Anora Group
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Anora Group (ANORA) investor relations material

Anora Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Launched and executed the Fit, Fix, and Focus strategy, including organizational restructuring and a unified ERP system, to drive business turnaround and operational efficiency.

  • Achieved a 7.7% increase in comparable EBITDA in Q4 despite a 5.4% decline in net sales, with strong cost discipline and margin improvements.

  • Regained number 2 wine market share in Sweden, maintained leadership in Norway, Denmark, and Finland, and continued growth in the Swedish monopoly channel.

  • Implemented a new organization and ERP system, with successful launches in core assortment and improved inventory and cash flow.

  • Restructuring actions, including a reduction of 68 positions, achieved targeted cost savings.

Financial highlights

  • Q4 net sales declined by 5.4% year-over-year to EUR 194.3 million, mainly due to lower volumes in wine filler services and changes in the spirits partner portfolio.

  • Q4 comparable EBITDA increased by 7.7% to EUR 31.1 million, with a margin of 16%.

  • Full-year net sales decreased by 4.9% to EUR 657.9 million; full-year comparable EBITDA was EUR 71.1 million, or 10.8% of net sales.

  • Net interest-bearing debt reduced to EUR 101.5 million, with leverage at 1.4x comparable EBITDA.

  • Board proposes a dividend of EUR 0.24 per share.

Outlook and guidance

  • 2026 comparable EBITDA guidance set at EUR 74–79 million, targeting 6–7% annual growth, reflecting a conservative approach due to continued market headwinds.

  • Alcoholic beverage consumption in key markets expected to remain structurally and cyclically challenged, with ongoing volume pressure anticipated.

  • Improvement focus is on both top-line growth and continued profitability enhancements through Fit, Fix, and Focus initiatives.

What is the expected annual savings from 2025 restructuring
How to mitigate further Nordic market volume declines
Outlook for non-recurring items in 2026
What market factors constrain 2026 EBITDA growth?
Detail key growth drivers beyond cost savings
Mitigate spirits market share decline drivers?
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Frequently asked questions

Anora Group produces and markets alcoholic beverages, including spirits, wines, and ready-to-drink products. It serves retail, hospitality, and export markets primarily in the Nordic and Baltic countries. The company is headquartered in Helsinki, Finland, and its shares are listed on the Nasdaq Helsinki.

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