Anora Group Plc's Half-Year Report for 1 January - 30 June 2026: Continued FFF actions driving Q2 Comparable EBITDA growth
Anora Group Plc | Half year financial report | 14 August 2026 at 08:30 AM EEST
This release is a summary of Anora Group Plc's Half-Year Report January–June 2026. The complete report is attached to this release and is also available on the company website at: www.anora.com/en/investors
Q2 2026 in brief
- Net sales were EUR 160.5 (165.5) million, down by 3.0%.
- Comparable EBITDA was EUR 16.0 (14.0) million, or 10.0% (8.4%) of net sales, up by 14.6%.
- EBITDA was EUR 12.3 (13.5) million, or 7.7% (8.1%) of net sales, down by 8.7%.
- Net cash flow from operating activities was EUR -5.4 (22.3) million.
- Earnings per share was EUR 0.02 (0.03).
January-June 2026 in brief
- Net sales were EUR 296.3 (306.8) million, down by 3.4%.
- Comparable EBITDA was EUR 24.8 (22.0) million, or 8.4% (7.2%) of net sales, up by 12.8%.
- EBITDA was 19.0 (22.4) million, or 6.4% (7.3%) of net sales, down by 15.3%.
- Net cash flow from operating activities was EUR -39.9 (-53.4) million.
- Earnings per share was EUR -0.02 (0.00).
- Net debt/comparable EBITDA (rolling 12 months) was 2.4 (3.0).
Guidance (unchanged)
In 2026, Anora’s comparable EBITDA is expected to be EUR 74-79 million (2025: EUR 71.1 million).
Key figures
| EUR million | Q2 26 | Q2 25 | Change | H1 26 | H1 25 | Change | 2025 |
| Net sales | 160.5 | 165.5 | -3.0% | 296.3 | 306.8 | -3.4% | 657.9 |
| Comparable EBITDA | 16.0 | 14.0 | 14.6% | 24.8 | 22.0 | 12.8% | 71.1 |
| % of net sales | 10.0 | 8.4 | 8.4 | 7.2 | 10.8 | ||
| EBITDA | 12.3 | 13.5 | -8.7% | 19.0 | 22.4 | -15.3% | 61.5 |
| Comparable operating result | 9.2 | 7.2 | 27.2% | 11.3 | 8.5 | 33.4% | 43.9 |
| % of net sales | 5.7 | 4.4 | 3.8 | 2.8 | 6.7 | ||
| Operating result | 5.5 | 6.7 | 5.4 | 8.8 | 23.8 | ||
| Result for the period | 1.4 | 2.2 | -1.3 | -0.0 | 5.7 | ||
| Earnings per share, EUR | 0.02 | 0.03 | -0.02 | -0.00 | 0.08 | ||
| Comparable earnings per share, EUR | 0.06 | 0.04 | 0.05 | -0.01 | 0.33 | ||
| Net cash flow from operating activities | -5.4 | 22.3 | -39.9 | -53.4 | 50.3 | ||
| Net working capital | -32.8 | -10.3 | -32.8 | -10.3 | -79.6 | ||
| Net debt/comparable EBITDA, rolling 12 months | 2.4 | 3.0 | 2.4 | 3.0 | 1.4 | ||
| Personnel end of period | 1,193 | 1,264 | -5.6% | 1,193 | 1,264 | -5.6% | 1,190 |
CEO Kirsi Puntila:
“The second quarter results provided further proof that our Fit, Fix, Focus (FFF) actions are improving performance despite a continued weak market and top line development. While the Nordic consumer demand remained subdued and our net sales declined by 3.0%, we delivered significantly stronger profitability and strengthened our financial position further. This demonstrates that our strategic priorities are translating into tangible operational and financial improvements.
Comparable EBITDA increased by 14.6% to EUR 16.0 million in the second quarter, while the comparable EBITDA margin improved from 8.4% to 10.0%. Gross margin increased to 46.7% of net sales, the highest level in several years in the second quarter, reflecting disciplined revenue management, portfolio optimisation and continued operational improvements. Structural efficiency measures under the FFF programme continued to lower our operating cost base, supporting stronger and more resilient earnings.
The operating environment remained challenging, with Nordic market volumes declining by 5.3%, particularly in Finland and Denmark in the quarter, while the timing of Easter affected comparability in Norway. Net sales also continued to reflect earlier portfolio changes, including the loss of lower-margin filler service volumes and certain partner brands. The effect of these earlier events is anticipated to diminish as the year progresses. While these factors lowered our net sales, they were also consistent with our strategy of improving the quality of our portfolio and focusing on sustainable, profitable growth.
Our segment performance reflects the progress we are making. Spirits continued to improve profitability through stronger gross margins and disciplined commercial execution despite slightly lower sales. The Nordic summer is a key consumption period, and Anora’s iconic brands have had a strong presence across seasonal outdoor events at various locations. This reinforces our brand leadership and consumer relevance, supporting our position for the periods ahead. Industrial delivered another excellent quarter with strong earnings growth driven by higher volumes and operational efficiency. Wine continued to operate in a challenging market, but the significant improvement in gross margin demonstrates that the commercial actions under FFF programme are gaining traction.
We also completed the refinancing of the Group on improved terms, which optimised credit facilities, extended maturities, and increased financial flexibility together with an expanded commercial paper programme. The new terms are expected to lower annual financing costs by approximately EUR 1 million going forward. Our net cash flow from operating activities was EUR -39.9 million in the first half of the year, an improvement of EUR 13.5 million compared to the previous year. We also continued to see a strong inventory reduction of 13.6 million euros. Our balance sheet remained robust, with our interest-bearing debt / comparable EBITDA ratio down to 2.4 (3.0). All this creates a stronger financial platform to support the execution of our strategy.
While we expect no change in our market conditions in the near term, our priorities remain unchanged. We remain focused on the swift and disciplined execution of the FFF initiatives, while driving profitable growth, margin improvement, cash generation and capital efficiency. Although there is still work ahead, the progress achieved so far strengthens our confidence that FFF programme is creating a structurally stronger Anora with a stronger earnings and cash generation capabilities and a more resilient financial platform, positioning us to deliver on our mid-term targets announced in November.”
Outlook and guidance for 2026
Market outlook
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 (unchanged)
In 2026, Anora’s comparable EBITDA is expected to be EUR 74-79 million (2025: EUR 71.1 million).
Anora’s financial reporting for the year 2026
Anora will publish financial reports in 2026 as follows:
- 30 October 2026: Interim Report for January-September 2026
Anora applies a silent period of 30 days before the publication of financial reports.
ANORA GROUP PLC
Further information:
Kirsi Puntila, CEO
Stein Eriksen, CFO
Contacts:
Milena Hæggström, Director, Investor Relations
tel. +358 40 5581 328
milena.haeggstrom@anora.com
Results presentation:
CEO Kirsi Puntila and CFO Stein Eriksen will present the report today at 11:00 am EET. The presentation will be held as a Microsoft Teams Meeting. We recommend that participants join the event using the online meeting option:Join meeting here.
It is also possible to dial-in to the meeting about 5 minutes earlier at the following numbers:
- FI: +358 9 2310 6678
- NO: +47 21 40 41 04
- SE: +46 8 502 428 54
- DK: + 45 32 72 56 80
- UK: +44 20 7660 8309
- US: +1 917-781-4622
Conference ID 471 548 696#
Q&A
Questions to the management can be sent through the Teams chat.
Presentation material and on-demand recording
The presentation material will be shared in the online meeting and it can be downloaded at: www.anora.com/en/investors. Recording of the presentation will also be available on Anora’s website.
Distribution:
Nasdaq Helsinki
Principal media