Anora Group (ANORA) Q4 2024 earnings summary

Executive summary

• Q4 and full year 2024 results showed recovery after a weak Q3, with focus on improving beverage business margins and financial health through pricing, mix management, and operational tightening post-merger and acquisition.

• Q4 2024 comparable EBITDA rose 6.7% to EUR 28.9m, driven by strong Wine segment performance.

• Net sales for 2024 were EUR 692.0 million, down 4.7% year-over-year, with Q4 net sales at EUR 205.3 million, down 2.8% compared to Q4 2023.

• Board proposes a dividend of EUR 0.22 per share for 2024.

• CEO Jacek Pastuszka announced intention to retire once a successor is appointed.

Financial highlights

• FY 2024 net sales fell 4.7% to EUR 692.0m, with declines across all segments.

• Comparable EBITDA for 2024 was EUR 68.9 million (10.0% of net sales), up 1.0% year-over-year; Q4 comparable EBITDA rose 6.7% to EUR 28.9 million (14.1% margin).

• Q4 gross margin improved in all segments; Wine at 31.4%, Spirits at 45.0%.

• Q4 net income was EUR 8.3m, reversing a loss of EUR -44.2m in Q4 2023.

• Net cash flow from operating activities: EUR 33.2 million (2023: EUR 135.3 million).

Outlook and guidance

• 2025 comparable EBITDA expected at EUR 70–75 million (2024: EUR 68.9 million).

• Management expects to outperform the market and grow share in targeted areas, with continued focus on cost control and commercial investments.

• Market volumes in key markets expected to remain flat, with slight value growth.

• Dividend proposal for 2024 is EUR 0.22 per share, payout ratio 141%, subject to AGM approval.