Anora Group Plc Interim report 31 October 2025 at 8:30 am EET
Anora Group Plc's Interim report for 1 January - 30 September 2025: Comparable
EBITDA increased in Q3 thanks to continued strong gross margin and good opex
control
This release is a summary of Anora Group Plc's Interim report January-September
2025. The complete report is attached to this release and is also available on
the company website at: www.anora.com/en/investors
Q3 2025 in brief
· Net sales were EUR 156.7 (162.7) million, down by 3.7%.
· Comparable EBITDA was EUR 18.0 (15.9) million, or 11.5% (9.8%) of net sales,
up by 13.1%.
· EBITDA was EUR 18.0 (15.3) million, or 11.5% (9.4%) of net sales, up by
17.9%.
· Net cash flow from operating activities was EUR -0.8 (-19.1) million.
· Earnings per share was EUR 0.09 (0.05).
January-September 2025 in brief
· Net sales were EUR 463.6 (486.7) million, down by 4.8%.
· Comparable EBITDA was EUR 40.0 (40.0) million, or 8.6% (8.2%) of net sales,
down by 0.1%.
· EBITDA was 40.4 (38.0) million, or 8.7% (7.8%) of net sales, up by 6.4%.
· Net cash flow from operating activities was EUR -54.2 (-68.1) million.
· Earnings per share was EUR 0.09 (0.04).
· Net debt/comparable EBITDA (rolling 12 months) was 3.0 (3.3).
Guidance
In 2025, Anora's comparable EBITDA is expected to be EUR 70-75 million (2024:
EUR 68.9 million).
Key figures
EUR million Q3 25 Q3 24 Change Q1-Q3 25 Q1-Q3 24 Change 2024
Net sales 156.7 162.7 -3.7% 463.6 486.7 -4.8% 692.0
Comparable EBITDA 18.0 15.9 13.1% 40.0 40.0 -0.1% 68.9
% of net sales 11.5 9.8 8.6 8.2 10.0
EBITDA 18.0 15.3 17.9% 40.4 38.0 6.4% 61.3
Comparable 11.3 9.2 23.8% 19.8 19.8 -0.1% 42.0
operating result
% of net sales 7.2 5.6 4.3 4.1 6.1
Operating result 11.4 8.5 20.2 17.8 34.5
Result for the 6.2 3.2 6.2 2.8 11.1
period
Earnings per share, 0.09 0.05 0.09 0.04 0.16
EUR
Net cash flow from -0.8 -19.1 -54.2 -68.1 33.2
operating
activities
Net working capital 3.1 7.5 3.1 7.5 -73.2
Net debt / 3.0 3.3 3.0 3.3 1.8
comparable EBITDA
(LTM)
Personnel end of 1,232 1,225 0.6% 1,232 1,225 0.6% 1,211
period
CEO Kirsi Puntila:
“In the third quarter our strong execution and performance improvement actions
delivered tangible results. Our gross margin rose to 43.9% of net sales,
supported by the Wine and Industrial segments. Our disciplined cost control
continued, resulting in reduced operating expenses and improved profitability.
We remain agile, ready to adjust our cost base as market conditions evolve.
In Sweden, our focused investments and successful new wine launches made us the
fastest growing company in the Swedish wine market - a clear proof of our
competitiveness. In Finland, we achieved strong traction in the fast-growing no-
and low-alcohol categories. Koskenkorva continued to excel, particularly in
liqueurs and ready-to-drink.
In the third quarter, our comparable EBITDA increased by 13.1% and amounted to
EUR 18.0 (15.9) million or 11.5% (9.8%) percent of net sales, with improvements
in all segments. Our operating expenses were below last year in all segments.
Year-to-date, comparable EBITDA was in line with the previous year despite a
lower net sales - underlining our improved resilience.
Net sales in the third quarter decreased by 3.7% to EUR 156.7 million, primarily
due to lower volumes in the filler services in Wine and the earlier changes in
the partner portfolio in Spirits. In the Wine segment, Anora maintained its
market leadership in the Nordics overall, including grocery retail. In the third
quarter we also continued to improved our market share in Sweden. In the Spirits
segment, market shares declined across our main countries, with Norway and
Finland in particular experiencing weak performance. The Industrial segment's
net sales decline was mostly driven by lower volumes in contract manufacturing
and side product sales prices, compensated by higher sales of starch and
ethanol.
Our operating cash flow increased by EUR 13.9 million in January-September
compared to last year reflecting the increased result and positive development
in working capital. Inventory value decreased to EUR 151.2 million, mainly due
to improvements in the Industrial segment, accompanied by reduction of partner
inventory. At the end of the quarter our cash and cash equivalents amounted to
EUR 92.2 million. Our interest-bearing net debt decreased to EUR 203.3 (218.1)
million, bringing our net interest-bearing debt / comparable EBITDA ratio down
to 3.0 (3.3).
To improve future profitability and efficiency, we unfortunately had to make the
difficult but necessary decision in September to adjust our organisational
structure and initiate cooperation negotiations. Altogether, approximately 500
employees are within the scope of the negotiations. We estimate that this would
result in the closure of 70-80 positions in 2025. As a result, Anora targets a
reduction in personnel expenses of approximately EUR 7 million.
Looking ahead, 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.”
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 Financial Statement Release for January-December 2025 on
11 February 2026. 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 EET. 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_MmRlMmM0MzctMjc5MC00OGRmLWIyZTYtOGJlMjUzNjg3OTlk%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 497 727 469#
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.