Anora Group (ANORA) investor relations material

Executive summary

• Net sales declined 6.6% in Q2 2025 to €165.5 million, mainly due to lower volumes in Wine and Spirits and lost partners, with H1 net sales down 5.3% year-over-year.

• Comparable EBITDA fell to €14.0 million in Q2 (8.4% margin), down 8.3% year-over-year, reflecting lower sales and increased marketing spend in Wine.

• Gross margin improved to 42.6% in Q2, supported by operational efficiency, revenue management, and stabilized input costs.

• Market share in wines increased in Sweden and Finland, with strong performance in the Nordics.

• Strategic actions and leadership changes are underway to accelerate financial performance and update midterm growth ambitions.

Financial highlights

• Net sales declined by €11.6 million year-over-year, with two-thirds of the drop from lost spirits partners and lower wine filler volumes.

• Comparable EBITDA down 8.2% from last year; operating expenses reduced.

• Net debt stood at €199 million, with liquidity reserves at €297 million and leverage ratio at 3.0x, up from 2.8x.

• Operative cash flow was negative €53 million, reflecting seasonal working capital buildup and reduced sales of receivables.

• Inventory reduced by €20 million year-over-year, mainly in the Industrial segment.

Outlook and guidance

• Full-year comparable EBITDA guidance of €70–75 million for 2025 reaffirmed, with key markets expected to remain flat in volume and value.

• H2 expected to benefit from seasonal sales, new product launches, and continued operational efficiencies.

• Strategy process and Capital Markets Day planned to address structural challenges and define growth ambitions up to 2028.