Anora lifts adjusted operating profit 12.5% to 20.2 million euros in third quarter
Key Facts
Anora Group lifted adjusted EBITDA 12.5% year on year to 20.2 million euros in the third quarter of 2026, according to its results statement issued on October 30. Net sales rose 0.5% to 157.5 million euros, compared with 156.7 million euros in the same period a year earlier. The adjusted EBITDA margin increased to 12.8% from 11.5%, meaning operating profit growth outpaced sales growth. But net profit for the period fell to 5.9 million euros from 6.2 million euros a year earlier. The results present a mixed picture of improved operating profitability in the quarter and a decline in net profit, as Nordic markets faced lower volumes.
The chief executive said sales returned to growth for the first time since the second quarter of 2022, excluding acquisitions, pointing to an increase of 0.5% in the third quarter. This followed a 3.0% decline in net sales to 160.5 million euros in the second quarter of 2026, when adjusted EBITDA rose 14.6% to 16.0 million euros. Adjusted EBITDA in the third quarter was therefore up from 18.0 million euros a year earlier, while sales edged above the comparable level. The company said gross profit margin was 47.7% of sales, its highest level for this quarter in several years. Management attributed the margin improvement to "disciplined revenue management, portfolio optimization and ongoing operational improvements," as part of its measures known as "Fit for Future, Fix and Focus."
For the nine months ended September, net sales fell 2.1% to 453.8 million euros, compared with 463.6 million euros in the same period of 2025. Adjusted EBITDA for the period, by contrast, rose 12.7% to 45.0 million euros from 40.0 million euros. The divergence highlights that improved operating profit was not accompanied by growth in cumulative sales since the start of the year. The company said Nordic market volumes fell 3.2% in the third quarter, with notable declines in Finland, Norway and Denmark. The market contraction puts Anora's results in the context of weaker demand, while management attributed improved performance to its operational measures and revenue and portfolio management.
The results included a decline in operating cash flow in the third quarter to negative 5.6 million euros, compared with negative 0.8 million euros in the year-earlier quarter. For the nine months, net cash flow from operating activities improved to negative 45.4 million euros from negative 54.2 million euros a year earlier. Net debt to adjusted EBITDA, on a rolling 12-month basis, also fell to 2.5 times on September 30, compared with 3.0 times on the comparable date. The company said it had sharply reduced inventory by 14.3 million euros during the period, citing this as part of the improvement in its financial position. These indicators show a better trend in cash flow and financial leverage over the nine months, even as operating cash flow for the quarter alone was more negative than a year earlier.
Anora announced on October 5 that it had reached a definitive agreement with Bacardi to become the exclusive distributor of the brand portfolio across all channels in Sweden and Norway. The agreement excludes RTD drinks in Norway, while its initial term runs through the end of the first quarter of 2031. The company estimated the agreement's annual impact at about 25–30 million euros in net sales. It expects up to 5 million euros of those sales to be recorded in the fourth quarter of 2026, an estimate for the initial period that differs from the estimated annual impact. Anora said the agreement is linked to its "Fit for Future, Fix and Focus" strategy and does not change its full-year guidance.
The company kept its 2026 adjusted EBITDA forecast at a range of 74 to 79 million euros, compared with 71.1 million euros in 2025. It also said it expects pressure on alcoholic beverage consumption volumes in its main markets to continue during 2026 and beyond. The forecast comes as Nordic market volumes fell 3.2% in the quarter, particularly in Finland, Norway and Denmark. Anora is scheduled to publish its financial statement for January to December 2026 on February 16, 2027. The annual statement will cover the period during which the company kept its adjusted EBITDA forecast unchanged.