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.

• Comparable EBITDA decreased by 9.6% to EUR 8.0 million, with margin at 5.7% of net sales; profitability was impacted by increased marketing investments and the Easter effect.

• Gross margin improved by 2.8 percentage points to 46.0% of net sales, driven by effective revenue and mix management, stabilization of input costs, and efficiency gains in Spirits and Industrial segments.

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

• New CEO Kirsi Puntila appointed in March 2025, with a continued focus on profitability, cost management, and cash flow improvement.

Financial highlights

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

• 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; EPS: EUR -0.03.

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

• Liquidity reserves: EUR 177 million to EUR 267 million, including cash and credit facilities.

Outlook and guidance

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

• Market volumes in key regions expected to remain stable or flat, with slight value growth anticipated.

• Focus on improving profitability, cost control, and restoring organic net sales growth in Wine and Spirits.