Translation: Original published in Finnish on 8/25/2026 at 7:40 am EEST.

Viva Wine, the main competitor of Anora's Wine segment, published its Q2 earnings last week. Viva's revenue declined organically in the Nordics, roughly in line with the market. Due to the acquisition and change in reporting, the profitability of the Nordic countries can no longer be directly seen from Viva's reported figures, but based on the commentary, it improved in Q2 from the comparison period. Compared to Anora's Wine segment, Viva's sales development was better and profitability remained at a higher level.

Viva’s sales developed roughly at market pace

Viva reports that its comparable sales in the B2B segment (i.e. Nordic sales) declined by 4%. Acquisitions of Delta Wines and Alpha Brands, the latter of which was purchased in Norway, drove growth in the entire B2B segment to 25%. Viva's organic development was clearly better than the 9% revenue decline reported by Anora's Wine segment. In our view, a significant portion of Anora's decline came from the Danish market, where Viva does not operate. Viva's market share in the Nordics was almost unchanged at 22.8% (vs. 22.6% in the comparison period and 23.0% in Q1). Anora gained market share in Sweden, but in our view, lost it in Finland and Norway. Anora does not disclose its exact market share.

Anora's profitability still clearly lags behind Viva

Viva's B2B segment's relative profitability decreased slightly at the EBITA margin level in Q2 to 7.6% from 7.8% in the comparison period due to the consolidation of acquisitions, as the acquired companies have lower margins. However, the company commented that the margin of continuing operations, i.e., the Nordic business, improved from the comparison period due to, for example, currency effects and price increases. Anora's Wine segment's profitability declined slightly in Q2, with an EBITDA margin of just over 1%. Anora's EBITDA margin development is much more volatile than Viva's. In H1, Anora's level is seasonally weak and remained below Viva's.

Viva expects the market development for the full year to be similar to that of the beginning of the year

Viva said it expects market volume development for the full year to be roughly similar to the beginning of the year. According to Anora, the market (including Denmark) declined by some 3.5% in H1. Anora has not provided a precise full-year estimate but has indicated that the market is in decline. We, therefore, believe that Viva's estimate is close to Anora's estimate, as well as our own. Viva did not comment very precisely on its margin outlook, but it appears to expect only a small negative impact on freight costs due to higher oil prices.

The main owners' tender offer expires this week

Viva Wine's main owners made a tender offer for the company in June. The bidders already own 74% of the company, and the share price has remained slightly below the offer level. The offer period ends at the end of this week, and we believe it is likely to go through, after which Viva Wine will be delisted. The offer values Viva Wine at ~12x EV/EBIT, whereas Anora's corresponding multiple is only 8x. Viva's valuation can, however, only be compared to Anora's Wine segment, and Viva has a clearly stronger growth history than Anora.