Q1 2026 in brief

• Net sales were EUR 135.8 (141.4) million, down by 4.0%.
• Comparable EBITDA was EUR 8.8 (8.0) million, or 6.5% (5.7%) of net sales, up by 9.7%.
• EBITDA was EUR 6.7 (8.9) million, or 4.9% (6.3%) of net sales, down by 25.1%.
• Net cash flow from operating activities was EUR -34.5 (-75.6) million.
• Earnings per share was EUR -0.04 (-0.03).

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:

“In the first quarter of 2026, we delivered strong operational progress despite continued market and topline headwinds. We continued to execute on our Fit, Fix, Focus (FFF) initiatives and were pleased to see positive results, including the successful implementation of one common SAP platform, underlying reductions in operating expenses, a significant improvement in gross margin, and a substantial reduction in inventory, collectively contributing to a stronger balance sheet.

As anticipated, the operating environment in our core Nordic markets remained challenging, as the total volume of the wine and spirits market saw a slight decrease of -1.0%, with sharper drops particularly in Finland and Denmark. The decline was partly offset by the timing of Easter.

Our gross margin rose to 46.7% of net sales, with improvements in both Wine and Spirits segments, reflecting our focus on value over volume and the positive effects of our Fit, Fix, Focus strategy. Comparable EBITDA increased by 9.7% and amounted to EUR 8.8 (8.0) million or 6.5% (5.7%) percent of net sales, resulting from both better margin management and improved efficiency. The earlier announced organisational adjustments delivered the targeted savings resulting in reduced personnel expenses in the first quarter.

Net sales in the first quarter decreased by 4.0% to EUR 135.8 million. The decline was related to lower Wine campaign volumes in Denmark, together with the earlier lost volumes in the filler services and the earlier changes in Spirits partner portfolio in 2025 still affecting the first half year of 2026. The impact of exchange rate fluctuations was favourable, partially offsetting the topline pressure.

In Sweden, we further strengthened our number two market position in the monopoly channel, particularly driven by strong contributions from new partners. In Finland, we launched our first functional RTD, F.FWD Fast Forward, that includes caffeine. We also launched Buzzballz cocktails in the Baltic countries. Koskenkorva continued to excel in liqueur category.

Segment performance was mixed. The Wine segment had a net sales decline of -11.4%, while the comparable EBITDA improved, reflecting the actions taken in the FFF programme to reduce operational expenses. The Spirits segment had a -6.4% decline in net sales, but its gross margin increased by two percentage points to 47.5. We continued to face market share challenges in monopoly countries. The Industrial segment was a bright spot of the quarter, with improved profitability and external net sales up 14.9%, driven by volume growth in contract manufacturing, ethanol and starch as well as logistics services in Norway.

Our net cash flow from operating activities was negative by EUR 34.5 million, which is typical for the first quarter due to seasonality and the timing of the excise tax payments. It improved from the previous year, thanks to improved working capital management and a strong inventory reduction of 29.1 million euros. Our balance sheet remained robust, with our interest-bearing debt / comparable EBITDA ratio down to 2.1 (3.1). Our liquidity position was also solid.

Looking ahead, we remain committed to disciplined execution of our updated Fit, Fix, Focus strategy, by reducing complexity, restoring margins and cash flow, and prioritising the growth of our core brands. We are further enhancing our plan by continuously identifying new opportunities for growth and operational improvement as well as adapting to market changes thereby strengthening our progress 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). 

Anora’s financial reporting for the year 2026

Anora will publish financial reports in 2026 as follows:

• 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

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 712 307 66#

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