Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Q2 2025 Earnings Presentation
33 slides from Anora Group Oyj's earnings presentation, Aug 15, 2025
Slide 1: Q2 25 Results presentation
Q2 25 Results presentation with CEO Kirsi Puntila and CFO Stein Eriksen 15 August 2025
Slide 2: Today's agenda and speakers
Today’s agenda and speakers 1 Business review 2 Financial review 3 CEO’s reflections 4 Q&A Kirsi Puntila Stein Eriksen CEO CFO Q2 25 Results presentation | 15 August 2025 | 2
Slide 3: Business review
Business review Q2 25 Results presentation | 15 August 2025 | 3
Slide 4: Lower net sales affecting Comparable EBITDA in Q2. Accelerating actions to improve financial performance
Business review Lower net sales affecting Comparable EBITDA in Q2. Accelerating actions to improve financial performance Net sales Gross margin Comparable EBITDA margin Comparable EBITDA Q2: 165.5 (177.1) Q2: 42.6 (42.3) Q2: 8.4 (8.6) Q2: 14.0 (15.2) EUR million Wine 28.5 (28.9) % of net sales EUR m
Slide 5: Highlights in Q2 2025
Business review Highlights in Q2 2025 Market share of wines increased Koskenkorva performed well – Operations launched in Lithuania, in Sweden by 0.9 percentage double-digit growth in liqueurs, securing Anora’s presence across points increased market share drove overall Baltic countries growth • New
Slide 6: Wine Q2 highlights
Business review Wine Q2 highlights • Net sales declined by 8.9% to EUR 74.9 (82.2) million. • The decline was driven by lower demand and increased price competition of filler services in Denmark, and weaker wine sales especially in Norway. • Own and partner wine sales declined slightly. • Market sha
Slide 7: Spirits Q2 highlights
Business review Spirits Q2 highlights • Net sales declined by 8.4% to EUR 53.6 (58.5) million, explained mainly by the recently lost partners. • Market shares declined across main countries, with Norway in particular experiencing weak performance. • Koskenkorva's net sales grew from the previous yea
Slide 8: Industrial Q2 highlights
Business review Industrial Q2 highlights • External net sales increased by 1.6% to EUR 36.9 (36.4) million, mostly driven by phasing of contract manufacturing volumes, offset by lower volumes in other product categories as well as side product sales prices. • The total net sales declined to EUR 57.8
Slide 9: Financial review
Financial review Q2 25 Results presentation | 15 August 2025 | 9
Slide 10: Financial summary for Q2 2025
Financial review Financial summary for Q2 2025 P&L summary Balance sheet Ongoing projects summary • EBITDA of EUR 14.0 (15.2) • Net interest-bearing debt • SAP implementation project: million, explained by lower ending at EUR 199 (201) consolidating all operations net sales million, and leverage int
Slide 11: In Q2 2025, net sales decreased by 6.6%
Financial review In Q2 2025, net sales decreased by 6.6% Lower volumes in the Wine and Spirits segments Net sales (external), EUR million Net sales (external), EUR million and change • In the Wine segment, the decline was per segment driven by lower demand and increased price competition of filler -
Slide 12: Gross margin – underlying improvement driven by revenue management
Financial review Gross margin – underlying improvement driven by revenue management Stabilisation of input costs (example Finnish barley) Gross margin – underlying development Barley price development Q2 average: 44.6 EUR/tn* 194 e/tn* 43.6 43.2 42.7 41.3 41.1 39.6 2007 2008 2009 2010 2011 2012 2013
Slide 13: Q2 Group comparable EBITDA was down by 8.2% from last year
Financial review Q2 Group comparable EBITDA was down by 8.2% from last year Lower volumes in the Spirits and Wine segments • Q2 Group comparable EBITDA Comparable EBITDA, EURm and % of net sales Comparable EBITDA, EURm and change decreased EUR 14.0 (15.2) million or per segment 8.4% (8.6%) of net sa
Slide 14: Anora's financial position
Financial review Anora’s financial position YTD operational cash flow Liquidity reserves Interest-bearing net debt EUR million EUR million EUR million 311 201 199 297 -49 -53 2024 2025 2024 2025 2024 2025 Leverage Ratio (NIBD/ 2.8x 3.0x EBITDA) Q2 25 Results presentation | 15 August 2025 | 14
Slide 15: Net debt development
Financial review Net debt development Net debt Net cash flow from operating activities: -53 EUR million Net debt Normal build- up of inventory and payment of excise duties 22 -122 63 Dividend paid out in April 8 5 7 0 15 2 -199 Q4 24 EBITDA Changes Net financial Taxes paid Capex Assets sold Dividend
Slide 16: Net working capital
Financial review Net working capital Net working capital was at a level of -2% of net sales at the end of June (LTM) • The Group’s net working capital amounted to Net working capital, EUR million and % of net sales, (LTM) EUR -10.3 (-21.1) million at the end of June. • Inventory decreased to EUR 146
Slide 17: Q2 2025 Summary
Q2 2025 Summary Key takeaways from Q2 2025 • Market share growth in the Nordics overall in wines • Net sales amounted to EUR 165.5 million (-6.6% vs. Q2/24) • Continued strong development in gross margin, ending at 42.6% (+ 30bps) • Comparable EBITDA of EUR 14.0 (15.2) million Going forward • Guidan
Slide 18: CEO's reflections
CEO’s reflections Q2 25 Results presentation | 15 August 2025 | 18
Slide 19: CEO's reflections – Key messages
CEO’s reflections – Key messages 1 Strong foundation and portfolio to build on 2 Current performance not sufficient 3 Areas and actions to improve performance short to mid-term (2025–2026) identified 4 Numerous growth opportunities beyond current core – organic and inorganic Q2 25 Results presentati
Slide 20: 1. Anora has a strong platform to build on
1. Anora has a strong platform to build on Distribution Product Leading portfolio and channel Manufacturing Talented launches and and brands access in footprint professionals innovation the Nordics • Category leaders • Established • Strong track record • Cost-competitive • Some of the Nordic's acros
Slide 21: 2. Performance not where it should be, with several drivers of unsatisfactory results
2. Performance not where it should be, with several drivers of unsatisfactory results Internal challenges • Overcapacity in industrial system • Adjustment of cost levels not fast and responsive enough • Untapped synergies from previous mergers • Incomplete product presence in some key pockets of ass
Slide 22: 3. FIT & FIX and FOCUS is how we win in a tough and changing market
3. FIT & FIX and FOCUS is how we win in a tough and changing market • Deliver short and mid-term performance improvement FIT & FIX • Become cost competitive in all aspects 2025–2026 • Pursue improvement opportunities in current portfolio and core business FOCUS • Define the winning strategic directi
Slide 23: 3. FIT & FIX: Numerous areas will be investigated to strengthen our performance over 2025–2026
3. FIT & FIX: Numerous areas will be investigated to strengthen our performance over 2025–2026 Accelerated pace Cost competitiveness Portfolio optimisation, Make / buy and flawless and inventory and and balance sheet execution of operational efficiency revenue management efficiency product launches
Slide 24: 4. Strategic direction will be further elaborated at Anora's Capital Markets Day
4. Strategic direction will be further elaborated at Anora's Capital Markets Day Going forward • Accelerating actions to improve our financial performance • Beginning to update strategy to guide us up until 2028 SAVE THE DATE: Capital Markets Day on 5 November 2025 Q2 25 Results presentation | 15 Au
Slide 25: Q&A
Q&A Q2 25 Results presentation | 15 August 2025 | 25
Slide 26: Thank you!
Our next scheduled event 31 October 2025 –Q3/2025 Interim Report 5 November 2025 – Capital Markets Day Thank you!
Slide 27: Appendix
Appendix Q2 25 Results presentation | 15 August 2025 | 27
Slide 28: Anora's top 10 shareholders 30 June 2025
Ownership structure Anora's top 10 shareholders 30 June 2025 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 1.9 Rest of the world WestStar Oy 1,199,
Slide 29: Income statements
Financial review Income statements EUR million Q2 25 Q2 24 H1 25 H1 24 2024 Net sales 165.5 177.1 306.8 324.0 692.0 Other operating income 2.2 1.8 5.9 4.1 8.5 Materials and services -97.3 -104.1 -177.2 -189.7 -407.1 Employee benefit expenses -25.1 -26.7 -52.0 -53.0 -103.9 Other operating expenses -3
Slide 30: Balance sheet
Financial Review Balance sheet EUR million EUR million 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 2025 2024 2024 2025 2024 2024 EQUITY AND LIABILITIES ASSETS Equity attributable to owners of the parent Non-current assets Share capital 61.5 61.5 61.5 Goodwill 301.3 301.6 299.1 Invested unrestricted eq
Slide 31: Executive Management Team at Anora Group
Governance Executive Management Team at Anora Group Kirsi Puntila Stein Eriksen Janne Halttunen Hannu Vähämurto CEO 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 career Has worked
Slide 32: Anora's Board of Directors
Anora’s Board of Directors Michael Holm Johansen Jyrki Mäki-Kala Christer Kjos Florence Rollet Chairperson Vice Chairperson Member Member Shareholdings: 80,000 Shareholdings: 13,600 Shareholdings: - Shareholdings: 4,620 Chair of the Human Chair of the Audit Committee Member of the Audit Committee Me
Slide 33: www.anora.com | investor.relations@anora.com
www.anora.com | investor.relations@anora.com | Follow us: