Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Investor Presentation (June 2026)
75 slides from Anora Group Oyj's investor presentation, Jun 4, 2026
Slide 1: Investor presentation 4 June 2026
Investor presentation 4 June 2026
Slide 2: Today's agenda and speakers
Today’s agenda and speakers 1 Updated strategy 2 Business review 3 Financial review 4 Outlook for 2026 5 Q&A Kirsi Puntila Stein Eriksen CEO CFO
Slide 3: Updated strategy: the CEO's key messages
Capital Markets Day 2025 Updated strategy The CEO's key messages today Fit, Fix, Focus: 1 Clear actions for 2 profitability and growth 3 We have a strong We have a clear foundation to direction to build future build on growth 3
Slide 4: Adapting to changes by building on our strengths
Updated strategy: Key messages 1 Adapting to changes by building on our strengths 2 1 ImprovingThe CEO's key messages performance 2 today growth and generating with our new Fit, Fix, Focus strategy 3 3 We have Creating a strong strong shareholder value foundation to build on We have a clear directio
Slide 5: Our updated financial targets until the end of 2028
Our updated financial targets until the end of 2028 ACTUAL Financial targets until the end of 2028 ACTUAL 2025 Q1/2026 6–7% p.a. (85-90 M€ Comparable EBITDA growth 9.7% 3.2% by the end of 2028) Organic growth > -5.5% Organic revenue growth market volume n/a (market -1.0%) growth Net debt / comparabl
Slide 6: Delivering growth through sustainability
Delivering growth through sustainability We are the leading Nordic wine and spirits group delivering growth through sustainability. Our passion takes the best of the Nordics to the world and the best of the world to the Nordics. We are Anora, let’s drink better!
Slide 7: Anora has a strong dual model leading Nordic and Baltic markets
Anora has a strong dual model which makes it a leader in the wine and spirits beverage markets in the Nordics and Baltics Finland Value of the Nordic market Wine Spirits Norway #1 #1 Wine Spirits Spirits #1 #1 Sweden 35% Wine Spirits Denmark #2 #1 EUR 13.9 billion Wine Spirits Baltics #1 #2 Wine Spi
Slide 8: Why the confidence? 1. The turnaround is in execution
Why the confidence? 1. The turnaround is no longer a plan – it is in execution, and showing in numbers
Slide 9: Fit and Fix cost savings our priority in '25/26
Fit and Fix cost savings our priority in '25/26 to fund our growth in '26/27 2025 2026 2027 2028 Progress Q1/2026 Status Key Update Fit EUR 20 Organisation in place, Organisation review million sourcing optimisation Sourcing optimisation progressing Fix Portfolio, pricing and supply EUR 20 chain opt
Slide 10: Q1 summary: first positive effects of FFF actions
Q1 summary: The first positive effects of the FFF actions bringing 10% improvement in comparable EBITDA Net debt Net sales Gross margin Comparable EBITDA 150.4 (208.4) MEUR 135.8 (141.4) 46.7 (46.0) 8.8 (8.0) NIBD/EBITDA MEUR % of net sales MEUR 2.1x (3.1x) (end of March) Lower Wine campaign Both th
Slide 11: Why the confidence? 2. Growth is not dependent on market recovery
Why the confidence? 2. Growth is not dependent on market recovery
Slide 12: Our Focus growth priorities
Our Focus growth priorities 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 1. Pursue spirits growth in export markets 1. Grow wine and spirits in core sales 1. Grow RTDs and low/no alcohol and GTR channels in Finland, Sweden, catego
Slide 13: Growth with our leading portfolio
Growth with our leading portfolio catering to all drinking occasions and consumer groups Own brands 54% of net sales Partner brands 46% of net sales 13
Slide 14: Anora is actively responding to local and global trends
Anora is actively responding to local and global trends ACCESSIBLE RESPONSIBLE EXPERIENCE 1 MODERATION 2 3 4 OVER PRODUCT PREMIUM CHOICES Aspiration for healthier Value conscious Consumers choose Need for simulation, lifestyle and changes consumers search for products that match meaning and belongin
Slide 15: Why the confidence? 3. From balance sheet repair to capital allocation
Why the confidence? 3. We have moved from balance sheet repair to capital allocation
Slide 16: Fit, Fix, Focus targets 6–7% annual comparable EBITDA growth
Our Fit, Fix, Focus strategy targets 6–7% annual comparable EBITDA growth until 2028 6-7% CAGR of comparable EBITDA ~10 ~20 ~20 71.1 85-90 2025 FIT FIX FOCUS External FY 2028 (e) environment impact 16
Slide 17: Cash flow generation is a priority
Cash flow generation is a priority Operational cash flow before change in Net debt and leverage working capital 4.0 286 3.5 50 253 3.0 43 220 218 208 199 203 38 201 2.5 171 177 150 2.0 26 138 122 1.5 102 1.0 0.5 2022 2023 2024 2025 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4
Slide 18: Significant inventory reduction during the last years
Significant inventory reduction during the last years 212 159 151 129 181 31 2023 2024 2025 2026 20
Slide 19: Pulling all levers of ROIC
Pulling all levers of ROIC – driving Fit, Fix, Focus into tangible value creation Annual comparable CAPEX efficiency Working capital Disciplined M&A EBITDA growth 6–7% excellence CAPEX as % of net sales Disciplined criteria – breakdown of Working capital in % of net sales Fit, Fix, Focus Strategic f
Slide 20: Our capital allocation policy
Our capital allocation policy drives organic growth while safeguarding attractive dividends and a strong balance sheet Illustrative capital allocation • Focus A&P on core and top-performing brands 1. Organic growth • Support new product launches 2. Dividend • Dividend between 50-70% of net result 3.
Slide 21: Why the confidence? 4. Competent, aligned, determined management
Why the confidence? 4. Competent, aligned, determined management to get the fitting and fixing done and deliver growth
Slide 22: Outlook 2026
Outlook 2026 Market outlook 2026 The alcoholic beverage consumption in Anora’s key markets is expected to remain structurally challenged, with industry data and consumer trends indicating continued volume pressure through 2026 and beyond. Guidance 2026 In 2026, Anora’s comparable EBITDA is expected
Slide 23: Attachments
Attachments ANORA
Slide 24: Anora has many strengths to build on
Anora has many strengths to build on Wide distribution and channel access in Consumer the Nordics Experienced centric product and Baltics and empowered launches and professionals innovation Industry’s Leading portfolio best-in-class of own and manufacturing partner brands footprint 26
Slide 25: Responding to trends: Moderation
Anora is actively responding to local and global trends 1 MODERATION Aspiration for healthier lifestyle and changes in consumption habits Anora’s focus on liqueurs, Ready-to-Drink and 8 % wines 27
Slide 26: Responding to trends: Accessible premium
Anora is actively responding to local and global trends 2 ACCESSIBLE PREMIUM Value conscious consumers search for quality and craftsmanship at reasonable prices Anora’s focus on smaller sizes, special editions 28
Slide 27: Responding to trends: Responsible choices
Anora is actively responding to local and global trends 3 RESPONSIBLE CHOICES Consumers choose products that match their values Anora’s sustainability program led by Koskenkorva
Slide 28: Responding to trends: Experience over product
Anora is actively responding to local and global trends EXPERIENCE 4 OVER PRODUCT Need for simulation, meaning and belonging through brands Anora’s focus on digital brand experiences, online communities, events 30
Slide 29: Fit, Fix, Focus – our strategic framework
Fit, Fix, Focus – Our strategic Structural framework to drive profitability organic growth Immediate Growth cost paths reductions Let’s Drink Better Sustainability Tech Innovation 31
Slide 30: Fit: shared Go-to-Market teams
Fit strengthens our commercial operating model and optimises our sourcing – estimated savings impact of EUR 20 million Spirits and Wine will join forces in country-level Segments Go-To-Market teams leading to: • Breaking down organisational silos and inherited complexity Norway Industrial • Increase
Slide 31: Fix improves our structural profitability
Fix improves our structural profitability Portfolio and inventory Value management Supply chain and reduction contract manufacturing • Reducing complexity • Mix optimisation • Supply chain footprint optimisation • Inventory management • Improved revenue management • Increase volume of contract manuf
Slide 32: Our Focus growth priorities
Our Focus growth priorities 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 35
Slide 33: Focus: grow in our core
Our Focus growth priorities We have extensive experience in operating with monopolies 1 Grow in our core EUR 141.3 million Anora net sales in 2025 1. Grow wine and spirits in core sales 46% channels in Finland, Sweden, Norway, Denmark and the Baltics EUR 90.8 million Anora net sales in 2025 of group
Slide 34: Focus: increase exposure in growing categories and channels
Our Focus growth priorities Share of groceries revenue is increasing 2 Increase exposure in growing categories and sales channels 1. Grow RTDs and low/no alcohol 20% categories including glögg 2. Strengthen portfolio and distribution in Finnish grocery of group net sales in 2025 37
Slide 35: Focus: continue growing internationally
Our Focus growth priorities International business outside the Nordics 3 Continue growing Spirits exports to over internationally 1. Pursue spirits growth in export markets 30 countries and GTR 2. Export glöggs and scale exclusive retail supplier partnerships in Europe International sales • Baltics
Slide 36: Disciplined M&A in a favourable market
We will support our growth priorities with disciplined M&A in a favourable market The industry landscape presents a unique opportunity for compelling valuations. M&A priorities to support Anora growth priorities: 1 Grow in our core Plug current portfolio gaps selectively Increase exposure 2 in growi
Slide 37: Creating the best workplace and reducing environmental impact
Creating the best workplace, reducing our environmental impact, and driving responsible choices Net-zero 58% increase in safety GHG emissions across the value chain by 2050 observations building our strong safety culture Innovating new Bio boiler investment made – on track NoLo choices to fossil-emi
Slide 38: Driving margin-accretive innovations
Driving margin-accretive innovations Proven success Leader in Nordic spirits Rich history of innovation 9% innovation and other Growing categories and novelties Mindful drinking channels 200 5-year net sales CAGR Product novelty launches yearly Driving new occasions: casual home, Thanks to our dayti
Slide 39: Technology as a key enabler of strategy
Technology is a key enabler for executing our strategy, especially in data analytics, marketing and innovation MARKETING • Unique market data from our operations • AI-driven marketing and A&P spend for tracking ROI and faster innovation cycles SYSTEMS • Data & analytics for real-time insights for de
Slide 40: Summary: Creating shareholder value with Fit, Fix, Focus
Summary: Creating shareholder value by executing Fit, Fix, Focus strategy – from operational discipline to sustainable shareholder returns Annual comparable EBITDA growth of 6-7% 1. Fit. Profitability first. Organic growth > market growth 2. Fix. Structural improvement Shareholder value creation 3.
Slide 41: Updated strategy: key messages
Capital Markets Day 2025 Updated strategy The CEO's key messages today 1The Fit, Fix, Focus2 strategy will create 3 shareholder We have a strong foundation to value We have a clear direction to build future build on growth 44
Slide 42: Incremental EBITDA target in the Focus phase
We target an impact of EUR 10 million in incremental EBITDA in the Focus phase with the largest impact coming from the growth in our core business 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 75% 15% 10% 45
Slide 43: Significant white spots in our core categories
Despite strong market positions we still see significant white spots in our core categories Market value (MSP) FINLAND SWEDEN NORWAY DENMARK BALTICS FINLAND SWEDEN NORWAY 2028 (MEUR)* Monopoly Monopoly Monopoly Open market Open market Grocery Grocery Grocery Vodka 146 84 109 39 221 Liqueurs 71 76 83
Slide 44: Increased efforts to grow in core strengthen top line
Increased efforts to grow in core have significant potential to strengthen top line Example Italian Red Wine BiB Sweden “Reaching up” in whiskeys in Sweden Share of Anora’s share Anora Italian red Price points market volume of volume 1% wine in BiBs is Other over 40% competitors of total BiB red win
Slide 45: Financial targets until the end of 2028
Financial targets until the end of 2028 Financial targets until the end of 2028 Dividend paid/EUR share 6–7% p.a. 0.75 Comparable EBITDA growth (85-90 M€ by the end of 2028) 0.40 0.45 Organic growth > 0.42 Organic revenue growth 0.38 market growth 0.24 0.22 0.22 0.22 Net debt / comparable EBITDA (LT
Slide 46: Business review
Business review Kirsi Puntila CEO, Anora Group Plc 49
Slide 47: Highlights in Q1 2026
Highlights Market share gains continued in Sweden Our own liqueur portfolio continued its double-digit growth Anora decided to outsource its logistics services in Sweden in Q1 2026 Our new launch initiatives were a in tough market conditions In March, Anora signed an key driver of positive sales In
Slide 48: Wine
Business review Net sales (total) Wine EUR million 65.0 57.6 -11.4% Q1 highlights Net sales declined by 11.4% to EUR 57.6 (65.0) million. The decline was primarily driven by lower campaign levels and earlier lost Q1 25 Q1 26 filler service volumes in Denmark, in addition to reduced volumes in Finl
Slide 49: Spirits
Business review Net sales (total) Spirits EUR million 44.9 42.0 -6.4% Q1 highlights Net sales declined by 6.4% to EUR 42.0 (44.9) million, which was primarily a result of earlier changes in the partner portfolio in 2025. Q1 25 Q1 26 Market shares in monopoly countries continued to present a challe
Slide 50: Industrial
Business review Net sales (total) Industrial EUR million 50.6 51.9 Q1 highlights 2.6% 15.7 19.1 External net sales increased by 14.9% to EUR 36.2 (31.5) million. 31.5 36.2 The increase was driven by volume growth in contract manufacturing, Q1 25 Q1 26 ethanol and starch as well as in logistics ser
Slide 51: Strong full-year performance and balanced business
Strong full-year performance and a balanced business between categories and countries Net sales, MEUR Comparable EBITDA, MEUR Gross margin, % of net sales 657.9 71.1 44.4 Other Industrial countries 21.5 % 9% Sweden 33% Wine 45.8 % Beverage Anora Denmark Beverage Partner own Net sales 16% net sales b
Slide 52: Our business segments in 2025
Our business segments in 2025 Industrial Spirits Wine Net sales external, Comparable EBITDA Net sales, MEUR Comparable EBITDA Net sales, MEUR Comparable EBITDA MEUR margin margin margin 142 8.0% 215 18.8% 301 6.2% Logistics Partner Filler (Vectura) brands Anora Own Services 19% Industrial 33% Wines
Slide 53: Financial review
Financial review Stein Eriksen CFO, Anora Group Plc 56
Slide 54: Financial summary for Q1 2026
Financial summary for Q1 2026 Financial review Balance sheet summary Ongoing and completed projects Comparable EBITDA increased to EUR Net interest-bearing debt ended at EUR SAP implementation project: 8.8 (8.0) million or 6.5% (5.7%) of net 150.4 (208.4) million, with leverage successful implementa
Slide 55: Q1 2026 net sales decreased by 4.0%
Q1 2026 net sales decreased by 4.0% Net sales (external), EURm Net sales (external), EURm The decline was related to lower and change per segment Wine campaign volumes in Denmark, together with the earlier 159.5 146.9 -4.0% -4.0% lost volumes in the filler services 141.4 133.4 141.4 135.8 and the ea
Slide 56: FY 2025 net sales decreased by 4.9%
FY 2025 net sales decreased by 4.9% Net sales (external), EURm Net sales (external), EURm A significant part of the decline and change per segment related to lower volumes in Wine filler services and the earlier -4.9% -4.9% changes in Spirits partner portfolio 726.5 692.0 702.7 692.0 665.0 657.9 In
Slide 57: Gross margin up by 6 percentage points in 3 years
Gross margin up by 6 percentage points in 3 years – underlying improvement driven by revenue management Stabilisation of input costs Gross margin – underlying (Finnish barley) in 2007-2026 development Barley price Q1/2026 average: development 180 e/tn* EUR/tn* 46.6 44.4 45.2 44.8 42.9 42.6 43.3 40.5
Slide 58: Q1 Group comparable EBITDA up 9.7%
Q1 Group comparable EBITDA was up by 9.7% from last year Comparable EBITDA, Comparable EBITDA, EURm Q1 comparable EBITDA increased EURm and % of net sales and change per segment to EUR 8.8 (8.0) million or 6.5% (5.7%) of net sales, with 13.0 +9.7% improvement in the Wine segment 8.8 and impacts of t
Slide 59: FY 2025 Group comparable EBITDA up 3.2%
FY 2025 Group comparable EBITDA was up by 3.2% from last year Comparable EBITDA, Comparable EBITDA, EURm Anora Group’s 2025 comparable EURm and % of net sales and change per segment EBITDA amounted to EUR 71.1 (68.9) million or 10.8% (10.0%) of +3.2% net sales. 101.0 71.1 0.0 +3.2% The operating exp
Slide 60: Net debt development
Net debt development Net Debt Net cash flow from operating activities: : -34mEUR Net Debt 7 -101 36 3 2 7 0 0 7 -150 Q4 25 EBITDA Changes Net financial Taxes paid Capex Assets sold Dividends Other Mar-26 in working payments capital 63
Slide 61: Anora's financial position
Anora’s financial position Operational cash flow Liquidity reserves Net debt Leverage Ratio (NIBD/EBITDA) EUR million EUR million EUR million 208.4 310 267 150.4 -34.5 3.1x 2.1x -75.6 Q1 2025 Q1 2026 Q1 25 Q1 26 Q1 25 Q1 26 64
Slide 62: Net working capital
Net working capital Net working capital was at a level of -7% of net sales at the end of Net working capital, EUR million and % of net sales, (LTM) March (LTM) The net working capital amounted to EUR -44.8 (8.7) million at the end of March. 7.5 8.7 3.1 Inventory decreased to EUR 129.3 (158.4) millio
Slide 63: Outlook for 2026
Outlook for 2026 Kirsi Puntila
Slide 64: Summary of Q1 2026
Summary of Q1 2026 Q1 comparable EBITDA Net sales declined to EUR Cash flow improved in increased to EUR 8.8m, 135.8m (-4.0%), due to Q1 supporting the driven by improvement in lower Wine campaign healthy financial position. the Wine segment and volumes in Denmark, Lower net debt resulted in impacts
Slide 65: Outlook 2026
Outlook 2026 Market outlook 2026 The alcoholic beverage consumption in Anora’s key markets is expected to remain structurally challenged, with industry data and consumer trends indicating continued volume pressure through 2026 and beyond. Guidance 2026 In 2026, Anora’s comparable EBITDA is expected
Slide 66: Q&A
ANORA Q&A
Slide 67: Thank you!
Thank you! Our next scheduled events: • Half-Year Report for January–June 2026: 14 August 2026 70
Slide 68: Appendix
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Slide 69: Anora's top 10 shareholders 31 March 2026
Anora's top 10 shareholders 31 March 2026 Shareholder Shares % of shares Illustration of Anora’s ownership Canica AS 15,137,926 22.4% Solidium Oy 13,097,481 19.4% Rest of the John Fredriksen 3,117,150 4.6% world 0.3 % Hoff SA 1,522,554 2.3% Other Canica institutions 22.4 % Varma Mutual Pension Insur
Slide 70: Income statements
Financial review Income statements EUR million Q1 26 Q1 25 2025 Net sales 135.8 141.4 657.9 Other operating income 2.0 3.7 11.9 Materials and services -74.4 -80.0 -377.9 Employee benefit expenses -26.0 -27.0 -105.2 Other operating expenses -30.6 -29.2 -125.2 Impairment losses - - -10.5 Depreciation
Slide 71: Balance sheet
Financial review Balance sheet EUR million 31 Mar 2026 31 Mar 2025 31 Dec 2025 ASSETS Non-current assets Goodwill 305.5 305.5 303.8 Other intangible assets 180.0 195.7 176.3 Property, plant and equipment 68.4 63.1 65.0 Right-of-use assets 55.8 60.8 53.6 Investments in associates 10.4 11.5 10.5 Other
Slide 72: Balance sheet: equity and liabilities
Financial review EUR million 31 Mar 2026 31 Mar 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital 61.5 61.5 61.5 Invested unrestricted equity fund 336.8 336.8 336.8 Hedge reserve 0.2 -4.1 -1.7 Translation differences -41.9 -42.2 -44.9 Retained earnings
Slide 73: Executive Management Team at Anora Group
Executive Management Team at Anora Group Kirsi Puntila Stein Eriksen Johanna Sundén Mikkel Pilemand Chief People and Chief Growth & Transformation CEO CFO Communications Officer (CPCO) Officer (CGTO) Imre Avalo Hannu Vähämurto Anna Möller Thomas Heinonen SVP, Wine General Counsel SVP, Spirits SVP, I
Slide 74: Anora's Board of Directors
Anora’s Board of Directors Atle Vidar Nagel Johansen Jyrki Mäki-Kala Christer Kjos Florence Rollet Chairperson Vice Chairperson Member Member Chair of the HR Committee Chair of the Audit Committee Member of the Audit Committee Member of the HR Committee Shareholdings: 24,000 Shareholdings: 13,600 Sh
Slide 75: ANORA
ANORA