Anora Group Q1'26 preview: Efficiency measures and Easter are expected to drive earnings improvement

Translation: Original published in Finnish on 05/04/2026 at 07:00 am EEST

Source: Inderes & Vara Research, 5 analysts (consensus)

Anora publishes its Q1 report on Wednesday, May 6. We expect the company's revenue to have grown slightly from the comparison period, supported by the favorable timing of Easter. We estimate that profitability improved significantly due to efficiency measures and a weak comparison period, even though Q1 is seasonally the company's weakest quarter. We expect the company to reiterate its full-year guidance, although due to accelerated cost inflation, our estimate is at the lower end of that guidance.

The timing of Easter supports revenue

We estimate that Anora's revenue will increase to 143 MEUR in Q1 (Q1'25: 141 MEUR). We believe the growth is primarily explained by the timing of Easter, which shifts sales volume to the first quarter. Particularly, the Norwegian market grew in Q1, supported by the timing of Easter, but Finland decreased despite this, and Sweden was roughly at the comparison period's level. At the segment level, we expect the Wine segment's revenue to have been at the comparison period's level of 65 MEUR, while we estimate the Spirits segment to have decreased to 44 MEUR (Q1'25: 45 MEUR) due to, e.g., continuous volume pressure in Finland. We expect the Wine segment's market share growth to have continued in Sweden, but this is balanced by our estimate of a further decrease in bottling service volumes in Denmark. We expect the Industrial segment's revenue to have grown to 55 MEUR (Q1'25: 51 MEUR). The general market situation has remained structurally challenging, and the downward trend in alcoholic beverage consumption continues to put pressure on the company's volumes in the Nordic countries.

Efficiency measures drive earnings improvement

We estimate that the adjusted EBITDA will increase to 11 MEUR (Q1'25: 8 MEUR) and the adjusted EBIT will improve to 4.7 MEUR (Q1'25: 1.2 MEUR). We estimate that earnings will be supported particularly by the annual personnel cost savings of around 7 MEUR implemented at the end of 2025, as well as the progress of the broader efficiency program. We note, however, that Q1 is seasonally very small in Anora's business, so the earnings improvement for the quarter is still moderate in absolute terms. We expect one-off items from Anora's efficiency measures to impact earnings, keeping reported net profit negative, similar to the comparison period.

Inflationary pressures challenge guidance

Anora has guided that the adjusted EBITDA for the current year will be 74–79 MEUR (2025: 71 MEUR). Our full-year estimate is 74 MEUR, which corresponds to the lower end of the guidance range. We believe inflationary pressures, such as rising energy and packaging material costs, will affect the company starting from the second quarter. The company finds it difficult to immediately pass on increased costs to prices due to the rigid pricing model of monopoly markets However, if the company improves its Q1 result in line with our estimate, we expect the company to reiterate its full-year guidance.