Good morning, everyone, and a warm welcome to the presentation of Anora's Q4 results. My name is Milena Hæggström.

I'm the Head of Investor Relations here at Anora. Our presenters today are CEO Kirsi Puntila and CFO Stein Eriksen.

After their presentations, we will start with the Q&A session. Please be reminded that you can post questions throughout the call through the chat.

Please also note that this presentation will be recorded and published later today on our website, anora.com. Now Kirsi, please go ahead.

Thank you, Milena. Q4, and therefore also the year 2025 is now packed and locked.

It was an intense year for Anora, both internally and externally. Externally, we have to acknowledge the fact that the world has gone a little bit crazy lately, and consumer behaviors are also changing not only in our industry, but also in the larger consumer goods landscape.

The wine and spirits industry is not immune to those changes either. We do see many of the big global companies divesting and acquiring.

We see many smaller companies disappearing from the market, and we see some new operators coming to market. Also, categories are blurring, and increasingly more of the players in the industry are expanding their portfolios across different segments.

Then internally, 2025, Anora had to adjust to a new CEO, and there were also some changes in the leadership team. More importantly, we organized all our ducks in a row to get ready for a turnaround of Anora.

We created and we launched a new midterm strategy, and we started executing the many initiatives communicated in the fit, fix, and focus strategy. On that front, if I simplistically summarize our accomplishments and things that we now need to focus even more on, they are on this slide.

If we start with a little bit of a celebration of accomplishments that we were able to do last year: so first and foremost, our ability to turn around the wines market share in Sweden, and that is a testimonial to our strength in understanding the dynamics of the monopolies and how to respond to consumer needs. Not only did we restate our number two position in the market, but we also continued to grow every month.

Remember, the Swedish wine market is 5 times bigger than, for example, Finland. Another strength is our ability to innovate.

We launched several successful line extensions to our core brands, and this is very much in our midterm strategy as well: expanding our core to growing segments. Some of the good examples of that are, for example, Koskenkorva liqueurs, such as Gingerbread and other cream liqueurs.

Then we launched a very successful Jaloviina Kerma and Jaloviina Glögg, which actually was the most sold glögg in the Finnish monopoly in the past season. Then all the Christmas aquavits, they sold 8% more in net sales than the previous year.

Then, of course, the impressive improvement in our gross margins, our overall meticulous ability in value management. Then eventually, we are here to make money, of course, and provide a profitable business to our shareholders, and we have made many improvements internally, whether we talk about OPEX improvements or inventory reductions, to name a few.

Then there's still obviously a lot in the pipeline and a lot in progress. As far as our fit, fix, and focus strategy is concerned, we launched our new organization, and this new structure has now been fully operational as of 1st of January this year.

We also just last weekend went live with a unified ERP system, and we can proudly say that this is now fully operational. Then we can also report that there's good progress in all of the other workstreams that we launched and communicated as part of the fit, fix, and focus strategy.

The work continues, and we have only started with the turnaround. The high priority moving forward is, of course, the growth.

We need to also start growing our top line. On top of that, there are markets and categories where we haven't been able to keep the shares, and this is what the 2026 plans are geared up towards.

We also need to consistently and continuously renew and analyze not only our portfolios, but also the channels that we work in. We want to be a number one multi-channel operator, which means that we need to strive for better performance in many areas.

Finally, something that we're committed to is to keep improving our position as the number one wine and spirits powerhouse in the Nordics and the Baltics. This means embracing our dual model, or I could call it a dual model, which is very unique in this area and gives us competitive advantage.

This means that we can serve our customers with the best of the partner brands and partner wines and spirits, and simultaneously keep on growing our core own brands. Let's then continue with a brief market overview in Q4 before going to the Anora figures.

In the Nordic markets, total sales volume in Q4 declined by 4.3% overall. Spirits saw a decline of 4.7%, and wine declined by 4.3% compared to the same period last year.

The decline was most significant in Finland and Denmark, with total volume decreases by 7.1% and 6.6%, respectively. Sweden and Norway showed a more moderate decline of 3.6% in Sweden and 2.1% in Norway.

The overall picture is still very much the same as in the previous quarter, Q4 being yet another consecutive quarter of negative development in the monopolies. This was now the 18th consecutive negative quarter, to be exact.

Against this backdrop, I think we have good news and we have bad news. I am super happy to announce that we had the best quarter four for Anora since the merger of 2000 merger in 2021.

It is fair to say that our strong execution and performance improvement actions really started showing tangible results. The challenge was our Q4 net sales, and this decreased by 5.4% to €194.3 million.

A part of this decline is related to lower volumes in the filler services in wines, and the earlier changes that we've had in the partner portfolio in the spirits. Still, what pleases us is that our Q4 group gross margin rose to 45.1% of net sales.

All our segments improved in gross margin, both in the fourth quarter and during the full year. In Q4, wine averaged 31.5% of net sales, and spirits 49.1% of net sales.

Then our comparable EBITDA increased by 7.7%, amounting to €31.1 million, compared to last year when it was €28.9 million. We also showcased strong execution in our fit, fix, and focus initiatives, which, as said, delivered tangible results, which was shown as improved profitability, and with our Q4 comparable EBITDA margin reaching already 16%.

The full-year group comparable EBITDA was in line with the guidance, amounting to €71.1 million or 4.8% of net sales. We also entered the quarter with strong cash flow, leading to a healthy financial position with net debt being as low as €100 point 101.5 million and the leverage being 1.4.

When looking ahead at our guidance for this year, our comparable EBITDA is expected to be in the range of €74 million to €79 million this year. Our comparable EPS amounted to 33 euro cents per share in '25, and our board of directors proposes a dividend of 24 euro cents per share to our annual general meeting later in April.

Very good. If I then summarize some of the many highlights of the Q4: first, we need to talk about the wine market share.

We successfully grew our market share again in Q4 in Sweden, and that was thanks to our new launch initiatives. The glögg category also continued its strong momentum, with Blossa exceeding the results of the previous year.

Our partner wine business also developed positively thanks to some new agreements which we were able to get, while our leading partners delivered results above the market average. Overall, we're very pleased to see that our focused investments and successful new wine launches made us the fastest-growing company in the Swedish wine market in 2025.

Then, of course, we can't forget the glögg season when we talk about Q4. Our Blossa brand delivered strong performance in Sweden and in Finland.

For the Finns in the audience, we also expanded the good old Jaloviina in the glögg category in the Finnish market, and that had a quirky little twist to the whole glögg portfolio. Then if we continue with the spirits highlights, we delivered a record quarter in profitability and in EBITDA.

This is against very heavy headwinds, especially in Finland, where the monopoly has been in decline for quite some time now. Also, who else but Koskenkorva brand again continued the strong performance.

Koskenkorva mother brand continued to excel internationally, and in the Nordic region, it was particularly the liqueurs and ready-to-drink, our so-called RTD category that kept growing. I've said it before, but extensions such as Koskenkorva Gingerbread and the earlier mentioned Jaloviina Kerma contributed particularly well to the spirits net sales.

All right. Then I will go and elaborate a little bit more on the segment's performance.

Total wine segment net sales declined by 9.2% to €90.9 million. As you remember, our wine business can be divided into two areas: one being our own so-called commercial own and partner wine business, and then the rest being the so-called filler business, which basically means that we are selling out factory capacity to others in the industry.

The decline in Q4 was driven by, sure, reduced volumes in the filler services in Denmark in particular, as well as lower volumes in Finland and Denmark. In Sweden, the recent new wine launches made us the fastest-growing company in the Swedish wine market, which is a clear proof of our competitiveness.

As already mentioned, we gained number two market position in the monopoly channel and also improved the overall market share in Sweden. We also maintained our total market leadership in Norway, in Denmark, and in Finland, including the grocery trade.

Wine gross margin was 31.5% of net sales, and gross profit amounted to €28.6 million in Q4. Finally, comparable EBITDA decreased to €13.0 million from €13.6 million last year, or 14.3% of the net sales.

Next in line, we have spirits segment. In Q4, spirits net sales declined by 4.5% to €65.8 million, explained by the earlier changes in the partner portfolio and the overall weakness in the monopoly channel in Finland in particular.

Market shares have declined in the monopoly countries, but the decline slowed down during the Q4 quarter. Koskenkorva net sales grew from the previous year, and is now representing over 16% of the total spirits net sales already.

Our gross margin remained at a high level with 49.1%, and that is very high, and the gross profit amounted to €32.4 million. Then spirits comparable EBITDA increased to 15.3% EBITDA margin to 23.2% of net sales thanks to the increased gross profit and lower operating expenses.

As said, a record EBITDA result for the spirits this quarter. Then finally, let's look at the industrial segment, which in Q4 totaled €56.5 million in net sales, while the external net sales increased by 3.7% to €37.6 million.

This increase was mostly driven by higher volumes in starch and ethanol. The industrial gross margin increased to 54.3% of net sales in Q4, and the gross profit amounted to €30.6 million.

Industrial segment's comparable EBITDA increased to €5.1 million, which was 9.1% of the net sales. One thing that I wanted to mention here as well is the fact that the sale of emission rights were worth €800,000, and that's included in the reported EBITDA and therefore, of course, improved our gross profit.

The supply chain running costs were slightly higher than in the previous year due to some timing differences. Right.

Let me then finish off by the full-year figures and how that ended up looking. Overall, we are very pleased to hit the EBITDA in the guided bracket, because this is what we were set up to accomplish, and this is what we worked really hard for.

Yes, the top-line development is tough, and we, of course, can't be satisfied with the -4.9% decline, but as for the profitability improvement in general, and EBITDA in particular, we ticked those boxes just fine. On the lower part of the slide, I just wanted to remind you about our total split of segments and markets.

In the first picture, you can see the division between our segments. Wine continues to be the largest of our three segments, with the share of 46% of group sales.

The spirits segment's share is about a third, and industrial just above 20% of group sales. The Nordic countries are our home markets, where we want to remain as the market-leading brand house.

Alongside that, we continue expanding our footprint internationally, especially with our own spirits. Then the last picture is the split between the partner and own brands in the beverage segments.

Our own brands represented a slightly larger share in 2025, but we are very strong in both own and partner brands as well. In fact, in the wine segment, the share of partners and partner product is higher than Anora's own wines, while in the spirits, the ratio is the other way around.

Yes, and then we focus on the top part of the slide. You can see the breakdown of our business and its distribution within each segment.

This was more like a reminder for everyone how our business is distributed. With this, I now give the word over to Stein, who will dig a little bit deeper on the details of our numbers and especially the balance sheet.

Over to you, Stein.

Yes, thank you, Kirsi, and good morning, everybody. As you all know, Q4 is by far the most important quarter for Anora, both in terms of profitability as well as cash flow.

Let's then dig into our performance in the quarter, as well as I will give some comments on the full year of 2025. Let us first now move into the financial summary for Q4 and starting then with the P&L.

In the fourth quarter, comparable EBITDA increased to €31.1 million. As Kirsi said, the best quarter of Q4 since the merger of Arcus and Altia back in 2021.

The EBITDA improvement was driven by improved performance, especially in the spirits segment. Despite lower net sales, with clearly improved profitability, supported by both stronger gross margin and continued OPEX control.

Gross margin continued to strengthen, increasing by 290 basis points year-on-year, reflecting both improved mix and a revenue management across the business. Operating expenses were higher than last year, but that was mainly due to personnel-related restructuring cost of €4 million.

Also, I want to highlight two things that you should be aware of: first of all, we had high amount of items affecting comparability in the quarter, and this amounted to €10 million, primarily then related to restructuring actions and portfolio optimization measures. Also be aware that we recognized an impairment of brands of €10 million.

These impairments are non-cash and do not affect comparable EBITDA, cash flow, or our financial position. If we move over to the balance sheet summary, I'm very pleased to see that interest-bearing debt decreased to €101.5 million and that the leverage improved to 1.4 times comparable EBITDA, and really reflecting then a strong cash generation, especially in Q4.

Later on in this presentation, I will talk a little bit more about the inventory reduction, but inventory reduction was strong during the full year and the quarter, and decreased down to €112.5 million, with positive contributions from all segments, supporting then both the cash flow and the balance sheet strength. Kirsi already mentioned it, but so far after the SAP implementation 1st of February, it looks very promising the implementation.

The system went live 1st of February. Like I said, progress has been positive.

Also, the execution of the fit, fix, and focus strategy is progressing according to plan, with continued focus on profitability, simplification, and cash flow. Let's move over then to look a little bit more on the top line and net sales development.

Kirsi already mentioned it, but net sales decreased by 5.4% year-on-year to €194 million. A part of that decline is related to lower volumes in wine filler business and the earlier changes in the spirits partner portfolio.

Also, the Nordic markets continued to be weak, and there has been now at least 18 consecutive quarters with negative volume development. That's almost 5 years' continuous negative market development in the monopoly channel.

In the wine segment, the decline reflects the reduced filler business volumes in Denmark, as well as lower volumes in Finland. In spirits, most of the decline is explained by the earlier mentioned partner portfolio changes and continued weakness in the monopoly channel.

When it comes to industrial, the net sales increased in the quarter, driven mainly by higher volumes in starch and ethanol, and then partly offsetting the decline we saw in wine and spirits. If we move over to the full year, the net sales decreased by 4.9% to €658 million, and a significant part of the decline in 2025 was related to the lower filler service volumes in wine, as well as the partner portfolio changes in spirits.

Of course, as Kirsi already mentioned, we are not happy with the top-line performance in 2025, and this will of course have full focus to improve in 2026. That being said, if we move to the next slide, one area where we are very happy, or pleased, I think it's fair to say, that's with our performance in the gross margin development.

Our underlying gross margin continued to strengthen, supported by both revenue management and a more cost-stable environment, as well as some positive mix effects. On the left-hand side, you see that the input cost here represented with Finnish barley has started to flatten out, and was significantly below the peaks that we saw in '22 and '23.

Turning to the right-hand side of the slide, you see that the strong gross margin in the quarter contributed to that also for the full year. The underlying Q4 gross margin reached 46.3% and also above last year's level of 44.2%.

For the full year, you see that the underlying gross margin has improved from 42.9% to 44.4%. I'm also really happy to see that Anora now starts to be at good historic levels.

The key driver for the improvement is revenue management. We made continued progress in price and mix optimization also across all segments, ensuring that our pricing fully reflect cost changes and value positioning.

In summary, the combination of stabilized input cost, disciplined pricing, and efficiency measures, as well helped with some positive contribution from mix, has strengthened our profitability base. Then let's move over to the comparable EBITDA that increased by 7.7% then up to €31.1 million, or 16% of net sales, mainly driven, like I said, by improvement in spirits.

Looking at the breakdown per segment: wine declined due to lower net sales; spirits EBITDA margin was clearly up to 23.2% compared to 19% last year, thanks to reduced operating expenses as well as improved gross margin; and in the industrial segment, the supply chain running costs were slightly higher than previous year due to timing effects. Yes, also then please notice that OPEX were higher due to restructuring costs of €4 million.

Yes, then let's move over to the 2025 comparable EBITDA that was up with 3.2% from last year, and then we ended at €71.1 million, or 10.8% of net sales. Improvements in spirits and industrial more than offset the decline in wine, while lower operating expenses supported the group margin development.

When it comes to the improvement in industrial, where we are very happy, I especially want to highlight a strong performance improvement we had in our logistics operations in Norway, namely Vectura. Let's then move over to the balance sheet and cash position.

Fourth quarter, as I mentioned, is structurally the most important quarter for annual cash flow generation. Q4 benefits from seasonally strong EBITDA and a release of working capital, particular inventory, which is then reflected in the strong cash flow contribution during the quarter.

The Q4 performance was therefore a key driver behind the reduction in net debt and improvement in leverage for the full year. I always receive a bank update from Treasury on day one after the end of the period, and when I got the numbers in the beginning of January, it made me smile, because we ended Q4 and the year with a stronger financial position compared to last year.

Net interest-bearing debt ending decreased from €122 million at the end of Q4 to €101 million at the end of Q4 2025. As you can see, net cash flow from operating activities amounted to approximately €50 million for the year, reflecting improved profitability and strong working capital management, mainly explained by good reduction in inventory.

Net financial payments amounted to €15 million, and taxes paid to €3 million, and CapEx to €13 million, which was on par with last year. Asset disposal had no material impact on cash flow during the year, and dividend payments amounted to €14.9 million, while other items had limited effect on net debt.

If we then look at the financial position of the group, as stated, operative cash flow ended at €50 million, which was a clear improvement compared to last year of €17 million compared to last year. Our liquidity reserves remained strong at €353 million, and finally, our net debt ended at €101 million, down from €122 million last year, and leverage, as I already mentioned, down to 1.4 compared to 1.8 last year.

Ending my presentation with a net working capital slide: at the end of December, net working capital stood at -€80 million, which corresponds to -12% of net sales on the last 12 months basis. I especially, once again, want to highlight the strong improvement we have done in inventory during the last 3 years.

From last year to this year, we have reduced inventory from €139 million down to €113 million. If you look over a 3-year period, we have reduced inventory with €74 million.

If you adjust for the sale of Larsen in 2022, we have reduced inventory with €53 million, which is a good achievement. We now start to be a more fit company.

The reduction this year, the contributors are all three segments with strong reduction in inventory. Really happy with that performance.

With this, I would like to hand it back to you, Kirsi, for some Q4 summary, 2026 outlook, and some reflections.

Thank you, Stein. The CEO is always happy when the CFO is smiling, as you said that this has been made you smile.

Thank you. Let me now summarize a few key takeaways of our quarter four.

Our strong execution and performance improvement actions delivered tangible results, I think we are in a good path. Our gross margin rose to 45.1% of net sales, supported by all segments.

Our disciplined cost control continued, resulting in improved profitability. Our Q4 comparable EBITDA increased by 7.7% and amounted to €31.1 million, driven mainly by improvements in the spirits segment.

The comparable EBITDA margin was 16% on net sales. Anora Q4 net sales amounted to €194.3 million, which was -5.4% from last year.

A significant part of the decline related to lower volumes in the filler services in wine and the earlier mentioned changes in the partner portfolio in the spirits. Cash flow strong, increasing from last year, and the lower net interest-bearing debt resulted in low leverage.

Then finishing off in the next slide looking at this ongoing year 2026, we need to be clear that despite a thoroughly planned profitability improvement program, the alcoholic beverage consumption in Anora's key markets is expected to remain partly structurally, but partly cyclically challenged. All the industry data and the consumer trends that we get are indicating continued volume pressure through 2026.

However, we are tackling that with our focus area of the FFF, where we are focusing on the growth. As to the new 2026 guidance, our comparable EBITDA is expected to be €74 million to €79 million, which is in line with our promises in Capital Markets Day, where we said that we would be growing by 6% to 7% each year.

With these words, I think it's good to remind everyone that with all these numbers, that we are committed to our midterm actions, which are all in line with our fit, fix, and focus strategy communicated before. Thank you very much, and over to Milena.

Thank you, Kirsi and Stein, and let's move over to the Q&A session. Please remember that you can post questions through the chat.

Let's take the live questions first, and the first question is coming from Maria Wikström at SEB. Please go ahead.

Yes, hello. Good to see you.

I'd like to start with the guidance. The shares is currently down 7%.

If I would need to pinpoint one point that probably was a bit more a disappointing one, would have been the guidance, given that you announced these gross savings of €7 million, mainly driven from employee reductions. Yet, you are guiding the EBIT guidance range of 74 to 79, where if you take the midpoint and compare it to the last year's EBIT, there is less than the €7 million improvement.

If you could a little bit walk us through that, what do you see in the underlying business and what you see as a net savings impact for 2026?

If I start, Stein, and then you can continue. I think we think that it's very much in line in what we have communicated, that it's in the range of 6% to 7% of EBITDA growth.

We want to be obviously rather overdeliver than underdelivering. The biggest chunk, of course, was the big organization change.

There are other elements, like the sourcing, that we are working towards. One has to remember the last point that I made, that the market is still challenged.

Despite our very very, I think, structured and well-thought-through initiatives, we'd rather be on the conservative side this time. Anything else, Stein, that you want to add on that?

No, I think you summarized this quite well, Kirsi. Like you say, it's especially that the markets still look fairly depressive, to be honest.

The markets, if you just look at the three monopoly markets, they were down with 4.5% in volume. It's like Kirsi said, we want to be a little bit conservative.

Perfect. Then I wanted to touch upon the Finnish market, and namely the wine sales in the grocery retail.

Do you think we basically have reached the level that we're going to see in the future? Then if you could a little bit give a color that what is the profitability impact of this channel shift?

Are you getting better margin out of the wine sold in grocery, or does it really matter which channel you choose to sell your wines to the profitability?

I guess, yeah, thanks, Maria. Another good question.

Don't know how much details I have here at my hand apart from the fact that I think the grocery channel has actually been very profitable for us, in the wines. Obviously it depends on the segments and all that.

As we communicated already in the Capital Markets Day, that sort of we want to have increased exposure in adjacent channels and categories, especially the Finnish grocery. We are strongly building on that not only with the wines, but also the RTD.

We're just about to launch this functional RTD brand called Fast Forward. We are sort of expanding into other categories than just the traditional 8% wines, but we are becoming stronger and stronger also in the RTD category.

As said, the Fast Forward is the big bet for us this spring as a new functional ready-to-drink servant for younger consumers.

Can you enlighten a little bit more about the function besides drinking too many of those, getting drunk,

but... Fast Forward includes caffeine as well, and that's sort of functionality of it, so that it's giving you more energy.

It's part of that sort of energy/functional drinks that is growing quite a lot in the grocery channel at the moment.

Then finally, I wanted to touch upon Sweden and if you could a bit describe the competitive situation in the Swedish market at the moment, how do you see it and how you expect it to develop into 2026?

I think we've communicated before that in the Capital Markets Day, I think I showed a slide where there was the total wine and spirits landscape, or the market in the Nordics is worth €14 billion. Wine market in Sweden is 5 times bigger than Finland, and we have been now demonstrating that we are able to launch variants in white spots where we have not been present before.

By the speed that we've been now able to become and regain the number two position and become the fastest-growing market in Sweden, we expect to see that positive development in Sweden. The challenge for us, of course, is that we now need to copy, maybe copy-paste is too much of a, the team will probably not like that wording, but we need to have the same model also in Finland and Norway, because we do see a lot of opportunities in the areas where we are not yet present, either with our own brands or then with the new variants in wine.

That's something that the team is working on, and if you were to see our plans for this year, I'm quite confident that this positive development will continue not only in Sweden, but now also hopefully in Finland and Norway, respectively.

If I can just make a quick comment as well, Kirsi: the Swedish wine market, extremely important. It's not only our own portfolio where we're growing.

We're also growing with some of the big partners. Around half of the market share increase that we see in Sweden is related to own brands, and the rest is related to improved partner runs.

I think it's good to mention here in this instance that we talk a lot about lost partners in spirits, which are a couple of big ones that we lost already quite some time ago, but if you look at the partner wins in the wine in particular, we've been net positive. We've gained a lot of new partners in the past 12 months.

Having just come back from the wine fair in Paris very late last night, I can only see a positive future for the wines and partner wines also in future at Anora.

Perfect. Thank you.

I let others ask questions.

Thank you, Maria.

Thank you, Maria. The next question is coming from Caj Toppari.

Please go ahead.

Thank you. This is Caj Toppari from Nordea.

Regarding the revised outlook for 2026, could you shed any light on how you plan to reach this target? Should we expect this year, you mentioned that the market is still not showing, on the volume side, any positive or very positive signals.

Should we expect this improvement to come primarily from sales growth, or from continued profitability enhancements, or how do you view this?

If I start again, and I think you can continue, Stein. I think if you have gone through our fit, fix, and focus strategy, and how that is constituted, that is very much the the there are several workstreams.

There are like 200 different actions going on under 11 workstreams that we are working on. It's a very structured program that we are executing as we speak.

The fit was indeed the organization, and then also a significant part of that is the sourcing, sourcing synergies, harmonizing our ways of working and the process and processes and the likes. Then very much of that under the fix is still about value and revenue management.

We are looking into our pricing. We just have now the not only the new ERP, but also the a world-class Power BI, where we get Power BI system where we get get a lot of pricing data.

That and pricing and we've created our own pricing tool, which helps us to optimize the pricing of each and every SKU in in the categories that we are present. There are also mix mix opportunities and and many more in the fix part of the FF, fit and fix.

Then also the focus, again, as I as I alluded when Maria asked, I could even show the slide perhaps in this, if you go to slide 26, Henrik, just as a reminder, because I think that that might be good for you to know. Of course, we have then very thorough plans in each of the segments.

If you can take the slide 26, Henrik, now we see the outlook. It's a hidden slide, actually, in the in the share in the presentation.

That's where we where we talk when we when we talk about the growth priorities for 2026 and onwards. We believe that there's still a huge opportunity in growing in our core, where I think it might be coming soon.

I think it's just good to show that from the Capital Markets Day presentation, and I I put it here as well. As as mentioned, so that our core brands and core core own brands and core partner brands, there are still opportunities there.

Then there is an in- increased exposure in in in expanding the categories to liqueurs and RTDs and and the wines, where we're not strong at the moment. Then, of course, the international growth.

I think we are Koskenkorva is growing every month in our expansion markets. This is, in all simplicity, where all that is coming from.

The the the plans for top-line growth are here, and then the continuous fit and fix work that we we are doing. I don't know, Stein, anything anything else you want to add?

No, I think you were spot on, Kirsi. You already mentioned it, fit is all about cost reduction, and that's what we currently working on with downsizing, for example, like Kirsi mentioned.

Fix is all about improving our operational performance. We don't really rely on any help from the market in 2026.

All right. I hear you.

Thank you. The market share in decline in spirits continued, to my understanding.

Is this still mainly a result of earlier partner losses? Do you have any specific plans for this category to revive, or could you remind us?

It is, yeah. No, you're right.

It's mostly that. What makes me hopeful for future is that when you actually look our sort of ongoing business, our strongest brands and our sort of the things that are in our control, there's a very healthy development.

We are still burdened by the lost partners for a while, for sure. That sort of split is obviously tracking us.

The past is in our backpack, and we can't help that. When you actually look at the healthy part of the business, which is our own brands and that development, we see much more positive picture.

Having said that, there are elements, of course. There are segments where we are losing the market share, and that's something that we definitely need to still work on.

All right. Thank you.

Then the last one, a quick one regarding the write-down you made in the wine segment: did it also involve discontinuing certain partners? Was the decision driven by a certain undesired or unprofitable product, or something completely else?

Yes, if I understand you correct, when it comes to the write-down in wine, then I think you mean the obsolete provisions. That was mainly due that we have reviewed the partner portfolio, and also discontinued some unprofitable partners.

All right. Thank you.

That's all from my part.

Thank you.

Thank you, Kai. Let's move on questions from Rauli Juva at Inderes.

Please go ahead.

Yes, hello. You touched basically on this already with the earlier questions, but just to be clear, the filler business losses in wine and the partner losses in spirits weighed throughout '25.

Are you expecting those, or one of those, still to continue hitting 2026 figures, and how is the outlook otherwise with the spirits partner business and wine? You mentioned you have been net positive kind of last year, but how about the spirits side?

The spirits partner business you mean?

That was kind of the second part of the question. How are the earlier losses still hitting also this year?

They are hitting to, now I can't remember exactly when, which month are we starting to, when it's no longer hitting us. I don't know if you remember, Stein, exactly.

Obviously, this is the nature of the business that you can't 100% promise that, okay, we're going to get this or we're not going to lose something, because especially when the economy is what it is, it's a nature of the business that, okay, partners tend, or the partner the brand owners start to look around. We do the same.

If if the Koskenkorva sales is not performing in Slovakia, we also start to look at the distributors towards the distributor whether whether they are doing a good job. I so I can't say that there wouldn't be anything happening, but I would rather say that there there's a nice shortlist of opportunities also in the spirits, which I really, really hope that will materialize by the end of the year 2026.

If you allow me, I can comment very shortly on the partner losses. It will hit us with around 1% for the full year on top line, and most of it will then come in first half of 2026.

Yeah. Thanks, Stein.

That's clear. Thanks.

Thank you, Rauli.

Thank you. Let's move on to Maria's follow-on question.

Please go ahead.

Yes, I had two follow-ups still. One is, given that the Swedish crown has gotten quite a bit stronger in recent months, the question is that I think the new pricing window in Sweden is opening in March.

Is the monopoly channel now asking for you to basically reverse the FX gains that you have had so far?

I can comment briefly on that one, Maria. The answer is no.

As you probably also remember, we have a hedging policy where we are hedging the local currencies between the price windows. We don't see that positive effect yet on our gross margin, because we have hedged on historic currency rates.

We never negotiate price increases with the monopoly channel, just so I hope that answered that question.

Then I had one more as I think I had written in my model in Q1 '25 that you in the wine business specifically that you had higher marketing cost. Was that first time, Kirsi, that you participated in Paris Wine Fair, or you had a show in Paris?

It was. Then

we should probably think that now in Q1 '26, the marketing budget is more or less the same level that it was in Q1 '25?

Yes, and I think the total which we said all year in '25 was that it was more sort of front investments to support the new launches that we successfully did in Sweden. The full-year marketing cost ended up being as planned last year.

This, by the way, even though this was the first time for me, it wasn't the first time for the team. We tend to go to this big wine fairs a couple of times a year.

Perfect, thanks. I had no more questions.

Thanks, Maria.

Thank you. Let's move on to Matti Kaurala.

Please go ahead.

Hi, this is Matti Kaurala from the OP. I have actually one follow-up question regarding this consumer demand that has been slightly picking up over the recent months in Finland, especially.

How do you see that impacting into your business? Have you seen any kind of signs of that demand picking up, and if that is taking place during this year, how are you expecting that to benefit you?

I'm not a prime minister, I'm very, very careful of saying anything about that. I thought we've been expecting that picking up of the consumer behavior already for quite many months.

You're absolutely right. I think it was just this morning when there was a news that, okay, it does look slightly more positive.

As said, we at Anora would like to be a bit conservative with our promises. I obviously can't speak on behalf of my colleagues at Alko, the monopoly.

There are some signs of positivity definitely now, and now I'm talking Finland, because Sweden and Norway, I think it's picking up already more than Finland. Finland is tracking behind in many industries and many categories.

I choose to be positive, and therefore I hope that there will be more signals for a turnaround also from the external factor, because we sure are fighting here internally against all the headwinds. A little bit of a push from the market wouldn't hurt us, for sure.

Could we assume a little bit kind of that the demand is supporting maybe the most expensive side of the products, and then the volumes are probably unchanged, or that's not where we could see the impact, but rather that the more premium products are kind of getting more demand, right?

Yeah. Premiumization has been one of the trends that we have followed already for quite some time, and I think that is surely the case.

This was also the talk of the town in Paris in the past couple of days, where many of the wine companies felt exactly that, that I think there's an opportunity in the premium sector, as well as non-alcs. I think both of them are the trends that at least in the wine industry we see happening, and we are, of course, reflecting them in our innovation work.

All right, good. Then maybe one follow-up regarding this wine business especially: so you mentioned during the CMD that you are going to trim down the portfolio there because you have multiple SKUs that are unprofitable.

Will that be visible in your sales development this year, if you are trimming down the portfolio of the wines, and maybe kind of are you kind of losing some volumes from the wines just because they are not profitable, of course, that's not impacting EBITDA, but then that will be visible on sales?

I can comment briefly. Yes, we will see some effects on top line, but I wouldn't claim it's significant top-line effects.

Like you say, no EBITDA effect.

If you look at the net working capital already, we're very, very proud of the hard work that the teams have done in reducing the inventory. I think that work continues, and there's still opportunities to improve there.

All right. I don't have any further questions.

Thank you.

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Thank you to the speakers, and to everyone online for joining us today and all the questions. Here's our next scheduled events: so we will publish the annual report and the financial statements on week 12 in mid-March.

The annual general meeting will be held on the 14th of April, and the Q1 report will be published on the 6th of May. Hope you tune in then next time.

Thank you.

Thank you very much.

Thank you.