Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Q1 2025 Earnings Presentation
29 slides from Anora Group Oyj's earnings presentation, May 7, 2025
Slide 1: Q1 25 Results presentation
Q1 25 Results presentation with CEO Kirsi Puntila and CFO Stein Eriksen 7 May 2025
Slide 2: Today's agenda and speakers
Today’s agenda and speakers 1 Business review 2 Financial review 3 Summary 4 Q&A Kirsi Puntila Stein Eriksen CEO CFO Q1 25 Results presentation | 7 March 2025 | 2
Slide 3: Kirsi lifeline
Kirsi lifeline Running, gym, yoga, audio books Boating Charity work for Childhood in Kummit, the Central Finland 1992 2002 2011 Altia journey 2017 2025 Ms of Sc begins University London Anora is born in Econ, SVP Marketing Children’s University of Pernod Ricard SVP Intl University 2016 EMT hospitals
Slide 4: Business review
Business review Q1 25 Results presentation | 7 March 2025 | 4
Slide 5: Nordic Wine and Spirits market: Challenging period after Covid
Market overview Nordic Wine and Spirits market: Challenging period after Covid Anora believes in the long-term However 15 consecutive quarters of Anora expects stable volumes in the 1 resilience and growth for Wine and 2 negative growth in the monopoly 3 Nordic market in the longer run… Spirits in t
Slide 6: Comparable EBITDA improved in Spirits and Industrial segments, Wine segment impacted by marketing spend
Business review Comparable EBITDA improved in Spirits and Industrial segments, Wine segment impacted by marketing spend Net sales Gross margin, % Comparable EBITDA Comparable EBITDA margin, % Q1: 46.0 (43.3) Q1: 141.4 (146.9) Wine 29.6 (30.3) Q1: 5.7 (6.1) Q1: 8.0 (8.9) Spirits 45.5 (44.0) EUR milli
Slide 7: Wine
Business review Wine Q1 highlights • Net sales experienced a modest decline of 2.5% to Net sales (total) Comparable EBITDA EUR 65.0 million, due to variations in the channel and EUR million EUR million and % product mix, as well as the timing of Easter. -2.5% • Stable sales volume amidst an overall
Slide 8: Spirits
Business review Spirits Q1 highlights • Net sales declined to EUR 44.9 million, explained partly by Net sales (total) Comparable EBITDA the timing of Easter. EUR million EUR million and % • All Nordic markets declined, which was only partially -4.5% compensated by the growth from the rest of the mar
Slide 9: Industrial
Business review Industrial Q1 highlights • External net sales declined by 5.3% to EUR 31.5 (33.3) Net sales (total) Comparable EBITDA EUR million EUR million and % of net sales million. • The Industrial segment’s total net sales declined to EUR -8.3% 50.6 (55.2) million. 286.3% 55.2 3.1 • Net sales
Slide 10: Highlights by segments in Q1 2025
Business review Highlights by segments in Q1 2025 Wine Spirits Industrial In Q1, the Wine segment gained market In March, we launched Koskenkorva long drinks In March, we decided to invest in a new, shares in 3 out of 4 Nordic markets. We made in Finland. We started the launch as a mystery state-of-
Slide 11: Financial review
Financial review Q1 25 Results presentation | 7 March 2025 | 11
Slide 12: Comparable EBITDA improved in Spirits and Industrial segments, Wine segment impacted by marketing spend
Financial review Comparable EBITDA improved in Spirits and Industrial segments, Wine segment impacted by marketing spend 146.9 141.4 Net sales of EUR 141.4 (146.9) million, down by 3.8% vs. 2024 Net sales -3.8% • Wine; gaining market shares in all Nordic markets apart (EUR million) from Norway Q1 24
Slide 13: Net sales development
Financial review Net sales development Q1 2025 net sales decreased by 3.8% Group net sales EUR million 2024: 692.0 YTD 2025 Q1/25 net sales: 141.4 (146.9) MEUR, down by 3.8%, primarily due to lower volumes in the 205.3 177.1 162.7 Spirits and Industrial segments 146.9 141.4 • In the Wine segment, al
Slide 14: 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 Q1 average: EUR/tn* 201 e/tn* 44.8 44.6 43.2 42.7 41.3 41.1 39.6 Key principles for barley sourcing
Slide 15: Q1 Group comparable EBITDA was down by 9.6% from last year
Financial Review Q1 Group comparable EBITDA was down by 9.6% from last year The comparable EBITDA increased in Spirits and Industrial segments from the previous year Comparable EBITDA, EURm and % of net sales Comparable EBITDA, EURm and change per segment • Q1 Group comparable EBITDA 16.7 decreased
Slide 16: Net Debt Development
Financial review Net Debt Development Net Debt Net cash flow from operating activities: -76 EUR million Net Debt 9 -122 79 5 2 3 0 0 5 -208 Q4 24 EBITDA Changes Net financial Taxes paid Capex Assets sold Dividends Other Q1 25 in working payments capital Q1 25 Results presentation | 7 May 2025 | 16
Slide 17: Anora - Financial position
Financial Review Anora - Financial position YTD Operational Cash Flow Liquidity Reserves Interest-bearing Net Debt EUR million EUR million EUR million 336 208 177 267 -45 -76 2024 2025 2024 2025 2024 2025 Leverage Ratio (NIBD/ 2.6x 3.1x EBITDA) Q1 25 Results presentation | 7 March 2025 | 17
Slide 18: Net working capital
Financial Review Net working capital Net working capital was at a level of 1% of net sales at the end of March (LTM) • The Group’s net working capital amounted to EUR Net working capital, EUR million and % of net sales, (LTM) 8.7 (-31.7) million at the end of March. • Inventory amounted to EUR 158.4
Slide 19: Our long-term financial targets for 2030
Financials | Targets Our long-term financial targets for 2030 Actual Actual Actual Actual Long-term financial targets for 2030 Q1 2025 2024 2023 2022 Net sales growth 3–5% -3.8% -4.7% 3.4 % 5.7 % including M&A, majority being organic Comparable EBITDA margin Through focus on margin accretive busines
Slide 20: Closing remarks
Closing remarks Key takeaways from Q1 2025 Priorities Going forward • Gaining market shares in challenging • Improving the profitability of beverage • In 2025, the volumes in our key markets markets business through active mix and revenue are expected to be relatively flat • Net sales amounted to EU
Slide 21: Q&A
Q&A Q1 25 Results presentation | 7 March 2025 | 21
Slide 22: Thank you!
Our next scheduled event 15 August 2025 – Half-year Report Q2/2025 Thank you!
Slide 23: Appendix
Appendix Q1 25 Results presentation | 7 March 2025 | 23
Slide 24: Anora's top 10 shareholders 31 March 2025
Ownership structure Anora's top 10 shareholders 31 March 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 25: Q1/2025 and FY/2024 income statements
Financial review Q1/2025 and FY/2024 income statements EUR million Q1 25 Q1 24 2024 Net sales 141.4 146.9 692.0 Other operating income 3.7 2.3 8.5 Materials and services -80.0 -85.6 -407.1 Employee benefit expenses -27.0 -26.3 -103.9 Other operating expenses -29.2 -29.5 -128.3 Depreciation, amortisa
Slide 26: Q1/2025 balance sheet
Financial Review Q1/2025 balance sheet EUR million EUR million 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 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 305.5 299.0 299.1 Invested unrestr
Slide 27: Executive Management Team at Anora Group
Summary of the year 2024 Executive Management Team at Anora Group Kirsi Puntila Stein Eriksen Janne Halttunen Hannu Vähämurto CEO and SVP, Spirits 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 I
Slide 28: 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 29: www.anora.com | investor.relations@anora.com
www.anora.com | investor.relations@anora.com | Follow us: