Orion Oyj

Strong Q3 + upgraded full-year outlook (good execution) - Net sales: +28% YoY to EUR 542m - Operating profit: ~+74% YoY to EUR 210m - EPS: grew “accordingly” (no exact figure provided in transcript) - YTD (Jan–Sep): Net sales +24% to EUR 1.481bn; Operating profit +~66% to >EUR 500m - Guidance upgrade (full year 2026): - Net sales: EUR 2.070bn–2.140bn (upgraded) - Operating profit: EUR 730m–790m (upgraded)

Nubeqa remains the earnings engine; biggest driver and biggest uncertainty (opportunity + risk) - Nubeqa drives Q3 growth: +EUR 113m in net sales from Innovative Medicines; ~70% growth in “Top 10 products” table. - Q3 mix/growth mechanics: company is already at maximum Nubeqa royalty tier since Q2, so royalties should scale ~proportionally with Bayer’s market sales. - Guidance still has a wide Q4 range largely due to Nubeqa: Q4 is expected to be one of the best quarters for Nubeqa (fast-growing product + maximum royalty rate), but variability remains. - Softness vs consensus in Q3 royalties (potentially a negative/surprise): management said discrepancies can come from timing/estimation of Bayer sales and how the “last month” is booked—they did not give a concrete operational cause.

Commercial update: royalties vs tablet sales—some variability but not alarming - Royalties & Bayer reporting: Q3 royalties EUR 222m, plus tablet sales EUR 58m to Bayer (as described). - Tablet sales sequential decline noted by an investor (~10%); management response: likely normal quarter-to-quarter shipment batching/maintenance break effects, not a fundamental demand issue. - Overall messaging: trend is upward over the year, even if quarter shipments swing.