Anora Group (ANORA) investor relations material

Executive summary

• Q3 net sales returned to growth for the first time since Q2 2022, rising 0.5% to EUR 157.5 million; comparable EBITDA increased 12.5% to EUR 20.2 million, with improvement across all segments.

• Fit, Fix and Focus actions supported higher margins and profitability; ~80% of the planned 2028 Fit run rate was secured by Q3.

Financial highlights

• Q3 net sales rose 0.5% to EUR 157.5 million; FX added 1.6%, while organic growth was -1.1%.

• Q3 comparable EBITDA rose 12.5% to EUR 20.2 million; margin increased to 12.8% from 11.5%, and gross margin was 47.7% versus 43.9%.

• Reported Q3 EBITDA was EUR 30.1 million versus EUR 18 million; items affecting comparability were a net positive EUR 0.1 million in Q3 and -EUR 6 million for 9M, mainly transformation costs.

• Q3 operating result was EUR 10.7 million versus EUR 11.4 million; result for the period was EUR 5.9 million versus EUR 6.2 million, and basic EPS was EUR 0.09 in both periods.

• Jan–Sep net sales declined 2.1% to EUR 453.8 million; comparable EBITDA rose 12.7% to EUR 45.0 million, while operating result was EUR 16.1 million versus EUR 20.2 million.

Outlook and guidance

• FY 2026 comparable EBITDA guidance remains EUR 74 million–EUR 79 million, versus EUR 71.1 million in 2025; the 2028 target is EUR 85 million–EUR 90 million.

• By end-2028, targets include 6%–7% annual comparable EBITDA growth, organic net sales growth above the market, net debt/comparable EBITDA below 2.5x and a 50%–70% dividend payout ratio.

• Q4 priorities include market-share recovery and a strong glögg season; glögg demand is weather-sensitive, and Q4 represents 44%–45% of annual net sales.

• Q4 faces continued volume pressure and higher energy and transportation costs; leverage is expected to remain below 2.5 through 2026.