Anora Group Plc Half-year Report 15 August 2025 at 8:30 am EEST
Anora Group Plc's Half-year report for 1 January - 30 June 2025: Lower net sales
affecting Comparable EBITDA in Q2. Accelerating actions to improve financial
performance
This release is a summary of Anora Group Plc's Half-year report January-June
2025. The complete report is attached to this release and is also available on
the company website at: www.anora.com/en/investors
Q2 2025 in brief
· Net sales were EUR 165.5 (177.1) million, down by 6.6%.
· Comparable EBITDA was EUR 14.0 (15.2) million, or 8.4% (8.6%) of net sales,
down by 8.3%.
· EBITDA was EUR 13.5 (14.9) million, or 8.1% (8.4%) of net sales, down by
9.9%.
· Net cash flow from operating activities was
· EUR 22.3 (-4.4) million.
· Earnings per share was EUR 0.03 (0.03).
January-June 2025 in brief
· Net sales were EUR 306.8 (324.0) million, down by 5.3%.
· Comparable EBITDA was EUR 22.0 (24.1) million, or 7.2% (7.4%) of net sales,
down by 8.8%.
· EBITDA was 22.4 (22.7) million, or 7.3% (7.0%) of net sales, down by 1.4%.
· Net cash flow from operating activities was
· EUR -53.4 (-49.0) million.
· Earnings per share was EUR -0.00 (-0.01).
· Net debt/comparable EBITDA (rolling 12 months) was 3.0 (2.8).
Guidance
In 2025, Anora's comparable EBITDA is expected to be EUR 70-75 million (2024:
EUR 68.9 million).
Key figures
EUR million Q2 25 Q2 24 Change H1 25 H1 24 Change 2024
Net sales 165.5 177.1 -6.6% 306.8 324.0 -5.3% 692.0
Comparable EBITDA 14.0 15.2 -8.3% 22.0 24.1 -8.8% 68.9
% of net sales 8.4 8.6 7.2 7.4 10.0
EBITDA 13.5 14.9 -9.9% 22.4 22.7 -1.4% 61.3
Comparable 7.2 8.7 -16.7% 8.5 10.6 -20.6% 42.0
operating result
% of net sales 4.4 4.9 2.8 3.3 6.1
Operating result 6.7 8.4 8.8 9.2 34.5
Result for the 2.2 1.8 -0.0 -0.4 11.1
period
Earnings per share, 0.03 0.03 -0.00 -0.01 0.16
EUR
Net cash flow from 22.3 -4.4 -53.4 -49.0 33.2
operating
activities
Net working capital -10.3 -21.1 -10.3 -21.1 -73.2
Net debt / 3.0 2.8 3.0 2.8 1.8
comparable EBITDA
(LTM)
Personnel end of 1,264 1,256 0.6% 1,264 1,256 0.6% 1,211
period
CEO Kirsi Puntila:
The European beverage industry faced headwinds in the second quarter. Ongoing
shifts in consumer trends and unusually poor weather in May and June negatively
affected sales across several of our traditionally strong categories. In the
Nordic markets, total sales volume declined by 1.8%, with spirits posting modest
growth of 0.1%, while wine saw a decline of 2.1%.
Despite the challenging market environment, the second quarter also brought
several positive developments. We maintained strong cost control, resulting in
reduced operating expenses. In Sweden, our targeted wine campaigns delivered
promising results, and in Finland, we saw encouraging traction from new launches
in the no- and low-alcohol categories. Koskenkorva continued to perform well,
particularly within the liqueur and ready-to-drink segments.
We were pleased to see our gross margin reaching 42.6% of net sales, supported
by improvements in the Spirits and Industrial segments. As always, we remain
agile in responding to market conditions and are prepared to adjust our cost
base as needed.
In the second quarter, our comparable EBITDA decreased by 8.3% and amounted to
EUR 14.0 (15.2) million or 8.4% (8.6%) of net sales, mainly driven by the lower
net sales. Comparable EBITDA increased in the Industrial segment from the
previous year, while in the Wine and Spirits segments comparable EBITDA
decreased. We achieved some cost reductions in the Industrial and Spirits
segments. In the Industrial segment, efficiency improvement in the supply chain
successfully increased profitability.
Net sales in the second quarter declined by 6.6% to EUR 165.5 million, primarily
due to lower volumes in the Wine and Spirits segments. In the Wine segment,
Anora maintained its overall market leadership in the Nordics overall, including
grocery retail, thanks to the successful introduction of low-ABV wines in
Finnish grocery stores last year. In the second quarter, we also improved our
market share in Sweden. The decline in the Wine segment's net sales was driven
by lower demand and increased price competition of filler services in Denmark,
and weaker wine sales especially in Norway. In the Spirits segment, market
shares declined across our main countries, with Norway in particular
experiencing weak performance. The net sales decrease in the Spirits segment was
explained mainly by the recently lost partners. The Industrial segment's net
sales increase was mostly driven by phasing of contract manufacturing volumes,
offset by lower volumes of other product categories as well as side product
sales prices.
At the end of the quarter our cash and cash equivalents amounted to EUR 126.7
million. Our interest-bearing net debt amounted to EUR 199.1 (200.7) million,
while our net interest-bearing debt / comparable EBITDA ratio was 3.0 (2.8).
After my first full quarter as CEO, my confidence in the potential in our
business - our strong brands, innovation ability, and our talented people - has
only grown stronger. I want to thank our customers and partners for their trust
and our employees for their continued dedication. We still have hard work ahead
to reach our goals, which is why we are not only accelerating actions to improve
our financial performance but also beginning to update our strategy to guide us
through to 2028. Our work on an updated strategy for the next strategy period
will be divided into the following phases: Fit & Fix and Focus. The Fit & Fix
phases deliver short and mid-term performance improvement over 2025-2026, while
the Focus drives growth initiatives as of 2026 onwards. I look forward to
sharing more about this at our upcoming Capital Markets Day in Helsinki on 5
November 2025 - you are warmly welcome!”
Outlook and guidance for 2025
Market outlook
In 2025, our key markets are expected to be relatively flat compared to the 2024
levels both in volumes and in value terms.
Guidance
In 2025, Anora's comparable EBITDA is expected to be EUR 70-75 million (2024:
EUR 68.9 million).
Anora's financial reporting for the year 2025
Anora will publish its interim report for January-September 2025 on 31 October
2025. Anora applies a silent period of 30 days before the publication of
financial reports.
ANORA GROUP PLC
Further information:
Kirsi Puntila, CEO
Stein Eriksen, CFO
Contacts:
Milena Hæggström, Director, Investor Relations
tel. +358 40 5581 328
milena.haeggstrom@anora.com
Results presentation:
CEO Kirsi Puntila and CFO Stein Eriksen will present the report today at 11:00
am EEST. The presentation will be held as a Microsoft Teams Meeting. We
recommend that participants join the event using the online meeting option: Join
meeting here (https://teams.microsoft.com/l/meetup
-join/19%3ameeting_NmQ1NDEzYTItMGQ4My00OWQ0LWIwYTQtZDgwOTZkYzdiNDNm%40thread.v2/0
?context=%7b%22Tid%22%3a%22c32b30ff-5871-4a7d-a29e
-6f63e6b0ebfd%22%2c%22Oid%22%3a%2298127208-0d9a-4acb-ab65-80cfc9f4fff6%22%7d).
It is also possible to dial-in to the meeting about 5 minutes earlier at the
following numbers:
· FI: +358 9 2310 6678
· NO: +47 21 40 41 04
· SE: +46 8 502 428 54
· DK: + 45 32 72 56 80
· UK: +44 20 7660 8309
· US: +1 917-781-4622
Conference ID 334 067 12#
Q&A
Questions to the management can be sent through the Teams chat.
Presentation material and on-demand recording
The presentation material will be shared in the online meeting and it can be
downloaded at: www.anora.com/en/investors. Recording of the presentation will
also be available on Anora's website.
Distribution:
Nasdaq Helsinki
Principal media
www.anora.com
Anora is a leading wine and spirits brand house in the Nordic region and a
global industry forerunner in sustainability. Our market-leading portfolio
consists of our own iconic Nordic brands and a wide range of prominent
international partner wines and spirits. We export to close to 30 markets
globally. Anora Group also includes Anora Industrial and logistics company
Vectura. In 2024, Anora's net sales were EUR 692.0 million and the company
employs about 1,200 professionals. Anora's shares are listed on Nasdaq Helsinki.