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 Pharma is a global pharmaceutical company with decades of expertise in innovation
Orion Pharma is a global pharmaceutical company with decades of expertise in innovation Our strategy is focused on FINANCIALS 2025 building well-being and growth NET SALES driven by Innovative Medicines, EUR 1,890 million while our diversified and profitable +23% business portfolio provides stable O
Slide 4: Our diverse business portfolio provides both high growth potential and stable cash flows
Our diverse business portfolio provides both high growth potential and stable cash flows 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 N
Slide 5: With strong track record in delivering financial results, we are gaining growth momentum
With strong track record in delivering financial results, we are gaining growth momentum Operating profit Net sales split by geography (FY2025, %) Net sales (EUR million) (EUR million) 2,000 700 1,890 632 16.1% 26.9% 183 600 17.1% 1,542 183 1,500 134 500 29.4% 1,341 1,190 440 417 1,041 234 32 400 1,
Slide 6: How we are building our growth
How we are building our growth Innovation Geographic expansion Portfolio expansion M&As • Key driver is Innovative • Branded Products is • Branded Products targets in- • Focus on organic Medicines’ pipeline in strengthening its presence in licensing opportunities in all growth oncology and pain Euro
Slide 7: Key partnerships drive short and mid-term growth
Key partnerships drive short and mid-term growth Nubeqa® (darolutamide) Opevesostat Levosimendan Partner: Partner: Partner: Annually tiered royalty Annually tiered royalty from Annually tiered royalty from Annual average now ~25% low double-digit to low high single digit to low twenties teens Launch
Slide 8: Branded Products build on innovative legacy products with Easyhaler leading the way
Branded Products build on innovative legacy products with Easyhaler® leading the way 5.1% 315 11.0% 288 32 +3x growth 271 177 261 24 over the decade 166 28 21 100 144 93 130 113 94 173 115 117 157 105 15 22 90 89 95 52 77 EUR million 52 EUR million 64 170 183 51 130 146 91 99 2022 2023 2024 2025 H1
Slide 9: 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 9 Investor Presentation © Orion Corporation 2 Without EUR
Slide 10: Key themes for Orion as an investment
Key themes for Orion as an investment Delivering net sales growth Generating stable cash flow Balanced capital allocation Innovative Medicines business Branded Products, Generics and Orion reinvests in R&D and division drives growth. Nubeqa® Consumer Health, and Animal growth, and targets increasing
Slide 11: Research & Development
Research & Development 11 Investor Presentation © Orion Corporation
Slide 12: We have a 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 12 Investor Presentation © Orion Corporation
Slide 13: Orion Pharma's key clinical development pipeline
Orion Pharma’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
Slide 14: Estimated timing of clinical trial results
Estimated timing of clinical trial results Invented by Developer(s) Trial/compound Indication 2026 2027 2028 2029 ARASTEP (darolutamide) prostate cancer (BCR2) DASL-HiCaP (darolutamide) (Neo-)adjuvant prostate cancer OMAHA-003 (opevesostat) prostate cancer (later-line mCRPC3) OMAHA-004 (opevesostat)
Slide 15: Orion's innovations approved and in Phase 3 in different 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 16: ODM-212: a potential best-in-class TEAD1 inhibitor
ODM-212: a potential best-in-class TEAD1 inhibitor New MoA2 and well-tolerated as monotherapy, plus combination drug potential for large patient population OPPORTUNITY PHASE 1 COMBINATION REGULATORY NEXT RESULTS LAUNCHED PROGRESS READOUTS5 One molecule, two TEADES – Phase 1 results out TEADCO in Pha
Slide 17: We are 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 17 Investor Presentation © Orion Corporation
Slide 18: Strategy and financial targets
Strategy and financial targets 18 Investor Presentation © Orion Corporation
Slide 19: 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 20: The dream of a truly global Finnish pharma company – why now?
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 21: 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 22: 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 23: 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 23 Investor Presentation © Orion Corporation 2 Without EUR
Slide 24: Orion's 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 25: 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 25 Investor Presentation © Orion Corporation
Slide 26: 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 27: Our Sustainability Agenda
Our Sustainability Agenda 27 Investor Presentation © Orion Corporation
Slide 28: 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 29: 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 30: Orion Half-Year Financial Report January-June 2026
Orion Half-Year Financial Report January-June 2026 17 July 2026
Slide 31: Q2 2026 Highlights
Q2 2026 Highlights • Growth accelerated and profitability improved • Strong growth in Nubeqa® royalties and product sales • Great quarter for Branded Products • Several key milestones reached in the research and development of ODM-212 31 17 July 2026 © Orion Corporation
Slide 32: Q2 2026 Financial highlights
Q2 2026 Financial highlights Net sales, EUR million Operating profit, EUR million Earnings per share, EUR Operating profit margin 33.9% (25.1%) +25.2% +68.8% +69.7% 521.6 176.6 1.00 416.5 104.6 0.59 Q2/2025 Q2/2026 Q2/2025 Q2/2026 Q2/2025 Q2/2026 32 17 July 2026 © Orion Corporation
Slide 33: Net sales bridge (MEUR)
Net sales bridge (MEUR) 521.6 -1.1 -2.9 3.6 0.3 10.3 95.0 416.5 Q2/2025 Innovative Branded Products Generics and Animal Health Fermion Translation Q2/2026 Medicines Consumer Health differences and other operations 33 17 July 2026 © Orion Corporation The figures in the chart are rounded, which is why
Slide 34: Operating profit bridge (MEUR)
Operating profit bridge (MEUR) -0.1 -4.3 -15.2 176.6 76.6 -2.2 104.6 17.3 Q2/2025 Changes in Changes in prices, Royalties Milestones Other operating Fixed costs Q2/2026 sales volume COGS, product income and mix and FX expenses 34 17 July 2026 © Orion Corporation The figures in the chart are rounded,
Slide 35: H1 2026 Financial highlights
H1 2026 Financial highlights Net sales, EUR million Operating profit, EUR million Earnings per share, EUR Operating profit margin 31.0% (23.7%) +21.8% +59.6% +60.2% 939.3 291.3 1.64 771.0 182.5 1.02 H1/2025 H1/2026 H1/2025 H1/2026 H1/2025 H1/2026 35 17 July 2026 © Orion Corporation
Slide 36: Innovative Medicines
Innovative Medicines +60.3% Nubeqa® sales (MEUR) +64.8% 392.0 237 241.6 10.2 4.8 213 64 48 166 244.5 152 145 146.7 140 12.9 48 6.6 36 44 50 NET SALES MEUR NET SALES MEUR 236.8 381.8 95 92 72 26 165 173 38 140.1 231.6 50 21 116 118 18 96 95 69 51 54 32 2024 2024 2024 2024 2025 2025 2025 2025 2026 202
Slide 37: Branded Products
Branded Products • Robust growth momentum in +12.8% +9.9% Women’s Health therapy area, 90.7 172.9 driven by Divina® product range 80.4 14.0 157.4 22.2 7.9 15.0 • Easyhaler® budesonide- formoterol contributed 27.7 51.7 significantly to the growth in the 28.2 51.5 respiratory therapy area NET SALES ME
Slide 38: Generics and Consumer Health
Generics and Consumer Health • Slight decline in generic -0.8% +0.3% prescription drugs net sales and 135.0 133.9 266.7 267.4 slight increase in consumer health 31.1 products net sales 31.9 64.4 66.3 • License agreement with Shilpa to commercialise intravenous (iv) nivolumab biosimilar in Europe NET
Slide 39: Animal Health
Animal Health • Timing of deliveries impacted -7.9% -2.4% 36.8 72.0 negatively Q2 net sales against 70.2 the strong comparison period 33.9 • In May, Tessie® (tasipimidine oral solution) received approval from the U.S. Food and Drug Administration (FDA). NET SALES MEUR NET SALES MEUR • We expect our
Slide 40: Fermion
Fermion • Growth is mostly due to timing of +19.9% +17.1% deliveries and it is expected to 21.5 36.8 level out during H2/2026 17.9 31.4 • Water damage at one Fermion plant in Hanko in July during summer maintenance break • Recovery plan in place and NET SALES MEUR NET SALES MEUR implemented • Based
Slide 41: TOP 10 products and net sales split in H1 2026
TOP 10 products and net sales split in H1 2026 EUR vs. Product or product portfolio million 2025 1. Nubeqa® 381.8 +64.9% 4% 7% 2. Easyhaler® product portfolio 95.3 +7.2% 3. Entacapone products1 44.4 -4.0% 4. Divina® series 22.2 +47.6% 42% 5. Dexdomitor®, Domitor®, Domosedan® and Antisedan® 16.9 -12.
Slide 42: Our business divisions
Our business divisions 42 Investor Presentation © Orion Corporation
Slide 43: Innovative Medicines
Innovative Medicines PATENT PROTECTED MEDICINES FOCUSED ON ONCOLOGY AND PAIN 42% Revenue by type, MEUR 36% CAGR, FY22-25 813 OF TOTAL Q2/26 NET SALES Opevesostat milestones Nubeqa® milestones 180 3 key assets in the Nubeqa® royalties and sales to Bayer market or in Ph 3 Other 525 60 60% Global reach
Slide 44: Branded Products
Branded Products ORION IS WELL-KNOWN IN THESE THERAPY AREAS THROUGH ITS STRONG BRANDS 18% Revenue by therapy area, MEUR 5% CAGR, FY22-25 Respiratory OF TOTAL Q2/26 NET SALES CNS Women’s Health 315 3 therapy areas: 271 288 32 261 24 Respiratory, CNS and 28 21 10% 93 100 Women’s Health 113 94 157 173
Slide 45: Generics and Consumer Health
Generics and Consumer Health GENERIC PRESCRIPTION MEDICINE, AND SELF-CARE PRODUCTS 32% Revenue by segment, MEUR Generic prescription drugs Consumer Health products OF TOTAL Q2/26 NET SALES 557 528 553 518 #1 in Finland, #5 in Scandinavia1 0% 420 387 396 420 267 267 +300 products 202 201 137 131 132
Slide 46: Animal Health
Animal Health INNOVATIVE AND GENERIC MEDICINES FOR COMPANION ANIMALS AND LIVESTOCK 7% OF TOTAL Q2/26 NET SALES Revenue, MEUR 12.5% CAGR, FY22-25 141 128 Global reach 104 99 -3% Active R&D 72 70 targeted to companion animals Mid single digit growth potential 2022 2023 2024 2025 1-6 2025 1-6 2026 46 I
Slide 47: Fermion
Fermion ACTIVE PHARMACEUTICAL INGREDIENTS (APIS) MANUFACTURING FOR ORION AND OTHER PHARMA COMPANIES 4% OF TOTAL Q2/26 NET SALES Revenue (external sales), MEUR Vertical integration 74 72 69 69 of APIs for Orion products Two manufacturing sites in Finland 17% 37 31 Global reach B2B for generics and CD
Slide 48: Key collaboration agreements
Key collaboration agreements 48 Investor Presentation © Orion Corporation
Slide 49: Global agreement with Bayer for development and commercialisation of 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 50: 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 51: 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 Project Phase Indication Trial on million Clinicaltrials Approval / regulatory milestones payments Up to USD 16 million LEVEL 3 PH-
Slide 52: Appendices
Appendices 52 Investor Presentation © Orion Corporation
Slide 53: Outlook for 2026
Outlook for 2026 (specified on 17 July 2026) Net sales EUR 2,000 million–EUR 2,100 million Operating profit EUR 650 million–EUR 750 million 53 Investor Presentation © Orion Corporation
Slide 54: 92,979 registered shareholders on 30 June 2026
92,979 registered shareholders on 30 June 2026 By number of shares By number of votes Households (Finnish retail) 4% 2% 4% 6% Non-Finnish holders and 10% nominee-registered 7% Private corporations 6% 37% Public sector 13% Non-profit institutions 60% Financial and insurance 10% corporations 39% 54 In
Slide 55: Largest shareholders by votes and shares on 30 June 2026
Largest shareholders by votes and shares on 30 June 2026 # Shareholder % of votes # Shareholder % of shares 1 Erkki Etola and companies 6.82% 1 Ilmarinen Mutual Pension Insurance Company 3.34% 2 Maa- ja vesitekniikan tuki r.y. and companies 5.65% 2 Varma Mutual Pension Insurance Company 3.16% 3 Ilma
Slide 56: Orion B share performance from January 2016 to June 2026
Share price, EUR 70 25 85 80 75 65 60 55 50 45 40 35 30 20 15 10 30-Jun-26 31-Mar-26 31-Dec-25 30-Sep-25 Orion B share price 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 OMXH-portfolio 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 Europe/Pha
Slide 57: Net sales and operating profit by quarter (MEUR)
Net sales and operating profit by quarter (MEUR) Net sales, EUR million Operating profit, EUR million 695 328 522 245 492 471 418 417 423 434 202 308 355 177 278 290 328 321 284 301 295 271 121 115 105 93 93 78 82 80 71 66 55 56 47 41 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 2026 2022 2023 2024 2
Slide 58: Quarterly net sales by business division (MEUR)
Quarterly net sales by business division (MEUR) Innovative Medicines Branded Products Generics and Consumer Health 397 247 127 242 230 137 135 123 134 142 129 142 145 134 132 134 150 131 134 127 133 136 171 150 157 147 80 60 77 67 80 91 82 76 62 67 72 89 98 73 70 71 69 67 80 73 61 68 54 52 42 39 22
Slide 59: Quarterly net sales by business division (MEUR)
Quarterly net sales by business division (MEUR) Animal Health Fermion 37 24 35 36 34 35 35 34 34 34 22 32 31 20 30 19 20 20 19 27 27 27 18 18 18 17 17 16 23 15 16 14 14 14 18 13 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 2026 59 Investor Presentation © Orion Corporation
Slide 60: Fixed costs (MEUR)
Fixed costs (MEUR) MEUR Q2/2026 Q2/2025 Change 1–6/2026 1–6/2025 Change Sales and marketing -75.0 -71.9 +4.2% -147.5 -135.4 +8.9% Research and development -62.2 -49.1 +26.7% -110.4 -90.0 +22.7% Administrative -23.9 -24.8 -3.6% -43.3 -43.3 -4.9% 100 80 60 40 20 0 Sales and marketing Research and deve
Slide 61: Key financial figures
Key financial figures 2022 2023 2024 2025 1-6/2026 Change % Net sales, EUR million 1,340.6 1,189.7 1,542.4 1,889.5 939.3 +21.8% EBITDA, EUR million 487.1 326.4 509.4 688.3 322.3 +53.3% % of net sales 36.3% 27.4% 33.0% 36.4% 34.3% Operating profit, EUR million 439.6 274.9 416.6 631.6 291.3 +59.6% % o
Slide 62: Income statement
Income statement EUR million 2022 2023 2024 2025 1-6/2026 Change % Net sales 1,340.6 1,189.7 1,542.4 1,889.5 939.3 +21.8% Cost of goods sold -489.0 -531.9 -596.0 -676.5 -345.4 +7.6% Gross profit 851.6 657.7 946.4 1,213.0 593.9 +31.9% Other operating income and expenses 5.7 43.7 9.5 5.4 -1.3 <-100% S
Slide 63: Royalties and milestones
Royalties and milestones Additional info on milestones 2014 includes significant part of EUR 50 million darolutamide collaboration signing fee from Bayer 2019 includes EUR 45 million milestone from Bayer for the first commercial sales of darolutamide in the USA 620 2020 includes EUR 28 million miles
Slide 64: Financial position
Financial position ASSETS EQUITY AND LIABILITIES EUR million 6/26 6/25 Change % 12/25 EUR million 6/26 6/25 Change % 12/25 Property, plant and equipment 464.33 431.22 +7.7% 457.4 Share capital 92.2 92.2 92.2 Other reserves 3.2 5.4 -40.6% 2.9 Goodwill 87.19 87.19 87.2 Cumulative translation adjustmen
Slide 65: 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 Property, 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 6 8 70 67 72 64 15 52 52 59 20 40 39 45 38 35 37 34 2
Slide 66: 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 Mar26 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25 Jun26 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec2
Slide 67: Upcoming events
Upcoming events Interim Report 1–9/2026 28/10/2026 Financial Statement Release 2026 17/2/2027 AGM planned to be held 23/3/2027 Interim Report 1–3/2027 22/4/2027 Half-Year Financial Report 1–6/2027 20/7/2027 Interim Report 1–9/2027 27/10/2027 67 Investor Presentation © Orion Corporation