Anora Group (ANORA) Q2 2025 earnings summary

Executive summary

• Q2 net sales declined 6.6% to EUR 165.5 million, mainly due to lower volumes in wine and spirits and partner losses.

• Comparable EBITDA fell 8.3% to EUR 14 million (8.4% margin), reflecting lower sales and increased marketing spend in Wine.

• Gross margin improved to 42.6% in Q2, supported by operational efficiency, revenue management, and stabilized input costs.

• Market share gains in wine in Sweden and Finland, and continued growth of Koskenkorva brand supported performance.

• Strategic actions and a new CEO are accelerating efforts to address operational challenges and adapt to changing market conditions.

Financial highlights

• Net sales for H1 2025 down 5.3% to EUR 306.8 million, driven by lower wine and spirits volumes.

• Comparable EBITDA for H1 2025 at EUR 22 million (7.2% margin), down 8.8% year-over-year.

• Net debt at end of Q2 was EUR 199 million; leverage ratio increased to 3.0x from 2.8x last year.

• Liquidity reserves at EUR 297 million, down from EUR 311 million last year.

• Inventory reduced by EUR 20 million, mainly in the Industrial segment.

Outlook and guidance

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

• Management expects some improvement in market volumes in H2 2025, with Q3 and Q4 typically contributing 65–70% of annual results.

• Actions to improve financial performance are being accelerated, with a strategy update planned up to 2028 and a Capital Markets Day in November 2025.

• Key markets anticipated to remain flat in volume and value versus 2024.

• Ongoing initiatives in revenue management, market share gains, and brand portfolio expected to support profitability.