Anora Group

However, with the share price drop, we see the share's valuation as cheap (e.g., 2026 P/E 9x, dividend yield 8%).

Earnings fell short of estimates, even though they improved slightly from the comparison period, as the Wine segment's revenue decreased by over 10%.

Efficiency measures and Easter are expected to raise our adjusted EBITDA estimate to 11 MEUR.

We find the share's valuation to be neutral, and the growth potential is limited.

Viva Wine's margin outlook is in line with our estimates for Anora's Wine segment.

8:22

Revenue development fell short of our expectations, but Anora improved its adjusted EBITDA.

The midpoint of the 2026 guidance indicates an earnings improvement of over 5 MEUR, in line with the company's medium-term targets.

Anora's Q4 result was largely in line with our estimates. The company guides for this year's adjusted EBITDA to be 74-79 MEUR.

Efficiency measures are expected to boost Q4 earnings to 30 MEUR, despite a sluggish market.