Our strategy up to 2028

Anora's updated strategy focuses on the fundamentals: improving profitability and putting Anora back on a growth path. This will be achieved by cutting complexity, restoring margins and cash flow, and focusing on the growth of Anora's core brands. At the same time, Anora will pursue selective expansion into new channels and categories, supported by disciplined international growth.

Sustainability and responsibility continue to guide Anora's decisions. As a true multi-channel operator, Anora engages consumers across all sales channels throughout the Nordics and Baltics. As part of the strategy, Anora will also expand its range of low and no-alcoholic beverages, invest in innovations and shift towards more sustainable packaging solutions.

Clear plan to reach targets

Before investing in growth, Anora will strengthen its operational and financial foundations. The updated strategy period, running until the end of 2028, is built on three sequential phases:

• Fit (2025–2026): Immediate efficiency actions targeting approximately gross EUR 20 million in EBITDA savings through procurement, organisational streamlining, and operational efficiency.

• Fix (2025–2027): Structural initiatives to enhance profitability and competitiveness, including supply chain and portfolio optimisation, unlocking a further gross EUR 20 million in EBITDA potential by 2028.

• Focus (from 2026 onwards): Growth-oriented initiatives aiming for an additional gross EUR 10 million EBITDA improvement through growth in core, selective new channels, and disciplined international expansion.

Through these phases, Anora seeks to strengthen its position in core categories and channels across Finland, Sweden, Norway, Denmark, and the Baltics, while expanding in growth segments such as ready-to-drink and low/no-alcohol beverages, and in selected export markets.

Updated financial targets until the end of 2028

Anora’s Board of Directors have decided on mid-term financial targets until the end of 2028:

• Profitability: 6-7% p.a. growth of comparable EBITDA (85-90 M€ by the end of 2028).

• Growth: Organic net sales growth exceeds market growth.

• Debt leverage: The leverage ratio of net interest-bearing debt / comparable EBITDA (LTM) to be below 2.5x. Debt levels may occasionally be exceeded in connection with M&As.

The longer-term financial targets beyond 2028 will be communicated later in the strategy period.

A more detailed presentation of Anora’s strategy was presented at the Capital Markets Day in November 2025.

Our segments

Wine

The Wine segment develops, markets and sells partner wines and Anora’s own label wines to customers in the Nordic monopoly markets and in Denmark. Globus Wine is reported as part of Anora’s Wine segment as of 1 July 2022.

Spirits

The Spirits segment develops, markets and sells both Anora’s own spirits brands and partner brands to customers in the Nordic monopoly markets. The segment also consists of Anora’s own operations in Estonia, Latvia, Denmark and Germany, as well as global duty free and travel retail, and exports.

Industrial

The Industrial segment comprises Anora’s industrial business – industrial products and contract manufacturing, the logistics company Vectura and supply chain operations.