Debt financing

Interest-bearing liabilities

The Group’s interest-bearing liabilities on 31 December 2025 are EUR 305,4 million, which consists of loans from credit institutions and lease liabilities.

Liquidity risk

The Group seeks to maintain a good liquidity position in all conditions. This is ensured by cash
flows from operating activities and cash and cash equivalents and other money market
investments. The Group has EUR 150 million committed, undrawn credit facilities, which will
mature in 2030. In addition, the Group has a EUR 150 million unconfirmed commercial paper
programme from which no commercial papers had been issued on the reporting date.

The Group’s interest-bearing liabilities at 31 December 2025 were EUR 305.3 (2024: 327.3)
million, which consisted of bank loans and lease contract liabilities. The average maturity for
interest-bearing liabilities excluding lease liabilities is 1.7 years (2024: 2.6 years). The interest rate
for bank limits and some of the bank loans is connected to Orion’s climate targets.

At 31 December 2025, the Group’s cash and cash equivalents and money market investments,
which decrease liquidity risk, totalled EUR 160.9 (2024: 205.6) million. To ensure the Group’s
liquidity, any surplus cash is invested mainly in short-term euro-denominated interest-bearing
instruments with good creditworthiness. An investment-specific limit is determined for each
investment.

Credit ratings

Orion Corporation is currently not rated by an external rating agency.