Anora Group (ANORA) Q1 2025 earnings summary

Executive summary

• Net sales in Q1 2025 declined by 3.8% year-over-year to EUR 141.4 million, mainly due to lower volumes in Spirits and Industrial segments and the timing of Easter.

• Gross margin improved to 46.0% (up 2.8 percentage points), driven by revenue management, mix optimization, and stabilized input costs.

• Comparable EBITDA decreased by 9.6% to EUR 8.0 million, or 5.7% of net sales, with Spirits and Industrial segments improving, but Wine segment profitability pressured by higher marketing spend and channel mix.

• Market share gains were achieved in wines across Finland, Sweden, and Denmark, and the Koskenkorva RTD segment saw significant growth.

• The company reaffirmed its full-year 2025 guidance for comparable EBITDA between EUR 70–75 million, expecting stable volumes and slight value growth in key markets.

Financial highlights

• Net sales: EUR 141.4 million, down 3.8% year-over-year.

• Gross margin: 46.0% of net sales, up 2.8 percentage points.

• Comparable EBITDA: EUR 8.0 million, down 9.6% year-over-year; EBITDA: EUR 8.9 million, up 15% due to asset sales.

• Operating result: EUR 2.1 million (up from EUR 0.8 million); net result: EUR -2.2 million (flat year-over-year); earnings per share: EUR -0.03.

• Net debt: EUR 208 million at end of Q1; leverage (net debt/EBITDA) at 3.1; liquidity reserves: EUR 177–267 million.

• Dividend of EUR 0.22 per share paid in April 2025.

Outlook and guidance

• Full-year 2025 comparable EBITDA guidance maintained at EUR 70–75 million.

• Market volumes expected to remain stable, with slight value growth anticipated.

• Continued focus on profitability improvement, cash position, and restoring organic net sales growth in Wine and Spirits.