Q4 2025 in brief

• Net sales were EUR 194.3 (205.3) million, down by 5.4%.
• Comparable EBITDA was EUR 31.1 (28.9) million, or 16.0% (14.1%) of net sales, up by 7.7%.
• EBITDA was EUR 21.1 (23.3) million, or 10.8% (11.4%) of net sales, down by 9.6%.
• Net cash flow from operating activities was EUR 104.5 (101.3) million.
• Earnings per share was EUR -0.01 (0.12).

January–December 2025 in brief

• Net sales were EUR 657.9 (692.0) million, down by 4.9%.
• Comparable EBITDA was EUR 71.1 (68.9) million, or 10.8% (10.0%) of net sales, up by 3.2%.
• EBITDA was 61.5 (61.3) million, or 9.3% (8.9%) of net sales, up by 0.3%.
• Net cash flow from operating activities was EUR 50.3 (33.2) million.
• Earnings per share was EUR 0.08 (0.16).
• Net debt/comparable EBITDA (rolling 12 months) was 1.4 (1.8).

Dividend proposal
The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.24 per share be paid for the financial year 2025.

Guidance
In 2026, Anora’s comparable EBITDA is expected to be EUR 74-79 million (2025: EUR 71.1 million). 

Key figures

CEO Kirsi Puntila:

“Our strong execution and performance improvement actions delivered tangible results in the fourth quarter. This was the best Q4 for Anora since the merger between Altia and Arcus. Our gross margin rose to a strong 45.1% of net sales, supported by all our segments. Also, our cost discipline continued, resulting in improved profitability and reduced operating expenses, excluding the impacts of the restructuring related costs.

We acknowledge that the net sales development has been challenging partly due to the declining market. We are fully committed to deliver improved performance and the work has just started. We were excited to introduce our updated Fit, Fix, Focus strategy at the Capital Markets Day in November. Our strategy extends to the end of 2028 and brings us back to the fundamentals: improving profitability and putting Anora firmly back on a growth path. We will achieve this by cutting complexity, restoring margins and cash flow, and accelerating the growth of our core brands, while selectively expanding into new channels and categories supported by disciplined international growth. By strengthening our operational and financial foundations, we can accelerate investing in growth.

In Sweden, our focused investments and successful new wine launches made us the fastest growing company in the Swedish wine market in 2025. Our Blossa brand delivered strong performance in Sweden and Finland, while Jaloviina successfully expanded into the glögg category in the Finnish market. Koskenkorva continued to excel, particularly in liqueurs and ready-to-drink variants.

In the fourth quarter, our comparable EBITDA increased by 7.7% and amounted to EUR 31.1 (28.9) million or 16.0% (14.1%) percent of net sales, driven mainly by improvement in Spirits. In the Wine segment, we reviewed our partner portfolio in line with our Fit, Fix, Focus strategy resulting in inventory writedowns, reported as items affecting comparability. The full-year Group comparable EBITDA was in line with the guidance and amounted to EUR 71.1 (68.9) million or 10.8% (10.0%) of net sales.

Net sales in the fourth quarter decreased by 5.4% to EUR 194.3 million, where a part of the decline related 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 fourth quarter we also continued to improve our market share in Sweden. In the Spirits segment, market shares declined compared to last year in the monopoly countries while the decline has slowed down during the fourth quarter. The Industrial segment’s external net sales increase in the quarter was mostly driven by higher volumes in starch and ethanol. The full-year Group net sales was EUR 657.9 (692.0) million, a decrease of 4.9% compared to the previous year. A significant part of the decline related to lower volumes in the filler services in Wine and the earlier changes in the partner portfolio in Spirits.

Our operating cash flow was robust and increased by EUR 17.1 million in January-December compared to the previous year reflecting the increased result and positive development in working capital. Our increased efforts in reducing working capital led to a reduction in inventory value by EUR 26.7 million to EUR 112.5 million, supported by positive contributions from all segments. At the end of the quarter our cash and cash equivalents amounted to EUR 182.6 million. Our interest-bearing net debt decreased to EUR 101.5 (121.6) million, bringing our net interest-bearing debt / comparable EBITDA ratio down to 1.4 (1.8). Our Board of Directors proposes a dividend payment of EUR 0.24 per share for the financial year 2025 to the Annual General Meeting.

Anora’s change negotiations, initiated in October 2025, were concluded in December. The change negotiations resulted in the closure of 68 positions and the targeted reduction in personnel expenses of EUR 7 million was reached. The new organisation is in place as of 1 January 2026.

As we close the year 2025, I would like to thank our customers, partners, shareholders and employees for their contribution during our journey so far. Looking ahead, we are determined to execute our updated Fit, Fix, Focus strategy with discipline, starting by strengthening our operational and financial foundations. By reducing complexity, restoring margins and cash flow, and prioritising the growth of our core brands, we are building a solid path towards our mid-term financial targets and sustainable value creation.”

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

In 2026, Anora’s comparable EBITDA is expected to be EUR 74-79 million (2025: EUR 71.1 million). 

Board of Directors' proposal for the distribution of distributable funds

According to the financial statements on 31 December 2025, the parent company’s distributable funds amounted to EUR 107.5 million including profit for the period of EUR 24.1 million. There have been no significant changes to the parent company’s financial position after the end of the financial year.

The Board of Directors proposes to the Annual General Meeting to be held on 14 April 2026 that a dividend of EUR 0.24 per share be paid for the financial year 2025.

Impairments
As a result of its annual impairment testing of trademarks at the end of 2025, Anora recorded EUR 10.5 million in impairments for three Spirits trademarks whose recoverable amounts fell below carrying amounts. Two of these already showed reduced headroom in 2024, while most trademarks tested continued to show significant headroom.

Anora’s financial reporting for the year 2026

The Annual Report 2025 including the financial statements, Board of Directors' report, the Corporate Governance statement and the remuneration report will be published in English and Finnish on Anora’s website by the end of week 12/2026.

Anora will publish financial reports in 2026 as follows:

• 6 May 2026: Interim Report for January-March 2026
• 14 August 2026: Half-Year Report for January-June 2026
• 30 October 2026: Interim Report for January-September 2026

Anora applies a silent period of 30 days before the publication of financial reports.

Anora Group Plc’s Annual General Meeting (AGM) 2026 is planned to be held on Tuesday 14 April 2026 in Helsinki. The Board of Directors will summon the AGM later.

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 572 492 29#

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