slide 16: Innovations approved and in Phase 3 in prostate cancer stages
Orion’s innovations approved and in Phase 3 in different prostate cancer stages Patient progression in prostate cancer (Neo-)Adjuvant Non-metastatic Metastatic early-stage mid-stage late-stage BCR nmCRPC mHSPC mCRPC DASL-HiCaP ARASTEP ARAMIS ARASENS OMAHA-003 darolutamide + LHRHA + darolutamide + AD
Slide 17: Aspirational impacts of ODM-212, a TEAD inhibitor
Aspirational impacts of ODM-212, a TEAD inhibitor, in patients with cancer ODM-212 has anti- ODM-212 has resistance- tumour activity prevention activity Cancers driven by the Hippo pathway Prevention of cancer treatment resistance Targeting solid tumours with Hippo in which TEAD activation is limiti
Slide 18: A trusted innovator in animal health products
We are a trusted innovator in animal health products Main Orion Animal Health marketing authorisations Kefavet Comforion 1987 1998 2008 2015 2019 2021 1983 1989 2002 2012 2018 2020 Geepenil Benzorion 18 Investor Presentation © Orion Corporation
Slide 19: Strategy and financial targets
Strategy and financial targets 19 Investor Presentation © Orion Corporation
Slide 20: Building well-being
Building well-being Inspired by our Nordic heritage, we strive to empower people around the world to live their lives to the fullest – today and tomorrow. Build a customer-driven Expand to new geographies and Develop Inn portfolio strengthen global partnerships growth enablers ov tiv a e a lt h M r
Slide 21: Why now for a truly global Finnish pharma company
The dream of a truly global Finnish pharma company has existed for a long time – why now? Promising R&D capabilities and All of our business areas projections for the quality have been have demonstrated coming decade: validated. resilience by establishing The stellar success of We have excelled in g
Slide 22: Building well-being
Building well-being Inspired by our Nordic heritage, we strive to empower people around the world to live their lives to the fullest – today and tomorrow. • Innovative Medicines for Oncology and Pain Build a customer- • Brand products for Respiratory, Central Nervous Innovative Branded driven portfo
Slide 23: Our growth will come in three phases
Our growth will come in three phases STRENGTHEN & BUILD & INVEST ACCELERATE EXPAND Build and invest into Grow & maximize value Strengthen European & global commercial assets of global assets APAC market position and capabilities Inspired by our Nordic heritage, we strive to empower people around the
Slide 24: Financial objectives
Financial objectives Strategy period 2024–2028 Net sales Operating profit CAGR ≥8%1 To grow faster than net sales1,2 Equity ratio Return on equity (ROE) ≥50% ≥25% Dividend Annually increasing dividend – payout ratio 50%–100% 1 Base year 2023 24 Investor Presentation © Orion Corporation 2 Without EUR
Slide 25: Strategy period 2024–2028 – key takeaways
Orion’s strategy period 2024–2028 – key takeaways Financial objectives provide us a framework to operate and maintain the right balance between expenditure and profitability Increasing Growing EBIT Growing investments to and annually Enable AND revenues build the future increasing of Orion dividend
Slide 26: Capital allocation focus
Capital allocation focus In-licensing / Focused Maintaining Internal R&D acquiring External M&As to gain Dividends & increasing pipeline commercial innovation strategic capacity assets competences Higher Lower 26 Investor Presentation © Orion Corporation
Slide 27: Dividend distribution policy and dividend history
Dividend distribution policy and dividend history • Orion’s dividend distribution takes into account distributable funds and capital expenditure and other financial requirements in medium and long term to achieve the financial objectives. EUR Dividend distribution history 2,00 110% 1,75 100% 0.20 0.
Slide 28: Our Sustainability Agenda
Our Sustainability Agenda 28 Investor Presentation © Orion Corporation
Slide 29: Orion's Sustainability Agenda
Orion’s Sustainability Agenda Patient safety as a top priority Active work for a better environment Patient safety has been a priority for us for We want to be the environmental leaders in over a hundred years and it continues to be our industry. Orion is committed to working the cornerstone of our
Slide 30: Orion's climate targets are backed by science
Orion’s climate targets are backed by science Validation from the Science Based Targets initiative (SBTi) confirms that our near-term emissions reduction targets are in line with the latest climate science 70% 78% Orion commits to reduce absolute scope Orion commits that 78% of its suppliers by emis
Slide 31: Orion's Year 2025
Orion’s Year 2025
Slide 32: Q4 2025 Highlights
Q4 2025 Highlights • EUR 180 million Nubeqa® sales milestone • All business units had a strong quarter • R&D pipeline evolving • Initiation of Phase 2 program with ODM-212 • Tenax initiated LEVEL-2 Phase 3 trial with levosimendan 32 12 February 2026 © Orion Corporation
Slide 33: Q4 2025 Financial highlights
Q4 2025 Financial highlights Net sales, EUR million Operating profit, EUR million Operating cash flow per share, EUR Operating profit margin 47.2% (21.3%) +60.1% +253.8% -7.5% 695.3 328.1 0.63 0.58 181.3 434.4 181.3 0.5 +18.5% 514.0 92.7 433.9 0.5 146.8 +59.2% 92.3 Q4/2024 Q4/2025 Q4/2024 Q4/2025 Q4
Slide 34: Net sales bridge (MEUR)
Net sales bridge (MEUR) 8.1 0.4 -0.6 695.3 8.9 4.4 Includes major milestone of EUR 180 million 434.4 239.7 Q4/2024 1 2 3 4 5 6 Q4/2025 1 Innovative Medicines 4 Animal Health 2 Branded Products 5 Fermion 3 Generics and Consumer Health 6 Translation differences and other operations 34 12 February 2026
Slide 35: Operating profit bridge (MEUR)
Operating profit bridge (MEUR) 328.1 -2.1 -3.9 48.5 28.3 -12.3 180.8 92.7 -4.1 Q4/2024 1 2 3 4 5 6 7 Q4/2025 1 Change in sales volume 5 Milestones 2 Changes in prices, COGS and product mix 6 Other operating income and expenses 3 Exchange rate effect on gross margin 7 Fixed cost 4 Royalties 35 12 Feb
Slide 36: 2025 Highlights
2025 Highlights • All-time-high net sales and operating profit • All business divisions performed well • Lots of positive developments in R&D • ARANOTE approvals for Nubeqa® • New license and collaboration agreements • MSD expanding opevesostat development to women’s cancers • New biologics R&D cent
Slide 37: January-December 2025 Financial highlights
January-December 2025 Financial highlights Net sales, EUR million Operating profit, EUR million Operating cash flow per share, EUR Operating profit margin 33.4% (27.0%) +22.5% +51.6% +7.8% 1,889.5 631.6 2.25 183.4 2.09 1,542.4 183.4 133.8 416.6 +21.1% 133.8 1,706.1 +58.5% 1,408.6 448.3 282.8 2024 20
Slide 38: Innovative Medicines
Innovative Medicines +152.3% +54.8% Nubeqa® sales (MEUR) 397.1 812.7 213 180.0 48 166 180.0 22.9 152 525.2 140 48 36 4.5 130.0 44 157.4 26.9 95 92 5.4 609.8 72 26 165 38 +37.9% 212.6 50 21 116 118 368.3 +60.1% 96 152.0 MEUR MEUR 18 69 51 54 32 Q4/2024 Q4/2025 2024 2025 2024 2024 2024 2024 2025 2025
Slide 39: Branded Products
Branded Products +11.2% +9.4% • Easyhaler® budesonide- 88.5 314.6 formoterol the growth driver for 79.6 9.8 287.5 31.6 respiratory therapy area 6.4 24.2 • The rest of the Easyhaler product 28.8 100.2 portfolio impacted negatively by 25.8 93.3 changes in treatment guidelines that favor the use of com
Slide 40: Generics and Consumer Health
Generics and Consumer Health +5.7% +4.6% • New launches and good 150.3 552.8 availability of Orion products in 142.3 528.4 Finland and Scandinavia 34.5 132.1 132.8 supported growth 35.6 115.8 396.3 420.0 106.6 MEUR MEUR Q4/2024 Q4/2025 2024 2025 Generic prescription drugs Consumer Health products 40
Slide 41: Animal Health
Animal Health +1.1% +9.9% • The growth came from various 35.0 35.4 140.9 different products and regions 128.2 MEUR MEUR Q4/2024 Q4/2025 2024 2025 41 12 February 2026 © Orion Corporation
Slide 42: Top 10 products and net sales split in 2025
TOP 10 products and net sales split in 2025 EUR vs. Product or product portfolio million 2024 1. Nubeqa® 609.8 +65.6% 4% 7% 2. Easyhaler® product portfolio 177.4 +7.1% 3. Entacapone products1 90.5 +7.6% 4. Divina® series 31.6 +30.7% 43% 5. Dexdomitor®, Domitor®, Domosedan®, Antisedan® 31.3 -2.1% 29%
Slide 43: Leveraging diversity for sustainable growth
Leveraging diversity for sustainable growth 4,000+ More than 35+ 8 1,000+ builders of 100 operating countries production sites workers in well-being years of industrial history & experience 44 nationalities 5 R&D centres production, 100 of whom are managers 98% 570+ line managers ~470 92% Code of Co
Slide 44: Key collaboration agreements
Key collaboration agreements 44 Investor Presentation © Orion Corporation
Slide 45: Global agreement with Bayer for darolutamide (Nubeqa)
Global agreement with Bayer for development and commercialisation of darolutamide (Nubeqa®) Annually tiered royalties to Orion Milestone payments to Orion Amount Year recorded The average annual royalty rate is currently ~25% Upfront payment EUR 50 million 2014 ✓ Orion manufactures Nubeqa® for globa
Slide 46: Exclusive global license agreement with MSD/Merck
Exclusive global license agreement with MSD/Merck on opevesostat (ODM-208/MK-5684) and other drugs targeting CYP11A1 Financial terms Key clinical development projects Upfront payment USD 290 million 2022 ✓ Project Phase Indication Trial on Potential milestone payments to Orion total up to USD 1.63 b
Slide 47: Exclusive global license agreement with Tenax
Exclusive global license agreement with Tenax on levosimendan Financial terms Key clinical development projects Potential milestone payments to Orion total up to USD 61 million Project Phase Indication Trial on Approval / regulatory milestones payments Up to USD 16 million Clinicaltrials Sales miles
Slide 48: Appendices
Appendices 48 Investor Presentation © Orion Corporation
Slide 49: Outlook for 2026
Outlook for 2026 (provided on 14 January 2026) Net sales EUR 1,900 million–EUR 2,100 million Operating profit EUR 550 million–EUR 750 million 49 12 February 2026 © Orion Corporation
Slide 50: 91,839 registered shareholders on 31 January 2026
91,839 registered shareholders on 31 January 2026 By number of shares By number of votes Households (Finnish retail) 4% 2% 4% 7% 10% 7% Non-Finnish holders and nominee-registered 6% 37% Private corporations 13% 61% Public sector 10% Non-profit institutions 39% Financial and insurance corporations 50
Slide 51: Largest shareholders by votes and shares
Largest shareholders by votes and shares on 31 January 2026 # Shareholder % of votes # Shareholder % of shares 1 Erkki Etola and companies 6.79% 1 Ilmarinen Mutual Pension Insurance Company 3.59% 2 Maa- ja vesitekniikan tuki r.y. and companies 5.62% 2 Varma Mutual Pension Insurance Company 2.99% 3 I
Slide 52: Orion B share performance
Share price, EUR 75 30 85 80 70 65 60 55 50 45 40 35 25 20 15 10 31-Dec-25 30-Sep-25 30-Jun-25 Orion B share price 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 OMXH-portfolio 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 from January 2016 to January 2
Slide 53: Net sales and operating profit by quarter (MEUR)
Net sales and operating profit by quarter (MEUR) Net sales, EUR million Operating profit, EUR million 695 328 245 492 471 417 423 434 202 278 355 290 271 308 328 295 321 284 301 269 277 121 255 241 105 93 93 75 71 78 82 80 71 66 55 56 47 57 40 41 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 2021
Slide 54: Quarterly net sales by business division (MEUR)
Quarterly net sales by business division (MEUR) Innovative Medicines Branded Products Generics and Consumer Health 397 247 230 127 142 134 135 123 142 150 145 131 137 134 136 171 132 127 133 129 157 147 60 67 80 62 72 80 89 98 73 70 77 76 71 69 67 80 73 61 67 68 42 54 52 39 22 22 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 55: Quarterly net sales by business division (MEUR)
Quarterly net sales by business division (MEUR) Animal Health Fermion 37 24 35 34 35 35 34 34 21 32 31 20 20 30 19 20 20 19 27 27 27 18 18 18 17 17 17 17 16 16 23 14 20 14 14 19 18 18 16 13 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 55 Investor Presentation © Orion Corporation
Slide 56: Fixed costs (EUR million)
Fixed costs (EUR million) Q4/2025 Q4/2024 Change 2025 2024 Change Sales and marketing, EUR million -87.4 -94.2 -7.2% -289.5 -278.1 +4.1% Research and development, EUR million -70.6 -62.5 +13.0% -210.4 -179.6 +17.2% Administrative, EUR million -23.3 -20.7 +12.2% -86.8 -81.7 +6.2% 100 80 60 40 20 0 Sa
Slide 57: Key financial figures
Key financial figures 2021 2022 2023 2024 2025 Change % Net sales, EUR million 1,041.0 1,340.6 1,189.7 1,542.4 1,889.5 +22.5% EBITDA, EUR million 289.1 487.1 326.4 509.4 688.3 +35.1% % of net sales 27.8% 36.3% 27.4% 33.0% 36.4% Operating profit, EUR million 243.3 439.6 274.9 416.6 631.6 +51.6% % of
Slide 58: Income statement
Income statement EUR million 2021 2022 2023 2024 2025 Change % Net sales 1,041.0 1,340.6 1,189.7 1,542.4 1,889.5 +22.5% Cost of goods sold -447.5 -489.0 -531.9 -596.0 -676.5 +35.1% Gross profit 593.5 851.6 657.7 946.4 1,213.0 Other operating income and expenses 6.4 5.7 43.7 9.5 5.4 +51.6% Sales and
Slide 59: Royalties and milestones
Royalties and milestones Includes EUR 70 million Nubeqa® sales milestone from Bayer and EUR 60 million related to conversion of collaboration agreement to exclusive licece agreement for MSD 405 Includes EUR 30 Includes EUR 228 million upfront payment from million Nubeqa® MSD regarding ODM-208 collab
Slide 60: Financial position
Financial position EQUITY AND LIABILITIES ASSETS EUR million 12/25 12/24 Change % 12/24 EUR million 12/25 12/24 Change % 12/24 Share capital 92.2 92.2 92.2 Property, plant and equipment 457.4 417.6 +9.5% 417.6 Other reserves 2.9 5.3 -45.2% 5.3 Cumulative translation adjustments -10.5 -10.6 -1.8% -10
Slide 61: Development of capital expenditure (MEUR)
Development of capital expenditure (MEUR) 220 200 180 160 VMD (Inovet) acquisition 101 Depreciation, amortisation and impairment 140 Intangible assets 120 Propoerty, plant and equipment 4 100 22 80 51 20 8 9 23 34 60 5 29 24 7 6 91 40 35 19 5 7 12 8 70 67 72 64 15 52 52 59 20 40 39 45 38 35 37 28 33
Slide 62: Development of net working capital
Development of net working capital % of net sales EUR million 50% 40% 1000 900 30% 800 700 20% 600 500 10% 400 300 0% 200 -10% 100 0 -20% -100 -200 -30% -300 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 -400 Sep21
Slide 63: Upcoming events
Upcoming events AGM planned to be held 24/3/2026 Interim Report 1–3/2026 23/4/2026 Half-Year Financial Report 1–6/2026 17/7/2026 Interim Report 1–9/2026 28/10/2026 The Financial Statements and the Report by the Board of Directors for 2025 will be published on the Company's website at the latest in w