Slides
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Q3 2026 Results Presentation with CEO Kirsi Puntila and CFO Stein Eriksen 30 October 2026
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1 2 Financial review 3 Outlook for 2026 4 Q&A Today’s agenda and speakers 2 Stein Eriksen CFO Kirsi Puntila CEO Business review • Fit, Fix, Focus execution • Q3 2026 summary
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Business review Kirsi Puntila CEO, Anora Group Plc 3
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Fit, Fix, Focus execution with clear evidence of delivery 4
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Fit, Fix, Focus initiatives provide a clear path to our mid-term targets ~10 6-7% CAGR of comparable EBITDA 71 2025 FIT (2025-2026) FIX (2025-2027) FOCUS (2026-2028) 85-90 FY 2028 (e) ~20 ~20 External environment impact 5
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Tech Innovation Sustainability Immediate cost Reductions 20 MEUR Structural profitability 20 MEUR Growth paths 10 MEUR Fit, Fix, Focus – Execution delivering strong results Let’s Drink Better Fit largely secured. Fix delivering a structural margin uplift and a leaner balance sheet. Focus in progress.
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FIT · Cost focus FIT – Cost reduction initiatives delivering results Organisational cost reductions and stronger go-to-market set-up Delivered Lower organisation cost base from Q1/26 Go-To-Market organisation unified in Q1/26 – one stronger commercial engine Simpler structure and leaner ways of working across the Group Sourcing optimisation savings Gaining momentum Savings secured until Q3 2026 Supplier tenders and consolidation, leveraging Anora's scale Harmonisation of primary and secondary packs Sourcing tool went live in Q2/26, raw material and indirect contracting under way LOWER COSTS – STRONGER OPERATING MODEL Cost reduction on track in Q3 2026 from organisational and sourcing efficiencies Impact to accelerate in Q4 as new contracts take effect and inventories are replenished Progress vs CMD 2028 plan 1-9/2026 ~80% of Run Rate 2028 CMD plan secured 100% 80% 50% 25% Largely secured
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FIX – Margin up, balance sheet leaner Gross margin up 2.9 pp Inventory down EUR 48m Margin up in all segments Reported gross margin, %. One pricing tool, common pricing architecture, stronger governance. +2.9 pp YoY gross margin improvement Wine 31.2% (vs 29.0% LY) Spirits 47.8% (vs 45.6% LY) Industrial 53.3% (vs 50.8% LY) GROSS MARGIN +2.9 PP · COMPARABLE EBITDA +12.7% YTD · LEVERAGE 2.5X (3.0X) Actions translating into earnings and a stronger balance sheet FIX · Performance & structural profitability 42.4* YTD 23 42.5 YTD 24 44.1 YTD 25 47.0 YTD 26 +2.4 40.1 Gross margin, % YTD September 185 2023 174 2024 151 2025 137 2026 -EUR 48m since 2023 Inventory, EURm End of September Leaner balance sheet Net debt EUR 188m (vs 203m LY) Leverage 2.5x (vs 3.0x LY) New facilities EUR 260m (signed Jun 2026) Refinancing cuts annual financing costs by ~EUR 1m * YTD 23 gross margin includes a one-off gain from the Larsen divestment of EUR 12.2m (≈2.4pp; underlying 40.1%). All years as reported. Delivering
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FOCUS – Clear commercial wins achieved Delivered Ramping / early phase Next priority 1. Grow in our core Sweden Wine share 9.7%, +0.6 pp YoY against the trend New partners live: Bacardi brands (SWE and NOR) with e.g. BACARDÍ® rum, BREEZER®, BOMBAY SAPPHIRE® gin, MARTINI® vermouth & sparkling wines, VSPT Wine Group (SWE) with Gato Negro BiB, Santa Helena, Castillo de Molina, 1865, Sideral, Altaïr, Cabo de Hornos, La Celia and Graffigna brands Margarita-inspired vintage Blossa 26 Mexico launched 2. Growing categories & channels Own liqueurs: double-digit YTD growth despite declining market BuzzBallz distribution ramping up in the Baltics 3. Continue growing internationally Expansion markets grew in Q3 Vodka volume grew YTD in Expansion markets, with the strongest performance in Q3 Q3 milestones: Driving cross-selling across markets by leveraging our wine portfolio, while also broadening our spirits portfolio in existing regions. CLEAR COMMERCIAL WINS ACHIEVED – SHARE RECOVERY REMAINS A KEY PRIORITY FOR Q4 Overall market still under pressure – Clear wins with the Bacardi and VSPT Wine deals FOCUS · Growth paths Own brands expanding to RTD category, for example Barracuda and Xanté In progress
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Q3 2026 summary 10 Q3 milestones: Expanding into new markets with our wine portfolio, while also broadening our spirits portfolio in existing regions Q3 milestones: Expanding into new markets with our wine portfolio, while also broadening our spirits portfolio in existing regions
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Q3 2026 summary: FFF actions fuelled Net Sales and Comparable EBITDA growth in Q3 Net sales 157.5 (156.7) EUR million Gross margin 47.7(43.9) % of net sales Comparable EBITDA 20.2(18.0) EUR million (+12.5%) Net debt 187.8(203.3) EUR million NIBD/EBITDA 2.5x(3.0x) (end of September)
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Blossa annual was launched with other glögg novelties Our glögg season got off to a strong start with the launch of the annual Blossa 2026 Mexiko ed. We also brought the Finnish icon Gambina into the glögg category with Gamgina Glögi, a great innovation alongside several other glögg novelties for the festive season. New partners for both Wine and Spirits We further strengthened our position as the preferred partner for international beverage companies in the Nordics. We signed an agreement to become Bacardi’s exclusive distributor in Sweden and Norway, and the exclusive importer of VSPT Wine Group in Sweden. Successful novelties in liqueur category We succesfully expanded our liqueur portfolio ahead of the autumn and holiday season. New launches included Koskenkorva Cream liqueurs such as Irish Coffee and Pumpkin Spice, Koskenkorva Chocolate Orange, Løiten Cream, Lysholm Fossekal and Opland Maserati. Highlights in Q3 2026
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13 Q3 highlights Business review Wine Net sales declined by 5.8% to EUR 66.3 (70.3) million. The decline was primarily driven by lower sales in Norway and Denmark, filler service volumes in Denmark, in addition to reduced volumes in Finland. 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. Comparable EBITDA increased to EUR 3.8 (3.5) million, or 5.8% (4.9%) of net sales. The increase was due to an improvement in gross margin. Comparable EBITDA EUR million and % Net sales (total) EUR million -5.8% 11%
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14 Q3 highlights Business review Spirits Net sales declined by 1.5% to EUR 50.1 (50.8) million, which was primarily a result of earlier changes in the partner portfolio in 2025 as well as inventory build-up by retailers in anticipation of the change in Denmark’s environmental tax in 2025. Comparable EBITDA increased to EUR 9.5 (9.3) million, or 18.9% (18.3%) of net sales. The increase was supported by improvement in gross margin, which amounted to 48.5% (46.0%), reflecting the impacts of revenue management, new launches within the liqueur category and overall favourable product mix. Comparable EBITDA EUR million and % Net sales (total) EUR million -1.5% 1.5%
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15 Q3 highlights Business review Industrial External net sales increased 15.6% to EUR 41.1 (35.6) million. The increase was driven by volume growth in contract manufacturing, starch and ethanol as well as in logistics services in Norway. The total net sales amounted to EUR 64.4 (59.9) million. Comparable EBITDA improved to EUR 7.2 (5.8) million, or 11.1% (9.7%) of net sales. Higher starch and ethanol volumes, together with a strong performance at the Koskenkorva distillery, drove the EBITDA improvement. Comparable EBITDA EUR million and % Net sales (total) EUR million 7.4% 22.7%
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Stein Eriksen CFO, Anora Group Plc Financial review 16
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Net sales (external) EUR million Q3 2026 net sales increased by 0.5% In Wine, the decline was primarily driven by lower sales in Norway and Denmark, filler service volumes in Denmark, in addition to reduced volumes in Finland. In Spirits, the decline was primarily a result of earlier changes in the partner portfolio in 2025 as well as inventory build-up by retailers in anticipation of the change in Denmark’s environmental tax in 2025. Industrial external net sales increased driven by volume growth in contract manufacturing, starch and ethanol as well as in logistics services in Norway. 17 Net sales (external) EUR million and change per segment The growth was driven by increased contract manufacturing, offset by the continued but reduced impacts of the earlier portfolio changes, including the loss of lower-margin filler service volumes and certain partner brands. +0.5%+0.5%
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Comparable EBITDA EUR million and % of net sales Q3 Group comparable EBITDA was up by 12.5% from last year The FFF programme delivered visible savings in operating expenses and personnel expenses. The Wine segment comparable EBITDA increased due to an improvement in gross margin. The Spirits segment comparable EBITDA margin improved to 18.9%, supported by improvement in gross margin, reflecting the impacts of revenue management, new launches within the liqueur category and overall favourable product mix. The Industrial segment delivered a strong quarter, the comparable EBITDA margin increased to 11.1%. 18 Comparable EBITDA EUR million and change per segment Q3 comparable EBITDA increased to EUR 20.2 (18.0) million, driven by improvement in all segments and impacts of the FFF programme. The comparable EBITDA margin was 12.8% (11.5%) of net sales. 12.8% 11.7% 9.8% 11.5% 12.8% +12.5% +12.5%
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Stabilisation of input costs (Finnish barley) in 2007-2026 Gross margin up by around 7 pp in 3 years – underlying improvement driven by revenue management 19 Gross margin – underlying development Adjusted for IAC in each quarter and year. YTD 23 gross margin includes a one-off gain from the Larsen divestment of EUR 12.2m (≈2.4pp; underlying 40.1%). All years as reported. Barley price development EUR/tn July-August/2026 average: 179 e/tn Q3 23 Q3 24 Q3 25 Q3 26 40.9 42.1 43.9 47.1 YTD 2023 YTD 2024 YTD 2025 YTD 2026 40.1 42.5 43.7 46.7 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
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Net debt development 20 Net cash flow from operating activities: EUR -45.4€ millionNet debt Net debt 7 7
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Liquidity reservesOperational cash flow Anora’s YTD financial position 21 Net debt Leverage ratio (NIBD/EBITDA) 3.0x 2.5x
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Net working capital was at a level of -2% of net sales at the end of September (LTM) Net working capital Net working capital, EUR million and % of net sales, (LTM) The Group’s net working capital amounted to EUR -12.3 (3.1) million at the end of September. Inventory value decreased to EUR 136.9 (151.2) million. Trade receivables and other current assets decreased to EUR 120.6 (119.6) million. The receivables sold amounted to EUR 95.8 (92.5) million at the end of the reporting period. 22
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Kirsi Puntila Outlook for 2026
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Our financial targets until the end of 2028 *debt levels may occasionally exceed in connection with M&A's Comparable EBITDA growth TARGET TO END OF 2028 6–7% p.a. (EUR 85–90 million by the end of 2028) ACTUAL Q1–Q3 2026 12.7% ACTUAL 2025 3.2% Organic net sales growth TARGET TO END OF 2028 > Market Organic growth above market volume growth ACTUAL Q1–Q3 2026 -3.7% vs market -3.1% ACTUAL 2025 n/a Net IB debt/comparable EBITDA (LTM)* TARGET TO END OF 2028 <2.5x Leverage ceiling ACTUAL Q1–Q3 2026 2.5x ACTUAL 2025 1.4x Dividend pay-out ratio TARGET TO END OF 2028 50–70% % of result for the period ACTUAL Q1–Q3 2026 n/a ACTUAL 2025 268.6%
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Q3 comparable EBITDA increased to EUR 20.2 million Summary of Q3 2026 Net sales increased to EUR 157.5 million (0.5%) Lower net debt resulted in lower leverage
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Market outlook 2026 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. Guidance 2026 (unchanged) In 2026, Anora’s comparable EBITDA is expected to be EUR 74-79 million (2025: EUR 71.1 million). Outlook 2026
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Q&A
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Our next scheduled events: FY 2026 Financial Statement Release: 16 February 2026 Thank you!
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Appendix 29
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Anora's top 10 shareholders 30 September 2026 30 Illustration of Anora’s ownership Source: Euroclear Finland, Anora. The chart provides an illustration of Anora’s ownership structure including the largest shareholders based on information provided to the company. In the Euroclear Finland data, the shareholdings of Canica AS and Geveran Trading Co. Limited are included in the nominee-registered shares. 26,581 shareholders Source: Modular Finance Shareholder Number of shares % of shares Canica AS 15,142,926 22.4% Solidium Oy 13,097,481 19.4% Geveran Trading Co. Limited 3,117,150 4.6% Hoff SA 1,522,554 2.3% Varma Mutual Pension Insurance Company 1,481,240 2.2% Ilmarinen Mutual Pension Insurance Company 1,290,000 1.9% Weststar Oy 1,132,299 1.7% Elo Mutual Pension Insurance Company 949,000 1.4% Fidelity International (FIL) 936,705 1.4% Dimensional Fund Advisors 505,995 0.7% 10 biggest owners in total 39,175,350 58.0% Nominee-registered shares 25,421,867 37.6% Total number of shares 67,553,624 100.0%
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31 EUR million Q3 26 Q3 25 Q1–Q3 26 Q1–Q3 25 2025 Net sales 157.5 156.7 453.8 463.6 657.9 Other operating income 2.8 2.0 6.9 7.8 11.9 Materials and services -85.2 -89.9 -247.2 -267.1 -377.9 Employee benefit expenses -25.2 -22.9 -78.4 -74.9 -105.2 Other operating expenses -29.8 -27.9 -96.0 -89.0 -125.2 Impairment losses – – – – -10.5 Depreciation and amortisation -9.4 -6.6 -22.9 -20.2 -27.2 Operating result 10.7 11.4 16.1 20.2 23.8 Finance income 2.2 2.0 6.1 8.0 10.4 Finance expenses -5.3 -5.5 -16.3 -19.2 -25.2 Share of profit in associates -0.1 -0.2 -0.2 -0.7 -1.1 Result before taxes 7.6 7.7 5.7 8.4 8.0 Income taxes -1.7 -1.5 -1.1 -2.2 -2.4 Result for the period 5.9 6.2 4.6 6.2 5.7 Earnings per share for the result attributable to owners of the parent, EUR Basic 0.09 0.09 0.07 0.09 0.08 Diluted 0.08 0.09 0.06 0.09 0.08 Income statement
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32 Balance sheet EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Non-current assets Goodwill 303.9 302.4 303.8 Other intangible assets 178.4 189.7 176.3 Property, plant and equipment 68.6 64.2 65.0 Right-of-use assets 52.6 55.3 53.6 Investments in associates 10.3 11.0 10.5 Other non-current assets 2.3 2.3 2.2 Total non-current assets 616.2 624.9 611.4 Current assets Inventories 136.9 151.2 112.5 Trade receivables and other current assets 120.6 119.6 125.8 Cash and cash equivalents 92.3 92.2 182.6 Total current assets 349.7 363.0 420.8 Total assets 965.9 987.9 1,032.2
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EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Equity and liabilities Equity attributable to owners of the parent Share capital 61.5 61.5 61.5 Invested unrestricted equity fund 336.8 336.8 336.8 Hedge reserve 2.8 -1.6 -1.7 Translation differences -43.2 -46.4 -44.9 Retained earnings 29.4 41.5 41.0 Equity attributable to owners of the parent 387.2 391.7 392.7 Non-controlling interests 0.1 0.3 0.3 Total equity 387.3 392.0 393.0 Non-current liabilities Deferred tax liabilities 32.6 35.0 32.7 Borrowings 146.9 163.3 163.5 Lease liabilities 92.4 98.0 93.2 Other non-current liabilities 2.9 2.6 2.6 Total non-current liabilities 274.8 299.0 292.0 Current liabilities Borrowings 26.3 20.4 13.4 Lease liabilities 14.5 13.7 14.0 Trade payables and other current liabilities 263.0 262.7 319.9 Total current liabilities 303.8 296.8 347.3 Total liabilities 578.6 595.8 639.2 Total equity and liabilities 965.9 987.9 1,032.2
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Executive Management Team at Anora Group Kirsi Puntila CEO Stein Eriksen CFO Imre Avalo SVP, Spirits Hannu Vähämurto SVP, Industrial Mikkel Pilemand Chief Growth & Transformation Officer (CGTO) Johanna Sundén Chief People and Communications Officer (CPCO) Thomas Heinonen General Counsel Anna Möller SVP, Wine
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Anora’s Board of Directors Atle Vidar Nagel Johansen Chairperson Chair of the HR Committee Shareholdings: 24,000 Jyrki Mäki-Kala Vice Chairperson Chair of the Audit Committee Shareholdings: 13,600 Christer Kjos Member Member of the Audit Committee Shareholdings: - Florence Rollet Member Member of the HR Committee Shareholdings: 4,620 Annareetta Lumme-Timonen Member Member of the Audit Committee Shareholdings: 4,600 Rebecca Tallmark Member Member of the HR Committee Shareholdings: 5,610 Jonas Tåhlin Member Member of the HR Committee Shareholdings: - Jussi Mikkola Member Employee-elected Board member Shareholdings: 100