Anora Group Oyj

“Anora operates in structurally declining core markets characterised by changing consumer behaviour, increasing regulation, evolving channel dynamics and intensified competition.”

Annual report 2025A · The company itself

“Growth-related risks primarily relate to the successful execution of organic growth initiatives across categories, channels and markets.”

Annual report 2025A · The company itself

“In 2025, Anora Group’s net sales was EUR 657.9 (692.0) million, a decrease of 4.9% compared to the previous year. A significant part of the decline related to lower volumes in the filler services in Wine and the earlier changes in the partner portfolio in Spirits. The impact of exchange rate fluctuations was favourable by 0.7%.”

Annual report 2025A · The company itself

“In the Wine segment, net sales declined by 6.8% to EUR 301.1 (323.0) million. A significant part of the decline was due to Danish filler services, which were affected by a domestic market downturn and increased price competition in Denmark and Germany. Own and partner wine sales declined compared to last year due to the market share losses and challenging market dynamics.”

Annual report 2025A · The company itself

“In the Spirits segment, net sales declined by 5.2% to EUR 215.1 (227.0) million, explained mainly by earlier changes in the partner portfolio as well as challenging markets. Market shares declined in the monopoly channels. Koskenkorva's net sales grew from the previous year, representing almost 18% of the total Spirits sales.”

Annual report 2025A · The company itself

“Product launches during the year included aquavitbased AMP shots, Koskenkorva long drinks and new Blossa glögg variants.”

Annual report 2025A · The company itself

“Commercial execution supported continued growth of Koskenkorva and Anora regaining the number two position in wines in Sweden.”

Annual report 2025A · The company itself

“Risks related to customers and consumer demand The customers in Anora’s market areas include Nordic retail monopolies, wholesalers who sell alcohol, restaurants, retail stores, travel retail, international wine and spirits companies and importers operating in the export markets.”

Annual report 2025A · The company itself

“Anora’s business model generates outputs across three core segments: • The Wine segment: Includes partner wines and Anora’s own-label wines, which are developed, imported, packaged, marketed, and sold primarily in the Nordic retail monopoly and Horeca markets, Denmark, and the Baltic countries. • The Spirits segment: Comprises Anora’s own spirits brands and partner brands, distributed through the Nordic retail monopoly and Horeca markets, Denmark, the Baltics, global duty-free and travel retail channels, and export markets.”

Annual report 2025A · The company itself

“Risks related to customers and consumer demand The customers in Anora’s market areas include Nordic retail monopolies, wholesalers who sell alcohol, restaurants, retail stores, travel retail, international wine and spirits companies and importers operating in the export markets.”

Annual report 2025A · The company itself

“Anora’s business model generates outputs across three core segments: • The Wine segment: Includes partner wines and Anora’s own-label wines, which are developed, imported, packaged, marketed, and sold primarily in the Nordic retail monopoly and Horeca markets, Denmark, and the Baltic countries. • The Spirits segment: Comprises Anora’s own spirits brands and partner brands, distributed through the Nordic retail monopoly and Horeca markets, Denmark, the Baltics, global duty-free and travel retail channels, and export markets.”

Annual report 2025A · The company itself

“Risks related to customers and consumer demand The customers in Anora’s market areas include Nordic retail monopolies, wholesalers who sell alcohol, restaurants, retail stores, travel retail, international wine and spirits companies and importers operating in the export markets.”

Annual report 2025A · The company itself

“Anora’s business model generates outputs across three core segments: • The Wine segment: Includes partner wines and Anora’s own-label wines, which are developed, imported, packaged, marketed, and sold primarily in the Nordic retail monopoly and Horeca markets, Denmark, and the Baltic countries. • The Spirits segment: Comprises Anora’s own spirits brands and partner brands, distributed through the Nordic retail monopoly and Horeca markets, Denmark, the Baltics, global duty-free and travel retail channels, and export markets.”

Annual report 2025A · The company itself

“The Industrial segment’s total net sales declined to EUR 224.8 (234.0) million. External net sales declined by 0.2% to EUR 141.7 ( 142.0) million. Net sales decrease was mostly driven by side product sales prices and lower volumes of technical ethanol, compensated by higher contract manufacturing volumes and growth in the sales of logistics services.”

Annual report 2025A · The company itself

“In supply chain and sourcing, Anora advanced initiatives aimed at improving efficiency and flexibility. Actions during the year included portfolio simplification, inventory reduction and value management initiatives, as well as progress in supply chain optimisation and contract manufacturing.”

Annual report 2025A · The company itself

“The decision to invest in a new bioboiler at the Koskenkorva distillery was made, supporting reduced reliance on fossil energy sources and stable longterm operations.”

Annual report 2025A · The company itself

“Sensitivity of financial instruments to market risks (before taxes) in accordance with IFRS 7 standard 2025 2024 Income statement Equity Income statement Equity +/-10% electricity – – +/- 0.1 – – +/- 0.1 +/-10% change in EUR/DKK exchange rate +/- 1.4 +/- 1.4 +/- 2.2 +/- 2.2 +/-10% change in EUR/NOK exchange rate +/- 1.7 +/- 1.4 +/- 2.7 +/- 2.2 +/-10% change in EUR/SEK exchange rate +/- 6.6 +/- 6.7 +/- 4.5 +/- 5.0 +/-10% change in EUR/USD exchange rate -/+ 1.9 -/+ 1.7 -/+ 1.5 -/+ 1.8 +1%-points parallel shift in interest rates - 0.8 + 1.2 - 1.2 + 1.2 Unexpected and unforeseen disruptions in the supply chain, production and deliveries are significant short-term risks related to operations, as well as sudden and significant changes in the prices of raw materials.”

Annual report 2025A · The company itself

“Anora’s business model relies on several key inputs: approximately 180 million kilograms of Finnish barley annually, imported wines from over 35 countries, water, and dry goods such as packaging materials and beverage spices.”

Annual report 2025A · The company itself

“The availability of domestic barley and its market price has a significant impact on the profitability of Anora’s business. Anora ensures the availability and price of barley with contract farming in co-operation with farmers and grain companies.”

Annual report 2025A · The company itself

“Price risk associated with commodities Barley In 2025, Anora consumed approximately 173.1 (168.2) million kilos of grain to produce ethanol and starch. The availability of high-quality domestic barley was ensured until the end of 2025 through contract farming and cooperation with farmers and grain stores. The market price of barley significantly fluctuates year by year as a result of several factors that affect Finnish barley supply and demand. The price of barley is therefore considered to be a significant risk for Anora during the financial year.”

Annual report 2025A · The company itself

“The increased inflation levels in Anora’s operating countries pose several risks and may lead to depressed consumer spending.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Sensitivity of financial instruments to market risks (before taxes) in accordance with IFRS 7 standard 2025 2024 Income statement Equity Income statement Equity +/-10% electricity – – +/- 0.1 – – +/- 0.1 +/-10% change in EUR/DKK exchange rate +/- 1.4 +/- 1.4 +/- 2.2 +/- 2.2 +/-10% change in EUR/NOK exchange rate +/- 1.7 +/- 1.4 +/- 2.7 +/- 2.2 +/-10% change in EUR/SEK exchange rate +/- 6.6 +/- 6.7 +/- 4.5 +/- 5.0 +/-10% change in EUR/USD exchange rate -/+ 1.9 -/+ 1.7 -/+ 1.5 -/+ 1.8 +1%-points parallel shift in interest rates - 0.8 + 1.2 - 1.2 + 1.2 Unexpected and unforeseen disruptions in the supply chain, production and deliveries are significant short-term risks related to operations, as well as sudden and significant changes in the prices of raw materials.”

Annual report 2025A · The company itself

“A strong increase in the market price of electricity is a significant risk for Anora. In Finland, the risk is managed by following Anora’s principles for electricity procurement and by a thirdparty specialist. These principles determine the hedging limits within which the electricity price risk is hedged against.”

Annual report 2025A · The company itself

“Significant uncertainties relate to the overall economic development and its impacts on consumption, to the competitive environment, and to the effects on consumer behaviour due to potential and recently implemented regulatory changes in areas such as alcohol taxation, excise taxation and alcohol legislation. Changes to and a further liberalisation of alcohol legislation may result in sale of alcoholic beverages with higher ABV alcohol content outside the traditional monopolies and home and crossborder deliveries. For example, the recent amendments to Finland’s Alcohol Act allowing the sale of alcoholic beverages containing up to 8% ABV alcohol in grocery retail have impacted the sales in the Finnish alcohol monopoly negatively.”

Annual report 2025A · The company itself

“Sensitivity of financial instruments to market risks (before taxes) in accordance with IFRS 7 standard 2025 2024 Income statement Equity Income statement Equity +/-10% electricity – – +/- 0.1 – – +/- 0.1 +/-10% change in EUR/DKK exchange rate +/- 1.4 +/- 1.4 +/- 2.2 +/- 2.2 +/-10% change in EUR/NOK exchange rate +/- 1.7 +/- 1.4 +/- 2.7 +/- 2.2 +/-10% change in EUR/SEK exchange rate +/- 6.6 +/- 6.7 +/- 4.5 +/- 5.0 +/-10% change in EUR/USD exchange rate -/+ 1.9 -/+ 1.7 -/+ 1.5 -/+ 1.8 +1%-points parallel shift in interest rates - 0.8 + 1.2 - 1.2 + 1.2 Unexpected and unforeseen disruptions in the supply chain, production and deliveries are significant short-term risks related to operations, as well as sudden and significant changes in the prices of raw materials.”

Annual report 2025A · The company itself

“Anora’s business model relies on several key inputs: approximately 180 million kilograms of Finnish barley annually, imported wines from over 35 countries, water, and dry goods such as packaging materials and beverage spices.”

Annual report 2025A · The company itself

“Given the potential adverse health impacts associated with excessive or irresponsible alcohol consumption, Anora is expanding its offering of noand low-alcohol (NoLo) alternatives in response to evolving consumer preferences. Alcoholic beverages represent a significant share of Anora’s portfolio and are intended to be consumed responsibly, in moderation, and in accordance with local age restrictions.”

Annual report 2025A · The company itself

“The risk of rising energy and fuel prices and volatility in production volumes continue.”

Annual report 2025A · The company itself

“The increasingly unstable geopolitical and trade policy environment could also negatively affect Anora’s business, profitability and operating environment. Significant risks and uncertainties relate to global supply chain disruptions with also potential threats to shipping routes, to the supply of grain, and to further price increases across all input costs. The risk of rising energy and fuel prices and volatility in production volumes continue.”

Annual report 2025A · The company itself

“The increased inflation levels in Anora’s operating countries pose several risks and may lead to depressed consumer spending. Also wage inflation has gradually increased.”

Annual report 2025A · The company itself

“Strikes as well as possible problems with the availability and cost of raw materials, labour, energy and fuel may impact the operating environment and Anora’s business and profitability in the near future.”

Annual report 2025A · The company itself

“Short-term risks and uncertainties The Fit, Fix, Focus strategy entails material execution and market-related risks. Among these, execution capacity and organisational focus are considered to be the most critical risks in the near term.”

Annual report 2025A · The company itself

“Significant risks and uncertainties relate to global supply chain disruptions with also potential threats to shipping routes, to the supply of grain, and to further price increases across all input costs.”

Annual report 2025A · The company itself

“Anora’s business model relies on several key inputs: approximately 180 million kilograms of Finnish barley annually, imported wines from over 35 countries, water, and dry goods such as packaging materials and beverage spices. These inputs are sourced, developed, and secured through Anora’s integrated operating model, which enables economies of scale across sourcing, production, and distribution.”

Annual report 2025A · The company itself

“The wine business had a strong performance in Sweden, offset by declining sales in Norway and Finland.”

Annual report 2025A · The company itself

“Furthermore, Anora may face challenges in its ability to meet its financial targets as well as sustainability and other ESG targets, including the targets relating to greenhouse gas emissions.”

Annual report 2025A · The company itself

“Other significant short term risks and uncertainties relate to the overall economic development, impact of regulatory changes, the geopolitical and trade policy environment, disruptions in supply chains, price and availability of raw materials and cyber threats.”

Annual report 2025A · The company itself

“Anora maintained its market leadership in Norway, Denmark and Finland (including grocery trade), as well as strengthened its number two market position in the monopoly channel in Sweden.”

Annual report 2025A · The company itself

“Anora’s business model relies on several key inputs: approximately 180 million kilograms of Finnish barley annually, imported wines from over 35 countries, water, and dry goods such as packaging materials and beverage spices.”

Annual report 2025A · The company itself

“Anora’s business model relies on several key inputs: approximately 180 million kilograms of Finnish barley annually, imported wines from over 35 countries, water, and dry goods such as packaging materials and beverage spices.”

Annual report 2025A · The company itself