Orion Group Half-Year Financial Report January–June 2025

Core Insights - Orion Corporation reported significant growth in net sales and operating profit for the first half of 2025, with net sales increasing by 21.1% to EUR 771.0 million and operating profit rising by 49.8% to EUR 182.5 million [1][4][8] - The company upgraded its outlook for 2025, estimating net sales between EUR 1,630 million and EUR 1,730 million, and operating profit between EUR 400 million and EUR 500 million [4][8] Financial Performance - In Q2 2025, net sales reached EUR 416.5 million, a 26.9% increase from EUR 328.2 million in Q2 2024 [1][4] - EBITDA for Q2 2025 was EUR 118.6 million, up 50.6% from EUR 78.8 million in Q2 2024, representing 28.5% of net sales [1][4] - Basic earnings per share for Q2 2025 were EUR 0.59, compared to EUR 0.37 in Q2 2024, marking a 58.7% increase [1][4] Business Segments - The performance of Nubeqa® was highlighted as a key driver of growth, with both royalty income and product sales showing strong increases [3][4] - The Branded Products and Animal Health divisions also reported double-digit growth, contributing to the overall positive performance [4][5] Research and Development - Research and development expenses increased by 12.5% to EUR 49.1 million in Q2 2025, reflecting the company's commitment to innovation [1][4] - The company opened a new research and development center in Cambridge, UK, and expanded collaborations in various business areas [6][7] Market Outlook - The outlook for 2025 anticipates continued growth in Nubeqa® royalties and product sales, although predicting exact levels remains challenging [12][14] - The Branded Products division is expected to grow, driven by the Easyhaler® product portfolio and other products, while the Animal Health division is anticipated to see slight growth [13]