Anora Group (ANORA) Q3 2025 earnings summary

Executive summary

• Comparable EBITDA rose 13.1% to EUR 18.0 million, driven by strong gross margin, cost control, and improved profitability across all segments.

• Net sales declined 3.7% to EUR 156.7 million, mainly due to lost filler business in Wine and changes in the Spirits partner portfolio.

• Strategic restructuring and turnaround programs launched, targeting EUR 7 million in personnel expense reductions in 2025.

• Wine segment regained #2 market position in Sweden; Spirits segment saw strong performance from Koskenkorva and new product launches.

• Cost control and efficiency measures led to reduced operating expenses and improved profitability.

Financial highlights

• Net sales: EUR 156.7 million, down 3.7% year-over-year.

• Comparable EBITDA: EUR 18.0 million (up from 15.9 million), margin 11.5% (up from 9.8%).

• Net interest-bearing debt at period end: EUR 203.3 million; leverage ratio improved to 3.0 from 3.3 last year.

• Liquidity reserves increased to EUR 262 million from EUR 236 million.

• Earnings per share (basic): EUR 0.09 (up from 0.05).

Outlook and guidance

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

• Markets expected to remain flat in volume and value for the rest of the year and into 2025.

• Ongoing change negotiations expected to finish by year-end, targeting EUR 7 million EBITDA improvement.

• Strategic direction and updated strategy to be presented at Capital Markets Day on 5 November 2025.