Anora Group (ANORA) Q1 2026 earnings summary

Executive summary

• Q1 2026 net sales declined 4% year-on-year to EUR 135.8 million, mainly due to lower campaign volumes in Denmark and changes in the spirits partner portfolio.

• Comparable EBITDA increased 9.7% to EUR 8.8 million, with margin up to 6.5%, driven by margin improvements and cost discipline from the Fit, Fix, Focus (FFF) strategy.

• Gross margin reached 46.7% of net sales, reflecting better mix management and operational efficiency.

• Inventory reduction and strong cash flow led to a healthier balance sheet, with net debt at EUR 150.4 million and leverage at 2.1x.

• Market share gains in Sweden and successful product launches, including BuzzBallz and Fast Forward.

Financial highlights

• Net sales: EUR 135.8 million, down 4% year-on-year.

• Comparable EBITDA: EUR 8.8 million, up 9.7% year-on-year, margin 6.5%.

• Gross margin: 46.7% overall, with Wine at 31.2% and Spirits at 47.5%.

• Net debt reduced to EUR 150.4 million, leverage at 2.1x, down from 3.1x.

• Working capital reduced to EUR 129 million, negative working capital at -7% of net sales.

Outlook and guidance

• Guidance for 2026 unchanged: comparable EBITDA expected between EUR 74 million and EUR 79 million.

• Targeting 6%-7% annual EBITDA growth, organic growth above market, leverage below 2.5x, and 50%-70% dividend payout.

• Market conditions remain structurally challenging with continued volume pressure expected.