Anora as an investment
Anora is the leading wine and spirits company in the Nordics and Baltics. In November 2025, Anora launched its updated strategy and new mid-term financial targets until the end of 2028 for improving profitability and above market growth. Anora shares are listed on Nasdaq Helsinki under the ticker ANORA and ISIN code FI4000292438.
Fit, Fix, Focus: Clear actions for profitability and growth
Anora’s updated strategy 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.
Total EBITDA improvement potential: EUR 50 million.
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.
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.
Capital allocation priorities
Investments in organic growth including core and top-performing brands and new product launches.
Dividend policy: dividend payout ratio of 50–70% of the result for the period.
Selective mergers and acquisitions to strengthen portfolio and market reach.
Sustainability
Anora commits to reach net-zero greenhouse gas emissions across the value chain by 2050. Sustainability targets remain unchanged.