Orion Oyj Class A · OMXHEX:ORNAV
Orion Oyj Class A — Investor Presentation (April 2026)
62 slides from Orion Oyj Class A's investor presentation, April 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 in brief
Orion in brief Established in 1917 in Finland Proven track record in innovation R&D focus on oncology and pain Operations in >35 countries R&D sites in Finland, UK and USA Production sites in Finland, France and Belgium FINANCIALS 2025 NET SALES OPERATING PROFIT 4,000 EUR 1,890 million EUR 632 milli
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: With strong track record in delivering financial results, we have entered a 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% 280 234 275 1,706 +17
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% 15% 323 17% 1,542 8% 9% 232 25% 15% 1,341 24% 23% 481 25% 142 1,190 1,078 34% 34% 1,041 173 369 135 335 31% 141 175 30% 83 90 28% 29% 530 28% 368 431 354 399
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 short and mid-term growth driven by key assets 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 build on innovative legacy 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 82 64 183 77 51 48 170 7 8 130 146 24 23 47 50 2022 2023 2024 2025 Q1 2025 Q1 2026 2015 2016 2017 2018 2019 2
Slide 12: Investment case – key themes
Investment case – key themes Growth Stability Innovative Medicines business Branded Products, Generics and division and Nubeqa® driving the Consumer Health, and Animal Health growth. Further opportunities in business divisions are stable, profitable R&D pipeline. and generate healthy cash flow. Inno
Slide 13: Research & Development
Research & Development 13 Investor Presentation © Orion Corporation
Slide 14: 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 14 Investor Presentation © Orion Corporation
Slide 15: 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 16: 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 17: Aspirational impacts of ODM-212, a TEAD inhibitor, in patients with cancer
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: 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 18 Investor Presentation © Orion Corporation
Slide 19: Expected pipeline news flow
Expected pipeline news flow LEVEL Phase 3 primary ARASTEP Phase 3 primary DASL-HiCaP Phase 3 estimated completion Q3 20261,3 completion Q3 20271,2 primary completion Q1 20281,2 Initiation of a Phase 2 OMAHA-015 Phase 2 primary OMAHA-004 Phase 3 primary combination trial with completion Q4 20271,2 co
Slide 20: Strategy and financial targets
Strategy and financial targets 20 Investor Presentation © Orion Corporation
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. 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 22: 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 23: 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 24: 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 25: 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 25 Investor Presentation © Orion Corporation 2 Without EUR
Slide 26: 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 27: 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 27 Investor Presentation © Orion Corporation
Slide 28: 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 29: Our Sustainability Agenda
Our Sustainability Agenda 29 Investor Presentation © Orion Corporation
Slide 30: 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 31: 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 32: Orion Interim Report January-March 2026
Orion Interim Report January-March 2026 23 April 2026
Slide 33: Q1 2026 Highlights
Q1 2026 Highlights • Solid performance across all businesses • Mr. Berkeley Vincent appointed Executive Vice President, Innovative Medicines and a member of Orion Executive Team as of 8 April 2026 • ODM-212 granted orphan drug designation in mesothelioma by FDA • Initiation of TEADCO Phase 1b/2 bask
Slide 34: Q1 2026 Financial highlights
Q1 2026 Financial highlights Net sales, EUR million Operating profit, EUR million Earnings per share, EUR Operating profit margin 27.5% (22.0%) +17.8% +47.3% +47.4% 417.7 114.8 0.64 354.6 77.9 0.44 Q1/2025 Q1/2026 Q1/2025 Q1/2026 Q1/2025 Q1/2026 34 Investor Presentation © Orion Corporation
Slide 35: Net sales bridge (MEUR)
Net sales bridge (MEUR) 1.1 0.6 417.7 5.2 1.9 52.5 1.8 354.6 Q1/2025 1 2 3 4 5 6 Q1/2026 1 Innovative Medicines 4 Animal Health 2 Branded Products 5 Fermion 3 Generics and Consumer Health 6 Translation differences and other operations 35 Investor Presentation © Orion Corporation The figures in the c
Slide 36: Operating profit bridge (MEUR)
Operating profit bridge (MEUR) 40.8 -0.6 -0.3 114.8 21.3 -15.0 77.9 -9.3 Q1/2025 1 2 3 4 5 6 Q1/2026 1 Change in sales volume 4 Milestones 2 Changes in prices, COGS, product mix and FX 5 Other operating income and expenses 3 Royalties 6 Fixed costs 36 The Corporation Investor Presentation © Orion fi
Slide 37: Innovative Medicines
Innovative Medicines +53.6% Nubeqa® sales (MEUR) 150.3 213 5.4 48 166 152 97.8 140 145 48 6.3 36 44 50 144.9 95 92 72 26 165 38 91.5 50 21 116 118 96 95 MEUR 18 69 51 54 32 Q1/2025 Q1/2026 2024 2024 2024 2024 2025 2025 2025 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nubeqa® Other Royalties Product sales t
Slide 38: Branded Products
Branded Products +6.8% 82.2 77.0 8.2 • Easyhaler® budesonide-formoterol the growth driver for the 7.2 respiratory therapy area 24.0 • Recent changes in treatment guidelines favor the use of 23.4 combination products over monoproducts • Growth momentum for Women’s Health therapy area continues 46.5 5
Slide 39: Generics and Consumer Health
Generics and Consumer Health +1.4% 131.7 133.5 • Steady growth for both generic prescription drugs and 33.3 34.4 consumer health products 98.4 99.2 MEUR Q1/2025 Q1/2026 Generic prescription drugs Consumer Health products 39 Investor Presentation © Orion Corporation
Slide 40: Animal Health
Animal Health +3.3% 36.3 35.2 • The growth came from multiple products and different geographic regions MEUR Q1/2025 Q1/2026 40 Investor Presentation © Orion Corporation
Slide 41: Top products and net sales split in Q1 2026
TOP 10 products and net sales split in Q1 2026 EUR vs. Product or product portfolio million 2025 1. Nubeqa® 144.9 +58.4% 3% 9% 2. Easyhaler® product portfolio 48.3 +7.0% 3. Entacapone products1 21.0 -1.2% 36% 4. Dexdomitor®, Domitor®, Domosedan®, Antisedan® 9.8 +10.9% 5. Divina® series 8.2 +14.9% 32
Slide 42: Sustainability reporting and performance 2025
Sustainability reporting and performance 2025 Orion Pharma publishes its Sustainability statement as a part of the Financial statement documents in accordance with the sustainability reporting requirements of the European Sustainability Reporting Standards (ESRS). Key highlights -13% 4.9 98% 96% Gre
Slide 43: Key collaboration agreements
Key collaboration agreements 43 Investor Presentation © Orion Corporation
Slide 44: 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 45: 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 46: 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 47: Appendices
Appendices 47 Investor Presentation © Orion Corporation
Slide 48: 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 48 Investor Presentation © Orion Corporation
Slide 49: 92,641 registered shareholders on 31 March 2026
92,641 registered shareholders on 31 March 2026 By number of shares By number of votes Households (Finnish retail) 4% 2% 4% 7% Non-Finnish holders and 10% nominee-registered 7% Private corporations 6% 37% Public sector 13% Non-profit institutions 61% Financial and insurance 10% corporations 39% 49 I
Slide 50: Largest shareholders by votes and shares on 31 March 2026
Largest shareholders by votes and shares on 31 March 2026 # Shareholder % of votes # Shareholder % of shares 1 Erkki Etola and companies 6.80% 1 Ilmarinen Mutual Pension Insurance Company 3.58% 2 Maa- ja vesitekniikan tuki r.y. and companies 5.63% 2 Varma Mutual Pension Insurance Company 2.99% 3 Ilm
Slide 51: Orion B share performance
Share price, EUR 75 30 85 80 70 65 60 55 50 45 40 35 25 20 15 10 31-Mar-26 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 30-Sep-21 Europe/Pha
Slide 52: Net sales and operating profit by quarter (MEUR)
Net sales and operating profit by quarter (MEUR) Net sales, EUR million Operating profit, EUR million 695 328 245 492 471 418 417 423 434 202 308 355 278 290 328 321 284 301 295 271 121 115 105 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 2025 2026
Slide 53: Quarterly net sales by business division (MEUR)
Quarterly net sales by business division (MEUR) Innovative Medicines Branded Products Generics and Consumer Health 397 247 230 137 127 134 142 145 134 132 135 123 129 142 150 131 134 127 133 136 171 150 157 147 80 60 77 67 82 76 80 62 67 72 89 98 73 70 71 69 67 80 73 61 68 54 52 42 39 22 22 Q1 Q2 Q3
Slide 54: 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 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 54 Investor Presentation © Orion Corporation
Slide 55: Fixed costs (EUR million)
Fixed costs (EUR million) Q1/2026 Q1/2025 Change Sales and marketing, EUR million -72.5 -63.5 +14.3% Research and development, EUR million -48.3 -41.0 +17.8% Administrative, EUR million -19.4 -20.8 -6.5% 100 80 60 40 20 0 Sales and marketing Research and development Administrative Q2'24 Q3'24 Q4'24
Slide 56: Key financial figures
Key financial figures 2022 2023 2024 2025 Q1 2026 Change % Net sales, EUR million 1,340.6 1,189.7 1,542.4 1,889.5 417.7 +17.8 % EBITDA, EUR million 487.1 326.4 509.4 688.3 130.4 +42.5 % % of net sales 36.3% 27.4% 33.0% 36.4% 31.2 % Operating profit, EUR million 439.6 274.9 416.6 631.6 114.8 +47.3 %
Slide 57: Income statement
Income statement EUR million 2022 2023 2024 2025 Q1 2026 Change % Net sales 1,340.6 1,189.7 1,542.4 1,889.5 417.7 +17.8% Cost of goods sold -489.0 -531.9 -596.0 -676.5 -163.7 +7.1% Gross profit 851.6 657.7 946.4 1,213.0 254.0 +25.9% Other operating income and expenses 5.7 43.7 9.5 5.4 0.9 -26.4% Sal
Slide 58: 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 59: Financial position
Financial position EQUITY AND LIABILITIES ASSETS EUR million 3/26 3/25 Change % 12/25 EUR million 3/26 3/25 Change % 12/25 Share capital 92.2 92.2 92.2 Property, plant and equipment 458.2 421.0 +8.8% 457.4 Other reserves 3.5 5.3 -33.7% 2.9 Cumulative translation adjustments -9.9 -9.9 -0.4% -10.5 Goo
Slide 60: 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 8 70 67 72 64 15 52 52 59 4 20 40 39 45 38 35 37 28 3
Slide 61: 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 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 -400
Slide 62: Upcoming events
Upcoming events Half-Year Financial Report 1–6/2026 17/7/2026 Interim Report 1–9/2026 28/10/2026 62 Investor Presentation © Orion Corporation