Nordic drinks group Anora has lowered its guidance for 2024, with the business now expecting comparable EBITDA for the year to be between €65 million and €70 million.
This is down from the company's previous estimate of between €75 million and €85 million.
In its 2023 financial year, Anora's comparable EBITDA totalled €68.2 million.
The company cited lower volumes in beverage sales in its wine and spirits segment in September, compared to what was previously forecasted, as the reason for its lower guidance.
It added that it expects this dip in sales performance to have a 'negative impact on comparable EBITDA', it noted.
Second-Quarter Performance
In August, Anora reported a 3.1% decline in net sales for the second quarter, down to €177.1 million. Despite the sales drop, the company saw a significant improvement in profitability, with a 16.9% increase in comparable EBITDA, reaching €15.2 million, boosted by the performance of its wine and spirits business.
For the first half of the year, Anora's net sales decreased by 5.3%, amounting to €324.0 million, while comparable EBITDA rose by 15.2% to €24.1 million, driven by cost efficiencies, price adjustments, and a favourable product mix.
Anora also achieved a notable reduction in net debt, with its rolling 12-month net debt/comparable EBITDA ratio improving to 2.8, down from 3.9 the previous year.
About Anora
Anora exports to over 30 global markets and operates a portfolio of Nordic brands as well as international partner wines and spirits, its Anora Industrial arm, and logistics company Vectura.
In 2023, Anora reported net sales of €726.5 million and has a workforce of about 1,200 employees. The company's shares are listed on Nasdaq Helsinki.
