Anora Group (ANORA) Q4 2025 earnings summary

Executive summary

• Achieved best Q4 since 2021 merger, with strong execution of Fit, Fix, and Focus strategy and cost discipline driving a 7.7% increase in comparable EBITDA despite a 5.4% net sales decline.

• Regained number two wine market share in Sweden and maintained leadership in Norway, Denmark, and Finland; fastest-growing wine company in Sweden in 2025.

• Launched successful new products in core assortment, including functional RTDs, premium segments, Koskenkorva liqueurs, and Jaloviina Kerma.

• Organizational restructuring and ERP system implementation completed, supporting operational efficiency and cost savings.

• Inventory reduction and strong cash flow achieved, with new organization and ERP system live in early 2026.

Financial highlights

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

• Q4 group gross margin rose to 45.1% of net sales; all segments improved gross margin, with Spirits gross margin at 49.1%.

• Comparable EBITDA increased by 7.7% to EUR 31.1 million in Q4; full-year comparable EBITDA up 3.2% to EUR 71.1 million.

• Net debt reduced to EUR 101.5 million; leverage improved to 1.4x (down from 1.8x).

• Board proposes dividend of EUR 0.24 per share for 2025.

Outlook and guidance

• 2026 comparable EBITDA guidance set at EUR 74–79 million, targeting 6–7% annual growth until 2028.

• Market conditions expected to remain structurally and cyclically challenging, with continued volume pressure in key markets.

• Growth to be driven by core brands, new categories, and international expansion, with ongoing focus on cost control and operational efficiency.