The Sub-Millimetre Radiometer (SMR) on board the Odin satellite, launched on 20 February 2001, observes key species with respect to stratospheric chemistry and dynamics such as O3, ClO, N2O, and HNO3 using two bands centered at 501.8 and 544.6 GHz. We present the adopted methodology for level 2 processing and the achieved in-orbit measurement capabilities of the SMR radiometer for these species in terms of altitude range, altitude resolution, and measurement precision. The characteristics of the relevant level 2 data versions, namely version 1.2 of the operational processor as well as versions 222 and 223 of the reference code, are discussed and differences are evaluated. An analysis of systematic retrieval errors, resulting from spectroscopic and instrumental uncertainties, is also presented.