Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Corporate Update (May 2026)
43 slides from Anora Group Oyj's corporate update, May 7, 2026
Slide 1: Welcome to Rajamäki!
Welcome to Rajamäki! 7 May 2026
Slide 2: Today’s agenda
Today’s agenda 9.00-10.00 Q1 Presentation and Q&A, CEO Kirsi Puntila and CFO Stein Eriksen 10.00-12.15 Site visit, introduction and tour, Hannu Vähämurto and Janne Peltoniemi 12.30-13.00 Lunch 13.15-14.30 Museum visit 14.30-15.15 Bus returns to OP, Helsinki 2
Slide 3: Q1 2026 Results Presentation
Q1 2026 Results Presentation with CEO Kirsi Puntila and CFO Stein Eriksen 6 May 2026
Slide 4: Today’s agenda and speakers
Today’s agenda and speakers 1 CEO’s reflections 2 Business review 3 Financial review 4 Outlook for 2026 5 Q&A Kirsi Puntila Stein Eriksen CEO CFO 4
Slide 5: Business review
Business review Kirsi Puntila CEO, Anora Group Plc 5
Slide 6: CEO reflections Q1/2026
CEO reflections Q1/2026 High priority going Accomplishments In progress forward • Gross margin improvement Fit, Fix, Focus mid-term strategy • Topline growth • Disciplined cost and opex • New organisation in place • Winning market share management as of 1 Jan 2026 and new ways of working being • Cha
Slide 7: Q1 summary: The first positive effects of the FFF actions visible in Q1
Q1 summary: The first positive effects of the FFF actions visible in Q1 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 the Wine and Spi
Slide 8: 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 9: 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 10: 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 11: 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 12: Financial review
Financial review Stein Eriksen CFO, Anora Group Plc 12
Slide 13: 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 14: 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 15: 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 16: Q1 Group comparable EBITDA was up by 9.7% from last year
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 17: 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 17
Slide 18: 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 18
Slide 19: 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 Group’s 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
Slide 20: Outlook for 2026
Outlook for 2026 Kirsi Puntila
Slide 21: 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 22: 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 23: 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 24: Q&A
ANORA Q&A
Slide 25: Thank you!
Thank you! Our next scheduled events: • OP site visit to Rajamäki: 7 May 2026 • Half-Year Report for January–June 2026: 14 August 2026 25
Slide 26: Appendix
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Slide 27: 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 28: 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 29: 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 30: 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 31: 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 (from 12 May 2026 General Counsel S
Slide 32: 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 33: Rajamäki Plant
ANORA Rajamaki Plant Spring 2026
Slide 34: Our unique and efficient supply chain is well positioned to support growth
Our unique and efficient supply chain is well positioned to support growth DISTILLATION 28 Koskenkorva Unique distillation and Grain Spirit Distillery (FI) O.P. Anderson maturation capabilities Aquavit Distillery (SE) for different spirits categories million litres Brunna (SE) Logistics: 47 million
Slide 35: Koskenkorva Distillery – modern distillery in the village of Koskenkorva
Koskenkorva Distillery – Leader in circular economy modern distillery in the village of Koskenkorva • Versatile product range enables unique material efficiency: high-quality grain spirit, starch and raw material for animal feeds • Anora is a major buyer of Finnish barley: grain spirit produced of G
Slide 36: Rajamäki houses the versatile and flexible beverage production plant
Rajamäki houses the versatile and flexible beverage production plant Bag-in-Box and efficient warehousing operations warehouse Bag-in-Box • Established in 1975, production and warehouse area of lines 60,000 m2 Material warehouse • 6 production lines for bottles and 2 for Bag-in-Boxes • Packaging typ
Slide 37: Rajamäki has the unique capability to dealcoholise wine
Rajamäki has the unique capability to dealcoholise wine • Dealcoholised wine is wine from which alcohol has been partially or completely removed • The result is always a recipe created by the wine maker • Dealcoholisasion capabilities at Rajamäki are unique in Finland • Vacuum distillation • Enables
Slide 38: Unprocessed groundwater is a core ingredient of our products
Unprocessed groundwater is a core ingredient of our products • The water used in Anora’s production is unprocessed pure groundwater from Rajamäki Springs • Anora own 1,000+ hectares of forest area around Rajamäki • Anora protects the water abstraction areas by owning land, limiting construction in t
Slide 39: Ensuring product quality
Ensuring product quality Anora’s quality department at Rajamäki takes care of: • Dry goods material quality • Production quality inspections and instructions in production • End products Shelf-life • Laboratory analysis liquid quality Certifications supporting quality: • FSSC 22 000 and ISO
Slide 40: Key capabilities of Rajamäki Plant
Key capabilities of Rajamäki Plant Water directly Versatile liquid Efficient bottling Professional In-house quality from the springs production and and packaging customer service assurance and – no chemical or blending and logistics product mechanical • Bottling of ~270,000 2 development labs litres
Slide 41: Over a century of history
Over a century of history Operations in the factory area began in 1888 • Doctor W. Juslin founded a yeast factory in Rajamäki • The water sources needed to make yeast were excellent in the area • The Rajamäki industrial area was built around the Rajamäki train station, as it provided efficient trans
Slide 42: Rajamäki plant – Instructions for visitors
Rajamäen tehdas – Rajamäki plant Ohjeita vierailijoille - Instructions for visitors Liiku vain isännän kanssa At the site, stay with your host Käytä isännän antamia suojaimia Use protective equipment provided by your host Tehdasalueelle ei saa tuoda huumaavia tai päihdyttäviä aineita, eikä alueella
Slide 43: ANORA
ANORA