Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Q4 2024 Earnings Presentation
32 slides from Anora Group Oyj's earnings presentation, Apr 4, 2025
Slide 1: Investor presentation Q1/2025 Pre-Silent call
Investor presentation Q1/2025 Pre-Silent call 4 April 2025
Slide 2: Q4 results: Comparable EBITDA improved driven by Wine segment
Business review Q4 results: Comparable EBITDA improved in Q4 driven Dividend proposal: by strong performance in the Wine segment EUR 0.22 per share Net sales Gross margin, % Comparable EBITDA Comparable EBITDA Q4: Wine 31.4 (30.4) margin, % Q4: 205.3 (211.2) Spirits 45.0 (43.7) FY: Wine 29.4 (26.9)
Slide 3: Seasonality of Revenue and EBITDA
Financial review Seasonality of Revenue and EBITDA Seasonality in Net Sales (EUR million) IllustrativeSeasonality normalised seasonality in operating in Comparable cash(EUR EBITDA flow,million) 2024 figures (EUR) Q1 Q3 Q1 Q3 Q2 Q4 Q2 Q4 Q4 being the most important quarter both in terms of net sales,
Slide 4: Nordic Wine and Spirits market: Challenging period after Covid
Market overview Nordic Wine and Spirits market: Challenging period after Covid 15 consecutive quarters of negative growth in the monopoly channel However, we expect stable volumes in the Nordic market in the longer run… 22 23 24 25 Nordic Wine Market Volume Nordic Spirits Market Volume CAGRe CAGR CA
Slide 5: Gross margin
Financial review Gross margin Stabilisation of input cost (Example Finnish barley) Underlying Gross Margin* Barley price development EUR/tn* 44.6 400 350 43.2 300 42.7 250 200 41.3 41.1 150 100 39.6 50 1H 2022 2H 2022 1H 2023 2H 2023 1H 2024 2H 2024 0 2007 2021 2024 * Adjusted for sale of Larsen in
Slide 6: Financial position and seasonality in operational cash flow
Financial review Financial position and seasonality in operational cash flow 2024 Financial Position (mEUR) Illustrative Normalised normalised seasonality seasonality in operating in operating cashcash flow, flow, 2024 figures(EUR) 2022/2024 (EUR) **Illustrative** 2022 2024 Liquidity Reserves Net In
Slide 7: Outlook 2025
Financial Review Outlook 2025 Market outlook 2025 In 2025, the volumes in our key markets are expected to be relatively flat compared to the 2024 levels, while in value terms, the markets are expected to grow slightly. Guidance 2025 In 2025, Anora’s comparable EBITDA is expected to be EUR 70-75 mill
Slide 8: Leading positions across the Nordics and Baltics, forerunner in sustainability
Summary of the year 2024 Leading positions across the Nordics and Baltics, forerunner in sustainability Nordic overall market position Finland Wine Spirits Norway Wine Spirits #1 #1 Wine Spirits #2 #1 #1 #1 Forerunner in sustainability Sweden Denmark Wine Spirits Wine Spirits #3 #1 #1 #2 Baltics Ger
Slide 9: Strong and versatile portfolio of leading own and partner brands
Summary of the year 2024 Strong and versatile portfolio of leading own and partner brands Key Anora brands Key partner brands Wine Wine Spirits Spirits Investor presentation | April 2025 9
Slide 10: A well-balanced business across categories and countries
Summary of the year 2024 A well-balanced business across categories and countries Net sales, MEUR Comparable EBITDA, MEUR Personnel* 692.0 68.9 1,211 Industrial Industrial Sweden 20.5 % 21% 24% Wine DFTR & 46.7 % Export Beverage Anora 5% brands Net sales Net sales Partner net sales brands 51% by seg
Slide 11: Wine
Business review New wine launches and tender wins Wine New wine launches & tender wins Net sales (total) Q4 highlights EUR million -1.2% • Net sales remained almost flat and amounted 101.4 100.1 to EUR 100.1 million. • Wine business managed to retain volumes, while the decline in the segment was dri
Slide 12: Spirits
Business review Spirits Successful launches Net sales (total) Q4 highlights EUR million Koskenkorva, Anora’s flagship brand, won over 50 awards in renowned -4.9% industry competitions in 2024. • Net sales amounted to EUR 68.9 million. 72.5 68.9 • Sweden delivered net sales growth, while net sales de
Slide 13: Industrial
Business review Industrial Net sales (total) EUR million Q4 highlights -4.5% 60.6 57.8 Internal • External net sales declined by 2.7%. 23.3 21.6 • Net sales was negatively impacted by decreased ethanol and side product sales External 37.3 36.3 prices and production volumes. • Contract manufacturing
Slide 14: Net sales development
Financial review Net sales development FY 2024 net sales decreased by 4.7% Group net sales EUR million 2023: 726.5 2024: 692.0 2024 net sales: 692.0 (726.5) MEUR, down by 4.7%, due to lower volumes in all segments 211.2 205.3 and lower sales prices in the Industrial segment 182.7 173.0 177.1 162.7 1
Slide 15: FY 2024 net sales decreased by 4.7%
Financial Review FY 2024 net sales decreased by 4.7% Net sales declined primarily due to lower volumes Net sales (external), EUR million Net sales (external), EUR million and change per segment • The Wine and Spirits segment sales were down due to lower volumes. -4.7% -4.7% 727 726.5 • The Industria
Slide 16: In Q4 2024, net sales decreased by 2.8%
Financial Review In Q4 2024, net sales decreased by 2.8% Wine business managed to retain volumes despite the overall market decline Net sales (external), EUR million Net sales (external), EUR million and change per segment • Despite the overall market decline, the Wine business managed to retain vol
Slide 17: FY/2024 Group comparable EBITDA was up by 1.0%
Financial Review FY/2024 Group comparable EBITDA was up by 1.0% All segments improved their gross margins Comparable EBITDA, EURm and % of net sales • FY/24 Comparable EBITDA-%: 10.0 (9.4)%. 98.3 101.0 +1.0% • The recent price increases and the more +1.0% stabilised currencies supported performance.
Slide 18: Q4 Group comparable EBITDA was up by 6.7% from last year
Financial Review Q4 Group comparable EBITDA was up by 6.7% from last year The comparable EBITDA increased in Wine and Industrial segments from the previous year Comparable EBITDA, EURm and % of net sales Comparable EBITDA, EURm and change per segment • The Wine segment delivered notable 36.3 compara
Slide 19: Q4 Group comparable EBITDA margin reached 14.1%
Financial Review Q4 Group comparable EBITDA margin reached 14.1% Q4/2024 Comparable EBITDA, EUR million and % of net sales • Comparable EBITDA was EUR 28.9 (27.1) million, or 2023: 68.2 (9.4%) 2024: 68.9 (10.0%) 14.1% (12.8%) of net sales, up by 6.7%. • EBITDA was EUR 23.3 (21.9) million, or 11.4% (
Slide 20: Barley sourcing
Financial review Barley sourcing In 2024 Barley price development EUR/tn* Anora used 400 350 168.2 (174.0) million kg of grain Q4 300 average: 250 182 e/tn* Q4: 42.4 (46.3) 200 150 100 50 0 Key principles for barley sourcing: 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 21: Cash flow development
Financial review Cash flow development Q4 cash flow increased slightly from last year Net cash flow from operations EUR million 2023: 135.3 2024: 33.2 • The Q4/2024 net cash flow from operations increased to EUR 101.3 (100.1) million. 100.1 101.3 • The full-year net cash flow from operations totalle
Slide 22: Net working capital
Financial Review Net working capital Net working capital was at a level of -11% of net sales at the end of December (LTM) • The Group’s net working capital amounted to Net working capital, EUR million and % of net sales, (LTM) EUR -73.2 (-79.2) million at the end of December. 7% 2% 0% -11% -4% -3% 1
Slide 23: Leverage
Financial Review Leverage • Net debt decreased to EUR 121.6 (137.5) million at the end of Q4. Net debt/comparable EBITDA: 1.8x (2.0x). Net debt incl. lease liabilities, MEUR and Net Debt / Comparable EBITDA (LTM) • Interest-bearing debt incl. lease liabilities decreased to EUR 303.1 (350.2) million,
Slide 24: Our long-term financial targets for 2030
Financial Review Our long-term financial targets for 2030 Actual Actual Actual Long-term financial targets for 2030 2024 2023 2022 Net sales growth 3–5% -4.7% 3.4 % 5.7 % including M&A, majority being organic Comparable EBITDA margin Through focus on margin accretive business and scale benefits on 1
Slide 25: Dividend proposal by Anora's Board of Directors
Dividend proposal by Anora’s Board of Directors • Anora’s Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.22 per share be paid for the financial year 2024. • In its proposal the Board aims to maintain a stable or increasing dividend with a dividend payout ratio of
Slide 26: Summary of Q4 2024
Summary of Q4 2024 Cash flow was strong in Comparable EBITDA Net sales declined by Q4 and increased increased in Q4 to EUR 2.8% to EUR 205.3m, slightly from last year. 28.9m, driven by strong primarily due to lower Lower net interest- performance in the volumes in the Spirits bearing debt resulting
Slide 27: Appendix
Appendix Investor presentation | April 2025 27
Slide 28: Anora's top shareholders December 2024
Ownership structure Anora's top 10 shareholders 31 December 2024 Shareholder Shares % of shares ILLUSTRATION OF ANORA’S OWNERSHIP Solidium Oy 13,097,481 19.4 Varma Mutual Pension Insurance Company 2,031,240 3.0 Ilmarinen Mutual Pension Insurance Company 1,290,000 Rest of the world 1.9 0.2% Canica AS
Slide 29: Q4/2024 and FY/2024 income statements
Financial review Q4/2024 and FY/2024 income statements EUR million Q4 24 Q4 23 2024 2023 Net sales 205.3 211.2 692.0 726.5 Other operating income 2.6 1.9 8.5 20.3 Materials and services -121.3 -126.3 -407.1 -441.4 Employee benefit expenses -27.7 -27.9 -103.9 -103.8 Other operating expenses -35.6 -37
Slide 30: Q4/2024 balance sheet
Financial Review Q4/2024 balance sheet EUR million EUR million 31 Dec 31 Dec 31 Dec 31 Dec 2024 2023 2024 2023 EQUITY AND LIABILITIES ASSETS Equity attributable to owners of the parent Non-current assets Share capital 61.5 61.5 Goodwill 299.1 304.3 Invested unrestricted equity fund 336.8 336.8 Other
Slide 31: Executive Management Team at Anora Group
Governance Executive Management Team at Anora Group Kirsi Puntila Stein Eriksen Janne Halttunen Hannu Vähämurto CEO and SVP, Spirits CFO SVP, Wine SVP, Industrial CEO of Anora since 2025. Long Previously, Stein was the CFO career with global brands at XXL, the largest sports retailer International c
Slide 32: Anora's Board of Directors
Governance Anora’s Board of Directors Michael Holm Johansen Jyrki Mäki-Kala Kirsten Ægidius Christer Kjos Chairperson Vice Chairperson Member Member Shareholdings: 80,000 Shareholdings: 13,600 Shareholdings: 6,100 Shareholdings: - Chair of the Human Chair of the Audit Committee Member of the Human M