#1ORION Orion Equity Story#2Disclaimer 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 these strategies. These statements are subject to risks and uncertainties. Actual results may differ substantially from those stated in any forward-looking statement. This is due to a number of factors, including the possibility that Orion may decide not to implement these strategies and the possibility that the anticipated benefits of implemented strategies are not achieved. Orion assumes no obligation to update or revise any information included in this presentation. All the figures in this presentation have been rounded, which is why the total sums of individual figures may differ from the total sums shown. 2 Investor Presentation Orion Corporation ORION#3Why to invest in Orion NubeqaⓇ main growth driver in short and mid-term ORION Long history and proven track record Long-term growth drivers from R&D pipeline GROWTH INNOVATION Strong commitment to innovation Global pharma market growing 3-6% per annum. Diversified business divisions balance each others and aim for solid growth 3 Proven track record in delivering financial results. Investor Presentation Orion Corporation STABILITY Robust R&D pipeline with focus in pain and oncology Strong profitability Predictable and growing dividend#4Orion today - building well-being since 1917 4 ORION Ро € Diversified pharmaceutical company ~3,600 employees in >35 countries Financially strong Net sales EUR 1,190 million. Operating profit 275 million R&D focus in oncology and pain 408 production sites Impacting millions of lives globally Investor Presentation Orion Corporation#5ORION Five business divisions 20 ☑ во 20 • • Innovative Medicines Innovative medicines developed or marketed by Orion, and which have patent or other product protection. Branded Products Orion's innovative legacy products and in-licensed products with a strong brand name and competitive advantage Generics and Consumer Health Generic prescription drugs (including biosimilars) and self- care products Animal Health • Orion's innovative and in-licensed veterinary medicines and pro health products for animals Fermion • Active Pharmaceutical Ingredients (APIs) for Orion and other pharmaceutical companies Generics and Consumer Health EUR 518 million 43% Animal Health EUR 104 million 9% Fermion EUR 74 million Net sales 6% EUR 1,190 million in 2023 22% Innovative Medicines 20% EUR 235 million Branded Products EUR 261 million 5 Investor Presentation Orion Corporation#66 2013 2014 2015 Solid financial performance despite significant Lo Es¹ 1 ORION 1,600 35% 500 35% 1.75 120% 30% 450 1,400 1.50 110% 25% 400 30% 1,200 20% 350 1.25 100% EUR million €1,000 15% 800 10% 5% 600 EUR million 300 25% 1.00 90% 250 EUR 200 20% 0.75 80% 0% 150 400 0.50 70% -5% 100 15% 200 0.25 60% -10% 50 0 -15% 0 10% 0.00 50% 2016 2017 2018 2019 2020 2021 2022 2023 INet Sales Growth, % Investor Presentation Orion Corporation 2013 Operating profit -Operating profit margin Dividend per share -Dividend payout ratio *proposal by BoD 100th anniversary dividend#7ORION Orion's operations Orion's products are Sales operations Production and supply chain operations sold globally in > 100 countries R&D operations Back-office operations#8ORION Research & Development#9ORION Oncology and Pain focus areas of R&D Proven track record in oncology 2 approved innovative medicines Proven track record in CNS FARESTON A NUBEQA™ (darolutamide) 4 Comtess approved 300 mg tablets innovative Stalevo medicines Precedex® (dexmedetomidine HCI Injection) dexdor dalsmedetomidin 9 2 world-class partnerships with big pharma 6 phase III trials in prostate cancer BAYER BAYER MERCK CNS focus 2 finalised and 2 ongoing with Bayer on darolutamide • 2 ongoing with Merck on ODM-208 (MK- 5684) on pain in 2022 Acquisition of ODM-111 Research emphasis in pain Investor Presentation Orion Corporation#10ORION Key clinical development pipeline Project/compound ARANOTE / darolutamide 1 ARASTEP / darolutamide 1 OMAHA1 / ODM-208 (MK-5684-003) 2 OMAHA2a/ ODM-208 (MK-5684-004) 2 Indication Prostate cancer (mHSPC) Prostate cancer (BCR) Prostate cancer (mCRPC) Prostate cancer (mCRPC) PHASE I PHASE II PHASE III REGISTRATION Ongoing Ongoing Initiated Initiated CYPIDES/ODM-208 2 Prostate cancer (mCRPC) Ongoing Phase lla ODM-105/tasipimidine Insomnia Ongoing ODM-111 (NaV 1.8 blocker) Pain Ongoing ODM-212 (TEAD inhibitor) Solid tumours Ongoing Oncology Pain / neurology In collaboration with Bayer 2 In collaboration with MSD 10 Investor Presentation Orion Corporation Changes vs. Q3'2023: OMAHA1 / ODM-208 (MK-5684-003) phase III initiated OMAHA2a / ODM-208 (MK-5684-004) phase III initiated#11ORION Orion's key clinical trials with darolutamide Clinical trial and treatment Indication Primary endpoint and results ARAMIS darolutamide + ADT nmCRPC Key secondary endpoints Status Metastasis free survival prolongation by 22.0 months, 59% risk reduction (HR=0.41, p<0.001) Overall survival Overall survival 31% risk reduction (HR=0.69, p=0.003) Approved 11 ARASENS darolutamide + ADT MHSPC + docetaxel 32.5% risk reduction (HR 0.675, p<0.001) ARANOTE MHSPC darolutamide + ADT ARASTEP BCR darolutamide + ADT Radiological progression-free survival (study ongoing) Radiological progression-free survival (study ongoing) Time to castration resistant PC 64% risk reduction (HR=0.36, p<0,001) Approved Overall survival (study ongoing) Metastasis free survival Time to castration resistant PC Overall survival Overall incidence of treatment-emergent adverse events was similar between treatment arms (darolutamide group vs. placebo group) both in ARAMIS and ARASENS trials = ADT androgen deprivation therapy nmCRPC = non-metastatic castration-resistant prostate cancer mHSPC metastatic hormone-sensitive prostate cancer BCR biochemical relapse Orion develops darolutamide in collaboration with Bayer. Phase III ongoing Phase III ongoing Investor Presentation Orion Corporation#12ODM-208/MK-5684 for metastatic castration-resistant prostate cancer mCRPC CYP11A inhibitor blocking synthesis of steroids and thus ligands for androgen receptor activation Orion develops ODM-208/MK-5684 in collaboration with MSD Phase II CYPIDES trial ongoing . • First results presented at ASCO-GU 2024 • PSA 50 responses in 55.6% of AR-LBD mutation positive and in 16.7% of AR-LBD mutation negative patients . . • PSA 30 responses in 69.8% of AR-LBD mutation positive and in 30.0% of AR-LBD mutation negative patients • ODM-208 was well-tolerated: the most common treatment- related adverse events were related to adrenal suppression with the rate of hospitalisation for adrenal insufficiency being much lower than in phase 1 when typically higher doses were administered (3.0% vs. 33% respectively). Phase III Omaha1 trial ongoing • Randomised, open-label • • ORION Treatment: ODM-208/MK5684 in combination with HRT compared to an alternative NHA Participants: ~1,200 patients with later-line mCRPC who have failed one prior new hormonal agent (NHA) and one or two prior taxane-based chemotherapies • Primary endpoints: overall survival (OS) and radiographic progression-free survival (rPFS) by AR LBD mutation status Phase III Omaha2a trial ongoing • • Randomised, open-label Treatment: ODM-208/MK5684 in combination with HRT compared to an alternative NHA Participants: 1,500 patients with front-line mCRPC who have. failed one prior NHA • Primary endpoints: overall survival (OS) and rPFS by AR LBD mutation status. 12 Investor Presentation Orion Corporation#13ODM-111 for acute and chronic pain Huge unmet need for non-opioid pain treatments - Orion among the frontrunners to target NaV1.8 Why are we targeting NaV1.8? NaV1.8 is validated ● target for pain ODM-111 is potent and selective NaV1.8 inhibitor ● Where are we now? Phase I ongoing No significant safety findings in SAD and MAD cohorts Detailed Phase I results to be reported later Next steps Plan to initiate phase II in acute pain in 2024 . Plan to initiate phase II in chronic pain in 2024 13 Investor Presentation Orion Corporation ORION#14ORION ODM-105 (tasipimidine) and ODM-212 Phase Ila ongoing with ODM-105 for insomnia Potent and selective alpha 2A adrenoceptor agonist • Orion has long experience and proven track record with alpha 2 agonists (for example dexemedetomidine) • In animal models ODM-105 has shown typical alpha 2A adrenoceptor agonist effects such as sedation, decreased arousal and relief in anxiety Insomnia often comorbidity of pain Potential benefits: low abuse potential and lack of daytime sleepiness Phase I ongoing with ODM-212 - TEAD inhibitor ODM-212 is an oral small molecule blocking TEAD activity Targeted indication(s): solid tumours with YAP/TEAD activation 14 Investor Presentation Orion Corporation#15We have a long history of bringing innovative treatments to market Proprietary human pharmaceuticals developed by Orion 15 1988 FARESTON 1993 1994 BECLOMET EASYHALER™ Precedex (dexmedetomidine HCI Injection) 1998 2000 1999 2002 BUDESONIDE EASYHALER 2003 2004 FORMOTEROL EASYHALER™ Comtess ● Stalevo BUVENTOL EASYHALER® COMTan® SIMDAX® levosimendaani Investor Presentation Orion Corporation 2011 dexdor dekamedecidin 2014 BUFOMIX EASYHALER™ 2018 ORION A NUBEQA™ (darolutamide) 300 mg tablets 2019 SALFLUMIX EASYHALER*#16We are a trusted innovator in animal health products Main Orion Animal Health marketing authorisations Kefavet DOMOSEDAN Comforion DEXDOMITOR Clevor ropinirol ANTISEDANAS DEXDOMITOR® 0.1 16 1983 1987 1989 1998 Geepenil DOMITOR 2002 Investor Presentation Orion Corporation 2008 2012 2015 2018 2019 PROPOMITOR® 2021 2020 ORION DOMOSEDAN GEL Amodip Sileo® Tessie Bonqat Benzorion to tym omge#17ORION Strategy and financial targets#18Build a customer-driven 18 portfolio + 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. Global Europe Nordics - ORION Finland Expand to new geographies and strengthen global partnerships Innovative Medicines Investor Presentation Orion Corporation Generics & Consumer Health Branded Products Animal Health Develop growth enablers#1919 The dream of a truly global Finnish pharma company has existed for a long time - why now? ORION Promising projections for the coming decade: The stellar success of NubeqaⓇ, Easyhaler ®, and generics means we can invest in growth and innovation. R&D capabilities and quality have been validated. We have excelled in the development of new molecules and possess a robust data-driven research pipeline. All of our business areas have demonstrated resilience by establishing growth platforms, even during challenging times. We are in excellent shape to drive the next decade of innovation. Investor Presentation Orion Corporation 2030s#20Building 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 • Brand products for Respiratory, Central Nervous System, and Women's Health Innovative Medicines Branded Products Build a customer- driven portfolio: • • Complementing strong generic portfolio with complex and value-add generics, and consumer health products with value proposition Portfolio for companion and livestock animals Дн Expand into new geographies and strengthen global partnerships: • . Strengthen European market position Strengthen and expand APAC presence, including Japan Establish presence in USA step by step Generics & Consumer Health Fermion API Animal Health 20 20 Develop growth enablers: • • • • Competences and Culture Safety and Sustainability Global commercialisation capabilities Data driven execution excellence Master End-to-End value chain Investor Presentation Orion Corporation API = active pharmaceutical ingredient ORION#21Our growth will come in three phases 21 21 STRENGTHEN & EXPAND Strengthen European & APAC market position BUILD & INVEST Build and invest into global commercial assets and capabilities ACCELERATE Grow & maximize value of global assets SHORT TERM Europe, APAC, Japan ORION MID-TERM + USA LONG TERM Global Inspired by our Nordic heritage, we strive to empower people around the world to live their lives to the fullest - today and tomorrow. Investor Presentation Orion Corporation Growth Enablers#22Financial objectives Strategy period 2024-2028 222 Net sales CAGR ≥8% Operating profit To grow faster than net sales Equity ratio ≥50% ROE ≥25% ORION Dividend Annually increasing dividend - payout ratio 50%-100% Investor Presentation Orion Corporation#23Capital allocation focus Дн 40 23 Internal R&D pipeline Higher Dividends Maintaining & increasing capacity Investor Presentation Orion Corporation In-licensing/ acquiring commercial assets ORION K In-licensing/ acquiring R&D assets Focused M&As to gain strategic competences Lower#24Dividend distribution policy and dividend history ORION • 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 1.75 Dividend distribution history 1.50 0.12 0.06 1.25 0.10 1.00 0.75 0.50 0.25 0.00 0.20 1.00 0.95 1.00 1.20 1.30 1.30 1.25 1.30 1.30 1.35 1.45 1.50 1.50 1.50 1.50 1.60 1.62 *EZON 2001 2008 2009 2010 2011 2012 2013 2012 2013 2016 2017 2018 2019 2020 2021 2022 2023 Investor Presentation Orion Corporation 120% 110% 100% 1100th anniversary dividend 90% 80% I Repayment of capital per share 70% I Dividend per share 60% Dividend payout ratio 50% *proposal by the Board of Directors 24 4#25ORION Our sustainability agenda ORION#26Orion's Sustainability Agendal Patient safety as a top priority Patient safety has been a priority for us for a hundred years and it continues to be the cornerstone of our daily operations. We play a significant role in ensuring reliable supply of medications - even in the wake of a crisis. Active work for a better environment We want to be the environmental leaders in our industry. We continuously raise the bar in climate and environmental responsibility, and we challenge others to follow. We are strongly heading towards achieving carbon-neutrality in our own operations by 2030. Care for well-being professionals We want to take care of Orionees - professionals who put their heart and expertise in everything they do. Our workplace is inspiring. We want our people to feel well. Ethics at the core of our business ठ We maintain strict ethical standards and act responsibly in all situations. Together with our partners we are building a transparent and sustainable business. 26 Investor Presentation Orion Corporation ORION#27Orion's Sustainability Agenda and indicators 2023 27 Patient safety as a top priority Care for well-being professionals চठ Active work for a better environment Ethics at the core of our business Customer complaints (pharmaceuticals) 59 Ppm1 (60) GxP² audits by Orion Greenhouse gas emissions (scope 1&2) Energy savings (MWh) Injury rate 248 13,940 11,459 (281) 4.8 tCO2e (15,896) (858) LTIF 1 (3.7) 1Ppm parts per million packages sold, 2GxP = Good Practices, = Investor Presentation Orion Corporation Code of Conduct training, no. of participants 460 (682) ORION#28ORION Orion FY2023 Results 13 February 2024#29Q4 2023 results • Net sales growth driven by NubeqaⓇ and EasyhalerⓇ product portfolio ORION 10-12/ 10-12/ Change 2023 2022 Operating profit boosted by EUR 30.7 million positive impact from the transfer of the Orion Pension Fund's B Fund to an external pension insurance company Net sales, EUR million 321.1 294.5 +9.0% Operating profit, EUR million. 92.9 40.7 > 100% • Underlying operating profit growth driven by the growth of NubeqaⓇ royalties Operating profit margin, % 28.9% 13.8% 29 Investor Presentation Orion Corporation Cash flow from operating activities per share, EUR 0.35 0.04 > 100%#30Full-year 2023 results • Underlying net sales increased by ~7% • i.e. without EUR 228 million upfront payment in 2022 Underlying operating profit increased by ~5% i.e. without EUR 208 million net impact from upfront payment in 2022 and without the positive EUR 30.7 million impact from the transfer of the Orion Pension Fund's B fund in 2023 • Cash flow decreased clearly due to • Lower operating profit Increase in NubeqaⓇ related inventories and receivables 30 ORION 1-12/ 1-12/ Change 2023 2022 Net sales, EUR million 1,189.7 1,340.6 -11.3% Operating profit, EUR million 274.9 439.6 -37.5% Operating profit margin, % 23.1% 32.8% Cash flow from operating • Overall increase in inventories 0.85 3.09 -72.6% activities per share, EUR Cash flow impact from the transfer of the Orion Pension. Fund's B fund only in Q2/2024 Proposed dividend per share 1.62 1.60 +1.3% Investor Presentation Orion Corporation#3131 MEUR Net sales bridge from FY2022 to FY2023 1,340.6 -33.0 95.4 -25.0 -32.3 58.1 10.0 ORION 1,189.7 -201.2 -23.1 8 2023 2022 1 2 3 4 5 6 7 1 Simdax® and dexmedetomidine for human use 5 Other products and services (excl. Animal Health and Fermion) 2 Nubeqa (product sales and royalty) 6 Animal Health and Fermion 3 Entacapone products 7 Milestones 4 Russia 8 Exchange rates Investor Presentation Orion Corporation The figures in the chart are rounded, which is why the total sums of individual figures may differ from the total sums.#3232 32 MEUR 439.6 21.0 Operating profit bridge from FY2022 to FY2023 ORION - 70.7 - 19.1 76.3 7.3 - 201.2 - 8.9 30.7 274.9 2022 1 2 3 4 LO 5 6 7 8 2023 1 Product & service sales without sales margin and product mix change and exchange rate effect 5 Milestones 2 3 Product sales margin and product mix change but without exchange rate effect Exchange rate effect on gross margin 6 7 Other operating income and expenses Fixed cost 4 Royalties 8 Transfer of Pension Fund's B Fund The figures in the chart are rounded, which is why the total sums of individual figures may differ from the total sums. Investor Presentation Orion Corporation#3333 Innovative Medicines EUR 235.1 million (-28.6%) NubeqaⓇsales more than doubled in 2023 - MEUR NubeqaⓇ sales booked by Orion¹ 70 60 50 40 30 20 10 10 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2023 • • • ORION Decline due to significant EUR 228 million upfront payment recorded in 2022 • Excluding the upfront payment, net sales more than doubled 2023 sales includes EUR 30 million NubeqaⓇ sales milestone NubeqaⓇ sales booked by Orion EUR 182.5 million (>100%) in 2023 Marinus received EU approval for ganaxolone² (brand name Ztalmy®) - Orion is focusing on making ganaxolone available for patients in Europe and has pricing and reimbursement processes planned or underway in Europe Product sales to Bayer 2022 Royalty ¹Orion's sales to Bayer for commercial use + royalties from Bayer Investor Presentation Orion Corporation 2 oral suspension for the adjunctive treatment of epileptic seizures associated with cyclin- dependent kinase-like 5 (CDKL5) deficiency disorder (CDD) in patients two to 17 years of age. Treatment may be continued in patients 18 years of age and older.#3434 Branded Products EUR 260.9 million (-6.3%) MEUR 160 144.2 140 129.7 120 113.4 100 88 80 60 622 88.4 40 27.6 20 0 21.0 7.7 7.3 Sales split 8% 3% 0 34% • 55% EasyhalerⓇ Entacapone DivinaⓇ series 2022 2023 Other Investor Presentation Orion Corporation ■ EasyhalerⓇ ■Divina Ⓡ series Other ■ Entacapone ORION • • Easyhaler product portfolio continued on a solid growth track The decline in entacapone products mainly due to lower partner sales De-stocking Increased competition • Lower prices The decline in Divina Ⓡ series due to discontinuation of business operations in Russia#35Generics and Consumer Health EUR 517.6 million (-7.1%) MEUR 450 419.8 400 386.7 350 300 250 • Sales split by geographic 9% 16% areas 0 200 150 137.3130.9 15% 100 50 0 Generic prescription drugs Self-care products 2022 2023 60% ■Finland and Baltics Scandinavia ■Eastern Europe ■ROW • • ORION Generic competition pressing the prices and sales of Simdax® and dexmedetomidine products for human use Discontinuation of business operations in Russia also explains the net sales decline Excluding Simdax®, dexmedetomidine products for human use and Russia, net sales development was positive → underlying business was solid In Finland, the sales of both generic prescription drugs and self-care products developed well 35 Investor Presentation Orion Corporation ROW Rest of the world#3636 Animal Health and Fermion MEUR Animal Health Fermion 120 120 103.9 98.9 100 100 22.8 08 80 36.3 60 80 73.7 68.7 60 60 40 40 81.2 40 60 64 62.6 20 20 0 0 2023 2022 2023 2022 ■Sedatives product portfolio ■Other products Investor Presentation Orion Corporation ORION • • Animal Health growth (+5%) due to acquisition of animal health company VMD (Inovet) in June 2022 In H2 Animal Health net sales declined from comparative period due to weakening demand in animal health market and lower partner deliveries#37TOP 10 products and total sales split by division 37 ORION Product or product portfolio EUR million VS. 2022 Sales split in 2023 1. NubeqaⓇ 182.5 > 100% 2. Easyhaler product portfolio 144.2 +11.1% 3. Entacapone products¹ 88.4 -22.0% 6% 9% 20% 4. SimdaxⓇ 25.7 -40.0% 5. Burana Ⓡ 25.1 -6.0% 6. Dexdomitor ®, Domitor ®, Domosedan ®, Antisedan Ⓡ 22.8 -37.4% 22% 7. Dexmedetomidine products for human use² 43% 21.5 -42.5% 8. Divina series 21.0 -24.0% 9. TrexanⓇ 19.1 +25.4% Innovative Medicines 10. Biosimilars 18.2 -10.5% Branded Products Innovative Medicines Branded Products Animal Health Generics and Consumer Health 1 Stalevo®, Comtess ®, Comtan Ⓡ and other entacapone products 2 Dexdor ®, Precedex ® and other dexmedetomidine products Investor Presentation Orion Corporation Generics and Consumer Health Animal Health Fermion#38ORION Appendices#3939 Outlook for 2024 Net sales EUR 1,340-1,410 million Operating profit EUR 270-310 million Investor Presentation Orion Corporation ORION#40ORION Basis for the outlook - key contributors 40 40 Net sales EUR 1,340–1,410 million ↑ Innovative Medicines NubeqaⓇ sales booked by Orion ✰ Assumed EUR 70 million NubeqaⓇ milestone 7 Branded Products ↑ Easyhaler Ⓡ product portfolio. Entacapone products ✓ Generics and Consumer Health Simdax® and dexmedetomidine products Rest of the portfolio Animal Health Animal sedatives Investor Presentation Orion Corporation • • • Operating profit in the range of EUR 270-310 million. Expected growth driven by NubeqaⓇ royalties and assumed EUR 70 million NubeqaⓇ milestone • Difficult to predict the exact level of royalties for a strongly growing product R&D expenses anticipated to increase clearly In line with Orion's growth strategy Sales and marketing expenses expected to increase • In line with Orion's growth strategy#4188,722 registered shareholders on 31 December 2023 ORION By number of shares 6% 7% 11% 5% 0 32% By number of votes Households (Finnish retail) 3% 7% 7% Non-Finnish holders and nominee-registered 39% Private corporations 13% 41 Investor Presentation Orion Corporation Public sector Non-profit institutions Financial and insurance corporations 9% 62%#42Largest shareholders by votes and shares on 31 December 2023 ORION Shareholder 1 Erkki Etola and companies % of votes # Shareholder % of shares 6.50% 1 Ilmarinen Mutual Pension Insurance Company 3.69% 2 Maa- ja vesitekniikan tuki r.y. and companies 5.38% 2 Varma Mutual Pension Insurance Company 3.28% 3 Ilmarinen Mutual Pension Insurance Company 5.23% 3 Erkki Etola and companies 2.00% 4 Ylppö Jukka Arvo 3.24% 4 Elo Mutual Pension Insurance Company 1.54% 5 Aho Group Oy and commanding votes 1.92% 5 Maa- ja vesitekniikan tuki ry. and companies 1.48% 6 Into Ylppö 1.52% 6 OP-Finland Fund 1.15% 7 Eija Ronkainen and companies 1.39% 7 Ylppö Jukka Arvo 0.99% 8 Ingman Finance Oy Ab 1.15% 8 The State Pension Fund 0.92% 9 Saastamoisen säätiö (foundation) 1.11% 9 The Social Insurance Institution of Finland, KELA 0.86% 10 Elo Mutual Pension Insurance Company 10 largest shareholders, total 1.00% 10 Danske Invest Finnish Equity Fund 0.70% 28.43% 10 largest shareholders, total 16.61% 42 Monthly updated lists: https://www.orion.fi/en/Orion-group/investors/shareholders/major-shareholders-by-shares/ Investor Presentation Orion Corporation https://www.orion.fi/en/Orion-group/investors/shareholders/major-shareholders-by-votes/#43Orion B share performance from January 2016 to December 2023 Index 31/12/2015=100 195 180 165 150 135 120 Index 105 06 56 ORION 60 40 5 Share price, EUR 50 30 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 31-Dec-20 30-Sep-20 30-Jun-20 31-Mar-20 31-Dec-19 30-Jun-19 30-Sep-19 31-Mar-19 31-Dec-18 30-Sep-18 30-Jun-18 31-Mar-18 31-Dec-17 30-Sep-17 30-Jun-17 31-Mar-17 31-Dec-16 30-Sep-16 30-Jun-16 31-Mar-16 31-Dec-15 ―Orion B -Orion B total return Europe/Pharmaceutical Investor Presentation Orion Corporation ―OMXH-portfolio Orion B share price#44Net sales and operating profit by quarter (MEUR) 44 Net sales Operating profit 250 ORION 500 450 400 200 350 300 150 250 200 100 150 100 50 50 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 241 252 284 274 2019 55 52 91 55 2020 280 292 250 255 2020 84 96 65 34 2021 269 255 241 277 12021 75 71 57 40 2022 271 284 492 295 2022 71 82 245 41 2023 278 290 301 321 2023 56 47 80 93 2019 12020 2021 2022 2023 2019 2020 2021 2022 ■2023 Investor Presentation Orion Corporation#45Quarterly net sales by business division (MEUR) Innovative Medicines Branded Products 45 ORION Generics and Consumer Health 246.6 100 100 160 90 90 140 80 80 120 70 70 100 60 60 50 50 80 40 40 60 60 30 30 40 20 20 10 10 420 20 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 12022 2023 ■ 2022 12023 2022 2023 Due to the change in organizational structure and reporting on 1 January 2023, data available only from 2022 onwards Investor Presentation Orion Corporation#46Quarterly net sales by business division (MEUR) Animal Health Fermion ORION 35 30 25 20 15 10 46 46 5 35 30 25 20 15 10 5 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 12020 2021 2022 2023 2019 2020 2021 2022 2023 Investor Presentation Orion Corporation#47Fixed costs ORION 10-12/2023 10-12/2022 Change 1-12/2023 1-12/2022 Change Sales and marketing, EUR million -62.3 -58.7 +6.1% -224.8 -209.1 +7.5% Research and development, EUR million -36.6 -38.0 -3.6% -126.9 -133.2 -4.7% Administrative, EUR million. -20.8 -20.0 +4.1% -74.8 -75.4 -0.7% 70 60 50 40 30 20 10 0 Sales and marketing Research and development Administrative ■Q1'22 Q2'22 Q3'22 Q4'22 Q4'22 Q1'23 Q1'23 Q2'23 Q2'23 Q3'23 ■Q4'23 47 Investor Presentation Orion Corporation#48Key financial figures ORION 2019 2020 2021 2022 1-12/23 1-12/22 Change % Net sales, EUR million EBITDA, EUR million % of net sales Operating profit, EUR million % of net sales Profit for the period, EUR million 1,051.0 1,078.1 1,041.0 1,340.6 1,189.7 1,340.6 -11.3% 308.9 336.5 289.1 487.1 326.4 487.1 -33.0% 29.4% 31.2% 27.8% 36.3% 27.4% 36.3% 252.8 280.1 243.3 439.6 274.9 439.6 -37.5% 24.1% 26.0% 23.4% 32.8% 23.1% 32.8% 200.4 219.9 193.8 349.5 216.8 349.5 -38.0% % of net sales 19.1% 20.4% 18.6% 26.1% 18.2% 26.1% Research and development expenses, EUR million 119.3 123.2 117.7 133.2 126.9 133.2 -4.7% % of net sales 11.3% 11.4% 11.3% 9.9% 10.7% 9.9% Capital expenditure, excluding acquired in business combinations, EUR million 42.6 48.5 85.4 109.6 92.7 109.6 -15.4% % of net sales 4.0% 4.5% 8.2% 8.2% 7.8% 8.2% Acquired in business combination, net of cash, EUR million 82.0 0.1 82.0 -99.8% Depreciation, amortisation and impairment, EUR million 56.1 56.4 45.7 47.5 51.5 47.5 +8.4% Personnel expenses, EUR million 217.1 227.0 231.0 263.9 273.0 263.9 +3.4% Equity total, EUR million Interest-bearing net liabilities, EUR million Assets total, EUR million | Cash flow from operating activities, EUR million Equity ratio, % Gearing, % Return on capital employed (before taxes), % Return on equity (after taxes), % 779.4 731.3 747.9 908.1 890.1 908.1 -2.0% -139.1 -185.8 -108.3 -118.7 93.3 -118.7 > 100% 1,035.7 1,115.6 1,114.0 1,503.6 1,438.6 1,503.6 -4.3% 270.8 299.1 215.7 434.4 119.0 434.4 -72.6% 76.7% 66.7% 68.1% 60.9% 62.3% 60.9% -17.8% -25.4% -14.5% -13.1% 10.5% -13.1% 29.9% 34.8% 28.8% 45.1% 25.3% 45.1% 25.8% 29.1% 26.2% 42.2% 24.1% 42.2% Personnel at the end of the period 3,265 3,311 3,355 3,527 3,632 3,527 +3.0% Average personnel during the period 3,251 3,337 3,364 3,472 3,599 3,472 +3.7% 48 Investor Presentation Orion Corporation#49Income statement ORION EUR million 2019 2020 2021 2022 1-12/23 1-12/22 Change % Net sales 1,051.0 1,078.1 1,041.0 1,340.6 1,189.7 1,340.6 -11.3% Cost of goods sold -417.6 -434.4 -447.5 -489.0 -531.9 -489.0 +8.8% Gross profit 633.4 643.7 593.5 851.6 657.7 851.6 -22.8% Other operating income and expenses 2.2 5.4 6.4 5.7 43.7 5.7 > 100% Sales and marketing expenses -215.7 -204.3 -191.0 -209.1 -224.8 -209.1 +7.5% Research and development expenses -119.3 -123.2 -117.7 -133.2 -126.9 -133.2 -4.7% Administrative expenses -47.8 -41.6 -47.9 -75.4 -74.8 -75.4 -0.7% Operating profit 252.8 280.1 243.3 439.6 274.9 439.6 -37.5% Finance income and expenses -2.0 -1.8 -1.0 0.7 -3.0 0.7 < -100 % Profit before taxes 250.8 278.3 242.3 440.3 271.9 440.3 -38.3% Income tax expense -50.5 -58.4 -48.5 -90.8 -55.1 -90.8 -39.3% Profit for the period 200.4 219.9 193.8 349.5 216.8 349.5 -38.0% 49 Investor Presentation Orion Corporation#5050 Royalties and milestones Includes EUR 228 million upfront payment from MSD regarding ODM-208 collaboration agreement ORION EUR million 300 250 200 150 100 Includes significant part of EUR 50 million darolutamide collaboration signing fee from Bayer Includes EUR 28 million milestones from Bayer for the first commercial sales of darolutamide in EU and JPN Includes EUR 45 million milestone from Bayer for the first commercial sales of darolutamide in the USA Includes EUR 30 million NubeqaⓇ sales milestone from Bayer 32 5 234 50 39 12 15 5 42 51 53 28 23 23 30 17 11 19 21 3 24 48 124 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Investor Presentation Orion Corporation Royalties Milestones#51Financial position ASSETS EQUITY AND LIABILITIES ORION EUR million 12/23 12/22 Change % 12/22 EUR million 12/23 12/22 Change % 12/22 Share capital 92.2 92.2 Property, plant and equipment 400.9 373.3 +7.4% 373.3 Other reserves 4.6 3.3 +39.6% 92.2 3.3 Cumulative translation adjustments -9.8 -10.8 -9.5% -10.8 Goodwill 87.2 87.2 0.0% 87.2 Retained earnings 802.9 823.3 -2.5% 823.3 Intangible rights 106.8 100.0 +6.8% 100.0 Equity attributable to owners of the parent company 890.1 908.1 -2.0% 908.1 Other intangible assets 6.1 3.8 +59.2% 3.8 Equity total 890.1 908.1 -2.0% 908.1 Investment in associate 0.1 0.1 0.1 Other investments Pension assets 0.2 0.2 -0.1% 0.2 Deferred tax liabilities 31.8 42.2 -24.6% 42.2 Pension liabilities 4.1 3.0 +39.0% 3.0 6.9 56.2 -87.7% 56.2 Non-current provisions 0.5 0.6 -18.7% 0.6 Deferred tax assets 4.3 3.1 +37.0% 3.1 Interest-bearing non-current liabilities 171.0 196.8 -13.1% 196.8 Other non-current assets 0.9 1.0 -13.8% 1.0 Other non-current liabilities 76.4 77.7 -1.7% 77.7 Non-current assets total 613.3 624.9 -1.9% 624.9 Non-current liabilities total 283.8 320.2 -11.4% 320.2 Current provisions 0.0 0.1 Inventories 362.2 315.6 +14.7% 315.6 Interest-bearing current liabilities 29.0 17.2 -34.0% +68.6% 0.1 17.2 Trade receivables 247.1 180.7 +36.7% 180.7 Trade payables 102.3 114.4 -10.5% 114.4 Current tax receivables 0.6 4.9 -88.4% 4.9 Current tax liabilities 13.3 1.4 > 100 % 1.4 Other receivables 108.8 44.8 > 100% 44.8 Other current liabilities 120.1 142.3 -15.6% 142.3 Cash and cash equivalents 106.7 332.6 Current assets total 825.3 878.7 -67.9% -6.1% 332.6 Current liabilities total 264.8 275.4 -3.8% 275.4 878.7 Liabilities total 548.6 595.5 -7.9% 595.5 Assets total 1,438.6 1,503.6 -4.3% 1,503.6 Equity and liabilities total 1,438.6 1,503.6 -4.3% 1,503.6| 51 Investor Presentation Orion Corporation#5252 2 EUR million Development of capital expenditure 250 200 150 100 50 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IProperty, plant and equipment Intangible assets IVMD (Inovet) acquisition Depreciation, amortisation and impairment Investor Presentation Orion Corporation ORION#5353 Development of net working capital % of net sales 40% 30% 20% 10% 0% -10% -20% -30% Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mor21 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Receivables -Inventories Short-term non-interest bearing liabilities Net Working Capital Investor Presentation Orion Corporation -100 -200 -300 EUR million 600 500 400 300 200 100 0 Sep 16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep 18 Dec18 Mar19 Jun19 Sep 19 Dec19 Mar20 Jun 20 Sep20 Dec20 Mar21 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Receivables -Inventories -Short-term non-interest bearing liabilities Net Working Capital ORION#54- Easyhaler One device with several therapy options for patients with asthma or Chronic Obstructive Pulmonary Disease (COPD) • Easyhaler Ⓡ portfolio consists of 6 dry-powder inhaler (DPI) products with several well-known generic active substances for the treatment of patients with asthma or COPD. 54 Standard footprint Carbon Neutral Product SALMETEROL/ FLUTICASONE PROPIONATE¹ BUDESONIDE / FORMOTEROL² SALBUTAMOL³ FORMOTEROL4 BUDESONIDE5 BECLOMETASONE6 • Key benefits: - - Wide range of different therapies administered from one type of DPI Easy and quick to teach, learn and use High accuracy and consistency of dosing even with low inhalation capacity Fully carbon neutral product range supporting sustainability goals of Orion Investor Presentation Orion Corporation ORION#55ORION Upcoming events AGM 2024 planned to be held on Interim Report 1-3/2024 Half-Year Financial Report 1-6/2024 Interim Report 1-9/2024 20/3/2024 25/4//2024 8/8/2024 29/10/2024 55 Investor Presentation Orion Corporation 0