Anora Group (ANORA) CMD 2025 summary

Updated Strategy and Financial Targets

• Introduced the Fit, Fix and Focus (FFF) strategy, prioritizing profitability, operational efficiency, and margin restoration over top-line growth, replacing previous 2030 goals with new targets for 2028.

• Targets 6%-7% annual comparable EBITDA growth, aiming for EUR 85-90 million by 2028, with a net debt/EBITDA ratio below 2.5 and a dividend payout of 50%-70% of net profit.

• No specific net sales target set, but the ambition is to outgrow the market, focusing on margin improvement and cash flow.

• Strategy is more execution-driven and simpler than the previous one, with 75% of growth expected from core business, 15% from new channels/categories, and 10% from international expansion.

• Capital allocation prioritizes organic growth, dividends, a strong balance sheet, and selective M&A, with CapEx temporarily rising for key investments.

Operational and Structural Transformation

• Fit phase targets EUR 20 million in cost savings through organizational simplification, sourcing optimization, and combining commercial teams for wine and spirits.

• Fix phase aims for another EUR 20 million via value management, portfolio streamlining, inventory reduction, and supply chain optimization.

• Focus phase to deliver EUR 10 million EBITDA growth through organic revenue, brand investments, and selective international expansion.

• Unified ERP and digitalization initiatives to streamline processes, improve transparency, and enable faster decision-making, with SAP go-live in Q4 2025 (technical) and Q1 2026 (operational).

• SKU rationalization underway, focusing on high-volume, high-margin products and reducing complexity in the portfolio and supply chain.

Financial Performance and Guidance

• Comparable EBITDA rose to EUR 18.0 million, up 13.1% from last year, with improvements across all segments due to strong gross margin and lower operating expenses.

• Net sales declined by 3.7% to EUR 156.7 million, mainly from lower volumes in Wine filler services and changes in the Spirits partner portfolio.

• Gross margin improved by 190 basis points to 43.9% compared to the previous year.

• Guidance for 2025 comparable EBITDA is set at EUR 70-75 million.

• Liquidity reserves increased to EUR 262 million, and leverage improved to 3.0x from 3.3x last year.