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

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.

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