Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Investor Presentation (December 2025)
64 slides from Anora Group Oyj's investor presentation, Dec 8, 2025
Slide 1: Investor presentation
Investor presentation 8 December 2025
Slide 2: Today’s agenda and speaker
Today’s agenda and speaker 1 Updated strategy 2 Business review 3 Financial review 4 Summary 5 Q&A Stein Eriksen CFO Investor presentation | December 2025 2
Slide 3: Fit, Fix, Focus: Clear actions for profitability and growth
Capital Markets Day 2025 Fit, Fix, Focus: Clear actions for The CEO's key messages today 1 profitability and growth 2 3 We have a strong We have a clear foundation to direction to build future build on growth 3
Slide 4: Adapting to changes by building on our strengths
Capital Markets Day 2025 The CEO's key messages today 1 Adapting to changes by building on our strengths 2 1 ImprovingThe CEO's key messages performance 2 today growth and generating with our new Fit, Fix, Focus strategy 3 3 We have Creating a strong strong shareholder value foundation to build on W
Slide 5: Our updated financial targets until the end of 2028
Capital Markets Day 2025 Our updated financial targets until the end of 2028 Financial targets for 2028 6–7% p.a. Comparable EBITDA growth (85-90 M€ by the end of 2028) Organic growth > Organic revenue growth market growth Net debt / comparable EBITDA (LTM) <2.5x Debt levels may occasionally exceed
Slide 6: Beating the headwinds – and adapting to change
Beating the headwinds – and adapting to change Capital Markets Day 2025 Group Comparable EBITDA, EURm Market volume decline EXTERNAL expected to continue • Consumer behaviors are changing 98.3 101.0 • Demand patterns are changing Nordic wine market volume 2025–2028 • Monopoly channels challenged • F
Slide 7: Anora has many strengths to build on
Anora has many strengths to build on Capital Markets Day 2025 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 fo
Slide 8: Our leading portfolio of own and partner brands
Our leading portfolio of own and partner brands Capital Markets Day 2025 caters to all drinking occasions and consumer groups Own brands 51% of net sales Partner brands 49% of net sales 8
Slide 9: Anora is actively responding to local and global trends
Anora is actively responding to local and global trends Capital Markets Day 2025 ACCESSIBLE RESPONSIBLE EXPERIENCE 1 MODERATION 2 3 4 OVER PRODUCT PREMIUM CHOICES Aspiration for healthier Value conscious Consumers choose Need for simulation, lifestyle and changes consumers search for products that m
Slide 10: Anora is actively responding to local and global trends: Moderation
Anora is actively responding to local and global trends Capital Markets Day 2025 1 MODERATION Aspiration for healthier lifestyle and changes in consumption habits Anora’s focus on liqueurs, Ready-to-Drink and 8 % wines 10
Slide 11: Anora is actively responding to local and global trends: Accessible premium
Anora is actively responding to local and global trends Capital Markets Day 2025 2 ACCESSIBLE PREMIUM Value conscious consumers search for quality and craftsmanship at reasonable prices Anora’s focus on smaller sizes, special editions 11
Slide 12: Anora is actively responding to local and global trends: Responsible choices
Anora is actively responding to local and global trends Capital Markets Day 2025 3 RESPONSIBLE CHOICES Consumers choose products that match their values Anora’s sustainability program led by Koskenkorva
Slide 13: Anora is actively responding to local and global trends: Experience
Anora is actively responding to local and global trends Capital Markets Day 2025 EXPERIENCE 4 OVER PRODUCT Need for simulation, meaning and belonging through brands Anora’s focus on digital brand experiences, online communities, events 13
Slide 14: Anora is #1 in wines and spirits in the Nordics
Anora is #1 in wines and Capital Markets Day 2025 spirits in the Nordics and uniquely positioned to serve consumers and create value Finland Value of the Nordic wine and spirits market Wine Spirits Norway #1 #1 Spirits Wine Spirits 35% #1 #1 Sweden Denmark EUR 13.9 Wine Spirits billion Wine Spirits
Slide 15: Adapting to changes by building on our strengths
Capital Markets Day 2025 The CEO's key messages today 1 Adapting to changes by building on our strengths 2 1 ImprovingThe CEO's key messages performance 2 today growth and generating with our new Fit, Fix, Focus strategy 3 3 We have Creating a strong strong shareholder value foundation to build on W
Slide 16: Fit, Fix, Focus – Our strategic framework to drive profitability
Fit, Fix, Focus – Capital Markets Day 2025 Our strategic Structural framework to drive profitability organic growth Immediate Growth cost paths reductions Let’s Drink Better Sustainability Tech Innovation 16
Slide 17: Fit and Fix cost savings our priority in '25/26
Fit and Fix cost savings our priority in '25/26 to fund our growth in '26/27 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 milli
Slide 18: Fit strengthens our commercial operating model
Fit strengthens our commercial operating model Capital Markets Day 2025 and optimises our sourcing – estimated savings impact of EUR 20 million Spirits and Wine will join forces in country-level Segments Go-To-Market teams leading to: • Breaking down organisational silos and inherited complexity Nor
Slide 19: Fix improves our structural profitability
Fix improves our structural profitability Capital Markets Day 2025 Portfolio and inventory Value management Supply chain and reduction contract manufacturing • Reducing complexity • Mix optimisation • Supply chain footprint optimisation • Inventory management • Improved revenue management • Increase
Slide 20: Our Focus growth priorities
Our Focus growth priorities Capital Markets Day 2025 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 20
Slide 21: Our Focus growth priorities: Grow in our core
Our Focus growth priorities Capital Markets Day 2025 We have extensive experience in operating with monopolies 1 Grow in our core EUR 140.4 million Anora net sales in 2024 1. Grow wine and spirits in core sales 47% channels in Finland, Sweden, Norway, Denmark and the Baltics EUR 101.1 million Anora
Slide 22: Our Focus growth priorities: Growing categories and channels
Our Focus growth priorities Capital Markets Day 2025 We are gaining share in groceries 2 Increase exposure in growing categories and sales channels 1. Grow RTDs and low/no alcohol 17% categories including glögg 2. Strengthen portfolio and distribution in Finnish grocery of group net sales in 2024 22
Slide 23: Our Focus growth priorities: Continue growing internationally
Our Focus growth priorities Capital Markets Day 2025 International business outside the Nordics 3 Continue growing Spirits exports to over internationally 1. Pursue spirits growth in export markets 30 countries and GTR 2. Export glöggs and scale exclusive retail supplier partnerships in Europe Inter
Slide 24: Our Focus growth priorities
Our Focus growth priorities Capital Markets Day 2025 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 i
Slide 25: Disciplined M&A in a favourable market
We will support our growth priorities with Capital Markets Day 2025 disciplined M&A in a favourable market The industry landscape presents a unique opportunity for compelling valuations. M&A priorities to support Anora growth priorities: 1 Grow in our core Plug current portfolio gaps selectively Inc
Slide 26: Creating the best workplace, reducing our environmental impact
Creating the best workplace, reducing our Capital Markets Day 2025 environmental impact, and driving responsible choices Net-zero 58% increase in safety GHG emissions across the value chain by 2050 observations building our strong safety culture Innovating new Bio boiler investment made – on track N
Slide 27: Driving margin-accretive innovations
Driving margin-accretive innovations Capital Markets Day 2025 Proven success Leader in Nordic spirits Rich history of innovation 9% innovation and other Growing categories and novelties Mindful drinking channels 200 5-year net sales CAGR Product novelty launches yearly Driving new occasions: casual
Slide 28: Technology is a key enabler for executing our strategy
Technology is a key enabler for executing our strategy, Capital Markets Day 2025 especially in data analytics, marketing and innovation MARKETING • Unique market data from our operations • AI-driven marketing and A&P spend for tracking ROI and faster innovation cycles SYSTEMS • Data & analytics for
Slide 29: Summary: Creating shareholder value by executing Fit, Fix, Focus
Summary: Creating shareholder value by executing Capital Markets Day 2025 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 Share
Slide 30: The Fit, Fix, Focus strategy will create shareholder value
Capital Markets Day 2025 The Fit, Fix, Focus The CEO's key messages today 1 strategy will create shareholder value 2 3 We have a strong We have a clear foundation to direction to build future build on growth 30
Slide 31: Our strategy targets 6–7% annual comparable EBITDA growth
Our Fit, Fix, Focus strategy targets 6–7% annual Capital Markets Day 2025 comparable EBITDA growth until 2028 6-7% CAGR of comparable EBITDA ~10 ~20 ~20 70-75 85-90 2025 Guidance FIT FIX FOCUS External FY 2028 (e) environment impact 31
Slide 32: Reducing costs and complexity
Reducing costs and complexity – Capital Markets Day 2025 Improving scale, efficiency and execution CURRENT STATE 2026/2027 ERP ERP • An inconsistent system landscape • Implement one ERP platform across the encompassing different ERP platforms Group (Q1 2026) • Lack of common templates and master dat
Slide 33: Unlocking value through reduced OPEX and spend in the Fit phase
Unlocking value through reduced OPEX and Capital Markets Day 2025 spend in the Fit phase – Target to reduce cost by EUR 20m Anora’s yearly OPEX in 2024, EUR million Yearly share of spend Anora Other ~231 Travel Grain ~28 7.3 4.1 Packaging ~11 Cars & transport ~12 IT expenses ~14 Energy Liquids ~24 R
Slide 34: Unlocking value through improved value management
Unlocking value through improved Capital Markets Day 2025 value management – a key Fix lever to restore margins Backdrop: reduced gross margin We will strengthen our focus on value management Gross margin development 2021-2024, % • Drive margin-accretive innovations • Optimise ABV* to balance consum
Slide 35: We target an impact of EUR 10 million in the Focus phase
We target an impact of EUR 10 million Capital Markets Day 2025 in the Focus phase with the largest impact coming from the growth in our core business 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 75% 15% 10% 35
Slide 36: Significant white spots in our core categories
Despite strong market positions we still see Capital Markets Day 2025 significant white spots in our core categories Market value (MSP) FINLAND SWEDEN NORWAY DENMARK BALTICS FINLAND SWEDEN NORWAY 2028 (MEUR)* Monopoly Monopoly Monopoly Open market Open market Grocery Grocery Grocery Vodka 146 84 109
Slide 37: Increased efforts to grow in core have significant potential
Increased efforts to grow in core have significant Capital Markets Day 2025 potential to strengthen top line Example Italian Red Wine BiB Sweden “Reaching up” in whiskeys in Sweden Share of Anora’s share Anora Italian red Price points market volume of volume 1% wine in BiBs is Other over 40% competi
Slide 38: Pulling all levers of ROIC
Pulling all levers of ROIC – driving Fit, Fix, Focus Capital Markets Day 2025 into tangible value creation Annual comparable CAPEX efficiency Working capital Disciplined M&A EBITDA growth 6–7% excellence CAPEX as % of net sales Disciplined criteria – breakdown of Fit, Fix, Focus Strategic fit ~2.5 F
Slide 39: Cash flow generation is a priority
Cash flow generation is a priority Capital Markets Day 2025 Operational cash flow before change in Net debt and leverage working capital 316 4.0 301 286 3.5 50 253 3.0 44 220 218 208 38 201 201 199 203 2.5 171 177 2.0 26 138 122 1.5 1.0 0.5 2022 2023 2024 RTM 2025 0.0 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q
Slide 40: Our capital allocation policy
Our capital allocation policy drives organic Capital Markets Day 2025 growth while safeguarding attractive dividends and a strong balance sheet Illustrative capital allocation • Focus A&P on core and top-performing brands 1. Organic growth • Support new product launches 2. Dividend • Dividend betwee
Slide 41: Our updated financial targets until the end of 2028
Our updated financial targets Capital Markets Day 2025 until the end of 2028 Financial targets for 2028 Dividend paid/EUR share 6–7% p.a. 0.75 Comparable EBITDA growth (85-90 M€ by the end of 2028) 0.40 0.45 Organic growth > 0.42 Organic revenue growth 0.38 market growth 0.22 0.22 0.22 Net debt / co
Slide 42: Business review
Business review Investor presentation | December 2025 42
Slide 43: Comparable EBITDA increased in Q3 thanks to strong gross margin
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 44: Wine
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 45: Spirits
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 46: Industrial
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 47: Financial review
Financial review Investor presentation | December 2025 47
Slide 48: 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 49: 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 50: 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 51: Q3 Group comparable EBITDA was up by 13.1%
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 52: 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 52
Slide 53: 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) Investor presentation | December 2025 53
Slide 54: 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 55: 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 56: Thank you!
Our next scheduled event 11 February 2026 –FY/2025 Financial Statement Release Thank you!
Slide 57: Appendix
Appendix Investor presentation | December 2025 57
Slide 58: Leading portfolio of own and partner brands balanced across countries
Leading portfolio of own and partner brands Capital Markets Day 2025 balanced across countries Net sales, MEUR Comparable EBITDA, MEUR Personnel* 692.0 68.9 1,211 Industrial Industrial Sweden 20.5 % 21% 24% Wine DFTR & 46.7 % Export Beverage Anora 5% brands Net sales Net sales Partner net sales bran
Slide 59: Our business overview
Our business overview Capital Markets Day 2025 Industrial Spirits Wine Net sales external, Comparable EBITDA Net sales, MEUR Comparable EBITDA Net sales, MEUR Comparable EBITDA MEUR margin margin margin 142 6.3% 227 16.7% 323 6.9% Logistics Industrial Partner Partner Anora Own (Vectura) services fil
Slide 60: 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 61: 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 62: 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 63: Executive Management Team at Anora Group
Governance Executive Management Team at Anora Group Kirsi Puntila Stein Eriksen Imre Avalo Hannu Vähämurto SVP, Spirits CEO CFO SVP, Industrial CEO of Anora since 2025. Long Previously, Stein was the CFO career with global brands at XXL, the largest sports retailer With Anora since 2017 in Has worke
Slide 64: 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 Shareholdings: - Shareholdings: 13,600 Shareholdings: - Shareholdings: 4,620 Chair of the Human Chair of the Audit Committee Member of the Audit Committee Mem