Anora Group Plc | Interim Report | 30 October 2026 at 08:30 AM EET
This release is a summary of Anora Group Plc's Interim Report January–September 2026. The complete report is attached to this release and is also available on the company website at: www.anora.com/en/investors
Q3 2026 in brief
- Net sales were EUR 157.5 (156.7) million, up by 0.5%.
- Comparable EBITDA was EUR 20.2 (18.0) million, or 12.8% (11.5%) of net sales, up by 12.5%.
- EBITDA was EUR 20.1 (18.0) million, or 12.8% (11.5%) of net sales, up by 11.5%.
- Net cash flow from operating activities was EUR -5.6 (-0.8) million.
- Earnings per share was EUR 0.09 (0.09).
January-June 2026 in brief
- Net sales were EUR 453.8 (463.6) million, down by 2.1%.
- Comparable EBITDA was EUR 45.0 (40.0) million, or 9.9% (8.6%) of net sales, up by 12.7%.
- EBITDA was 39.1 (40.4) million, or 8.6% (8.7%) of net sales, down by 3.3%.
- Net cash flow from operating activities was EUR -45.4 (-54.2) million.
- Earnings per share was EUR 0.07 (0.09).
- Net debt/comparable EBITDA (rolling 12 months) was 2.5 (3.0).
Guidance (unchanged)
In 2026, Anora’s comparable EBITDA is expected to be EUR 74-79 million (2025: EUR 71.1 million).
Key figures
| EUR million | Q3 26 | Q3 25 | Change | Q1–Q3 26 | Q1–Q3 25 | Change | 2025 |
| Net sales | 157.5 | 156.7 | 0.5% | 453.8 | 463.6 | -2.1% | 657.9 |
| Comparable EBITDA | 20.2 | 18.0 | 12.5% | 45.0 | 40.0 | 12.7% | 71.1 |
| % of net sales | 12.8 | 11.5 | 9.9 | 8.6 | 10.8 | ||
| EBITDA | 20.1 | 18.0 | 11.5% | 39.1 | 40.4 | -3.3% | 61.5 |
| Comparable operating result | 13.3 | 11.3 | 17.7% | 24.6 | 19.8 | 24.4% | 43.9 |
| % of net sales | 8.5 | 7.2 | 5.4 | 4.3 | 6.7 | ||
| Operating result | 10.7 | 11.4 | 16.1 | 20.2 | 23.8 | ||
| Result for the period | 5.9 | 6.2 | 4.6 | 6.2 | 5.7 | ||
| Earnings per share, EUR | 0.09 | 0.09 | 0.07 | 0.09 | 0.08 | ||
| Comparable earnings per share, EUR | 0.12 | 0.09 | 0.17 | 0.09 | 0.33 | ||
| Net cash flow from operating activities | -5.6 | -0.8 | -45.4 | -54.2 | 50.3 | ||
| Net working capital | -12.3 | 3.1 | -12.3 | 3.1 | -79.6 | ||
| Net debt/comparable EBITDA, rolling 12 months | 2.5 | 3.0 | 2.5 | 3.0 | 1.4 | ||
| Personnel end of period | 1,150 | 1,232 | -6.7% | 1,150 | 1,232 | -6.7% | 1,190 |
CEO Kirsi Puntila:
“The third quarter results provided further proof that our Fit, Fix, Focus (FFF) actions are improving performance. We were happy to see our net sales turn to growth, for the first time since the second quarter of 2022, excluding acquisitions. Our net sales increased by 0.5%, beating the continued weak market development. We also delivered a clearly stronger profitability and strengthened our financial position further. This demonstrates that our strategic priorities are translating into tangible operational and financial improvements.
Gross margin increased to 47.7 of net sales, the highest level in several years in the third quarter, reflecting disciplined revenue management, portfolio optimisation and continued operational improvements. Comparable EBITDA increased by 12.5% to EUR 20.2 million in the third quarter, while the comparable EBITDA margin improved from 11.5% to 12.8%.
Our operating environment remained still challenging, with Nordic market volumes declining by 3.2%, particularly in Finland, Norway, and Denmark in the quarter. The effects of the earlier portfolio changes on net sales decreased, including the loss of lower-margin filler service volumes and certain partner brands, and they are no longer expected to have any major impact during the rest of the year.
The third quarter also brought a number of significant new distribution partnerships. Anora will become the exclusive distributor of the Bacardi portfolio in all channels in Sweden and Norway, except for ready-to-drink beverages in Norway. The distribution agreement has an initial term until the end of Q1 2031, adding an estimated EUR 25–30 million in annualised net sales. We also partnered with Sweet 'n' Syrup Finland Oy to distribute Modo syrups across the Nordic and Baltic markets, expanding our reach into the growing non-alcoholic category. Furthermore, we agreed to exclusively import and distribute VSPT Wine Group's full Swedish portfolio across Systembolaget, on-trade and travel retail. Together, these agreements reflect both the strength of our distribution platform and the confidence that world-class partners place in Anora.
Our segment performance reflects the progress we are making. Spirits continued to improve profitability through stronger gross margins and disciplined commercial execution despite slightly lower sales. Industrial delivered another excellent quarter with strong earnings growth driven by higher contract manufacturing volumes and operational efficiency. Wine continued to operate in a challenging market, but the margin improvements demonstrate that the commercial actions under FFF programme are gaining traction.
Our net cash flow from operating activities was EUR -45.4 million in January-September, an improvement of EUR 8.7 million compared to the previous year. We also continued to see a strong inventory reduction of 14.3 million euros. Our balance sheet remained robust, with our interest-bearing debt / comparable EBITDA ratio down to 2.5 (3.0). All this creates a stronger financial platform to support the execution of our strategy.
Going forward, we remain focused on the swift and disciplined execution of the FFF initiatives, while driving profitable growth, margin improvement, cash generation and capital efficiency. The progress achieved so far strengthens our confidence that FFF programme is creating a structurally stronger Anora with a stronger earnings and cash generation capabilities and a more resilient financial platform. This will position us to deliver on our mid-term targets.”
Outlook and guidance for 2026
Market outlook
The alcoholic beverage consumption in Anora’s key markets is expected to remain structurally challenged, with industry data and consumer trends indicating continued volume pressure through 2026 and beyond.
Guidance (unchanged)
In 2026, Anora’s comparable EBITDA is expected to be EUR 74-79 million (2025: EUR 71.1 million).
Anora’s financial reporting for the year 2026
Anora will publish financial reports in 2026 as follows:
- 16 February 2027: Financial Statement Release for January-December 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.
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 503 896 479#
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