Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Shareholder Meeting (April 2026)
72 slides from Anora Group Oyj's shareholder meeting presentation, Apr 14, 2026
Slide 1: Welcome to Anora Group Plc's Annual General Meeting 2026
Welcome to Anora Group Plc’s Annual General Meeting 2026
Slide 2: Annual General Meeting 2026 | 14 April 2026 |
Annual General Meeting 2026 | 14 April 2026 | 2
Slide 3: Instructions
Instructions 1. Connect the headset to the receiver 2. Turn on the receiver 3. Select the desired language from the channel Channels: 0 = Original language 1 = Finnish 2 = English Annual General Meeting 2026 | 14 April 2026 |3
Slide 4: Forward looking statements
Forward looking statements Certain information herein other than historical facts contain “forward looking statements”. These forward looking statements relate to future events or future financial performance, including, but not limited to, strategic plans, potential growth, financial performance an
Slide 5: Annual General Meeting 2026 – Opening
Annual General Meeting 2026 – Opening Atle Vidar Nagel Johansen Chairperson of the Board of Directors 5
Slide 6: 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 Shareholdings: 13,600 Shareholdings: - Shareholdings: 4,620 Shareholdings: 24,000 Chair of the Audit Committee Member of the Audit C
Slide 7: The Board agenda in 2025
The Board agenda in 2025 Fit, Fix, Focus strategy until the end of 2028 Focus on preparation and launch of Anora’s updated Fit, Fix, Focus strategy Structural profitability • Sharpened strategic direction and strengthened execution — Updated strategy launch at the Capital Markets Day Immediate Growt
Slide 8: Remuneration 2025
Remuneration 2025 TOTAL REMUNERATION AND FINANCIAL DEVELOPMENT OVER THE PAST THREE YEARS • The remuneration to the Board members and the CEO for 2025 is in line with Anora’s Remuneration Policy adopted by the AGM in 2024, and the decision of the AGM in 2025. EUR 2025 2024 2023 • The total compensati
Slide 9: 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 0.24 per share be paid for the financial year 2025. • Payout ratio of 268.6%, comparable payout ratio of 73.6% 0.40 and effective dividend yield of 5.7% 0.45 0.4
Slide 10: Opening of the meeting and procedural items
1 Opening of the meeting 2 Calling the meeting to order 3 Election of persons to scrutinize the minutes and to supervise the counting of votes 4 Recording the legality of the meeting 5 Recording the attendance at the meeting and adoption of the list of votes Annual General Meeting 2026 | 14 April 20
Slide 11: Presentation of the financial statements and auditor's report
6 Presentation of the financial statements, the report of the Board of Directors, the auditor’s report and the assurance report on the sustainability statement for the year 2025 • Review by CEO Kirsi Puntila • Presentation of the Auditor’s Report and the assurance report on the sustainability statem
Slide 12: Annual General Meeting 2026 – CEO Kirsi Puntila
Annual General Meeting 2026 Kirsi Puntila CEO, Anora Group Plc 12
Slide 13: Agenda
Agenda Summary of the year 2025 Financial review Dividend proposal and outlook 2026
Slide 14: 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 15: 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 16: Anora has a leading position in the wine and spirits beverage markets in the Nordics
Anora has a leading position in the wine and spirits beverage markets in the Nordics 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 Spirits Wine 65% #8 #6 Germany Aquavit #
Slide 17: 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 17
Slide 18: Anora's year 2025 in a nutshell
Anora’s year 2025 in a nutshell High priority going Accomplishments In progress forward • Gross margin improvement Fit, Fix, Focus mid-term strategy • Topline growth • Good cost management • New organisation in place • Winning market share • Industrial improvements as of 1 Jan 2026 • Channel and por
Slide 19: We reached a significant milestone
We reached a significant milestone over 13,000,000 bottles sold in 2025 Annual General Meeting 2026 | 14 April 2026 | 19
Slide 20: Fit, Fix, Focus – Our strategic framework to drive organic growth
Fit, Fix, Focus – Our strategic Structural framework to drive profitability organic growth Immediate Growth cost paths reductions Let’s Drink Better Sustainability Tech Innovation 20
Slide 21: Fit and Fix cost savings our priority in 2025/26
Fit and Fix cost savings our priority in 2025/26 to fund our growth in 2026/27 2025 2026 2027 2028 Beyond Longer-term targets will Fit EUR 20 be communicated Organisation review during the strategy million Sourcing optimisation period Fix Value management EUR 20 Portfolio and inventory reduction mil
Slide 22: Shared Go-to-Market teams
FIT EXECUTION IN 2025 We streamlined our structure to improve profitability and strengthened our commercial organisation Segments The Spirits and Wine commercial teams combined into shared, country-based go-to-market teams • Breaking down organisational silos and inherited Norway Industrial complexi
Slide 23: Anora became the fastest growing wine company in Sweden
FIX EXECUTION IN 2025 Anora became the fastest growing wine company in Sweden – Successful ERP integration and enhanced Power BI capabilities New strategic partnerships, focused investments, and the successful introduction of new products helped Anora regain the #2 market position in Sweden. SAP imp
Slide 24: Growth with our leading portfolio catering to all drinking occasions
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 Annual General Meeting 2026 | 14 April 2026 | 24
Slide 25: 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 26: Innovations successfully expanded iconic brands into new categories
FOCUS EXECUTION IN 2025 Innovations successfully expanded iconic brands into new categories – liqueurs delivered double-digit growth • Koskenkorva Spritz Passionfruit 4.5% Own & • Koskenkorva Pure Raspberry Lemon 5.5% partner • Koskenkorva Long Drink Vodka & wines Ginger Ale 5.0% • Koskenkorva Rhuba
Slide 27: Our 2030 Sustainability Roadmap
Our 2030 Sustainability Roadmap Diverse, equitable and inclusive workplace and zero accidents resulting in absences Science-based targets set and validated by SBTi Fair and transparent value chain Fossil-free with the support of certifications, audits and our Code of Conduct production without compe
Slide 28: New biomass boiler moves Koskenkorva Distillery towards zero fossil emissions
FOCUS EXECUTION IN 2025 New biomass boiler moves Koskenkorva Distillery towards zero fossil emissions • The new biomass boiler will operate on 100% renewable fuels and improve safety, operational reliability and automation. • Enables Koskenkorva Distillery to fully transition to fossil-free fuels by
Slide 29: Strong execution and ongoing performance improvement delivered tangible results
Strong execution and ongoing performance improvement measures delivered tangible results Dividend proposal: EUR 0.24 per share Net sales Gross margin Comparable EBITDA Leverage (NIBD/EBITDA) 657.9 (692.0) Wine 29.7% (29.4) 71.1 (68.9) 1.4x (1.8x) Spirits 46.7% (44.8) Net debt 101.5 (121.6) EUR milli
Slide 30: Strong full-year performance and a 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 bra
Slide 31: 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 32: Creating shareholder value by executing Fit, Fix, Focus strategy
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. Focus. Pr
Slide 33: Annual General Meeting 2026 – CFO Stein Eriksen
Annual General Meeting 2026 Stein Eriksen CFO, Anora Group Plc 33
Slide 34: 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 35: Underlying improvement in gross margin driven by revenue and mix management
Underlying improvement in gross margin driven by revenue and mix management Gross margin – underlying Stabilisation of input costs development (Finnish barley)in 2007-2025 Barley price 2025 average: 44.4 development EUR/tn* 183 e/tn* 42.9 42.6 40.4 2022 2023 2024 2025 2007 2011 2016 2020 2025 Adjust
Slide 36: FY 2025 Comparable EBITDA was up by 3.2%
FY 2025 Comparable EBITDA was up by 3.2% from the previous 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 e
Slide 37: Wine segment review
Segment review Net sales (total) Wine EUR million 323.0 -6.8% 301.1 2025 highlights Net sales declined by 6.8% to EUR 301.1 (323.0) million. A significant part of the decline was due to Danish filler services. 2024 2025 Anora maintained its market leadership in Norway, Denmark and Finland (includi
Slide 38: Spirits segment review
Segment review Net sales (total) Spirits EUR million 227.0 215.1 -5.2% 2025 highlights Net sales declined by 5.2% to EUR 215.1 (227.0) million, explained mainly by earlier changes in the partner portfolio as well as challenging markets. 2024 2025 Market shares declined in the monopoly channels. Co
Slide 39: Industrial segment review
Segment review Net sales (total) Industrial EUR million 234.0 224.8 -3.9% 2025 highlights 92.0 83.2 External net sales declined by 0.2% to EUR 141.7 (142.0) million, mostly driven by side product sales prices and lower 142.0 141.7 volumes of technical ethanol, compensated by higher contract manufa
Slide 40: Anora's financial position
Anora’s financial position Net cash flow from operating Liquidity reserves Interest-bearing net debt activities Leverage Ratio (NIBD/EBITDA, RTM) EUR million EUR million EUR million 351 353 122 50.3 101 33.2 1.8x 1.4x 2024 2025 2024 2025 2024 2025 Annual General Meeting 2026 | 14 April 2026 | 40
Slide 41: Our updated financial targets until the end of 2028
Our updated financial targets until the end of 2028 Financial targets until the end of 2028 ACTUAL 2025 6–7% p.a. (85-90 M€ Comparable EBITDA growth 3.2% by the end of 2028) Organic growth > Organic revenue growth n/a market growth Net debt / comparable EBITDA (LTM) <2.5x 1.4x Debt levels may occasi
Slide 42: 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 43: Q&A
Q&A Annual General Meeting 2026 | 14 April 2026 | 43
Slide 44: Appendix
Appendix Annual General Meeting 2026 | 14 April 2026 |44
Slide 45: Income statements
Income statements EUR million 2025 2024 Net sales 657.9 692.0 Other operating income 11.9 8.5 Materials and services -377.9 -407.1 Employee benefit expenses -105.2 -103.9 Other operating expenses -125.2 -128.3 Impairment losses -10.5 - Depreciation and amortisation -27.2 -26.8 Operating result 23.8
Slide 46: Balance sheet
Balance sheet 31 Dec 31 Dec 31 Dec 31 Dec EUR million EUR million 2025 2024 2025 2024 ASSETS EQUITY AND LIABILITIES Non-current assets Equity attributable to owners of the parent Goodwill 303.8 299.1 Share capital 61.5 61.5 Other intangible assets 176.3 194.1 Invested unrestricted equity fund 336.8
Slide 47: Thank you!
ANORA Thank you!
Slide 48: Auditor and Sustainability Assurance 2025
Auditor and Sustainability Assurance 2025 Anora Group Plc’s Annual General Meeting 14 April 2026
Slide 49: Audit and sustainability assurance 2025
Audit and sustainability assurance 2025 What we have audited Group financial Key audit matters Sustainability assurance statements audit scope • Group financial statements • Revenue recognition • We have performed a • The group audit included the limited assurance • Parent company financial • Valuat
Slide 50: Summary of our auditor's report
Summary of our auditor’s In our opinion report • the consolidated financial statements give a true and fair view of the group’s financial position, financial performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU • the financial statements give a true and fair v
Slide 51: Summary of our sustainability report
Summary of our Opinion sustainability report Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the group sustainability report does not comply, in all material respects, with 1) the requirements laid down in
Slide 52: Thank you
Thank you This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or i
Slide 53: Adoption of the Financial Statements
7 Adoption of the Financial Statements Annual General Meeting 2026 | 14 April 2026 | 53
Slide 54: Resolution on the use of profit and the payment of dividend
8 Resolution on the use of profit shown on the balance sheet and the payment of dividend According to the Financial Statements of 31 December 2025, the parent company’s distributable funds amounted to EUR 107.5 million, including the profit of EUR 24.1 million for the period. The Board of Directors
Slide 55: Resolution on the discharge of the Board and the CEO from liability
9 Resolution on the discharge of the members of the Board of Directors and the CEO from liability Annual General Meeting 2026 | 14 April 2026 | 55
Slide 56: Consideration of the Remuneration Report for the governing bodies
10 Consideration of the Remuneration Report for the governing bodies The Board of Directors proposes to the Annual General Meeting that the Remuneration Report for the governing bodies for the year 2025 be adopted. The resolution is advisory in accordance with the Finnish Companies Act. The Remunera
Slide 57: Nomination Board presentation and Board resolutions
Presentation by the Chairman of the Shareholders’ Nomination Board 11 Resolution on the remuneration of the members of the Board of Directors 12 Resolution on the number of members of the Board of Directors 13 Election of the members of the Board of Directors Annual General Meeting 2026 | 14 April 2
Slide 58: Annual General Meeting 2026 – Nomination Board
Annual General Meeting 2026 Member of the Shareholders’ Nomination Board Petter Söderström Annual General Meeting 2026 | 14 April 2026 58 |
Slide 59: Resolution on the remuneration of the members of the Board of Directors 1/2
Resolution on the remuneration of the members of the Board of Directors 1/2 The Shareholders’ Nomination Board proposes that the remuneration to be paid to the Board members elected by the Annual General Meeting will be an annual fee as follows: • EUR 75,000, Chairperson (current EUR 72,500) • EUR 5
Slide 60: Resolution on the remuneration of the members of the Board of Directors 2/2
Resolution on the remuneration of the members of the Board of Directors 2/2 In addition to the annual fees, the Board members elected by the Annual General Meeting would receive a meeting fee for the Board of Directors and Board Committee meetings of EUR 700 (current EUR 700) per meeting and EUR 1,4
Slide 61: Resolution on the number of members of the Board of Directors
Resolution on the number of members of the Board of Directors The Shareholders’ Nomination Board proposes to the Annual General Meeting that the number of members of the Board of Directors would be seven (7). Should one or more of the persons proposed by the company’s Shareholders’ Nomination Board
Slide 62: Election of the members of the Board of Directors
Election of the members of the Board of Directors The Shareholders’ Nomination Board proposes to the Annual General Meeting that the current members Atle Vidar Nagel Johansen, Christer Kjos, Annareetta Lumme-Timonen, Jyrki Mäki-Kala, Florence Rollet and Rebecca Tallmark would be re-elected and that
Slide 63: One new member proposed to the Board
Proposal by the Shareholders’Nomination Board One new member proposed to the Board Jonas Tåhlin • Swedish citizen, born 1974 • M.Sc. (Econ.) • Extensive and versatile background from Marketing, Sales, and Executive positions across multiple countries, most recently as President, Spirits Brands and G
Slide 64: Resolution on the remuneration of the auditor and sustainability assurance provider
14 Resolution on the remuneration of the auditor and sustainability reporting assurance provider Upon the recommendation of the Audit Committee, the Board of Directors proposes to the Annual General Meeting that the auditor’s fees be paid against an invoice approved by the company. The same applies
Slide 65: Election of the auditor
15 Election of the auditor Upon the recommendation of the Audit Committee, the Board of Directors proposes to the Annual General Meeting that PricewaterhouseCoopers Oy be re-elected as the company’s auditor for a term that ends at the close of the next Annual General Meeting. PricewaterhouseCoopers
Slide 66: Election of the sustainability reporting assurance provider
16 Election of the sustainability reporting assurance provider Upon the recommendation of the Audit Committee, the Board of Directors proposes to the Annual General Meeting that PricewaterhouseCoopers Oy be re- elected as the sustainability reporting assurance provider for a term that ends at the cl
Slide 67: Authorization to resolve on the repurchase of the company's own shares
17 Authorization of the Board of Directors to resolve on the repurchase of the company’s own shares The Board of Directors proposes that the Annual General Meeting authorizes the Board of Directors to resolve on the repurchase of the company’s own shares. The number of shares to be repurchased by vi
Slide 68: Authorization to resolve on the issuance of shares for acquisitions
18 Authorization of the Board of Directors to resolve on the issuance of shares for the purposes of financing or carrying out corporate acquisitions or other arrangements The Board of Directors proposes that the Annual General Meeting authorizes the Board of Directors to resolve on the issuance of s
Slide 69: Authorization to resolve on the issuance of shares for remuneration purposes
19 Authorization of the Board of Directors to resolve on the issuance of shares for remuneration purposes The Board of Directors proposes that the Annual General Meeting authorizes the Board of Directors to resolve on the issuance of shares in one or several tranches, against or without consideratio
Slide 70: Amendment of the Charter of the Shareholders' Nomination Board
20 Amendment of the Charter of the Shareholders’ Nomination Board The Shareholders’ Nomination Board proposes that the Annual General Meeting resolves on an amendment to the Charter of the Shareholders’ Nomination Board whereby only the Chairperson of the Board of Directors would serve as an expert
Slide 71: Closing of the meeting
21 Closing of the meeting Annual General Meeting 2026 | 14 April 2026 | 71
Slide 72: For more information visit www.anora.com
For more information visit www.anora.com Follow us on LinkedIn Anora Group Plc