Anora Group (ANORA) Q2 2026 earnings summary

Executive summary

• Q2 2026 comparable EBITDA rose 14.6% to EUR 16.0 million, driven by Spirits and Industrial segments and Fit, Fix, Focus (FFF) initiatives, despite a 3% decline in net sales to EUR 160.5 million, mainly due to lower Wine volumes in Denmark and earlier portfolio changes.

• Gross margin reached a multi-year high of 46.7% in Q2, reflecting improved pricing, sales mix, and disciplined revenue management.

• Net cash flow from operating activities in H1 improved but remained negative at -EUR 39.9 million.

• Refinancing completed in June 2026 reduced annual financing costs by EUR 1 million, lowered net debt to EUR 176.9 million, and extended maturity profile.

• Spirits and Industrial segments delivered strong results, while Wine remained challenged by market and portfolio headwinds.

Financial highlights

• Q2 2026 net sales: EUR 160.5 million, down 3.0% year-over-year.

• Comparable EBITDA: EUR 16.0 million (10.0% margin), up from EUR 14.0 million last year.

• Gross margin: 46.7% (up from 42.6% last year), highest in several years.

• Net debt at end of June: EUR 176.9 million; leverage at 2.4x, improved from 3.0x last year.

• Net cash flow from operating activities in H1: -EUR 39.9 million, an improvement year-over-year.

Outlook and guidance

• Guidance for 2026 unchanged: comparable EBITDA expected at EUR 74–79 million (2025: EUR 71.1 million).

• No change to leverage target (below 2.5x) or dividend payout ratio (50–70%).

• Management expects continued structural and volume pressure in all operating markets.

• Mid-term target: 6–7% CAGR in comparable EBITDA, aiming for EUR 85–90 million by 2028.