Viva Wine, the main competitor of Anora's Wine segment, announced its Q1 result on Thursday. Although the timing of Easter weighed on Viva's performance as well, the company continued to gain market share in the Nordic countries.

Especially due to the timing of Easter, Anora's Q1 was slightly weaker than last year but largely in line with our expectations.

Generally a calmer start to the year, Anora's early-year performance was impacted this year by the timing of Easter. Anora's new CEO Kirsi Puntila and CFO Stein Eriksen commented on an interview with analyst Rauli Juva.

Anora reported its Q1 results this morning. The revenue and earnings of the seasonally quiet quarter decreased slightly year-on-year, mainly due to the timing of Easter. Full-year guidance was repeated as expected.

Anora will publish its Q1 results on May 7. The quarter will be subdued as the timing of Easter weakens volume development. We lowered our Q1 forecasts in this report, while the estimates for the whole year remain unchanged.

We expect Anora's earnings to improve gradually in the coming years, but its return on capital and growth outlook are sluggish.

Viva Wine, the main competitor of Anora's Wine segment, announced its Q4 result yesterday. Despite the subdued market development, Viva continued to grow and gain market shares.

Anora’s Q4 result exceeded our expectations, and the guidance expects a slight improvement this year. Although we see Anora's growth potential and value creation as sluggish, we believe the cash flow generation is sufficient for an expected return that exceeds the required return.

Anora’s Q4 adjusted EBITDA increased slightly, supported by the Wine segment, while we expected a small decrease. The dividend was kept unchanged when we expected a drop.