Anora lowers 2023 profit guidance

Koskenkorva Vodka owner Anora Group has lowered its earnings before interest, tax, depreciation, and amortisation (EBITDA) guidance for 2023 to €70–€78 million (US$77m-US$83m).

In 2023, Anora expected its EBITDA to be between €80m and €90m (US$87m and US$98m), the firm said during the announcement of its 2022 full-year results.

For the 2022 full year, Anora’s EBITDA was €76.1m (US$83.2m).

Finland-headquartered Anora said the main reason for lowering its EBITDA guidance was due to the forecasted profitability of Globus Wine, which is ‘significantly lower than originally expected’. The acquisition of Globus Wine took place on 1 July 2022.

It also said the weakening of Swedish and Norwegian currency have had a ‘significant negative impact’ on Anora’s profits during the first half of this year, particularly in the wine segment.

Anora Group saw net sales rise by mid-single digits to reach €702.7m (US$746.1m) in 2022.

The firm saw spirits sales rise by 9% during the first quarter of 2023, led by double-digit gains in international markets.

Anora’s spirits portfolio includes OP Anderson aquavit, Linie aquavit and Larsen Cognac.

The company also distils and bottles Finlandia Vodka under a long-term production services agreement that is due to run until 2035. The deal will continue following Brown-Forman’s sale of its Finlandia brand to Coca-Cola’s bottling arm in June 2023.

Anora is also the brand’s distributor in Finland, Sweden and Norway.

Last month, we spoke to Anora Group’s marketing director of spirits to find out why sustainability is crucial to the company’s long-term success.