Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Q3 2025 Earnings Presentation
28 slides from Anora Group Oyj's earnings presentation, Oct 31, 2025
Slide 1: Q3 25 Results presentation
Q3 25 Results presentation with CEO Kirsi Puntila and CFO Stein Eriksen 31 October 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 Q3 25 Results presentation | 31 October 2025 | 2
Slide 3: Business review
Business review Q3 25 Results presentation | 31 October 2025 | 3
Slide 4: Comparable EBITDA increased in Q3 thanks to strong gross margin and good opex control
Business review Comparable EBITDA increased in Q3 thanks to continued strong gross margin and good opex control Net sales Gross margin Comparable EBITDA margin Comparable EBITDA Q3: 156.7 (162.7) Q3: 43.9 (42.0) Q3: 11.5% (9.8%) Q3: 18.0 (15.9) EUR million Wine 29.0 (26.4) % of net sales EUR million
Slide 5: Highlights in Q3 2025
Business review Highlights in Q3 2025 Market share of wines increased Improved profitability and strong Glögg season started with various in Sweden and Denmark EBITDA for Spirits in a context of market new launches headwinds and portfolio changes • Il Capolavoro brand expanded into new • Koskenkorva
Slide 6: Wine Q3 highlights
Business review Wine Q3 highlights • Net sales declined by 5.0% to EUR 70.3 (74.1) million. • The decline was mainly driven by lower filler services business in Denmark. • Anora regained its number two market position in the monopoly channel in Sweden. • Comparable EBITDA increased to EUR 3.5 (1.5)
Slide 7: Spirits Q3 highlights
Business review Spirits Q3 highlights • Net sales declined by 3.4% to EUR 50.8 (52.6) million, explained by the earlier changes in the partner portfolio. • Market shares declined across main countries, with Norway and Finland in particular experiencing weak performance. • Koskenkorva's net sales gre
Slide 8: Industrial Q3 highlights
Business review Industrial Q3 highlights • External net sales decreased by 1.2% to EUR 35.6 (36.0) million, mostly driven by lower volumes in contract manufacturing and the side product sales prices, compensated by higher sales of starch and ethanol. • The total net sales amounted to EUR 59.9 (60.1)
Slide 9: Financial review
Financial review Q3 25 Results presentation | 31 October 2025 | 9
Slide 10: Financial summary for Q3 2025
Financial review Financial summary for Q3 2025 P&L summary Balance sheet Ongoing projects summary • Comparable EBITDA of EUR • Net interest-bearing debt • SAP implementation project: 18.0 (15.9) million, with ending at EUR 203.3 (218.1) consolidating all operations improvements in all million, and l
Slide 11: In Q3 2025, net sales decreased by 3.7%
Financial review In Q3 2025, net sales decreased by 3.7% Lower volumes in the Wine and Spirits segments • In the Wine segment, the decline was mainly driven by lower filler services Net sales (external), EUR million Net sales (external), EUR million and change per segment business in Denmark. • In S
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 7-8/2025 average: EUR/tn* 176 e/tn* 43.9 43.7 43.7 42.5 42.1 42.1 40.9 40.2 2007 2008 2009 2010 201
Slide 13: Q3 Group comparable EBITDA was up by 13.1% from last year
Financial review Q3 Group comparable EBITDA was up by 13.1% from last year Improvements in all segments • Q3 Group comparable EBITDA increased EUR 18.0 (15.9) million or 11.5% (9.8%) of net sales. Comparable EBITDA, EURm and % of net sales Comparable EBITDA, EURm and change per segment • The operati
Slide 14: Net Debt Development
Financial review Net Debt Development Net cash flow from operating activities: -54 mEUR Net Debt Net Debt 40 76 -122 12 6 10 0 15 2 -203 Q4 24 EBITDA Changes Net financial Taxes paid Capex Assets sold Dividends Other Sep-25 in working payments capital 14
Slide 15: 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 218 203 236 262 -54 -68 2024 2025 2024 2025 2024 2025 Leverage Ratio (NIBD/ 3.3x 3.0x EBITDA) Q3 25 Results presentation | 31 October 2025 | 15
Slide 16: Net working capital
Financial review Net working capital Net working capital was at a level of 0% of net sales at the end of September (LTM) • The Group’s net working capital amounted to Net working capital, EUR million and % of net sales, (LTM) EUR 3.1(7.5) million at the end of September. • Inventory decreased to EUR
Slide 17: Summary
Summary Q3 25 Results presentation | 31 October 2025 | 17
Slide 18: Q3 2025 Summary
Q3 2025 Summary Key takeaways from Q3 2025 • Comparable EBITDA of EUR 18.0 (15.9) million, with improvements in all segments • Wine Sweden continued to gain market share – regained #2 position in monopoly • Net sales amounted to EUR 156.7 million (-3.7% vs. Q3/24) • Continued strong development in g
Slide 19: Strategic direction will be further elaborated at Capital Markets Day
Strategic direction will be further elaborated at Anora's Capital Markets Day Going forward • Accelerating actions to improve our financial performance • Updating our strategy to guide us up until 2028 NEXT WEEK: Capital Markets Day on Wednesday 5 November 2025 Join the webcast: https://anora.com/en
Slide 20: Q&A
Q&A Q3 25 Results presentation | 31 October 2025 | 20
Slide 21: Thank you!
Our next scheduled event 5 November 2025 – Capital Markets Day 11 February 2026 –FY/2025 Financial Statement Release Thank you!
Slide 22: Appendix
Appendix Q3 25 Results presentation | 31 October 2025 | 22
Slide 23: Anora's top 10 shareholders 30 September 2025
Ownership structure Anora's top 10 shareholders 30 September 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
Slide 24: Income statements
Financial review Income statements EUR million Q3 25 Q3 24 Q1-Q3 25 Q1-Q3 24 2024 Net sales 156.7 162.7 463.6 486.7 692.0 Other operating income 2.0 1.8 7.8 5.9 8.5 Materials and services -89.9 -96.2 -267.1 -285.8 -407.1 Employee benefit expenses -22.9 -23.1 -74.9 -76.1 -103.9 Other operating expens
Slide 25: Balance sheet
Financial Review Balance sheet EUR million EUR million 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 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 302.4 300.4 299.1 Invested unrestricted eq
Slide 26: 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 27: 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 28: www.anora.com | investor.relations@anora.com
www.anora.com | investor.relations@anora.com | Follow us on LinkedIn