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Notes to the consolidated financial statements
General information
Information on Anora
Anora Group Plc (\u2018company\u2019, \u2018parent company\u2019), a
public limited liability company, and its subsidiaries
(together \u2018Anora Group\u2019, \u2018Anora\u2019 or \u2018Group\u2019) is a leading
wine and spirits brand house in the Nordic region.
Anora has a broad portfolio of iconic brands,
including Koskenkorva, Blossa, Linie, Skagerrak, Chill
Out, Ruby Zin, Wongraven, O.P. Anderson and Falling
Feather. Key brands are exported to over 30 markets
globally.
Together with partners Anora brings the world of
quality drinks to the Nordics. Anora has a strong
partner portfolio which include several well-known
wine producers from all over the world, as well as
spirits producers with well-known spirits brands, like
Amarula, Fireball, Fernet Branca, Jose Cuervo,\u00a0
Underberg and Xant\u00e9.
Anora\u2019s business operations also include world-
class industrial operations in distillation, bottling and
logistics services as well as the production of
technical ethanol products, neutral potable ethanol,
feed components and barley starch.
Anora\u2019s customers include alcohol retail
monopolies, alcoholic beverage wholesalers, HoReCa
industry, retail grocery stores, travel trade, importers
in the export markets and industrial customers.
Anora Group Plc, the parent company of Anora
Group, is domiciled in Helsinki, Finland. Anora Group
Plc is a Finnish publicly listed company. Anora\u2019s
shares are listed in Nasdaq Helsinki. The registered
address of the Company is Kaapeliaukio 1, FI-00180
Helsinki, Finland. Copies of the consolidated financial
statements are available online at www.anora.com or
at the Group\u2019s headquarters at Kaapeliaukio 1,
FI-00180 Helsinki, Finland.
Anora Group Plc\u2019s Board of Directors has approved
these financial statements for publication in its
meeting on 18\u00a0March 2026. According to the Finnish
Limited Liability Companies Act, shareholders have
the right to approve or reject the financial statements
in the Annual General Meeting held after the
publication of the financial statements. The Annual
General Meeting also has the right to make a decision
to amend the financial statements.
Basis of preparation
The consolidated financial statements for the year
ended 31 December 2025 are prepared in
accordance with IFRS Accounting Standards
complying with the SIC and IFRIC interpretations in
force and approved by EU on 1 January 2025 . Notes to
the consolidated financial statements also comply
with the requirements of the Finnish Accounting Act
and Limited Liability Companies Act.
The consolidated financial statements for the year
ended 31 December 2025 have been prepared on a
historical cost basis, except for equity investments,
derivatives and put options for the purchase of non-
controlling interests. The consolidated financial
statements are presented in millions of euros. The
figures are rounded to the nearest million with one
decimal, and therefore the sum of individual figures
may deviate from the total presented.
There were no changes in accounting standards or
other accounting requirements which became
effective from 1 January 2025 that have had material
impact for Anora Group.
Anora adopts the following new and amended
standards and interpretations as of the effective
date:
Amendments to the Classification and
Measurement of Financial Instruments (IFRS 9
Financial Instruments and IFRS 7 Financial
Instruments: Disclosures) will be effective for annual
periods beginning on or after 1 January 2026. These
amendments are providing some further guidance
and clarifications in addition to new disclosure
requirements for certain instruments with
contractual terms, such as features linked to
sustainability targets, that can change cashflows.
Further they clarify when financial assets and
liabilities are removed from the balance sheet,
notably allowing earlier derecognition for certain
liabilities paid electronically.\u00a0 The Group does not
expect these amendments to have a material
impact on its operations or financial statements.
IFRS 18 Presentation and Disclosure in Financial
Statements, which is effective for annual periods
beginning on or after 1 January 2027, will replace IAS 1:
Presentation of Financial Statements. This new
standard aims to enhance the comparability of
financial performance among similar entities and
provide users with more relevant information and
increased transparency. IFRS 18 introduces a defined
structure for the statement of profit or loss,
reclassifying items of income and expenses into five
new categories in the statement of profit or loss:
Operating, Investing, Financing, Income taxes and
Discontinued operations. While IFRS 18 does not affect
the recognition or measurement of items in the
financial statements, its impact on presentation and
disclosure is expected to be significant, particularly
concerning the statement of financial performance
and the inclusion of management-defined
performance measures.
Management is currently evaluating the detailed
implications of implementing the new standard on
the consolidated financial statements. The high-level
preliminary assessment has identified the following
potential impacts:
\u2022 Reclassifying items of income and expenses into
the new categories in the statement of profit or
loss will have some impact on the calculation and
reporting of operating profit. This is primarily due to
the specific requirements for categorising costs
related to the sold receivables, certain foreign
exchange rate differences and derivative gains or
losses under IFRS 18
\u2022 The line items presented in the primary financial
statements may change due to the
implementation of the \u2018useful structured summary\u2019
concept and enhanced aggregation and
disaggregation principles
\u2022 The information disclosed in the notes is not
expected to change significantly since the
requirement to disclose material information
remains the same. However, the way information is
grouped might change due to the new
aggregation/disaggregation principles
Furthermore, there will be new disclosures required
for:
\u2022 Management-defined performance measures,
and
\u2022 reconciliation for each line item in the statement of
profit or loss for the first annual period applying
IFRS 18, comparing the restated amounts to those
previously presented under IAS 1
\u2022 From a cash flow statement perspective, there will
be changes in how interest received and paid are
presented. Interest paid will be classified as
financing cash flows, and interest received as
investing cash flows, contrasting with the current
presentation of both as part of operating cash
flows.
The Group will adopt the new standard from its
mandatory effective date of 1 January 2027.
Retrospective application is required, so comparative
information for the financial year ending 31
December 2026 will be restated following IFRS 18.
There are no other amendments to standards and
IFRIC interpretations effective on or after January 1,
2026, that are expected to have any material impact
on the Group.
Accounting policies requiring
management judgement and
key sources of estimation uncertainty
The preparation of financial statements requires
management to make accounting estimates which
may include use of judgement in the application of
the accounting standards.\u00a0
Estimates and related assumptions made in the
preparation of the financial statements, are based on
the management\u2019s best knowledge at the reporting
date. The realised results can differ from the
estimates, and any changes in estimates and
assumptions are recognised when estimates and
assumptions are corrected.
Material accounting policies and critical
accounting estimates and judgements made are
described in each note as follows;
\u2022 Variable consideration - Note 1.2\u00a0 Revenue
recognition
\u2022 Useful lives - Note 2.1\u00a0 Goodwill and other intangible
assets
\u2022 Impairment testing - Note 2.1\u00a0 Goodwill and other
intangible assets
\u2022 Useful lives \u2013 Note 2.2\u00a0 Property, plant and
equipment
\u2022 Discount rates \u2013 Note 2.3\u00a0 Right-of-use assets
\u2022 Use of any possible extension options \u2013 Note 2.3\u00a0
Right-of-use assets
\u2022 Defining normal operating capacity \u2013 Note 2.4\u00a0
Inventories
\u2022 Net realisable value \u2013 Note 2.4\u00a0 Inventories
\u2022 Recoverability of investments in associates \u2013 Note
5.4\u00a0 Associated companies
Changes in presentation and
accounting note reclassifications
Where necessary, comparative information has been
reclassified to achieve consistency in disclosure with
current financial year amounts. The presentation of
some minor line items in both assets and liabilities
have been aggregated to create a more useful
structured summary of the consolidated balance
sheet for 2024.
Accounting policy - Revenue recognition
The revenue is recognised at an amount of consideration
to which the Group expects to be entitled in exchange for
transferring promised goods or services to a customer.
The transaction price may include variable
considerations such as volume discounts, bonuses,
marketing support and product returns. The variable
considerations are estimated using the most likely value
method if not yet realised in the end of reporting period.
The revenue is further adjusted with indirect sales taxes,
excise taxes, deposit and recycling\u00a0fees.
Sale of goods
The wine and spirits businesses generally only sell
physical products in the form of wine and spirits
products. Sale of these products are accounted for in the
Group\u2019s income statement at a point in time when they
are delivered to the Group\u2019s customers according to the
delivery terms.
In partner supplier agreements, which entitle Group to
distribute partners\u2019 products, Anora acts as a principal
towards the end customer having control over the
product, discretion in establishing prices and owning the
inventory. Accordingly, revenue recognised is the gross
amount to which Anora is entitled to in these
product\u00a0sales.
Sale of services
The sale of services contracts essentially include a single
performance obligation, being a series of distinct
services such as contract manufacturing, customer
services and logistics. The revenue recognition occurs at
a point in time, when the control of the goods is
transferred to the customer according to the delivery
terms. Revenue from the sale of services is recognised at
the time of delivery of services, which in most cases
correspond with delivery of the goods manufactured or
goods distributed being delivered to the customers
according to the delivery terms. This include the logistics
business, as this business is acting as an agent on behalf
of its business partners, and therefore the logistics
services are considered completed at the time of the
goods being delivered to the customers according to
delivery terms.
The revenue from activity-based services at logistics
business, such as rent for storage of pallets,
reconstruction of pallets from larger EUR pallets to
smaller quarter pallets, destruction services, etc, is
recognised over time. Input for these services is based on
actual pallet places of storage being used during the
period, actual number of pallets being reconstructed
during a period or actual volume being destructed
during a period.
Financing components
Primarily accounts receivable fall due 0\u201360 days after
invoicing date. Transaction prices do not include any
significant financing components.
Accounting policy - Goodwill
Goodwill arising on business combinations is recognised
as a residual value in the excess of the aggregate of the
consideration transferred, the amount of non-controlling
interests and any previously held equity interest in the
acquiree, over the fair value of the net assets acquired.
Goodwill is measured at cost less accumulated
impairment losses. Goodwill is not amortised but is tested
annually for impairment or more frequently, if the facts
and circumstances suggest that carrying value may not
be recoverable.
At the acquisition date goodwill arising from business
combinations is allocated to the cash generating unit
(\u2018CGU\u2019) or cash generating units expected to benefit from
the synergies of the business combination, irrespective of
whether other assets and/or liabilities of the acquiree are
assigned to the CGU or CGUs. The CGU or group of CGU\u2019s
to which the goodwill is allocated represent the level on
which the management monitors the goodwill.
Marketing related intangible assets (Trademarks)
The most significant trademarks include for example,
Gammel Opland, Aalborg, Gammel Dansk, Lysholm
Linie, L\u00f8iten, Hot\u2019n\u2019 Sweet, Xant\u00e9, Blossa, Chill Out,
Explorer, 1-Enkelt and Arsenitch.
Accounting policy - Marketing
related intangible assets
Marketing related intangible assets are either arising
from business combinations or purchased separately.
Marketing related intangible assets that have been
acquired in connection with business combinations are
capitalised at fair value at the time of the business
combination, while separately purchased marketing
related intangible assets are capitalised at purchase
price.
Marketing related intangible assets with definite useful
lives are amortised by the straight-line method over the
expected useful life. The capitalised value of marketing
related intangible assets with indefinite lifetime is tested
for impairment at least once a year, or more often if
there are indications that the value of the asset has
decreased.\u00a0
The estimated useful lives of marketing related
intangible assets are as follows:
Trademarks with indefinite useful lifenot amortised
Trademarks with definite useful life10\u201350 years
Company brands with definite useful life5 years
Customer related intangible assets
(Customer relations)
Customer related intangible assets are arising from
business combinations and are capitalised at fair value
at the time of the business combination.
Customer related intangible assets are amortised by
the straight-line method over the expected useful life.
The estimated useful lives of customer related
intangible assets are as follows:
Customer relations7\u201315 years
Software and other intangible assets\u00a0
Other intangible assets include mainly software. Other
intangible assets are recognised in the balance sheet at
the original cost and amortised over their estimated
useful lives. The costs related to other intangible assets
are capitalised if it can be demonstrated that the asset
will generate the future economic benefits, the entity
controls the asset, and the purchase price can be
measured reliably.
Configuration and customisation costs relating to
cloud computing arrangements that meet the definition
of an intangible asset and comply with the capitalisation
criteria are capitalised. Configuration and customisation
costs for cloud computing arrangements that do not
meet the definition of an intangible asset and that are
not distinct from the actual cloud computing service are
recognised as prepayments in the balance sheet and
expensed over the contract period.
Expenditure on research activities is recognised in
profit or loss in the period in which it is incurred.
Development costs are recognised as an expense when
incurred except for material development costs that
meet the capitalization criteria in IAS 38. The costs related
to developing software are capitalized only if technical
feasibility of the project is demonstrated, the Group has
an intention and ability to complete and use the asset
and the costs can be measured reliably.
The estimated useful lives of other intangible assets are
as follows:
IT-development and software3\u201310 years
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed
Accounting policy - Property, plant and equipment
Property, plant and equipment are measured at
historical cost less accumulated depreciation and
impairment losses. If parts of an item of property, plant
and equipment have different useful lives, they are
accounted for as separate items. All other expenditure,
for example ordinary maintenance and repair costs, is
recognised as an expense as incurred. Depreciation is
recognised on a straight-line basis over the estimated
useful lives of items of property, plant and equipment.
Land is not depreciated.
The estimated useful lives of property, plant and
equipment are as follows:
Buildings and structures10\u201340 years
Machinery and equipment3\u201320 years
Other tangible assets3\u201310 years
The estimated useful lives and residual values are
reviewed at each financial year-end, and if they differ
substantially from the previous estimates, the
depreciation periods are adjusted accordingly.
Impairment loss is recognised in profit or loss to the
extent the assets carrying value exceeds its recoverable
amount.
Gains and losses on the disposals of property, plant
and equipment are included in other operating income
or expenses.
Accounting policy - Leases
Lease is a contract, or a part of a contract that conveys
the right to use an asset for a period of time in exchange
for consideration. A contract contains a lease if there is
an identified asset, and the contract conveys the right to
control the use of an identified asset for a period of time
in exchange for consideration. A right-of-use asset and a
lease liability is recognised at lease commencement
date to reflect Anora\u2019s right to use the underlying asset
and the unpaid future lease payments respectively.
The lease liability is measured by discounting the
expected lease payments to the present value. Lease
payments include fixed lease payments, expected
payments related to residual value guarantees and the
possible exercise price of the purchase option if the use
of the option is reasonably certain. The lease period is the
non-cancellable period of the lease. Any extension
options are added to the lease period if it is reasonably
certain that the Group will exercise such options.
Lease payments are discounted at the internal rate of
return of the lease if that rate can be readily determined.
If an internal rate of return cannot be readily determined,
the incremental borrowing rate is used as the discount
rate. The criteria used to determine the discount rate
includes the class of the underlying asset, geographical
location, currency and the lessee\u2019s credit risk premium.
The lease liability is remeasured and adjusted against
the right-of-use asset if the cash flow in accordance with
the original terms and conditions of lease change; for
example, if the lease period changes or if the lease
payments change based on a variable index or interest
rate. Changes in the lease payments is reflected in the
period when respective cash flows are affected. The
lease liability is divided into current and non-current
liability and is presented on a separate line on the
balance sheet.
Right-of-use assets are measured at acquisition cost
based on the amount of the initial measurement of the
lease liability less payments made at or before
commencement date and lease incentives received,
adding initial direct costs and adjusting by estimated
dismantling or site restoration costs. Right-of-use assets
are depreciated over the lease period or their useful lives,
depending on which is shorter.
The IFRS 16 Leases standard includes exemptions
concerning leases of less than 12 months and low-value
assets. Lease liabilities are not recognised for leases of
less than 12 months and low-value assets. Anora
considers assets with an acquisition cost of less than EUR
5,000 to be low value. Lease expenses related to leases
included in the exemptions are recognised as other
operating expenses.
Some lease agreements for machines and
equipment for the production and distribution
activities at Gjeller\u00e5sen are subject to variable
interest rates. These agreements run until 2027.
Accounting policy - Inventories
Inventories are measured at the lower of cost and net
realisable value. Raw materials, supplies, work in progress
and trading goods are measured at weighted average
cost. Finished products, including both self-
manufactured products and repacked trading goods,
are measured at standard cost including cost of direct
materials, direct labour and an appropriate proportion of
variable and fixed overhead expenditure, representing
approximation of actual cost under weighted average
cost formula. The allocation of fixed costs is based on
normal operating capacity.
Net realisable value is the estimated selling price in the
ordinary course of business, less the estimated costs of
completion and the estimated costs necessary to make
the sale.
Accounting policy - Trade and other receivables
Trade receivables are carried at original invoiced
amount less any allowance for expected credit losses. An
allowance for expected credit losses is recognised
immediately in profit and loss. Allowance for expected
credit losses is recognised based on lifetime expected
credit losses from trade receivables in accordance with
IFRS 9. The expected credit loss model is forward looking
and expected default rates are based on historical
realised credit losses. The lifetime expected credit loss
provision is calculated using ageing of the accounts
receivable and regional portfolios. Trade receivables are
written off when there is no reasonable expectation of
recovery for example the failure of a debtor to engage in
a repayment plan with the Group.
Trade receivables are derecognised from the balance
sheet as soon as the receivable is sold, and the payment
has been received. The Group derecognises the trade
receivable as the contractual right to these cash flows
expire and all the related substantial risks and rewards
are transferred outside the Group at the time of sale. The
costs related to the sold receivables are recognised in
other finance expenses. The receivables are sold to the
extent that the cost is competitive considering the short-
term financing.
Expected credit losses
A significant share of the Group\u2019s revenue is associated
with the state monopolies in the Nordic region, where
there is not considered to be material credit risk. The
Group\u2019s credit risk is otherwise spread over a large
number of small customers within the HoReCa industry,
and industrial customers as well as a small number of
distributors outside the home markets. On this basis, the
Group applies a simplified approach to calculation of
expected credit losses. The loss allowance for trade
receivables is based on the ageing of the accounts
receivables, regional portfolio and experienced historic
credit losses. Forward looking macro-economic
information has been included in analysis.
Accounting policy - Trade and other payables
Trade and other payables represent liabilities for goods
and services provided to the Group prior to the end of
the financial year which are unpaid. Trade and other
payables are presented as current liabilities, unless
payment is not due within 12 months after the reporting
period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the
effective interest method.
3.2.2\u00a0 Financial liabilities
Accounting policy - Provisions
A provision is recognised when the Group has a present
legal or constructive obligation as a result of a past
event, and it is probable that an outflow of economic
benefits will be required to settle the obligation, and the
amount of the obligation can be reliably estimated. The
amount recognised as provision is the management\u2019s
best estimate of the costs required to settle the existing
obligation at the end of the reporting period. If part of the
obligation may potentially be compensated by a third
party, the compensation is recognised as a separate
asset when it is virtually certain that the compensation
will be received.
A provision for restructuring costs is recognised only
when general recognition criteria for provision are met
and after management has prepared and approved a
formal plan to which it is committed, and it has raised a
valid expectation in those affected by the measures that
it will carry out the restructuring by starting to implement
that plan or announcing its main features.
The costs included in a provision for restructuring are
those costs that are either incremental or incurred as a
direct result of the plan or are the result of a continuing
contractual obligation with no continuing economic
benefit to Anora or a penalty incurred to cancel the
contractual obligation.
According to IFRS 9 the classification is business model
driven and there are three classes: fair value through
profit and loss, amortised cost and fair value through
other comprehensive income.\u00a0 Classification is made
upon initial recognition based on the purpose of use of
the asset. The basis of classification is reassessed at
each reporting date.
All purchases and sales of financial instruments are
recognised on the trade date, which is the date when the
Group commits to purchase or sell a financial instrument.
Financial assets are recognised in the balance sheet at
original cost which equals their fair value at the
acquisition date. If the asset in question is not measured
at fair value through profit or loss, transaction costs are
included in the original cost of the financial asset.
The Group derecognises a financial asset when the
contractual rights to the cash flows from the asset expire,
or the Group transfers all the substantial risks and
rewards related to the financial asset outside the Group.
Financial assets are included in non-current items of the
balance sheet when their maturity is over 12 months.
Impairment of financial assets\u00a0
The impairment model requires the recognition of
impairment based on expected credit losses. The
allowance for credit losses is recognised based on
lifetime expected credit losses from trade receivables
and contract assets. More information on the allowance
for credit losses on trade receivables can be found in
Note 2.5\u00a0 Trade and other receivables.
The impairment model does not apply to financial
assets measured at fair value since those are measured
at fair value which already takes into account expected
credit losses.
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Amortised cost
Loans and receivables arise when money, goods or
services are delivered to a debtor, and they are included
in current or non-current financial assets in accordance
with their maturity. The assets in this category are held
according to a business model of which objective is to
collect contractual cash flows. In Anora, non-current
receivables include loan receivables and other
receivables with the maturity of over one year. Current
receivables include trade receivables as well as cash
and cash equivalents presented under current financial
assets. Receivables are measured at amortised cost
when the related payments are fixed or determinable
and the instruments are not quoted in financial markets.
Fair value through other comprehensive income
The assets measured at fair value through other
comprehensive income consist of unquoted shares, that
are not held for trading purposes and at initial
recognition, the Group has made a final choice that they
belong to this category. The changes in fair values are
recognised in other comprehensive income.
3.2.2\u00a0 Financial liabilities
Financial liabilities are classified as financial liabilities at
fair value through profit or loss and financial liabilities at
amortised cost. Financial liabilities are initially measured
at fair value and recognised net of transaction costs, with
the exception of items measured at fair value through
profit or\u00a0loss.
A financial liability (or a part of it) is not derecognised
until the obligation specified in the contract is
discharged or cancelled or expires. A financial liability is
classified as current, unless the Group has an
unconditional right to defer the settlement of the liability
for at least 12 months after the end of the reporting
period.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Financial liabilities at amortised cost
This category includes the Group\u2019s external loans from
financial institutions, loans from pension institutions,
commercial paper loans as well as trade payables. These
financial liabilities are measured at amortised cost using
the effective interest method. When loans are paid off or
refinanced, the related unamortised costs are
recognised in finance expenses. Group overdrafts in use
are included in current borrowings. In addition, Anora has
a revolving credit facility, and the related fee is amortised
on a straight-line basis in other finance expenses during
the term of the facility.
The exchange rate differences of intra-group foreign
currency denominated loans are presented within
financial items in the foreign exchange differences of the
category financial liabilities at amortised cost.
The fair values of loans from financial institutions and
commercial paper loans are determined based on
future cash flows discounted with market interest rate at
the reporting date adjusted with Anora\u2019s credit risk
premium. At the reporting date, the carrying amounts of
the loans are not materially different from their fair
values.
Derivative instruments
Derivatives are included in financial assets and liabilities
at fair value through profit or loss when they do not meet
the criteria of hedge accounting pursuant to IFRS 9. These
derivatives are recognised at fair value on the trade
date, and they are subsequently measured at fair value
at the reporting date. Derivative instruments and hedge
accounting are described in Note 3.3.
The fair values of derivatives equal the amount that the
Group would have to pay, or it would receive from the
termination of the derivative contract at the reporting
date. The fair values of forward exchange contracts are
determined by using the market prices at the reporting
date. The fair values of interest rate derivatives are
determined by discounting the related future cash flows.
The valuation of commodity derivatives is determined
based on the fair values received from the financial
markets.
When hedge accounting is applied
In Anora, cash flow hedging is applied to part of the
interest rate, foreign currency and electricity derivatives
based on case-by-case assessment. In cash flow
hedging, the Group is hedging against changes in cash
flows related to a specific asset or liability recognised in
the balance sheet or to a highly probable future business
transaction.
Hedge accounting is a method of accounting with the
purpose to allocate one or several hedging instruments
so that their fair value changes offset in full or partly the
changes in fair value or cash flow arising from the
hedged risk in profit or loss during the period, for which
the hedge is designated. In the beginning of the hedging
arrangement, Anora documents the relationship
between each hedging instrument and hedged item, as
well as the objectives of risk management and the
strategy in engaging in hedging.
IFRS 9 requires that the effectiveness of hedging
instruments is tested prospectively. Effectiveness means
the ability of a hedging instrument to offset the changes
in the fair value of the hedged item or changes in the
cash flows of the hedged transaction attributable to the
hedged risk. Under IFRS 9 the hedging relationship is
regarded to be highly effective when there is an
economic relationship between the hedged item and
the hedging instrument. Hedging ratio is defined as a
relationship between the quantity of the hedging
instrument and the quantity of the hedged item. Hedge
accounting is discontinued when the criteria for hedge
accounting is no longer\u00a0met.
The unrealised gains and losses arising from fair value
changes of derivative contracts to which hedge
accounting is applied, are presented in hedge reserve.
Forward points are included to hedging relationship. The
effective portion of the unrealised changes in the fair
value of derivatives designated and qualifying as cash
flow hedges are recognised in other comprehensive
income and presented in the hedge reserve in equity. The
ineffective portion is immediately recognised in finance
income or expenses in profit or loss. The cumulative gain
or loss in equity on derivative instruments related to
commercial items is recognised in profit or loss as an
adjustment to purchases or sales simultaneously with the
hedged item in the period in which the hedged item
affects profit or loss. Realised gain or loss on electricity
derivatives is included in operating result in electricity
procurement expenses. When a hedging instrument
designated as a cash flow hedge no longer meets the
criteria of hedge accounting, the gain or loss
accumulated in equity is recognised through finance
income or expenses.
When hedge accounting is not applied
The accounting for gains and losses arising from fair
value measurement is dependent on the purpose of use
of the derivative. In Anora, the changes in the fair values
of derivative instruments are immediately recognised in
profit or loss in finance income or expense if the
derivative in question is related to hedging of
commercial cash flows (purchases and sales) and
hedge accounting is not applied. The fair value changes
of other derivative instruments are immediately
recognised in profit or loss in finance income or expense
items if hedge accounting is not applied. Derivatives, to
which hedge accounting is not applied, are acquired to
minimise the profit and/or cash flow effects related to
business operations or financing.
Earnings per share
Basic earnings per share is calculated by dividing the
result for the period attributable to owners of the parent
company by the weighted average number of shares
outstanding during the reporting period.
Diluted earnings per share has been calculated on the
same basis as basic earnings per share except that it
reflects the impact of potential diluting shares due to
share-based incentive plan of the Group.
onsolidation
Consolidation, consolidation method and classification of
ownership interests depends on whether the Group has
power to control or jointly control the entity or have
significant influence or other interests in the entity. When
the Group has power to control the entity, it is
consolidated as a subsidiary. Power to control an entity is
normally achieved when shareholding is above 50%.
When the Group has joint control or significant
influence over an entity but does not have power to
control, entity is accounted for by using the principles
described under Associated companies\u2019 section.
Significant influence is normally achieved when the
Group has between 20% - 50% shareholding.
If the Group does not have power to control nor
significant influence in the entity, its ownership interests
are classified as financial assets at fair value through
other comprehensive income and accounted for
according to principles described in Note 3.2.1. This
normally happens when the Group\u2019s ownership is
below\u00a020%.
Subsidiaries consolidation principles
Consolidated financial statements of Anora include the
parent company, Anora Group Plc, and all subsidiaries.
Subsidiaries are all those in which the parent company
exercises control. The Group controls an entity when it is
exposed, or has rights, to variable returns from its
involvement with the investee, and could affect those
returns through its power over the investee. The financial
statements of acquired subsidiaries are included in the
consolidated financial statements from the date that
control commences until the date that control ceases.
All business combinations are accounted for by using
the acquisition method. The consideration transferred
and the identifiable assets acquired, and liabilities
assumed in the acquired company are measured at fair
value at the acquisition date. The aggregate amount of
the consideration transferred, the amount of non-
controlling interests and any previously held equity
interest in the acquiree, exceeding the fair value of the
net assets acquired is recorded as goodwill.\u00a0
All acquisition-related costs, with the exception of costs
to issue debt or equity securities, are expensed. The
consideration transferred does not include any
transactions accounted for separately from the
acquisition. Any contingent consideration is recognised
at fair value at the acquisition date, and it is classified as
either liability or equity. Contingent consideration
classified as a liability is measured at fair value at each
reporting date and any resulting gain or loss is
recognised in profit or loss.
Intra-group transactions, receivables, liabilities and
unrealised gains, as well as the distribution of profits
within the Group are eliminated in preparing the
consolidated financial statements. Unrealised losses are
not eliminated if the loss in question results from
impairment.
Non-controlling interests
Non-controlling interests\u2019 share of profit after tax is shown
on a separate line after Group\u2019s result for the period. Non-
controlling interests\u2019 share of equity is shown on a
separate line as part of the Group\u2019s total equity.
In some subsidiaries with non-controlling interests, the
non-controlling shareholder(s) have a put option related
to the non-controlling interest, where the Group does not
have control of the non-controlling interests before the
options are exercised, nor does it have control of whether
the options will be exercised, or when this exercise may
take place. The value of such options is recognised as
liability at fair value through profit and loss in the balance
sheet and reduces the non-controlling share of equity.
This means that the non-controlling interests presented
in the income statement and in the equity show only
values where the minority does not have put options
related to the minority shares.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as equity
transactions.
Associated companies
Associated companies are all entities where the Group
has joint control or significant influence over an entity but
does not have power to control the entity. Normally this is
when the Group accompanies a shareholding of over
20% of voting rights or otherwise has significant influence,
but not control.
Associated companies are consolidated by using the
equity method. Under the equity method, the investment
is initially recognised at cost and subsequently adjusted
with the change in the net assets of the investee after the
acquisition date, consistent with the ownership interest of
the Group. After the acquisition the Group\u2019s share in the
associated company\u2019s profit and loss for the period is
separately disclosed in the Group\u2019s income statement,
presented after operating result. If the Group\u2019s share in
the associated company\u2019s loss exceeds the carrying
amount of the net investment, the investment is
recognised at zero value in the consolidated balance
sheet and the loss exceeding the carrying amount is not
consolidated, unless the Group has committed to fulfil
the company\u2019s obligations. The carrying amount of
equity-accounted investments includes goodwill arisen
on acquisition, when applicable. The Group\u2019s share in
changes in the associated company\u2019s other
comprehensive income is recognised in consolidated
other comprehensive income (OCI).
The net investment in an associate is impaired and
impairment losses are incurred if there is objective
evidence of impairment as a result of one or more events
that occurred after the initial recognition of the net
investment (a 'loss event') and that loss event (or events)
has an impact on the estimated future cash flows from
the net investment that can be reliably estimated. If there
is an indication that an investor\u2019s interests in an associate
might be impaired, the measurement rules in IAS 36 are
applied to the entire carrying amount (including any
notional goodwill) of the associate, to determine the
amount of any impairment loss.
The result of the transactions between the Group and
its associates are recognised only to the extent of
attributable to external owners. When the Group ceases
to consolidate or equity account for an investment
because of a loss of control, joint control or significant
influence, any retained interest in the entity is
remeasured to its fair value, with the change in carrying
amount recognised in profit or loss.
Financial statements of associated companies have
been changed when necessary to correspond with the
accounting policies adopted by the Group. If financial
statements for the period are not available, the share of
the profit is included in the consolidated financial
statements based on the preliminary financial
statements or latest available information.
Joint arrangements
A joint arrangement is an arrangement of which two or
more parties have contractually agreed joint control
which exists only when decisions about the relevant
activities require the unanimous consent of the parties
sharing control. A joint arrangement is either a joint
operation or a joint venture.
Foreign currency items
All transactions in foreign currency are converted to
functional currency at the time of the transaction.
Monetary items in foreign currency are converted on the
balance sheet date into functional currency by using the
exchange rate on the balance sheet date.
The consolidated financial statements are presented in
euro, which is the functional currency of the parent
company.
The functional currency in the subsidiaries is the
currency in which the subsidiary reports its legal statutory
accounts, and the Group has subsidiaries with functional
currencies EUR, SEK, NOK and DKK. When consolidating
subsidiaries that have a functional currency other than
euro, profit and loss items are converted to the Group\u2019s
presentation currency at year-to-date average
exchange rates published by the European Central Bank.
For balance sheet items reported in other currencies
than euro, including goodwill and other assets assumed
when accounting for business combinations, the
conversion to euro is based on closing rate on the
reporting date.
Translation differences arising from elimination of the
cost of foreign subsidiaries and from translation of the
foreign subsidiaries\u2019 post-acquisition profits and losses
are recognised in other comprehensive income and
presented as a separate item within equity. Goodwill and
the fair value adjustments to the carrying amounts of
assets and liabilities of foreign subsidiaries are
accounted for as assets and liabilities of the respective
foreign subsidiary, which are translated to euro using the
closing rate at the reporting date. If these foreign units
are entirely or partly disposed, related exchange rate
differences are recognised in profit or loss as part of the
gain or loss on disposal.
Accounting policy - Income tax expense
The Group\u2019s income tax expense recognised through
profit or loss comprises current tax based on taxable
income for the period, any adjustments to tax payable in
respect of previous periods, and changes in deferred
taxes. Current income tax based on taxable income is
calculated according to the local tax regulations of each
Group company.
Tax effects related to transactions or other events
recognised in profit or loss are recognised in profit or loss.
If the taxes relate to items of other comprehensive
income or transactions or other events recognised
directly in equity, income tax expense is recognised
within the respective items. The Group\u2019s share of profit or
loss in associated companies and joint ventures is
reported as calculated from the net profit and thus
including the income tax effect.
Deferred tax assets and liabilities are principally
recognised for all temporary differences between the
carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation
purposes. The most significant temporary differences
arise from intangible assets, property, plant and
equipment, right-of-use assets and corresponding lease
liabilities, carry forward of unused tax losses and fair
value allocations on business combinations. Deferred tax
on assets and liabilities arising from single transactions
are presented in a net basis in the income statement
and in the balance sheet but are shown with gross
values in the deferred tax notes. Deferred tax assets are
recognised only to the extent that it is probable that
future taxable profits will be available against which they
can be utilised. Deferred tax liabilities are recognised in
full. Deferred taxes are calculated using tax rates
enacted or substantively enacted at the end of the
reporting period. Deferred tax is recognised for foreign
subsidiaries undistributed earnings only when related tax
effects are probable.
Deferred tax assets and liabilities are set off when they
are levied by same taxing authority and Anora has legally
enforceable right to set off the balances.
The legislation implementing the OECD Pillar Two model
rules came into effect from January 1, 2024 onwards.
Anora applies the exception to recognising and
disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes, as provided in
the amendments to IAS 12 issued in May 2023. The Pillar
Two legislation does not have a material impact on
Anora\u2019s income taxes.
Accounting policy - Lease commitments
The short-term and low value lease obligations are future
minimum lease payments under non-cancellable off-
balance sheet leases. Leases not yet commenced are
non-cancellable leasing contracts where the underlying
asset is not yet available for use.\u00a0
Assets not recognised in the balance sheet -
Emission allowances
\"Accounting-02.svg\"
Accounting policy - Emission allowances
The Group participates in the European Union emission
trading scheme, where it has been granted a certain
number of carbon dioxide emission allowances for a
certain period of time, free of charge. Anora Group Plc
discloses its carbon dioxide emission allowances granted
free of charge on net basis. The emission allowances
granted free are recognised on zero-value. If the Group
has sufficient amount of allowances to cover the
obligation to deliver allowances corresponding to the
amount of emissions made, the obligation is recognised
as corresponding value of emissions (zero value).\u00a0 The
Group does not recognise income or expenses arising
from emission allowances through profit or loss when the
emission allowances granted are sufficient to cover the
obligation to deliver allowances corresponding to the
amount of emissions made. If the realised emissions
exceed the granted emission allowances, the obligation
arising from the excess emissions is recognised at fair
value as a liability in the balance sheet at the reporting
date. If the realised emissions fall below the granted
emission allowances, the difference is not recognised in
the balance sheet, but it is disclosed in the notes to the
financial statements, measured at fair value.
Accounting policy \u2013 Share based payments
The granted shares are measured at fair value at the
grant date and are recognised as personnel expenses
over the vesting period with corresponding increase in
equity. Non-market conditions are not included in fair
value of share-based instruments but in the number of
instruments that are expected to vest. At each reporting
period closing date, the estimates about number of
instruments are revised and the impact is recognised in
income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
Notes to the consolidated financial statements
General information
Information on Anora
Anora Group Plc (\u2018company\u2019, \u2018parent company\u2019), a
public limited liability company, and its subsidiaries
(together \u2018Anora Group\u2019, \u2018Anora\u2019 or \u2018Group\u2019) is a leading
wine and spirits brand house in the Nordic region.
Anora has a broad portfolio of iconic brands,
including Koskenkorva, Blossa, Linie, Skagerrak, Chill
Out, Ruby Zin, Wongraven, O.P. Anderson and Falling
Feather. Key brands are exported to over 30 markets
globally.
Together with partners Anora brings the world of
quality drinks to the Nordics. Anora has a strong
partner portfolio which include several well-known
wine producers from all over the world, as well as
spirits producers with well-known spirits brands, like
Amarula, Fireball, Fernet Branca, Jose Cuervo,\u00a0
Underberg and Xant\u00e9.
Anora\u2019s business operations also include world-
class industrial operations in distillation, bottling and
logistics services as well as the production of
technical ethanol products, neutral potable ethanol,
feed components and barley starch.
Anora\u2019s customers include alcohol retail
monopolies, alcoholic beverage wholesalers, HoReCa
industry, retail grocery stores, travel trade, importers
in the export markets and industrial customers.
Anora Group Plc, the parent company of Anora
Group, is domiciled in Helsinki, Finland. Anora Group
Plc is a Finnish publicly listed company. Anora\u2019s
shares are listed in Nasdaq Helsinki. The registered
address of the Company is Kaapeliaukio 1, FI-00180
Helsinki, Finland. Copies of the consolidated financial
statements are available online at www.anora.com or
at the Group\u2019s headquarters at Kaapeliaukio 1,
FI-00180 Helsinki, Finland.
Anora Group Plc\u2019s Board of Directors has approved
these financial statements for publication in its
meeting on 18\u00a0March 2026. According to the Finnish
Limited Liability Companies Act, shareholders have
the right to approve or reject the financial statements
in the Annual General Meeting held after the
publication of the financial statements. The Annual
General Meeting also has the right to make a decision
to amend the financial statements.
Basis of preparation
The consolidated financial statements for the year
ended 31 December 2025 are prepared in
accordance with IFRS Accounting Standards
complying with the SIC and IFRIC interpretations in
force and approved by EU on 1 January 2025 . Notes to
the consolidated financial statements also comply
with the requirements of the Finnish Accounting Act
and Limited Liability Companies Act.
The consolidated financial statements for the year
ended 31 December 2025 have been prepared on a
historical cost basis, except for equity investments,
derivatives and put options for the purchase of non-
controlling interests. The consolidated financial
statements are presented in millions of euros. The
figures are rounded to the nearest million with one
decimal, and therefore the sum of individual figures
may deviate from the total presented.
There were no changes in accounting standards or
other accounting requirements which became
effective from 1 January 2025 that have had material
impact for Anora Group.
Anora adopts the following new and amended
standards and interpretations as of the effective
date:
Amendments to the Classification and
Measurement of Financial Instruments (IFRS 9
Financial Instruments and IFRS 7 Financial
Instruments: Disclosures) will be effective for annual
periods beginning on or after 1 January 2026. These
amendments are providing some further guidance
and clarifications in addition to new disclosure
requirements for certain instruments with
contractual terms, such as features linked to
sustainability targets, that can change cashflows.
Further they clarify when financial assets and
liabilities are removed from the balance sheet,
notably allowing earlier derecognition for certain
liabilities paid electronically.\u00a0 The Group does not
expect these amendments to have a material
impact on its operations or financial statements.
IFRS 18 Presentation and Disclosure in Financial
Statements, which is effective for annual periods
beginning on or after 1 January 2027, will replace IAS 1:
Presentation of Financial Statements. This new
standard aims to enhance the comparability of
financial performance among similar entities and
provide users with more relevant information and
increased transparency. IFRS 18 introduces a defined
structure for the statement of profit or loss,
reclassifying items of income and expenses into five
new categories in the statement of profit or loss:
Operating, Investing, Financing, Income taxes and
Discontinued operations. While IFRS 18 does not affect
the recognition or measurement of items in the
financial statements, its impact on presentation and
disclosure is expected to be significant, particularly
concerning the statement of financial performance
and the inclusion of management-defined
performance measures.
Management is currently evaluating the detailed
implications of implementing the new standard on
the consolidated financial statements. The high-level
preliminary assessment has identified the following
potential impacts:
\u2022 Reclassifying items of income and expenses into
the new categories in the statement of profit or
loss will have some impact on the calculation and
reporting of operating profit. This is primarily due to
the specific requirements for categorising costs
related to the sold receivables, certain foreign
exchange rate differences and derivative gains or
losses under IFRS 18
\u2022 The line items presented in the primary financial
statements may change due to the
implementation of the \u2018useful structured summary\u2019
concept and enhanced aggregation and
disaggregation principles
\u2022 The information disclosed in the notes is not
expected to change significantly since the
requirement to disclose material information
remains the same. However, the way information is
grouped might change due to the new
aggregation/disaggregation principles
Furthermore, there will be new disclosures required
for:
\u2022 Management-defined performance measures,
and
\u2022 reconciliation for each line item in the statement of
profit or loss for the first annual period applying
IFRS 18, comparing the restated amounts to those
previously presented under IAS 1
\u2022 From a cash flow statement perspective, there will
be changes in how interest received and paid are
presented. Interest paid will be classified as
financing cash flows, and interest received as
investing cash flows, contrasting with the current
presentation of both as part of operating cash
flows.
The Group will adopt the new standard from its
mandatory effective date of 1 January 2027.
Retrospective application is required, so comparative
information for the financial year ending 31
December 2026 will be restated following IFRS 18.
There are no other amendments to standards and
IFRIC interpretations effective on or after January 1,
2026, that are expected to have any material impact
on the Group.
Accounting policies requiring
management judgement and
key sources of estimation uncertainty
The preparation of financial statements requires
management to make accounting estimates which
may include use of judgement in the application of
the accounting standards.\u00a0
Estimates and related assumptions made in the
preparation of the financial statements, are based on
the management\u2019s best knowledge at the reporting
date. The realised results can differ from the
estimates, and any changes in estimates and
assumptions are recognised when estimates and
assumptions are corrected.
Material accounting policies and critical
accounting estimates and judgements made are
described in each note as follows;
\u2022 Variable consideration - Note 1.2\u00a0 Revenue
recognition
\u2022 Useful lives - Note 2.1\u00a0 Goodwill and other intangible
assets
\u2022 Impairment testing - Note 2.1\u00a0 Goodwill and other
intangible assets
\u2022 Useful lives \u2013 Note 2.2\u00a0 Property, plant and
equipment
\u2022 Discount rates \u2013 Note 2.3\u00a0 Right-of-use assets
\u2022 Use of any possible extension options \u2013 Note 2.3\u00a0
Right-of-use assets
\u2022 Defining normal operating capacity \u2013 Note 2.4\u00a0
Inventories
\u2022 Net realisable value \u2013 Note 2.4\u00a0 Inventories
\u2022 Recoverability of investments in associates \u2013 Note
5.4\u00a0 Associated companies
Changes in presentation and
accounting note reclassifications
Where necessary, comparative information has been
reclassified to achieve consistency in disclosure with
current financial year amounts. The presentation of
some minor line items in both assets and liabilities
have been aggregated to create a more useful
structured summary of the consolidated balance
sheet for 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "Anora Group Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "a leading wine and spirits brand house in the Nordic region", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "Anora Group Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "Anora Group Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "publicly listed company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "Kaapeliaukio 1, FI-00180 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
Anora Group Plc\u2019s Board of Directors has approved
these financial statements for publication in its
meeting on 18\u00a0March 2026. According to the Finnish
Limited Liability Companies Act, shareholders have
the right to approve or reject the financial statements
in the Annual General Meeting held after the
publication of the financial statements. The Annual
General Meeting also has the right to make a decision
to amend the financial statements", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
Basis of preparation
The consolidated financial statements for the year
ended 31 December 2025 are prepared in
accordance with IFRS Accounting Standards
complying with the SIC and IFRIC interpretations in
force and approved by EU on 1 January 2025 . Notes to
the consolidated financial statements also comply
with the requirements of the Finnish Accounting Act
and Limited Liability Companies Act.
The consolidated financial statements for the year
ended 31 December 2025 have been prepared on a
historical cost basis, except for equity investments,
derivatives and put options for the purchase of non-
controlling interests. The consolidated financial
statements are presented in millions of euros. The
figures are rounded to the nearest million with one
decimal, and therefore the sum of individual figures
may deviate from the total presented.
There were no changes in accounting standards or
other accounting requirements which became
effective from 1 January 2025 that have had material
impact for Anora Group.
Anora adopts the following new and amended
standards and interpretations as of the effective
date:
Amendments to the Classification and
Measurement of Financial Instruments (IFRS 9
Financial Instruments and IFRS 7 Financial
Instruments: Disclosures) will be effective for annual
periods beginning on or after 1 January 2026. These
amendments are providing some further guidance
and clarifications in addition to new disclosure
requirements for certain instruments with
contractual terms, such as features linked to
sustainability targets, that can change cashflows.
Further they clarify when financial assets and
liabilities are removed from the balance sheet,
notably allowing earlier derecognition for certain
liabilities paid electronically.\u00a0 The Group does not
expect these amendments to have a material
impact on its operations or financial statements.
IFRS 18 Presentation and Disclosure in Financial
Statements, which is effective for annual periods
beginning on or after 1 January 2027, will replace IAS 1:
Presentation of Financial Statements. This new
standard aims to enhance the comparability of
financial performance among similar entities and
provide users with more relevant information and
increased transparency. IFRS 18 introduces a defined
structure for the statement of profit or loss,
reclassifying items of income and expenses into five
new categories in the statement of profit or loss:
Operating, Investing, Financing, Income taxes and
Discontinued operations. While IFRS 18 does not affect
the recognition or measurement of items in the
financial statements, its impact on presentation and
disclosure is expected to be significant, particularly
concerning the statement of financial performance
and the inclusion of management-defined
performance measures.
Management is currently evaluating the detailed
implications of implementing the new standard on
the consolidated financial statements. The high-level
preliminary assessment has identified the following
potential impacts:
\u2022 Reclassifying items of income and expenses into
the new categories in the statement of profit or
loss will have some impact on the calculation and
reporting of operating profit. This is primarily due to
the specific requirements for categorising costs
related to the sold receivables, certain foreign
exchange rate differences and derivative gains or
losses under IFRS 18
\u2022 The line items presented in the primary financial
statements may change due to the
implementation of the \u2018useful structured summary\u2019
concept and enhanced aggregation and
disaggregation principles
\u2022 The information disclosed in the notes is not
expected to change significantly since the
requirement to disclose material information
remains the same. However, the way information is
grouped might change due to the new
aggregation/disaggregation principles
Furthermore, there will be new disclosures required
for:
\u2022 Management-defined performance measures,
and
\u2022 reconciliation for each line item in the statement of
profit or loss for the first annual period applying
IFRS 18, comparing the restated amounts to those
previously presented under IAS 1
\u2022 From a cash flow statement perspective, there will
be changes in how interest received and paid are
presented. Interest paid will be classified as
financing cash flows, and interest received as
investing cash flows, contrasting with the current
presentation of both as part of operating cash
flows.
The Group will adopt the new standard from its
mandatory effective date of 1 January 2027.
Retrospective application is required, so comparative
information for the financial year ending 31
December 2026 will be restated following IFRS 18.
There are no other amendments to standards and
IFRIC interpretations effective on or after January 1,
2026, that are expected to have any material impact
on the Group.
", "dimensions": { "concept": "anor:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
Basis of preparation
The consolidated financial statements for the year
ended 31 December 2025 are prepared in
accordance with IFRS Accounting Standards
complying with the SIC and IFRIC interpretations in
force and approved by EU on 1 January 2025 . Notes to
the consolidated financial statements also comply
with the requirements of the Finnish Accounting Act
and Limited Liability Companies Act.
The consolidated financial statements for the year
ended 31 December 2025 have been prepared on a
historical cost basis, except for equity investments,
derivatives and put options for the purchase of non-
controlling interests. The consolidated financial
statements are presented in millions of euros. The
figures are rounded to the nearest million with one
decimal, and therefore the sum of individual figures
may deviate from the total presented.
There were no changes in accounting standards or
other accounting requirements which became
effective from 1 January 2025 that have had material
impact for Anora Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
The consolidated financial statements for the year
ended 31 December 2025 are prepared in
accordance with IFRS Accounting Standards
complying with the SIC and IFRIC interpretations in
force and approved by EU on 1 January 2025 .", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
Accounting policies requiring
management judgement and
key sources of estimation uncertainty
The preparation of financial statements requires
management to make accounting estimates which
may include use of judgement in the application of
the accounting standards.\u00a0
Estimates and related assumptions made in the
preparation of the financial statements, are based on
the management\u2019s best knowledge at the reporting
date. The realised results can differ from the
estimates, and any changes in estimates and
assumptions are recognised when estimates and
assumptions are corrected.
Material accounting policies and critical
accounting estimates and judgements made are
described in each note as follows;
\u2022 Variable consideration - Note 1.2\u00a0 Revenue
recognition
\u2022 Useful lives - Note 2.1\u00a0 Goodwill and other intangible
assets
\u2022 Impairment testing - Note 2.1\u00a0 Goodwill and other
intangible assets
\u2022 Useful lives \u2013 Note 2.2\u00a0 Property, plant and
equipment
\u2022 Discount rates \u2013 Note 2.3\u00a0 Right-of-use assets
\u2022 Use of any possible extension options \u2013 Note 2.3\u00a0
Right-of-use assets
\u2022 Defining normal operating capacity \u2013 Note 2.4\u00a0
Inventories
\u2022 Net realisable value \u2013 Note 2.4\u00a0 Inventories
\u2022 Recoverability of investments in associates \u2013 Note
5.4\u00a0 Associated companies
Critical estimates and management
judgement - Revenue recognition
Anora provides volume-based rebates, bonuses and
other discounts to their customers in open markets and
on-trade customers in the monopoly markets. These
classify as variable considerations within contracts with
customers. The Group estimates consideration to which it
will be entitled in exchange for transferring goods to the
customers, including amounts that are variable. The
variable consideration is estimated at a contract
inception based on expected sales volumes using
historical and year-to-date sales data and other
information about trading with individual customers or
groups of customers. The Group estimates discounts,
rebates and bonuses using the most likely amount
method.
Contracts assets and liabilities
Contract assets represent the amount which Anora has
right to receive goods expected to be returned to
inventory with respect to return clauses in the contracts.
Contract assets are measured at the former carrying
amount of the inventory less any expected costs to
recover the goods and less any impairment losses.
Contract liabilities represent the amount received or
receivable that is expected to be returned as a refund
liability. These contracts assets or liabilities are very
limited in the Group and are included in other
receivables or other payables in the Group\u2019s
balance\u00a0sheet.
Critical estimates and management judgements \u2013
Intangible assets
Management judgment and estimates are applied in
estimating useful lives for marketing related intangible
assets, customer related intangible assets, software and
other intangible assets.
On initial recognition of marketing related intangible
assets, an assessment is made on whether the asset is
expected to have definite useful lives or not. In this
assessment, the Group gives particular weight to Group\u2019s
expected use of the asset, the customary life cycles for
the assets of this type, the stability of the sector and the
business, and the probability that the Group will succeed
in maintaining the asset\u2019s financial lifetime, given the
Group\u2019s ability to maintain value. The Group also devotes
resources to legal control of these assets in large and
important markets.
If impairment tests show declining curves over time, the
trademark may be written down to higher of estimated
value in use and fair value less costs to sell and a new
assessment of the trademark\u2019s estimated useful live is
performed. If it is estimated after a new assessment that
the useful life is no longer indefinite, the trademark is
redefined to have a definite useful life, whereby a
straight-line amortisation method is applied for the
remaining book value over the remaining useful\u00a0life.
Critical estimates and management
judgements \u2013 Impairment testing
The preparation of calculations for the impairment
testing requires estimates regarding the future. The
management\u2019s estimates and related critical
uncertainties are related to the components of the
recoverable amount calculation, and key assumptions
are discount rate (WACC), future cash flows (including
estimates for future revenues, gross profit, EBITDA, capex),
Royalty Rates, growth rates both during forecast period
and for terminal value. The WACC reflects current
assessments of the time value of money and relevant
market risk premiums reflecting risks and uncertainties
for which the future cash flow estimates have not been
adjusted. For Relief from Royalty calculations Royalty
Rates represent the present value of hypothetical royalty
payments that are avoided by owning the asset.
Critical estimates and management
judgements \u2013 Property, plant and equipment
Estimation of useful life is the most critical estimate
related to property, plant and equipment. There were no
significant changes in useful lives of the existing assets
during 2025
Critical estimates and management judgements \u2013
Right-of-use assets and lease liabilities
The most critical management judgements are related
to determination of discount rates and use of any
possible extension options related to the lease contracts.
Lease agreements include the agreement concluded
with Destilleriveien 11 AS on the lease of production,
distribution, and administration buildings at Gjeller\u00e5sen
for an irrevocable period of 25 years as from 1 January
2012. The annual rent under this agreement has been
about EUR 8.7 million during 2025. The lease agreement of
the premises at Gjeller\u00e5sen also include an option to
extend the lease by 10 years after the initial 25 years. This
option is currently considered not to be exercised and,
therefore, it is not included in the calculation of right-of-
use asset and lease liability at end of 2025 and 2024.
Significant impairments were recorded regarding the
right-of -use assets from this lease agreement in 2023.
For details of the 2023 impairment of right-of-use assets,
see chapter 2.2 regarding impairment of property, plant
and equipment on the 2023 Annual Report. There have
not been any impairments or reversal of previous
impairment of right-of-use assets during 2025 or 2024.
Critical estimates and management
judgements \u2013 Inventories
Management judgment and estimates are applied in
defining normal operating capacity, net realisable value
(NRV) and inventory obsolescence analysis, all of which
include estimates on future demand of the finished
products.
The Group has experienced idle capacity in its
production facilities in Gjeller\u00e5sen after production
volume was moved from this production facility in
Norway to other production facilities in Finland and
Denmark in 2023 as part of the centre of excellence
program. This has resulted in under-absorption of fixed
manufacturing overheads. As per IAS 2, \u2018Inventories,\u2019 the
fixed production overheads allocated to the cost of
conversion are based on the normal capacity of the
production facilities. Consequently, the unabsorbed
overheads have been expensed in the periods incurred
and their effect on the cost of goods sold is marginal.
As part of Anora\u2019s Fit-Fix-Focus transformation
program, management has taken actions to structurally
improve Wine portfolio profitability, including reviewing
it\u2019s partner portfolio. These actions have lowered
managements estimate on the net realisable value of
affected products below their current book value.
Management estimate reflects expected recoverable
values and recovery rates in a post-exit scenario and
expected offloading routes. Due to the above mentioned
actions inventory writedowns amounting to EUR 3.6
million were recorded in the Wine segment. In the
comparison period, adjustments were made to standard
costs and obsolete provisions to reflect changes in the
valuation of certain inventory items resulting in additional
inventory impairments amounting to EUR 3.8 million, of
which EUR 2.0 million related to Industrial segment and
EUR 1.8 million to Wine segment.
Critical estimates and management judgements -
Associated companies
Management judgment and estimates are applied in
assessing the recoverability of investments in associates.
The carrying amount of equity-accounted investments,
including possible goodwill, are assessed for impairment
when objective evidence indicates that the net
investment may be impaired. The impairment, when
applicable, is recognised in share of results in associated
companies and\u00a0 in the carrying amount of the net
investment. The impairment loss on an associate is not
allocated to any particular asset (or assets) that forms
the carrying amount of the associate. Thus, the normal
rules in IAS 36 relating to impairment of goodwill do not
apply to notional goodwill and therefore any previous
impairment losses can be reversed.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "2.2\u00a0 Property, plant and
equipment
2.2\u00a0 Property, plant and equipment
Property, plant and equipment mainly consist of
manufacturing and warehouse buildings, land, and
machinery and equipment used in alcoholic
beverage industry.
\"Accounting-02.svg\"
Accounting policy - Property, plant and equipment
Property, plant and equipment are measured at
historical cost less accumulated depreciation and
impairment losses. If parts of an item of property, plant
and equipment have different useful lives, they are
accounted for as separate items. All other expenditure,
for example ordinary maintenance and repair costs, is
recognised as an expense as incurred. Depreciation is
recognised on a straight-line basis over the estimated
useful lives of items of property, plant and equipment.
Land is not depreciated.
The estimated useful lives of property, plant and
equipment are as follows:
Buildings and structures10\u201340 years
Machinery and equipment3\u201320 years
Other tangible assets3\u201310 years
The estimated useful lives and residual values are
reviewed at each financial year-end, and if they differ
substantially from the previous estimates, the
depreciation periods are adjusted accordingly.
Impairment loss is recognised in profit or loss to the
extent the assets carrying value exceeds its recoverable
amount.
Gains and losses on the disposals of property, plant
and equipment are included in other operating income
or expenses.
Plant and equipment in Rajam\u00e4ki and some
machinery in Koskenkorva Distillery is pledged as
collateral for liabilities, see note 6.2.
Refer to note 6.2 for further information about
contractual commitments for acquisitions of
property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "2.4\u00a0
Inventories
2.4\u00a0 Inventories2.4\u00a0 Inventories
2.4\u00a0 Inventories
Accounting policy - Inventories
Inventories are measured at the lower of cost and net
realisable value. Raw materials, supplies, work in progress
and trading goods are measured at weighted average
cost. Finished products, including both self-
manufactured products and repacked trading goods,
are measured at standard cost including cost of direct
materials, direct labour and an appropriate proportion of
variable and fixed overhead expenditure, representing
approximation of actual cost under weighted average
cost formula. The allocation of fixed costs is based on
normal operating capacity.
Net realisable value is the estimated selling price in the
ordinary course of business, less the estimated costs of
completion and the estimated costs necessary to make
the sale.
Critical estimates and management
judgements \u2013 Inventories
Management judgment and estimates are applied in
defining normal operating capacity, net realisable value
(NRV) and inventory obsolescence analysis, all of which
include estimates on future demand of the finished
products.
Inventories
EUR million
2025
2024
Materials and supplies
29.5
36.6
Work in progress
9.4
12.3
Finished goods
35.9
46.0
Trading goods
45.5
50.0
Other inventories
0.1
0.7
Total before obsolescence
120.3
145.7
Provision for obsolescence
-7.9
-6.5
Total
112.5
139.2
The Group has experienced idle capacity in its
production facilities in Gjeller\u00e5sen after production
volume was moved from this production facility in
Norway to other production facilities in Finland and
Denmark in 2023 as part of the centre of excellence
program. This has resulted in under-absorption of fixed
manufacturing overheads. As per IAS 2, \u2018Inventories,\u2019 the
fixed production overheads allocated to the cost of
conversion are based on the normal capacity of the
production facilities. Consequently, the unabsorbed
overheads have been expensed in the periods incurred
and their effect on the cost of goods sold is marginal.
As part of Anora\u2019s Fit-Fix-Focus transformation
program, management has taken actions to structurally
improve Wine portfolio profitability, including reviewing
it\u2019s partner portfolio. These actions have lowered
managements estimate on the net realisable value of
affected products below their current book value.
Management estimate reflects expected recoverable
values and recovery rates in a post-exit scenario and
expected offloading routes. Due to the above mentioned
actions inventory writedowns amounting to EUR 3.6
million were recorded in the Wine segment. In the
comparison period, adjustments were made to standard
costs and obsolete provisions to reflect changes in the
valuation of certain inventory items resulting in additional
inventory impairments amounting to EUR 3.8 million, of
which EUR 2.0 million related to Industrial segment and
EUR 1.8 million to Wine segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
Changes in presentation and
accounting note reclassifications
Where necessary, comparative information has been
reclassified to achieve consistency in disclosure with
current financial year amounts. The presentation of
some minor line items in both assets and liabilities
have been aggregated to create a more useful
structured summary of the consolidated balance
sheet for 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "Changes in presentation and accounting note reclassificationsWhere necessary, comparative information has been reclassified to achieve consistency in disclosure with current financial year amounts. The presentation of some minor line items in both assets and liabilities have been aggregated to create a more useful structured summary of the consolidated balance sheet for 2024.", "dimensions": { "concept": "ifrs-full:ExplanationOfAdjustmentsThatWouldBeNecessaryToAchieveFairPresentation", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
1\u00a0 Operating result
1.1\u00a0 Segment information
Description of segments
and principal activities
The reportable segments of Anora in these
consolidated financial statements consist of Wine,
Spirits, and Industrial.
The Board of Directors of Anora is determined as
the Group\u2019s Chief Operative Decision Maker (CODM)
being responsible for allocating resources, deciding
on strategy and assessing performance of the
operating segments. The reportable segments are
based on Anora\u2019s operating structure and internal
reporting to the CODM and used to assess the
performance of the segments.
The Board of Directors uses alternative
performance measures alongside the IFRS financial
statements indicators in the Group\u2019s results reporting.
The Board of Directors assesses the segments\u2019
performances based on internal measures of gross
profit and comparable EBITDA derived as follows:
\u2022 Net sales, other operating income, and direct
materials and services including change in
inventories reported within the Gross Profit
\u2022 Results reporting to management corresponds to
the accounting policies of the consolidated
financial statements apart from Items affecting
comparability (IAC)
\u2022 In reporting to Board of Directors the Groups\u2019 and
segments\u2019 Comparable EBITDA and Group\u2019s total
EBIT are adjusted with IACs. IACs comprise of
material items outside normal business, such as
net gains or losses from business and assets
disposals, impairment losses, cost for closure of
business operations and restructurings, major
corporate projects including direct transaction
costs related to business combinations and the
merger, merger related integration costs, expenses
arising from the fair valuation of inventories in
connection with merger, voluntary pension plan
change, and costs related to other corporate
development
\u2022 Expenses allocated to the segments related to
shared function costs or business support services,
comprise costs such as centralised marketing
costs, IT infrastructure related costs, shared
support services, headquarter costs including
finance and treasury, legal and human resource
related costs as well as certain warehousing and
service fees. For internal reporting purposes these
cost allocations are based on budgeted amounts
and variances from budgeted amounts are
presented under column \u201cGroup and allocations\u201d,
and this can result in either incurred overruns or
savings compared to budgeted amounts
\u2022 The Group and allocations column also includes
unallocated headquarter costs
The reportable segments comprise the following:
Wine
The Wine segment develops, markets and sells
Anora\u2019s own wine brands as well as partner wines to
its customers in the monopoly markets and Denmark
(\u201cwine business\u201d). Wine segment in Denmark also
comprises K\u00f8ge wine filling plant in Denmark and
third party contract manufacturing (\u201cfiller services\u201d).
Spirits
The Spirits segment develops, markets and sells
Anora\u2019s own spirits brands and partner brands to its
customers in Finland, Sweden, Norway and the Baltic
countries, Denmark and Germany. The Spirits
segment also includes global duty free and travel
retail and exports to markets not listed above.
Industrial
The Industrial segment comprises Anora\u2019s industrial
business \u2013 industrial products and contract
manufacturing (mainly for the Spirits business but
also to some extent for the Wine business), the
logistics company Vectura, internal production and
supply chain operations. Industrial segment includes
production and/or logistics facilities in main locations
Koskenkorva and Rajam\u00e4ki in Finland, Gjeller\u00e5sen in
Norway, Sundsvall in Sweden and Tabasalu in Estonia.
In addition, there is a small aquavit distillery in
Atlungstad in Norway.
Segment net sales and results
All intra-group business transactions are made
based on arm\u2019s length principles. The following tables
set out the segment net sales and Comparable
EBITDA as well as the reconciliation of the
Comparable EBITDA to the Group\u2019s operating result.
1 Jan\u201331 Dec 2025
EUR million
Wines
Spirits
Industrial
Group and
allocations
Eliminations
Group
Net sales external
301.1
215.1
141.7
\u2013
\u2013
657.9
Net sales internal
\u2013
\u2013
83.2
\u2013
-83.2
\u2013
Total Net Sales
301.1
215.1
224.8
\u2013
-83.2
657.9
Other operating
income external
0.9
1.3
9.6
0.1
\u2013
11.9
Other operating
income internal
\u2013
\u2013
14.4
31.5
-45.9
\u2013
Total Other operating
income
0.9
1.3
24.0
31.6
-45.9
11.9
Costs of goods sold
-212.5
-116.0
-132.6
\u2013
83.2
-377.9
Gross profit
89.6
100.4
116.2
31.6
-45.9
291.9
Other operating
expenses
-77.2
-60.4
-96.8
-42.0
45.9
-230.4
EBITDA
12.4
40.0
19.5
-10.4
\u2013
61.5
Items affecting
comparability
6.2
0.4
-1.5
4.5
\u2013
9.6
Comparable EBITDA
18.6
40.4
18.0
-5.9
\u2013
71.1
EBITDA
61.5
Depreciation,
amortisation and
impairment
-37.6
Operating result
23.8
1 Jan\u201331 Dec 2024
EUR million
Wines
Spirits
Industrial
Group and
allocations
Eliminations
Group
Net sales external
323.0
227.0
142.0
\u2013
\u2013
692.0
Net sales internal
\u2013
\u2013
92.0
\u2013
-92.0
\u2013
Total Net Sales
323.0
227.0
234.0
\u2013
-92.0
692.0
Other operating
income external
\u20ac553184.4
80844483
\u20ac213997.54
3932882
\u20ac7335027.
29735745
\u20ac401083.67
8539645
\u20ac0
8.5
Other operating
income internal
\u2013
\u2013
14.2
30.5
-44.7
\u2013
Total Other operating
income
0.6
0.2
21.6
30.9
-44.7
8.5
Costs of goods sold
-228.6
-125.6
-144.9
\u2013
92.0
-407.1
Gross profit
94.9
101.7
110.7
30.9
-44.7
293.4
Other operating
expenses
-75.7
-63.8
-98.6
-38.8
44.7
-232.1
EBITDA
19.2
37.9
12.1
-7.9
\u2013
61.3
Items affecting
comparability
2.9
0.1
2.6
2.0
\u2013
7.6
Comparable EBITDA
22.1
38.0
14.7
-5.9
\u2013
68.9
EBITDA
61.3
Depreciation,
amortisation and
impairment
-26.8
Operating result
34.5
In 2025, Anora Group\u2019s net sales amounted to EUR
657.9 (692.0) million, a decrease of 4.9% compared to
the previous year. A significant part of the decline
related to lower volumes in the filler services in Wine
and changes in the partner portfolio in Spirits from
prior year and earlier this year.
The gross margin increased to 44.4% (42.4%) of net
sales, with improvements in all segments. The gross
profit amounted to EUR 291.9 (293.4) million.
Anora Group\u2019s 2025 comparable EBITDA amounted
to EUR 71.1 (68.9) million or 10.8% (10.0%) of net sales. The
operating expenses were below last year including
personnel related restructuring costs amounting to
EUR 4.5 (1.3) million and other costs of closure of
business and restructuring amouting to EUR 0.7 (1.2 )
million. More information on the personnel related
restructuring expenses is presented in Note 1.5. As
part of the Fit, Fix, Focus programme, Anora has
reviewed it\u2019s partner portfolio resulting in inventory
write-downs of EUR 3.6 milion in the Wine segment
reported as IAC. In the comparison year, additional
inventory impairments were made in Industrial and
Wine segments amounting to EUR 3.8 million, reported
as IACs. More information is presented in Note 2.4.
A total of EUR 2.8 (0.2) million net gains and losses
from business and assets disposals were reported as
IACs, additional information in Note 1.3. Rest of the
items reported as IAC relate mainly to other major
corporate projects such as the new strategy,
mergers, acquisitions and disposals pipeline.
Impairment losses amouting to EUR 10.5 (\u2013) million are
included in depreciation, amortisation and
impairment. More information is presented in Note 2.1
Other entity-wide disclosures
Net sales by geography
Net sales broken down by the segment and country
(based on legal units) for the years ended 31
December 2025 and 2024 were as follows:
EUR million
2025
%
2024
%
Wine
Finland
48.7
16.2%
54.5
16.9%
Sweden
120.1
39.9%
113.7
35.2%
Norway
67.9
22.6%
74.3
23.0%
Denmark
64.4
21.4%
77.5
24.0%
Other countries
\u2013
0.0%
3.0
0.9%
Wine Total
301.1
100.0%
323.0
100.0%
Spirits
Finland
57.4
26.7%
58.2
25.7%
Sweden
48.3
22.5%
54.4
24.0%
Norway
46.1
21.4%
50.3
22.1%
Denmark
18.4
8.5%
19.4
8.5%
Other countries
44.9
20.9%
44.7
19.7%
Spirits Total
215.1
100.0%
227.0
100.0%
Industrial
Finland
105.0
74.1%
106.4
75.0%
Norway
28.1
19.8%
27.1
19.1%
Other countries
8.6
6.1%
8.5
6.0%
Industrial Total
141.7
100.0%
142.0
100.0%
Total
657.9
692.0
Significant customer relationships
The Group has significant customer relationships with
Alko in Finland, with Vinmonopolet in Norway and
Systembolaget in Sweden, related to sales from the
Wine and Spirits segments and presented in the table
below.\u00a0 In Industrial segment net sales of EUR 44.5
million (2024: EUR 43.3 million) were derived from a
single external customer. No other single external
customer represented 10 per cent or more of Anora\u2019s
total net sales for the years ended 31 December 2025\u00a0
or 2024.
EUR million
2025
2024
Alko
73.8
85.8
Vinmonopolet
90.8
101.1
Systembolaget
141.3
140.4
Non-current assets by geography
The total of non-current assets excluding financial
instruments and deferred tax assets broken down by
the location of the assets as at 31 December 2025\u00a0
and 2024 were as follows:
EUR million
2025
2024
Finland
106.8
104.7
Sweden
39.1
38.5
Norway
311.3
323.3
Estonia
2.2
2.1
Latvia
0.3
0.5
Denmark
141.7
149.8
Other countries
7.9
8.2
Total
609.1
627.1
Non-current financial
assets1
2.2
0.8
Non-current assets
total
611.4
627.9
1See Note 3.2.3\u00a0 Classification and fair values of financial assets and
liabilities.
1.2\u00a0 Revenue recognition
The most significant revenue flows are generated by
the sale of own products and partner brands to
Scandinavian wine and spirit monopolies, HoReCa
industry, alcoholic beverage wholesalers, retail
grocery stores and travel retail customers. In addition,
revenues are generated by contract manufacturing,
sale of logistics services and the sale of industrial
products, such as starch, feed and technical ethanol.
Accounting policy - Revenue recognition
The revenue is recognised at an amount of consideration
to which the Group expects to be entitled in exchange for
transferring promised goods or services to a customer.
The transaction price may include variable
considerations such as volume discounts, bonuses,
marketing support and product returns. The variable
considerations are estimated using the most likely value
method if not yet realised in the end of reporting period.
The revenue is further adjusted with indirect sales taxes,
excise taxes, deposit and recycling\u00a0fees.
Sale of goods
The wine and spirits businesses generally only sell
physical products in the form of wine and spirits
products. Sale of these products are accounted for in the
Group\u2019s income statement at a point in time when they
are delivered to the Group\u2019s customers according to the
delivery terms.
In partner supplier agreements, which entitle Group to
distribute partners\u2019 products, Anora acts as a principal
towards the end customer having control over the
product, discretion in establishing prices and owning the
inventory. Accordingly, revenue recognised is the gross
amount to which Anora is entitled to in these
product\u00a0sales.
Sale of services
The sale of services contracts essentially include a single
performance obligation, being a series of distinct
services such as contract manufacturing, customer
services and logistics. The revenue recognition occurs at
a point in time, when the control of the goods is
transferred to the customer according to the delivery
terms. Revenue from the sale of services is recognised at
the time of delivery of services, which in most cases
correspond with delivery of the goods manufactured or
goods distributed being delivered to the customers
according to the delivery terms. This include the logistics
business, as this business is acting as an agent on behalf
of its business partners, and therefore the logistics
services are considered completed at the time of the
goods being delivered to the customers according to
delivery terms.
The revenue from activity-based services at logistics
business, such as rent for storage of pallets,
reconstruction of pallets from larger EUR pallets to
smaller quarter pallets, destruction services, etc, is
recognised over time. Input for these services is based on
actual pallet places of storage being used during the
period, actual number of pallets being reconstructed
during a period or actual volume being destructed
during a period.
Financing components
Primarily accounts receivable fall due 0\u201360 days after
invoicing date. Transaction prices do not include any
significant financing components.
Critical estimates and management
judgement - Revenue recognition
Anora provides volume-based rebates, bonuses and
other discounts to their customers in open markets and
on-trade customers in the monopoly markets. These
classify as variable considerations within contracts with
customers. The Group estimates consideration to which it
will be entitled in exchange for transferring goods to the
customers, including amounts that are variable. The
variable consideration is estimated at a contract
inception based on expected sales volumes using
historical and year-to-date sales data and other
information about trading with individual customers or
groups of customers. The Group estimates discounts,
rebates and bonuses using the most likely amount
method.
Contracts assets and liabilities
Contract assets represent the amount which Anora has
right to receive goods expected to be returned to
inventory with respect to return clauses in the contracts.
Contract assets are measured at the former carrying
amount of the inventory less any expected costs to
recover the goods and less any impairment losses.
Contract liabilities represent the amount received or
receivable that is expected to be returned as a refund
liability. These contracts assets or liabilities are very
limited in the Group and are included in other
receivables or other payables in the Group\u2019s
balance\u00a0sheet.
Excise taxes related to sales
The amount of excise tax deducted from sales
revenue is significant. The amounts of sales including
tax and excise taxes are presented below:
EUR million
2025
2024
Sales revenue before deduction of
excise tax
1,242.4
1,317.6
Excise tax
-584.5
-625.6
Net sales
657.9
692.0
Tax share of sales revenues, %
47.0%
47.5%
Net Sales by products
EUR million
2025
2024
Wines
301.1
323.0
Spirits
215.1
227.0
Industrial Products
56.1
58.5
Total sale of products
572.3
608.5
recognition occurs at a point in time
572.3
608.5
Contract manufacturing services
51.9
52.7
recognition occurs at a point in time
51.9
52.7
Logistics services
33.7
30.8
recognition occurs over time
5.4
5.0
recognition occurs at a point in time
28.3
25.8
Total sale of services
85.6
83.5
Net sales
657.9
692.0
1.3\u00a0 Other operating income
Other operating income mainly includes gains on the
disposals of non-current assets, income from sale of
energy, water, steam and carbon dioxide, gains on
sale of emission allowances, rental income and
related non-core business service income and
contract termination fees.
In the comparative period, gains on sale of
subsidiaries and business operations relates to sale
of Sn\u00e4ller\u00f6ds schnapps brand.
EUR million
2025
2024
Gains on sale of subsidiaries and
business operations
\u2013
0.2
Gains on sale of property, plant and
equipment and intangible assets
1.8
0.1
Gains on disposal of right-of-use assets
1.1
\u2013
Gains on sale of emission allowances
0.8
\u2013
Rental income
1.4
1.5
Income from sale of energy, water,
steam and carbon dioxide
4.3
4.4
Other income
2.4
2.4
Total
11.9
8.5
1.4\u00a0 Materials and services
Materials and services consist of cost of material,
such as barley, wine, different spirit, liquids, ground
water as well as other ingredients needed for a
variety of different drinks, packaging materials,
changes in inventories, scrapping and obsolescence
costs and external services such as logistics and
warehousing. Refer to note 2.4\u00a0 Inventories for further
information about cost of goods sold and
obsolescence.
EUR million
2025
2024
Raw materials, consumables and goods
-370.1
-395.4
Scrapping and obsolescence
-5.2
-6.1
External services
-2.6
-5.6
Total
-377.9
-407.1
1.5\u00a0 Employee benefit expenses
EUR million
2025
2024
Wages and salaries
-83.7
-83.1
Pension expenses
Defined contributions plans
-10.9
-10.8
Defined benefit plans
-0.1
-0.1
Share-based payments
-0.4
-0.2
Other social expenses
-10.1
-9.6
Total
-105.2
-103.9
In Anora, the total wages and salaries of personnel
consists of fixed and variable pay, allowances, short
and long-term incentives and fringe benefits.
Employee benefit expenses include personnel
related restructuring costs of EUR 4.5 (2024 : 1.3) million.
The EUR 4.5 (1.3) million restructuring costs was split
EUR 2.7 (0.7) million to Wines, EUR 1.4 (0.2) million to
Spirits, EUR 0.2 (0.2) million to Industrial and EUR 0.2
(0.2) million in unallocated headquarter costs.
Average number of personnel during the period
Person
2025
2024
Workers
515
519
Clerical employees
714
711
Total
1,229
1,230
More information on the Group\u2019s pension plans is
presented in Note 2.6\u00a0 Employee benefit obligations.
Information of management remuneration is
presented in Note 6.3\u00a0 Related party transactions and
6.4\u00a0 Share-based payments.
1.6\u00a0 Other operating expenses
EUR million
2025
2024
Losses on sales and disposals of
property, plant and equipment and
intangible assets
\u2013
-0.1
Short term, low value and other lease
related expenses
-2.6
-3.2
Marketing expenses
-26.6
-28.3
Travel and representation expenses
-4.1
-4.1
Consulting and other purchased
services
-22.7
-23.6
Repair and maintenance expenses
-14.3
-13.7
Cars and transport services
-6.8
-7.3
Energy expenses
-12.1
-11.7
IT expenses
-11.8
-10.8
Variable sales expenses
-14.4
-15.2
Other expenses
-9.8
-10.1
Total
-125.2
-128.3
Auditor\u2019s fees included in other operating expenses
EUR million
2025
2024
Audit fees
-1.2
-1.3
Audit-related services1
\u2013
\u2013
Sustainability report related assurance
services1
-0.2
-0.1
Other fees
\u2013
-0.1
Total
-1.5
-1.5
1 Fees for assignments referred to in Chapter 1, Section 1, Subsection 1,
Paragraph 2 of the Auditing Act
1.7\u00a0 Research and development
expenditures
Operating result include research and development
expenditures amounting to EUR 2.9 million (2024: EUR
2.7 million). The R&D expenditures represent 0.4% of
net sales in 2025 (2024: 0.4%).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
1\u00a0 Operating result
1.1\u00a0 Segment information
Description of segments
and principal activities
The reportable segments of Anora in these
consolidated financial statements consist of Wine,
Spirits, and Industrial.
The Board of Directors of Anora is determined as
the Group\u2019s Chief Operative Decision Maker (CODM)
being responsible for allocating resources, deciding
on strategy and assessing performance of the
operating segments. The reportable segments are
based on Anora\u2019s operating structure and internal
reporting to the CODM and used to assess the
performance of the segments.
The Board of Directors uses alternative
performance measures alongside the IFRS financial
statements indicators in the Group\u2019s results reporting.
The Board of Directors assesses the segments\u2019
performances based on internal measures of gross
profit and comparable EBITDA derived as follows:
\u2022 Net sales, other operating income, and direct
materials and services including change in
inventories reported within the Gross Profit
\u2022 Results reporting to management corresponds to
the accounting policies of the consolidated
financial statements apart from Items affecting
comparability (IAC)
\u2022 In reporting to Board of Directors the Groups\u2019 and
segments\u2019 Comparable EBITDA and Group\u2019s total
EBIT are adjusted with IACs. IACs comprise of
material items outside normal business, such as
net gains or losses from business and assets
disposals, impairment losses, cost for closure of
business operations and restructurings, major
corporate projects including direct transaction
costs related to business combinations and the
merger, merger related integration costs, expenses
arising from the fair valuation of inventories in
connection with merger, voluntary pension plan
change, and costs related to other corporate
development
\u2022 Expenses allocated to the segments related to
shared function costs or business support services,
comprise costs such as centralised marketing
costs, IT infrastructure related costs, shared
support services, headquarter costs including
finance and treasury, legal and human resource
related costs as well as certain warehousing and
service fees. For internal reporting purposes these
cost allocations are based on budgeted amounts
and variances from budgeted amounts are
presented under column \u201cGroup and allocations\u201d,
and this can result in either incurred overruns or
savings compared to budgeted amounts
\u2022 The Group and allocations column also includes
unallocated headquarter costs
The reportable segments comprise the following:
Wine
The Wine segment develops, markets and sells
Anora\u2019s own wine brands as well as partner wines to
its customers in the monopoly markets and Denmark
(\u201cwine business\u201d). Wine segment in Denmark also
comprises K\u00f8ge wine filling plant in Denmark and
third party contract manufacturing (\u201cfiller services\u201d).
Spirits
The Spirits segment develops, markets and sells
Anora\u2019s own spirits brands and partner brands to its
customers in Finland, Sweden, Norway and the Baltic
countries, Denmark and Germany. The Spirits
segment also includes global duty free and travel
retail and exports to markets not listed above.
Industrial
The Industrial segment comprises Anora\u2019s industrial
business \u2013 industrial products and contract
manufacturing (mainly for the Spirits business but
also to some extent for the Wine business), the
logistics company Vectura, internal production and
supply chain operations. Industrial segment includes
production and/or logistics facilities in main locations
Koskenkorva and Rajam\u00e4ki in Finland, Gjeller\u00e5sen in
Norway, Sundsvall in Sweden and Tabasalu in Estonia.
In addition, there is a small aquavit distillery in
Atlungstad in Norway.
Segment net sales and results
All intra-group business transactions are made
based on arm\u2019s length principles. The following tables
set out the segment net sales and Comparable
EBITDA as well as the reconciliation of the
Comparable EBITDA to the Group\u2019s operating result.
1 Jan\u201331 Dec 2025
EUR million
Wines
Spirits
Industrial
Group and
allocations
Eliminations
Group
Net sales external
301.1
215.1
141.7
\u2013
\u2013
657.9
Net sales internal
\u2013
\u2013
83.2
\u2013
-83.2
\u2013
Total Net Sales
301.1
215.1
224.8
\u2013
-83.2
657.9
Other operating
income external
0.9
1.3
9.6
0.1
\u2013
11.9
Other operating
income internal
\u2013
\u2013
14.4
31.5
-45.9
\u2013
Total Other operating
income
0.9
1.3
24.0
31.6
-45.9
11.9
Costs of goods sold
-212.5
-116.0
-132.6
\u2013
83.2
-377.9
Gross profit
89.6
100.4
116.2
31.6
-45.9
291.9
Other operating
expenses
-77.2
-60.4
-96.8
-42.0
45.9
-230.4
EBITDA
12.4
40.0
19.5
-10.4
\u2013
61.5
Items affecting
comparability
6.2
0.4
-1.5
4.5
\u2013
9.6
Comparable EBITDA
18.6
40.4
18.0
-5.9
\u2013
71.1
EBITDA
61.5
Depreciation,
amortisation and
impairment
-37.6
Operating result
23.8
1 Jan\u201331 Dec 2024
EUR million
Wines
Spirits
Industrial
Group and
allocations
Eliminations
Group
Net sales external
323.0
227.0
142.0
\u2013
\u2013
692.0
Net sales internal
\u2013
\u2013
92.0
\u2013
-92.0
\u2013
Total Net Sales
323.0
227.0
234.0
\u2013
-92.0
692.0
Other operating
income external
\u20ac553184.4
80844483
\u20ac213997.54
3932882
\u20ac7335027.
29735745
\u20ac401083.67
8539645
\u20ac0
8.5
Other operating
income internal
\u2013
\u2013
14.2
30.5
-44.7
\u2013
Total Other operating
income
0.6
0.2
21.6
30.9
-44.7
8.5
Costs of goods sold
-228.6
-125.6
-144.9
\u2013
92.0
-407.1
Gross profit
94.9
101.7
110.7
30.9
-44.7
293.4
Other operating
expenses
-75.7
-63.8
-98.6
-38.8
44.7
-232.1
EBITDA
19.2
37.9
12.1
-7.9
\u2013
61.3
Items affecting
comparability
2.9
0.1
2.6
2.0
\u2013
7.6
Comparable EBITDA
22.1
38.0
14.7
-5.9
\u2013
68.9
EBITDA
61.3
Depreciation,
amortisation and
impairment
-26.8
Operating result
34.5
In 2025, Anora Group\u2019s net sales amounted to EUR
657.9 (692.0) million, a decrease of 4.9% compared to
the previous year. A significant part of the decline
related to lower volumes in the filler services in Wine
and changes in the partner portfolio in Spirits from
prior year and earlier this year.
The gross margin increased to 44.4% (42.4%) of net
sales, with improvements in all segments. The gross
profit amounted to EUR 291.9 (293.4) million.
Anora Group\u2019s 2025 comparable EBITDA amounted
to EUR 71.1 (68.9) million or 10.8% (10.0%) of net sales. The
operating expenses were below last year including
personnel related restructuring costs amounting to
EUR 4.5 (1.3) million and other costs of closure of
business and restructuring amouting to EUR 0.7 (1.2 )
million. More information on the personnel related
restructuring expenses is presented in Note 1.5. As
part of the Fit, Fix, Focus programme, Anora has
reviewed it\u2019s partner portfolio resulting in inventory
write-downs of EUR 3.6 milion in the Wine segment
reported as IAC. In the comparison year, additional
inventory impairments were made in Industrial and
Wine segments amounting to EUR 3.8 million, reported
as IACs. More information is presented in Note 2.4.
A total of EUR 2.8 (0.2) million net gains and losses
from business and assets disposals were reported as
IACs, additional information in Note 1.3. Rest of the
items reported as IAC relate mainly to other major
corporate projects such as the new strategy,
mergers, acquisitions and disposals pipeline.
Impairment losses amouting to EUR 10.5 (\u2013) million are
included in depreciation, amortisation and
impairment. More information is presented in Note 2.1
Other entity-wide disclosures
Net sales by geography
Net sales broken down by the segment and country
(based on legal units) for the years ended 31
December 2025 and 2024 were as follows:
EUR million
2025
%
2024
%
Wine
Finland
48.7
16.2%
54.5
16.9%
Sweden
120.1
39.9%
113.7
35.2%
Norway
67.9
22.6%
74.3
23.0%
Denmark
64.4
21.4%
77.5
24.0%
Other countries
\u2013
0.0%
3.0
0.9%
Wine Total
301.1
100.0%
323.0
100.0%
Spirits
Finland
57.4
26.7%
58.2
25.7%
Sweden
48.3
22.5%
54.4
24.0%
Norway
46.1
21.4%
50.3
22.1%
Denmark
18.4
8.5%
19.4
8.5%
Other countries
44.9
20.9%
44.7
19.7%
Spirits Total
215.1
100.0%
227.0
100.0%
Industrial
Finland
105.0
74.1%
106.4
75.0%
Norway
28.1
19.8%
27.1
19.1%
Other countries
8.6
6.1%
8.5
6.0%
Industrial Total
141.7
100.0%
142.0
100.0%
Total
657.9
692.0
Significant customer relationships
The Group has significant customer relationships with
Alko in Finland, with Vinmonopolet in Norway and
Systembolaget in Sweden, related to sales from the
Wine and Spirits segments and presented in the table
below.\u00a0 In Industrial segment net sales of EUR 44.5
million (2024: EUR 43.3 million) were derived from a
single external customer. No other single external
customer represented 10 per cent or more of Anora\u2019s
total net sales for the years ended 31 December 2025\u00a0
or 2024.
EUR million
2025
2024
Alko
73.8
85.8
Vinmonopolet
90.8
101.1
Systembolaget
141.3
140.4
Non-current assets by geography
The total of non-current assets excluding financial
instruments and deferred tax assets broken down by
the location of the assets as at 31 December 2025\u00a0
and 2024 were as follows:
EUR million
2025
2024
Finland
106.8
104.7
Sweden
39.1
38.5
Norway
311.3
323.3
Estonia
2.2
2.1
Latvia
0.3
0.5
Denmark
141.7
149.8
Other countries
7.9
8.2
Total
609.1
627.1
Non-current financial
assets1
2.2
0.8
Non-current assets
total
611.4
627.9
1See Note 3.2.3\u00a0 Classification and fair values of financial assets and
liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
1.1\u00a0 Segment information
Description of segments
and principal activities
The reportable segments of Anora in these
consolidated financial statements consist of Wine,
Spirits, and Industrial.
The Board of Directors of Anora is determined as
the Group\u2019s Chief Operative Decision Maker (CODM)
being responsible for allocating resources, deciding
on strategy and assessing performance of the
operating segments. The reportable segments are
based on Anora\u2019s operating structure and internal
reporting to the CODM and used to assess the
performance of the segments.
The Board of Directors uses alternative
performance measures alongside the IFRS financial
statements indicators in the Group\u2019s results reporting.
The Board of Directors assesses the segments\u2019
performances based on internal measures of gross
profit and comparable EBITDA derived as follows:
\u2022 Net sales, other operating income, and direct
materials and services including change in
inventories reported within the Gross Profit
\u2022 Results reporting to management corresponds to
the accounting policies of the consolidated
financial statements apart from Items affecting
comparability (IAC)
\u2022 In reporting to Board of Directors the Groups\u2019 and
segments\u2019 Comparable EBITDA and Group\u2019s total
EBIT are adjusted with IACs. IACs comprise of
material items outside normal business, such as
net gains or losses from business and assets
disposals, impairment losses, cost for closure of
business operations and restructurings, major
corporate projects including direct transaction
costs related to business combinations and the
merger, merger related integration costs, expenses
arising from the fair valuation of inventories in
connection with merger, voluntary pension plan
change, and costs related to other corporate
development
\u2022 Expenses allocated to the segments related to
shared function costs or business support services,
comprise costs such as centralised marketing
costs, IT infrastructure related costs, shared
support services, headquarter costs including
finance and treasury, legal and human resource
related costs as well as certain warehousing and
service fees. For internal reporting purposes these
cost allocations are based on budgeted amounts
and variances from budgeted amounts are
presented under column \u201cGroup and allocations\u201d,
and this can result in either incurred overruns or
savings compared to budgeted amounts
\u2022 The Group and allocations column also includes
unallocated headquarter costs
The reportable segments comprise the following:
Wine
The Wine segment develops, markets and sells
Anora\u2019s own wine brands as well as partner wines to
its customers in the monopoly markets and Denmark
(\u201cwine business\u201d). Wine segment in Denmark also
comprises K\u00f8ge wine filling plant in Denmark and
third party contract manufacturing (\u201cfiller services\u201d).
Spirits
The Spirits segment develops, markets and sells
Anora\u2019s own spirits brands and partner brands to its
customers in Finland, Sweden, Norway and the Baltic
countries, Denmark and Germany. The Spirits
segment also includes global duty free and travel
retail and exports to markets not listed above.
Industrial
The Industrial segment comprises Anora\u2019s industrial
business \u2013 industrial products and contract
manufacturing (mainly for the Spirits business but
also to some extent for the Wine business), the
logistics company Vectura, internal production and
supply chain operations. Industrial segment includes
production and/or logistics facilities in main locations
Koskenkorva and Rajam\u00e4ki in Finland, Gjeller\u00e5sen in
Norway, Sundsvall in Sweden and Tabasalu in Estonia.
In addition, there is a small aquavit distillery in
Atlungstad in Norway.
Segment net sales and results
All intra-group business transactions are made
based on arm\u2019s length principles. The following tables
set out the segment net sales and Comparable
EBITDA as well as the reconciliation of the
Comparable EBITDA to the Group\u2019s operating result.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
Net sales by geography
Net sales broken down by the segment and country
(based on legal units) for the years ended 31
December 2025 and 2024 were as follows:
EUR million
2025
%
2024
%
Wine
Finland
48.7
16.2%
54.5
16.9%
Sweden
120.1
39.9%
113.7
35.2%
Norway
67.9
22.6%
74.3
23.0%
Denmark
64.4
21.4%
77.5
24.0%
Other countries
\u2013
0.0%
3.0
0.9%
Wine Total
301.1
100.0%
323.0
100.0%
Spirits
Finland
57.4
26.7%
58.2
25.7%
Sweden
48.3
22.5%
54.4
24.0%
Norway
46.1
21.4%
50.3
22.1%
Denmark
18.4
8.5%
19.4
8.5%
Other countries
44.9
20.9%
44.7
19.7%
Spirits Total
215.1
100.0%
227.0
100.0%
Industrial
Finland
105.0
74.1%
106.4
75.0%
Norway
28.1
19.8%
27.1
19.1%
Other countries
8.6
6.1%
8.5
6.0%
Industrial Total
141.7
100.0%
142.0
100.0%
Total
657.9
692.0
Significant customer relationships
The Group has significant customer relationships with
Alko in Finland, with Vinmonopolet in Norway and
Systembolaget in Sweden, related to sales from the
Wine and Spirits segments and presented in the table
below.\u00a0 In Industrial segment net sales of EUR 44.5
million (2024: EUR 43.3 million) were derived from a
single external customer. No other single external
customer represented 10 per cent or more of Anora\u2019s
total net sales for the years ended 31 December 2025\u00a0
or 2024.
EUR million
2025
2024
Alko
73.8
85.8
Vinmonopolet
90.8
101.1
Systembolaget
141.3
140.4
Non-current assets by geography
The total of non-current assets excluding financial
instruments and deferred tax assets broken down by
the location of the assets as at 31 December 2025\u00a0
and 2024 were as follows:
EUR million
2025
2024
Finland
106.8
104.7
Sweden
39.1
38.5
Norway
311.3
323.3
Estonia
2.2
2.1
Latvia
0.3
0.5
Denmark
141.7
149.8
Other countries
7.9
8.2
Total
609.1
627.1
Non-current financial
assets1
2.2
0.8
Non-current assets
total
611.4
627.9
1See Note 3.2.3\u00a0 Classification and fair values of financial assets and
liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
Net sales by geography
Net sales broken down by the segment and country
(based on legal units) for the years ended 31
December 2025 and 2024 were as follows:
EUR million
2025
%
2024
%
Wine
Finland
48.7
16.2%
54.5
16.9%
Sweden
120.1
39.9%
113.7
35.2%
Norway
67.9
22.6%
74.3
23.0%
Denmark
64.4
21.4%
77.5
24.0%
Other countries
\u2013
0.0%
3.0
0.9%
Wine Total
301.1
100.0%
323.0
100.0%
Spirits
Finland
57.4
26.7%
58.2
25.7%
Sweden
48.3
22.5%
54.4
24.0%
Norway
46.1
21.4%
50.3
22.1%
Denmark
18.4
8.5%
19.4
8.5%
Other countries
44.9
20.9%
44.7
19.7%
Spirits Total
215.1
100.0%
227.0
100.0%
Industrial
Finland
105.0
74.1%
106.4
75.0%
Norway
28.1
19.8%
27.1
19.1%
Other countries
8.6
6.1%
8.5
6.0%
Industrial Total
141.7
100.0%
142.0
100.0%
Total
657.9
692.0
1.2\u00a0 Revenue recognition
The most significant revenue flows are generated by
the sale of own products and partner brands to
Scandinavian wine and spirit monopolies, HoReCa
industry, alcoholic beverage wholesalers, retail
grocery stores and travel retail customers. In addition,
revenues are generated by contract manufacturing,
sale of logistics services and the sale of industrial
products, such as starch, feed and technical ethanol.
Accounting policy - Revenue recognition
The revenue is recognised at an amount of consideration
to which the Group expects to be entitled in exchange for
transferring promised goods or services to a customer.
The transaction price may include variable
considerations such as volume discounts, bonuses,
marketing support and product returns. The variable
considerations are estimated using the most likely value
method if not yet realised in the end of reporting period.
The revenue is further adjusted with indirect sales taxes,
excise taxes, deposit and recycling\u00a0fees.
Sale of goods
The wine and spirits businesses generally only sell
physical products in the form of wine and spirits
products. Sale of these products are accounted for in the
Group\u2019s income statement at a point in time when they
are delivered to the Group\u2019s customers according to the
delivery terms.
In partner supplier agreements, which entitle Group to
distribute partners\u2019 products, Anora acts as a principal
towards the end customer having control over the
product, discretion in establishing prices and owning the
inventory. Accordingly, revenue recognised is the gross
amount to which Anora is entitled to in these
product\u00a0sales.
Sale of services
The sale of services contracts essentially include a single
performance obligation, being a series of distinct
services such as contract manufacturing, customer
services and logistics. The revenue recognition occurs at
a point in time, when the control of the goods is
transferred to the customer according to the delivery
terms. Revenue from the sale of services is recognised at
the time of delivery of services, which in most cases
correspond with delivery of the goods manufactured or
goods distributed being delivered to the customers
according to the delivery terms. This include the logistics
business, as this business is acting as an agent on behalf
of its business partners, and therefore the logistics
services are considered completed at the time of the
goods being delivered to the customers according to
delivery terms.
The revenue from activity-based services at logistics
business, such as rent for storage of pallets,
reconstruction of pallets from larger EUR pallets to
smaller quarter pallets, destruction services, etc, is
recognised over time. Input for these services is based on
actual pallet places of storage being used during the
period, actual number of pallets being reconstructed
during a period or actual volume being destructed
during a period.
Financing components
Primarily accounts receivable fall due 0\u201360 days after
invoicing date. Transaction prices do not include any
significant financing components.
Critical estimates and management
judgement - Revenue recognition
Anora provides volume-based rebates, bonuses and
other discounts to their customers in open markets and
on-trade customers in the monopoly markets. These
classify as variable considerations within contracts with
customers. The Group estimates consideration to which it
will be entitled in exchange for transferring goods to the
customers, including amounts that are variable. The
variable consideration is estimated at a contract
inception based on expected sales volumes using
historical and year-to-date sales data and other
information about trading with individual customers or
groups of customers. The Group estimates discounts,
rebates and bonuses using the most likely amount
method.
Contracts assets and liabilities
Contract assets represent the amount which Anora has
right to receive goods expected to be returned to
inventory with respect to return clauses in the contracts.
Contract assets are measured at the former carrying
amount of the inventory less any expected costs to
recover the goods and less any impairment losses.
Contract liabilities represent the amount received or
receivable that is expected to be returned as a refund
liability. These contracts assets or liabilities are very
limited in the Group and are included in other
receivables or other payables in the Group\u2019s
balance\u00a0sheet.
Excise taxes related to sales
The amount of excise tax deducted from sales
revenue is significant. The amounts of sales including
tax and excise taxes are presented below:
EUR million
2025
2024
Sales revenue before deduction of
excise tax
1,242.4
1,317.6
Excise tax
-584.5
-625.6
Net sales
657.9
692.0
Tax share of sales revenues, %
47.0%
47.5%
Net Sales by products
EUR million
2025
2024
Wines
301.1
323.0
Spirits
215.1
227.0
Industrial Products
56.1
58.5
Total sale of products
572.3
608.5
recognition occurs at a point in time
572.3
608.5
Contract manufacturing services
51.9
52.7
recognition occurs at a point in time
51.9
52.7
Logistics services
33.7
30.8
recognition occurs over time
5.4
5.0
recognition occurs at a point in time
28.3
25.8
Total sale of services
85.6
83.5
Net sales
657.9
692.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
1.2\u00a0 Revenue recognition
The most significant revenue flows are generated by
the sale of own products and partner brands to
Scandinavian wine and spirit monopolies, HoReCa
industry, alcoholic beverage wholesalers, retail
grocery stores and travel retail customers. In addition,
revenues are generated by contract manufacturing,
sale of logistics services and the sale of industrial
products, such as starch, feed and technical ethanol.
Accounting policy - Revenue recognition
The revenue is recognised at an amount of consideration
to which the Group expects to be entitled in exchange for
transferring promised goods or services to a customer.
The transaction price may include variable
considerations such as volume discounts, bonuses,
marketing support and product returns. The variable
considerations are estimated using the most likely value
method if not yet realised in the end of reporting period.
The revenue is further adjusted with indirect sales taxes,
excise taxes, deposit and recycling\u00a0fees.
Sale of goods
The wine and spirits businesses generally only sell
physical products in the form of wine and spirits
products. Sale of these products are accounted for in the
Group\u2019s income statement at a point in time when they
are delivered to the Group\u2019s customers according to the
delivery terms.
In partner supplier agreements, which entitle Group to
distribute partners\u2019 products, Anora acts as a principal
towards the end customer having control over the
product, discretion in establishing prices and owning the
inventory. Accordingly, revenue recognised is the gross
amount to which Anora is entitled to in these
product\u00a0sales.
Sale of services
The sale of services contracts essentially include a single
performance obligation, being a series of distinct
services such as contract manufacturing, customer
services and logistics. The revenue recognition occurs at
a point in time, when the control of the goods is
transferred to the customer according to the delivery
terms. Revenue from the sale of services is recognised at
the time of delivery of services, which in most cases
correspond with delivery of the goods manufactured or
goods distributed being delivered to the customers
according to the delivery terms. This include the logistics
business, as this business is acting as an agent on behalf
of its business partners, and therefore the logistics
services are considered completed at the time of the
goods being delivered to the customers according to
delivery terms.
The revenue from activity-based services at logistics
business, such as rent for storage of pallets,
reconstruction of pallets from larger EUR pallets to
smaller quarter pallets, destruction services, etc, is
recognised over time. Input for these services is based on
actual pallet places of storage being used during the
period, actual number of pallets being reconstructed
during a period or actual volume being destructed
during a period.
Financing components
Primarily accounts receivable fall due 0\u201360 days after
invoicing date. Transaction prices do not include any
significant financing components.
Critical estimates and management
judgement - Revenue recognition
Anora provides volume-based rebates, bonuses and
other discounts to their customers in open markets and
on-trade customers in the monopoly markets. These
classify as variable considerations within contracts with
customers. The Group estimates consideration to which it
will be entitled in exchange for transferring goods to the
customers, including amounts that are variable. The
variable consideration is estimated at a contract
inception based on expected sales volumes using
historical and year-to-date sales data and other
information about trading with individual customers or
groups of customers. The Group estimates discounts,
rebates and bonuses using the most likely amount
method.
Contracts assets and liabilities
Contract assets represent the amount which Anora has
right to receive goods expected to be returned to
inventory with respect to return clauses in the contracts.
Contract assets are measured at the former carrying
amount of the inventory less any expected costs to
recover the goods and less any impairment losses.
Contract liabilities represent the amount received or
receivable that is expected to be returned as a refund
liability. These contracts assets or liabilities are very
limited in the Group and are included in other
receivables or other payables in the Group\u2019s
balance\u00a0sheet.
Excise taxes related to sales
The amount of excise tax deducted from sales
revenue is significant. The amounts of sales including
tax and excise taxes are presented below:
EUR million
2025
2024
Sales revenue before deduction of
excise tax
1,242.4
1,317.6
Excise tax
-584.5
-625.6
Net sales
657.9
692.0
Tax share of sales revenues, %
47.0%
47.5%
Net Sales by products
EUR million
2025
2024
Wines
301.1
323.0
Spirits
215.1
227.0
Industrial Products
56.1
58.5
Total sale of products
572.3
608.5
recognition occurs at a point in time
572.3
608.5
Contract manufacturing services
51.9
52.7
recognition occurs at a point in time
51.9
52.7
Logistics services
33.7
30.8
recognition occurs over time
5.4
5.0
recognition occurs at a point in time
28.3
25.8
Total sale of services
85.6
83.5
Net sales
657.9
692.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
1.2\u00a0 Revenue recognition
The most significant revenue flows are generated by
the sale of own products and partner brands to
Scandinavian wine and spirit monopolies, HoReCa
industry, alcoholic beverage wholesalers, retail
grocery stores and travel retail customers. In addition,
revenues are generated by contract manufacturing,
sale of logistics services and the sale of industrial
products, such as starch, feed and technical ethanol.
Accounting policy - Revenue recognition
The revenue is recognised at an amount of consideration
to which the Group expects to be entitled in exchange for
transferring promised goods or services to a customer.
The transaction price may include variable
considerations such as volume discounts, bonuses,
marketing support and product returns. The variable
considerations are estimated using the most likely value
method if not yet realised in the end of reporting period.
The revenue is further adjusted with indirect sales taxes,
excise taxes, deposit and recycling\u00a0fees.
Sale of goods
The wine and spirits businesses generally only sell
physical products in the form of wine and spirits
products. Sale of these products are accounted for in the
Group\u2019s income statement at a point in time when they
are delivered to the Group\u2019s customers according to the
delivery terms.
In partner supplier agreements, which entitle Group to
distribute partners\u2019 products, Anora acts as a principal
towards the end customer having control over the
product, discretion in establishing prices and owning the
inventory. Accordingly, revenue recognised is the gross
amount to which Anora is entitled to in these
product\u00a0sales.
Sale of services
The sale of services contracts essentially include a single
performance obligation, being a series of distinct
services such as contract manufacturing, customer
services and logistics. The revenue recognition occurs at
a point in time, when the control of the goods is
transferred to the customer according to the delivery
terms. Revenue from the sale of services is recognised at
the time of delivery of services, which in most cases
correspond with delivery of the goods manufactured or
goods distributed being delivered to the customers
according to the delivery terms. This include the logistics
business, as this business is acting as an agent on behalf
of its business partners, and therefore the logistics
services are considered completed at the time of the
goods being delivered to the customers according to
delivery terms.
The revenue from activity-based services at logistics
business, such as rent for storage of pallets,
reconstruction of pallets from larger EUR pallets to
smaller quarter pallets, destruction services, etc, is
recognised over time. Input for these services is based on
actual pallet places of storage being used during the
period, actual number of pallets being reconstructed
during a period or actual volume being destructed
during a period.
Financing components
Primarily accounts receivable fall due 0\u201360 days after
invoicing date. Transaction prices do not include any
significant financing components.
Critical estimates and management
judgement - Revenue recognition
Anora provides volume-based rebates, bonuses and
other discounts to their customers in open markets and
on-trade customers in the monopoly markets. These
classify as variable considerations within contracts with
customers. The Group estimates consideration to which it
will be entitled in exchange for transferring goods to the
customers, including amounts that are variable. The
variable consideration is estimated at a contract
inception based on expected sales volumes using
historical and year-to-date sales data and other
information about trading with individual customers or
groups of customers. The Group estimates discounts,
rebates and bonuses using the most likely amount
method.
Contracts assets and liabilities
Contract assets represent the amount which Anora has
right to receive goods expected to be returned to
inventory with respect to return clauses in the contracts.
Contract assets are measured at the former carrying
amount of the inventory less any expected costs to
recover the goods and less any impairment losses.
Contract liabilities represent the amount received or
receivable that is expected to be returned as a refund
liability. These contracts assets or liabilities are very
limited in the Group and are included in other
receivables or other payables in the Group\u2019s
balance\u00a0sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
Critical estimates and management
judgement - Revenue recognition
Anora provides volume-based rebates, bonuses and
other discounts to their customers in open markets and
on-trade customers in the monopoly markets. These
classify as variable considerations within contracts with
customers. The Group estimates consideration to which it
will be entitled in exchange for transferring goods to the
customers, including amounts that are variable. The
variable consideration is estimated at a contract
inception based on expected sales volumes using
historical and year-to-date sales data and other
information about trading with individual customers or
groups of customers. The Group estimates discounts,
rebates and bonuses using the most likely amount
method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
Excise taxes related to sales
The amount of excise tax deducted from sales
revenue is significant. The amounts of sales including
tax and excise taxes are presented below:
EUR million
2025
2024
Sales revenue before deduction of
excise tax
1,242.4
1,317.6
Excise tax
-584.5
-625.6
Net sales
657.9
692.0
Tax share of sales revenues, %
47.0%
47.5%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
1.3\u00a0 Other operating income
Other operating income mainly includes gains on the
disposals of non-current assets, income from sale of
energy, water, steam and carbon dioxide, gains on
sale of emission allowances, rental income and
related non-core business service income and
contract termination fees.
In the comparative period, gains on sale of
subsidiaries and business operations relates to sale
of Sn\u00e4ller\u00f6ds schnapps brand.
EUR million
2025
2024
Gains on sale of subsidiaries and
business operations
\u2013
0.2
Gains on sale of property, plant and
equipment and intangible assets
1.8
0.1
Gains on disposal of right-of-use assets
1.1
\u2013
Gains on sale of emission allowances
0.8
\u2013
Rental income
1.4
1.5
Income from sale of energy, water,
steam and carbon dioxide
4.3
4.4
Other income
2.4
2.4
Total
11.9
8.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
1.3\u00a0 Other operating income
Other operating income mainly includes gains on the
disposals of non-current assets, income from sale of
energy, water, steam and carbon dioxide, gains on
sale of emission allowances, rental income and
related non-core business service income and
contract termination fees.
In the comparative period, gains on sale of
subsidiaries and business operations relates to sale
of Sn\u00e4ller\u00f6ds schnapps brand.
EUR million
2025
2024
Gains on sale of subsidiaries and
business operations
\u2013
0.2
Gains on sale of property, plant and
equipment and intangible assets
1.8
0.1
Gains on disposal of right-of-use assets
1.1
\u2013
Gains on sale of emission allowances
0.8
\u2013
Rental income
1.4
1.5
Income from sale of energy, water,
steam and carbon dioxide
4.3
4.4
Other income
2.4
2.4
Total
11.9
8.5
1.6\u00a0 Other operating expenses
EUR million
2025
2024
Losses on sales and disposals of
property, plant and equipment and
intangible assets
\u2013
-0.1
Short term, low value and other lease
related expenses
-2.6
-3.2
Marketing expenses
-26.6
-28.3
Travel and representation expenses
-4.1
-4.1
Consulting and other purchased
services
-22.7
-23.6
Repair and maintenance expenses
-14.3
-13.7
Cars and transport services
-6.8
-7.3
Energy expenses
-12.1
-11.7
IT expenses
-11.8
-10.8
Variable sales expenses
-14.4
-15.2
Other expenses
-9.8
-10.1
Total
-125.2
-128.3
Auditor\u2019s fees included in other operating expenses
EUR million
2025
2024
Audit fees
-1.2
-1.3
Audit-related services1
\u2013
\u2013
Sustainability report related assurance
services1
-0.2
-0.1
Other fees
\u2013
-0.1
Total
-1.5
-1.5
1 Fees for assignments referred to in Chapter 1, Section 1, Subsection 1,
Paragraph 2 of the Auditing Act
1.7\u00a0 Research and development
expenditures
Operating result include research and development
expenditures amounting to EUR 2.9 million (2024: EUR
2.7 million). The R&D expenditures represent 0.4% of
net sales in 2025 (2024: 0.4%).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
1.4\u00a0 Materials and services
Materials and services consist of cost of material,
such as barley, wine, different spirit, liquids, ground
water as well as other ingredients needed for a
variety of different drinks, packaging materials,
changes in inventories, scrapping and obsolescence
costs and external services such as logistics and
warehousing. Refer to note 2.4\u00a0 Inventories for further
information about cost of goods sold and
obsolescence.
EUR million
2025
2024
Raw materials, consumables and goods
-370.1
-395.4
Scrapping and obsolescence
-5.2
-6.1
External services
-2.6
-5.6
Total
-377.9
-407.1
1.5\u00a0 Employee benefit expenses
EUR million
2025
2024
Wages and salaries
-83.7
-83.1
Pension expenses
Defined contributions plans
-10.9
-10.8
Defined benefit plans
-0.1
-0.1
Share-based payments
-0.4
-0.2
Other social expenses
-10.1
-9.6
Total
-105.2
-103.9
In Anora, the total wages and salaries of personnel
consists of fixed and variable pay, allowances, short
and long-term incentives and fringe benefits.
Employee benefit expenses include personnel
related restructuring costs of EUR 4.5 (2024 : 1.3) million.
The EUR 4.5 (1.3) million restructuring costs was split
EUR 2.7 (0.7) million to Wines, EUR 1.4 (0.2) million to
Spirits, EUR 0.2 (0.2) million to Industrial and EUR 0.2
(0.2) million in unallocated headquarter costs.
Average number of personnel during the period
Person
2025
2024
Workers
515
519
Clerical employees
714
711
Total
1,229
1,230
More information on the Group\u2019s pension plans is
presented in Note 2.6\u00a0 Employee benefit obligations.
Information of management remuneration is
presented in Note 6.3\u00a0 Related party transactions and
6.4\u00a0 Share-based payments.
1.6\u00a0 Other operating expenses
EUR million
2025
2024
Losses on sales and disposals of
property, plant and equipment and
intangible assets
\u2013
-0.1
Short term, low value and other lease
related expenses
-2.6
-3.2
Marketing expenses
-26.6
-28.3
Travel and representation expenses
-4.1
-4.1
Consulting and other purchased
services
-22.7
-23.6
Repair and maintenance expenses
-14.3
-13.7
Cars and transport services
-6.8
-7.3
Energy expenses
-12.1
-11.7
IT expenses
-11.8
-10.8
Variable sales expenses
-14.4
-15.2
Other expenses
-9.8
-10.1
Total
-125.2
-128.3
Auditor\u2019s fees included in other operating expenses
EUR million
2025
2024
Audit fees
-1.2
-1.3
Audit-related services1
\u2013
\u2013
Sustainability report related assurance
services1
-0.2
-0.1
Other fees
\u2013
-0.1
Total
-1.5
-1.5
1 Fees for assignments referred to in Chapter 1, Section 1, Subsection 1,
Paragraph 2 of the Auditing Act
1.7\u00a0 Research and development
expenditures
Operating result include research and development
expenditures amounting to EUR 2.9 million (2024: EUR
2.7 million). The R&D expenditures represent 0.4% of
net sales in 2025 (2024: 0.4%).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
1.4\u00a0 Materials and services
Materials and services consist of cost of material,
such as barley, wine, different spirit, liquids, ground
water as well as other ingredients needed for a
variety of different drinks, packaging materials,
changes in inventories, scrapping and obsolescence
costs and external services such as logistics and
warehousing. Refer to note 2.4\u00a0 Inventories for further
information about cost of goods sold and
obsolescence.
EUR million
2025
2024
Raw materials, consumables and goods
-370.1
-395.4
Scrapping and obsolescence
-5.2
-6.1
External services
-2.6
-5.6
Total
-377.9
-407.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
1.4\u00a0 Materials and services
Materials and services consist of cost of material,
such as barley, wine, different spirit, liquids, ground
water as well as other ingredients needed for a
variety of different drinks, packaging materials,
changes in inventories, scrapping and obsolescence
costs and external services such as logistics and
warehousing. Refer to note 2.4\u00a0 Inventories for further
information about cost of goods sold and
obsolescence.
EUR million
2025
2024
Raw materials, consumables and goods
-370.1
-395.4
Scrapping and obsolescence
-5.2
-6.1
External services
-2.6
-5.6
Total
-377.9
-407.1
1.5\u00a0 Employee benefit expenses
EUR million
2025
2024
Wages and salaries
-83.7
-83.1
Pension expenses
Defined contributions plans
-10.9
-10.8
Defined benefit plans
-0.1
-0.1
Share-based payments
-0.4
-0.2
Other social expenses
-10.1
-9.6
Total
-105.2
-103.9
In Anora, the total wages and salaries of personnel
consists of fixed and variable pay, allowances, short
and long-term incentives and fringe benefits.
Employee benefit expenses include personnel
related restructuring costs of EUR 4.5 (2024 : 1.3) million.
The EUR 4.5 (1.3) million restructuring costs was split
EUR 2.7 (0.7) million to Wines, EUR 1.4 (0.2) million to
Spirits, EUR 0.2 (0.2) million to Industrial and EUR 0.2
(0.2) million in unallocated headquarter costs.
Average number of personnel during the period
Person
2025
2024
Workers
515
519
Clerical employees
714
711
Total
1,229
1,230
More information on the Group\u2019s pension plans is
presented in Note 2.6\u00a0 Employee benefit obligations.
Information of management remuneration is
presented in Note 6.3\u00a0 Related party transactions and
6.4\u00a0 Share-based payments.
1.6\u00a0 Other operating expenses
EUR million
2025
2024
Losses on sales and disposals of
property, plant and equipment and
intangible assets
\u2013
-0.1
Short term, low value and other lease
related expenses
-2.6
-3.2
Marketing expenses
-26.6
-28.3
Travel and representation expenses
-4.1
-4.1
Consulting and other purchased
services
-22.7
-23.6
Repair and maintenance expenses
-14.3
-13.7
Cars and transport services
-6.8
-7.3
Energy expenses
-12.1
-11.7
IT expenses
-11.8
-10.8
Variable sales expenses
-14.4
-15.2
Other expenses
-9.8
-10.1
Total
-125.2
-128.3
Auditor\u2019s fees included in other operating expenses
EUR million
2025
2024
Audit fees
-1.2
-1.3
Audit-related services1
\u2013
\u2013
Sustainability report related assurance
services1
-0.2
-0.1
Other fees
\u2013
-0.1
Total
-1.5
-1.5
1 Fees for assignments referred to in Chapter 1, Section 1, Subsection 1,
Paragraph 2 of the Auditing Act
1.7\u00a0 Research and development
expenditures
Operating result include research and development
expenditures amounting to EUR 2.9 million (2024: EUR
2.7 million). The R&D expenditures represent 0.4% of
net sales in 2025 (2024: 0.4%).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
1.5\u00a0 Employee benefit expenses
EUR million
2025
2024
Wages and salaries
-83.7
-83.1
Pension expenses
Defined contributions plans
-10.9
-10.8
Defined benefit plans
-0.1
-0.1
Share-based payments
-0.4
-0.2
Other social expenses
-10.1
-9.6
Total
-105.2
-103.9
In Anora, the total wages and salaries of personnel
consists of fixed and variable pay, allowances, short
and long-term incentives and fringe benefits.
Employee benefit expenses include personnel
related restructuring costs of EUR 4.5 (2024 : 1.3) million.
The EUR 4.5 (1.3) million restructuring costs was split
EUR 2.7 (0.7) million to Wines, EUR 1.4 (0.2) million to
Spirits, EUR 0.2 (0.2) million to Industrial and EUR 0.2
(0.2) million in unallocated headquarter costs.
Average number of personnel during the period
Person
2025
2024
Workers
515
519
Clerical employees
714
711
Total
1,229
1,230
More information on the Group\u2019s pension plans is
presented in Note 2.6\u00a0 Employee benefit obligations.
Information of management remuneration is
presented in Note 6.3\u00a0 Related party transactions and
6.4\u00a0 Share-based payments.
2.6\u00a0 Employee benefit obligations
Group\u2019s pension arrangements
The Group operates various pension plans in
accordance with local conditions and practices in
different countries. In the Finnish, Norwegian, Swedish,
Danish and German companies, statutory pension
obligations are arranged through pension insurance
companies, when the plans are defined contribution
plans, and they are managed in accordance with
local legislation and established practice.
Gift pension and unfunded
pension arrangements
In addition to the defined contribution plans, the
Group has a few gift pensions and other unfunded
defined benefit plans for some of the employees in
Norway. On the transition to the defined contribution
plan in Norway, there were individuals who would be
disadvantaged in the event of early retirement at
65-67 years of age. To compensate for this, it was
agreed to that a gift pension would be paid to all
employees who were affected. As at 31 December
2025, this pension is linked to 61 active employees and
9 retired former employees (2024: 67 active
employees and 6 retired former employees).
In the actuarial calculated defined benefit pension
plans, the amount of the pension benefit at
retirement is calculated based on salary, years of
service and life expectancy. The Norwegian pension
plans cover only few employees, thus the related
pension liabilities are not material for the Group. At
the end of the reporting period 2025 the total
actuarial calculated defined benefit plan obligations
amounted to EUR 2.6 million (2024: EUR 2.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
1.5\u00a0 Employee benefit expenses
EUR million
2025
2024
Wages and salaries
-83.7
-83.1
Pension expenses
Defined contributions plans
-10.9
-10.8
Defined benefit plans
-0.1
-0.1
Share-based payments
-0.4
-0.2
Other social expenses
-10.1
-9.6
Total
-105.2
-103.9
In Anora, the total wages and salaries of personnel
consists of fixed and variable pay, allowances, short
and long-term incentives and fringe benefits.
Employee benefit expenses include personnel
related restructuring costs of EUR 4.5 (2024 : 1.3) million.
The EUR 4.5 (1.3) million restructuring costs was split
EUR 2.7 (0.7) million to Wines, EUR 1.4 (0.2) million to
Spirits, EUR 0.2 (0.2) million to Industrial and EUR 0.2
(0.2) million in unallocated headquarter costs.
Average number of personnel during the period
Person
2025
2024
Workers
515
519
Clerical employees
714
711
Total
1,229
1,230
More information on the Group\u2019s pension plans is
presented in Note 2.6\u00a0 Employee benefit obligations.
Information of management remuneration is
presented in Note 6.3\u00a0 Related party transactions and
6.4\u00a0 Share-based payments", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "1.5\u00a0 Employee benefit expenses
In Anora, the total wages and salaries of personnel
consists of fixed and variable pay, allowances, short
and long-term incentives and fringe benefits.
Employee benefit expenses include personnel
related restructuring costs of EUR 4.5 (2024 : 1.3) million.
The EUR 4.5 (1.3) million restructuring costs was split
EUR 2.7 (0.7) million to Wines, EUR 1.4 (0.2) million to
Spirits, EUR 0.2 (0.2) million to Industrial and EUR 0.2
(0.2) million in unallocated headquarter costs.
More information on the Group\u2019s pension plans is
presented in Note 2.6\u00a0 Employee benefit obligations.
Information of management remuneration is
presented in Note 6.3\u00a0 Related party transactions and
6.4\u00a0 Share-based payments.
2.6\u00a0 Employee benefit obligations
Group\u2019s pension arrangements
The Group operates various pension plans in
accordance with local conditions and practices in
different countries. In the Finnish, Norwegian, Swedish,
Danish and German companies, statutory pension
obligations are arranged through pension insurance
companies, when the plans are defined contribution
plans, and they are managed in accordance with
local legislation and established practice.
Gift pension and unfunded
pension arrangements
In addition to the defined contribution plans, the
Group has a few gift pensions and other unfunded
defined benefit plans for some of the employees in
Norway. On the transition to the defined contribution
plan in Norway, there were individuals who would be
disadvantaged in the event of early retirement at
65-67 years of age. To compensate for this, it was
agreed to that a gift pension would be paid to all
employees who were affected. As at 31 December
2025, this pension is linked to 61 active employees and
9 retired former employees (2024: 67 active
employees and 6 retired former employees).
In the actuarial calculated defined benefit pension
plans, the amount of the pension benefit at
retirement is calculated based on salary, years of
service and life expectancy. The Norwegian pension
plans cover only few employees, thus the related
pension liabilities are not material for the Group. At
the end of the reporting period 2025 the total
actuarial calculated defined benefit plan obligations
amounted to EUR 2.6 million (2024: EUR 2.6 million).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
1.6\u00a0 Other operating expenses
EUR million
2025
2024
Losses on sales and disposals of
property, plant and equipment and
intangible assets
\u2013
-0.1
Short term, low value and other lease
related expenses
-2.6
-3.2
Marketing expenses
-26.6
-28.3
Travel and representation expenses
-4.1
-4.1
Consulting and other purchased
services
-22.7
-23.6
Repair and maintenance expenses
-14.3
-13.7
Cars and transport services
-6.8
-7.3
Energy expenses
-12.1
-11.7
IT expenses
-11.8
-10.8
Variable sales expenses
-14.4
-15.2
Other expenses
-9.8
-10.1
Total
-125.2
-128.3
Auditor\u2019s fees included in other operating expenses
EUR million
2025
2024
Audit fees
-1.2
-1.3
Audit-related services1
\u2013
\u2013
Sustainability report related assurance
services1
-0.2
-0.1
Other fees
\u2013
-0.1
Total
-1.5
-1.5
1 Fees for assignments referred to in Chapter 1, Section 1, Subsection 1,
Paragraph 2 of the Auditing Act
1.7\u00a0 Research and development
expenditures
Operating result include research and development
expenditures amounting to EUR 2.9 million (2024: EUR
2.7 million). The R&D expenditures represent 0.4% of
net sales in 2025 (2024: 0.4%).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Auditor\u2019s fees included in other operating expenses
EUR million
2025
2024
Audit fees
-1.2
-1.3
Audit-related services1
\u2013
\u2013
Sustainability report related assurance
services1
-0.2
-0.1
Other fees
\u2013
-0.1
Total
-1.5
-1.5
1 Fees for assignments referred to in Chapter 1, Section 1, Subsection 1,
Paragraph 2 of the Auditing Act
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
1.7\u00a0 Research and development
expenditures
Operating result include research and development
expenditures amounting to EUR 2.9 million (2024: EUR
2.7 million). The R&D expenditures represent 0.4% of
net sales in 2025 (2024: 0.4%).", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
2\u00a0 Operative assets and
liabilities
2.1\u00a0 Goodwill and other intangible assets
Intangible assets comprise of goodwill, marketing
related intangible assets (trademarks and company
brands), customer related intangible assets, software,
other intangible assets and prepayments for
intangible assets.
Accounting policy - Goodwill
Goodwill arising on business combinations is recognised
as a residual value in the excess of the aggregate of the
consideration transferred, the amount of non-controlling
interests and any previously held equity interest in the
acquiree, over the fair value of the net assets acquired.
Goodwill is measured at cost less accumulated
impairment losses. Goodwill is not amortised but is tested
annually for impairment or more frequently, if the facts
and circumstances suggest that carrying value may not
be recoverable.
At the acquisition date goodwill arising from business
combinations is allocated to the cash generating unit
(\u2018CGU\u2019) or cash generating units expected to benefit from
the synergies of the business combination, irrespective of
whether other assets and/or liabilities of the acquiree are
assigned to the CGU or CGUs. The CGU or group of CGU\u2019s
to which the goodwill is allocated represent the level on
which the management monitors the goodwill.
Marketing related intangible assets (Trademarks)
The most significant trademarks include for example,
Gammel Opland, Aalborg, Gammel Dansk, Lysholm
Linie, L\u00f8iten, Hot\u2019n\u2019 Sweet, Xant\u00e9, Blossa, Chill Out,
Explorer, 1-Enkelt and Arsenitch.
Accounting policy - Marketing
related intangible assets
Marketing related intangible assets are either arising
from business combinations or purchased separately.
Marketing related intangible assets that have been
acquired in connection with business combinations are
capitalised at fair value at the time of the business
combination, while separately purchased marketing
related intangible assets are capitalised at purchase
price.
Marketing related intangible assets with definite useful
lives are amortised by the straight-line method over the
expected useful life. The capitalised value of marketing
related intangible assets with indefinite lifetime is tested
for impairment at least once a year, or more often if
there are indications that the value of the asset has
decreased.\u00a0
The estimated useful lives of marketing related
intangible assets are as follows:
Trademarks with indefinite useful lifenot amortised
Trademarks with definite useful life10\u201350 years
Company brands with definite useful life5 years
Customer related intangible assets
(Customer relations)
Customer related intangible assets are arising from
business combinations and are capitalised at fair value
at the time of the business combination.
Customer related intangible assets are amortised by
the straight-line method over the expected useful life.
The estimated useful lives of customer related
intangible assets are as follows:
Customer relations7\u201315 years
Software and other intangible assets\u00a0
Other intangible assets include mainly software. Other
intangible assets are recognised in the balance sheet at
the original cost and amortised over their estimated
useful lives. The costs related to other intangible assets
are capitalised if it can be demonstrated that the asset
will generate the future economic benefits, the entity
controls the asset, and the purchase price can be
measured reliably.
Configuration and customisation costs relating to
cloud computing arrangements that meet the definition
of an intangible asset and comply with the capitalisation
criteria are capitalised. Configuration and customisation
costs for cloud computing arrangements that do not
meet the definition of an intangible asset and that are
not distinct from the actual cloud computing service are
recognised as prepayments in the balance sheet and
expensed over the contract period.
Expenditure on research activities is recognised in
profit or loss in the period in which it is incurred.
Development costs are recognised as an expense when
incurred except for material development costs that
meet the capitalization criteria in IAS 38. The costs related
to developing software are capitalized only if technical
feasibility of the project is demonstrated, the Group has
an intention and ability to complete and use the asset
and the costs can be measured reliably.
The estimated useful lives of other intangible assets are
as follows:
IT-development and software3\u201310 years
Refer to note 6.2 for further information about
contractual commitments for acquisitions of tangible
and intangible assets.
Critical estimates and management judgements \u2013
Intangible assets
Management judgment and estimates are applied in
estimating useful lives for marketing related intangible
assets, customer related intangible assets, software and
other intangible assets.
On initial recognition of marketing related intangible
assets, an assessment is made on whether the asset is
expected to have definite useful lives or not. In this
assessment, the Group gives particular weight to Group\u2019s
expected use of the asset, the customary life cycles for
the assets of this type, the stability of the sector and the
business, and the probability that the Group will succeed
in maintaining the asset\u2019s financial lifetime, given the
Group\u2019s ability to maintain value. The Group also devotes
resources to legal control of these assets in large and
important markets.
If impairment tests show declining curves over time, the
trademark may be written down to higher of estimated
value in use and fair value less costs to sell and a new
assessment of the trademark\u2019s estimated useful live is
performed. If it is estimated after a new assessment that
the useful life is no longer indefinite, the trademark is
redefined to have a definite useful life, whereby a
straight-line amortisation method is applied for the
remaining book value over the remaining useful\u00a0life.
\"Accounting-02.svg\"
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed.
Critical estimates and management
judgements \u2013 Impairment testing
The preparation of calculations for the impairment
testing requires estimates regarding the future. The
management\u2019s estimates and related critical
uncertainties are related to the components of the
recoverable amount calculation, and key assumptions
are discount rate (WACC), future cash flows (including
estimates for future revenues, gross profit, EBITDA, capex),
Royalty Rates, growth rates both during forecast period
and for terminal value. The WACC reflects current
assessments of the time value of money and relevant
market risk premiums reflecting risks and uncertainties
for which the future cash flow estimates have not been
adjusted. For Relief from Royalty calculations Royalty
Rates represent the present value of hypothetical royalty
payments that are avoided by owning the asset.
Impairment testing - Goodwill
The Group\u2019s three operating segments are considered
to form the cash generating units (CGU) and represent
the lowest level at which goodwill is monitored. There
have not been any changes to the segment level
allocation of goodwill, and a summary of goodwill
allocation is presented in the following table.
The Group has determined the recoverable amount
based on value in use. The forecast period applied for
the calculations for both goodwill and trademarks
covers five years, beyond which the cash flow
projections are extrapolated using a constant CGU
specific long-term growth rate estimate (terminal
value).
The cash flow estimates used are based on CGU-
specific forecasts approved by the management
and the Board of Directors. The key assumptions for
the future cashflows are aligned with the updated
financial targets until the end of 2028 with above
market organic growth and Group\u2019s EBITDA reaching
EUR 85-90 million, with the exception of removing
certain costs and benefits in accordance with IAS
36:44. For the remaining two years the growth is
assumed to be more conservative to balance out the
above market growth plans. Management has
utilised Euromonitor\u2019s1 estimation on Wine and Spirits
market value and volumes in developing their
expectations of Anora\u2019s business development for the
remaining forecasting period beyond the updated
financial targets.
The annual growth applied for the terminal value
for both CGUs is 2.0%, in line with growth rate
corresponding to European Central Bank\u2019s long-term
inflation target. The terminal value growth rate used
is unchanged from previous year.
1Euromonitor International is a global market research company that
provides strategic intelligence, market analysis, and consumer insights
across a wide range of industries. Euromonitor provides the external
data and consumer insights that Anora uses for example to track its
own market share and compare its performance against competitors
in the Nordic region and internationally.
Sensitivity analysis
The headroom has decreased in both CGUs when
compared to last year. The change is due to WACC
increase caused by increased risk-free rate and
equity beta together with the changes in estimated
cashflows that are aligned with the updated financial
targets, affecting especially the Spirits segment.
Management has assessed that no reasonably
possible change in any of the key assumptions for
either CGU would cause the tested unit\u2019s recoverable
amount to decrease to be lower than its\u2019 carrying
amount. The changes in the basic assumptions shall
not be seen as an indication that these factors are
likely to materialise. The sensitivity analyses are
hypothetical scenarios and should therefore be
treated with caution.
Impairment testing \u2013 Trademarks
At the end of 2025, all of the Group\u2019s trademarks with
indefinite useful lives were related to Spirits segment.
The carrying amount of these assets amounted to
EUR 124.5 million (2024: EUR 128.3 million). Most of the
trademarks within Spirits business are trademarks
that have existed for several decades, and some
have existed for several hundred years. There were
no significant changes in useful lives of the existing
assets during 2025.
The cash generating unit for impairment testing of
marketing related intangible assets is the trademark
itself.\u00a0 The recoverable amount for trademarks is
determined on the basis of Relief from Royalty
method after taxes whereby the trademark\u2019s annual
royalty rate is considered to be the expected long-
term profit that the individual trademarks are
expected to have. Relief from Royalty method is a fair
value calculation method, Level 3 of the fair value
hierarchy.
Impairment tests are prepared for trademarks with
indefinite useful life and useful life of 50 years. Cash
flow estimates used are discounted using a post-tax
discount rate specific for the country where each
trademark is predominantly sold
In the same way as for Goodwill, the key assumptions
for the future cashflows are aligned with the updated
financial targets until the end of 2028 with additional
two years of more conservative growth. The annual
growth applied for the terminal value is 2.0%, in line
with growth rate corresponding to European Central
Bank\u2019s long-term inflation target. The terminal value
growth rate used is unchanged from previous year.
The majority of the trademarks tested show
significant headroom and no indication of
impairment in the impairment tests made. For three
trademarks the estimated recoverable amounts,
amounting to EUR 36.1 million in total, were below the
carrying amount and thus impairments amounting
to EUR 10.5 million have been recorded. Two of these
trademarks were showing decreased headroom
already last year.
The estimated recoverable amounts for additional
two of the trademarks exceeded the carrying
amount of the trademarks in the annual impairment
tests, but negative changes in one key assumption
could lead to a partial impairment. For these two
trademarks with book value of EUR 40.8 million (35.4%
of total book value of trademarks tested), decreasing
the royalty rate by -5 % would have an adverse
impact on the valuation of the trademark leading to
partial impairment. However, management considers
a decrease in royalty rate of this magnitude to be
unlikely, given the very strong brand recognition and
market position of these trademarks.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
2.1\u00a0 Goodwill and other intangible assets
Intangible assets comprise of goodwill, marketing
related intangible assets (trademarks and company
brands), customer related intangible assets, software,
other intangible assets and prepayments for
intangible assets.
Accounting policy - Goodwill
Goodwill arising on business combinations is recognised
as a residual value in the excess of the aggregate of the
consideration transferred, the amount of non-controlling
interests and any previously held equity interest in the
acquiree, over the fair value of the net assets acquired.
Goodwill is measured at cost less accumulated
impairment losses. Goodwill is not amortised but is tested
annually for impairment or more frequently, if the facts
and circumstances suggest that carrying value may not
be recoverable.
At the acquisition date goodwill arising from business
combinations is allocated to the cash generating unit
(\u2018CGU\u2019) or cash generating units expected to benefit from
the synergies of the business combination, irrespective of
whether other assets and/or liabilities of the acquiree are
assigned to the CGU or CGUs. The CGU or group of CGU\u2019s
to which the goodwill is allocated represent the level on
which the management monitors the goodwill.
Goodwill and other intangible assets
EUR million
Goodwill
Trademarks and
customer relations
Software and
other intangible
assets
Prepayments
Other intangible
assets total
Acquisition cost at 1 January 2025
329.7
299.5
43.6
0.9
344.0
Additions
\u2013
0.1
\u2013
3.0
3.0
Disposals
\u2013
\u2013
-2.3
-0.2
-2.5
Effect of movement in exchange rates
4.2
1.1
\u2013
\u2013
1.1
Transfers between items
\u2013
\u2013
1.4
-1.2
0.2
Acquisition cost at 31 December 2025
333.9
300.6
42.8
2.5
345.9
Accumulated amortisation and impairment losses at 1
January 2025
-30.6
-111.6
-38.3
\u2013
-149.9
Amortisation
\u2013
-8.2
-1.8
\u2013
-10.0
Impairment losses
\u2013
-10.5
\u2013
\u2013
-10.5
Accumulated amortisation on disposals and transfers
\u2013
\u2013
2.3
\u2013
2.3
Effect of movement in exchange rates
0.5
-1.4
\u2013
\u2013
-1.5
Accumulated amortisation and impairment losses at
31 December 2025
-30.1
-131.6
-37.9
-
-169.6
Carrying amount at 1 January 2025
299.1
187.9
5.3
0.9
194.1
Carrying amount at 31 December 2025
303.8
169.0
4.8
2.5
176.3
Acquisition cost at 1 January 2024
339.8
305.4
41.9
1.3
348.7
Additions
\u2013
1.8
0.3
1.8
3.9
Disposals
\u2013
-0.4
-0.2
\u2013
-0.6
Effect of movement in exchange rates
-10.1
-7.4
-0.5
\u2013
-7.9
Transfers between items
\u2013
\u2013
2.2
-2.2
\u2013
Acquisition cost at 31 December 2024
329.7
299.5
43.6
0.9
344.0
Accumulated amortisation and impairment losses at 1
January 2024
-35.5
-105.3
-37.0
\u2013
-142.3
Amortisation
\u2013
-8.6
-2.0
\u2013
-10.6
Accumulated amortisation on disposals and transfers
\u2013
0.4
0.1
\u2013
0.5
Effect of movement in exchange rates
4.9
2.0
0.5
\u2013
2.5
Accumulated amortisation and impairment losses at
31 December 2024
-30.6
-111.6
-38.3
\u2013
-149.9
Carrying amount at 1 January 2024
304.3
200.1
4.9
1.3
206.3
Carrying amount at 31 December 2024
299.1
187.9
5.3
0.9
194.1
Additions in 2025 include amongst other IT development related to SAP integration. Additions during the year 2024 include purchase of the Blomberg gl\u00f6gg brand and disposals sale of Sn\u00e4ller\u00f6ds brand.
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed.
Critical estimates and management
judgements \u2013 Impairment testing
The preparation of calculations for the impairment
testing requires estimates regarding the future. The
management\u2019s estimates and related critical
uncertainties are related to the components of the
recoverable amount calculation, and key assumptions
are discount rate (WACC), future cash flows (including
estimates for future revenues, gross profit, EBITDA, capex),
Royalty Rates, growth rates both during forecast period
and for terminal value. The WACC reflects current
assessments of the time value of money and relevant
market risk premiums reflecting risks and uncertainties
for which the future cash flow estimates have not been
adjusted. For Relief from Royalty calculations Royalty
Rates represent the present value of hypothetical royalty
payments that are avoided by owning the asset.
Impairment testing - Goodwill
The Group\u2019s three operating segments are considered
to form the cash generating units (CGU) and represent
the lowest level at which goodwill is monitored. There
have not been any changes to the segment level
allocation of goodwill, and a summary of goodwill
allocation is presented in the following table.
EUR million
2025
%
2024
%
Wine
105.3
34.7%
103.7
34.7%
Spirits
198.5
65.3%
195.4
65.3%
Total
303.8
100.0%
299.1
100.0%
The Group has determined the recoverable amount
based on value in use. The forecast period applied for
the calculations for both goodwill and trademarks
covers five years, beyond which the cash flow
projections are extrapolated using a constant CGU
specific long-term growth rate estimate (terminal
value).
The cash flow estimates used are based on CGU-
specific forecasts approved by the management
and the Board of Directors. The key assumptions for
the future cashflows are aligned with the updated
financial targets until the end of 2028 with above
market organic growth and Group\u2019s EBITDA reaching
EUR 85-90 million, with the exception of removing
certain costs and benefits in accordance with IAS
36:44. For the remaining two years the growth is
assumed to be more conservative to balance out the
above market growth plans. Management has
utilised Euromonitor\u2019s1 estimation on Wine and Spirits
market value and volumes in developing their
expectations of Anora\u2019s business development for the
remaining forecasting period beyond the updated
financial targets.
The annual growth applied for the terminal value
for both CGUs is 2.0%, in line with growth rate
corresponding to European Central Bank\u2019s long-term
inflation target. The terminal value growth rate used
is unchanged from previous year.
1Euromonitor International is a global market research company that
provides strategic intelligence, market analysis, and consumer insights
across a wide range of industries. Euromonitor provides the external
data and consumer insights that Anora uses for example to track its
own market share and compare its performance against competitors
in the Nordic region and internationally.
Key assumptions for CGU\u2019s with significant goodwill
allocated to them
2025
2024
%
Spirits
Wine
Spirits
Wine
EBITDA margin (%)
16,1-16.7%
8.1-9.9%
16.6%
7.3%
Long-term growh rate
(Terminal value, %)
2.0%
2.0%
2.0%
2.0%
Pre-tax discount rate -
WACC (%)
8.6%
9.1%
7.2%
7.0%
The Pre-tax discount rate (WACC) has increased for
both CGUs from last year mainly due to higher long-
term risk-free rates and peer group asset beta. The
peer group used is the same for both CGUs and it has
remained constant from previous years. Based on
management judgement certain clear outliers
distorting asset beta calculation were excluded from
the average and also special consideration has been
incorporated for Wine CGU WACC to reflect the
higher risk in estimated cashflows.
Sensitivity analysis
The headroom has decreased in both CGUs when
compared to last year. The change is due to WACC
increase caused by increased risk-free rate and
equity beta together with the changes in estimated
cashflows that are aligned with the updated financial
targets, affecting especially the Spirits segment.
Management has assessed that no reasonably
possible change in any of the key assumptions for
either CGU would cause the tested unit\u2019s recoverable
amount to decrease to be lower than its\u2019 carrying
amount. The changes in the basic assumptions shall
not be seen as an indication that these factors are
likely to materialise. The sensitivity analyses are
hypothetical scenarios and should therefore be
treated with caution.
Recoverable amounts and headroom for CGU\u2019s with
significant goodwill allocated to them
2025
2024
EUR million
Spirits
Wine
Spirits
Wine
Net Asset Values
327.9
230.7
322.2
235.0
Recoverable amount
517.4
364.8
766.0
389.0
Headroom
189.5
134.1
443.8
154.0
Sensitivity 1* - Change in
discount rate (+1%)
107.3
78.4
296.0
73.8
Sensitivity 2* - Change
in EBITDA (-10%)
137.2
90.4
367.0
101.4
Sensitivity 3* - Change
in long-term growth
(-1%)
124.7
90.8
321.6
86.7
* The sensitivities show alternative remaining headroom for the CGU\u2019s
based on given change in key assumption.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
2.1\u00a0 Goodwill and other intangible assets
Intangible assets comprise of goodwill, marketing
related intangible assets (trademarks and company
brands), customer related intangible assets, software,
other intangible assets and prepayments for
intangible assets.
Accounting policy - Goodwill
Goodwill arising on business combinations is recognised
as a residual value in the excess of the aggregate of the
consideration transferred, the amount of non-controlling
interests and any previously held equity interest in the
acquiree, over the fair value of the net assets acquired.
Goodwill is measured at cost less accumulated
impairment losses. Goodwill is not amortised but is tested
annually for impairment or more frequently, if the facts
and circumstances suggest that carrying value may not
be recoverable.
At the acquisition date goodwill arising from business
combinations is allocated to the cash generating unit
(\u2018CGU\u2019) or cash generating units expected to benefit from
the synergies of the business combination, irrespective of
whether other assets and/or liabilities of the acquiree are
assigned to the CGU or CGUs. The CGU or group of CGU\u2019s
to which the goodwill is allocated represent the level on
which the management monitors the goodwill.
Marketing related intangible assets (Trademarks)
The most significant trademarks include for example,
Gammel Opland, Aalborg, Gammel Dansk, Lysholm
Linie, L\u00f8iten, Hot\u2019n\u2019 Sweet, Xant\u00e9, Blossa, Chill Out,
Explorer, 1-Enkelt and Arsenitch.
Accounting policy - Marketing
related intangible assets
Marketing related intangible assets are either arising
from business combinations or purchased separately.
Marketing related intangible assets that have been
acquired in connection with business combinations are
capitalised at fair value at the time of the business
combination, while separately purchased marketing
related intangible assets are capitalised at purchase
price.
Marketing related intangible assets with definite useful
lives are amortised by the straight-line method over the
expected useful life. The capitalised value of marketing
related intangible assets with indefinite lifetime is tested
for impairment at least once a year, or more often if
there are indications that the value of the asset has
decreased.\u00a0
The estimated useful lives of marketing related
intangible assets are as follows:
Trademarks with indefinite useful lifenot amortised
Trademarks with definite useful life10\u201350 years
Company brands with definite useful life5 years
Customer related intangible assets
(Customer relations)
Customer related intangible assets are arising from
business combinations and are capitalised at fair value
at the time of the business combination.
Customer related intangible assets are amortised by
the straight-line method over the expected useful life.
The estimated useful lives of customer related
intangible assets are as follows:
Customer relations7\u201315 years
Software and other intangible assets\u00a0
Other intangible assets include mainly software. Other
intangible assets are recognised in the balance sheet at
the original cost and amortised over their estimated
useful lives. The costs related to other intangible assets
are capitalised if it can be demonstrated that the asset
will generate the future economic benefits, the entity
controls the asset, and the purchase price can be
measured reliably.
Configuration and customisation costs relating to
cloud computing arrangements that meet the definition
of an intangible asset and comply with the capitalisation
criteria are capitalised. Configuration and customisation
costs for cloud computing arrangements that do not
meet the definition of an intangible asset and that are
not distinct from the actual cloud computing service are
recognised as prepayments in the balance sheet and
expensed over the contract period.
Expenditure on research activities is recognised in
profit or loss in the period in which it is incurred.
Development costs are recognised as an expense when
incurred except for material development costs that
meet the capitalization criteria in IAS 38. The costs related
to developing software are capitalized only if technical
feasibility of the project is demonstrated, the Group has
an intention and ability to complete and use the asset
and the costs can be measured reliably.
The estimated useful lives of other intangible assets are
as follows:
IT-development and software3\u201310 years
Refer to note 6.2 for further information about
contractual commitments for acquisitions of tangible
and intangible assets.
Goodwill and other intangible assets
EUR million
Goodwill
Trademarks and
customer relations
Software and
other intangible
assets
Prepayments
Other intangible
assets total
Acquisition cost at 1 January 2025
329.7
299.5
43.6
0.9
344.0
Additions
\u2013
0.1
\u2013
3.0
3.0
Disposals
\u2013
\u2013
-2.3
-0.2
-2.5
Effect of movement in exchange rates
4.2
1.1
\u2013
\u2013
1.1
Transfers between items
\u2013
\u2013
1.4
-1.2
0.2
Acquisition cost at 31 December 2025
333.9
300.6
42.8
2.5
345.9
Accumulated amortisation and impairment losses at 1
January 2025
-30.6
-111.6
-38.3
\u2013
-149.9
Amortisation
\u2013
-8.2
-1.8
\u2013
-10.0
Impairment losses
\u2013
-10.5
\u2013
\u2013
-10.5
Accumulated amortisation on disposals and transfers
\u2013
\u2013
2.3
\u2013
2.3
Effect of movement in exchange rates
0.5
-1.4
\u2013
\u2013
-1.5
Accumulated amortisation and impairment losses at
31 December 2025
-30.1
-131.6
-37.9
-
-169.6
Carrying amount at 1 January 2025
299.1
187.9
5.3
0.9
194.1
Carrying amount at 31 December 2025
303.8
169.0
4.8
2.5
176.3
Acquisition cost at 1 January 2024
339.8
305.4
41.9
1.3
348.7
Additions
\u2013
1.8
0.3
1.8
3.9
Disposals
\u2013
-0.4
-0.2
\u2013
-0.6
Effect of movement in exchange rates
-10.1
-7.4
-0.5
\u2013
-7.9
Transfers between items
\u2013
\u2013
2.2
-2.2
\u2013
Acquisition cost at 31 December 2024
329.7
299.5
43.6
0.9
344.0
Accumulated amortisation and impairment losses at 1
January 2024
-35.5
-105.3
-37.0
\u2013
-142.3
Amortisation
\u2013
-8.6
-2.0
\u2013
-10.6
Accumulated amortisation on disposals and transfers
\u2013
0.4
0.1
\u2013
0.5
Effect of movement in exchange rates
4.9
2.0
0.5
\u2013
2.5
Accumulated amortisation and impairment losses at
31 December 2024
-30.6
-111.6
-38.3
\u2013
-149.9
Carrying amount at 1 January 2024
304.3
200.1
4.9
1.3
206.3
Carrying amount at 31 December 2024
299.1
187.9
5.3
0.9
194.1
Additions in 2025 include amongst other IT development related to SAP integration. Additions during the year 2024 include purchase of the Blomberg gl\u00f6gg brand and disposals sale of Sn\u00e4ller\u00f6ds brand.
Critical estimates and management judgements \u2013
Intangible assets
Management judgment and estimates are applied in
estimating useful lives for marketing related intangible
assets, customer related intangible assets, software and
other intangible assets.
On initial recognition of marketing related intangible
assets, an assessment is made on whether the asset is
expected to have definite useful lives or not. In this
assessment, the Group gives particular weight to Group\u2019s
expected use of the asset, the customary life cycles for
the assets of this type, the stability of the sector and the
business, and the probability that the Group will succeed
in maintaining the asset\u2019s financial lifetime, given the
Group\u2019s ability to maintain value. The Group also devotes
resources to legal control of these assets in large and
important markets.
If impairment tests show declining curves over time, the
trademark may be written down to higher of estimated
value in use and fair value less costs to sell and a new
assessment of the trademark\u2019s estimated useful live is
performed. If it is estimated after a new assessment that
the useful life is no longer indefinite, the trademark is
redefined to have a definite useful life, whereby a
straight-line amortisation method is applied for the
remaining book value over the remaining useful\u00a0life.
\"Accounting-02.svg\"
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed.
Critical estimates and management
judgements \u2013 Impairment testing
The preparation of calculations for the impairment
testing requires estimates regarding the future. The
management\u2019s estimates and related critical
uncertainties are related to the components of the
recoverable amount calculation, and key assumptions
are discount rate (WACC), future cash flows (including
estimates for future revenues, gross profit, EBITDA, capex),
Royalty Rates, growth rates both during forecast period
and for terminal value. The WACC reflects current
assessments of the time value of money and relevant
market risk premiums reflecting risks and uncertainties
for which the future cash flow estimates have not been
adjusted. For Relief from Royalty calculations Royalty
Rates represent the present value of hypothetical royalty
payments that are avoided by owning the asset.
Impairment testing - Goodwill
The Group\u2019s three operating segments are considered
to form the cash generating units (CGU) and represent
the lowest level at which goodwill is monitored. There
have not been any changes to the segment level
allocation of goodwill, and a summary of goodwill
allocation is presented in the following table.
EUR million
2025
%
2024
%
Wine
105.3
34.7%
103.7
34.7%
Spirits
198.5
65.3%
195.4
65.3%
Total
303.8
100.0%
299.1
100.0%
The Group has determined the recoverable amount
based on value in use. The forecast period applied for
the calculations for both goodwill and trademarks
covers five years, beyond which the cash flow
projections are extrapolated using a constant CGU
specific long-term growth rate estimate (terminal
value).
The cash flow estimates used are based on CGU-
specific forecasts approved by the management
and the Board of Directors. The key assumptions for
the future cashflows are aligned with the updated
financial targets until the end of 2028 with above
market organic growth and Group\u2019s EBITDA reaching
EUR 85-90 million, with the exception of removing
certain costs and benefits in accordance with IAS
36:44. For the remaining two years the growth is
assumed to be more conservative to balance out the
above market growth plans. Management has
utilised Euromonitor\u2019s1 estimation on Wine and Spirits
market value and volumes in developing their
expectations of Anora\u2019s business development for the
remaining forecasting period beyond the updated
financial targets.
The annual growth applied for the terminal value
for both CGUs is 2.0%, in line with growth rate
corresponding to European Central Bank\u2019s long-term
inflation target. The terminal value growth rate used
is unchanged from previous year.
1Euromonitor International is a global market research company that
provides strategic intelligence, market analysis, and consumer insights
across a wide range of industries. Euromonitor provides the external
data and consumer insights that Anora uses for example to track its
own market share and compare its performance against competitors
in the Nordic region and internationally.
Key assumptions for CGU\u2019s with significant goodwill
allocated to them
2025
2024
%
Spirits
Wine
Spirits
Wine
EBITDA margin (%)
16,1-16.7%
8.1-9.9%
16.6%
7.3%
Long-term growh rate
(Terminal value, %)
2.0%
2.0%
2.0%
2.0%
Pre-tax discount rate -
WACC (%)
8.6%
9.1%
7.2%
7.0%
The Pre-tax discount rate (WACC) has increased for
both CGUs from last year mainly due to higher long-
term risk-free rates and peer group asset beta. The
peer group used is the same for both CGUs and it has
remained constant from previous years. Based on
management judgement certain clear outliers
distorting asset beta calculation were excluded from
the average and also special consideration has been
incorporated for Wine CGU WACC to reflect the
higher risk in estimated cashflows.
Sensitivity analysis
The headroom has decreased in both CGUs when
compared to last year. The change is due to WACC
increase caused by increased risk-free rate and
equity beta together with the changes in estimated
cashflows that are aligned with the updated financial
targets, affecting especially the Spirits segment.
Management has assessed that no reasonably
possible change in any of the key assumptions for
either CGU would cause the tested unit\u2019s recoverable
amount to decrease to be lower than its\u2019 carrying
amount. The changes in the basic assumptions shall
not be seen as an indication that these factors are
likely to materialise. The sensitivity analyses are
hypothetical scenarios and should therefore be
treated with caution.
Recoverable amounts and headroom for CGU\u2019s with
significant goodwill allocated to them
2025
2024
EUR million
Spirits
Wine
Spirits
Wine
Net Asset Values
327.9
230.7
322.2
235.0
Recoverable amount
517.4
364.8
766.0
389.0
Headroom
189.5
134.1
443.8
154.0
Sensitivity 1* - Change in
discount rate (+1%)
107.3
78.4
296.0
73.8
Sensitivity 2* - Change
in EBITDA (-10%)
137.2
90.4
367.0
101.4
Sensitivity 3* - Change
in long-term growth
(-1%)
124.7
90.8
321.6
86.7
* The sensitivities show alternative remaining headroom for the CGU\u2019s
based on given change in key assumption.
Impairment testing \u2013 Trademarks
At the end of 2025, all of the Group\u2019s trademarks with
indefinite useful lives were related to Spirits segment.
The carrying amount of these assets amounted to
EUR 124.5 million (2024: EUR 128.3 million). Most of the
trademarks within Spirits business are trademarks
that have existed for several decades, and some
have existed for several hundred years. There were
no significant changes in useful lives of the existing
assets during 2025.
The cash generating unit for impairment testing of
marketing related intangible assets is the trademark
itself.\u00a0 The recoverable amount for trademarks is
determined on the basis of Relief from Royalty
method after taxes whereby the trademark\u2019s annual
royalty rate is considered to be the expected long-
term profit that the individual trademarks are
expected to have. Relief from Royalty method is a fair
value calculation method, Level 3 of the fair value
hierarchy.
Impairment tests are prepared for trademarks with
indefinite useful life and useful life of 50 years. Cash
flow estimates used are discounted using a post-tax
discount rate specific for the country where each
trademark is predominantly sold.
Key assumptions for trademarks with indefinite
useful life or useful life of 50 years
2025
2024
%
Norway
Denmark
Norway
Denmark
Royalty Rate
(%)
14%-40%
14%-40%
14%-40%
14%-40%
Post-tax
discount rate -
WACC (%)
7.0%
6.7%
6.4%
5.5%
In the same way as for Goodwill, the key assumptions
for the future cashflows are aligned with the updated
financial targets until the end of 2028 with additional
two years of more conservative growth. The annual
growth applied for the terminal value is 2.0%, in line
with growth rate corresponding to European Central
Bank\u2019s long-term inflation target. The terminal value
growth rate used is unchanged from previous year.
The majority of the trademarks tested show
significant headroom and no indication of
impairment in the impairment tests made. For three
trademarks the estimated recoverable amounts,
amounting to EUR 36.1 million in total, were below the
carrying amount and thus impairments amounting
to EUR 10.5 million have been recorded. Two of these
trademarks were showing decreased headroom
already last year.
The estimated recoverable amounts for additional
two of the trademarks exceeded the carrying
amount of the trademarks in the annual impairment
tests, but negative changes in one key assumption
could lead to a partial impairment. For these two
trademarks with book value of EUR 40.8 million (35.4%
of total book value of trademarks tested), decreasing
the royalty rate by -5 % would have an adverse
impact on the valuation of the trademark leading to
partial impairment. However, management considers
a decrease in royalty rate of this magnitude to be
unlikely, given the very strong brand recognition and
market position of these trademarks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
2.1\u00a0 Goodwill and other intangible assets
Intangible assets comprise of goodwill, marketing
related intangible assets (trademarks and company
brands), customer related intangible assets, software,
other intangible assets and prepayments for
intangible assets.
Accounting policy - Goodwill
Goodwill arising on business combinations is recognised
as a residual value in the excess of the aggregate of the
consideration transferred, the amount of non-controlling
interests and any previously held equity interest in the
acquiree, over the fair value of the net assets acquired.
Goodwill is measured at cost less accumulated
impairment losses. Goodwill is not amortised but is tested
annually for impairment or more frequently, if the facts
and circumstances suggest that carrying value may not
be recoverable.
At the acquisition date goodwill arising from business
combinations is allocated to the cash generating unit
(\u2018CGU\u2019) or cash generating units expected to benefit from
the synergies of the business combination, irrespective of
whether other assets and/or liabilities of the acquiree are
assigned to the CGU or CGUs. The CGU or group of CGU\u2019s
to which the goodwill is allocated represent the level on
which the management monitors the goodwill.
Marketing related intangible assets (Trademarks)
The most significant trademarks include for example,
Gammel Opland, Aalborg, Gammel Dansk, Lysholm
Linie, L\u00f8iten, Hot\u2019n\u2019 Sweet, Xant\u00e9, Blossa, Chill Out,
Explorer, 1-Enkelt and Arsenitch.
Accounting policy - Marketing
related intangible assets
Marketing related intangible assets are either arising
from business combinations or purchased separately.
Marketing related intangible assets that have been
acquired in connection with business combinations are
capitalised at fair value at the time of the business
combination, while separately purchased marketing
related intangible assets are capitalised at purchase
price.
Marketing related intangible assets with definite useful
lives are amortised by the straight-line method over the
expected useful life. The capitalised value of marketing
related intangible assets with indefinite lifetime is tested
for impairment at least once a year, or more often if
there are indications that the value of the asset has
decreased.\u00a0
The estimated useful lives of marketing related
intangible assets are as follows:
Trademarks with indefinite useful lifenot amortised
Trademarks with definite useful life10\u201350 years
Company brands with definite useful life5 years
Customer related intangible assets
(Customer relations)
Customer related intangible assets are arising from
business combinations and are capitalised at fair value
at the time of the business combination.
Customer related intangible assets are amortised by
the straight-line method over the expected useful life.
The estimated useful lives of customer related
intangible assets are as follows:
Customer relations7\u201315 years
Software and other intangible assets\u00a0
Other intangible assets include mainly software. Other
intangible assets are recognised in the balance sheet at
the original cost and amortised over their estimated
useful lives. The costs related to other intangible assets
are capitalised if it can be demonstrated that the asset
will generate the future economic benefits, the entity
controls the asset, and the purchase price can be
measured reliably.
Configuration and customisation costs relating to
cloud computing arrangements that meet the definition
of an intangible asset and comply with the capitalisation
criteria are capitalised. Configuration and customisation
costs for cloud computing arrangements that do not
meet the definition of an intangible asset and that are
not distinct from the actual cloud computing service are
recognised as prepayments in the balance sheet and
expensed over the contract period.
Expenditure on research activities is recognised in
profit or loss in the period in which it is incurred.
Development costs are recognised as an expense when
incurred except for material development costs that
meet the capitalization criteria in IAS 38. The costs related
to developing software are capitalized only if technical
feasibility of the project is demonstrated, the Group has
an intention and ability to complete and use the asset
and the costs can be measured reliably.
The estimated useful lives of other intangible assets are
as follows:
IT-development and software3\u201310 years
Refer to note 6.2 for further information about
contractual commitments for acquisitions of tangible
and intangible assets.
Goodwill and other intangible assets
EUR million
Goodwill
Trademarks and
customer relations
Software and
other intangible
assets
Prepayments
Other intangible
assets total
Acquisition cost at 1 January 2025
329.7
299.5
43.6
0.9
344.0
Additions
\u2013
0.1
\u2013
3.0
3.0
Disposals
\u2013
\u2013
-2.3
-0.2
-2.5
Effect of movement in exchange rates
4.2
1.1
\u2013
\u2013
1.1
Transfers between items
\u2013
\u2013
1.4
-1.2
0.2
Acquisition cost at 31 December 2025
333.9
300.6
42.8
2.5
345.9
Accumulated amortisation and impairment losses at 1
January 2025
-30.6
-111.6
-38.3
\u2013
-149.9
Amortisation
\u2013
-8.2
-1.8
\u2013
-10.0
Impairment losses
\u2013
-10.5
\u2013
\u2013
-10.5
Accumulated amortisation on disposals and transfers
\u2013
\u2013
2.3
\u2013
2.3
Effect of movement in exchange rates
0.5
-1.4
\u2013
\u2013
-1.5
Accumulated amortisation and impairment losses at
31 December 2025
-30.1
-131.6
-37.9
-
-169.6
Carrying amount at 1 January 2025
299.1
187.9
5.3
0.9
194.1
Carrying amount at 31 December 2025
303.8
169.0
4.8
2.5
176.3
Acquisition cost at 1 January 2024
339.8
305.4
41.9
1.3
348.7
Additions
\u2013
1.8
0.3
1.8
3.9
Disposals
\u2013
-0.4
-0.2
\u2013
-0.6
Effect of movement in exchange rates
-10.1
-7.4
-0.5
\u2013
-7.9
Transfers between items
\u2013
\u2013
2.2
-2.2
\u2013
Acquisition cost at 31 December 2024
329.7
299.5
43.6
0.9
344.0
Accumulated amortisation and impairment losses at 1
January 2024
-35.5
-105.3
-37.0
\u2013
-142.3
Amortisation
\u2013
-8.6
-2.0
\u2013
-10.6
Accumulated amortisation on disposals and transfers
\u2013
0.4
0.1
\u2013
0.5
Effect of movement in exchange rates
4.9
2.0
0.5
\u2013
2.5
Accumulated amortisation and impairment losses at
31 December 2024
-30.6
-111.6
-38.3
\u2013
-149.9
Carrying amount at 1 January 2024
304.3
200.1
4.9
1.3
206.3
Carrying amount at 31 December 2024
299.1
187.9
5.3
0.9
194.1
Additions in 2025 include amongst other IT development related to SAP integration. Additions during the year 2024 include purchase of the Blomberg gl\u00f6gg brand and disposals sale of Sn\u00e4ller\u00f6ds brand.
Critical estimates and management judgements \u2013
Intangible assets
Management judgment and estimates are applied in
estimating useful lives for marketing related intangible
assets, customer related intangible assets, software and
other intangible assets.
On initial recognition of marketing related intangible
assets, an assessment is made on whether the asset is
expected to have definite useful lives or not. In this
assessment, the Group gives particular weight to Group\u2019s
expected use of the asset, the customary life cycles for
the assets of this type, the stability of the sector and the
business, and the probability that the Group will succeed
in maintaining the asset\u2019s financial lifetime, given the
Group\u2019s ability to maintain value. The Group also devotes
resources to legal control of these assets in large and
important markets.
If impairment tests show declining curves over time, the
trademark may be written down to higher of estimated
value in use and fair value less costs to sell and a new
assessment of the trademark\u2019s estimated useful live is
performed. If it is estimated after a new assessment that
the useful life is no longer indefinite, the trademark is
redefined to have a definite useful life, whereby a
straight-line amortisation method is applied for the
remaining book value over the remaining useful\u00a0life.
\"Accounting-02.svg\"
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed.
Critical estimates and management
judgements \u2013 Impairment testing
The preparation of calculations for the impairment
testing requires estimates regarding the future. The
management\u2019s estimates and related critical
uncertainties are related to the components of the
recoverable amount calculation, and key assumptions
are discount rate (WACC), future cash flows (including
estimates for future revenues, gross profit, EBITDA, capex),
Royalty Rates, growth rates both during forecast period
and for terminal value. The WACC reflects current
assessments of the time value of money and relevant
market risk premiums reflecting risks and uncertainties
for which the future cash flow estimates have not been
adjusted. For Relief from Royalty calculations Royalty
Rates represent the present value of hypothetical royalty
payments that are avoided by owning the asset.
Impairment testing - Goodwill
The Group\u2019s three operating segments are considered
to form the cash generating units (CGU) and represent
the lowest level at which goodwill is monitored. There
have not been any changes to the segment level
allocation of goodwill, and a summary of goodwill
allocation is presented in the following table.
EUR million
2025
%
2024
%
Wine
105.3
34.7%
103.7
34.7%
Spirits
198.5
65.3%
195.4
65.3%
Total
303.8
100.0%
299.1
100.0%
The Group has determined the recoverable amount
based on value in use. The forecast period applied for
the calculations for both goodwill and trademarks
covers five years, beyond which the cash flow
projections are extrapolated using a constant CGU
specific long-term growth rate estimate (terminal
value).
The cash flow estimates used are based on CGU-
specific forecasts approved by the management
and the Board of Directors. The key assumptions for
the future cashflows are aligned with the updated
financial targets until the end of 2028 with above
market organic growth and Group\u2019s EBITDA reaching
EUR 85-90 million, with the exception of removing
certain costs and benefits in accordance with IAS
36:44. For the remaining two years the growth is
assumed to be more conservative to balance out the
above market growth plans. Management has
utilised Euromonitor\u2019s1 estimation on Wine and Spirits
market value and volumes in developing their
expectations of Anora\u2019s business development for the
remaining forecasting period beyond the updated
financial targets.
The annual growth applied for the terminal value
for both CGUs is 2.0%, in line with growth rate
corresponding to European Central Bank\u2019s long-term
inflation target. The terminal value growth rate used
is unchanged from previous year.
1Euromonitor International is a global market research company that
provides strategic intelligence, market analysis, and consumer insights
across a wide range of industries. Euromonitor provides the external
data and consumer insights that Anora uses for example to track its
own market share and compare its performance against competitors
in the Nordic region and internationally.
Key assumptions for CGU\u2019s with significant goodwill
allocated to them
2025
2024
%
Spirits
Wine
Spirits
Wine
EBITDA margin (%)
16,1-16.7%
8.1-9.9%
16.6%
7.3%
Long-term growh rate
(Terminal value, %)
2.0%
2.0%
2.0%
2.0%
Pre-tax discount rate -
WACC (%)
8.6%
9.1%
7.2%
7.0%
The Pre-tax discount rate (WACC) has increased for
both CGUs from last year mainly due to higher long-
term risk-free rates and peer group asset beta. The
peer group used is the same for both CGUs and it has
remained constant from previous years. Based on
management judgement certain clear outliers
distorting asset beta calculation were excluded from
the average and also special consideration has been
incorporated for Wine CGU WACC to reflect the
higher risk in estimated cashflows.
Sensitivity analysis
The headroom has decreased in both CGUs when
compared to last year. The change is due to WACC
increase caused by increased risk-free rate and
equity beta together with the changes in estimated
cashflows that are aligned with the updated financial
targets, affecting especially the Spirits segment.
Management has assessed that no reasonably
possible change in any of the key assumptions for
either CGU would cause the tested unit\u2019s recoverable
amount to decrease to be lower than its\u2019 carrying
amount. The changes in the basic assumptions shall
not be seen as an indication that these factors are
likely to materialise. The sensitivity analyses are
hypothetical scenarios and should therefore be
treated with caution.
Recoverable amounts and headroom for CGU\u2019s with
significant goodwill allocated to them
2025
2024
EUR million
Spirits
Wine
Spirits
Wine
Net Asset Values
327.9
230.7
322.2
235.0
Recoverable amount
517.4
364.8
766.0
389.0
Headroom
189.5
134.1
443.8
154.0
Sensitivity 1* - Change in
discount rate (+1%)
107.3
78.4
296.0
73.8
Sensitivity 2* - Change
in EBITDA (-10%)
137.2
90.4
367.0
101.4
Sensitivity 3* - Change
in long-term growth
(-1%)
124.7
90.8
321.6
86.7
* The sensitivities show alternative remaining headroom for the CGU\u2019s
based on given change in key assumption.
Impairment testing \u2013 Trademarks
At the end of 2025, all of the Group\u2019s trademarks with
indefinite useful lives were related to Spirits segment.
The carrying amount of these assets amounted to
EUR 124.5 million (2024: EUR 128.3 million). Most of the
trademarks within Spirits business are trademarks
that have existed for several decades, and some
have existed for several hundred years. There were
no significant changes in useful lives of the existing
assets during 2025.
The cash generating unit for impairment testing of
marketing related intangible assets is the trademark
itself.\u00a0 The recoverable amount for trademarks is
determined on the basis of Relief from Royalty
method after taxes whereby the trademark\u2019s annual
royalty rate is considered to be the expected long-
term profit that the individual trademarks are
expected to have. Relief from Royalty method is a fair
value calculation method, Level 3 of the fair value
hierarchy.
Impairment tests are prepared for trademarks with
indefinite useful life and useful life of 50 years. Cash
flow estimates used are discounted using a post-tax
discount rate specific for the country where each
trademark is predominantly sold.
Key assumptions for trademarks with indefinite
useful life or useful life of 50 years
2025
2024
%
Norway
Denmark
Norway
Denmark
Royalty Rate
(%)
14%-40%
14%-40%
14%-40%
14%-40%
Post-tax
discount rate -
WACC (%)
7.0%
6.7%
6.4%
5.5%
In the same way as for Goodwill, the key assumptions
for the future cashflows are aligned with the updated
financial targets until the end of 2028 with additional
two years of more conservative growth. The annual
growth applied for the terminal value is 2.0%, in line
with growth rate corresponding to European Central
Bank\u2019s long-term inflation target. The terminal value
growth rate used is unchanged from previous year.
The majority of the trademarks tested show
significant headroom and no indication of
impairment in the impairment tests made. For three
trademarks the estimated recoverable amounts,
amounting to EUR 36.1 million in total, were below the
carrying amount and thus impairments amounting
to EUR 10.5 million have been recorded. Two of these
trademarks were showing decreased headroom
already last year.
The estimated recoverable amounts for additional
two of the trademarks exceeded the carrying
amount of the trademarks in the annual impairment
tests, but negative changes in one key assumption
could lead to a partial impairment. For these two
trademarks with book value of EUR 40.8 million (35.4%
of total book value of trademarks tested), decreasing
the royalty rate by -5 % would have an adverse
impact on the valuation of the trademark leading to
partial impairment. However, management considers
a decrease in royalty rate of this magnitude to be
unlikely, given the very strong brand recognition and
market position of these trademarks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Accounting policy - Goodwill
Goodwill arising on business combinations is recognised
as a residual value in the excess of the aggregate of the
consideration transferred, the amount of non-controlling
interests and any previously held equity interest in the
acquiree, over the fair value of the net assets acquired.
Goodwill is measured at cost less accumulated
impairment losses. Goodwill is not amortised but is tested
annually for impairment or more frequently, if the facts
and circumstances suggest that carrying value may not
be recoverable.
At the acquisition date goodwill arising from business
combinations is allocated to the cash generating unit
(\u2018CGU\u2019) or cash generating units expected to benefit from
the synergies of the business combination, irrespective of
whether other assets and/or liabilities of the acquiree are
assigned to the CGU or CGUs. The CGU or group of CGU\u2019s
to which the goodwill is allocated represent the level on
which the management monitors the goodwill.
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
Accounting policy - Goodwill
Goodwill arising on business combinations is recognised
as a residual value in the excess of the aggregate of the
consideration transferred, the amount of non-controlling
interests and any previously held equity interest in the
acquiree, over the fair value of the net assets acquired.
Goodwill is measured at cost less accumulated
impairment losses. Goodwill is not amortised but is tested
annually for impairment or more frequently, if the facts
and circumstances suggest that carrying value may not
be recoverable.
At the acquisition date goodwill arising from business
combinations is allocated to the cash generating unit
(\u2018CGU\u2019) or cash generating units expected to benefit from
the synergies of the business combination, irrespective of
whether other assets and/or liabilities of the acquiree are
assigned to the CGU or CGUs. The CGU or group of CGU\u2019s
to which the goodwill is allocated represent the level on
which the management monitors the goodwill.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Marketing related intangible assets (Trademarks)
The most significant trademarks include for example,
Gammel Opland, Aalborg, Gammel Dansk, Lysholm
Linie, L\u00f8iten, Hot\u2019n\u2019 Sweet, Xant\u00e9, Blossa, Chill Out,
Explorer, 1-Enkelt and Arsenitch.
Accounting policy - Marketing
related intangible assets
Marketing related intangible assets are either arising
from business combinations or purchased separately.
Marketing related intangible assets that have been
acquired in connection with business combinations are
capitalised at fair value at the time of the business
combination, while separately purchased marketing
related intangible assets are capitalised at purchase
price.
Marketing related intangible assets with definite useful
lives are amortised by the straight-line method over the
expected useful life. The capitalised value of marketing
related intangible assets with indefinite lifetime is tested
for impairment at least once a year, or more often if
there are indications that the value of the asset has
decreased.\u00a0
The estimated useful lives of marketing related
intangible assets are as follows:
Trademarks with indefinite useful lifenot amortised
Trademarks with definite useful life10\u201350 years
Company brands with definite useful life5 years
Customer related intangible assets
(Customer relations)
Customer related intangible assets are arising from
business combinations and are capitalised at fair value
at the time of the business combination.
Customer related intangible assets are amortised by
the straight-line method over the expected useful life.
The estimated useful lives of customer related
intangible assets are as follows:
Customer relations7\u201315 years
Software and other intangible assets\u00a0
Other intangible assets include mainly software. Other
intangible assets are recognised in the balance sheet at
the original cost and amortised over their estimated
useful lives. The costs related to other intangible assets
are capitalised if it can be demonstrated that the asset
will generate the future economic benefits, the entity
controls the asset, and the purchase price can be
measured reliably.
Configuration and customisation costs relating to
cloud computing arrangements that meet the definition
of an intangible asset and comply with the capitalisation
criteria are capitalised. Configuration and customisation
costs for cloud computing arrangements that do not
meet the definition of an intangible asset and that are
not distinct from the actual cloud computing service are
recognised as prepayments in the balance sheet and
expensed over the contract period.
Expenditure on research activities is recognised in
profit or loss in the period in which it is incurred.
Development costs are recognised as an expense when
incurred except for material development costs that
meet the capitalization criteria in IAS 38. The costs related
to developing software are capitalized only if technical
feasibility of the project is demonstrated, the Group has
an intention and ability to complete and use the asset
and the costs can be measured reliably.
The estimated useful lives of other intangible assets are
as follows:
IT-development and software3\u201310 years
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
Marketing related intangible assets with definite useful
lives are amortised by the straight-line method over the
expected useful life. The capitalised value of marketing
related intangible assets with indefinite lifetime is tested
for impairment at least once a year, or more often if
there are indications that the value of the asset has
decreased.\u00a0
The estimated useful lives of marketing related
intangible assets are as follows:
Trademarks with indefinite useful lifenot amortised
Trademarks with definite useful life10\u201350 years
Company brands with definite useful life5 years
Customer related intangible assets are amortised by
the straight-line method over the expected useful life.
The estimated useful lives of customer related
intangible assets are as follows:
Customer relations7\u201315 years
Other intangible assets include mainly software. Other
intangible assets are recognised in the balance sheet at
the original cost and amortised over their estimated
useful lives.
Expenditure on research activities is recognised in
profit or loss in the period in which it is incurred.
Development costs are recognised as an expense when
incurred except for material development costs that
meet the capitalization criteria in IAS 38. The costs related
to developing software are capitalized only if technical
feasibility of the project is demonstrated, the Group has
an intention and ability to complete and use the asset
and the costs can be measured reliably.
The estimated useful lives of other intangible assets are
as follows:
IT-development and software3\u201310 years
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed.
All other expenditure,
for example ordinary maintenance and repair costs, is
recognised as an expense as incurred. Depreciation is
recognised on a straight-line basis over the estimated
useful lives of items of property, plant and equipment.
Land is not depreciated.
The estimated useful lives of property, plant and
equipment are as follows:
Buildings and structures10\u201340 years
Machinery and equipment3\u201320 years
Other tangible assets3\u201310 years
The estimated useful lives and residual values are
reviewed at each financial year-end, and if they differ
substantially from the previous estimates, the
depreciation periods are adjusted accordingly.
Impairment loss is recognised in profit or loss to the
extent the assets carrying value exceeds its recoverable
amount.
Gains and losses on the disposals of property, plant
and equipment are included in other operating income
or expenses.
Impairment of financial assets\u00a0
The impairment model requires the recognition of
impairment based on expected credit losses. The
allowance for credit losses is recognised based on
lifetime expected credit losses from trade receivables
and contract assets. More information on the allowance
for credit losses on trade receivables can be found in
Note 2.5\u00a0 Trade and other receivables.
The impairment model does not apply to financial
assets measured at fair value since those are measured
at fair value which already takes into account expected
credit losses.
Accounting policy - Income tax expense
The Group\u2019s income tax expense recognised through
profit or loss comprises current tax based on taxable
income for the period, any adjustments to tax payable in
respect of previous periods, and changes in deferred
taxes. Current income tax based on taxable income is
calculated according to the local tax regulations of each
Group company.
Tax effects related to transactions or other events
recognised in profit or loss are recognised in profit or loss.
If the taxes relate to items of other comprehensive
income or transactions or other events recognised
directly in equity, income tax expense is recognised
within the respective items. The Group\u2019s share of profit or
loss in associated companies and joint ventures is
reported as calculated from the net profit and thus
including the income tax effect.
Deferred tax assets and liabilities are principally
recognised for all temporary differences between the
carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation
purposes. The most significant temporary differences
arise from intangible assets, property, plant and
equipment, right-of-use assets and corresponding lease
liabilities, carry forward of unused tax losses and fair
value allocations on business combinations. Deferred tax
on assets and liabilities arising from single transactions
are presented in a net basis in the income statement
and in the balance sheet but are shown with gross
values in the deferred tax notes. Deferred tax assets are
recognised only to the extent that it is probable that
future taxable profits will be available against which they
can be utilised. Deferred tax liabilities are recognised in
full. Deferred taxes are calculated using tax rates
enacted or substantively enacted at the end of the
reporting period. Deferred tax is recognised for foreign
subsidiaries undistributed earnings only when related tax
effects are probable.
Deferred tax assets and liabilities are set off when they
are levied by same taxing authority and Anora has legally
enforceable right to set off the balances.
The legislation implementing the OECD Pillar Two model
rules came into effect from January 1, 2024 onwards.
Anora applies the exception to recognising and
disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes, as provided in
the amendments to IAS 12 issued in May 2023. The Pillar
Two legislation does not have a material impact on
Anora\u2019s income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
Marketing related intangible assets with definite useful
lives are amortised by the straight-line method over the
expected useful life. The capitalised value of marketing
related intangible assets with indefinite lifetime is tested
for impairment at least once a year, or more often if
there are indications that the value of the asset has
decreased.\u00a0
The estimated useful lives of marketing related
intangible assets are as follows:
Trademarks with indefinite useful lifenot amortised
Trademarks with definite useful life10\u201350 years
Company brands with definite useful life5 years
Customer related intangible assets are amortised by
the straight-line method over the expected useful life.
The estimated useful lives of customer related
intangible assets are as follows:
Customer relations7\u201315 years
Other intangible assets include mainly software. Other
intangible assets are recognised in the balance sheet at
the original cost and amortised over their estimated
useful lives.
The estimated useful lives of other intangible assets are
as follows:
IT-development and software3\u201310 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
Marketing related intangible assets with definite useful
lives are amortised by the straight-line method over the
expected useful life. The capitalised value of marketing
related intangible assets with indefinite lifetime is tested
for impairment at least once a year, or more often if
there are indications that the value of the asset has
decreased.\u00a0
The estimated useful lives of marketing related
intangible assets are as follows:
Trademarks with indefinite useful lifenot amortised
Trademarks with definite useful life10\u201350 years
Company brands with definite useful life5 years
Customer related intangible assets are amortised by
the straight-line method over the expected useful life.
The estimated useful lives of customer related
intangible assets are as follows:
Customer relations7\u201315 years
The estimated useful lives of other intangible assets are
as follows:
IT-development and software3\u201310 years
The estimated useful lives of property, plant and
equipment are as follows:
Buildings and structures10\u201340 years
Machinery and equipment3\u201320 years
Other tangible assets3\u201310 years", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
Expenditure on research activities is recognised in
profit or loss in the period in which it is incurred.
Development costs are recognised as an expense when
incurred except for material development costs that
meet the capitalization criteria in IAS 38. The costs related
to developing software are capitalized only if technical
feasibility of the project is demonstrated, the Group has
an intention and ability to complete and use the asset
and the costs can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
Refer to note 6.2 for further information about
contractual commitments for acquisitions of tangible
and intangible assets.
6.2\u00a0 Collaterals, commitments and contingent assets and liabilities
Collaterals and securities
31 Dec 2025
31 Dec 2024
EUR million
Debt in the
statement of
financial
position
Security
Debt in the
statement of
financial
position
Security
Guarantees given as collateral for liabilities
Guarantees
3.8
3.8
5.3
5.3
Collaterals
1.4
1.4
\u2013
\u2013
Mortgages given as collateral for liabilities and commitments
Mortgages
18.5
18.5
Guarantees and contingent liabilities
Collaterals given on behalf of the Group companies or Company itself
12.3
11.8
Total collaterals
36.0
35.6
Collaterals given on behalf of Group companies all relate to mainly commitments to authorities.
Off-balance sheet commitments and other contractual obligations
EUR million
31 Dec 2025
31 Dec 2024
Short-term and low value lease obligations
Less than one year
0.2
0.3
Between one and five years
0.1
0.2
Total short-term and low value lease obligations
0.4
0.4
Leases not yet commenced, but to which Anora is committed
1.9
\u2013
Commitments related to acquisition of tangible and intangible assets
9.9
0.9
Other contractual obligations
7.9
8.1
Total commitments
20.0
9.4
Short-term and low value obligations consist mainly of IT equipment. Of the investment commitments EUR 6.8
million relate to the biomass-boiler investment in Koskenkorva Distillery in Finland. Other contractual obligations
amounting to EUR 7.9 million consist of volume commitment and other contractual commitments.
\"Accounting-02.svg\"
Accounting policy - Lease commitments
The short-term and low value lease obligations are future
minimum lease payments under non-cancellable off-
balance sheet leases. Leases not yet commenced are
non-cancellable leasing contracts where the underlying
asset is not yet available for use.\u00a0
Assets not recognised in the balance sheet -
Emission allowances
\"Accounting-02.svg\"
Accounting policy - Emission allowances
The Group participates in the European Union emission
trading scheme, where it has been granted a certain
number of carbon dioxide emission allowances for a
certain period of time, free of charge. Anora Group Plc
discloses its carbon dioxide emission allowances granted
free of charge on net basis. The emission allowances
granted free are recognised on zero-value. If the Group
has sufficient amount of allowances to cover the
obligation to deliver allowances corresponding to the
amount of emissions made, the obligation is recognised
as corresponding value of emissions (zero value).\u00a0 The
Group does not recognise income or expenses arising
from emission allowances through profit or loss when the
emission allowances granted are sufficient to cover the
obligation to deliver allowances corresponding to the
amount of emissions made. If the realised emissions
exceed the granted emission allowances, the obligation
arising from the excess emissions is recognised at fair
value as a liability in the balance sheet at the reporting
date. If the realised emissions fall below the granted
emission allowances, the difference is not recognised in
the balance sheet, but it is disclosed in the notes to the
financial statements, measured at fair value.
The following table presents changes in allowances
for financial years 2025 and 2024 as well as their fair
values. The emission allowances received during year
2025 and the realised emissions are estimates, which
will be adjusted during 2026. Anora continues to
operate within the emission trading system for the
trading period 2021\u20132030.
million tons
31 Dec 2025
31 Dec 2024
Emission allowances received
22.6
22.6
Excess emission allowances from
the previous period
8.2
1.0
Sold emission allowances
-10.0
\u2013
Realised emissions
-14.1
-15.4
Total emission allowances
6.7
8.2
Fair value of emission
allowances (EUR million)
0.5
0.3
An insurance claim relating
to the acquisition of Globus Wine
Anora has filed a claim with the Insurer during Q2
2023 under the warranties and indemnity insurance
policy taken in connection with the acquisition of
Globus Wine. In June 2025, Anora initiated arbitration
proceedings against the Insurer. It is not possible to
estimate the outcome of the arbitration. Anora still
considers that it has a contingent asset in the form of
a potential insurance compensation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed.
Critical estimates and management
judgements \u2013 Impairment testing
The preparation of calculations for the impairment
testing requires estimates regarding the future. The
management\u2019s estimates and related critical
uncertainties are related to the components of the
recoverable amount calculation, and key assumptions
are discount rate (WACC), future cash flows (including
estimates for future revenues, gross profit, EBITDA, capex),
Royalty Rates, growth rates both during forecast period
and for terminal value. The WACC reflects current
assessments of the time value of money and relevant
market risk premiums reflecting risks and uncertainties
for which the future cash flow estimates have not been
adjusted. For Relief from Royalty calculations Royalty
Rates represent the present value of hypothetical royalty
payments that are avoided by owning the asset.
Impairment testing - Goodwill
The Group\u2019s three operating segments are considered
to form the cash generating units (CGU) and represent
the lowest level at which goodwill is monitored. There
have not been any changes to the segment level
allocation of goodwill, and a summary of goodwill
allocation is presented in the following table.
The Group has determined the recoverable amount
based on value in use. The forecast period applied for
the calculations for both goodwill and trademarks
covers five years, beyond which the cash flow
projections are extrapolated using a constant CGU
specific long-term growth rate estimate (terminal
value).
The cash flow estimates used are based on CGU-
specific forecasts approved by the management
and the Board of Directors. The key assumptions for
the future cashflows are aligned with the updated
financial targets until the end of 2028 with above
market organic growth and Group\u2019s EBITDA reaching
EUR 85-90 million, with the exception of removing
certain costs and benefits in accordance with IAS
36:44. For the remaining two years the growth is
assumed to be more conservative to balance out the
above market growth plans. Management has
utilised Euromonitor\u2019s1 estimation on Wine and Spirits
market value and volumes in developing their
expectations of Anora\u2019s business development for the
remaining forecasting period beyond the updated
financial targets.
The annual growth applied for the terminal value
for both CGUs is 2.0%, in line with growth rate
corresponding to European Central Bank\u2019s long-term
inflation target. The terminal value growth rate used
is unchanged from previous year.
1Euromonitor International is a global market research company that
provides strategic intelligence, market analysis, and consumer insights
across a wide range of industries. Euromonitor provides the external
data and consumer insights that Anora uses for example to track its
own market share and compare its performance against competitors
in the Nordic region and internationally.
Sensitivity analysis
The headroom has decreased in both CGUs when
compared to last year. The change is due to WACC
increase caused by increased risk-free rate and
equity beta together with the changes in estimated
cashflows that are aligned with the updated financial
targets, affecting especially the Spirits segment.
Management has assessed that no reasonably
possible change in any of the key assumptions for
either CGU would cause the tested unit\u2019s recoverable
amount to decrease to be lower than its\u2019 carrying
amount. The changes in the basic assumptions shall
not be seen as an indication that these factors are
likely to materialise. The sensitivity analyses are
hypothetical scenarios and should therefore be
treated with caution
Impairment testing \u2013 Trademarks
At the end of 2025, all of the Group\u2019s trademarks with
indefinite useful lives were related to Spirits segment.
The carrying amount of these assets amounted to
EUR 124.5 million (2024: EUR 128.3 million). Most of the
trademarks within Spirits business are trademarks
that have existed for several decades, and some
have existed for several hundred years. There were
no significant changes in useful lives of the existing
assets during 2025.
The cash generating unit for impairment testing of
marketing related intangible assets is the trademark
itself.\u00a0 The recoverable amount for trademarks is
determined on the basis of Relief from Royalty
method after taxes whereby the trademark\u2019s annual
royalty rate is considered to be the expected long-
term profit that the individual trademarks are
expected to have. Relief from Royalty method is a fair
value calculation method, Level 3 of the fair value
hierarchy.
Impairment tests are prepared for trademarks with
indefinite useful life and useful life of 50 years. Cash
flow estimates used are discounted using a post-tax
discount rate specific for the country where each
trademark is predominantly sold.
In the same way as for Goodwill, the key assumptions
for the future cashflows are aligned with the updated
financial targets until the end of 2028 with additional
two years of more conservative growth. The annual
growth applied for the terminal value is 2.0%, in line
with growth rate corresponding to European Central
Bank\u2019s long-term inflation target. The terminal value
growth rate used is unchanged from previous year.
The majority of the trademarks tested show
significant headroom and no indication of
impairment in the impairment tests made. For three
trademarks the estimated recoverable amounts,
amounting to EUR 36.1 million in total, were below the
carrying amount and thus impairments amounting
to EUR 10.5 million have been recorded. Two of these
trademarks were showing decreased headroom
already last year.
The estimated recoverable amounts for additional
two of the trademarks exceeded the carrying
amount of the trademarks in the annual impairment
tests, but negative changes in one key assumption
could lead to a partial impairment. For these two
trademarks with book value of EUR 40.8 million (35.4%
of total book value of trademarks tested), decreasing
the royalty rate by -5 % would have an adverse
impact on the valuation of the trademark leading to
partial impairment. However, management considers
a decrease in royalty rate of this magnitude to be
unlikely, given the very strong brand recognition and
market position of these trademarks.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed.
The estimated useful lives and residual values are
reviewed at each financial year-end, and if they differ
substantially from the previous estimates, the
depreciation periods are adjusted accordingly.
Impairment loss is recognised in profit or loss to the
extent the assets carrying value exceeds its recoverable
amount.
Gains and losses on the disposals of property, plant
and equipment are included in other operating income
or expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Accounting policy - Impairment testing
Book value of assets is assessed to determine whether
there is any impairment at least at the end of each
reporting period. If any evidence of impairment emerges
(a triggering event), the assets\u2019 recoverable amount is
estimated. The recoverable amount is the higher of an
asset\u2019s or CGU\u2019s fair value less costs to sell and value in
use. An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount. The
impairment loss is immediately recognised in profit or
loss and the estimated useful life of the asset in question
is reassessed when an impairment loss is recognised.
The impairment loss is reversed if there has been such
a positive change in the estimates used to determine the
recoverable amount of the asset or cash-generating unit,
that recoverable amount of the asset will increase the
book value of asset. Impairment losses are only reversed
to the extent that the asset\u2019s carrying amount does not
exceed the carrying amount that would have been
determined if no impairment loss had been recognised.
An impairment loss on goodwill is never reversed.
Critical estimates and management
judgements \u2013 Impairment testing
The preparation of calculations for the impairment
testing requires estimates regarding the future. The
management\u2019s estimates and related critical
uncertainties are related to the components of the
recoverable amount calculation, and key assumptions
are discount rate (WACC), future cash flows (including
estimates for future revenues, gross profit, EBITDA, capex),
Royalty Rates, growth rates both during forecast period
and for terminal value. The WACC reflects current
assessments of the time value of money and relevant
market risk premiums reflecting risks and uncertainties
for which the future cash flow estimates have not been
adjusted. For Relief from Royalty calculations Royalty
Rates represent the present value of hypothetical royalty
payments that are avoided by owning the asset.
Impairment testing - Goodwill
The Group\u2019s three operating segments are considered
to form the cash generating units (CGU) and represent
the lowest level at which goodwill is monitored. There
have not been any changes to the segment level
allocation of goodwill, and a summary of goodwill
allocation is presented in the following table.
EUR million
2025
%
2024
%
Wine
105.3
34.7%
103.7
34.7%
Spirits
198.5
65.3%
195.4
65.3%
Total
303.8
100.0%
299.1
100.0%
The Group has determined the recoverable amount
based on value in use. The forecast period applied for
the calculations for both goodwill and trademarks
covers five years, beyond which the cash flow
projections are extrapolated using a constant CGU
specific long-term growth rate estimate (terminal
value).
The cash flow estimates used are based on CGU-
specific forecasts approved by the management
and the Board of Directors. The key assumptions for
the future cashflows are aligned with the updated
financial targets until the end of 2028 with above
market organic growth and Group\u2019s EBITDA reaching
EUR 85-90 million, with the exception of removing
certain costs and benefits in accordance with IAS
36:44. For the remaining two years the growth is
assumed to be more conservative to balance out the
above market growth plans. Management has
utilised Euromonitor\u2019s1 estimation on Wine and Spirits
market value and volumes in developing their
expectations of Anora\u2019s business development for the
remaining forecasting period beyond the updated
financial targets.
The annual growth applied for the terminal value
for both CGUs is 2.0%, in line with growth rate
corresponding to European Central Bank\u2019s long-term
inflation target. The terminal value growth rate used
is unchanged from previous year.
1Euromonitor International is a global market research company that
provides strategic intelligence, market analysis, and consumer insights
across a wide range of industries. Euromonitor provides the external
data and consumer insights that Anora uses for example to track its
own market share and compare its performance against competitors
in the Nordic region and internationally.
Key assumptions for CGU\u2019s with significant goodwill
allocated to them
2025
2024
%
Spirits
Wine
Spirits
Wine
EBITDA margin (%)
16,1-16.7%
8.1-9.9%
16.6%
7.3%
Long-term growh rate
(Terminal value, %)
2.0%
2.0%
2.0%
2.0%
Pre-tax discount rate -
WACC (%)
8.6%
9.1%
7.2%
7.0%
The Pre-tax discount rate (WACC) has increased for
both CGUs from last year mainly due to higher long-
term risk-free rates and peer group asset beta. The
peer group used is the same for both CGUs and it has
remained constant from previous years. Based on
management judgement certain clear outliers
distorting asset beta calculation were excluded from
the average and also special consideration has been
incorporated for Wine CGU WACC to reflect the
higher risk in estimated cashflows.
Sensitivity analysis
The headroom has decreased in both CGUs when
compared to last year. The change is due to WACC
increase caused by increased risk-free rate and
equity beta together with the changes in estimated
cashflows that are aligned with the updated financial
targets, affecting especially the Spirits segment.
Management has assessed that no reasonably
possible change in any of the key assumptions for
either CGU would cause the tested unit\u2019s recoverable
amount to decrease to be lower than its\u2019 carrying
amount. The changes in the basic assumptions shall
not be seen as an indication that these factors are
likely to materialise. The sensitivity analyses are
hypothetical scenarios and should therefore be
treated with caution.
Recoverable amounts and headroom for CGU\u2019s with
significant goodwill allocated to them
2025
2024
EUR million
Spirits
Wine
Spirits
Wine
Net Asset Values
327.9
230.7
322.2
235.0
Recoverable amount
517.4
364.8
766.0
389.0
Headroom
189.5
134.1
443.8
154.0
Sensitivity 1* - Change in
discount rate (+1%)
107.3
78.4
296.0
73.8
Sensitivity 2* - Change
in EBITDA (-10%)
137.2
90.4
367.0
101.4
Sensitivity 3* - Change
in long-term growth
(-1%)
124.7
90.8
321.6
86.7
* The sensitivities show alternative remaining headroom for the CGU\u2019s
based on given change in key assumption.
Impairment testing \u2013 Trademarks
At the end of 2025, all of the Group\u2019s trademarks with
indefinite useful lives were related to Spirits segment.
The carrying amount of these assets amounted to
EUR 124.5 million (2024: EUR 128.3 million). Most of the
trademarks within Spirits business are trademarks
that have existed for several decades, and some
have existed for several hundred years. There were
no significant changes in useful lives of the existing
assets during 2025.
The cash generating unit for impairment testing of
marketing related intangible assets is the trademark
itself.\u00a0 The recoverable amount for trademarks is
determined on the basis of Relief from Royalty
method after taxes whereby the trademark\u2019s annual
royalty rate is considered to be the expected long-
term profit that the individual trademarks are
expected to have. Relief from Royalty method is a fair
value calculation method, Level 3 of the fair value
hierarchy.
Impairment tests are prepared for trademarks with
indefinite useful life and useful life of 50 years. Cash
flow estimates used are discounted using a post-tax
discount rate specific for the country where each
trademark is predominantly sold.
Key assumptions for trademarks with indefinite
useful life or useful life of 50 years
2025
2024
%
Norway
Denmark
Norway
Denmark
Royalty Rate
(%)
14%-40%
14%-40%
14%-40%
14%-40%
Post-tax
discount rate -
WACC (%)
7.0%
6.7%
6.4%
5.5%
In the same way as for Goodwill, the key assumptions
for the future cashflows are aligned with the updated
financial targets until the end of 2028 with additional
two years of more conservative growth. The annual
growth applied for the terminal value is 2.0%, in line
with growth rate corresponding to European Central
Bank\u2019s long-term inflation target. The terminal value
growth rate used is unchanged from previous year.
The majority of the trademarks tested show
significant headroom and no indication of
impairment in the impairment tests made. For three
trademarks the estimated recoverable amounts,
amounting to EUR 36.1 million in total, were below the
carrying amount and thus impairments amounting
to EUR 10.5 million have been recorded. Two of these
trademarks were showing decreased headroom
already last year.
The estimated recoverable amounts for additional
two of the trademarks exceeded the carrying
amount of the trademarks in the annual impairment
tests, but negative changes in one key assumption
could lead to a partial impairment. For these two
trademarks with book value of EUR 40.8 million (35.4%
of total book value of trademarks tested), decreasing
the royalty rate by -5 % would have an adverse
impact on the valuation of the trademark leading to
partial impairment. However, management considers
a decrease in royalty rate of this magnitude to be
unlikely, given the very strong brand recognition and
market position of these trademarks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
2.2\u00a0 Property, plant and equipment
EUR million
Land and water
areas
Buildings and
structures
Machinery and
equipment
Prepayments and
assets under
construction
Total
Acquisition cost at 1 January 2025
2.5
113.1
169.6
7.3
292.6
Additions
\u2013
\u2013
0.4
9.4
9.8
Disposals
\u2013
-3.4
-6.8
\u2013
-10.2
Effect of movement in exchange rates
\u2013
\u2013
0.2
\u2013
0.2
Transfers between items
\u2013
1.2
7.0
-8.5
-0.2
Acquisition cost at 31 December 2025
2.5
111.0
170.4
8.2
292.2
Accumulated depreciation and impairment losses at 1
January 2025
\u2013
-94.8
-134.6
\u2013
-229.4
Depreciation
\u2013
-1.8
-5.9
\u2013
-7.7
Accumulated depreciation on disposals and transfers
\u2013
3.4
6.7
\u2013
10.1
Effect of movement in exchange rates
\u2013
\u2013
-0.1
\u2013
-0.1
Accumulated depreciation and impairment losses at
31 December 2025
\u2013
-93.2
-133.9
\u2013
-227.2
Carrying amount at 1 January 2025
2.5
18.4
35.0
7.3
63.2
Carrying amount at 31 December 2025
2.5
17.8
36.4
8.2
65.0
Acquisition cost at 1 January 2024
2.5
111.4
166.5
6.6
287.1
Additions
\u2013
0.1
1.3
7.1
8.4
Disposals
\u2013
-0.2
-0.7
\u2013
-0.9
Effect of movement in exchange rates
\u2013
\u2013
-1.9
\u2013
-2.0
Transfers between items
\u2013
1.9
4.5
-6.3
\u2013
Acquisition cost at 31 December 2024
2.5
113.1
169.6
7.3
292.6
Accumulated depreciation and impairment losses at 1
January 2024
\u2013
-93.2
-131.0
-0.3
-224.4
Depreciation
\u2013
-1.9
-5.7
\u2013
-7.6
Accumulated depreciation on disposals and transfers
\u2013
0.2
0.6
0.1
0.9
Effect of movement in exchange rates
\u2013
\u2013
1.6
\u2013
1.7
Transfers between items
\u2013
\u2013
-0.2
0.2
\u2013
Accumulated depreciation and impairment losses at
31 December 2024
\u2013
-94.8
-134.6
\u2013
-229.4
Carrying amount at 1 January 2024
2.5
18.3
35.5
6.4
62.7
Carrying amount at 31 December 2024
2.5
18.4
35.0
7.3
63.2
Additions in 2025 and 2024 include replacement investments and improvements in work safety and energy efficiency. Additions under construction during 2025 include also Koskenkorva Distillery\u2019s new biomass boiler.
Property, plant and equipment mainly consist of
manufacturing and warehouse buildings, land, and
machinery and equipment used in alcoholic
beverage industry.
\"Accounting-02.svg\"
Accounting policy - Property, plant and equipment
Property, plant and equipment are measured at
historical cost less accumulated depreciation and
impairment losses. If parts of an item of property, plant
and equipment have different useful lives, they are
accounted for as separate items. All other expenditure,
for example ordinary maintenance and repair costs, is
recognised as an expense as incurred. Depreciation is
recognised on a straight-line basis over the estimated
useful lives of items of property, plant and equipment.
Land is not depreciated.
The estimated useful lives of property, plant and
equipment are as follows:
Buildings and structures10\u201340 years
Machinery and equipment3\u201320 years
Other tangible assets3\u201310 years
The estimated useful lives and residual values are
reviewed at each financial year-end, and if they differ
substantially from the previous estimates, the
depreciation periods are adjusted accordingly.
Impairment loss is recognised in profit or loss to the
extent the assets carrying value exceeds its recoverable
amount.
Gains and losses on the disposals of property, plant
and equipment are included in other operating income
or expenses.
Plant and equipment in Rajam\u00e4ki and some
machinery in Koskenkorva Distillery is pledged as
collateral for liabilities, see note 6.2.
Refer to note 6.2 for further information about
contractual commitments for acquisitions of
property, plant and equipment.
\"Critical-02.svg\"
Critical estimates and management
judgements \u2013 Property, plant and equipment
Estimation of useful life is the most critical estimate
related to property, plant and equipment. There were no
significant changes in useful lives of the existing assets
during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "All other expenditure,
for example ordinary maintenance and repair costs, is
recognised as an expense as incurred. Depreciation is
recognised on a straight-line basis over the estimated
useful lives of items of property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
2.3\u00a0 Right-of-use assets
EUR million
Buildings
Machinery and
equipment
Total
Acquisition cost at 1 January 2025
122.1
32.1
154.1
Additions
4.1
1.1
5.2
Disposals
-1.5
-1.4
-2.9
Effect of movement in exchange rates
0.1
\u2013
0.1
Acquisition cost at 31 December 2025
124.7
31.8
156.5
Accumulated depreciation and impairment losses
at 1 January 2025
-69.0
-26.2
-95.2
Depreciation
-7.0
-2.4
-9.5
Accumulated depreciation on disposals
0.2
1.3
1.6
Effect of movement in exchange rates
\u2013
0.1
0.1
Accumulated depreciation and impairment
losses at 31 December 2025
-75.7
-27.2
-103.0
Carrying amount at 1 January 2025
53.1
5.9
59.0
Carrying amount at 31 December 2025
49.0
4.6
53.6
EUR million
Buildings
Machinery and
equipment
Total
Acquisition cost at 1 January 2024
137.0
32.9
170.0
Additions
0.4
2.4
2.8
Disposals
-10.4
-1.9
-12.4
Effect of movement in exchange rates
-4.9
-1.4
-6.2
Acquisition cost at 31 December 2024
122.1
32.1
154.1
Accumulated depreciation and impairment losses
at 1 January 2024
-75.0
-27.1
-102.1
Depreciation
-6.7
-2.0
-8.7
Accumulated depreciation on disposals
9.5
1.7
11.2
Effect of movement in exchange rates
3.2
1.2
4.4
Accumulated depreciation and impairment
losses at 31 December 2024
-69.0
-26.2
-95.2
Carrying amount at 1 January 2024
62.1
5.8
67.9
Carrying amount at 31 December 2024
53.1
5.9
59.0
Anora mainly acts as the lessee. The Group\u2019s leases
are related to normal business operations, such as
leases on production, distribution and administration
buildings, machines and equipment for production,
vehicles, forklifts and office technology.
Accounting policy - Leases
Lease is a contract, or a part of a contract that conveys
the right to use an asset for a period of time in exchange
for consideration. A contract contains a lease if there is
an identified asset, and the contract conveys the right to
control the use of an identified asset for a period of time
in exchange for consideration. A right-of-use asset and a
lease liability is recognised at lease commencement
date to reflect Anora\u2019s right to use the underlying asset
and the unpaid future lease payments respectively.
The lease liability is measured by discounting the
expected lease payments to the present value. Lease
payments include fixed lease payments, expected
payments related to residual value guarantees and the
possible exercise price of the purchase option if the use
of the option is reasonably certain. The lease period is the
non-cancellable period of the lease. Any extension
options are added to the lease period if it is reasonably
certain that the Group will exercise such options.
Lease payments are discounted at the internal rate of
return of the lease if that rate can be readily determined.
If an internal rate of return cannot be readily determined,
the incremental borrowing rate is used as the discount
rate. The criteria used to determine the discount rate
includes the class of the underlying asset, geographical
location, currency and the lessee\u2019s credit risk premium.
The lease liability is remeasured and adjusted against
the right-of-use asset if the cash flow in accordance with
the original terms and conditions of lease change; for
example, if the lease period changes or if the lease
payments change based on a variable index or interest
rate. Changes in the lease payments is reflected in the
period when respective cash flows are affected. The
lease liability is divided into current and non-current
liability and is presented on a separate line on the
balance sheet.
Right-of-use assets are measured at acquisition cost
based on the amount of the initial measurement of the
lease liability less payments made at or before
commencement date and lease incentives received,
adding initial direct costs and adjusting by estimated
dismantling or site restoration costs. Right-of-use assets
are depreciated over the lease period or their useful lives,
depending on which is shorter.
The IFRS 16 Leases standard includes exemptions
concerning leases of less than 12 months and low-value
assets. Lease liabilities are not recognised for leases of
less than 12 months and low-value assets. Anora
considers assets with an acquisition cost of less than EUR
5,000 to be low value. Lease expenses related to leases
included in the exemptions are recognised as other
operating expenses.
Some lease agreements for machines and
equipment for the production and distribution
activities at Gjeller\u00e5sen are subject to variable
interest rates. These agreements run until 2027.
\"Critical-02.svg\"
Critical estimates and management judgements \u2013
Right-of-use assets and lease liabilities
The most critical management judgements are related
to determination of discount rates and use of any
possible extension options related to the lease contracts.
Lease agreements include the agreement concluded
with Destilleriveien 11 AS on the lease of production,
distribution, and administration buildings at Gjeller\u00e5sen
for an irrevocable period of 25 years as from 1 January
2012. The annual rent under this agreement has been
about EUR 8.7 million during 2025. The lease agreement of
the premises at Gjeller\u00e5sen also include an option to
extend the lease by 10 years after the initial 25 years. This
option is currently considered not to be exercised and,
therefore, it is not included in the calculation of right-of-
use asset and lease liability at end of 2025 and 2024.
Significant impairments were recorded regarding the
right-of -use assets from this lease agreement in 2023.
For details of the 2023 impairment of right-of-use assets,
see chapter 2.2 regarding impairment of property, plant
and equipment on the 2023 Annual Report. There have
not been any impairments or reversal of previous
impairment of right-of-use assets during 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
Anora mainly acts as the lessee. The Group\u2019s leases
are related to normal business operations, such as
leases on production, distribution and administration
buildings, machines and equipment for production,
vehicles, forklifts and office technology.
Accounting policy - Leases
Lease is a contract, or a part of a contract that conveys
the right to use an asset for a period of time in exchange
for consideration. A contract contains a lease if there is
an identified asset, and the contract conveys the right to
control the use of an identified asset for a period of time
in exchange for consideration. A right-of-use asset and a
lease liability is recognised at lease commencement
date to reflect Anora\u2019s right to use the underlying asset
and the unpaid future lease payments respectively.
The lease liability is measured by discounting the
expected lease payments to the present value. Lease
payments include fixed lease payments, expected
payments related to residual value guarantees and the
possible exercise price of the purchase option if the use
of the option is reasonably certain. The lease period is the
non-cancellable period of the lease. Any extension
options are added to the lease period if it is reasonably
certain that the Group will exercise such options.
Lease payments are discounted at the internal rate of
return of the lease if that rate can be readily determined.
If an internal rate of return cannot be readily determined,
the incremental borrowing rate is used as the discount
rate. The criteria used to determine the discount rate
includes the class of the underlying asset, geographical
location, currency and the lessee\u2019s credit risk premium.
The lease liability is remeasured and adjusted against
the right-of-use asset if the cash flow in accordance with
the original terms and conditions of lease change; for
example, if the lease period changes or if the lease
payments change based on a variable index or interest
rate. Changes in the lease payments is reflected in the
period when respective cash flows are affected. The
lease liability is divided into current and non-current
liability and is presented on a separate line on the
balance sheet.
Right-of-use assets are measured at acquisition cost
based on the amount of the initial measurement of the
lease liability less payments made at or before
commencement date and lease incentives received,
adding initial direct costs and adjusting by estimated
dismantling or site restoration costs. Right-of-use assets
are depreciated over the lease period or their useful lives,
depending on which is shorter.
The IFRS 16 Leases standard includes exemptions
concerning leases of less than 12 months and low-value
assets. Lease liabilities are not recognised for leases of
less than 12 months and low-value assets. Anora
considers assets with an acquisition cost of less than EUR
5,000 to be low value. Lease expenses related to leases
included in the exemptions are recognised as other
operating expenses.
Some lease agreements for machines and
equipment for the production and distribution
activities at Gjeller\u00e5sen are subject to variable
interest rates. These agreements run until 2027
Accounting policy - Lease commitments
The short-term and low value lease obligations are future
minimum lease payments under non-cancellable off-
balance sheet leases. Leases not yet commenced are
non-cancellable leasing contracts where the underlying
asset is not yet available for use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Accounting policy - Inventories
Inventories are measured at the lower of cost and net
realisable value. Raw materials, supplies, work in progress
and trading goods are measured at weighted average
cost. Finished products, including both self-
manufactured products and repacked trading goods,
are measured at standard cost including cost of direct
materials, direct labour and an appropriate proportion of
variable and fixed overhead expenditure, representing
approximation of actual cost under weighted average
cost formula. The allocation of fixed costs is based on
normal operating capacity.
Net realisable value is the estimated selling price in the
ordinary course of business, less the estimated costs of
completion and the estimated costs necessary to make
the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
2.5\u00a0 Trade and other receivables
Accounting policy - Trade and other receivables
Trade receivables are carried at original invoiced
amount less any allowance for expected credit losses. An
allowance for expected credit losses is recognised
immediately in profit and loss. Allowance for expected
credit losses is recognised based on lifetime expected
credit losses from trade receivables in accordance with
IFRS 9. The expected credit loss model is forward looking
and expected default rates are based on historical
realised credit losses. The lifetime expected credit loss
provision is calculated using ageing of the accounts
receivable and regional portfolios. Trade receivables are
written off when there is no reasonable expectation of
recovery for example the failure of a debtor to engage in
a repayment plan with the Group.
Trade receivables are derecognised from the balance
sheet as soon as the receivable is sold, and the payment
has been received. The Group derecognises the trade
receivable as the contractual right to these cash flows
expire and all the related substantial risks and rewards
are transferred outside the Group at the time of sale. The
costs related to the sold receivables are recognised in
other finance expenses. The receivables are sold to the
extent that the cost is competitive considering the short-
term financing.
Trade and other receivables
EUR million
2025
2024
Trade receivables
108.9
101.3
Prepayments to customers/
suppliers
2.2
2.7
Accrued income
6.0
5.5
Tax receivables
3.9
5.3
Derivative assets1
0.7
1.9
Other receivables
4.0
4.3
Total
125.8
121.0
1See Note 3.3\u00a0 Derivative instruments and hedge accounting
At the end of the reporting period 2025 the sold trade
receivables amounted to EUR 141.3 million (2024: EUR
163.7 million).
Trade receivables from associated companies are
presented in Note 6.3.
Ageing analysis of trade receivables
EUR million
2025
2024
Trade receivables not past due
103.8
90.7
Trade receivables past due 1-90
days
4.7
10.3
Trade receivables past due over
90 days
2.0
2.3
Allowance for expected credit
losses
-1.6
-2.1
Total
108.9
101.3
\"Accounting-02.svg\"
Expected credit losses
A significant share of the Group\u2019s revenue is associated
with the state monopolies in the Nordic region, where
there is not considered to be material credit risk. The
Group\u2019s credit risk is otherwise spread over a large
number of small customers within the HoReCa industry,
and industrial customers as well as a small number of
distributors outside the home markets. On this basis, the
Group applies a simplified approach to calculation of
expected credit losses. The loss allowance for trade
receivables is based on the ageing of the accounts
receivables, regional portfolio and experienced historic
credit losses. Forward looking macro-economic
information has been included in analysis.
Change in expected credit losses
EUR million
2025
2024
Allowance for expected credit
losses at beginning of period
-2.1
-1.7
Allowances for expected credit
losses during period
\u2013
-0.5
Reversal of allowances for
expected credit losses during
period
1.1
0.1
Realized credit losses during
period
-0.5
-0.1
Allowance for expected credit
losses at end of period
-1.6
-2.1
2.5\u00a0 Trade and other receivables", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
2.5\u00a0 Trade and other receivables
Accounting policy - Trade and other receivables
Trade receivables are carried at original invoiced
amount less any allowance for expected credit losses. An
allowance for expected credit losses is recognised
immediately in profit and loss. Allowance for expected
credit losses is recognised based on lifetime expected
credit losses from trade receivables in accordance with
IFRS 9. The expected credit loss model is forward looking
and expected default rates are based on historical
realised credit losses. The lifetime expected credit loss
provision is calculated using ageing of the accounts
receivable and regional portfolios. Trade receivables are
written off when there is no reasonable expectation of
recovery for example the failure of a debtor to engage in
a repayment plan with the Group.
Trade receivables are derecognised from the balance
sheet as soon as the receivable is sold, and the payment
has been received. The Group derecognises the trade
receivable as the contractual right to these cash flows
expire and all the related substantial risks and rewards
are transferred outside the Group at the time of sale. The
costs related to the sold receivables are recognised in
other finance expenses. The receivables are sold to the
extent that the cost is competitive considering the short-
term financing.
Trade and other receivables
EUR million
2025
2024
Trade receivables
108.9
101.3
Prepayments to customers/
suppliers
2.2
2.7
Accrued income
6.0
5.5
Tax receivables
3.9
5.3
Derivative assets1
0.7
1.9
Other receivables
4.0
4.3
Total
125.8
121.0
1See Note 3.3\u00a0 Derivative instruments and hedge accounting
At the end of the reporting period 2025 the sold trade
receivables amounted to EUR 141.3 million (2024: EUR
163.7 million).
Trade receivables from associated companies are
presented in Note 6.3.
Ageing analysis of trade receivables
EUR million
2025
2024
Trade receivables not past due
103.8
90.7
Trade receivables past due 1-90
days
4.7
10.3
Trade receivables past due over
90 days
2.0
2.3
Allowance for expected credit
losses
-1.6
-2.1
Total
108.9
101.3
\"Accounting-02.svg\"
Expected credit losses
A significant share of the Group\u2019s revenue is associated
with the state monopolies in the Nordic region, where
there is not considered to be material credit risk. The
Group\u2019s credit risk is otherwise spread over a large
number of small customers within the HoReCa industry,
and industrial customers as well as a small number of
distributors outside the home markets. On this basis, the
Group applies a simplified approach to calculation of
expected credit losses. The loss allowance for trade
receivables is based on the ageing of the accounts
receivables, regional portfolio and experienced historic
credit losses. Forward looking macro-economic
information has been included in analysis.
Change in expected credit losses
EUR million
2025
2024
Allowance for expected credit
losses at beginning of period
-2.1
-1.7
Allowances for expected credit
losses during period
\u2013
-0.5
Reversal of allowances for
expected credit losses during
period
1.1
0.1
Realized credit losses during
period
-0.5
-0.1
Allowance for expected credit
losses at end of period
-1.6
-2.1
2.5\u00a0 Trade and other receivables", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
2.5\u00a0 Trade and other receivables
Accounting policy - Trade and other receivables
Trade receivables are carried at original invoiced
amount less any allowance for expected credit losses. An
allowance for expected credit losses is recognised
immediately in profit and loss. Allowance for expected
credit losses is recognised based on lifetime expected
credit losses from trade receivables in accordance with
IFRS 9. The expected credit loss model is forward looking
and expected default rates are based on historical
realised credit losses. The lifetime expected credit loss
provision is calculated using ageing of the accounts
receivable and regional portfolios. Trade receivables are
written off when there is no reasonable expectation of
recovery for example the failure of a debtor to engage in
a repayment plan with the Group.
Trade receivables are derecognised from the balance
sheet as soon as the receivable is sold, and the payment
has been received. The Group derecognises the trade
receivable as the contractual right to these cash flows
expire and all the related substantial risks and rewards
are transferred outside the Group at the time of sale. The
costs related to the sold receivables are recognised in
other finance expenses. The receivables are sold to the
extent that the cost is competitive considering the short-
term financing.
Trade and other receivables
EUR million
2025
2024
Trade receivables
108.9
101.3
Prepayments to customers/
suppliers
2.2
2.7
Accrued income
6.0
5.5
Tax receivables
3.9
5.3
Derivative assets1
0.7
1.9
Other receivables
4.0
4.3
Total
125.8
121.0
1See Note 3.3\u00a0 Derivative instruments and hedge accounting
At the end of the reporting period 2025 the sold trade
receivables amounted to EUR 141.3 million (2024: EUR
163.7 million).
Trade receivables from associated companies are
presented in Note 6.3.
Ageing analysis of trade receivables
EUR million
2025
2024
Trade receivables not past due
103.8
90.7
Trade receivables past due 1-90
days
4.7
10.3
Trade receivables past due over
90 days
2.0
2.3
Allowance for expected credit
losses
-1.6
-2.1
Total
108.9
101.3
\"Accounting-02.svg\"
Expected credit losses
A significant share of the Group\u2019s revenue is associated
with the state monopolies in the Nordic region, where
there is not considered to be material credit risk. The
Group\u2019s credit risk is otherwise spread over a large
number of small customers within the HoReCa industry,
and industrial customers as well as a small number of
distributors outside the home markets. On this basis, the
Group applies a simplified approach to calculation of
expected credit losses. The loss allowance for trade
receivables is based on the ageing of the accounts
receivables, regional portfolio and experienced historic
credit losses. Forward looking macro-economic
information has been included in analysis.
Change in expected credit losses
EUR million
2025
2024
Allowance for expected credit
losses at beginning of period
-2.1
-1.7
Allowances for expected credit
losses during period
\u2013
-0.5
Reversal of allowances for
expected credit losses during
period
1.1
0.1
Realized credit losses during
period
-0.5
-0.1
Allowance for expected credit
losses at end of period
-1.6
-2.1
2.5\u00a0 Trade and other receivables", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
2.5\u00a0 Trade and other receivables
Accounting policy - Trade and other receivables
Trade receivables are carried at original invoiced
amount less any allowance for expected credit losses. An
allowance for expected credit losses is recognised
immediately in profit and loss. Allowance for expected
credit losses is recognised based on lifetime expected
credit losses from trade receivables in accordance with
IFRS 9. The expected credit loss model is forward looking
and expected default rates are based on historical
realised credit losses. The lifetime expected credit loss
provision is calculated using ageing of the accounts
receivable and regional portfolios. Trade receivables are
written off when there is no reasonable expectation of
recovery for example the failure of a debtor to engage in
a repayment plan with the Group.
Trade receivables are derecognised from the balance
sheet as soon as the receivable is sold, and the payment
has been received. The Group derecognises the trade
receivable as the contractual right to these cash flows
expire and all the related substantial risks and rewards
are transferred outside the Group at the time of sale. The
costs related to the sold receivables are recognised in
other finance expenses. The receivables are sold to the
extent that the cost is competitive considering the short-
term financing.
Trade and other receivables
EUR million
2025
2024
Trade receivables
108.9
101.3
Prepayments to customers/
suppliers
2.2
2.7
Accrued income
6.0
5.5
Tax receivables
3.9
5.3
Derivative assets1
0.7
1.9
Other receivables
4.0
4.3
Total
125.8
121.0
1See Note 3.3\u00a0 Derivative instruments and hedge accounting
At the end of the reporting period 2025 the sold trade
receivables amounted to EUR 141.3 million (2024: EUR
163.7 million).
Trade receivables from associated companies are
presented in Note 6.3.
Ageing analysis of trade receivables
EUR million
2025
2024
Trade receivables not past due
103.8
90.7
Trade receivables past due 1-90
days
4.7
10.3
Trade receivables past due over
90 days
2.0
2.3
Allowance for expected credit
losses
-1.6
-2.1
Total
108.9
101.3
\"Accounting-02.svg\"
Expected credit losses
A significant share of the Group\u2019s revenue is associated
with the state monopolies in the Nordic region, where
there is not considered to be material credit risk. The
Group\u2019s credit risk is otherwise spread over a large
number of small customers within the HoReCa industry,
and industrial customers as well as a small number of
distributors outside the home markets. On this basis, the
Group applies a simplified approach to calculation of
expected credit losses. The loss allowance for trade
receivables is based on the ageing of the accounts
receivables, regional portfolio and experienced historic
credit losses. Forward looking macro-economic
information has been included in analysis.
Change in expected credit losses
EUR million
2025
2024
Allowance for expected credit
losses at beginning of period
-2.1
-1.7
Allowances for expected credit
losses during period
\u2013
-0.5
Reversal of allowances for
expected credit losses during
period
1.1
0.1
Realized credit losses during
period
-0.5
-0.1
Allowance for expected credit
losses at end of period
-1.6
-2.1
2.5\u00a0 Trade and other receivables", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
Accounting policy - Trade and other receivables
Trade receivables are carried at original invoiced
amount less any allowance for expected credit losses. An
allowance for expected credit losses is recognised
immediately in profit and loss. Allowance for expected
credit losses is recognised based on lifetime expected
credit losses from trade receivables in accordance with
IFRS 9. The expected credit loss model is forward looking
and expected default rates are based on historical
realised credit losses. The lifetime expected credit loss
provision is calculated using ageing of the accounts
receivable and regional portfolios. Trade receivables are
written off when there is no reasonable expectation of
recovery for example the failure of a debtor to engage in
a repayment plan with the Group.
Trade receivables are derecognised from the balance
sheet as soon as the receivable is sold, and the payment
has been received. The Group derecognises the trade
receivable as the contractual right to these cash flows
expire and all the related substantial risks and rewards
are transferred outside the Group at the time of sale. The
costs related to the sold receivables are recognised in
other finance expenses. The receivables are sold to the
extent that the cost is competitive considering the short-
term financing.
Amortised cost
Loans and receivables arise when money, goods or
services are delivered to a debtor, and they are included
in current or non-current financial assets in accordance
with their maturity. The assets in this category are held
according to a business model of which objective is to
collect contractual cash flows. In Anora, non-current
receivables include loan receivables and other
receivables with the maturity of over one year. Current
receivables include trade receivables as well as cash
and cash equivalents presented under current financial
assets. Receivables are measured at amortised cost
when the related payments are fixed or determinable
and the instruments are not quoted in financial markets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "An
allowance for expected credit losses is recognised
immediately in profit and loss. Allowance for expected
credit losses is recognised based on lifetime expected
credit losses from trade receivables in accordance with
IFRS 9. The expected credit loss model is forward looking
and expected default rates are based on historical
realised credit losses. The lifetime expected credit loss
provision is calculated using ageing of the accounts
receivable and regional portfolios. Trade receivables are
written off when there is no reasonable expectation of
recovery for example the failure of a debtor to engage in
a repayment plan with the Group.
Expected credit losses
A significant share of the Group\u2019s revenue is associated
with the state monopolies in the Nordic region, where
there is not considered to be material credit risk. The
Group\u2019s credit risk is otherwise spread over a large
number of small customers within the HoReCa industry,
and industrial customers as well as a small number of
distributors outside the home markets. On this basis, the
Group applies a simplified approach to calculation of
expected credit losses. The loss allowance for trade
receivables is based on the ageing of the accounts
receivables, regional portfolio and experienced historic
credit losses. Forward looking macro-economic
information has been included in analysis.
Change in expected credit losses
EUR million
2025
2024
Allowance for expected credit
losses at beginning of period
-2.1
-1.7
Allowances for expected credit
losses during period
\u2013
-0.5
Reversal of allowances for
expected credit losses during
period
1.1
0.1
Realized credit losses during
period
-0.5
-0.1
Allowance for expected credit
losses at end of period
-1.6
-2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
Trade and other receivables
EUR million
2025
2024
Trade receivables
108.9
101.3
Prepayments to customers/
suppliers
2.2
2.7
Accrued income
6.0
5.5
Tax receivables
3.9
5.3
Derivative assets1
0.7
1.9
Other receivables
4.0
4.3
Total
125.8
121.0
1See Note 3.3\u00a0 Derivative instruments and hedge accounting
EUR million
2025
2024
Trade payables
79.8
79.9
Accruals for wages and salaries
and social security contributions
21.2
17.5
Interest liabilities
0.1
0.1
Accrued procurement expenses
9.1
16.5
Provisions
0.8
1.7
Other accrued expenses
27.1
32.6
Excise tax liability
112.4
112.5
VAT liability
54.3
56.1
Derivative liabilities1
3.2
1.4
Liabilities at Fair Value Through
Profit and Loss 2
0.6
0.4
Tax Liabilities
2.9
1.5
Other liabilities
8.5
9.3
Total
319.9
329.5
1See Note 3.3\u00a0 Derivative instruments and hedge accounting
2See Note 3.2.2\u00a0 Financial liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
2.7\u00a0 Trade and other payables\u00a0
\"Accounting-02.svg\"
Accounting policy - Trade and other payables
Trade and other payables represent liabilities for goods
and services provided to the Group prior to the end of
the financial year which are unpaid. Trade and other
payables are presented as current liabilities, unless
payment is not due within 12 months after the reporting
period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the
effective interest method.
EUR million
2025
2024
Trade payables
79.8
79.9
Accruals for wages and salaries
and social security contributions
21.2
17.5
Interest liabilities
0.1
0.1
Accrued procurement expenses
9.1
16.5
Provisions
0.8
1.7
Other accrued expenses
27.1
32.6
Excise tax liability
112.4
112.5
VAT liability
54.3
56.1
Derivative liabilities1
3.2
1.4
Liabilities at Fair Value Through
Profit and Loss 2
0.6
0.4
Tax Liabilities
2.9
1.5
Other liabilities
8.5
9.3
Total
319.9
329.5
1See Note 3.3\u00a0 Derivative instruments and hedge accounting
2See Note 3.2.2\u00a0 Financial liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
2.7\u00a0 Trade and other payables\u00a0
\"Accounting-02.svg\"
Accounting policy - Trade and other payables
Trade and other payables represent liabilities for goods
and services provided to the Group prior to the end of
the financial year which are unpaid. Trade and other
payables are presented as current liabilities, unless
payment is not due within 12 months after the reporting
period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the
effective interest method.
EUR million
2025
2024
Trade payables
79.8
79.9
Accruals for wages and salaries
and social security contributions
21.2
17.5
Interest liabilities
0.1
0.1
Accrued procurement expenses
9.1
16.5
Provisions
0.8
1.7
Other accrued expenses
27.1
32.6
Excise tax liability
112.4
112.5
VAT liability
54.3
56.1
Derivative liabilities1
3.2
1.4
Liabilities at Fair Value Through
Profit and Loss 2
0.6
0.4
Tax Liabilities
2.9
1.5
Other liabilities
8.5
9.3
Total
319.9
329.5
1See Note 3.3\u00a0 Derivative instruments and hedge accounting
2See Note 3.2.2\u00a0 Financial liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
2.7\u00a0 Trade and other payables\u00a0
\"Accounting-02.svg\"
Accounting policy - Trade and other payables
Trade and other payables represent liabilities for goods
and services provided to the Group prior to the end of
the financial year which are unpaid. Trade and other
payables are presented as current liabilities, unless
payment is not due within 12 months after the reporting
period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the
effective interest method.
EUR million
2025
2024
Trade payables
79.8
79.9
Accruals for wages and salaries
and social security contributions
21.2
17.5
Interest liabilities
0.1
0.1
Accrued procurement expenses
9.1
16.5
Provisions
0.8
1.7
Other accrued expenses
27.1
32.6
Excise tax liability
112.4
112.5
VAT liability
54.3
56.1
Derivative liabilities1
3.2
1.4
Liabilities at Fair Value Through
Profit and Loss 2
0.6
0.4
Tax Liabilities
2.9
1.5
Other liabilities
8.5
9.3
Total
319.9
329.5
1See Note 3.3\u00a0 Derivative instruments and hedge accounting
2See Note 3.2.2\u00a0 Financial liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
2.7\u00a0 Trade and other payables\u00a0
\"Accounting-02.svg\"
Accounting policy - Trade and other payables
Trade and other payables represent liabilities for goods
and services provided to the Group prior to the end of
the financial year which are unpaid. Trade and other
payables are presented as current liabilities, unless
payment is not due within 12 months after the reporting
period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the
effective interest method.
EUR million
2025
2024
Trade payables
79.8
79.9
Accruals for wages and salaries
and social security contributions
21.2
17.5
Interest liabilities
0.1
0.1
Accrued procurement expenses
9.1
16.5
Provisions
0.8
1.7
Other accrued expenses
27.1
32.6
Excise tax liability
112.4
112.5
VAT liability
54.3
56.1
Derivative liabilities1
3.2
1.4
Liabilities at Fair Value Through
Profit and Loss 2
0.6
0.4
Tax Liabilities
2.9
1.5
Other liabilities
8.5
9.3
Total
319.9
329.5
1See Note 3.3\u00a0 Derivative instruments and hedge accounting
2See Note 3.2.2\u00a0 Financial liabilities
Borrowings and lease liabilities
EUR million
2025
2024
Non-current
Loans from financial institutions
161.2
159.7
Loans from pension institutions
2.3
3.8
Lease liabilities
93.2
104.7
Total
256.7
268.2
Current
Loans from pension institutions
1.5
1.5
Commercial papers
11.9
20.0
Lease liabilities
14.0
13.4
Total
27.4
34.9
All of the Group\u2019s non-current and current loans from
financial and pension institutions were denominated
in euros as at 31 December 2025 and 31 December
2024.
The weighted average effective interest rate (p.a.)
of the Group\u2019s loans from financial and pension
institutions as at 31 December 2025 was 4.1% (2024:
4.7%).
The weighted average interest rate (p.a.) of the
Group\u2019s lease liabilities as at 31 December 2025 was
4.1% (2024: 3.9% ).\u00a0
Term loan nominal drawn under the Group\u2019s credit
facilities agreement has remained at EUR 160.0 (160.0)
million, since Anora repaid EUR 50.0 of its original term
loan in September 2024. In December 2024 Anora
exercised its second extension option in relation to its
credit facilities agreement, thus extending the term
loan and revolving credit facilities maturity to
December 2027.
The Group entered into a new credit facility to
finance the new biomass-boiler investment including
related construction costs at Koskenkorva distillery,
Finland. The credit limit is being drawn down
progressively to match the capital expenditures of
the investment. As of the end of the reporting period,
the outstanding liability drawn from this facility
amounted to EUR 1.4 (\u2013) million. The new biomass-
boiler under construction is pledged as collateral for
this loan, see note 6.2..", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
Accounting policy - Trade and other payables
Trade and other payables represent liabilities for goods
and services provided to the Group prior to the end of
the financial year which are unpaid. Trade and other
payables are presented as current liabilities, unless
payment is not due within 12 months after the reporting
period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the
effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "3.2.2\u00a0 Financial liabilities
3.2.2\u00a0 Financial liabilities
Financial liabilities are classified as financial liabilities at
fair value through profit or loss and financial liabilities at
amortised cost. Financial liabilities are initially measured
at fair value and recognised net of transaction costs, with
the exception of items measured at fair value through
profit or\u00a0loss.
A financial liability (or a part of it) is not derecognised
until the obligation specified in the contract is
discharged or cancelled or expires. A financial liability is
classified as current, unless the Group has an
unconditional right to defer the settlement of the liability
for at least 12 months after the end of the reporting
period.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Financial liabilities at amortised cost
This category includes the Group\u2019s external loans from
financial institutions, loans from pension institutions,
commercial paper loans as well as trade payables. These
financial liabilities are measured at amortised cost using
the effective interest method. When loans are paid off or
refinanced, the related unamortised costs are
recognised in finance expenses. Group overdrafts in use
are included in current borrowings. In addition, Anora has
a revolving credit facility, and the related fee is amortised
on a straight-line basis in other finance expenses during
the term of the facility.
The exchange rate differences of intra-group foreign
currency denominated loans are presented within
financial items in the foreign exchange differences of the
category financial liabilities at amortised cost.
The fair values of loans from financial institutions and
commercial paper loans are determined based on
future cash flows discounted with market interest rate at
the reporting date adjusted with Anora\u2019s credit risk
premium. At the reporting date, the carrying amounts of
the loans are not materially different from their fair
values.
Liabilities at fair value through profit and loss
EUR million
2025
2024
Book value at the beginning of
the period
0.5
0.8
Paid during period
-0.2
-0.2
Changes in value during period
0.1
\u2013
Book value at the end of the
period
0.6
0.5
Non-current liability
\u2013
0.1
Current liability
0.6
0.4
Borrowings and lease liabilities
EUR million
2025
2024
Non-current
Loans from financial institutions
161.2
159.7
Loans from pension institutions
2.3
3.8
Lease liabilities
93.2
104.7
Total
256.7
268.2
Current
Loans from pension institutions
1.5
1.5
Commercial papers
11.9
20.0
Lease liabilities
14.0
13.4
Total
27.4
34.9
All of the Group\u2019s non-current and current loans from
financial and pension institutions were denominated
in euros as at 31 December 2025 and 31 December
2024.
The weighted average effective interest rate (p.a.)
of the Group\u2019s loans from financial and pension
institutions as at 31 December 2025 was 4.1% (2024:
4.7%).
The weighted average interest rate (p.a.) of the
Group\u2019s lease liabilities as at 31 December 2025 was
4.1% (2024: 3.9% ).\u00a0
Term loan nominal drawn under the Group\u2019s credit
facilities agreement has remained at EUR 160.0 (160.0)
million, since Anora repaid EUR 50.0 of its original term
loan in September 2024. In December 2024 Anora
exercised its second extension option in relation to its
credit facilities agreement, thus extending the term
loan and revolving credit facilities maturity to
December 2027.
The Group entered into a new credit facility to
finance the new biomass-boiler investment including
related construction costs at Koskenkorva distillery,
Finland. The credit limit is being drawn down
progressively to match the capital expenditures of
the investment. As of the end of the reporting period,
the outstanding liability drawn from this facility
amounted to EUR 1.4 (\u2013) million. The new biomass-
boiler under construction is pledged as collateral for
this loan, see note 6.2..
The net debt
Movements in net debt the year ended 31 December 2025 and 2024 are presented in the following table:
EUR million
Cash and cash equivalents
Loans from financial and
pension institutions (non-
current)
Loans from financial and
pension institutions
(current)
Lease liabilities (non-
current)
Lease liabilities (current)
Total
Net debt as at 1 January
2025
181.5
163.5
21.5
104.7
13.4
121.6
Cash flows
0.3
-0.1
-8.0
\u2013
-13.6
-22.0
Translation differences
0.8
\u2013
\u2013
-0.1
0.1
-0.8
Other non-cash movement
\u2013
0.1
-0.1
-11.4
14.1
2.7
Net debt at 31 December
2025
182.6
163.5
13.4
93.2
14.0
101.5
Net debt as at 1 January
2024
212.7
214.8
1.5
120.7
13.3
137.5
Cash flows
-29.9
-50.0
18.3
\u2013
-12.6
-14.3
Translation differences
-1.3
\u2013
\u2013
-4.4
-0.5
-3.5
Other non-cash movement
\u2013
-1.3
1.6
-11.6
13.2
2.0
Net debt at 31 December
2024
181.5
163.5
21.5
104.7
13.4
121.6
3.2.3\u00a0 Classification and fair values of financial
assets and liabilities
At the reporting date due to short maturity fair value
of trade receivables and other short-term
receivables and liabilities equal to their value in the
balance sheet.
The following table presents the classification of
financial instruments. The levels 1\u20133 of fair value
hierarchy reflect the significance of inputs used in
determining the fair values. In level one, fair values
are based on public quotations of identical financial
instruments. In level two, the inputs used in
determining the fair values are based on quoted
market rates and prices observable for the asset or
liability in question directly (i.e. price) or indirectly on
discounted future cash flows. Fair values of other
financial assets and liabilities in level two reflect their
carrying value. In level three, the fair values of assets
and liabilities are based on inputs that are not based
on observable market data for all significant
variables, and instead are, to a significant extent,
based on management estimates and their use in
generally accepted valuation techniques. The
reported fair value level is based on the lowest level
of input information that is significant in determining
the fair value.
Fair values and the carrying amounts in the consolidated balance sheet for each financial instrument by classes:
2025
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
1.6
\u2013
1.6
1.6
3
Current financial assets
Trade receivables
2.5
\u2013
\u2013
108.9
\u2013
108.9
108.9
Derivative instruments/Interest rate derivatives
3.3
0.2
\u2013
\u2013
\u2013
0.2
0.2
2
Derivative instruments/Forward exchange contracts
3.3
0.4
0.1
\u2013
\u2013
0.5
0.5
2
Cash and cash equivalents
4.1
\u2013
\u2013
182.6
\u2013
182.6
182.6
Total
0.6
0.1
293.1
0.7
294.5
294.5
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
93.2
\u2013
93.2
93.2
2
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Lease liabilities1
3.2.2
\u2013
\u2013
14.0
\u2013
14.0
14.0
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.6
\u2013
\u2013
0.6
0.6
3
Trade payables
2.7
\u2013
\u2013
79.8
\u2013
79.8
79.8
Derivative instruments/Interest rate derivatives
3.3
0.6
\u2013
\u2013
\u2013
0.6
0.6
2
Derivative instruments/Forward exchange contracts
3.3
2.1
0.4
\u2013
\u2013
2.5
2.5
2
Derivative instruments/Commodity derivatives
3.3
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total
2.8
1.0
363.8
\u2013
367.6
367.6
1 See also Note 2.3\u00a0 Right-of-use assets
2024
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
0.2
\u2013
0.2
0.2
Current financial assets
Trade receivables
2.5
\u2013
\u2013
101.3
-
101.3
101.3
Derivative instruments/Forward exchange contracts
3.3
1.6
0.2
\u2013
\u2013
1.8
1.8
2
Derivative instruments/Commodity derivatives
3.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Cash and cash equivalents
4.1
\u2013
\u2013
181.5
\u2013
181.5
181.5
Total
1.6
0.2
282.9
0.7
285.4
285.4
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
104.7
\u2013
104.7
104.7
2
Non-current liabilities at fair value through profit or loss
3.2.2
\u2013
0.1
\u2013
\u2013
0.1
0.1
3
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
21.5
\u2013
21.5
21.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.4
\u2013
\u2013
0.4
0.4
3
Trade payables
2.7
\u2013
\u2013
79.9
\u2013
79.9
79.9
Derivative instruments/Interest rate derivatives
3.3
1.0
\u2013
\u2013
\u2013
1.0
1.0
2
Derivative instruments/Forward exchange contracts
3.3
0.2
0.3
\u2013
\u2013
0.4
0.4
2
Total
1.2
0.8
382.9
\u2013
384.9
384.9
1 See also Note 2.3\u00a0 Right-of-use assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
2.7.1\u00a0 Provisions
\"Accounting-02.svg\"
Accounting policy - Provisions
A provision is recognised when the Group has a present
legal or constructive obligation as a result of a past
event, and it is probable that an outflow of economic
benefits will be required to settle the obligation, and the
amount of the obligation can be reliably estimated. The
amount recognised as provision is the management\u2019s
best estimate of the costs required to settle the existing
obligation at the end of the reporting period. If part of the
obligation may potentially be compensated by a third
party, the compensation is recognised as a separate
asset when it is virtually certain that the compensation
will be received.
A provision for restructuring costs is recognised only
when general recognition criteria for provision are met
and after management has prepared and approved a
formal plan to which it is committed, and it has raised a
valid expectation in those affected by the measures that
it will carry out the restructuring by starting to implement
that plan or announcing its main features.
The costs included in a provision for restructuring are
those costs that are either incremental or incurred as a
direct result of the plan or are the result of a continuing
contractual obligation with no continuing economic
benefit to Anora or a penalty incurred to cancel the
contractual obligation.
EUR million
Opening
balance
Increase
during
2025
Decrease
during
2025
Trans-
lation
differ-
ences
Balance
sheet
31.12.2025
Restructuring
provisions
1.7
\u2013
-1.0
\u2013
0.8
Total
1.7
\u2013
-1.0
\u2013
0.8
At the end of 2025, the Group has EUR 0.8 million
(2024: EUR 1.7 million) of provision related to previous
years\u2019 restructuring plans.
6.2\u00a0 Collaterals, commitments and contingent assets and liabilities
Collaterals and securities
31 Dec 2025
31 Dec 2024
EUR million
Debt in the
statement of
financial
position
Security
Debt in the
statement of
financial
position
Security
Guarantees given as collateral for liabilities
Guarantees
3.8
3.8
5.3
5.3
Collaterals
1.4
1.4
\u2013
\u2013
Mortgages given as collateral for liabilities and commitments
Mortgages
18.5
18.5
Guarantees and contingent liabilities
Collaterals given on behalf of the Group companies or Company itself
12.3
11.8
Total collaterals
36.0
35.6
Collaterals given on behalf of Group companies all relate to mainly commitments to authorities.
Off-balance sheet commitments and other contractual obligations
EUR million
31 Dec 2025
31 Dec 2024
Short-term and low value lease obligations
Less than one year
0.2
0.3
Between one and five years
0.1
0.2
Total short-term and low value lease obligations
0.4
0.4
Leases not yet commenced, but to which Anora is committed
1.9
\u2013
Commitments related to acquisition of tangible and intangible assets
9.9
0.9
Other contractual obligations
7.9
8.1
Total commitments
20.0
9.4
Short-term and low value obligations consist mainly of IT equipment. Of the investment commitments EUR 6.8
million relate to the biomass-boiler investment in Koskenkorva Distillery in Finland. Other contractual obligations
amounting to EUR 7.9 million consist of volume commitment and other contractual commitments.
\"Accounting-02.svg\"
Accounting policy - Lease commitments
The short-term and low value lease obligations are future
minimum lease payments under non-cancellable off-
balance sheet leases. Leases not yet commenced are
non-cancellable leasing contracts where the underlying
asset is not yet available for use.\u00a0
Assets not recognised in the balance sheet -
Emission allowances
\"Accounting-02.svg\"
Accounting policy - Emission allowances
The Group participates in the European Union emission
trading scheme, where it has been granted a certain
number of carbon dioxide emission allowances for a
certain period of time, free of charge. Anora Group Plc
discloses its carbon dioxide emission allowances granted
free of charge on net basis. The emission allowances
granted free are recognised on zero-value. If the Group
has sufficient amount of allowances to cover the
obligation to deliver allowances corresponding to the
amount of emissions made, the obligation is recognised
as corresponding value of emissions (zero value).\u00a0 The
Group does not recognise income or expenses arising
from emission allowances through profit or loss when the
emission allowances granted are sufficient to cover the
obligation to deliver allowances corresponding to the
amount of emissions made. If the realised emissions
exceed the granted emission allowances, the obligation
arising from the excess emissions is recognised at fair
value as a liability in the balance sheet at the reporting
date. If the realised emissions fall below the granted
emission allowances, the difference is not recognised in
the balance sheet, but it is disclosed in the notes to the
financial statements, measured at fair value.
The following table presents changes in allowances
for financial years 2025 and 2024 as well as their fair
values. The emission allowances received during year
2025 and the realised emissions are estimates, which
will be adjusted during 2026. Anora continues to
operate within the emission trading system for the
trading period 2021\u20132030.
million tons
31 Dec 2025
31 Dec 2024
Emission allowances received
22.6
22.6
Excess emission allowances from
the previous period
8.2
1.0
Sold emission allowances
-10.0
\u2013
Realised emissions
-14.1
-15.4
Total emission allowances
6.7
8.2
Fair value of emission
allowances (EUR million)
0.5
0.3
An insurance claim relating
to the acquisition of Globus Wine
Anora has filed a claim with the Insurer during Q2
2023 under the warranties and indemnity insurance
policy taken in connection with the acquisition of
Globus Wine. In June 2025, Anora initiated arbitration
proceedings against the Insurer. It is not possible to
estimate the outcome of the arbitration. Anora still
considers that it has a contingent asset in the form of
a potential insurance compensation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
2.7.1\u00a0 Provisions
\"Accounting-02.svg\"
Accounting policy - Provisions
A provision is recognised when the Group has a present
legal or constructive obligation as a result of a past
event, and it is probable that an outflow of economic
benefits will be required to settle the obligation, and the
amount of the obligation can be reliably estimated. The
amount recognised as provision is the management\u2019s
best estimate of the costs required to settle the existing
obligation at the end of the reporting period. If part of the
obligation may potentially be compensated by a third
party, the compensation is recognised as a separate
asset when it is virtually certain that the compensation
will be received.
A provision for restructuring costs is recognised only
when general recognition criteria for provision are met
and after management has prepared and approved a
formal plan to which it is committed, and it has raised a
valid expectation in those affected by the measures that
it will carry out the restructuring by starting to implement
that plan or announcing its main features.
The costs included in a provision for restructuring are
those costs that are either incremental or incurred as a
direct result of the plan or are the result of a continuing
contractual obligation with no continuing economic
benefit to Anora or a penalty incurred to cancel the
contractual obligation.
EUR million
Opening
balance
Increase
during
2025
Decrease
during
2025
Trans-
lation
differ-
ences
Balance
sheet
31.12.2025
Restructuring
provisions
1.7
\u2013
-1.0
\u2013
0.8
Total
1.7
\u2013
-1.0
\u2013
0.8
At the end of 2025, the Group has EUR 0.8 million
(2024: EUR 1.7 million) of provision related to previous
years\u2019 restructuring plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
Accounting policy - Provisions
A provision is recognised when the Group has a present
legal or constructive obligation as a result of a past
event, and it is probable that an outflow of economic
benefits will be required to settle the obligation, and the
amount of the obligation can be reliably estimated. The
amount recognised as provision is the management\u2019s
best estimate of the costs required to settle the existing
obligation at the end of the reporting period. If part of the
obligation may potentially be compensated by a third
party, the compensation is recognised as a separate
asset when it is virtually certain that the compensation
will be received.
A provision for restructuring costs is recognised only
when general recognition criteria for provision are met
and after management has prepared and approved a
formal plan to which it is committed, and it has raised a
valid expectation in those affected by the measures that
it will carry out the restructuring by starting to implement
that plan or announcing its main features.
The costs included in a provision for restructuring are
those costs that are either incremental or incurred as a
direct result of the plan or are the result of a continuing
contractual obligation with no continuing economic
benefit to Anora or a penalty incurred to cancel the
contractual obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
3\u00a0 Financial items and
capital structure
3.1\u00a0 Finance income and expenses
Finance income
EUR million
2025
2024
Interest income from
Loans, receivables and cash
and cash equivalents
6.0
7.8
Total interest income
6.0
7.8
Foreign exchange gains
Foreign exchange gains on FX-
derivatives
0.3
1.1
Foreign exchange gains on I/C
loans and cash pool accounts
3.8
1.7
Total foreign exchange gains
4.1
2.9
Other financial income
Other financial income
0.3
0.1
Total other financial income
0.3
0.1
Total finance income
10.4
10.7
Finance expenses
EUR million
2025
2024
Interest expenses on
Financial liabilities at amortised
cost
-13.2
-17.2
Lease liabilities
-4.6
-4.9
Other interest expenses,
pension liability
\u2013
\u2013
Total interest expenses
-17.8
-22.1
Foreign exchange losses
Foreign exchange losses on FX-
derivatives
-1.4
-0.2
Foreign exchange losses on I/C
loans and cash pool accounts
-2.8
-3.3
Total foreign exchange losses
-4.2
-3.6
Other finance expenses
Other financial expenses
-3.2
-5.1
Total other finance expenses
-3.2
-5.1
Total finance expenses
-25.2
-30.7
Foreign exchange difference arising from trade
receivables and trade payables amounting to EUR 0.1
million (2024: EUR -0.5 million) and from currency
derivatives amounting to EUR -5.8 million ( 2024: EUR
3.9 million) are included in operating result", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
3\u00a0 Financial items and
capital structure
3.1\u00a0 Finance income and expenses
Finance income
EUR million
2025
2024
Interest income from
Loans, receivables and cash
and cash equivalents
6.0
7.8
Total interest income
6.0
7.8
Foreign exchange gains
Foreign exchange gains on FX-
derivatives
0.3
1.1
Foreign exchange gains on I/C
loans and cash pool accounts
3.8
1.7
Total foreign exchange gains
4.1
2.9
Other financial income
Other financial income
0.3
0.1
Total other financial income
0.3
0.1
Total finance income
10.4
10.7
Finance expenses
EUR million
2025
2024
Interest expenses on
Financial liabilities at amortised
cost
-13.2
-17.2
Lease liabilities
-4.6
-4.9
Other interest expenses,
pension liability
\u2013
\u2013
Total interest expenses
-17.8
-22.1
Foreign exchange losses
Foreign exchange losses on FX-
derivatives
-1.4
-0.2
Foreign exchange losses on I/C
loans and cash pool accounts
-2.8
-3.3
Total foreign exchange losses
-4.2
-3.6
Other finance expenses
Other financial expenses
-3.2
-5.1
Total other finance expenses
-3.2
-5.1
Total finance expenses
-25.2
-30.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
Finance income
EUR million
2025
2024
Interest income from
Loans, receivables and cash
and cash equivalents
6.0
7.8
Total interest income
6.0
7.8
Foreign exchange gains
Foreign exchange gains on FX-
derivatives
0.3
1.1
Foreign exchange gains on I/C
loans and cash pool accounts
3.8
1.7
Total foreign exchange gains
4.1
2.9
Other financial income
Other financial income
0.3
0.1
Total other financial income
0.3
0.1
Total finance income
10.4
10.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
Finance income
EUR million
2025
2024
Interest income from
Loans, receivables and cash
and cash equivalents
6.0
7.8
Total interest income
6.0
7.8
Foreign exchange gains
Foreign exchange gains on FX-
derivatives
0.3
1.1
Foreign exchange gains on I/C
loans and cash pool accounts
3.8
1.7
Total foreign exchange gains
4.1
2.9
Other financial income
Other financial income
0.3
0.1
Total other financial income
0.3
0.1
Total finance income
10.4
10.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
Finance expenses
EUR million
2025
2024
Interest expenses on
Financial liabilities at amortised
cost
-13.2
-17.2
Lease liabilities
-4.6
-4.9
Other interest expenses,
pension liability
\u2013
\u2013
Total interest expenses
-17.8
-22.1
Foreign exchange losses
Foreign exchange losses on FX-
derivatives
-1.4
-0.2
Foreign exchange losses on I/C
loans and cash pool accounts
-2.8
-3.3
Total foreign exchange losses
-4.2
-3.6
Other finance expenses
Other financial expenses
-3.2
-5.1
Total other finance expenses
-3.2
-5.1
Total finance expenses
-25.2
-30.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Finance expenses
EUR million
2025
2024
Interest expenses on
Financial liabilities at amortised
cost
-13.2
-17.2
Lease liabilities
-4.6
-4.9
Other interest expenses,
pension liability
\u2013
\u2013
Total interest expenses
-17.8
-22.1
Foreign exchange losses
Foreign exchange losses on FX-
derivatives
-1.4
-0.2
Foreign exchange losses on I/C
loans and cash pool accounts
-2.8
-3.3
Total foreign exchange losses
-4.2
-3.6
Other finance expenses
Other financial expenses
-3.2
-5.1
Total other finance expenses
-3.2
-5.1
Total finance expenses
-25.2
-30.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
Finance expenses
EUR million
2025
2024
Interest expenses on
Financial liabilities at amortised
cost
-13.2
-17.2
Lease liabilities
-4.6
-4.9
Other interest expenses,
pension liability
\u2013
\u2013
Total interest expenses
-17.8
-22.1
Foreign exchange losses
Foreign exchange losses on FX-
derivatives
-1.4
-0.2
Foreign exchange losses on I/C
loans and cash pool accounts
-2.8
-3.3
Total foreign exchange losses
-4.2
-3.6
Other finance expenses
Other financial expenses
-3.2
-5.1
Total other finance expenses
-3.2
-5.1
Total finance expenses
-25.2
-30.7
Foreign exchange difference arising from trade
receivables and trade payables amounting to EUR 0.1
million (2024: EUR -0.5 million) and from currency
derivatives amounting to EUR -5.8 million ( 2024: EUR
3.9 million) are included in operating result", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
Foreign exchange difference arising from trade
receivables and trade payables amounting to EUR 0.1
million (2024: EUR -0.5 million) and from currency
derivatives amounting to EUR -5.8 million ( 2024: EUR
3.9 million) are included in operating result .
Currency risk
Anora is exposed to currency risks as it has
operations in several different countries. The
objective of the Group\u2019s currency risk management is
to limit the effect of exchange rate fluctuations on
the Group\u2019s cash flow in EUR. The most significant
currencies are NOK, SEK, USD, AUD and DKK.
Transaction risk
Transaction risk is caused by foreign currency
denominated items in the balance sheet and future
cash flows related to sales, purchases and return of
capital.
Foreign exchange exposures are monitored at the
Business level and future foreign currency cash flow
risks of either sales or purchase contracts are
hedged. The estimated future commercial exposures
are evaluated by the Businesses, and the level of
hedging is per Group Treasury Policy\u2019s mandate.
Hedge accounting in accordance with IFRS 9 is
applied to most of the hedges. Hedging transactions
are executed with forward exchange contracts or
options for the following 24 months at the most,
predominantly following the pricing towards state
monopolies in the Nordic region. In Finland and
Sweden this takes place every sixth month and in
Norway every fourth month.
The two tables below present the Group\u2019s net
currency position, first based on financial instruments
recorded on the balance sheet and secondly
including on a net basis also the estimated future
foreign currency net cash flows. The currency
position resulting from the financial instruments in
accordance with IFRS 7 consists of trade receivables,
trade payables, cash and cash equivalents, the
Group\u2019s internal and external loans and derivative
instruments.
The net currency risk has been taken into account
in the table if the transaction currency is other than
the Company\u2019s functional currency.
The net currency position resulting from the
financial instruments in accordance with IFRS 7
EUR million
2025
2024
EUR-SEK
-65.8
-45.2
EUR-NOK
-17.1
-27.4
EUR-DKK
-13.7
-22.1
EUR-USD
18.6
15.0
The net currency position at 31 December including
also the hedged commercial cash flows
EUR million
2025
2024
EUR-SEK
4.2
10.6
EUR-NOK
-6.0
12.9
EUR-DKK
4.4
6.1
EUR-USD
-1.9
-3.0
Translation risk
Translation risk is mainly caused by the parent
company\u2019s foreign currency denominated net
investments in foreign subsidiaries, which cause a
translation difference in equity in the Group\u2019s balance
sheet upon consolidation. The Group Treasury
regularly analyses the translation risk and reports any
material issues to the management. The most
significant net investments are denominated in SEK
and NOK. The translation risk has not been hedged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
3.2\u00a0 Financial assets and liabilities
3.2.1\u00a0 Financial assets
According to IFRS 9 the classification is business model
driven and there are three classes: fair value through
profit and loss, amortised cost and fair value through
other comprehensive income.\u00a0 Classification is made
upon initial recognition based on the purpose of use of
the asset. The basis of classification is reassessed at
each reporting date.
All purchases and sales of financial instruments are
recognised on the trade date, which is the date when the
Group commits to purchase or sell a financial instrument.
Financial assets are recognised in the balance sheet at
original cost which equals their fair value at the
acquisition date. If the asset in question is not measured
at fair value through profit or loss, transaction costs are
included in the original cost of the financial asset.
The Group derecognises a financial asset when the
contractual rights to the cash flows from the asset expire,
or the Group transfers all the substantial risks and
rewards related to the financial asset outside the Group.
Financial assets are included in non-current items of the
balance sheet when their maturity is over 12 months.
Impairment of financial assets\u00a0
The impairment model requires the recognition of
impairment based on expected credit losses. The
allowance for credit losses is recognised based on
lifetime expected credit losses from trade receivables
and contract assets. More information on the allowance
for credit losses on trade receivables can be found in
Note 2.5\u00a0 Trade and other receivables.
The impairment model does not apply to financial
assets measured at fair value since those are measured
at fair value which already takes into account expected
credit losses.
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Amortised cost
Loans and receivables arise when money, goods or
services are delivered to a debtor, and they are included
in current or non-current financial assets in accordance
with their maturity. The assets in this category are held
according to a business model of which objective is to
collect contractual cash flows. In Anora, non-current
receivables include loan receivables and other
receivables with the maturity of over one year. Current
receivables include trade receivables as well as cash
and cash equivalents presented under current financial
assets. Receivables are measured at amortised cost
when the related payments are fixed or determinable
and the instruments are not quoted in financial markets.
Fair value through other comprehensive income
The assets measured at fair value through other
comprehensive income consist of unquoted shares, that
are not held for trading purposes and at initial
recognition, the Group has made a final choice that they
belong to this category. The changes in fair values are
recognised in other comprehensive income.
Financial liabilities are classified as financial liabilities at
fair value through profit or loss and financial liabilities at
amortised cost. Financial liabilities are initially measured
at fair value and recognised net of transaction costs, with
the exception of items measured at fair value through
profit or\u00a0loss.
A financial liability (or a part of it) is not derecognised
until the obligation specified in the contract is
discharged or cancelled or expires. A financial liability is
classified as current, unless the Group has an
unconditional right to defer the settlement of the liability
for at least 12 months after the end of the reporting
period.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Financial liabilities at amortised cost
This category includes the Group\u2019s external loans from
financial institutions, loans from pension institutions,
commercial paper loans as well as trade payables. These
financial liabilities are measured at amortised cost using
the effective interest method. When loans are paid off or
refinanced, the related unamortised costs are
recognised in finance expenses. Group overdrafts in use
are included in current borrowings. In addition, Anora has
a revolving credit facility, and the related fee is amortised
on a straight-line basis in other finance expenses during
the term of the facility.
The exchange rate differences of intra-group foreign
currency denominated loans are presented within
financial items in the foreign exchange differences of the
category financial liabilities at amortised cost.
The fair values of loans from financial institutions and
commercial paper loans are determined based on
future cash flows discounted with market interest rate at
the reporting date adjusted with Anora\u2019s credit risk
premium. At the reporting date, the carrying amounts of
the loans are not materially different from their fair
values.
Liabilities at fair value through profit and loss
EUR million
2025
2024
Book value at the beginning of
the period
0.5
0.8
Paid during period
-0.2
-0.2
Changes in value during period
0.1
\u2013
Book value at the end of the
period
0.6
0.5
Non-current liability
\u2013
0.1
Current liability
0.6
0.4
Borrowings and lease liabilities
EUR million
2025
2024
Non-current
Loans from financial institutions
161.2
159.7
Loans from pension institutions
2.3
3.8
Lease liabilities
93.2
104.7
Total
256.7
268.2
Current
Loans from pension institutions
1.5
1.5
Commercial papers
11.9
20.0
Lease liabilities
14.0
13.4
Total
27.4
34.9
All of the Group\u2019s non-current and current loans from
financial and pension institutions were denominated
in euros as at 31 December 2025 and 31 December
2024.
The weighted average effective interest rate (p.a.)
of the Group\u2019s loans from financial and pension
institutions as at 31 December 2025 was 4.1% (2024:
4.7%).
The weighted average interest rate (p.a.) of the
Group\u2019s lease liabilities as at 31 December 2025 was
4.1% (2024: 3.9% ).\u00a0
Term loan nominal drawn under the Group\u2019s credit
facilities agreement has remained at EUR 160.0 (160.0)
million, since Anora repaid EUR 50.0 of its original term
loan in September 2024. In December 2024 Anora
exercised its second extension option in relation to its
credit facilities agreement, thus extending the term
loan and revolving credit facilities maturity to
December 2027.
The Group entered into a new credit facility to
finance the new biomass-boiler investment including
related construction costs at Koskenkorva distillery,
Finland. The credit limit is being drawn down
progressively to match the capital expenditures of
the investment. As of the end of the reporting period,
the outstanding liability drawn from this facility
amounted to EUR 1.4 (\u2013) million. The new biomass-
boiler under construction is pledged as collateral for
this loan, see note 6.2..
The net debt
Movements in net debt the year ended 31 December 2025 and 2024 are presented in the following table:
EUR million
Cash and cash equivalents
Loans from financial and
pension institutions (non-
current)
Loans from financial and
pension institutions
(current)
Lease liabilities (non-
current)
Lease liabilities (current)
Total
Net debt as at 1 January
2025
181.5
163.5
21.5
104.7
13.4
121.6
Cash flows
0.3
-0.1
-8.0
\u2013
-13.6
-22.0
Translation differences
0.8
\u2013
\u2013
-0.1
0.1
-0.8
Other non-cash movement
\u2013
0.1
-0.1
-11.4
14.1
2.7
Net debt at 31 December
2025
182.6
163.5
13.4
93.2
14.0
101.5
Net debt as at 1 January
2024
212.7
214.8
1.5
120.7
13.3
137.5
Cash flows
-29.9
-50.0
18.3
\u2013
-12.6
-14.3
Translation differences
-1.3
\u2013
\u2013
-4.4
-0.5
-3.5
Other non-cash movement
\u2013
-1.3
1.6
-11.6
13.2
2.0
Net debt at 31 December
2024
181.5
163.5
21.5
104.7
13.4
121.6
Derivative instruments
Derivatives are included in financial assets and liabilities
at fair value through profit or loss when they do not meet
the criteria of hedge accounting pursuant to IFRS 9. These
derivatives are recognised at fair value on the trade
date, and they are subsequently measured at fair value
at the reporting date. Derivative instruments and hedge
accounting are described in Note 3.3.
The fair values of derivatives equal the amount that the
Group would have to pay, or it would receive from the
termination of the derivative contract at the reporting
date. The fair values of forward exchange contracts are
determined by using the market prices at the reporting
date. The fair values of interest rate derivatives are
determined by discounting the related future cash flows.
The valuation of commodity derivatives is determined
based on the fair values received from the financial
markets.
3.2.3\u00a0 Classification and fair values of financial
assets and liabilities
At the reporting date due to short maturity fair value
of trade receivables and other short-term
receivables and liabilities equal to their value in the
balance sheet.
The following table presents the classification of
financial instruments. The levels 1\u20133 of fair value
hierarchy reflect the significance of inputs used in
determining the fair values. In level one, fair values
are based on public quotations of identical financial
instruments. In level two, the inputs used in
determining the fair values are based on quoted
market rates and prices observable for the asset or
liability in question directly (i.e. price) or indirectly on
discounted future cash flows. Fair values of other
financial assets and liabilities in level two reflect their
carrying value. In level three, the fair values of assets
and liabilities are based on inputs that are not based
on observable market data for all significant
variables, and instead are, to a significant extent,
based on management estimates and their use in
generally accepted valuation techniques. The
reported fair value level is based on the lowest level
of input information that is significant in determining
the fair value.
Fair values and the carrying amounts in the consolidated balance sheet for each financial instrument by classes:
2025
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
1.6
\u2013
1.6
1.6
3
Current financial assets
Trade receivables
2.5
\u2013
\u2013
108.9
\u2013
108.9
108.9
Derivative instruments/Interest rate derivatives
3.3
0.2
\u2013
\u2013
\u2013
0.2
0.2
2
Derivative instruments/Forward exchange contracts
3.3
0.4
0.1
\u2013
\u2013
0.5
0.5
2
Cash and cash equivalents
4.1
\u2013
\u2013
182.6
\u2013
182.6
182.6
Total
0.6
0.1
293.1
0.7
294.5
294.5
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
93.2
\u2013
93.2
93.2
2
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Lease liabilities1
3.2.2
\u2013
\u2013
14.0
\u2013
14.0
14.0
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.6
\u2013
\u2013
0.6
0.6
3
Trade payables
2.7
\u2013
\u2013
79.8
\u2013
79.8
79.8
Derivative instruments/Interest rate derivatives
3.3
0.6
\u2013
\u2013
\u2013
0.6
0.6
2
Derivative instruments/Forward exchange contracts
3.3
2.1
0.4
\u2013
\u2013
2.5
2.5
2
Derivative instruments/Commodity derivatives
3.3
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total
2.8
1.0
363.8
\u2013
367.6
367.6
1 See also Note 2.3\u00a0 Right-of-use assets
2024
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
0.2
\u2013
0.2
0.2
Current financial assets
Trade receivables
2.5
\u2013
\u2013
101.3
-
101.3
101.3
Derivative instruments/Forward exchange contracts
3.3
1.6
0.2
\u2013
\u2013
1.8
1.8
2
Derivative instruments/Commodity derivatives
3.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Cash and cash equivalents
4.1
\u2013
\u2013
181.5
\u2013
181.5
181.5
Total
1.6
0.2
282.9
0.7
285.4
285.4
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
104.7
\u2013
104.7
104.7
2
Non-current liabilities at fair value through profit or loss
3.2.2
\u2013
0.1
\u2013
\u2013
0.1
0.1
3
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
21.5
\u2013
21.5
21.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.4
\u2013
\u2013
0.4
0.4
3
Trade payables
2.7
\u2013
\u2013
79.9
\u2013
79.9
79.9
Derivative instruments/Interest rate derivatives
3.3
1.0
\u2013
\u2013
\u2013
1.0
1.0
2
Derivative instruments/Forward exchange contracts
3.3
0.2
0.3
\u2013
\u2013
0.4
0.4
2
Total
1.2
0.8
382.9
\u2013
384.9
384.9
1 See also Note 2.3\u00a0 Right-of-use assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
3.2\u00a0 Financial assets and liabilities
3.2.1\u00a0 Financial assets
According to IFRS 9 the classification is business model
driven and there are three classes: fair value through
profit and loss, amortised cost and fair value through
other comprehensive income.\u00a0 Classification is made
upon initial recognition based on the purpose of use of
the asset. The basis of classification is reassessed at
each reporting date.
All purchases and sales of financial instruments are
recognised on the trade date, which is the date when the
Group commits to purchase or sell a financial instrument.
Financial assets are recognised in the balance sheet at
original cost which equals their fair value at the
acquisition date. If the asset in question is not measured
at fair value through profit or loss, transaction costs are
included in the original cost of the financial asset.
The Group derecognises a financial asset when the
contractual rights to the cash flows from the asset expire,
or the Group transfers all the substantial risks and
rewards related to the financial asset outside the Group.
Financial assets are included in non-current items of the
balance sheet when their maturity is over 12 months.
Impairment of financial assets\u00a0
The impairment model requires the recognition of
impairment based on expected credit losses. The
allowance for credit losses is recognised based on
lifetime expected credit losses from trade receivables
and contract assets. More information on the allowance
for credit losses on trade receivables can be found in
Note 2.5\u00a0 Trade and other receivables.
The impairment model does not apply to financial
assets measured at fair value since those are measured
at fair value which already takes into account expected
credit losses.
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Amortised cost
Loans and receivables arise when money, goods or
services are delivered to a debtor, and they are included
in current or non-current financial assets in accordance
with their maturity. The assets in this category are held
according to a business model of which objective is to
collect contractual cash flows. In Anora, non-current
receivables include loan receivables and other
receivables with the maturity of over one year. Current
receivables include trade receivables as well as cash
and cash equivalents presented under current financial
assets. Receivables are measured at amortised cost
when the related payments are fixed or determinable
and the instruments are not quoted in financial markets.
Fair value through other comprehensive income
The assets measured at fair value through other
comprehensive income consist of unquoted shares, that
are not held for trading purposes and at initial
recognition, the Group has made a final choice that they
belong to this category. The changes in fair values are
recognised in other comprehensive income.
Financial liabilities are classified as financial liabilities at
fair value through profit or loss and financial liabilities at
amortised cost. Financial liabilities are initially measured
at fair value and recognised net of transaction costs, with
the exception of items measured at fair value through
profit or\u00a0loss.
A financial liability (or a part of it) is not derecognised
until the obligation specified in the contract is
discharged or cancelled or expires. A financial liability is
classified as current, unless the Group has an
unconditional right to defer the settlement of the liability
for at least 12 months after the end of the reporting
period.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Financial liabilities at amortised cost
This category includes the Group\u2019s external loans from
financial institutions, loans from pension institutions,
commercial paper loans as well as trade payables. These
financial liabilities are measured at amortised cost using
the effective interest method. When loans are paid off or
refinanced, the related unamortised costs are
recognised in finance expenses. Group overdrafts in use
are included in current borrowings. In addition, Anora has
a revolving credit facility, and the related fee is amortised
on a straight-line basis in other finance expenses during
the term of the facility.
The exchange rate differences of intra-group foreign
currency denominated loans are presented within
financial items in the foreign exchange differences of the
category financial liabilities at amortised cost.
The fair values of loans from financial institutions and
commercial paper loans are determined based on
future cash flows discounted with market interest rate at
the reporting date adjusted with Anora\u2019s credit risk
premium. At the reporting date, the carrying amounts of
the loans are not materially different from their fair
values.
Liabilities at fair value through profit and loss
EUR million
2025
2024
Book value at the beginning of
the period
0.5
0.8
Paid during period
-0.2
-0.2
Changes in value during period
0.1
\u2013
Book value at the end of the
period
0.6
0.5
Non-current liability
\u2013
0.1
Current liability
0.6
0.4
Borrowings and lease liabilities
EUR million
2025
2024
Non-current
Loans from financial institutions
161.2
159.7
Loans from pension institutions
2.3
3.8
Lease liabilities
93.2
104.7
Total
256.7
268.2
Current
Loans from pension institutions
1.5
1.5
Commercial papers
11.9
20.0
Lease liabilities
14.0
13.4
Total
27.4
34.9
All of the Group\u2019s non-current and current loans from
financial and pension institutions were denominated
in euros as at 31 December 2025 and 31 December
2024.
The weighted average effective interest rate (p.a.)
of the Group\u2019s loans from financial and pension
institutions as at 31 December 2025 was 4.1% (2024:
4.7%).
The weighted average interest rate (p.a.) of the
Group\u2019s lease liabilities as at 31 December 2025 was
4.1% (2024: 3.9% ).\u00a0
Term loan nominal drawn under the Group\u2019s credit
facilities agreement has remained at EUR 160.0 (160.0)
million, since Anora repaid EUR 50.0 of its original term
loan in September 2024. In December 2024 Anora
exercised its second extension option in relation to its
credit facilities agreement, thus extending the term
loan and revolving credit facilities maturity to
December 2027.
The Group entered into a new credit facility to
finance the new biomass-boiler investment including
related construction costs at Koskenkorva distillery,
Finland. The credit limit is being drawn down
progressively to match the capital expenditures of
the investment. As of the end of the reporting period,
the outstanding liability drawn from this facility
amounted to EUR 1.4 (\u2013) million. The new biomass-
boiler under construction is pledged as collateral for
this loan, see note 6.2..
The net debt
Movements in net debt the year ended 31 December 2025 and 2024 are presented in the following table:
EUR million
Cash and cash equivalents
Loans from financial and
pension institutions (non-
current)
Loans from financial and
pension institutions
(current)
Lease liabilities (non-
current)
Lease liabilities (current)
Total
Net debt as at 1 January
2025
181.5
163.5
21.5
104.7
13.4
121.6
Cash flows
0.3
-0.1
-8.0
\u2013
-13.6
-22.0
Translation differences
0.8
\u2013
\u2013
-0.1
0.1
-0.8
Other non-cash movement
\u2013
0.1
-0.1
-11.4
14.1
2.7
Net debt at 31 December
2025
182.6
163.5
13.4
93.2
14.0
101.5
Net debt as at 1 January
2024
212.7
214.8
1.5
120.7
13.3
137.5
Cash flows
-29.9
-50.0
18.3
\u2013
-12.6
-14.3
Translation differences
-1.3
\u2013
\u2013
-4.4
-0.5
-3.5
Other non-cash movement
\u2013
-1.3
1.6
-11.6
13.2
2.0
Net debt at 31 December
2024
181.5
163.5
21.5
104.7
13.4
121.6
Derivative instruments
Derivatives are included in financial assets and liabilities
at fair value through profit or loss when they do not meet
the criteria of hedge accounting pursuant to IFRS 9. These
derivatives are recognised at fair value on the trade
date, and they are subsequently measured at fair value
at the reporting date. Derivative instruments and hedge
accounting are described in Note 3.3.
The fair values of derivatives equal the amount that the
Group would have to pay, or it would receive from the
termination of the derivative contract at the reporting
date. The fair values of forward exchange contracts are
determined by using the market prices at the reporting
date. The fair values of interest rate derivatives are
determined by discounting the related future cash flows.
The valuation of commodity derivatives is determined
based on the fair values received from the financial
markets.
3.2.3\u00a0 Classification and fair values of financial
assets and liabilities
At the reporting date due to short maturity fair value
of trade receivables and other short-term
receivables and liabilities equal to their value in the
balance sheet.
The following table presents the classification of
financial instruments. The levels 1\u20133 of fair value
hierarchy reflect the significance of inputs used in
determining the fair values. In level one, fair values
are based on public quotations of identical financial
instruments. In level two, the inputs used in
determining the fair values are based on quoted
market rates and prices observable for the asset or
liability in question directly (i.e. price) or indirectly on
discounted future cash flows. Fair values of other
financial assets and liabilities in level two reflect their
carrying value. In level three, the fair values of assets
and liabilities are based on inputs that are not based
on observable market data for all significant
variables, and instead are, to a significant extent,
based on management estimates and their use in
generally accepted valuation techniques. The
reported fair value level is based on the lowest level
of input information that is significant in determining
the fair value.
Fair values and the carrying amounts in the consolidated balance sheet for each financial instrument by classes:
2025
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
1.6
\u2013
1.6
1.6
3
Current financial assets
Trade receivables
2.5
\u2013
\u2013
108.9
\u2013
108.9
108.9
Derivative instruments/Interest rate derivatives
3.3
0.2
\u2013
\u2013
\u2013
0.2
0.2
2
Derivative instruments/Forward exchange contracts
3.3
0.4
0.1
\u2013
\u2013
0.5
0.5
2
Cash and cash equivalents
4.1
\u2013
\u2013
182.6
\u2013
182.6
182.6
Total
0.6
0.1
293.1
0.7
294.5
294.5
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
93.2
\u2013
93.2
93.2
2
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Lease liabilities1
3.2.2
\u2013
\u2013
14.0
\u2013
14.0
14.0
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.6
\u2013
\u2013
0.6
0.6
3
Trade payables
2.7
\u2013
\u2013
79.8
\u2013
79.8
79.8
Derivative instruments/Interest rate derivatives
3.3
0.6
\u2013
\u2013
\u2013
0.6
0.6
2
Derivative instruments/Forward exchange contracts
3.3
2.1
0.4
\u2013
\u2013
2.5
2.5
2
Derivative instruments/Commodity derivatives
3.3
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total
2.8
1.0
363.8
\u2013
367.6
367.6
1 See also Note 2.3\u00a0 Right-of-use assets
2024
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
0.2
\u2013
0.2
0.2
Current financial assets
Trade receivables
2.5
\u2013
\u2013
101.3
-
101.3
101.3
Derivative instruments/Forward exchange contracts
3.3
1.6
0.2
\u2013
\u2013
1.8
1.8
2
Derivative instruments/Commodity derivatives
3.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Cash and cash equivalents
4.1
\u2013
\u2013
181.5
\u2013
181.5
181.5
Total
1.6
0.2
282.9
0.7
285.4
285.4
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
104.7
\u2013
104.7
104.7
2
Non-current liabilities at fair value through profit or loss
3.2.2
\u2013
0.1
\u2013
\u2013
0.1
0.1
3
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
21.5
\u2013
21.5
21.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.4
\u2013
\u2013
0.4
0.4
3
Trade payables
2.7
\u2013
\u2013
79.9
\u2013
79.9
79.9
Derivative instruments/Interest rate derivatives
3.3
1.0
\u2013
\u2013
\u2013
1.0
1.0
2
Derivative instruments/Forward exchange contracts
3.3
0.2
0.3
\u2013
\u2013
0.4
0.4
2
Total
1.2
0.8
382.9
\u2013
384.9
384.9
1 See also Note 2.3\u00a0 Right-of-use assets
3.3\u00a0 Derivative instruments and hedge
accounting
When the Group applies IFRS 9 hedge accounting to
foreign currency, interest rate and electricity
derivatives, the effective portion of the fair value
change is recognised in other comprehensive income
and presented within equity in the hedge\u00a0reserve
When hedge accounting is applied
In Anora, cash flow hedging is applied to part of the
interest rate, foreign currency and electricity derivatives
based on case-by-case assessment. In cash flow
hedging, the Group is hedging against changes in cash
flows related to a specific asset or liability recognised in
the balance sheet or to a highly probable future business
transaction.
Hedge accounting is a method of accounting with the
purpose to allocate one or several hedging instruments
so that their fair value changes offset in full or partly the
changes in fair value or cash flow arising from the
hedged risk in profit or loss during the period, for which
the hedge is designated. In the beginning of the hedging
arrangement, Anora documents the relationship
between each hedging instrument and hedged item, as
well as the objectives of risk management and the
strategy in engaging in hedging.
IFRS 9 requires that the effectiveness of hedging
instruments is tested prospectively. Effectiveness means
the ability of a hedging instrument to offset the changes
in the fair value of the hedged item or changes in the
cash flows of the hedged transaction attributable to the
hedged risk. Under IFRS 9 the hedging relationship is
regarded to be highly effective when there is an
economic relationship between the hedged item and
the hedging instrument. Hedging ratio is defined as a
relationship between the quantity of the hedging
instrument and the quantity of the hedged item. Hedge
accounting is discontinued when the criteria for hedge
accounting is no longer\u00a0met.
The unrealised gains and losses arising from fair value
changes of derivative contracts to which hedge
accounting is applied, are presented in hedge reserve.
Forward points are included to hedging relationship. The
effective portion of the unrealised changes in the fair
value of derivatives designated and qualifying as cash
flow hedges are recognised in other comprehensive
income and presented in the hedge reserve in equity. The
ineffective portion is immediately recognised in finance
income or expenses in profit or loss. The cumulative gain
or loss in equity on derivative instruments related to
commercial items is recognised in profit or loss as an
adjustment to purchases or sales simultaneously with the
hedged item in the period in which the hedged item
affects profit or loss. Realised gain or loss on electricity
derivatives is included in operating result in electricity
procurement expenses. When a hedging instrument
designated as a cash flow hedge no longer meets the
criteria of hedge accounting, the gain or loss
accumulated in equity is recognised through finance
income or expenses.
When hedge accounting is not applied
The accounting for gains and losses arising from fair
value measurement is dependent on the purpose of use
of the derivative. In Anora, the changes in the fair values
of derivative instruments are immediately recognised in
profit or loss in finance income or expense if the
derivative in question is related to hedging of
commercial cash flows (purchases and sales) and
hedge accounting is not applied. The fair value changes
of other derivative instruments are immediately
recognised in profit or loss in finance income or expense
items if hedge accounting is not applied. Derivatives, to
which hedge accounting is not applied, are acquired to
minimise the profit and/or cash flow effects related to
business operations or financing.
Nominal values of derivative instruments
The nominal values of derivative instruments are
based on amounts and market prices at the
reporting date.
EUR million
2025
2024
Derivative instruments
designated for
cash flow hedging
Interest rate derivatives
80.0
40.0
Forward exchange contracts
100.0
101.7
Commodity derivatives,
electricity
1.0
0.9
Amount (MWh)
37.2
21.9
Derivative instruments, non-
hedge accounting
Forward exchange contracts
70.7
77.8
Effects of hedge accounting on the financial position and performance
Foreign currency forwards
EUR million
EURDKK
EURNOK
EURSEK
EURUSD
USDDKK
USDSEK
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Carrying amount (asset)
\u2013
\u2013
0.2
0.2
\u2013
0.3
\u2013
0.2
\u2013
0.4
\u2013
0.3
Carrying amount (liability)
\u2013
\u2013
\u2013
\u2013
1.4
\u2013
0.1
\u2013
0.3
\u2013
0.2
\u2013
Notional amount
5.8
12.3
13.6
22.2
59.6
44.4
2.2
4.5
8.2
8.5
6.3
5.0
Maturity date
02 2026\u00a0 -
06 2027
02 2025\u00a0 -
03 2026
02-08 2026
02-09 2025
02 2026 -
12 2027
02-12 2025
02-12 2026
02-12 2025
02 2026 -
06 2027
02-12 2025
02 2026 -
08 2027
02-12 2025
Hedge ratio
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
Change in discounted value of
outstanding hedging instruments since 1
January
\u2013
\u2013
\u2013
0.7
-1.7
1.3
-0.3
0.2
-0.7
0.6
-0.6
0.4
Change in value of hedged item used to
determine hedge effectiveness
\u2013
\u2013
\u2013
-0.7
1.7
-1.3
0.3
-0.2
0.7
-0.6
0.6
-0.4
Additionally, EURAUD and EURGBP are hedged with nominals between EUR 0,7 million - EUR 1,5 million (2024: EUR 1,4 -1,7 million) . Those have only minor effect on the financial position and performance.
Interest rate swap
EUR million
2025
2024
Carrying amount (asset)
0.2
\u2013
Carrying amount (liability)
0.6
1.0
Notional amount
80.0
40.0
Maturity date
12 2027 -
09 2029
06 - 09 2029
Hedge ratio
1:1
1:1
Change in discounted value of
outstanding hedging instruments
since 1 January
0.6
-1.0
Change in value of hedged item
used to determine hedge
effectiveness
-0.6
1.0
Weighted average hedged rate
for the year
2.18%
2.72%
Commodities - Electricity
EUR million
2025
2024
Carrying amount (asset)
\u2013
\u2013
Carrying amount (liability)
0.1
Notional amount
1.0
0.9
MWh
37.2
21.9
Maturity date
2026-2027
2025-2026
Hedge ratio
1:1
1:1
Change in discounted value of
outstanding hedging instruments
since 1 January
-0.1
-0.8
Change in value of hedged item
used to determine hedge
effectiveness
0.1
0.8
Weighted average hedged price
EUR/MWh
25.7
41.4
Positive and negative fair values of unrealised
derivatives and their net amount are presented
below. Currency derivatives are under netting
agreements. The master netting agreements in
respect of derivatives do not meet the criteria for
offsetting in the balance sheet owing to legally
enforceable right not existing currently.
Offsetting financial assets and liabilities\u00a0
EUR million
2025
2024
Derivative assets:
Fair value, gross
0.7
1.9
Fair value, under netting
agreements
-0.5
-0.4
Fair value, net
0.2
1.4
Derivative liabilities:
Fair value, gross
3.1
1.4
Fair value, under netting
agreements
-0.5
-0.4
Fair value, net
2.7
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "3.2.1\u00a0 Financial assets
According to IFRS 9 the classification is business model
driven and there are three classes: fair value through
profit and loss, amortised cost and fair value through
other comprehensive income.\u00a0 Classification is made
upon initial recognition based on the purpose of use of
the asset. The basis of classification is reassessed at
each reporting date.
All purchases and sales of financial instruments are
recognised on the trade date, which is the date when the
Group commits to purchase or sell a financial instrument.
Financial assets are recognised in the balance sheet at
original cost which equals their fair value at the
acquisition date. If the asset in question is not measured
at fair value through profit or loss, transaction costs are
included in the original cost of the financial asset.
The Group derecognises a financial asset when the
contractual rights to the cash flows from the asset expire,
or the Group transfers all the substantial risks and
rewards related to the financial asset outside the Group.
Financial assets are included in non-current items of the
balance sheet when their maturity is over 12 months.
Impairment of financial assets\u00a0
The impairment model requires the recognition of
impairment based on expected credit losses. The
allowance for credit losses is recognised based on
lifetime expected credit losses from trade receivables
and contract assets. More information on the allowance
for credit losses on trade receivables can be found in
Note 2.5\u00a0 Trade and other receivables.
The impairment model does not apply to financial
assets measured at fair value since those are measured
at fair value which already takes into account expected
credit losses.
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Amortised cost
Loans and receivables arise when money, goods or
services are delivered to a debtor, and they are included
in current or non-current financial assets in accordance
with their maturity. The assets in this category are held
according to a business model of which objective is to
collect contractual cash flows. In Anora, non-current
receivables include loan receivables and other
receivables with the maturity of over one year. Current
receivables include trade receivables as well as cash
and cash equivalents presented under current financial
assets. Receivables are measured at amortised cost
when the related payments are fixed or determinable
and the instruments are not quoted in financial markets.
Fair value through other comprehensive income
The assets measured at fair value through other
comprehensive income consist of unquoted shares, that
are not held for trading purposes and at initial
recognition, the Group has made a final choice that they
belong to this category. The changes in fair values are
recognised in other comprehensive income.
Financial liabilities are classified as financial liabilities at
fair value through profit or loss and financial liabilities at
amortised cost. Financial liabilities are initially measured
at fair value and recognised net of transaction costs, with
the exception of items measured at fair value through
profit or\u00a0loss.
A financial liability (or a part of it) is not derecognised
until the obligation specified in the contract is
discharged or cancelled or expires. A financial liability is
classified as current, unless the Group has an
unconditional right to defer the settlement of the liability
for at least 12 months after the end of the reporting
period.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Financial liabilities at amortised cost
This category includes the Group\u2019s external loans from
financial institutions, loans from pension institutions,
commercial paper loans as well as trade payables. These
financial liabilities are measured at amortised cost using
the effective interest method. When loans are paid off or
refinanced, the related unamortised costs are
recognised in finance expenses. Group overdrafts in use
are included in current borrowings. In addition, Anora has
a revolving credit facility, and the related fee is amortised
on a straight-line basis in other finance expenses during
the term of the facility.
The exchange rate differences of intra-group foreign
currency denominated loans are presented within
financial items in the foreign exchange differences of the
category financial liabilities at amortised cost.
The fair values of loans from financial institutions and
commercial paper loans are determined based on
future cash flows discounted with market interest rate at
the reporting date adjusted with Anora\u2019s credit risk
premium. At the reporting date, the carrying amounts of
the loans are not materially different from their fair
values.
Liabilities at fair value through profit and loss
EUR million
2025
2024
Book value at the beginning of
the period
0.5
0.8
Paid during period
-0.2
-0.2
Changes in value during period
0.1
\u2013
Book value at the end of the
period
0.6
0.5
Non-current liability
\u2013
0.1
Current liability
0.6
0.4
Borrowings and lease liabilities
EUR million
2025
2024
Non-current
Loans from financial institutions
161.2
159.7
Loans from pension institutions
2.3
3.8
Lease liabilities
93.2
104.7
Total
256.7
268.2
Current
Loans from pension institutions
1.5
1.5
Commercial papers
11.9
20.0
Lease liabilities
14.0
13.4
Total
27.4
34.9
All of the Group\u2019s non-current and current loans from
financial and pension institutions were denominated
in euros as at 31 December 2025 and 31 December
2024.
The weighted average effective interest rate (p.a.)
of the Group\u2019s loans from financial and pension
institutions as at 31 December 2025 was 4.1% (2024:
4.7%).
The weighted average interest rate (p.a.) of the
Group\u2019s lease liabilities as at 31 December 2025 was
4.1% (2024: 3.9% ).\u00a0
Term loan nominal drawn under the Group\u2019s credit
facilities agreement has remained at EUR 160.0 (160.0)
million, since Anora repaid EUR 50.0 of its original term
loan in September 2024. In December 2024 Anora
exercised its second extension option in relation to its
credit facilities agreement, thus extending the term
loan and revolving credit facilities maturity to
December 2027.
The Group entered into a new credit facility to
finance the new biomass-boiler investment including
related construction costs at Koskenkorva distillery,
Finland. The credit limit is being drawn down
progressively to match the capital expenditures of
the investment. As of the end of the reporting period,
the outstanding liability drawn from this facility
amounted to EUR 1.4 (\u2013) million. The new biomass-
boiler under construction is pledged as collateral for
this loan, see note 6.2..
The net debt
Movements in net debt the year ended 31 December 2025 and 2024 are presented in the following table:
EUR million
Cash and cash equivalents
Loans from financial and
pension institutions (non-
current)
Loans from financial and
pension institutions
(current)
Lease liabilities (non-
current)
Lease liabilities (current)
Total
Net debt as at 1 January
2025
181.5
163.5
21.5
104.7
13.4
121.6
Cash flows
0.3
-0.1
-8.0
\u2013
-13.6
-22.0
Translation differences
0.8
\u2013
\u2013
-0.1
0.1
-0.8
Other non-cash movement
\u2013
0.1
-0.1
-11.4
14.1
2.7
Net debt at 31 December
2025
182.6
163.5
13.4
93.2
14.0
101.5
Net debt as at 1 January
2024
212.7
214.8
1.5
120.7
13.3
137.5
Cash flows
-29.9
-50.0
18.3
\u2013
-12.6
-14.3
Translation differences
-1.3
\u2013
\u2013
-4.4
-0.5
-3.5
Other non-cash movement
\u2013
-1.3
1.6
-11.6
13.2
2.0
Net debt at 31 December
2024
181.5
163.5
21.5
104.7
13.4
121.6
Derivative instruments
Derivatives are included in financial assets and liabilities
at fair value through profit or loss when they do not meet
the criteria of hedge accounting pursuant to IFRS 9. These
derivatives are recognised at fair value on the trade
date, and they are subsequently measured at fair value
at the reporting date. Derivative instruments and hedge
accounting are described in Note 3.3.
The fair values of derivatives equal the amount that the
Group would have to pay, or it would receive from the
termination of the derivative contract at the reporting
date. The fair values of forward exchange contracts are
determined by using the market prices at the reporting
date. The fair values of interest rate derivatives are
determined by discounting the related future cash flows.
The valuation of commodity derivatives is determined
based on the fair values received from the financial
markets.
3.2.3\u00a0 Classification and fair values of financial
assets and liabilities
At the reporting date due to short maturity fair value
of trade receivables and other short-term
receivables and liabilities equal to their value in the
balance sheet.
The following table presents the classification of
financial instruments. The levels 1\u20133 of fair value
hierarchy reflect the significance of inputs used in
determining the fair values. In level one, fair values
are based on public quotations of identical financial
instruments. In level two, the inputs used in
determining the fair values are based on quoted
market rates and prices observable for the asset or
liability in question directly (i.e. price) or indirectly on
discounted future cash flows. Fair values of other
financial assets and liabilities in level two reflect their
carrying value. In level three, the fair values of assets
and liabilities are based on inputs that are not based
on observable market data for all significant
variables, and instead are, to a significant extent,
based on management estimates and their use in
generally accepted valuation techniques. The
reported fair value level is based on the lowest level
of input information that is significant in determining
the fair value.
Fair values and the carrying amounts in the consolidated balance sheet for each financial instrument by classes:
2025
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
1.6
\u2013
1.6
1.6
3
Current financial assets
Trade receivables
2.5
\u2013
\u2013
108.9
\u2013
108.9
108.9
Derivative instruments/Interest rate derivatives
3.3
0.2
\u2013
\u2013
\u2013
0.2
0.2
2
Derivative instruments/Forward exchange contracts
3.3
0.4
0.1
\u2013
\u2013
0.5
0.5
2
Cash and cash equivalents
4.1
\u2013
\u2013
182.6
\u2013
182.6
182.6
Total
0.6
0.1
293.1
0.7
294.5
294.5
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
93.2
\u2013
93.2
93.2
2
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Lease liabilities1
3.2.2
\u2013
\u2013
14.0
\u2013
14.0
14.0
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.6
\u2013
\u2013
0.6
0.6
3
Trade payables
2.7
\u2013
\u2013
79.8
\u2013
79.8
79.8
Derivative instruments/Interest rate derivatives
3.3
0.6
\u2013
\u2013
\u2013
0.6
0.6
2
Derivative instruments/Forward exchange contracts
3.3
2.1
0.4
\u2013
\u2013
2.5
2.5
2
Derivative instruments/Commodity derivatives
3.3
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total
2.8
1.0
363.8
\u2013
367.6
367.6
1 See also Note 2.3\u00a0 Right-of-use assets
2024
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
0.2
\u2013
0.2
0.2
Current financial assets
Trade receivables
2.5
\u2013
\u2013
101.3
-
101.3
101.3
Derivative instruments/Forward exchange contracts
3.3
1.6
0.2
\u2013
\u2013
1.8
1.8
2
Derivative instruments/Commodity derivatives
3.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Cash and cash equivalents
4.1
\u2013
\u2013
181.5
\u2013
181.5
181.5
Total
1.6
0.2
282.9
0.7
285.4
285.4
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
104.7
\u2013
104.7
104.7
2
Non-current liabilities at fair value through profit or loss
3.2.2
\u2013
0.1
\u2013
\u2013
0.1
0.1
3
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
21.5
\u2013
21.5
21.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.4
\u2013
\u2013
0.4
0.4
3
Trade payables
2.7
\u2013
\u2013
79.9
\u2013
79.9
79.9
Derivative instruments/Interest rate derivatives
3.3
1.0
\u2013
\u2013
\u2013
1.0
1.0
2
Derivative instruments/Forward exchange contracts
3.3
0.2
0.3
\u2013
\u2013
0.4
0.4
2
Total
1.2
0.8
382.9
\u2013
384.9
384.9
1 See also Note 2.3\u00a0 Right-of-use assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "3.2.1\u00a0 Financial assets
According to IFRS 9 the classification is business model
driven and there are three classes: fair value through
profit and loss, amortised cost and fair value through
other comprehensive income.\u00a0 Classification is made
upon initial recognition based on the purpose of use of
the asset. The basis of classification is reassessed at
each reporting date.
All purchases and sales of financial instruments are
recognised on the trade date, which is the date when the
Group commits to purchase or sell a financial instrument.
Financial assets are recognised in the balance sheet at
original cost which equals their fair value at the
acquisition date. If the asset in question is not measured
at fair value through profit or loss, transaction costs are
included in the original cost of the financial asset.
The Group derecognises a financial asset when the
contractual rights to the cash flows from the asset expire,
or the Group transfers all the substantial risks and
rewards related to the financial asset outside the Group.
Financial assets are included in non-current items of the
balance sheet when their maturity is over 12 months.
Impairment of financial assets\u00a0
The impairment model requires the recognition of
impairment based on expected credit losses. The
allowance for credit losses is recognised based on
lifetime expected credit losses from trade receivables
and contract assets. More information on the allowance
for credit losses on trade receivables can be found in
Note 2.5\u00a0 Trade and other receivables.
The impairment model does not apply to financial
assets measured at fair value since those are measured
at fair value which already takes into account expected
credit losses.
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Amortised cost
Loans and receivables arise when money, goods or
services are delivered to a debtor, and they are included
in current or non-current financial assets in accordance
with their maturity. The assets in this category are held
according to a business model of which objective is to
collect contractual cash flows. In Anora, non-current
receivables include loan receivables and other
receivables with the maturity of over one year. Current
receivables include trade receivables as well as cash
and cash equivalents presented under current financial
assets. Receivables are measured at amortised cost
when the related payments are fixed or determinable
and the instruments are not quoted in financial markets.
Fair value through other comprehensive income
The assets measured at fair value through other
comprehensive income consist of unquoted shares, that
are not held for trading purposes and at initial
recognition, the Group has made a final choice that they
belong to this category. The changes in fair values are
recognised in other comprehensive income.
Financial liabilities are classified as financial liabilities at
fair value through profit or loss and financial liabilities at
amortised cost. Financial liabilities are initially measured
at fair value and recognised net of transaction costs, with
the exception of items measured at fair value through
profit or\u00a0loss.
A financial liability (or a part of it) is not derecognised
until the obligation specified in the contract is
discharged or cancelled or expires. A financial liability is
classified as current, unless the Group has an
unconditional right to defer the settlement of the liability
for at least 12 months after the end of the reporting
period.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Financial liabilities at amortised cost
This category includes the Group\u2019s external loans from
financial institutions, loans from pension institutions,
commercial paper loans as well as trade payables. These
financial liabilities are measured at amortised cost using
the effective interest method. When loans are paid off or
refinanced, the related unamortised costs are
recognised in finance expenses. Group overdrafts in use
are included in current borrowings. In addition, Anora has
a revolving credit facility, and the related fee is amortised
on a straight-line basis in other finance expenses during
the term of the facility.
The exchange rate differences of intra-group foreign
currency denominated loans are presented within
financial items in the foreign exchange differences of the
category financial liabilities at amortised cost.
The fair values of loans from financial institutions and
commercial paper loans are determined based on
future cash flows discounted with market interest rate at
the reporting date adjusted with Anora\u2019s credit risk
premium. At the reporting date, the carrying amounts of
the loans are not materially different from their fair
values.
Derivative instruments
Derivatives are included in financial assets and liabilities
at fair value through profit or loss when they do not meet
the criteria of hedge accounting pursuant to IFRS 9. These
derivatives are recognised at fair value on the trade
date, and they are subsequently measured at fair value
at the reporting date. Derivative instruments and hedge
accounting are described in Note 3.3.
The fair values of derivatives equal the amount that the
Group would have to pay, or it would receive from the
termination of the derivative contract at the reporting
date. The fair values of forward exchange contracts are
determined by using the market prices at the reporting
date. The fair values of interest rate derivatives are
determined by discounting the related future cash flows.
The valuation of commodity derivatives is determined
based on the fair values received from the financial
markets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "3.2.1\u00a0 Financial assets
According to IFRS 9 the classification is business model
driven and there are three classes: fair value through
profit and loss, amortised cost and fair value through
other comprehensive income.\u00a0 Classification is made
upon initial recognition based on the purpose of use of
the asset. The basis of classification is reassessed at
each reporting date.
All purchases and sales of financial instruments are
recognised on the trade date, which is the date when the
Group commits to purchase or sell a financial instrument.
Financial assets are recognised in the balance sheet at
original cost which equals their fair value at the
acquisition date. If the asset in question is not measured
at fair value through profit or loss, transaction costs are
included in the original cost of the financial asset.
The Group derecognises a financial asset when the
contractual rights to the cash flows from the asset expire,
or the Group transfers all the substantial risks and
rewards related to the financial asset outside the Group.
Financial assets are included in non-current items of the
balance sheet when their maturity is over 12 months.
Impairment of financial assets\u00a0
The impairment model requires the recognition of
impairment based on expected credit losses. The
allowance for credit losses is recognised based on
lifetime expected credit losses from trade receivables
and contract assets. More information on the allowance
for credit losses on trade receivables can be found in
Note 2.5\u00a0 Trade and other receivables.
The impairment model does not apply to financial
assets measured at fair value since those are measured
at fair value which already takes into account expected
credit losses.
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Amortised cost
Loans and receivables arise when money, goods or
services are delivered to a debtor, and they are included
in current or non-current financial assets in accordance
with their maturity. The assets in this category are held
according to a business model of which objective is to
collect contractual cash flows. In Anora, non-current
receivables include loan receivables and other
receivables with the maturity of over one year. Current
receivables include trade receivables as well as cash
and cash equivalents presented under current financial
assets. Receivables are measured at amortised cost
when the related payments are fixed or determinable
and the instruments are not quoted in financial markets.
Fair value through other comprehensive income
The assets measured at fair value through other
comprehensive income consist of unquoted shares, that
are not held for trading purposes and at initial
recognition, the Group has made a final choice that they
belong to this category. The changes in fair values are
recognised in other comprehensive income.
3.2.3\u00a0 Classification and fair values of financial
assets and liabilities
At the reporting date due to short maturity fair value
of trade receivables and other short-term
receivables and liabilities equal to their value in the
balance sheet.
The following table presents the classification of
financial instruments. The levels 1\u20133 of fair value
hierarchy reflect the significance of inputs used in
determining the fair values. In level one, fair values
are based on public quotations of identical financial
instruments. In level two, the inputs used in
determining the fair values are based on quoted
market rates and prices observable for the asset or
liability in question directly (i.e. price) or indirectly on
discounted future cash flows. Fair values of other
financial assets and liabilities in level two reflect their
carrying value. In level three, the fair values of assets
and liabilities are based on inputs that are not based
on observable market data for all significant
variables, and instead are, to a significant extent,
based on management estimates and their use in
generally accepted valuation techniques. The
reported fair value level is based on the lowest level
of input information that is significant in determining
the fair value.
Fair values and the carrying amounts in the consolidated balance sheet for each financial instrument by classes:
2025
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
1.6
\u2013
1.6
1.6
3
Current financial assets
Trade receivables
2.5
\u2013
\u2013
108.9
\u2013
108.9
108.9
Derivative instruments/Interest rate derivatives
3.3
0.2
\u2013
\u2013
\u2013
0.2
0.2
2
Derivative instruments/Forward exchange contracts
3.3
0.4
0.1
\u2013
\u2013
0.5
0.5
2
Cash and cash equivalents
4.1
\u2013
\u2013
182.6
\u2013
182.6
182.6
Total
0.6
0.1
293.1
0.7
294.5
294.5
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
93.2
\u2013
93.2
93.2
2
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Lease liabilities1
3.2.2
\u2013
\u2013
14.0
\u2013
14.0
14.0
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.6
\u2013
\u2013
0.6
0.6
3
Trade payables
2.7
\u2013
\u2013
79.8
\u2013
79.8
79.8
Derivative instruments/Interest rate derivatives
3.3
0.6
\u2013
\u2013
\u2013
0.6
0.6
2
Derivative instruments/Forward exchange contracts
3.3
2.1
0.4
\u2013
\u2013
2.5
2.5
2
Derivative instruments/Commodity derivatives
3.3
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total
2.8
1.0
363.8
\u2013
367.6
367.6
1 See also Note 2.3\u00a0 Right-of-use assets
2024
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
0.2
\u2013
0.2
0.2
Current financial assets
Trade receivables
2.5
\u2013
\u2013
101.3
-
101.3
101.3
Derivative instruments/Forward exchange contracts
3.3
1.6
0.2
\u2013
\u2013
1.8
1.8
2
Derivative instruments/Commodity derivatives
3.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Cash and cash equivalents
4.1
\u2013
\u2013
181.5
\u2013
181.5
181.5
Total
1.6
0.2
282.9
0.7
285.4
285.4
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
104.7
\u2013
104.7
104.7
2
Non-current liabilities at fair value through profit or loss
3.2.2
\u2013
0.1
\u2013
\u2013
0.1
0.1
3
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
21.5
\u2013
21.5
21.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.4
\u2013
\u2013
0.4
0.4
3
Trade payables
2.7
\u2013
\u2013
79.9
\u2013
79.9
79.9
Derivative instruments/Interest rate derivatives
3.3
1.0
\u2013
\u2013
\u2013
1.0
1.0
2
Derivative instruments/Forward exchange contracts
3.3
0.2
0.3
\u2013
\u2013
0.4
0.4
2
Total
1.2
0.8
382.9
\u2013
384.9
384.9
1 See also Note 2.3\u00a0 Right-of-use assets
Cash and cash equivalents and unused committed
credit limits
EUR million
2025
2024
Cash and cash equivalents
182.6
181.5
Overdraft facilities
20.0
20.0
Revolving credit line
150.0
150.0
Total
352.6
351.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
According to IFRS 9 the classification is business model
driven and there are three classes: fair value through
profit and loss, amortised cost and fair value through
other comprehensive income.\u00a0 Classification is made
upon initial recognition based on the purpose of use of
the asset. The basis of classification is reassessed at
each reporting date.
All purchases and sales of financial instruments are
recognised on the trade date, which is the date when the
Group commits to purchase or sell a financial instrument.
Financial assets are recognised in the balance sheet at
original cost which equals their fair value at the
acquisition date. If the asset in question is not measured
at fair value through profit or loss, transaction costs are
included in the original cost of the financial asset.
The Group derecognises a financial asset when the
contractual rights to the cash flows from the asset expire,
or the Group transfers all the substantial risks and
rewards related to the financial asset outside the Group.
Financial assets are included in non-current items of the
balance sheet when their maturity is over 12 months.
Impairment of financial assets\u00a0
The impairment model requires the recognition of
impairment based on expected credit losses. The
allowance for credit losses is recognised based on
lifetime expected credit losses from trade receivables
and contract assets. More information on the allowance
for credit losses on trade receivables can be found in
Note 2.5\u00a0 Trade and other receivables.
The impairment model does not apply to financial
assets measured at fair value since those are measured
at fair value which already takes into account expected
credit losses.
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Amortised cost
Loans and receivables arise when money, goods or
services are delivered to a debtor, and they are included
in current or non-current financial assets in accordance
with their maturity. The assets in this category are held
according to a business model of which objective is to
collect contractual cash flows. In Anora, non-current
receivables include loan receivables and other
receivables with the maturity of over one year. Current
receivables include trade receivables as well as cash
and cash equivalents presented under current financial
assets. Receivables are measured at amortised cost
when the related payments are fixed or determinable
and the instruments are not quoted in financial markets.
Fair value through other comprehensive income
The assets measured at fair value through other
comprehensive income consist of unquoted shares, that
are not held for trading purposes and at initial
recognition, the Group has made a final choice that they
belong to this category. The changes in fair values are
recognised in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
According to IFRS 9 the classification is business model
driven and there are three classes: fair value through
profit and loss, amortised cost and fair value through
other comprehensive income.\u00a0 Classification is made
upon initial recognition based on the purpose of use of
the asset. The basis of classification is reassessed at
each reporting date.
All purchases and sales of financial instruments are
recognised on the trade date, which is the date when the
Group commits to purchase or sell a financial instrument.
Financial assets are recognised in the balance sheet at
original cost which equals their fair value at the
acquisition date. If the asset in question is not measured
at fair value through profit or loss, transaction costs are
included in the original cost of the financial asset.
The Group derecognises a financial asset when the
contractual rights to the cash flows from the asset expire,
or the Group transfers all the substantial risks and
rewards related to the financial asset outside the Group.
Financial assets are included in non-current items of the
balance sheet when their maturity is over 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
According to IFRS 9 the classification is business model
driven and there are three classes: fair value through
profit and loss, amortised cost and fair value through
other comprehensive income.\u00a0 Classification is made
upon initial recognition based on the purpose of use of
the asset. The basis of classification is reassessed at
each reporting date.
All purchases and sales of financial instruments are
recognised on the trade date, which is the date when the
Group commits to purchase or sell a financial instrument.
Financial assets are recognised in the balance sheet at
original cost which equals their fair value at the
acquisition date. If the asset in question is not measured
at fair value through profit or loss, transaction costs are
included in the original cost of the financial asset.
The Group derecognises a financial asset when the
contractual rights to the cash flows from the asset expire,
or the Group transfers all the substantial risks and
rewards related to the financial asset outside the Group.
Financial assets are included in non-current items of the
balance sheet when their maturity is over 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
All purchases and sales of financial instruments are
recognised on the trade date, which is the date when the
Group commits to purchase or sell a financial instrument.
Financial assets are recognised in the balance sheet at
original cost which equals their fair value at the
acquisition date. If the asset in question is not measured
at fair value through profit or loss, transaction costs are
included in the original cost of the financial asset.
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Fair value through other comprehensive income
The assets measured at fair value through other
comprehensive income consist of unquoted shares, that
are not held for trading purposes and at initial
recognition, the Group has made a final choice that they
belong to this category. The changes in fair values are
recognised in other comprehensive income.
Financial liabilities are classified as financial liabilities at
fair value through profit or loss and financial liabilities at
amortised cost. Financial liabilities are initially measured
at fair value and recognised net of transaction costs, with
the exception of items measured at fair value through
profit or\u00a0loss.
A financial liability (or a part of it) is not derecognised
until the obligation specified in the contract is
discharged or cancelled or expires. A financial liability is
classified as current, unless the Group has an
unconditional right to defer the settlement of the liability
for at least 12 months after the end of the reporting
period.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Derivative instruments
Derivatives are included in financial assets and liabilities
at fair value through profit or loss when they do not meet
the criteria of hedge accounting pursuant to IFRS 9. These
derivatives are recognised at fair value on the trade
date, and they are subsequently measured at fair value
at the reporting date. Derivative instruments and hedge
accounting are described in Note 3.3.
The fair values of derivatives equal the amount that the
Group would have to pay, or it would receive from the
termination of the derivative contract at the reporting
date. The fair values of forward exchange contracts are
determined by using the market prices at the reporting
date. The fair values of interest rate derivatives are
determined by discounting the related future cash flows.
The valuation of commodity derivatives is determined
based on the fair values received from the financial
markets.
3.2.3\u00a0 Classification and fair values of financial
assets and liabilities
At the reporting date due to short maturity fair value
of trade receivables and other short-term
receivables and liabilities equal to their value in the
balance sheet.
The following table presents the classification of
financial instruments. The levels 1\u20133 of fair value
hierarchy reflect the significance of inputs used in
determining the fair values. In level one, fair values
are based on public quotations of identical financial
instruments. In level two, the inputs used in
determining the fair values are based on quoted
market rates and prices observable for the asset or
liability in question directly (i.e. price) or indirectly on
discounted future cash flows. Fair values of other
financial assets and liabilities in level two reflect their
carrying value. In level three, the fair values of assets
and liabilities are based on inputs that are not based
on observable market data for all significant
variables, and instead are, to a significant extent,
based on management estimates and their use in
generally accepted valuation techniques. The
reported fair value level is based on the lowest level
of input information that is significant in determining
the fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
The Group derecognises a financial asset when the
contractual rights to the cash flows from the asset expire,
or the Group transfers all the substantial risks and
rewards related to the financial asset outside the Group.
Financial assets are included in non-current items of the
balance sheet when their maturity is over 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
Impairment of financial assets\u00a0
The impairment model requires the recognition of
impairment based on expected credit losses. The
allowance for credit losses is recognised based on
lifetime expected credit losses from trade receivables
and contract assets. More information on the allowance
for credit losses on trade receivables can be found in
Note 2.5\u00a0 Trade and other receivables.
The impairment model does not apply to financial
assets measured at fair value since those are measured
at fair value which already takes into account expected
credit losses", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Liabilities at fair value through profit and loss
EUR million
2025
2024
Book value at the beginning of
the period
0.5
0.8
Paid during period
-0.2
-0.2
Changes in value during period
0.1
\u2013
Book value at the end of the
period
0.6
0.5
Non-current liability
\u2013
0.1
Current liability
0.6
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
Financial assets recognised
at fair value through profit or loss
This category includes financial assets held for trading
purposes or otherwise designated as financial assets
recognised at fair value through profit or loss by Anora
Group. Trade receivables that will be sold are classified in
this category.\u00a0 Derivative instruments held for hedging
purposes, but not qualifying for the criteria of hedge
accounting, are classified in this category. Items in this
category are initially recognised at fair value and
subsequently measured at the fair value of each
reporting date, which is the purchase price at the end of
the reporting period determined based on public price
quotations in active markets. Realised and unrealised
gains and losses arising from changes in fair values are
recognised in profit or loss in financial items in the period
in which they are incurred if they relate to hedging of
financial items.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Liabilities at fair value through profit and loss
EUR million
2025
2024
Book value at the beginning of
the period
0.5
0.8
Paid during period
-0.2
-0.2
Changes in value during period
0.1
\u2013
Book value at the end of the
period
0.6
0.5
Non-current liability
\u2013
0.1
Current liability
0.6
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
Amortised cost
Loans and receivables arise when money, goods or
services are delivered to a debtor, and they are included
in current or non-current financial assets in accordance
with their maturity. The assets in this category are held
according to a business model of which objective is to
collect contractual cash flows. In Anora, non-current
receivables include loan receivables and other
receivables with the maturity of over one year. Current
receivables include trade receivables as well as cash
and cash equivalents presented under current financial
assets. Receivables are measured at amortised cost
when the related payments are fixed or determinable
and the instruments are not quoted in financial markets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
3.2.2\u00a0 Financial liabilities
Financial liabilities are classified as financial liabilities at
fair value through profit or loss and financial liabilities at
amortised cost. Financial liabilities are initially measured
at fair value and recognised net of transaction costs, with
the exception of items measured at fair value through
profit or\u00a0loss.
A financial liability (or a part of it) is not derecognised
until the obligation specified in the contract is
discharged or cancelled or expires. A financial liability is
classified as current, unless the Group has an
unconditional right to defer the settlement of the liability
for at least 12 months after the end of the reporting
period.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Financial liabilities at amortised cost
This category includes the Group\u2019s external loans from
financial institutions, loans from pension institutions,
commercial paper loans as well as trade payables. These
financial liabilities are measured at amortised cost using
the effective interest method. When loans are paid off or
refinanced, the related unamortised costs are
recognised in finance expenses. Group overdrafts in use
are included in current borrowings. In addition, Anora has
a revolving credit facility, and the related fee is amortised
on a straight-line basis in other finance expenses during
the term of the facility.
The exchange rate differences of intra-group foreign
currency denominated loans are presented within
financial items in the foreign exchange differences of the
category financial liabilities at amortised cost.
The fair values of loans from financial institutions and
commercial paper loans are determined based on
future cash flows discounted with market interest rate at
the reporting date adjusted with Anora\u2019s credit risk
premium. At the reporting date, the carrying amounts of
the loans are not materially different from their fair
values.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
3.2.2\u00a0 Financial liabilities
Financial liabilities are classified as financial liabilities at
fair value through profit or loss and financial liabilities at
amortised cost. Financial liabilities are initially measured
at fair value and recognised net of transaction costs, with
the exception of items measured at fair value through
profit or\u00a0loss.
A financial liability (or a part of it) is not derecognised
until the obligation specified in the contract is
discharged or cancelled or expires. A financial liability is
classified as current, unless the Group has an
unconditional right to defer the settlement of the liability
for at least 12 months after the end of the reporting
period.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include derivatives held for hedging purposes but not
qualifying for hedge accounting and put options for the
purchase of non-controlling interests. Derivatives held for
hedging purposes but not qualifying for hedge
accounting are measured at fair value, which is
determined based on price quotations in active markets
at the reporting date. Realised and unrealised gains or
losses arising from the changes in fair values are
recognised through profit or loss in the financial items as
incurred.
Liabilities related to options for the purchase of non-
controlling interests are estimated on the basis of pricing
mechanisms applied in the shareholder agreements
discounted for the close of the financial year. The most
important parameters in the pricing mechanisms were
the development in the share values, measured as EBIT
(operating result) up to the estimated due date,
multiplied by a fixed market based multiple. As the basis
for EBIT, the underlying companies\u2019 budgets and long-
term plans up until the expected due date are used. The
discount rate is NIBOR or STIBOR with duration matched to
the expected due date. Liabilities are immaterial in 2025
and 2024.
Financial liabilities at amortised cost
This category includes the Group\u2019s external loans from
financial institutions, loans from pension institutions,
commercial paper loans as well as trade payables. These
financial liabilities are measured at amortised cost using
the effective interest method. When loans are paid off or
refinanced, the related unamortised costs are
recognised in finance expenses. Group overdrafts in use
are included in current borrowings. In addition, Anora has
a revolving credit facility, and the related fee is amortised
on a straight-line basis in other finance expenses during
the term of the facility.
The exchange rate differences of intra-group foreign
currency denominated loans are presented within
financial items in the foreign exchange differences of the
category financial liabilities at amortised cost.
The fair values of loans from financial institutions and
commercial paper loans are determined based on
future cash flows discounted with market interest rate at
the reporting date adjusted with Anora\u2019s credit risk
premium. At the reporting date, the carrying amounts of
the loans are not materially different from their fair
values", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "When loans are paid off or
refinanced, the related unamortised costs are
recognised in finance expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
Derivative instruments
Derivatives are included in financial assets and liabilities
at fair value through profit or loss when they do not meet
the criteria of hedge accounting pursuant to IFRS 9. These
derivatives are recognised at fair value on the trade
date, and they are subsequently measured at fair value
at the reporting date. Derivative instruments and hedge
accounting are described in Note 3.3.
The fair values of derivatives equal the amount that the
Group would have to pay, or it would receive from the
termination of the derivative contract at the reporting
date. The fair values of forward exchange contracts are
determined by using the market prices at the reporting
date. The fair values of interest rate derivatives are
determined by discounting the related future cash flows.
The valuation of commodity derivatives is determined
based on the fair values received from the financial
markets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
Derivative instruments
Derivatives are included in financial assets and liabilities
at fair value through profit or loss when they do not meet
the criteria of hedge accounting pursuant to IFRS 9. These
derivatives are recognised at fair value on the trade
date, and they are subsequently measured at fair value
at the reporting date. Derivative instruments and hedge
accounting are described in Note 3.3.
The fair values of derivatives equal the amount that the
Group would have to pay, or it would receive from the
termination of the derivative contract at the reporting
date. The fair values of forward exchange contracts are
determined by using the market prices at the reporting
date. The fair values of interest rate derivatives are
determined by discounting the related future cash flows.
The valuation of commodity derivatives is determined
based on the fair values received from the financial
markets.
3.3\u00a0 Derivative instruments and hedge
accounting
When the Group applies IFRS 9 hedge accounting to
foreign currency, interest rate and electricity
derivatives, the effective portion of the fair value
change is recognised in other comprehensive income
and presented within equity in the hedge\u00a0reserve
When hedge accounting is applied
In Anora, cash flow hedging is applied to part of the
interest rate, foreign currency and electricity derivatives
based on case-by-case assessment. In cash flow
hedging, the Group is hedging against changes in cash
flows related to a specific asset or liability recognised in
the balance sheet or to a highly probable future business
transaction.
Hedge accounting is a method of accounting with the
purpose to allocate one or several hedging instruments
so that their fair value changes offset in full or partly the
changes in fair value or cash flow arising from the
hedged risk in profit or loss during the period, for which
the hedge is designated. In the beginning of the hedging
arrangement, Anora documents the relationship
between each hedging instrument and hedged item, as
well as the objectives of risk management and the
strategy in engaging in hedging.
IFRS 9 requires that the effectiveness of hedging
instruments is tested prospectively. Effectiveness means
the ability of a hedging instrument to offset the changes
in the fair value of the hedged item or changes in the
cash flows of the hedged transaction attributable to the
hedged risk. Under IFRS 9 the hedging relationship is
regarded to be highly effective when there is an
economic relationship between the hedged item and
the hedging instrument. Hedging ratio is defined as a
relationship between the quantity of the hedging
instrument and the quantity of the hedged item. Hedge
accounting is discontinued when the criteria for hedge
accounting is no longer\u00a0met.
The unrealised gains and losses arising from fair value
changes of derivative contracts to which hedge
accounting is applied, are presented in hedge reserve.
Forward points are included to hedging relationship. The
effective portion of the unrealised changes in the fair
value of derivatives designated and qualifying as cash
flow hedges are recognised in other comprehensive
income and presented in the hedge reserve in equity. The
ineffective portion is immediately recognised in finance
income or expenses in profit or loss. The cumulative gain
or loss in equity on derivative instruments related to
commercial items is recognised in profit or loss as an
adjustment to purchases or sales simultaneously with the
hedged item in the period in which the hedged item
affects profit or loss. Realised gain or loss on electricity
derivatives is included in operating result in electricity
procurement expenses. When a hedging instrument
designated as a cash flow hedge no longer meets the
criteria of hedge accounting, the gain or loss
accumulated in equity is recognised through finance
income or expenses.
When hedge accounting is not applied
The accounting for gains and losses arising from fair
value measurement is dependent on the purpose of use
of the derivative. In Anora, the changes in the fair values
of derivative instruments are immediately recognised in
profit or loss in finance income or expense if the
derivative in question is related to hedging of
commercial cash flows (purchases and sales) and
hedge accounting is not applied. The fair value changes
of other derivative instruments are immediately
recognised in profit or loss in finance income or expense
items if hedge accounting is not applied. Derivatives, to
which hedge accounting is not applied, are acquired to
minimise the profit and/or cash flow effects related to
business operations or financing", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
Derivative instruments
Derivatives are included in financial assets and liabilities
at fair value through profit or loss when they do not meet
the criteria of hedge accounting pursuant to IFRS 9. These
derivatives are recognised at fair value on the trade
date, and they are subsequently measured at fair value
at the reporting date. Derivative instruments and hedge
accounting are described in Note 3.3.
The fair values of derivatives equal the amount that the
Group would have to pay, or it would receive from the
termination of the derivative contract at the reporting
date. The fair values of forward exchange contracts are
determined by using the market prices at the reporting
date. The fair values of interest rate derivatives are
determined by discounting the related future cash flows.
The valuation of commodity derivatives is determined
based on the fair values received from the financial
markets
When hedge accounting is applied
In Anora, cash flow hedging is applied to part of the
interest rate, foreign currency and electricity derivatives
based on case-by-case assessment. In cash flow
hedging, the Group is hedging against changes in cash
flows related to a specific asset or liability recognised in
the balance sheet or to a highly probable future business
transaction.
Hedge accounting is a method of accounting with the
purpose to allocate one or several hedging instruments
so that their fair value changes offset in full or partly the
changes in fair value or cash flow arising from the
hedged risk in profit or loss during the period, for which
the hedge is designated. In the beginning of the hedging
arrangement, Anora documents the relationship
between each hedging instrument and hedged item, as
well as the objectives of risk management and the
strategy in engaging in hedging.
IFRS 9 requires that the effectiveness of hedging
instruments is tested prospectively. Effectiveness means
the ability of a hedging instrument to offset the changes
in the fair value of the hedged item or changes in the
cash flows of the hedged transaction attributable to the
hedged risk. Under IFRS 9 the hedging relationship is
regarded to be highly effective when there is an
economic relationship between the hedged item and
the hedging instrument. Hedging ratio is defined as a
relationship between the quantity of the hedging
instrument and the quantity of the hedged item. Hedge
accounting is discontinued when the criteria for hedge
accounting is no longer\u00a0met.
The unrealised gains and losses arising from fair value
changes of derivative contracts to which hedge
accounting is applied, are presented in hedge reserve.
Forward points are included to hedging relationship. The
effective portion of the unrealised changes in the fair
value of derivatives designated and qualifying as cash
flow hedges are recognised in other comprehensive
income and presented in the hedge reserve in equity. The
ineffective portion is immediately recognised in finance
income or expenses in profit or loss. The cumulative gain
or loss in equity on derivative instruments related to
commercial items is recognised in profit or loss as an
adjustment to purchases or sales simultaneously with the
hedged item in the period in which the hedged item
affects profit or loss. Realised gain or loss on electricity
derivatives is included in operating result in electricity
procurement expenses. When a hedging instrument
designated as a cash flow hedge no longer meets the
criteria of hedge accounting, the gain or loss
accumulated in equity is recognised through finance
income or expenses.
When hedge accounting is not applied
The accounting for gains and losses arising from fair
value measurement is dependent on the purpose of use
of the derivative. In Anora, the changes in the fair values
of derivative instruments are immediately recognised in
profit or loss in finance income or expense if the
derivative in question is related to hedging of
commercial cash flows (purchases and sales) and
hedge accounting is not applied. The fair value changes
of other derivative instruments are immediately
recognised in profit or loss in finance income or expense
items if hedge accounting is not applied. Derivatives, to
which hedge accounting is not applied, are acquired to
minimise the profit and/or cash flow effects related to
business operations or financing.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
Fair values and the carrying amounts in the consolidated balance sheet for each financial instrument by classes:
2025
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
1.6
\u2013
1.6
1.6
3
Current financial assets
Trade receivables
2.5
\u2013
\u2013
108.9
\u2013
108.9
108.9
Derivative instruments/Interest rate derivatives
3.3
0.2
\u2013
\u2013
\u2013
0.2
0.2
2
Derivative instruments/Forward exchange contracts
3.3
0.4
0.1
\u2013
\u2013
0.5
0.5
2
Cash and cash equivalents
4.1
\u2013
\u2013
182.6
\u2013
182.6
182.6
Total
0.6
0.1
293.1
0.7
294.5
294.5
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
93.2
\u2013
93.2
93.2
2
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Lease liabilities1
3.2.2
\u2013
\u2013
14.0
\u2013
14.0
14.0
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.6
\u2013
\u2013
0.6
0.6
3
Trade payables
2.7
\u2013
\u2013
79.8
\u2013
79.8
79.8
Derivative instruments/Interest rate derivatives
3.3
0.6
\u2013
\u2013
\u2013
0.6
0.6
2
Derivative instruments/Forward exchange contracts
3.3
2.1
0.4
\u2013
\u2013
2.5
2.5
2
Derivative instruments/Commodity derivatives
3.3
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total
2.8
1.0
363.8
\u2013
367.6
367.6
1 See also Note 2.3\u00a0 Right-of-use assets
2024
EUR million
Note
Derivatives,
hedge
accounting
Fair value through
profit or loss
Amortised cost
Fair value through
other
comprehensive
income
Carrying
amounts of items
in the balance
sheet
Fair value
Level
Financial assets
Non-current financial assets
Unquoted shares
3.2.1
\u2013
\u2013
\u2013
0.7
0.7
0.7
3
Other non-current receivables
\u2013
\u2013
0.2
\u2013
0.2
0.2
Current financial assets
Trade receivables
2.5
\u2013
\u2013
101.3
-
101.3
101.3
Derivative instruments/Forward exchange contracts
3.3
1.6
0.2
\u2013
\u2013
1.8
1.8
2
Derivative instruments/Commodity derivatives
3.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Cash and cash equivalents
4.1
\u2013
\u2013
181.5
\u2013
181.5
181.5
Total
1.6
0.2
282.9
0.7
285.4
285.4
Financial liabilities
Non-current financial liabilities
Borrowings
3.2.2
\u2013
\u2013
163.5
\u2013
163.5
163.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
104.7
\u2013
104.7
104.7
2
Non-current liabilities at fair value through profit or loss
3.2.2
\u2013
0.1
\u2013
\u2013
0.1
0.1
3
Current financial liabilities
Borrowings\u00a0
3.2.2
\u2013
\u2013
21.5
\u2013
21.5
21.5
2
Lease liabilities1
3.2.2
\u2013
\u2013
13.4
\u2013
13.4
13.4
2
Current liabilities at fair value through profit or loss
3.2.2
\u2013
0.4
\u2013
\u2013
0.4
0.4
3
Trade payables
2.7
\u2013
\u2013
79.9
\u2013
79.9
79.9
Derivative instruments/Interest rate derivatives
3.3
1.0
\u2013
\u2013
\u2013
1.0
1.0
2
Derivative instruments/Forward exchange contracts
3.3
0.2
0.3
\u2013
\u2013
0.4
0.4
2
Total
1.2
0.8
382.9
\u2013
384.9
384.9
1 See also Note 2.3\u00a0 Right-of-use assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
3.3\u00a0 Derivative instruments and hedge
accounting
When the Group applies IFRS 9 hedge accounting to
foreign currency, interest rate and electricity
derivatives, the effective portion of the fair value
change is recognised in other comprehensive income
and presented within equity in the hedge\u00a0reserve
When hedge accounting is applied
In Anora, cash flow hedging is applied to part of the
interest rate, foreign currency and electricity derivatives
based on case-by-case assessment. In cash flow
hedging, the Group is hedging against changes in cash
flows related to a specific asset or liability recognised in
the balance sheet or to a highly probable future business
transaction.
Hedge accounting is a method of accounting with the
purpose to allocate one or several hedging instruments
so that their fair value changes offset in full or partly the
changes in fair value or cash flow arising from the
hedged risk in profit or loss during the period, for which
the hedge is designated. In the beginning of the hedging
arrangement, Anora documents the relationship
between each hedging instrument and hedged item, as
well as the objectives of risk management and the
strategy in engaging in hedging.
IFRS 9 requires that the effectiveness of hedging
instruments is tested prospectively. Effectiveness means
the ability of a hedging instrument to offset the changes
in the fair value of the hedged item or changes in the
cash flows of the hedged transaction attributable to the
hedged risk. Under IFRS 9 the hedging relationship is
regarded to be highly effective when there is an
economic relationship between the hedged item and
the hedging instrument. Hedging ratio is defined as a
relationship between the quantity of the hedging
instrument and the quantity of the hedged item. Hedge
accounting is discontinued when the criteria for hedge
accounting is no longer\u00a0met.
The unrealised gains and losses arising from fair value
changes of derivative contracts to which hedge
accounting is applied, are presented in hedge reserve.
Forward points are included to hedging relationship. The
effective portion of the unrealised changes in the fair
value of derivatives designated and qualifying as cash
flow hedges are recognised in other comprehensive
income and presented in the hedge reserve in equity. The
ineffective portion is immediately recognised in finance
income or expenses in profit or loss. The cumulative gain
or loss in equity on derivative instruments related to
commercial items is recognised in profit or loss as an
adjustment to purchases or sales simultaneously with the
hedged item in the period in which the hedged item
affects profit or loss. Realised gain or loss on electricity
derivatives is included in operating result in electricity
procurement expenses. When a hedging instrument
designated as a cash flow hedge no longer meets the
criteria of hedge accounting, the gain or loss
accumulated in equity is recognised through finance
income or expenses.
When hedge accounting is not applied
The accounting for gains and losses arising from fair
value measurement is dependent on the purpose of use
of the derivative. In Anora, the changes in the fair values
of derivative instruments are immediately recognised in
profit or loss in finance income or expense if the
derivative in question is related to hedging of
commercial cash flows (purchases and sales) and
hedge accounting is not applied. The fair value changes
of other derivative instruments are immediately
recognised in profit or loss in finance income or expense
items if hedge accounting is not applied. Derivatives, to
which hedge accounting is not applied, are acquired to
minimise the profit and/or cash flow effects related to
business operations or financing.
Nominal values of derivative instruments
The nominal values of derivative instruments are
based on amounts and market prices at the
reporting date.
EUR million
2025
2024
Derivative instruments
designated for
cash flow hedging
Interest rate derivatives
80.0
40.0
Forward exchange contracts
100.0
101.7
Commodity derivatives,
electricity
1.0
0.9
Amount (MWh)
37.2
21.9
Derivative instruments, non-
hedge accounting
Forward exchange contracts
70.7
77.8
Effects of hedge accounting on the financial position and performance
Foreign currency forwards
EUR million
EURDKK
EURNOK
EURSEK
EURUSD
USDDKK
USDSEK
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Carrying amount (asset)
\u2013
\u2013
0.2
0.2
\u2013
0.3
\u2013
0.2
\u2013
0.4
\u2013
0.3
Carrying amount (liability)
\u2013
\u2013
\u2013
\u2013
1.4
\u2013
0.1
\u2013
0.3
\u2013
0.2
\u2013
Notional amount
5.8
12.3
13.6
22.2
59.6
44.4
2.2
4.5
8.2
8.5
6.3
5.0
Maturity date
02 2026\u00a0 -
06 2027
02 2025\u00a0 -
03 2026
02-08 2026
02-09 2025
02 2026 -
12 2027
02-12 2025
02-12 2026
02-12 2025
02 2026 -
06 2027
02-12 2025
02 2026 -
08 2027
02-12 2025
Hedge ratio
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
Change in discounted value of
outstanding hedging instruments since 1
January
\u2013
\u2013
\u2013
0.7
-1.7
1.3
-0.3
0.2
-0.7
0.6
-0.6
0.4
Change in value of hedged item used to
determine hedge effectiveness
\u2013
\u2013
\u2013
-0.7
1.7
-1.3
0.3
-0.2
0.7
-0.6
0.6
-0.4
Additionally, EURAUD and EURGBP are hedged with nominals between EUR 0,7 million - EUR 1,5 million (2024: EUR 1,4 -1,7 million) . Those have only minor effect on the financial position and performance.
Interest rate swap
EUR million
2025
2024
Carrying amount (asset)
0.2
\u2013
Carrying amount (liability)
0.6
1.0
Notional amount
80.0
40.0
Maturity date
12 2027 -
09 2029
06 - 09 2029
Hedge ratio
1:1
1:1
Change in discounted value of
outstanding hedging instruments
since 1 January
0.6
-1.0
Change in value of hedged item
used to determine hedge
effectiveness
-0.6
1.0
Weighted average hedged rate
for the year
2.18%
2.72%
Commodities - Electricity
EUR million
2025
2024
Carrying amount (asset)
\u2013
\u2013
Carrying amount (liability)
0.1
Notional amount
1.0
0.9
MWh
37.2
21.9
Maturity date
2026-2027
2025-2026
Hedge ratio
1:1
1:1
Change in discounted value of
outstanding hedging instruments
since 1 January
-0.1
-0.8
Change in value of hedged item
used to determine hedge
effectiveness
0.1
0.8
Weighted average hedged price
EUR/MWh
25.7
41.4
Positive and negative fair values of unrealised
derivatives and their net amount are presented
below. Currency derivatives are under netting
agreements. The master netting agreements in
respect of derivatives do not meet the criteria for
offsetting in the balance sheet owing to legally
enforceable right not existing currently.
Offsetting financial assets and liabilities\u00a0
EUR million
2025
2024
Derivative assets:
Fair value, gross
0.7
1.9
Fair value, under netting
agreements
-0.5
-0.4
Fair value, net
0.2
1.4
Derivative liabilities:
Fair value, gross
3.1
1.4
Fair value, under netting
agreements
-0.5
-0.4
Fair value, net
2.7
1.0
Cash flow hedge reserve
EUR million
Currency forwards
Interest rate swaps
Commodities
Total hedge reserves
Opening balance 1 January 2024
-2.2
\u2013
0.7
-1.5
Change in fair value of hedging instruments recognized in OCI
-0.9
-1.1
-0.9
-3.0
Reclassified from OCI to profit or loss - included in purchases/sales adjustments
3.9
\u2013
\u2013
3.9
Reclassified from OCI to financial income and expenses
\u2013
0.1
\u2013
0.1
Reclassified from OCI to electricity purchases
\u2013
\u2013
0.3
0.3
Deferred tax
0.3
0.2
\u2013
0.5
Closing balance 31 December 2024
1.1
-0.8
\u2013
0.4
change in fair value of hedging instruments recognized in OCI
-7.9
0.7
-0.1
-7.2
Reclassified from OCI to profit or loss - included in purchases/sales adjustments
5.8
5.8
Reclassified from OCI to financial income and expenses
\u2013
-0.2
-0.2
Reclassified from OCI to electricity purchases
\u2013
\u2013
\u2013
\u2013
Deferred tax
-0.3
-0.1
\u2013
-0.4
Closing balance 31 December 2025
-1.4
-0.3
-0.1
-1.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
3.3\u00a0 Derivative instruments and hedge
accounting
When the Group applies IFRS 9 hedge accounting to
foreign currency, interest rate and electricity
derivatives, the effective portion of the fair value
change is recognised in other comprehensive income
and presented within equity in the hedge\u00a0reserve
When hedge accounting is applied
In Anora, cash flow hedging is applied to part of the
interest rate, foreign currency and electricity derivatives
based on case-by-case assessment. In cash flow
hedging, the Group is hedging against changes in cash
flows related to a specific asset or liability recognised in
the balance sheet or to a highly probable future business
transaction.
Hedge accounting is a method of accounting with the
purpose to allocate one or several hedging instruments
so that their fair value changes offset in full or partly the
changes in fair value or cash flow arising from the
hedged risk in profit or loss during the period, for which
the hedge is designated. In the beginning of the hedging
arrangement, Anora documents the relationship
between each hedging instrument and hedged item, as
well as the objectives of risk management and the
strategy in engaging in hedging.
IFRS 9 requires that the effectiveness of hedging
instruments is tested prospectively. Effectiveness means
the ability of a hedging instrument to offset the changes
in the fair value of the hedged item or changes in the
cash flows of the hedged transaction attributable to the
hedged risk. Under IFRS 9 the hedging relationship is
regarded to be highly effective when there is an
economic relationship between the hedged item and
the hedging instrument. Hedging ratio is defined as a
relationship between the quantity of the hedging
instrument and the quantity of the hedged item. Hedge
accounting is discontinued when the criteria for hedge
accounting is no longer\u00a0met.
The unrealised gains and losses arising from fair value
changes of derivative contracts to which hedge
accounting is applied, are presented in hedge reserve.
Forward points are included to hedging relationship. The
effective portion of the unrealised changes in the fair
value of derivatives designated and qualifying as cash
flow hedges are recognised in other comprehensive
income and presented in the hedge reserve in equity. The
ineffective portion is immediately recognised in finance
income or expenses in profit or loss. The cumulative gain
or loss in equity on derivative instruments related to
commercial items is recognised in profit or loss as an
adjustment to purchases or sales simultaneously with the
hedged item in the period in which the hedged item
affects profit or loss. Realised gain or loss on electricity
derivatives is included in operating result in electricity
procurement expenses. When a hedging instrument
designated as a cash flow hedge no longer meets the
criteria of hedge accounting, the gain or loss
accumulated in equity is recognised through finance
income or expenses.
When hedge accounting is not applied
The accounting for gains and losses arising from fair
value measurement is dependent on the purpose of use
of the derivative. In Anora, the changes in the fair values
of derivative instruments are immediately recognised in
profit or loss in finance income or expense if the
derivative in question is related to hedging of
commercial cash flows (purchases and sales) and
hedge accounting is not applied. The fair value changes
of other derivative instruments are immediately
recognised in profit or loss in finance income or expense
items if hedge accounting is not applied. Derivatives, to
which hedge accounting is not applied, are acquired to
minimise the profit and/or cash flow effects related to
business operations or financing.
Nominal values of derivative instruments
The nominal values of derivative instruments are
based on amounts and market prices at the
reporting date.
EUR million
2025
2024
Derivative instruments
designated for
cash flow hedging
Interest rate derivatives
80.0
40.0
Forward exchange contracts
100.0
101.7
Commodity derivatives,
electricity
1.0
0.9
Amount (MWh)
37.2
21.9
Derivative instruments, non-
hedge accounting
Forward exchange contracts
70.7
77.8
Effects of hedge accounting on the financial position and performance
Foreign currency forwards
EUR million
EURDKK
EURNOK
EURSEK
EURUSD
USDDKK
USDSEK
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Carrying amount (asset)
\u2013
\u2013
0.2
0.2
\u2013
0.3
\u2013
0.2
\u2013
0.4
\u2013
0.3
Carrying amount (liability)
\u2013
\u2013
\u2013
\u2013
1.4
\u2013
0.1
\u2013
0.3
\u2013
0.2
\u2013
Notional amount
5.8
12.3
13.6
22.2
59.6
44.4
2.2
4.5
8.2
8.5
6.3
5.0
Maturity date
02 2026\u00a0 -
06 2027
02 2025\u00a0 -
03 2026
02-08 2026
02-09 2025
02 2026 -
12 2027
02-12 2025
02-12 2026
02-12 2025
02 2026 -
06 2027
02-12 2025
02 2026 -
08 2027
02-12 2025
Hedge ratio
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
1:1
Change in discounted value of
outstanding hedging instruments since 1
January
\u2013
\u2013
\u2013
0.7
-1.7
1.3
-0.3
0.2
-0.7
0.6
-0.6
0.4
Change in value of hedged item used to
determine hedge effectiveness
\u2013
\u2013
\u2013
-0.7
1.7
-1.3
0.3
-0.2
0.7
-0.6
0.6
-0.4
Additionally, EURAUD and EURGBP are hedged with nominals between EUR 0,7 million - EUR 1,5 million (2024: EUR 1,4 -1,7 million) . Those have only minor effect on the financial position and performance.
Interest rate swap
EUR million
2025
2024
Carrying amount (asset)
0.2
\u2013
Carrying amount (liability)
0.6
1.0
Notional amount
80.0
40.0
Maturity date
12 2027 -
09 2029
06 - 09 2029
Hedge ratio
1:1
1:1
Change in discounted value of
outstanding hedging instruments
since 1 January
0.6
-1.0
Change in value of hedged item
used to determine hedge
effectiveness
-0.6
1.0
Weighted average hedged rate
for the year
2.18%
2.72%
Commodities - Electricity
EUR million
2025
2024
Carrying amount (asset)
\u2013
\u2013
Carrying amount (liability)
0.1
Notional amount
1.0
0.9
MWh
37.2
21.9
Maturity date
2026-2027
2025-2026
Hedge ratio
1:1
1:1
Change in discounted value of
outstanding hedging instruments
since 1 January
-0.1
-0.8
Change in value of hedged item
used to determine hedge
effectiveness
0.1
0.8
Weighted average hedged price
EUR/MWh
25.7
41.4
Positive and negative fair values of unrealised
derivatives and their net amount are presented
below. Currency derivatives are under netting
agreements. The master netting agreements in
respect of derivatives do not meet the criteria for
offsetting in the balance sheet owing to legally
enforceable right not existing currently.
Offsetting financial assets and liabilities\u00a0
EUR million
2025
2024
Derivative assets:
Fair value, gross
0.7
1.9
Fair value, under netting
agreements
-0.5
-0.4
Fair value, net
0.2
1.4
Derivative liabilities:
Fair value, gross
3.1
1.4
Fair value, under netting
agreements
-0.5
-0.4
Fair value, net
2.7
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralHedgeAccountingExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
Positive and negative fair values of unrealised
derivatives and their net amount are presented
below. Currency derivatives are under netting
agreements. The master netting agreements in
respect of derivatives do not meet the criteria for
offsetting in the balance sheet owing to legally
enforceable right not existing currently", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
3.4\u00a0 Equity
Share capital
At the end of the reporting period, Anora Group Plc\u2019s
share capital amounted to EUR 61.5 million and the
number of issued shares was 67,553,624.
All shares issued have been paid in full. The shares
have no nominal value. Each share has one vote at
the Annual General meeting and equal rights to
dividend and other distribution of assets. The
company does not hold its own shares.
Number of shares
Number of shares
2025
2024
Number of outstanding shares in
the beginning of the financial
year (Basic)
67,553,624
67,553,624
Total number of outstanding
shares at the end of the financial
year (Basic)
67,553,624
67,553,624
Number of outstanding share-
based plan related shares in the
beginning of the financial year
1,515,650
970,450
Shares granted during period
1,493,000
1,389,400
Shares forfeited during period
-697,184
-844,200
Shares exercised during period
-45,333
0
Total number of outstanding
share-based plan related shares
at the end of the financial year
2,266,133
1,515,650
Total number of oustanding
shares at the end of the financial
year (Diluted)
69,819,757
69,069,274
Invested unrestricted equity fund
The invested unrestricted equity reserve includes the
subscription price of shares to the extent that it has
not been recorded in share capital according to
specific resolution.
Hedge reserve
The hedge reserve includes the fair value changes of
derivative instruments used for cash flow hedging for
effective hedges.
Translation differences
Translation differences comprise all foreign
exchange differences arising from the translation of
the foreign subsidiaries\u2019 financial statements into the
presentation currency euro. The Group\u2019s
accumulated translation differences amounted to
EUR -44.9 million at 31 December 2025 (2024 : EUR -50.8
million).
Cash flow hedge reserve
EUR million
Currency forwards
Interest rate swaps
Commodities
Total hedge reserves
Opening balance 1 January 2024
-2.2
\u2013
0.7
-1.5
Change in fair value of hedging instruments recognized in OCI
-0.9
-1.1
-0.9
-3.0
Reclassified from OCI to profit or loss - included in purchases/sales adjustments
3.9
\u2013
\u2013
3.9
Reclassified from OCI to financial income and expenses
\u2013
0.1
\u2013
0.1
Reclassified from OCI to electricity purchases
\u2013
\u2013
0.3
0.3
Deferred tax
0.3
0.2
\u2013
0.5
Closing balance 31 December 2024
1.1
-0.8
\u2013
0.4
change in fair value of hedging instruments recognized in OCI
-7.9
0.7
-0.1
-7.2
Reclassified from OCI to profit or loss - included in purchases/sales adjustments
5.8
5.8
Reclassified from OCI to financial income and expenses
\u2013
-0.2
-0.2
Reclassified from OCI to electricity purchases
\u2013
\u2013
\u2013
\u2013
Deferred tax
-0.3
-0.1
\u2013
-0.4
Closing balance 31 December 2025
-1.4
-0.3
-0.1
-1.7
\"Accounting-02.svg\"
Earnings per share
Basic earnings per share is calculated by dividing the
result for the period attributable to owners of the parent
company by the weighted average number of shares
outstanding during the reporting period.
Diluted earnings per share has been calculated on the
same basis as basic earnings per share except that it
reflects the impact of potential diluting shares due to
share-based incentive plan of the Group.
The first table in this note shows all outstanding
ordinary and potential diluting shares as of 31
December 2025.
Dividend
The Board of Directors proposes to the Annual
General Meeting that a dividend of EUR 0.24 (2024: EUR
0.22) per share be paid for the financial year 2025.
Earnings per share
2025
2024
Result for the period attributable
to the shareholders of the parent
company, EUR million
5.5
10.5
Weighted average number of
shares outstanding basic
67,553,624
67,553,624
Weighted average number of
shares outstanding diluted
69,483,789
69,359,307
Earnings per share (EUR) basic
0.08
0.16
Earnings per share (EUR) diluted
0.08
0.15
Anora Group Plc distributable funds
EUR million
2025
2024
Invested unrestriced equity
52.2
52.2
Retained earnings
46.1
48.0
Distribution of dividends
-14.9
-14.9
Profit for the period
24.1
12.9
Total distributable funds
107.5
98.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
3.4\u00a0 Equity
Share capital
At the end of the reporting period, Anora Group Plc\u2019s
share capital amounted to EUR 61.5 million and the
number of issued shares was 67,553,624.
All shares issued have been paid in full. The shares
have no nominal value. Each share has one vote at
the Annual General meeting and equal rights to
dividend and other distribution of assets. The
company does not hold its own shares.
Number of shares
Number of shares
2025
2024
Number of outstanding shares in
the beginning of the financial
year (Basic)
67,553,624
67,553,624
Total number of outstanding
shares at the end of the financial
year (Basic)
67,553,624
67,553,624
Number of outstanding share-
based plan related shares in the
beginning of the financial year
1,515,650
970,450
Shares granted during period
1,493,000
1,389,400
Shares forfeited during period
-697,184
-844,200
Shares exercised during period
-45,333
0
Total number of outstanding
share-based plan related shares
at the end of the financial year
2,266,133
1,515,650
Total number of oustanding
shares at the end of the financial
year (Diluted)
69,819,757
69,069,274
Invested unrestricted equity fund
The invested unrestricted equity reserve includes the
subscription price of shares to the extent that it has
not been recorded in share capital according to
specific resolution", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
Hedge reserve
The hedge reserve includes the fair value changes of
derivative instruments used for cash flow hedging for
effective hedges.
Translation differences
Translation differences comprise all foreign
exchange differences arising from the translation of
the foreign subsidiaries\u2019 financial statements into the
presentation currency euro. The Group\u2019s
accumulated translation differences amounted to
EUR -44.9 million at 31 December 2025 (2024 : EUR -50.8
million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
Earnings per share
Basic earnings per share is calculated by dividing the
result for the period attributable to owners of the parent
company by the weighted average number of shares
outstanding during the reporting period.
Diluted earnings per share has been calculated on the
same basis as basic earnings per share except that it
reflects the impact of potential diluting shares due to
share-based incentive plan of the Group.
The first table in this note shows all outstanding
ordinary and potential diluting shares as of 31
December 2025.
Earnings per share
2025
2024
Result for the period attributable
to the shareholders of the parent
company, EUR million
5.5
10.5
Weighted average number of
shares outstanding basic
67,553,624
67,553,624
Weighted average number of
shares outstanding diluted
69,483,789
69,359,307
Earnings per share (EUR) basic
0.08
0.16
Earnings per share (EUR) diluted
0.08
0.15
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
Earnings per share
Basic earnings per share is calculated by dividing the
result for the period attributable to owners of the parent
company by the weighted average number of shares
outstanding during the reporting period.
Diluted earnings per share has been calculated on the
same basis as basic earnings per share except that it
reflects the impact of potential diluting shares due to
share-based incentive plan of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
Dividend
The Board of Directors proposes to the Annual
General Meeting that a dividend of EUR 0.24 (2024: EUR
0.22) per share be paid for the financial year 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "0.24", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-478": { "value": "0.22", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-479": { "value": "
4\u00a0 Financial and capital
risk
4.1\u00a0 Financial risk management
Financial risk management principles
The aim of Anora\u2019s financial risk management is to
ensure the Group\u2019s financial stability and availability
of sufficient financing options in different market
situations. In addition, the aim is to support the
business operations to identify business-related
financial risks and their management, and to hedge
against material financial risks that the core business
is exposed to. The guiding principles of Anora\u2019s
financial risk management are documented and
described in the Group Treasury Policy.
The Group is exposed to various market risks.
Changes in these risks affect the company\u2019s assets,
liabilities and anticipated transactions. The risks are
caused by changes in interest rates, currencies and
commodity market prices. Selected derivative
instruments can be used to manage the risks
resulting from these market risks. Anora mainly
hedges against risks that impact the Group\u2019s cash
flow, and, if deemed appropriate, also certain foreign
currency denominated items in the balance sheet.
Derivatives are solely used to hedging against the
above-mentioned risks. The principles of IFRS 9 hedge
accounting are applied to certain interest rate,
foreign exchange as well as electricity derivatives.
Financial risk management is executed as part of the
Group\u2019s risk management, according to the Risk
Management Principles approved by the Board of
Directors. Anora\u2019s principles aiming towards financial,
credit and operational continuity form the basis for
financial risk management.
Risk management process
Special process features related to financing are
described below in connection with the descriptions
of market, liquidity and credit risks. The financial risk
exposure is regularly reported to the Audit
Committee and Anora\u2019s Board of Directors. The most
significant principle decisions concerning risk
management are made by the company\u2019s Board of
Directors.
Financial risk management
Financial matters are reported regularly to the Group
management. The Board of Directors processes all
substantial financial matters, such as the Group\u2019s
external funding arrangements.
Tasks and responsibilities regarding Anora\u2019s
financial operations and financial risk management
are described in the financial risk management
principles. The Group Treasury is responsible for
securing financing, identifying risks and hedging of
those risks according to Group Treasury Policy. The
business units and subsidiaries are responsible for
managing the risks associated with their own
operations and forecasting cash flows.
Risk concentrations
Anora carefully analyses the financial risks and risk
concentrations related to its operations. Risk
concentrations identified as a result of this
assessment are described in connection with the
descriptions of market and credit risks.
Market risk
Anora defines market risk as a risk where the fair
values of financial instruments or future cash flows
fluctuate as a result of changes in market prices. The
most significant market risks for the Group are
currency risk, interest rate risk and price risks for
barley and electricity.
1. Currency risk
Anora is exposed to currency risks as it has
operations in several different countries. The
objective of the Group\u2019s currency risk management is
to limit the effect of exchange rate fluctuations on
the Group\u2019s cash flow in EUR. The most significant
currencies are NOK, SEK, USD, AUD and DKK.
Transaction risk
Transaction risk is caused by foreign currency
denominated items in the balance sheet and future
cash flows related to sales, purchases and return of
capital.
Foreign exchange exposures are monitored at the
Business level and future foreign currency cash flow
risks of either sales or purchase contracts are
hedged. The estimated future commercial exposures
are evaluated by the Businesses, and the level of
hedging is per Group Treasury Policy\u2019s mandate.
Hedge accounting in accordance with IFRS 9 is
applied to most of the hedges. Hedging transactions
are executed with forward exchange contracts or
options for the following 24 months at the most,
predominantly following the pricing towards state
monopolies in the Nordic region. In Finland and
Sweden this takes place every sixth month and in
Norway every fourth month.
The two tables below present the Group\u2019s net
currency position, first based on financial instruments
recorded on the balance sheet and secondly
including on a net basis also the estimated future
foreign currency net cash flows. The currency
position resulting from the financial instruments in
accordance with IFRS 7 consists of trade receivables,
trade payables, cash and cash equivalents, the
Group\u2019s internal and external loans and derivative
instruments.
The net currency risk has been taken into account
in the table if the transaction currency is other than
the Company\u2019s functional currency.
The net currency position resulting from the
financial instruments in accordance with IFRS 7
EUR million
2025
2024
EUR-SEK
-65.8
-45.2
EUR-NOK
-17.1
-27.4
EUR-DKK
-13.7
-22.1
EUR-USD
18.6
15.0
The net currency position at 31 December including
also the hedged commercial cash flows
EUR million
2025
2024
EUR-SEK
4.2
10.6
EUR-NOK
-6.0
12.9
EUR-DKK
4.4
6.1
EUR-USD
-1.9
-3.0
Translation risk
Translation risk is mainly caused by the parent
company\u2019s foreign currency denominated net
investments in foreign subsidiaries, which cause a
translation difference in equity in the Group\u2019s balance
sheet upon consolidation. The Group Treasury
regularly analyses the translation risk and reports any
material issues to the management. The most
significant net investments are denominated in SEK
and NOK. The translation risk has not been hedged.
2. Interest rate risk
The objective of interest rate risk management is to
minimise the impact of fluctuations arising from
interest rate changes on the Group\u2019s profit. In
December, Anora extended the maturity of its bullet
loan and RCF by one year. At 31 December 2025 the
total nominal amount of loans was amounting to EUR
163.8 million (2024: 165.3) and was divided as follows:
The EUR 160.0 million bullet loan matures in December
2027.
The EUR 3.8 million pension loan matures in January
2028. The interest rate is fixed for the whole loan
period.
The maximum amount under Anora\u2019s domestic
commercial paper program is EUR 100 million. The
amount of issued commercial papers as at 31
December 2025 was EUR 11.9 (2024: 20.0) million.
The sold trade receivables are derecognised at the
time of trade with no obligation to repurchase. The
related costs are recognised in other financial
expenses. The trade receivables are current
receivables, and the related interest rate risk is not
hedged. The amount of the sold trade receivables
was EUR 141.3 million at 31 December 2025 (2024: 163.7
million).
3. Price risk associated with commodities
Barley
In 2025, Anora consumed approximately 173.1 (2024:
168.2) million kilos of grain to produce ethanol and
starch. The availability of high-quality domestic
barley was ensured until the end of 2025 through
contract farming and cooperation with farmers and
grain stores. The market price of barley significantly
fluctuates year by year as a result of several factors
that affect Finnish barley supply and demand. The
price of barley is therefore considered to be a
significant risk for Anora during the financial year. The
price risk has not been hedged against with
derivative instruments.
Electricity
A strong increase in the market price of electricity is a
significant risk for Anora. In Finland, the risk is
managed by following Anora\u2019s principles for
electricity procurement and by a third-party
specialist. These principles determine the hedging
limits within which the electricity price risk is hedged
against.\u00a0 The hedges are executed with the bilateral
OTC-derivatives Nasdaq OMX Commodities market
as a reference.
At the end of 2025, the hedging ratio for deliveries
for the next 12 months was 99.0% (98.6%), in line with
the set targets. In 2025, the average hedging ratio
was 99.0% (89.0%).
Cash flow hedge accounting in accordance with
IFRS 9 is applied to the hedges against electricity
price risk, and hedge effectiveness is tested quarterly.
All hedging was effective in 2025 as in 2024.
Anora purchases its electricity straight from the
Nord Pool Spot markets as a delivery tied to the spot
price of the Finnish price area. As part of its electricity
purchases, Anora also purchases physical electricity
through bilateral fixed-price contracts.
4. Sensitivity to market risks
The following table describes the sensitivity of the
Group\u2019s profit and equity (before taxes) to changes in
electricity prices, interest and foreign exchange rates.
When Anora applies hedge accounting, the sensitivity
is directed at equity. When hedge accounting is not
applied, the sensitivity is recognised as a potential
impact on profit or loss.
The sensitivity to foreign exchange rate changes is
calculated from the net currency position resulting
from financial instruments.\u00a0
Sensitivity of financial instruments to market risks
(before taxes) in accordance with IFRS 7
2025
2024
EUR million
Income
statement
Equity
Income
statement
Equity
+/-10% electricity
\u2014
\u2014
+/-
0.1
\u2014
\u2014
+/-
0.1
+/-10% change in
EUR/DKK
exchange rate
+/-
1.4
+/-
1.4
+/-
2.2
+/-
2.2
+/-10% change in
EUR/NOK
exchange rate
+/-
1.7
+/-
1.4
+/-
2.7
+/-
2.2
+/-10% change in
EUR/SEK exchange
rate
+/-
6.6
+/-
6.7
+/-
4.5
+/-
5.0
+/-10% change in
EUR/USD
exchange rate
-/+
1.9
-/+
1.7
-/+
1.5
-/+
1.8
+1%-points parallel
shift in interest
rates
-
0.8
+
1.2
-
1.2
+
1.2
At the end of 2025 the total Group floating rate
liability position consists of floating rate liabilities EUR
160.0 million (2024: EUR 160.0 million).
5. Liquidity risk
The Group\u2019s activities are subject to seasonal
fluctuations and alcohol sales increase in periods
with national celebrations and public holidays,
especially at Easter and Christmas. The fourth quarter
is normally the best quarter for the Group in terms of
sales, which is also reflected in cash flows.
In order to manage the liquidity risk, Anora
continuously maintains sufficient liquidity reserves,
which at the end of 2025 comprised Group\u2019s EUR 20.0
million (2024: EUR 20.0 million) overdraft facilities and
a EUR 150.0 million revolving credit facility. At the end
of December 2025, no revolving credit facility was in
use (2024: EUR 0.0 million). The facilities mature in
December 2027. More detailed information on the
Group\u2019s external loans is provided in the interest rate
risk section.
Anora has a domestic commercial paper program
of EUR 100 million. The amount of issued commercial
papers as at 31 December 2025 was EUR 11.9 (2024:
20.0) million.
Cash and cash equivalents and unused committed
credit limits
EUR million
2025
2024
Cash and cash equivalents
182.6
181.5
Overdraft facilities
20.0
20.0
Revolving credit line
150.0
150.0
Total
352.6
351.5
6. Credit risk
The objective of Anora\u2019s credit risk management is to
minimise the losses if one of the Group\u2019s
counterparties fails to meet its obligations. The
principles of credit risk management are described in
the Group\u2019s credit policy.
Credit risks are caused by a counterparty not
fulfilling its contractual payment obligations or the
counterparty\u2019s credit rating changing in a manner
that affects the market value of the financial
instruments it has issued.
The aim is to minimise credit risks by active credit
management and by considering customers\u2019 credit
rating when determining the payment term of
invoices. A significant share of the Group\u2019s revenue is
associated with the state monopolies in the Nordic
region where there is not considered to be any credit
risk. The Group\u2019s credit risk is otherwise spread over
industrial customers, alcoholic beverage wholesalers,
retail grocery stores, and a large number of small
customers within the HoReCa industry as well as a
small number of distributors outside the home
markets.
Maturities of financial liabilities
Contractual payments on financial liabilities 2025
Cash flows 2026
Cash flows 2027
Cash flows 2028 -
EUR million
Total
contractual\u00a0
cash flows
Fixed rate
Variable rate
Repayment
Fixed rate
Variable rate
Repayment
Fixed rate
Variable rate
Repayment
Non-derivative:
Loans from financial institutions1
-171.8
\u2013
-5.9
\u2013
\u2013
-5.9
-160.0
\u2013
\u2013
\u2013
Loans from pension institutions2
-3.8
\u2013
\u2013
-1.5
\u2013
\u2013
-1.5
\u2013
\u2013
-0.8
Lease liabilities
-128.8
\u2013
-4.4
-14.0
\u2013
-3.7
-17.3
\u2013
-13.5
-75.9
Trade payables and other
-80.3
-80.3
Derivative:
Currency derivatives, hedge accounting
\u00a0 \u00a0 Inflow
99.8
\u2013
\u2013
84.9
\u2013
\u2013
15.0
\u2013
\u2013
\u2013
\u00a0 \u00a0 Outflow
-101.4
\u2013
\u2013
-86.3
\u2013
\u2013
-15.1
\u2013
\u2013
\u2013
Currency derivatives, non-hedge accounting
\u00a0 \u00a0 Inflow
70.7
\u2013
\u2013
70.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0 \u00a0 Outflow
-70.9
\u2013
\u2013
-70.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Interest rate derivatives, hedge accounting
-0.4
-0.1
\u2013
\u2013
-0.1
\u2013
\u2013
-0.2
\u2013
\u2013
Commodity derivatives, hedge accounting
-1.0
\u2013
\u2013
-0.8
\u2013
\u2013
-0.2
\u2013
\u2013
\u2013
Total
-387.9
-0.1
-10.3
-98.3
-0.1
-9.6
-179.1
-0.3
-13.5
-76.7
1 Loans from financial institutions mature 2027.
2 Loans from pension institutions mature 2028.
Maturities of financial liabilities
Contractual payments on financial liabilities 2024
Cash flows 2025
Cash flows 2026
Cash flows 2027 -
EUR million
Total
contractual\u00a0
cash flows
Fixed rate
Variable rate
Repayment
Fixed rate
Variable rate
Repayment
Fixed rate
Variable rate
Repayment
Non-derivative:
Loans from financial institutions1
-181.1
\u2013
-7.1
\u2013
\u2013
-7.0
\u2013
\u2013
-7.0
-160.0
Loans from pension institutions2
-5.4
-0.1
\u2013
-1.5
\u2013
\u2013
-1.5
\u2013
\u2013
-2.3
Lease liabilities
-146.7
\u2013
-4.8
-13.3
\u2013
-4.3
-15.8
\u2013
-19.6
-89.0
Trade payables and other3
-80.3
\u2013
\u2013
-80.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Derivative:
Currency derivatives, hedge accounting
\u00a0 \u00a0 Inflow
101.8
\u2013
\u2013
98.4
\u2013
\u2013
3.3
\u2013
\u2013
\u2013
\u00a0 \u00a0 Outflow
-100.2
\u2013
\u2013
-96.8
\u2013
\u2013
-3.3
\u2013
\u2013
\u2013
Currency derivatives, non-hedge accounting
\u00a0 \u00a0 Inflow
77.7
\u2013
\u2013
77.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0 \u00a0 Outflow
-77.7
\u2013
\u2013
-77.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Interest rate derivatives, hedge accounting
-1.0
-0.2
\u2013
\u2013
-0.2
\u2013
\u2013
-0.6
\u2013
\u2013
Commodity derivatives, hedge accounting
-0.9
\u2013
\u2013
-0.7
\u2013
\u2013
-0.2
\u2013
\u2013
\u2013
Total
-413.7
-0.3
-11.9
-94.2
-0.3
-11.3
-17.5
-0.6
-26.6
-251.2
1 Loans from financial institutions mature 2027.
2 Loans from pension institutions mature 2028.
3 Restated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
Market risk
Anora defines market risk as a risk where the fair
values of financial instruments or future cash flows
fluctuate as a result of changes in market prices. The
most significant market risks for the Group are
currency risk, interest rate risk and price risks for
barley and electricity.
1. Currency risk
Anora is exposed to currency risks as it has
operations in several different countries. The
objective of the Group\u2019s currency risk management is
to limit the effect of exchange rate fluctuations on
the Group\u2019s cash flow in EUR. The most significant
currencies are NOK, SEK, USD, AUD and DKK.
Transaction risk
Transaction risk is caused by foreign currency
denominated items in the balance sheet and future
cash flows related to sales, purchases and return of
capital.
Foreign exchange exposures are monitored at the
Business level and future foreign currency cash flow
risks of either sales or purchase contracts are
hedged. The estimated future commercial exposures
are evaluated by the Businesses, and the level of
hedging is per Group Treasury Policy\u2019s mandate.
Hedge accounting in accordance with IFRS 9 is
applied to most of the hedges. Hedging transactions
are executed with forward exchange contracts or
options for the following 24 months at the most,
predominantly following the pricing towards state
monopolies in the Nordic region. In Finland and
Sweden this takes place every sixth month and in
Norway every fourth month.
The two tables below present the Group\u2019s net
currency position, first based on financial instruments
recorded on the balance sheet and secondly
including on a net basis also the estimated future
foreign currency net cash flows. The currency
position resulting from the financial instruments in
accordance with IFRS 7 consists of trade receivables,
trade payables, cash and cash equivalents, the
Group\u2019s internal and external loans and derivative
instruments.
The net currency risk has been taken into account
in the table if the transaction currency is other than
the Company\u2019s functional currency.
The net currency position resulting from the
financial instruments in accordance with IFRS 7
EUR million
2025
2024
EUR-SEK
-65.8
-45.2
EUR-NOK
-17.1
-27.4
EUR-DKK
-13.7
-22.1
EUR-USD
18.6
15.0
The net currency position at 31 December including
also the hedged commercial cash flows
EUR million
2025
2024
EUR-SEK
4.2
10.6
EUR-NOK
-6.0
12.9
EUR-DKK
4.4
6.1
EUR-USD
-1.9
-3.0
Translation risk
Translation risk is mainly caused by the parent
company\u2019s foreign currency denominated net
investments in foreign subsidiaries, which cause a
translation difference in equity in the Group\u2019s balance
sheet upon consolidation. The Group Treasury
regularly analyses the translation risk and reports any
material issues to the management. The most
significant net investments are denominated in SEK
and NOK. The translation risk has not been hedged.
2. Interest rate risk
The objective of interest rate risk management is to
minimise the impact of fluctuations arising from
interest rate changes on the Group\u2019s profit. In
December, Anora extended the maturity of its bullet
loan and RCF by one year. At 31 December 2025 the
total nominal amount of loans was amounting to EUR
163.8 million (2024: 165.3) and was divided as follows:
The EUR 160.0 million bullet loan matures in December
2027.
The EUR 3.8 million pension loan matures in January
2028. The interest rate is fixed for the whole loan
period.
The maximum amount under Anora\u2019s domestic
commercial paper program is EUR 100 million. The
amount of issued commercial papers as at 31
December 2025 was EUR 11.9 (2024: 20.0) million.
The sold trade receivables are derecognised at the
time of trade with no obligation to repurchase. The
related costs are recognised in other financial
expenses. The trade receivables are current
receivables, and the related interest rate risk is not
hedged. The amount of the sold trade receivables
was EUR 141.3 million at 31 December 2025 (2024: 163.7
million).
3. Price risk associated with commodities
Barley
In 2025, Anora consumed approximately 173.1 (2024:
168.2) million kilos of grain to produce ethanol and
starch. The availability of high-quality domestic
barley was ensured until the end of 2025 through
contract farming and cooperation with farmers and
grain stores. The market price of barley significantly
fluctuates year by year as a result of several factors
that affect Finnish barley supply and demand. The
price of barley is therefore considered to be a
significant risk for Anora during the financial year. The
price risk has not been hedged against with
derivative instruments.
Electricity
A strong increase in the market price of electricity is a
significant risk for Anora. In Finland, the risk is
managed by following Anora\u2019s principles for
electricity procurement and by a third-party
specialist. These principles determine the hedging
limits within which the electricity price risk is hedged
against.\u00a0 The hedges are executed with the bilateral
OTC-derivatives Nasdaq OMX Commodities market
as a reference.
At the end of 2025, the hedging ratio for deliveries
for the next 12 months was 99.0% (98.6%), in line with
the set targets. In 2025, the average hedging ratio
was 99.0% (89.0%).
Cash flow hedge accounting in accordance with
IFRS 9 is applied to the hedges against electricity
price risk, and hedge effectiveness is tested quarterly.
All hedging was effective in 2025 as in 2024.
Anora purchases its electricity straight from the
Nord Pool Spot markets as a delivery tied to the spot
price of the Finnish price area. As part of its electricity
purchases, Anora also purchases physical electricity
through bilateral fixed-price contracts.
4. Sensitivity to market risks
The following table describes the sensitivity of the
Group\u2019s profit and equity (before taxes) to changes in
electricity prices, interest and foreign exchange rates.
When Anora applies hedge accounting, the sensitivity
is directed at equity. When hedge accounting is not
applied, the sensitivity is recognised as a potential
impact on profit or loss.
The sensitivity to foreign exchange rate changes is
calculated from the net currency position resulting
from financial instruments.\u00a0
Sensitivity of financial instruments to market risks
(before taxes) in accordance with IFRS 7
2025
2024
EUR million
Income
statement
Equity
Income
statement
Equity
+/-10% electricity
\u2014
\u2014
+/-
0.1
\u2014
\u2014
+/-
0.1
+/-10% change in
EUR/DKK
exchange rate
+/-
1.4
+/-
1.4
+/-
2.2
+/-
2.2
+/-10% change in
EUR/NOK
exchange rate
+/-
1.7
+/-
1.4
+/-
2.7
+/-
2.2
+/-10% change in
EUR/SEK exchange
rate
+/-
6.6
+/-
6.7
+/-
4.5
+/-
5.0
+/-10% change in
EUR/USD
exchange rate
-/+
1.9
-/+
1.7
-/+
1.5
-/+
1.8
+1%-points parallel
shift in interest
rates
-
0.8
+
1.2
-
1.2
+
1.2
At the end of 2025 the total Group floating rate
liability position consists of floating rate liabilities EUR
160.0 million (2024: EUR 160.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
5. Liquidity risk
The Group\u2019s activities are subject to seasonal
fluctuations and alcohol sales increase in periods
with national celebrations and public holidays,
especially at Easter and Christmas. The fourth quarter
is normally the best quarter for the Group in terms of
sales, which is also reflected in cash flows.
In order to manage the liquidity risk, Anora
continuously maintains sufficient liquidity reserves,
which at the end of 2025 comprised Group\u2019s EUR 20.0
million (2024: EUR 20.0 million) overdraft facilities and
a EUR 150.0 million revolving credit facility. At the end
of December 2025, no revolving credit facility was in
use (2024: EUR 0.0 million). The facilities mature in
December 2027. More detailed information on the
Group\u2019s external loans is provided in the interest rate
risk section.
Anora has a domestic commercial paper program
of EUR 100 million. The amount of issued commercial
papers as at 31 December 2025 was EUR 11.9 (2024:
20.0) million.
Cash and cash equivalents and unused committed
credit limits
EUR million
2025
2024
Cash and cash equivalents
182.6
181.5
Overdraft facilities
20.0
20.0
Revolving credit line
150.0
150.0
Total
352.6
351.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
6. Credit risk
The objective of Anora\u2019s credit risk management is to
minimise the losses if one of the Group\u2019s
counterparties fails to meet its obligations. The
principles of credit risk management are described in
the Group\u2019s credit policy.
Credit risks are caused by a counterparty not
fulfilling its contractual payment obligations or the
counterparty\u2019s credit rating changing in a manner
that affects the market value of the financial
instruments it has issued.
The aim is to minimise credit risks by active credit
management and by considering customers\u2019 credit
rating when determining the payment term of
invoices. A significant share of the Group\u2019s revenue is
associated with the state monopolies in the Nordic
region where there is not considered to be any credit
risk. The Group\u2019s credit risk is otherwise spread over
industrial customers, alcoholic beverage wholesalers,
retail grocery stores, and a large number of small
customers within the HoReCa industry as well as a
small number of distributors outside the home
markets", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
4.2\u00a0 Capital risk management
The target of Anora\u2019s capital management is to
secure an effective capital structure that supports
the profitable growth of the operations. The Board of
Directors monitors the Group\u2019s capital structure
regularly.
Anora monitors its capital based on total Net Debt
to Comparable EBITDA. The ratio is calculated by
dividing net debt with the last 12 month\u2019s comparable
EBITDA of the Group.
During the business cycle, Group\u2019s Net debt to
comparable EBITDA is likely to fluctuate, and the
objective is to retain a sufficiently strong capital
structure to secure the Group\u2019s financing needs. Net
debt / comparable EBITDA is a covenant used in
Group\u2019s funding arrangements. During the financial
period, the covenants were not in breach. These are
tested quarterly and as of current no foreseeable risk
of being in breach of the covenant. At 31 December
2025 and 31 December 2024 the Net debt
comparable/ EBITDA was as follows:
Net debt/comparable EBITDA as of 31 December
Net Debt/ Comparable EBITDA as
of 31 December, EUR million
2025
2024
Comparable EBITDA
71.1
68.9
Borrowings
176.9
185.0
Lease liabilities
107.2
118.1
Cash and cash equivalents
-182.6
-181.5
Net debt
101.5
121.6
Net Debt / Comparable EBITDA
AT 31 December
1.4
1.8
Nominal amounts of loans with
covenants
163.8
165.3
Thresholds for financial
covenants: Net Debt to EBITDA
< 3,8
< 3,8
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
5\u00a0 Consolidation
5.1\u00a0 General consolidation principles
Consolidation
Consolidation, consolidation method and classification of
ownership interests depends on whether the Group has
power to control or jointly control the entity or have
significant influence or other interests in the entity. When
the Group has power to control the entity, it is
consolidated as a subsidiary. Power to control an entity is
normally achieved when shareholding is above 50%.
When the Group has joint control or significant
influence over an entity but does not have power to
control, entity is accounted for by using the principles
described under Associated companies\u2019 section.
Significant influence is normally achieved when the
Group has between 20% - 50% shareholding.
If the Group does not have power to control nor
significant influence in the entity, its ownership interests
are classified as financial assets at fair value through
other comprehensive income and accounted for
according to principles described in Note 3.2.1. This
normally happens when the Group\u2019s ownership is
below\u00a020%.
Subsidiaries consolidation principles
Consolidated financial statements of Anora include the
parent company, Anora Group Plc, and all subsidiaries.
Subsidiaries are all those in which the parent company
exercises control. The Group controls an entity when it is
exposed, or has rights, to variable returns from its
involvement with the investee, and could affect those
returns through its power over the investee. The financial
statements of acquired subsidiaries are included in the
consolidated financial statements from the date that
control commences until the date that control ceases.
All business combinations are accounted for by using
the acquisition method. The consideration transferred
and the identifiable assets acquired, and liabilities
assumed in the acquired company are measured at fair
value at the acquisition date. The aggregate amount of
the consideration transferred, the amount of non-
controlling interests and any previously held equity
interest in the acquiree, exceeding the fair value of the
net assets acquired is recorded as goodwill.\u00a0
All acquisition-related costs, with the exception of costs
to issue debt or equity securities, are expensed. The
consideration transferred does not include any
transactions accounted for separately from the
acquisition. Any contingent consideration is recognised
at fair value at the acquisition date, and it is classified as
either liability or equity. Contingent consideration
classified as a liability is measured at fair value at each
reporting date and any resulting gain or loss is
recognised in profit or loss.
Intra-group transactions, receivables, liabilities and
unrealised gains, as well as the distribution of profits
within the Group are eliminated in preparing the
consolidated financial statements. Unrealised losses are
not eliminated if the loss in question results from
impairment.
Non-controlling interests
Non-controlling interests\u2019 share of profit after tax is shown
on a separate line after Group\u2019s result for the period. Non-
controlling interests\u2019 share of equity is shown on a
separate line as part of the Group\u2019s total equity.
In some subsidiaries with non-controlling interests, the
non-controlling shareholder(s) have a put option related
to the non-controlling interest, where the Group does not
have control of the non-controlling interests before the
options are exercised, nor does it have control of whether
the options will be exercised, or when this exercise may
take place. The value of such options is recognised as
liability at fair value through profit and loss in the balance
sheet and reduces the non-controlling share of equity.
This means that the non-controlling interests presented
in the income statement and in the equity show only
values where the minority does not have put options
related to the minority shares.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as equity
transactions.
Associated companies
Associated companies are all entities where the Group
has joint control or significant influence over an entity but
does not have power to control the entity. Normally this is
when the Group accompanies a shareholding of over
20% of voting rights or otherwise has significant influence,
but not control.
Associated companies are consolidated by using the
equity method. Under the equity method, the investment
is initially recognised at cost and subsequently adjusted
with the change in the net assets of the investee after the
acquisition date, consistent with the ownership interest of
the Group. After the acquisition the Group\u2019s share in the
associated company\u2019s profit and loss for the period is
separately disclosed in the Group\u2019s income statement,
presented after operating result. If the Group\u2019s share in
the associated company\u2019s loss exceeds the carrying
amount of the net investment, the investment is
recognised at zero value in the consolidated balance
sheet and the loss exceeding the carrying amount is not
consolidated, unless the Group has committed to fulfil
the company\u2019s obligations. The carrying amount of
equity-accounted investments includes goodwill arisen
on acquisition, when applicable. The Group\u2019s share in
changes in the associated company\u2019s other
comprehensive income is recognised in consolidated
other comprehensive income (OCI).
The net investment in an associate is impaired and
impairment losses are incurred if there is objective
evidence of impairment as a result of one or more events
that occurred after the initial recognition of the net
investment (a 'loss event') and that loss event (or events)
has an impact on the estimated future cash flows from
the net investment that can be reliably estimated. If there
is an indication that an investor\u2019s interests in an associate
might be impaired, the measurement rules in IAS 36 are
applied to the entire carrying amount (including any
notional goodwill) of the associate, to determine the
amount of any impairment loss.
The result of the transactions between the Group and
its associates are recognised only to the extent of
attributable to external owners. When the Group ceases
to consolidate or equity account for an investment
because of a loss of control, joint control or significant
influence, any retained interest in the entity is
remeasured to its fair value, with the change in carrying
amount recognised in profit or loss.
Financial statements of associated companies have
been changed when necessary to correspond with the
accounting policies adopted by the Group. If financial
statements for the period are not available, the share of
the profit is included in the consolidated financial
statements based on the preliminary financial
statements or latest available information.
Critical estimates and management judgements -
Associated companies
Management judgment and estimates are applied in
assessing the recoverability of investments in associates.
The carrying amount of equity-accounted investments,
including possible goodwill, are assessed for impairment
when objective evidence indicates that the net
investment may be impaired. The impairment, when
applicable, is recognised in share of results in associated
companies and\u00a0 in the carrying amount of the net
investment. The impairment loss on an associate is not
allocated to any particular asset (or assets) that forms
the carrying amount of the associate. Thus, the normal
rules in IAS 36 relating to impairment of goodwill do not
apply to notional goodwill and therefore any previous
impairment losses can be reversed.
Joint arrangements
A joint arrangement is an arrangement of which two or
more parties have contractually agreed joint control
which exists only when decisions about the relevant
activities require the unanimous consent of the parties
sharing control. A joint arrangement is either a joint
operation or a joint venture.
Foreign currency items
All transactions in foreign currency are converted to
functional currency at the time of the transaction.
Monetary items in foreign currency are converted on the
balance sheet date into functional currency by using the
exchange rate on the balance sheet date.
The consolidated financial statements are presented in
euro, which is the functional currency of the parent
company.
The functional currency in the subsidiaries is the
currency in which the subsidiary reports its legal statutory
accounts, and the Group has subsidiaries with functional
currencies EUR, SEK, NOK and DKK. When consolidating
subsidiaries that have a functional currency other than
euro, profit and loss items are converted to the Group\u2019s
presentation currency at year-to-date average
exchange rates published by the European Central Bank.
For balance sheet items reported in other currencies
than euro, including goodwill and other assets assumed
when accounting for business combinations, the
conversion to euro is based on closing rate on the
reporting date.
Exchange rates during 2025 and 2024
2025
Average
rate
31 Dec
2025
2024
Average
rate
31 Dec
2024
End rate
End rate
Norwegian
krone
NOK
11.719
11.843
11.650
11.795
Swedish
krona
SEK
11.068
10.822
11.450
11.459
Danish
krone
DKK
7.463
7.469
7.458
7.458
Translation differences arising from elimination of the
cost of foreign subsidiaries and from translation of the
foreign subsidiaries\u2019 post-acquisition profits and losses
are recognised in other comprehensive income and
presented as a separate item within equity. Goodwill and
the fair value adjustments to the carrying amounts of
assets and liabilities of foreign subsidiaries are
accounted for as assets and liabilities of the respective
foreign subsidiary, which are translated to euro using the
closing rate at the reporting date. If these foreign units
are entirely or partly disposed, related exchange rate
differences are recognised in profit or loss as part of the
gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
5.1\u00a0 General consolidation principles
Consolidation
Consolidation, consolidation method and classification of
ownership interests depends on whether the Group has
power to control or jointly control the entity or have
significant influence or other interests in the entity. When
the Group has power to control the entity, it is
consolidated as a subsidiary. Power to control an entity is
normally achieved when shareholding is above 50%.
When the Group has joint control or significant
influence over an entity but does not have power to
control, entity is accounted for by using the principles
described under Associated companies\u2019 section.
Significant influence is normally achieved when the
Group has between 20% - 50% shareholding.
If the Group does not have power to control nor
significant influence in the entity, its ownership interests
are classified as financial assets at fair value through
other comprehensive income and accounted for
according to principles described in Note 3.2.1. This
normally happens when the Group\u2019s ownership is
below\u00a020%.
Subsidiaries consolidation principles
Consolidated financial statements of Anora include the
parent company, Anora Group Plc, and all subsidiaries.
Subsidiaries are all those in which the parent company
exercises control. The Group controls an entity when it is
exposed, or has rights, to variable returns from its
involvement with the investee, and could affect those
returns through its power over the investee. The financial
statements of acquired subsidiaries are included in the
consolidated financial statements from the date that
control commences until the date that control ceases.
All business combinations are accounted for by using
the acquisition method. The consideration transferred
and the identifiable assets acquired, and liabilities
assumed in the acquired company are measured at fair
value at the acquisition date. The aggregate amount of
the consideration transferred, the amount of non-
controlling interests and any previously held equity
interest in the acquiree, exceeding the fair value of the
net assets acquired is recorded as goodwill.\u00a0
All acquisition-related costs, with the exception of costs
to issue debt or equity securities, are expensed. The
consideration transferred does not include any
transactions accounted for separately from the
acquisition. Any contingent consideration is recognised
at fair value at the acquisition date, and it is classified as
either liability or equity. Contingent consideration
classified as a liability is measured at fair value at each
reporting date and any resulting gain or loss is
recognised in profit or loss.
Intra-group transactions, receivables, liabilities and
unrealised gains, as well as the distribution of profits
within the Group are eliminated in preparing the
consolidated financial statements. Unrealised losses are
not eliminated if the loss in question results from
impairment.
Non-controlling interests
Non-controlling interests\u2019 share of profit after tax is shown
on a separate line after Group\u2019s result for the period. Non-
controlling interests\u2019 share of equity is shown on a
separate line as part of the Group\u2019s total equity.
In some subsidiaries with non-controlling interests, the
non-controlling shareholder(s) have a put option related
to the non-controlling interest, where the Group does not
have control of the non-controlling interests before the
options are exercised, nor does it have control of whether
the options will be exercised, or when this exercise may
take place. The value of such options is recognised as
liability at fair value through profit and loss in the balance
sheet and reduces the non-controlling share of equity.
This means that the non-controlling interests presented
in the income statement and in the equity show only
values where the minority does not have put options
related to the minority shares.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as equity
transactions.
Associated companies
Associated companies are all entities where the Group
has joint control or significant influence over an entity but
does not have power to control the entity. Normally this is
when the Group accompanies a shareholding of over
20% of voting rights or otherwise has significant influence,
but not control.
Associated companies are consolidated by using the
equity method. Under the equity method, the investment
is initially recognised at cost and subsequently adjusted
with the change in the net assets of the investee after the
acquisition date, consistent with the ownership interest of
the Group. After the acquisition the Group\u2019s share in the
associated company\u2019s profit and loss for the period is
separately disclosed in the Group\u2019s income statement,
presented after operating result. If the Group\u2019s share in
the associated company\u2019s loss exceeds the carrying
amount of the net investment, the investment is
recognised at zero value in the consolidated balance
sheet and the loss exceeding the carrying amount is not
consolidated, unless the Group has committed to fulfil
the company\u2019s obligations. The carrying amount of
equity-accounted investments includes goodwill arisen
on acquisition, when applicable. The Group\u2019s share in
changes in the associated company\u2019s other
comprehensive income is recognised in consolidated
other comprehensive income (OCI).
The net investment in an associate is impaired and
impairment losses are incurred if there is objective
evidence of impairment as a result of one or more events
that occurred after the initial recognition of the net
investment (a 'loss event') and that loss event (or events)
has an impact on the estimated future cash flows from
the net investment that can be reliably estimated. If there
is an indication that an investor\u2019s interests in an associate
might be impaired, the measurement rules in IAS 36 are
applied to the entire carrying amount (including any
notional goodwill) of the associate, to determine the
amount of any impairment loss.
The result of the transactions between the Group and
its associates are recognised only to the extent of
attributable to external owners. When the Group ceases
to consolidate or equity account for an investment
because of a loss of control, joint control or significant
influence, any retained interest in the entity is
remeasured to its fair value, with the change in carrying
amount recognised in profit or loss.
Financial statements of associated companies have
been changed when necessary to correspond with the
accounting policies adopted by the Group. If financial
statements for the period are not available, the share of
the profit is included in the consolidated financial
statements based on the preliminary financial
statements or latest available information.
Critical estimates and management judgements -
Associated companies
Management judgment and estimates are applied in
assessing the recoverability of investments in associates.
The carrying amount of equity-accounted investments,
including possible goodwill, are assessed for impairment
when objective evidence indicates that the net
investment may be impaired. The impairment, when
applicable, is recognised in share of results in associated
companies and\u00a0 in the carrying amount of the net
investment. The impairment loss on an associate is not
allocated to any particular asset (or assets) that forms
the carrying amount of the associate. Thus, the normal
rules in IAS 36 relating to impairment of goodwill do not
apply to notional goodwill and therefore any previous
impairment losses can be reversed.
Joint arrangements
A joint arrangement is an arrangement of which two or
more parties have contractually agreed joint control
which exists only when decisions about the relevant
activities require the unanimous consent of the parties
sharing control. A joint arrangement is either a joint
operation or a joint venture.
Foreign currency items
All transactions in foreign currency are converted to
functional currency at the time of the transaction.
Monetary items in foreign currency are converted on the
balance sheet date into functional currency by using the
exchange rate on the balance sheet date.
The consolidated financial statements are presented in
euro, which is the functional currency of the parent
company.
The functional currency in the subsidiaries is the
currency in which the subsidiary reports its legal statutory
accounts, and the Group has subsidiaries with functional
currencies EUR, SEK, NOK and DKK. When consolidating
subsidiaries that have a functional currency other than
euro, profit and loss items are converted to the Group\u2019s
presentation currency at year-to-date average
exchange rates published by the European Central Bank.
For balance sheet items reported in other currencies
than euro, including goodwill and other assets assumed
when accounting for business combinations, the
conversion to euro is based on closing rate on the
reporting date.
Exchange rates during 2025 and 2024
2025
Average
rate
31 Dec
2025
2024
Average
rate
31 Dec
2024
End rate
End rate
Norwegian
krone
NOK
11.719
11.843
11.650
11.795
Swedish
krona
SEK
11.068
10.822
11.450
11.459
Danish
krone
DKK
7.463
7.469
7.458
7.458
Translation differences arising from elimination of the
cost of foreign subsidiaries and from translation of the
foreign subsidiaries\u2019 post-acquisition profits and losses
are recognised in other comprehensive income and
presented as a separate item within equity. Goodwill and
the fair value adjustments to the carrying amounts of
assets and liabilities of foreign subsidiaries are
accounted for as assets and liabilities of the respective
foreign subsidiary, which are translated to euro using the
closing rate at the reporting date. If these foreign units
are entirely or partly disposed, related exchange rate
differences are recognised in profit or loss as part of the
gain or loss on disposal.
5.2\u00a0 Changes in group structure
Sale of shares in Roal Oy
Anora had joint control over Roal Oy together with
ABF Overseas Limited (\u201cABF\u201d). ABF Overseas Limited
(\u201cABF\u201d) has exercised their call option to acquire all of
Anora Group Plc\u2019s shares in Roal Oy at a fixed
purchase price of EUR 7.6 million. The transaction was
closed on 28 March 2024. The carrying value of
investment in Roal Oy was classified as held for sale
according to criteria met in reference to IFRS 5 Non-
current assets held for sale and discontinued
operations in the 2023 financial statements, and no
gain or loss on disposal was recognised in 2024.
Anora Group Plc received its share of dividend
amounting to EUR 0.9 million before the transaction.
Establishment of Anora Lithuania
Anora Lithuania, a wholly owned subsidiary of Anora
Group Plc, was officially established on 13 November
2024, with commercial operations set to commence
in 2025.
5.3\u00a0 Subsidiaries
Anora Group Plc had 64 subsidiaries at the end of the reporting period (70 subsidiaries as at 31 December 2024). In some subsidiaries with non-controlling interests, there
are put options related to the non-controlling interests. These put options are accounted for separately, see chapter 5.1 Non-controlling interest on how this affects
presented non-controlling interests in the income statement and equity.
Subsidiary
Country of
incorporati
on
Parent
company's
share of
ownership
(%) 2025
Group's
share of
ownership
(%) 2025
Parent
company's
share of
ownership
(%) 2024
Group's
share of
ownership
(%) 2024
Altia Denmark A/S
Denmark
100.0
100.0
100.0
100.0
Altia Norway AS
Norway
100.0
100.0
100.0
100.0
Anora Denmark Spirits A/S 1
Denmark
\u2014
100.0
\u2014
100.0
Anora Estonia AS
Estonia
100.0
100.0
100.0
100.0
Anora Germany GmbH
Germany
\u2014
100.0
\u2014
100.0
Anora Latvia SIA
Latvia
100.0
100.0
100.0
100.0
Anora Lithuania UAB
Lithuania
100.0
100.0
100.0
100.0
Anora Prime Brands AS
Norway
\u2014
100.0
\u2014
100.0
Anora Sweden AB
Sweden
100.0
100.0
100.0
100.0
Arcus Brand Lab AS
Norway
\u2014
100.0
\u2014
100.0
Arcus Co Brands AS
Norway
\u2014
100.0
\u2014
100.0
Arcus Denmark A/S 1
Denmark
\u2014
\u2014
\u2014
100.0
Arcus Finland Oy 2
Finland
\u2014
\u2014
\u2014
100.0
Arcus-Gruppen AS
Norway
\u2014
100.0
\u2014
100.0
Anora AS 3
Norway
100.0
100.0
100.0
100.0
Arcus Norway AS
Norway
\u2014
100.0
\u2014
100.0
Arcus Sweden AB
Sweden
\u2014
100.0
\u2014
100.0
Arcus Wine Brands AS
Norway
\u2014
100.0
\u2014
100.0
Atlungstad H\u00e5ndverksdestilleri AS
Norway
\u2014
100.0
\u2014
100.0
Best Buys International AS
Norway
100.0
100.0
100.0
100.0
BevCo AS
Norway
\u2014
100.0
\u2014
100.0
Bibendum AB
Sweden
\u2014
100.0
\u2014
100.0
Bibendum AS
Norway
100.0
100.0
100.0
100.0
Brews4U Finland Oy 4
Finland
\u2014
\u2014
\u2014
91.0
Champagne Sigurd Wongraven AS
Norway
\u2014
100.0
\u2014
100.0
Classic Wines AS
Norway
\u2014
100.0
\u2014
100.0
Creative Wines AS
Norway
\u2014
100.0
\u2014
100.0
Excellars AS
Norway
\u2014
100.0
\u2014
100.0
Globus Wine A/S
Denmark
\u2014
100.0
\u2014
100.0
Globus Wine Germany GmbH
Germany
\u2014
100.0
\u2014
100.0
Hedoni Wines AS
Norway
\u2014
100.0
\u2014
100.0
Heritage Wines Sweden AB
Sweden
\u2014
98.0
\u2014
93.3
Heyday Wines AS
Norway
\u2014
100.0
\u2014
90.1
Interbev AS
Norway
100.0
100.0
100.0
100.0
L\u00f8iten Br\u00e6nderis Destillation ANS
Norway
\u2014
100.0
\u2014
100.0
De Lysholmske Brenneri og
Destillasjonsfabrikker ANS
Norway
\u2014
100.0
\u2014
100.0
Merlot HoldCo ApS
Denmark
100.0
100.0
100.0
100.0
New Frontier Wines AB
Sweden
\u2014
100.0
\u2014
79.6
Subsidiary
Country of
incorporati
on
Parent
company's
share of
ownership
(%) 2025
Group's
share of
ownership
(%) 2025
Parent
company's
share of
ownership
(%) 2024
Group's
share of
ownership
(%) 2024
Oplandske Spritfabrik ANS
Norway
\u2014
100.0
\u2014
100.0
Philipson & S\u00f6derberg AB
Sweden
\u2014
100.0
\u2014
100.0
Premium Wines AS
Norway
100.0
100.0
100.0
100.0
Quaffable Wines Sweden AB 5
Sweden
\u2014
100.0
\u2014
79.6
Siemers & Cos Destillasjon ANS
Norway
\u2014
100.0
\u2014
100.0
Social Wines Oy 4
Finland
\u2014
100.0
\u2014
100.0
South Swedish Craft Spirits AB
Sweden
\u2014
100.0
\u2014
100.0
Sublime Wines AS
Norway
\u2014
100.0
\u2014
100.0
Summit Wines AS
Norway
\u2014
100.0
\u2014
100.0
Symposium Wines AS
Norway
\u2014
100.0
\u2014
100.0
Str\u00f8m AS
Norway
100.0
100.0
100.0
100.0
Swedish Wine Mafia AB
Sweden
\u2014
99.5
\u2014
99.5
Valid Wines Sweden AB
Sweden
\u2014
94.5
\u2014
94.5
Vectura AS
Norway
\u2014
100.0
\u2014
100.0
Vingaraget AB
Sweden
\u2014
100.0
\u2014
100.0
Vingruppen AS
Norway
\u2014
100.0
\u2014
100.0
Vingruppen Oy
Finland
\u2014
100.0
\u2014
100.0
Vingruppen Sweden Holding AB
Sweden
\u2014
100.0
\u2014
100.0
Vingruppen i Norden AB
Sweden
\u2014
100.0
\u2014
100.0
Vinordia AS
Norway
\u2014
100.0
\u2014
100.0
Vinordia Sweden AB
Sweden
\u2014
100.0
\u2014
100.0
Vinum Import Oy
Finland
\u2014
100.0
\u2014
98.1
Vinunic AB
Sweden
\u2014
94.5
\u2014
94.5
Vinuniq AS
Norway
\u2014
100.0
\u2014
100.0
Vinunic Oy
Finland
\u2014
100.0
\u2014
100.0
Von Elk Company Oy 2
Finland
\u2014
\u2014
100.0
100.0
Oy Wennerco Ab 2
Finland
100.0
100.0
100.0
100.0
The WineAgency Sweden AB
Sweden
\u2014
99.5
\u2014
99.5
Wineworld Finland Oy 4
Finland
\u2014
\u2014
\u2014
90.0
Wineworld Sweden AB 6
Sweden
\u2014
100.0
\u2014
99.5
Wongraven Wines AS
Norway
\u2014
90.0
\u2014
90.0
1 Arcus Denmark A/S and Det Danske Spiritus Kompagni A/S merged during 2025. The merged company later
changed it's name to Anora Denmark Spirits A/S
2 Arcus Finland Oy and Von Elk Company Oy merged with Oy Wennerco AB during 2025
3 Arcus Holding AS changed its name to Anora AS in 2025
4 WineWorld Finland Oy and Brews4U Finland Oy merged with Social Wines Oy during 2025
5 WineWorld Sweden AB purhcased the remaining minority shares in Quaffable Wines AB during 2025
6 Vingruppen I Norden AB purchased the remaning minority shares in WineWorld Sweden AB during 2025
5.4\u00a0 Associated companies
Anora has investments in associated companies
Palpa Lasi Oy, Tiffon SA, ISH ApS and Beverage Link AS.
Palpa Lasi Oy engages in the recycling and re-use of
glass beverage packages. Tiffon SA is a cognac
producer and the producer of Braastad Cognac.
Tiffon SA has official accounting year that ends 30
June every year. Beverage Link As is a jointly owned
logistics company between Vectura AS, Skandinavisk
Logistik AS and Cuveco AS. ISH ApS is Danish scale-up
company in non-alcoholic spirits, wines and ready-
to-drink beverages. ISH currently exports to over 15
countries with a special focus on Scandinavia,
Western Europe and North America.
During 2025, the associated company ISH ApS
carried out directed share issues and converted
some loans to equity, resulting to Anora\u2019s share
diluting from 23.48% to 20.75%. The dilution in
ownership was recorded as a partial divestment
which had non-significant impact on the
consolidated income statement and balance sheet.
Management identified loss events that have
occurred after the initial recognition of the net
investment in ISH ApS impacting the estimated future
cash flows and has thus determined the recoverable
amount of the associate in accordance with IAS 36.
As a result, an impairment amounting to EUR 0.6
million was recorded in the net investment.
Related party transactions with associates and
joint arrangements are described in Note 6.3\u00a0 Related
party transactions. Accounting policies on associated
companies and joint arrangements are described in
Note 5.1\u00a0 General consolidation principles .
Shareholdings in associated companies
Company
Nature of
relationship
Measurement
method
2025 Share of
ownership %
2024 Share of
ownership %
Palpa Lasi Oy, Finland
Associate
Equity
25.53%
25.53%
Tiffon SA, France
Associate
Equity
34.75%
34.75%
Beverage Link AS, Norway
Associate
Equity
45.00%
45.00%
ISH ApS, Denmark
Associate
Equity
20.75%
23.48%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
5.1\u00a0 General consolidation principles
Consolidation
Consolidation, consolidation method and classification of
ownership interests depends on whether the Group has
power to control or jointly control the entity or have
significant influence or other interests in the entity. When
the Group has power to control the entity, it is
consolidated as a subsidiary. Power to control an entity is
normally achieved when shareholding is above 50%.
When the Group has joint control or significant
influence over an entity but does not have power to
control, entity is accounted for by using the principles
described under Associated companies\u2019 section.
Significant influence is normally achieved when the
Group has between 20% - 50% shareholding.
If the Group does not have power to control nor
significant influence in the entity, its ownership interests
are classified as financial assets at fair value through
other comprehensive income and accounted for
according to principles described in Note 3.2.1. This
normally happens when the Group\u2019s ownership is
below\u00a020%.
Subsidiaries consolidation principles
Consolidated financial statements of Anora include the
parent company, Anora Group Plc, and all subsidiaries.
Subsidiaries are all those in which the parent company
exercises control. The Group controls an entity when it is
exposed, or has rights, to variable returns from its
involvement with the investee, and could affect those
returns through its power over the investee. The financial
statements of acquired subsidiaries are included in the
consolidated financial statements from the date that
control commences until the date that control ceases.
All business combinations are accounted for by using
the acquisition method. The consideration transferred
and the identifiable assets acquired, and liabilities
assumed in the acquired company are measured at fair
value at the acquisition date. The aggregate amount of
the consideration transferred, the amount of non-
controlling interests and any previously held equity
interest in the acquiree, exceeding the fair value of the
net assets acquired is recorded as goodwill.\u00a0
All acquisition-related costs, with the exception of costs
to issue debt or equity securities, are expensed. The
consideration transferred does not include any
transactions accounted for separately from the
acquisition. Any contingent consideration is recognised
at fair value at the acquisition date, and it is classified as
either liability or equity. Contingent consideration
classified as a liability is measured at fair value at each
reporting date and any resulting gain or loss is
recognised in profit or loss.
Intra-group transactions, receivables, liabilities and
unrealised gains, as well as the distribution of profits
within the Group are eliminated in preparing the
consolidated financial statements. Unrealised losses are
not eliminated if the loss in question results from
impairment.
Non-controlling interests
Non-controlling interests\u2019 share of profit after tax is shown
on a separate line after Group\u2019s result for the period. Non-
controlling interests\u2019 share of equity is shown on a
separate line as part of the Group\u2019s total equity.
In some subsidiaries with non-controlling interests, the
non-controlling shareholder(s) have a put option related
to the non-controlling interest, where the Group does not
have control of the non-controlling interests before the
options are exercised, nor does it have control of whether
the options will be exercised, or when this exercise may
take place. The value of such options is recognised as
liability at fair value through profit and loss in the balance
sheet and reduces the non-controlling share of equity.
This means that the non-controlling interests presented
in the income statement and in the equity show only
values where the minority does not have put options
related to the minority shares.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as equity
transactions.
5.3\u00a0 Subsidiaries
Anora Group Plc had 64 subsidiaries at the end of the reporting period (70 subsidiaries as at 31 December 2024). In some subsidiaries with non-controlling interests, there
are put options related to the non-controlling interests. These put options are accounted for separately, see chapter 5.1 Non-controlling interest on how this affects
presented non-controlling interests in the income statement and equity.
Subsidiary
Country of
incorporati
on
Parent
company's
share of
ownership
(%) 2025
Group's
share of
ownership
(%) 2025
Parent
company's
share of
ownership
(%) 2024
Group's
share of
ownership
(%) 2024
Altia Denmark A/S
Denmark
100.0
100.0
100.0
100.0
Altia Norway AS
Norway
100.0
100.0
100.0
100.0
Anora Denmark Spirits A/S 1
Denmark
\u2014
100.0
\u2014
100.0
Anora Estonia AS
Estonia
100.0
100.0
100.0
100.0
Anora Germany GmbH
Germany
\u2014
100.0
\u2014
100.0
Anora Latvia SIA
Latvia
100.0
100.0
100.0
100.0
Anora Lithuania UAB
Lithuania
100.0
100.0
100.0
100.0
Anora Prime Brands AS
Norway
\u2014
100.0
\u2014
100.0
Anora Sweden AB
Sweden
100.0
100.0
100.0
100.0
Arcus Brand Lab AS
Norway
\u2014
100.0
\u2014
100.0
Arcus Co Brands AS
Norway
\u2014
100.0
\u2014
100.0
Arcus Denmark A/S 1
Denmark
\u2014
\u2014
\u2014
100.0
Arcus Finland Oy 2
Finland
\u2014
\u2014
\u2014
100.0
Arcus-Gruppen AS
Norway
\u2014
100.0
\u2014
100.0
Anora AS 3
Norway
100.0
100.0
100.0
100.0
Arcus Norway AS
Norway
\u2014
100.0
\u2014
100.0
Arcus Sweden AB
Sweden
\u2014
100.0
\u2014
100.0
Arcus Wine Brands AS
Norway
\u2014
100.0
\u2014
100.0
Atlungstad H\u00e5ndverksdestilleri AS
Norway
\u2014
100.0
\u2014
100.0
Best Buys International AS
Norway
100.0
100.0
100.0
100.0
BevCo AS
Norway
\u2014
100.0
\u2014
100.0
Bibendum AB
Sweden
\u2014
100.0
\u2014
100.0
Bibendum AS
Norway
100.0
100.0
100.0
100.0
Brews4U Finland Oy 4
Finland
\u2014
\u2014
\u2014
91.0
Champagne Sigurd Wongraven AS
Norway
\u2014
100.0
\u2014
100.0
Classic Wines AS
Norway
\u2014
100.0
\u2014
100.0
Creative Wines AS
Norway
\u2014
100.0
\u2014
100.0
Excellars AS
Norway
\u2014
100.0
\u2014
100.0
Globus Wine A/S
Denmark
\u2014
100.0
\u2014
100.0
Globus Wine Germany GmbH
Germany
\u2014
100.0
\u2014
100.0
Hedoni Wines AS
Norway
\u2014
100.0
\u2014
100.0
Heritage Wines Sweden AB
Sweden
\u2014
98.0
\u2014
93.3
Heyday Wines AS
Norway
\u2014
100.0
\u2014
90.1
Interbev AS
Norway
100.0
100.0
100.0
100.0
L\u00f8iten Br\u00e6nderis Destillation ANS
Norway
\u2014
100.0
\u2014
100.0
De Lysholmske Brenneri og
Destillasjonsfabrikker ANS
Norway
\u2014
100.0
\u2014
100.0
Merlot HoldCo ApS
Denmark
100.0
100.0
100.0
100.0
New Frontier Wines AB
Sweden
\u2014
100.0
\u2014
79.6
Subsidiary
Country of
incorporati
on
Parent
company's
share of
ownership
(%) 2025
Group's
share of
ownership
(%) 2025
Parent
company's
share of
ownership
(%) 2024
Group's
share of
ownership
(%) 2024
Oplandske Spritfabrik ANS
Norway
\u2014
100.0
\u2014
100.0
Philipson & S\u00f6derberg AB
Sweden
\u2014
100.0
\u2014
100.0
Premium Wines AS
Norway
100.0
100.0
100.0
100.0
Quaffable Wines Sweden AB 5
Sweden
\u2014
100.0
\u2014
79.6
Siemers & Cos Destillasjon ANS
Norway
\u2014
100.0
\u2014
100.0
Social Wines Oy 4
Finland
\u2014
100.0
\u2014
100.0
South Swedish Craft Spirits AB
Sweden
\u2014
100.0
\u2014
100.0
Sublime Wines AS
Norway
\u2014
100.0
\u2014
100.0
Summit Wines AS
Norway
\u2014
100.0
\u2014
100.0
Symposium Wines AS
Norway
\u2014
100.0
\u2014
100.0
Str\u00f8m AS
Norway
100.0
100.0
100.0
100.0
Swedish Wine Mafia AB
Sweden
\u2014
99.5
\u2014
99.5
Valid Wines Sweden AB
Sweden
\u2014
94.5
\u2014
94.5
Vectura AS
Norway
\u2014
100.0
\u2014
100.0
Vingaraget AB
Sweden
\u2014
100.0
\u2014
100.0
Vingruppen AS
Norway
\u2014
100.0
\u2014
100.0
Vingruppen Oy
Finland
\u2014
100.0
\u2014
100.0
Vingruppen Sweden Holding AB
Sweden
\u2014
100.0
\u2014
100.0
Vingruppen i Norden AB
Sweden
\u2014
100.0
\u2014
100.0
Vinordia AS
Norway
\u2014
100.0
\u2014
100.0
Vinordia Sweden AB
Sweden
\u2014
100.0
\u2014
100.0
Vinum Import Oy
Finland
\u2014
100.0
\u2014
98.1
Vinunic AB
Sweden
\u2014
94.5
\u2014
94.5
Vinuniq AS
Norway
\u2014
100.0
\u2014
100.0
Vinunic Oy
Finland
\u2014
100.0
\u2014
100.0
Von Elk Company Oy 2
Finland
\u2014
\u2014
100.0
100.0
Oy Wennerco Ab 2
Finland
100.0
100.0
100.0
100.0
The WineAgency Sweden AB
Sweden
\u2014
99.5
\u2014
99.5
Wineworld Finland Oy 4
Finland
\u2014
\u2014
\u2014
90.0
Wineworld Sweden AB 6
Sweden
\u2014
100.0
\u2014
99.5
Wongraven Wines AS
Norway
\u2014
90.0
\u2014
90.0
1 Arcus Denmark A/S and Det Danske Spiritus Kompagni A/S merged during 2025. The merged company later
changed it's name to Anora Denmark Spirits A/S
2 Arcus Finland Oy and Von Elk Company Oy merged with Oy Wennerco AB during 2025
3 Arcus Holding AS changed its name to Anora AS in 2025
4 WineWorld Finland Oy and Brews4U Finland Oy merged with Social Wines Oy during 2025
5 WineWorld Sweden AB purhcased the remaining minority shares in Quaffable Wines AB during 2025
6 Vingruppen I Norden AB purchased the remaning minority shares in WineWorld Sweden AB during 2025
5.1\u00a0 General consolidation principles", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
5.1\u00a0 General consolidation principles
Consolidation
Consolidation, consolidation method and classification of
ownership interests depends on whether the Group has
power to control or jointly control the entity or have
significant influence or other interests in the entity. When
the Group has power to control the entity, it is
consolidated as a subsidiary. Power to control an entity is
normally achieved when shareholding is above 50%.
When the Group has joint control or significant
influence over an entity but does not have power to
control, entity is accounted for by using the principles
described under Associated companies\u2019 section.
Significant influence is normally achieved when the
Group has between 20% - 50% shareholding.
If the Group does not have power to control nor
significant influence in the entity, its ownership interests
are classified as financial assets at fair value through
other comprehensive income and accounted for
according to principles described in Note 3.2.1. This
normally happens when the Group\u2019s ownership is
below\u00a020%.
Subsidiaries consolidation principles
Consolidated financial statements of Anora include the
parent company, Anora Group Plc, and all subsidiaries.
Subsidiaries are all those in which the parent company
exercises control. The Group controls an entity when it is
exposed, or has rights, to variable returns from its
involvement with the investee, and could affect those
returns through its power over the investee. The financial
statements of acquired subsidiaries are included in the
consolidated financial statements from the date that
control commences until the date that control ceases.
All business combinations are accounted for by using
the acquisition method. The consideration transferred
and the identifiable assets acquired, and liabilities
assumed in the acquired company are measured at fair
value at the acquisition date. The aggregate amount of
the consideration transferred, the amount of non-
controlling interests and any previously held equity
interest in the acquiree, exceeding the fair value of the
net assets acquired is recorded as goodwill.\u00a0
All acquisition-related costs, with the exception of costs
to issue debt or equity securities, are expensed. The
consideration transferred does not include any
transactions accounted for separately from the
acquisition. Any contingent consideration is recognised
at fair value at the acquisition date, and it is classified as
either liability or equity. Contingent consideration
classified as a liability is measured at fair value at each
reporting date and any resulting gain or loss is
recognised in profit or loss.
Intra-group transactions, receivables, liabilities and
unrealised gains, as well as the distribution of profits
within the Group are eliminated in preparing the
consolidated financial statements. Unrealised losses are
not eliminated if the loss in question results from
impairment.
Non-controlling interests
Non-controlling interests\u2019 share of profit after tax is shown
on a separate line after Group\u2019s result for the period. Non-
controlling interests\u2019 share of equity is shown on a
separate line as part of the Group\u2019s total equity.
In some subsidiaries with non-controlling interests, the
non-controlling shareholder(s) have a put option related
to the non-controlling interest, where the Group does not
have control of the non-controlling interests before the
options are exercised, nor does it have control of whether
the options will be exercised, or when this exercise may
take place. The value of such options is recognised as
liability at fair value through profit and loss in the balance
sheet and reduces the non-controlling share of equity.
This means that the non-controlling interests presented
in the income statement and in the equity show only
values where the minority does not have put options
related to the minority shares.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as equity
transactions.
Associated companies
Associated companies are all entities where the Group
has joint control or significant influence over an entity but
does not have power to control the entity. Normally this is
when the Group accompanies a shareholding of over
20% of voting rights or otherwise has significant influence,
but not control.
Associated companies are consolidated by using the
equity method. Under the equity method, the investment
is initially recognised at cost and subsequently adjusted
with the change in the net assets of the investee after the
acquisition date, consistent with the ownership interest of
the Group. After the acquisition the Group\u2019s share in the
associated company\u2019s profit and loss for the period is
separately disclosed in the Group\u2019s income statement,
presented after operating result. If the Group\u2019s share in
the associated company\u2019s loss exceeds the carrying
amount of the net investment, the investment is
recognised at zero value in the consolidated balance
sheet and the loss exceeding the carrying amount is not
consolidated, unless the Group has committed to fulfil
the company\u2019s obligations. The carrying amount of
equity-accounted investments includes goodwill arisen
on acquisition, when applicable. The Group\u2019s share in
changes in the associated company\u2019s other
comprehensive income is recognised in consolidated
other comprehensive income (OCI).
The net investment in an associate is impaired and
impairment losses are incurred if there is objective
evidence of impairment as a result of one or more events
that occurred after the initial recognition of the net
investment (a 'loss event') and that loss event (or events)
has an impact on the estimated future cash flows from
the net investment that can be reliably estimated. If there
is an indication that an investor\u2019s interests in an associate
might be impaired, the measurement rules in IAS 36 are
applied to the entire carrying amount (including any
notional goodwill) of the associate, to determine the
amount of any impairment loss.
The result of the transactions between the Group and
its associates are recognised only to the extent of
attributable to external owners. When the Group ceases
to consolidate or equity account for an investment
because of a loss of control, joint control or significant
influence, any retained interest in the entity is
remeasured to its fair value, with the change in carrying
amount recognised in profit or loss.
Financial statements of associated companies have
been changed when necessary to correspond with the
accounting policies adopted by the Group. If financial
statements for the period are not available, the share of
the profit is included in the consolidated financial
statements based on the preliminary financial
statements or latest available information.
Critical estimates and management judgements -
Associated companies
Management judgment and estimates are applied in
assessing the recoverability of investments in associates.
The carrying amount of equity-accounted investments,
including possible goodwill, are assessed for impairment
when objective evidence indicates that the net
investment may be impaired. The impairment, when
applicable, is recognised in share of results in associated
companies and\u00a0 in the carrying amount of the net
investment. The impairment loss on an associate is not
allocated to any particular asset (or assets) that forms
the carrying amount of the associate. Thus, the normal
rules in IAS 36 relating to impairment of goodwill do not
apply to notional goodwill and therefore any previous
impairment losses can be reversed.
Joint arrangements
A joint arrangement is an arrangement of which two or
more parties have contractually agreed joint control
which exists only when decisions about the relevant
activities require the unanimous consent of the parties
sharing control. A joint arrangement is either a joint
operation or a joint venture.
Foreign currency items
All transactions in foreign currency are converted to
functional currency at the time of the transaction.
Monetary items in foreign currency are converted on the
balance sheet date into functional currency by using the
exchange rate on the balance sheet date.
The consolidated financial statements are presented in
euro, which is the functional currency of the parent
company.
The functional currency in the subsidiaries is the
currency in which the subsidiary reports its legal statutory
accounts, and the Group has subsidiaries with functional
currencies EUR, SEK, NOK and DKK. When consolidating
subsidiaries that have a functional currency other than
euro, profit and loss items are converted to the Group\u2019s
presentation currency at year-to-date average
exchange rates published by the European Central Bank.
For balance sheet items reported in other currencies
than euro, including goodwill and other assets assumed
when accounting for business combinations, the
conversion to euro is based on closing rate on the
reporting date.
Exchange rates during 2025 and 2024
2025
Average
rate
31 Dec
2025
2024
Average
rate
31 Dec
2024
End rate
End rate
Norwegian
krone
NOK
11.719
11.843
11.650
11.795
Swedish
krona
SEK
11.068
10.822
11.450
11.459
Danish
krone
DKK
7.463
7.469
7.458
7.458
Translation differences arising from elimination of the
cost of foreign subsidiaries and from translation of the
foreign subsidiaries\u2019 post-acquisition profits and losses
are recognised in other comprehensive income and
presented as a separate item within equity. Goodwill and
the fair value adjustments to the carrying amounts of
assets and liabilities of foreign subsidiaries are
accounted for as assets and liabilities of the respective
foreign subsidiary, which are translated to euro using the
closing rate at the reporting date. If these foreign units
are entirely or partly disposed, related exchange rate
differences are recognised in profit or loss as part of the
gain or loss on disposal5.1\u00a0 General consolidation principles", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
Subsidiaries consolidation principles
Consolidated financial statements of Anora include the
parent company, Anora Group Plc, and all subsidiaries.
Subsidiaries are all those in which the parent company
exercises control. The Group controls an entity when it is
exposed, or has rights, to variable returns from its
involvement with the investee, and could affect those
returns through its power over the investee. The financial
statements of acquired subsidiaries are included in the
consolidated financial statements from the date that
control commences until the date that control ceases.
All business combinations are accounted for by using
the acquisition method. The consideration transferred
and the identifiable assets acquired, and liabilities
assumed in the acquired company are measured at fair
value at the acquisition date. The aggregate amount of
the consideration transferred, the amount of non-
controlling interests and any previously held equity
interest in the acquiree, exceeding the fair value of the
net assets acquired is recorded as goodwill.\u00a0
All acquisition-related costs, with the exception of costs
to issue debt or equity securities, are expensed. The
consideration transferred does not include any
transactions accounted for separately from the
acquisition. Any contingent consideration is recognised
at fair value at the acquisition date, and it is classified as
either liability or equity. Contingent consideration
classified as a liability is measured at fair value at each
reporting date and any resulting gain or loss is
recognised in profit or loss.
Intra-group transactions, receivables, liabilities and
unrealised gains, as well as the distribution of profits
within the Group are eliminated in preparing the
consolidated financial statements. Unrealised losses are
not eliminated if the loss in question results from
impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
All business combinations are accounted for by using
the acquisition method. The consideration transferred
and the identifiable assets acquired, and liabilities
assumed in the acquired company are measured at fair
value at the acquisition date. The aggregate amount of
the consideration transferred, the amount of non-
controlling interests and any previously held equity
interest in the acquiree, exceeding the fair value of the
net assets acquired is recorded as goodwill.\u00a0
All acquisition-related costs, with the exception of costs
to issue debt or equity securities, are expensed. The
consideration transferred does not include any
transactions accounted for separately from the
acquisition. Any contingent consideration is recognised
at fair value at the acquisition date, and it is classified as
either liability or equity. Contingent consideration
classified as a liability is measured at fair value at each
reporting date and any resulting gain or loss is
recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
Non-controlling interests
Non-controlling interests\u2019 share of profit after tax is shown
on a separate line after Group\u2019s result for the period. Non-
controlling interests\u2019 share of equity is shown on a
separate line as part of the Group\u2019s total equity.
In some subsidiaries with non-controlling interests, the
non-controlling shareholder(s) have a put option related
to the non-controlling interest, where the Group does not
have control of the non-controlling interests before the
options are exercised, nor does it have control of whether
the options will be exercised, or when this exercise may
take place. The value of such options is recognised as
liability at fair value through profit and loss in the balance
sheet and reduces the non-controlling share of equity.
This means that the non-controlling interests presented
in the income statement and in the equity show only
values where the minority does not have put options
related to the minority shares.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as equity
transactions", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
Non-controlling interests
Non-controlling interests\u2019 share of profit after tax is shown
on a separate line after Group\u2019s result for the period. Non-
controlling interests\u2019 share of equity is shown on a
separate line as part of the Group\u2019s total equity.
In some subsidiaries with non-controlling interests, the
non-controlling shareholder(s) have a put option related
to the non-controlling interest, where the Group does not
have control of the non-controlling interests before the
options are exercised, nor does it have control of whether
the options will be exercised, or when this exercise may
take place. The value of such options is recognised as
liability at fair value through profit and loss in the balance
sheet and reduces the non-controlling share of equity.
This means that the non-controlling interests presented
in the income statement and in the equity show only
values where the minority does not have put options
related to the minority shares.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as equity
transactions", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
Associated companies
Associated companies are all entities where the Group
has joint control or significant influence over an entity but
does not have power to control the entity. Normally this is
when the Group accompanies a shareholding of over
20% of voting rights or otherwise has significant influence,
but not control.
Associated companies are consolidated by using the
equity method. Under the equity method, the investment
is initially recognised at cost and subsequently adjusted
with the change in the net assets of the investee after the
acquisition date, consistent with the ownership interest of
the Group. After the acquisition the Group\u2019s share in the
associated company\u2019s profit and loss for the period is
separately disclosed in the Group\u2019s income statement,
presented after operating result. If the Group\u2019s share in
the associated company\u2019s loss exceeds the carrying
amount of the net investment, the investment is
recognised at zero value in the consolidated balance
sheet and the loss exceeding the carrying amount is not
consolidated, unless the Group has committed to fulfil
the company\u2019s obligations. The carrying amount of
equity-accounted investments includes goodwill arisen
on acquisition, when applicable. The Group\u2019s share in
changes in the associated company\u2019s other
comprehensive income is recognised in consolidated
other comprehensive income (OCI).
The net investment in an associate is impaired and
impairment losses are incurred if there is objective
evidence of impairment as a result of one or more events
that occurred after the initial recognition of the net
investment (a 'loss event') and that loss event (or events)
has an impact on the estimated future cash flows from
the net investment that can be reliably estimated. If there
is an indication that an investor\u2019s interests in an associate
might be impaired, the measurement rules in IAS 36 are
applied to the entire carrying amount (including any
notional goodwill) of the associate, to determine the
amount of any impairment loss.
The result of the transactions between the Group and
its associates are recognised only to the extent of
attributable to external owners. When the Group ceases
to consolidate or equity account for an investment
because of a loss of control, joint control or significant
influence, any retained interest in the entity is
remeasured to its fair value, with the change in carrying
amount recognised in profit or loss.
Financial statements of associated companies have
been changed when necessary to correspond with the
accounting policies adopted by the Group. If financial
statements for the period are not available, the share of
the profit is included in the consolidated financial
statements based on the preliminary financial
statements or latest available information.
Joint arrangements
A joint arrangement is an arrangement of which two or
more parties have contractually agreed joint control
which exists only when decisions about the relevant
activities require the unanimous consent of the parties
sharing control. A joint arrangement is either a joint
operation or a joint venture.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
Associated companies
Associated companies are all entities where the Group
has joint control or significant influence over an entity but
does not have power to control the entity. Normally this is
when the Group accompanies a shareholding of over
20% of voting rights or otherwise has significant influence,
but not control.
Associated companies are consolidated by using the
equity method. Under the equity method, the investment
is initially recognised at cost and subsequently adjusted
with the change in the net assets of the investee after the
acquisition date, consistent with the ownership interest of
the Group. After the acquisition the Group\u2019s share in the
associated company\u2019s profit and loss for the period is
separately disclosed in the Group\u2019s income statement,
presented after operating result. If the Group\u2019s share in
the associated company\u2019s loss exceeds the carrying
amount of the net investment, the investment is
recognised at zero value in the consolidated balance
sheet and the loss exceeding the carrying amount is not
consolidated, unless the Group has committed to fulfil
the company\u2019s obligations. The carrying amount of
equity-accounted investments includes goodwill arisen
on acquisition, when applicable. The Group\u2019s share in
changes in the associated company\u2019s other
comprehensive income is recognised in consolidated
other comprehensive income (OCI).
The net investment in an associate is impaired and
impairment losses are incurred if there is objective
evidence of impairment as a result of one or more events
that occurred after the initial recognition of the net
investment (a 'loss event') and that loss event (or events)
has an impact on the estimated future cash flows from
the net investment that can be reliably estimated. If there
is an indication that an investor\u2019s interests in an associate
might be impaired, the measurement rules in IAS 36 are
applied to the entire carrying amount (including any
notional goodwill) of the associate, to determine the
amount of any impairment loss.
The result of the transactions between the Group and
its associates are recognised only to the extent of
attributable to external owners. When the Group ceases
to consolidate or equity account for an investment
because of a loss of control, joint control or significant
influence, any retained interest in the entity is
remeasured to its fair value, with the change in carrying
amount recognised in profit or loss.
Financial statements of associated companies have
been changed when necessary to correspond with the
accounting policies adopted by the Group. If financial
statements for the period are not available, the share of
the profit is included in the consolidated financial
statements based on the preliminary financial
statements or latest available information.
Critical estimates and management judgements -
Associated companies
Management judgment and estimates are applied in
assessing the recoverability of investments in associates.
The carrying amount of equity-accounted investments,
including possible goodwill, are assessed for impairment
when objective evidence indicates that the net
investment may be impaired. The impairment, when
applicable, is recognised in share of results in associated
companies and\u00a0 in the carrying amount of the net
investment. The impairment loss on an associate is not
allocated to any particular asset (or assets) that forms
the carrying amount of the associate. Thus, the normal
rules in IAS 36 relating to impairment of goodwill do not
apply to notional goodwill and therefore any previous
impairment losses can be reversed.
5.4\u00a0 Associated companies
Anora has investments in associated companies
Palpa Lasi Oy, Tiffon SA, ISH ApS and Beverage Link AS.
Palpa Lasi Oy engages in the recycling and re-use of
glass beverage packages. Tiffon SA is a cognac
producer and the producer of Braastad Cognac.
Tiffon SA has official accounting year that ends 30
June every year. Beverage Link As is a jointly owned
logistics company between Vectura AS, Skandinavisk
Logistik AS and Cuveco AS. ISH ApS is Danish scale-up
company in non-alcoholic spirits, wines and ready-
to-drink beverages. ISH currently exports to over 15
countries with a special focus on Scandinavia,
Western Europe and North America.
During 2025, the associated company ISH ApS
carried out directed share issues and converted
some loans to equity, resulting to Anora\u2019s share
diluting from 23.48% to 20.75%. The dilution in
ownership was recorded as a partial divestment
which had non-significant impact on the
consolidated income statement and balance sheet.
Management identified loss events that have
occurred after the initial recognition of the net
investment in ISH ApS impacting the estimated future
cash flows and has thus determined the recoverable
amount of the associate in accordance with IAS 36.
As a result, an impairment amounting to EUR 0.6
million was recorded in the net investment.
Related party transactions with associates and
joint arrangements are described in Note 6.3\u00a0 Related
party transactions. Accounting policies on associated
companies and joint arrangements are described in
Note 5.1\u00a0 General consolidation principles .
Shareholdings in associated companies
Company
Nature of
relationship
Measurement
method
2025 Share of
ownership %
2024 Share of
ownership %
Palpa Lasi Oy, Finland
Associate
Equity
25.53%
25.53%
Tiffon SA, France
Associate
Equity
34.75%
34.75%
Beverage Link AS, Norway
Associate
Equity
45.00%
45.00%
ISH ApS, Denmark
Associate
Equity
20.75%
23.48%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
Associated companies
Associated companies are all entities where the Group
has joint control or significant influence over an entity but
does not have power to control the entity. Normally this is
when the Group accompanies a shareholding of over
20% of voting rights or otherwise has significant influence,
but not control.
Associated companies are consolidated by using the
equity method. Under the equity method, the investment
is initially recognised at cost and subsequently adjusted
with the change in the net assets of the investee after the
acquisition date, consistent with the ownership interest of
the Group. After the acquisition the Group\u2019s share in the
associated company\u2019s profit and loss for the period is
separately disclosed in the Group\u2019s income statement,
presented after operating result. If the Group\u2019s share in
the associated company\u2019s loss exceeds the carrying
amount of the net investment, the investment is
recognised at zero value in the consolidated balance
sheet and the loss exceeding the carrying amount is not
consolidated, unless the Group has committed to fulfil
the company\u2019s obligations. The carrying amount of
equity-accounted investments includes goodwill arisen
on acquisition, when applicable. The Group\u2019s share in
changes in the associated company\u2019s other
comprehensive income is recognised in consolidated
other comprehensive income (OCI).
The net investment in an associate is impaired and
impairment losses are incurred if there is objective
evidence of impairment as a result of one or more events
that occurred after the initial recognition of the net
investment (a 'loss event') and that loss event (or events)
has an impact on the estimated future cash flows from
the net investment that can be reliably estimated. If there
is an indication that an investor\u2019s interests in an associate
might be impaired, the measurement rules in IAS 36 are
applied to the entire carrying amount (including any
notional goodwill) of the associate, to determine the
amount of any impairment loss.
The result of the transactions between the Group and
its associates are recognised only to the extent of
attributable to external owners. When the Group ceases
to consolidate or equity account for an investment
because of a loss of control, joint control or significant
influence, any retained interest in the entity is
remeasured to its fair value, with the change in carrying
amount recognised in profit or loss.
Financial statements of associated companies have
been changed when necessary to correspond with the
accounting policies adopted by the Group. If financial
statements for the period are not available, the share of
the profit is included in the consolidated financial
statements based on the preliminary financial
statements or latest available information.
Critical estimates and management judgements -
Associated companies
Management judgment and estimates are applied in
assessing the recoverability of investments in associates.
The carrying amount of equity-accounted investments,
including possible goodwill, are assessed for impairment
when objective evidence indicates that the net
investment may be impaired. The impairment, when
applicable, is recognised in share of results in associated
companies and\u00a0 in the carrying amount of the net
investment. The impairment loss on an associate is not
allocated to any particular asset (or assets) that forms
the carrying amount of the associate. Thus, the normal
rules in IAS 36 relating to impairment of goodwill do not
apply to notional goodwill and therefore any previous
impairment losses can be reversed.
Joint arrangements
A joint arrangement is an arrangement of which two or
more parties have contractually agreed joint control
which exists only when decisions about the relevant
activities require the unanimous consent of the parties
sharing control. A joint arrangement is either a joint
operation or a joint venture.
5.4\u00a0 Associated companies
Anora has investments in associated companies
Palpa Lasi Oy, Tiffon SA, ISH ApS and Beverage Link AS.
Palpa Lasi Oy engages in the recycling and re-use of
glass beverage packages. Tiffon SA is a cognac
producer and the producer of Braastad Cognac.
Tiffon SA has official accounting year that ends 30
June every year. Beverage Link As is a jointly owned
logistics company between Vectura AS, Skandinavisk
Logistik AS and Cuveco AS. ISH ApS is Danish scale-up
company in non-alcoholic spirits, wines and ready-
to-drink beverages. ISH currently exports to over 15
countries with a special focus on Scandinavia,
Western Europe and North America.
During 2025, the associated company ISH ApS
carried out directed share issues and converted
some loans to equity, resulting to Anora\u2019s share
diluting from 23.48% to 20.75%. The dilution in
ownership was recorded as a partial divestment
which had non-significant impact on the
consolidated income statement and balance sheet.
Management identified loss events that have
occurred after the initial recognition of the net
investment in ISH ApS impacting the estimated future
cash flows and has thus determined the recoverable
amount of the associate in accordance with IAS 36.
As a result, an impairment amounting to EUR 0.6
million was recorded in the net investment.
Related party transactions with associates and
joint arrangements are described in Note 6.3\u00a0 Related
party transactions. Accounting policies on associated
companies and joint arrangements are described in
Note 5.1\u00a0 General consolidation principles .
Shareholdings in associated companies
Company
Nature of
relationship
Measurement
method
2025 Share of
ownership %
2024 Share of
ownership %
Palpa Lasi Oy, Finland
Associate
Equity
25.53%
25.53%
Tiffon SA, France
Associate
Equity
34.75%
34.75%
Beverage Link AS, Norway
Associate
Equity
45.00%
45.00%
ISH ApS, Denmark
Associate
Equity
20.75%
23.48%
Investments in associated companies
2025
EUR million
Tiffon SA
ISH ApS
Other
Total
Book value at beginning of the period
7.2
4.1
0.3
11.6
Disposals
\u2013
-0.1
\u2013
-0.1
Share of profit during period
-0.3
-0.2
0.1
-0.5
Impairment
\u2013
-0.6
\u2013
-0.6
Total book value at end of the period
6.9
3.2
0.4
10.5
Investments in associated companies
2024
EUR million
Tiffon SA
ISH ApS
Other
Total
Book value at beginning of the period
7.3
4.4
0.6
12.3
Share of profit during period
-0.1
-0.3
0.6
0.3
Dividend received
\u2013
\u2013
-0.9
-0.9
Total book value at end of the period
7.2
4.1
0.3
11.6
\u2018Other\u2019 includes Roal Oy\u2019s profit and dividends until disposal, see Note 5.2\u00a0 Changes in group structure
Reconciliation to carrying amount 2025
2025
EUR million
Tiffon SA
ISH ApS
Other
Total
Group's share of Net assets
6.9
0.2
0.4
7.5
Goodwill
\u2013
3.0
\u2013
3.0
Total book value at end of the period
6.9
3.2
0.4
10.5
Reconciliation to carrying amount 2024
2024
EUR million
Tiffon SA
ISH ApS
Other
Total
Group's share of Net assets
7.2
0.2
0.3
7.7
Goodwill
\u2013
3.9
\u2013
3.9
Total book value at end of the period
7.2
4.1
0.3
11.6
Financial summary of associated companies 2025
2025
EUR million
Tiffon SA
ISH ApS
Other
Total
Total revenues
8.4
5.0
16.3
29.7
Profit for the period
-1.0
-1.1
0.4
-1.8
Current assets
33.9
2.6
6.4
43.0
Non-current assets
2.1
\u2013
\u2013
2.2
Current liabilities
1.6
1.7
4.6
7.9
Non-current liabilities
14.7
\u2013
0.5
15.2
Net assets
19.8
1.0
1.4
22.1
Financial summary of associated companies 2024
2024
EUR million
Tiffon SA
ISH ApS
Other
Total
Total revenues
9.5
4.4
15.6
29.5
Profit for the period
-0.2
-1.2
-1.2
-2.6
Current assets
34.8
2.5
6.1
43.3
Non-current assets
2.4
0.1
\u2013
2.5
Current liabilities
2.6
1.8
5.1
9.5
Non-current liabilities
13.8
\u2013
\u2013
13.8
Net assets
20.8
0.8
1.0
22.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
Associated companies
Associated companies are all entities where the Group
has joint control or significant influence over an entity but
does not have power to control the entity. Normally this is
when the Group accompanies a shareholding of over
20% of voting rights or otherwise has significant influence,
but not control.
Associated companies are consolidated by using the
equity method. Under the equity method, the investment
is initially recognised at cost and subsequently adjusted
with the change in the net assets of the investee after the
acquisition date, consistent with the ownership interest of
the Group. After the acquisition the Group\u2019s share in the
associated company\u2019s profit and loss for the period is
separately disclosed in the Group\u2019s income statement,
presented after operating result. If the Group\u2019s share in
the associated company\u2019s loss exceeds the carrying
amount of the net investment, the investment is
recognised at zero value in the consolidated balance
sheet and the loss exceeding the carrying amount is not
consolidated, unless the Group has committed to fulfil
the company\u2019s obligations. The carrying amount of
equity-accounted investments includes goodwill arisen
on acquisition, when applicable. The Group\u2019s share in
changes in the associated company\u2019s other
comprehensive income is recognised in consolidated
other comprehensive income (OCI).
The net investment in an associate is impaired and
impairment losses are incurred if there is objective
evidence of impairment as a result of one or more events
that occurred after the initial recognition of the net
investment (a 'loss event') and that loss event (or events)
has an impact on the estimated future cash flows from
the net investment that can be reliably estimated. If there
is an indication that an investor\u2019s interests in an associate
might be impaired, the measurement rules in IAS 36 are
applied to the entire carrying amount (including any
notional goodwill) of the associate, to determine the
amount of any impairment loss.
The result of the transactions between the Group and
its associates are recognised only to the extent of
attributable to external owners. When the Group ceases
to consolidate or equity account for an investment
because of a loss of control, joint control or significant
influence, any retained interest in the entity is
remeasured to its fair value, with the change in carrying
amount recognised in profit or loss.
Financial statements of associated companies have
been changed when necessary to correspond with the
accounting policies adopted by the Group. If financial
statements for the period are not available, the share of
the profit is included in the consolidated financial
statements based on the preliminary financial
statements or latest available information.
Critical estimates and management judgements -
Associated companies
Management judgment and estimates are applied in
assessing the recoverability of investments in associates.
The carrying amount of equity-accounted investments,
including possible goodwill, are assessed for impairment
when objective evidence indicates that the net
investment may be impaired. The impairment, when
applicable, is recognised in share of results in associated
companies and\u00a0 in the carrying amount of the net
investment. The impairment loss on an associate is not
allocated to any particular asset (or assets) that forms
the carrying amount of the associate. Thus, the normal
rules in IAS 36 relating to impairment of goodwill do not
apply to notional goodwill and therefore any previous
impairment losses can be reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
Joint arrangements
A joint arrangement is an arrangement of which two or
more parties have contractually agreed joint control
which exists only when decisions about the relevant
activities require the unanimous consent of the parties
sharing control. A joint arrangement is either a joint
operation or a joint venture", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
Foreign currency items
All transactions in foreign currency are converted to
functional currency at the time of the transaction.
Monetary items in foreign currency are converted on the
balance sheet date into functional currency by using the
exchange rate on the balance sheet date.
The consolidated financial statements are presented in
euro, which is the functional currency of the parent
company.
The functional currency in the subsidiaries is the
currency in which the subsidiary reports its legal statutory
accounts, and the Group has subsidiaries with functional
currencies EUR, SEK, NOK and DKK. When consolidating
subsidiaries that have a functional currency other than
euro, profit and loss items are converted to the Group\u2019s
presentation currency at year-to-date average
exchange rates published by the European Central Bank.
For balance sheet items reported in other currencies
than euro, including goodwill and other assets assumed
when accounting for business combinations, the
conversion to euro is based on closing rate on the
reporting date.
Translation differences arising from elimination of the
cost of foreign subsidiaries and from translation of the
foreign subsidiaries\u2019 post-acquisition profits and losses
are recognised in other comprehensive income and
presented as a separate item within equity. Goodwill and
the fair value adjustments to the carrying amounts of
assets and liabilities of foreign subsidiaries are
accounted for as assets and liabilities of the respective
foreign subsidiary, which are translated to euro using the
closing rate at the reporting date. If these foreign units
are entirely or partly disposed, related exchange rate
differences are recognised in profit or loss as part of the
gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
Foreign currency items
All transactions in foreign currency are converted to
functional currency at the time of the transaction.
Monetary items in foreign currency are converted on the
balance sheet date into functional currency by using the
exchange rate on the balance sheet date.
The consolidated financial statements are presented in
euro, which is the functional currency of the parent
company.
The functional currency in the subsidiaries is the
currency in which the subsidiary reports its legal statutory
accounts, and the Group has subsidiaries with functional
currencies EUR, SEK, NOK and DKK. When consolidating
subsidiaries that have a functional currency other than
euro, profit and loss items are converted to the Group\u2019s
presentation currency at year-to-date average
exchange rates published by the European Central Bank.
For balance sheet items reported in other currencies
than euro, including goodwill and other assets assumed
when accounting for business combinations, the
conversion to euro is based on closing rate on the
reporting date.
Translation differences arising from elimination of the
cost of foreign subsidiaries and from translation of the
foreign subsidiaries\u2019 post-acquisition profits and losses
are recognised in other comprehensive income and
presented as a separate item within equity. Goodwill and
the fair value adjustments to the carrying amounts of
assets and liabilities of foreign subsidiaries are
accounted for as assets and liabilities of the respective
foreign subsidiary, which are translated to euro using the
closing rate at the reporting date. If these foreign units
are entirely or partly disposed, related exchange rate
differences are recognised in profit or loss as part of the
gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
Sale of shares in Roal Oy
Anora had joint control over Roal Oy together with
ABF Overseas Limited (\u201cABF\u201d). ABF Overseas Limited
(\u201cABF\u201d) has exercised their call option to acquire all of
Anora Group Plc\u2019s shares in Roal Oy at a fixed
purchase price of EUR 7.6 million. The transaction was
closed on 28 March 2024. The carrying value of
investment in Roal Oy was classified as held for sale
according to criteria met in reference to IFRS 5 Non-
current assets held for sale and discontinued
operations in the 2023 financial statements, and no
gain or loss on disposal was recognised in 2024.
Anora Group Plc received its share of dividend
amounting to EUR 0.9 million before the transaction.
Establishment of Anora Lithuania
Anora Lithuania, a wholly owned subsidiary of Anora
Group Plc, was officially established on 13 November
2024, with commercial operations set to commence
in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
Sale of shares in Roal Oy
Anora had joint control over Roal Oy together with
ABF Overseas Limited (\u201cABF\u201d). ABF Overseas Limited
(\u201cABF\u201d) has exercised their call option to acquire all of
Anora Group Plc\u2019s shares in Roal Oy at a fixed
purchase price of EUR 7.6 million. The transaction was
closed on 28 March 2024. The carrying value of
investment in Roal Oy was classified as held for sale
according to criteria met in reference to IFRS 5 Non-
current assets held for sale and discontinued
operations in the 2023 financial statements, and no
gain or loss on disposal was recognised in 2024.
Anora Group Plc received its share of dividend
amounting to EUR 0.9 million before the transaction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
5.4\u00a0 Associated companies
Anora has investments in associated companies
Palpa Lasi Oy, Tiffon SA, ISH ApS and Beverage Link AS.
Palpa Lasi Oy engages in the recycling and re-use of
glass beverage packages. Tiffon SA is a cognac
producer and the producer of Braastad Cognac.
Tiffon SA has official accounting year that ends 30
June every year. Beverage Link As is a jointly owned
logistics company between Vectura AS, Skandinavisk
Logistik AS and Cuveco AS. ISH ApS is Danish scale-up
company in non-alcoholic spirits, wines and ready-
to-drink beverages. ISH currently exports to over 15
countries with a special focus on Scandinavia,
Western Europe and North America.
During 2025, the associated company ISH ApS
carried out directed share issues and converted
some loans to equity, resulting to Anora\u2019s share
diluting from 23.48% to 20.75%. The dilution in
ownership was recorded as a partial divestment
which had non-significant impact on the
consolidated income statement and balance sheet.
Management identified loss events that have
occurred after the initial recognition of the net
investment in ISH ApS impacting the estimated future
cash flows and has thus determined the recoverable
amount of the associate in accordance with IAS 36.
As a result, an impairment amounting to EUR 0.6
million was recorded in the net investment.
Related party transactions with associates and
joint arrangements are described in Note 6.3\u00a0 Related
party transactions. Accounting policies on associated
companies and joint arrangements are described in
Note 5.1\u00a0 General consolidation principles .
Shareholdings in associated companies
Company
Nature of
relationship
Measurement
method
2025 Share of
ownership %
2024 Share of
ownership %
Palpa Lasi Oy, Finland
Associate
Equity
25.53%
25.53%
Tiffon SA, France
Associate
Equity
34.75%
34.75%
Beverage Link AS, Norway
Associate
Equity
45.00%
45.00%
ISH ApS, Denmark
Associate
Equity
20.75%
23.48%
Investments in associated companies
2025
EUR million
Tiffon SA
ISH ApS
Other
Total
Book value at beginning of the period
7.2
4.1
0.3
11.6
Disposals
\u2013
-0.1
\u2013
-0.1
Share of profit during period
-0.3
-0.2
0.1
-0.5
Impairment
\u2013
-0.6
\u2013
-0.6
Total book value at end of the period
6.9
3.2
0.4
10.5
Investments in associated companies
2024
EUR million
Tiffon SA
ISH ApS
Other
Total
Book value at beginning of the period
7.3
4.4
0.6
12.3
Share of profit during period
-0.1
-0.3
0.6
0.3
Dividend received
\u2013
\u2013
-0.9
-0.9
Total book value at end of the period
7.2
4.1
0.3
11.6
\u2018Other\u2019 includes Roal Oy\u2019s profit and dividends until disposal, see Note 5.2\u00a0 Changes in group structure
Reconciliation to carrying amount 2025
2025
EUR million
Tiffon SA
ISH ApS
Other
Total
Group's share of Net assets
6.9
0.2
0.4
7.5
Goodwill
\u2013
3.0
\u2013
3.0
Total book value at end of the period
6.9
3.2
0.4
10.5
Reconciliation to carrying amount 2024
2024
EUR million
Tiffon SA
ISH ApS
Other
Total
Group's share of Net assets
7.2
0.2
0.3
7.7
Goodwill
\u2013
3.9
\u2013
3.9
Total book value at end of the period
7.2
4.1
0.3
11.6
Financial summary of associated companies 2025
2025
EUR million
Tiffon SA
ISH ApS
Other
Total
Total revenues
8.4
5.0
16.3
29.7
Profit for the period
-1.0
-1.1
0.4
-1.8
Current assets
33.9
2.6
6.4
43.0
Non-current assets
2.1
\u2013
\u2013
2.2
Current liabilities
1.6
1.7
4.6
7.9
Non-current liabilities
14.7
\u2013
0.5
15.2
Net assets
19.8
1.0
1.4
22.1
Financial summary of associated companies 2024
2024
EUR million
Tiffon SA
ISH ApS
Other
Total
Total revenues
9.5
4.4
15.6
29.5
Profit for the period
-0.2
-1.2
-1.2
-2.6
Current assets
34.8
2.5
6.1
43.3
Non-current assets
2.4
0.1
\u2013
2.5
Current liabilities
2.6
1.8
5.1
9.5
Non-current liabilities
13.8
\u2013
\u2013
13.8
Net assets
20.8
0.8
1.0
22.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
5.4\u00a0 Associated companies
Anora has investments in associated companies
Palpa Lasi Oy, Tiffon SA, ISH ApS and Beverage Link AS.
Palpa Lasi Oy engages in the recycling and re-use of
glass beverage packages. Tiffon SA is a cognac
producer and the producer of Braastad Cognac.
Tiffon SA has official accounting year that ends 30
June every year. Beverage Link As is a jointly owned
logistics company between Vectura AS, Skandinavisk
Logistik AS and Cuveco AS. ISH ApS is Danish scale-up
company in non-alcoholic spirits, wines and ready-
to-drink beverages. ISH currently exports to over 15
countries with a special focus on Scandinavia,
Western Europe and North America.
During 2025, the associated company ISH ApS
carried out directed share issues and converted
some loans to equity, resulting to Anora\u2019s share
diluting from 23.48% to 20.75%. The dilution in
ownership was recorded as a partial divestment
which had non-significant impact on the
consolidated income statement and balance sheet.
Management identified loss events that have
occurred after the initial recognition of the net
investment in ISH ApS impacting the estimated future
cash flows and has thus determined the recoverable
amount of the associate in accordance with IAS 36.
As a result, an impairment amounting to EUR 0.6
million was recorded in the net investment.
Related party transactions with associates and
joint arrangements are described in Note 6.3\u00a0 Related
party transactions. Accounting policies on associated
companies and joint arrangements are described in
Note 5.1\u00a0 General consolidation principles .
Shareholdings in associated companies
Company
Nature of
relationship
Measurement
method
2025 Share of
ownership %
2024 Share of
ownership %
Palpa Lasi Oy, Finland
Associate
Equity
25.53%
25.53%
Tiffon SA, France
Associate
Equity
34.75%
34.75%
Beverage Link AS, Norway
Associate
Equity
45.00%
45.00%
ISH ApS, Denmark
Associate
Equity
20.75%
23.48%
Investments in associated companies
2025
EUR million
Tiffon SA
ISH ApS
Other
Total
Book value at beginning of the period
7.2
4.1
0.3
11.6
Disposals
\u2013
-0.1
\u2013
-0.1
Share of profit during period
-0.3
-0.2
0.1
-0.5
Impairment
\u2013
-0.6
\u2013
-0.6
Total book value at end of the period
6.9
3.2
0.4
10.5
Investments in associated companies
2024
EUR million
Tiffon SA
ISH ApS
Other
Total
Book value at beginning of the period
7.3
4.4
0.6
12.3
Share of profit during period
-0.1
-0.3
0.6
0.3
Dividend received
\u2013
\u2013
-0.9
-0.9
Total book value at end of the period
7.2
4.1
0.3
11.6
\u2018Other\u2019 includes Roal Oy\u2019s profit and dividends until disposal, see Note 5.2\u00a0 Changes in group structure
Reconciliation to carrying amount 2025
2025
EUR million
Tiffon SA
ISH ApS
Other
Total
Group's share of Net assets
6.9
0.2
0.4
7.5
Goodwill
\u2013
3.0
\u2013
3.0
Total book value at end of the period
6.9
3.2
0.4
10.5
Reconciliation to carrying amount 2024
2024
EUR million
Tiffon SA
ISH ApS
Other
Total
Group's share of Net assets
7.2
0.2
0.3
7.7
Goodwill
\u2013
3.9
\u2013
3.9
Total book value at end of the period
7.2
4.1
0.3
11.6
Financial summary of associated companies 2025
2025
EUR million
Tiffon SA
ISH ApS
Other
Total
Total revenues
8.4
5.0
16.3
29.7
Profit for the period
-1.0
-1.1
0.4
-1.8
Current assets
33.9
2.6
6.4
43.0
Non-current assets
2.1
\u2013
\u2013
2.2
Current liabilities
1.6
1.7
4.6
7.9
Non-current liabilities
14.7
\u2013
0.5
15.2
Net assets
19.8
1.0
1.4
22.1
Financial summary of associated companies 2024
2024
EUR million
Tiffon SA
ISH ApS
Other
Total
Total revenues
9.5
4.4
15.6
29.5
Profit for the period
-0.2
-1.2
-1.2
-2.6
Current assets
34.8
2.5
6.1
43.3
Non-current assets
2.4
0.1
\u2013
2.5
Current liabilities
2.6
1.8
5.1
9.5
Non-current liabilities
13.8
\u2013
\u2013
13.8
Net assets
20.8
0.8
1.0
22.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
6\u00a0 Other notes
6.1\u00a0 Income tax expense
Accounting policy - Income tax expense
The Group\u2019s income tax expense recognised through
profit or loss comprises current tax based on taxable
income for the period, any adjustments to tax payable in
respect of previous periods, and changes in deferred
taxes. Current income tax based on taxable income is
calculated according to the local tax regulations of each
Group company.
Tax effects related to transactions or other events
recognised in profit or loss are recognised in profit or loss.
If the taxes relate to items of other comprehensive
income or transactions or other events recognised
directly in equity, income tax expense is recognised
within the respective items. The Group\u2019s share of profit or
loss in associated companies and joint ventures is
reported as calculated from the net profit and thus
including the income tax effect.
Deferred tax assets and liabilities are principally
recognised for all temporary differences between the
carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation
purposes. The most significant temporary differences
arise from intangible assets, property, plant and
equipment, right-of-use assets and corresponding lease
liabilities, carry forward of unused tax losses and fair
value allocations on business combinations. Deferred tax
on assets and liabilities arising from single transactions
are presented in a net basis in the income statement
and in the balance sheet but are shown with gross
values in the deferred tax notes. Deferred tax assets are
recognised only to the extent that it is probable that
future taxable profits will be available against which they
can be utilised. Deferred tax liabilities are recognised in
full. Deferred taxes are calculated using tax rates
enacted or substantively enacted at the end of the
reporting period. Deferred tax is recognised for foreign
subsidiaries undistributed earnings only when related tax
effects are probable.
Deferred tax assets and liabilities are set off when they
are levied by same taxing authority and Anora has legally
enforceable right to set off the balances.
The legislation implementing the OECD Pillar Two model
rules came into effect from January 1, 2024 onwards.
Anora applies the exception to recognising and
disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes, as provided in
the amendments to IAS 12 issued in May 2023. The Pillar
Two legislation does not have a material impact on
Anora\u2019s income taxes.
Income tax expense
EUR million
2025
2024
Current tax expense
-5.1
-4.5
Adjustments to taxes for prior
periods
0.2
0.1
Change in deferred taxes
2.5
0.8
Total
-2.4
-3.7
Reconciliation of tax expense
The reconciliation of the tax expense recognised in
profit and loss and the tax expense calculated using
Anora Group\u2019s domestic corporate tax rate (20.0%):
EUR million
2025
2024
Result before taxes
8.0
14.7
Income tax using the parent
company tax rate
-1.6
-2.9
Effect of tax rates of subsidiaries
in foreign jurisdictions
0.2
\u2013
Non-taxable income
0.2
0.3
Non-deductable expenses
-0.1
-1.1
Utilisation of previously
unrecognized tax losses
0.3
\u2013
Adjustments to taxes for prior
periods
0.1
0.1
Share of profit in assocated
companies, net of tax
-0.2
0.1
Tax arising on dividends
\u2013
\u2013
Tax on undistributed earnings
-0.2
-0.1
Other items
-1.0
-0.1
Total
-2.4
-3.7
Income tax recognised in other comprehensive
income
2025
EUR million
Before tax
Tax
Net of tax
Cash flow hedges
-2.6
0.5
-2.1
Translation differences
6.0
\u2013
6.0
Remeasurements of post-
employment benefit
obligations
\u2014
\u2014
\u2014
Total
3.3
0.5
3.9
2024
EUR million
Before tax
Tax
Net of tax
Cash flow hedges
2.2
-0.3
1.9
Translation differences
-6.9
\u2013
-6.9
Remeasurements of post-
employment benefit
obligations
-0.3
0.1
-0.2
Total
-5.0
-0.2
-5.2
Deferred tax assets and liabilities
EUR million
1 Jan 2025
Recognised in profit
or loss
Recognised in OCI
Acquired /disposed
business
Exhange rate
differences
31 Dec 2025
Deferred tax assets:
Tax losses
2.9
-0.2
\u2013
\u2013
\u2013
2.7
Fixed assets
2.1
-1.3
\u2013
\u2013
\u2013
0.8
Lease Liabilities
25.7
-2.4
\u2013
\u2013
\u2013
23.3
Inventory
-1.3
0.6
\u2013
\u2013
\u2013
-0.7
Pension benefits
0.6
\u2013
\u2013
\u2013
\u2013
0.6
Other temporary differences
0.7
0.2
\u2013
\u2013
\u2013
0.9
Total deferred tax assets
30.6
-3.1
\u2013
\u2013
\u2013
27.5
Offset against deferred tax liabilities
-30.6
2.9
0.3
\u2013
\u2013
-27.5
Net deferred tax assets
\u2013
-0.2
0.3
\u2013
\u2013
\u2013
Deferred tax liabilities:
Fixed assets
4.4
-0.3
\u2013
\u2013
\u2013
4.1
Right-of-Use assets
12.8
-1.2
\u2013
\u2013
\u2013
11.6
Derivative Instruments
-0.1
\u2013
-0.4
\u2013
\u2013
-0.5
Fair value allocation on acquisitions
38.3
-4.0
\u2013
\u2013
-0.1
34.2
Deductable goodwill amortisation
8.8
-0.4
\u2013
\u2013
0.3
8.8
Undistributed profits of foreign subsidiaries
1.0
0.2
\u2013
\u2013
\u2013
1.2
Other temporary differences
0.7
-0.1
\u2013
\u2013
0.1
0.7
Total deferred tax liabilities
66.0
-5.8
-0.4
\u2013
0.3
60.2
Offset against deferred tax assets
-30.6
2.9
0.3
\u2013
\u2013
-27.5
Net deferred tax liabilities
35.4
-2.9
-0.1
\u2013
0.3
32.7
Deferred tax assets and liabilities
EUR million
1 Jan 2024
Recognised in profit
or loss
Recognised in OCI
Acquired /disposed
business
Exhange rate
differences
31 Dec 2024
Deferred tax assets:
Tax losses
3.7
-0.8
\u2013
\u2013
\u2013
2.9
Fixed assets
2.2
0.1
\u2013
\u2013
-0.2
2.1
Lease Liabilities
29.1
-2.3
\u2013
\u2013
-1.1
25.7
Inventory
-0.7
-0.6
\u2013
\u2013
\u2013
-1.3
Pension benefits
0.5
\u2013
0.1
\u2013
\u2013
0.6
Other temporary differences
1.5
-0.8
\u2013
\u2013
-0.1
0.7
Total deferred tax assets
36.4
-4.5
0.1
\u2013
-1.4
30.6
Offset against deferred tax liabilities
-36.5
4.5
-0.1
\u2013
1.4
-30.6
Net deferred tax assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax liabilities:
Fixed assets
4.8
0.1
\u2013
\u2013
-0.4
4.4
Right-of-Use assets
14.6
-1.5
\u2013
\u2013
-0.4
12.8
Derivative Instruments
-0.1
-0.2
0.2
\u2013
\u2013
-0.1
Fair value allocation on acquisitions
41.2
-2.1
\u2013
\u2013
-0.9
38.3
Deductable goodwill amortisation
9.1
-0.1
\u2013
\u2013
-0.2
8.8
Undistributed profits of foreign subsidiaries
1.6
-0.6
\u2013
\u2013
\u2013
1.0
Other temporary differences
1.7
-0.8
\u2013
\u2013
-0.2
0.7
Total deferred tax liabilities
73.0
-5.2
0.2
\u2013
-2.0
65.9
Offset against deferred tax assets
-36.5
4.5
-0.1
\u2013
1.4
-30.6
Net deferred tax liabilities
36.5
-0.8
0.1
\u2013
-0.6
35.4
On 31 December 2025, the Group had EUR 0.7 million (2024: EUR 0.5 million) of tax loss carry forwards for which no deferred tax was recognised. Anora\u2019s management
estimates these losses arise in subsidiaries which have neither indication of future taxable income nor other convincing evidence that tax losses can be utilised and
deferred tax asset be recognised in balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
6\u00a0 Other notes
6.1\u00a0 Income tax expense
Accounting policy - Income tax expense
The Group\u2019s income tax expense recognised through
profit or loss comprises current tax based on taxable
income for the period, any adjustments to tax payable in
respect of previous periods, and changes in deferred
taxes. Current income tax based on taxable income is
calculated according to the local tax regulations of each
Group company.
Tax effects related to transactions or other events
recognised in profit or loss are recognised in profit or loss.
If the taxes relate to items of other comprehensive
income or transactions or other events recognised
directly in equity, income tax expense is recognised
within the respective items. The Group\u2019s share of profit or
loss in associated companies and joint ventures is
reported as calculated from the net profit and thus
including the income tax effect.
Deferred tax assets and liabilities are principally
recognised for all temporary differences between the
carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation
purposes. The most significant temporary differences
arise from intangible assets, property, plant and
equipment, right-of-use assets and corresponding lease
liabilities, carry forward of unused tax losses and fair
value allocations on business combinations. Deferred tax
on assets and liabilities arising from single transactions
are presented in a net basis in the income statement
and in the balance sheet but are shown with gross
values in the deferred tax notes. Deferred tax assets are
recognised only to the extent that it is probable that
future taxable profits will be available against which they
can be utilised. Deferred tax liabilities are recognised in
full. Deferred taxes are calculated using tax rates
enacted or substantively enacted at the end of the
reporting period. Deferred tax is recognised for foreign
subsidiaries undistributed earnings only when related tax
effects are probable.
Deferred tax assets and liabilities are set off when they
are levied by same taxing authority and Anora has legally
enforceable right to set off the balances.
The legislation implementing the OECD Pillar Two model
rules came into effect from January 1, 2024 onwards.
Anora applies the exception to recognising and
disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes, as provided in
the amendments to IAS 12 issued in May 2023. The Pillar
Two legislation does not have a material impact on
Anora\u2019s income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
6\u00a0 Other notes
6.1\u00a0 Income tax expense
Accounting policy - Income tax expense
The Group\u2019s income tax expense recognised through
profit or loss comprises current tax based on taxable
income for the period, any adjustments to tax payable in
respect of previous periods, and changes in deferred
taxes. Current income tax based on taxable income is
calculated according to the local tax regulations of each
Group company.
Tax effects related to transactions or other events
recognised in profit or loss are recognised in profit or loss.
If the taxes relate to items of other comprehensive
income or transactions or other events recognised
directly in equity, income tax expense is recognised
within the respective items. The Group\u2019s share of profit or
loss in associated companies and joint ventures is
reported as calculated from the net profit and thus
including the income tax effect.
Deferred tax assets and liabilities are principally
recognised for all temporary differences between the
carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation
purposes. The most significant temporary differences
arise from intangible assets, property, plant and
equipment, right-of-use assets and corresponding lease
liabilities, carry forward of unused tax losses and fair
value allocations on business combinations. Deferred tax
on assets and liabilities arising from single transactions
are presented in a net basis in the income statement
and in the balance sheet but are shown with gross
values in the deferred tax notes. Deferred tax assets are
recognised only to the extent that it is probable that
future taxable profits will be available against which they
can be utilised. Deferred tax liabilities are recognised in
full. Deferred taxes are calculated using tax rates
enacted or substantively enacted at the end of the
reporting period. Deferred tax is recognised for foreign
subsidiaries undistributed earnings only when related tax
effects are probable.
Deferred tax assets and liabilities are set off when they
are levied by same taxing authority and Anora has legally
enforceable right to set off the balances.
The legislation implementing the OECD Pillar Two model
rules came into effect from January 1, 2024 onwards.
Anora applies the exception to recognising and
disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes, as provided in
the amendments to IAS 12 issued in May 2023. The Pillar
Two legislation does not have a material impact on
Anora\u2019s income taxes.
Income tax expense
EUR million
2025
2024
Current tax expense
-5.1
-4.5
Adjustments to taxes for prior
periods
0.2
0.1
Change in deferred taxes
2.5
0.8
Total
-2.4
-3.7
Reconciliation of tax expense
The reconciliation of the tax expense recognised in
profit and loss and the tax expense calculated using
Anora Group\u2019s domestic corporate tax rate (20.0%):
EUR million
2025
2024
Result before taxes
8.0
14.7
Income tax using the parent
company tax rate
-1.6
-2.9
Effect of tax rates of subsidiaries
in foreign jurisdictions
0.2
\u2013
Non-taxable income
0.2
0.3
Non-deductable expenses
-0.1
-1.1
Utilisation of previously
unrecognized tax losses
0.3
\u2013
Adjustments to taxes for prior
periods
0.1
0.1
Share of profit in assocated
companies, net of tax
-0.2
0.1
Tax arising on dividends
\u2013
\u2013
Tax on undistributed earnings
-0.2
-0.1
Other items
-1.0
-0.1
Total
-2.4
-3.7
Income tax recognised in other comprehensive
income
2025
EUR million
Before tax
Tax
Net of tax
Cash flow hedges
-2.6
0.5
-2.1
Translation differences
6.0
\u2013
6.0
Remeasurements of post-
employment benefit
obligations
\u2014
\u2014
\u2014
Total
3.3
0.5
3.9
2024
EUR million
Before tax
Tax
Net of tax
Cash flow hedges
2.2
-0.3
1.9
Translation differences
-6.9
\u2013
-6.9
Remeasurements of post-
employment benefit
obligations
-0.3
0.1
-0.2
Total
-5.0
-0.2
-5.2
Deferred tax assets and liabilities
EUR million
1 Jan 2025
Recognised in profit
or loss
Recognised in OCI
Acquired /disposed
business
Exhange rate
differences
31 Dec 2025
Deferred tax assets:
Tax losses
2.9
-0.2
\u2013
\u2013
\u2013
2.7
Fixed assets
2.1
-1.3
\u2013
\u2013
\u2013
0.8
Lease Liabilities
25.7
-2.4
\u2013
\u2013
\u2013
23.3
Inventory
-1.3
0.6
\u2013
\u2013
\u2013
-0.7
Pension benefits
0.6
\u2013
\u2013
\u2013
\u2013
0.6
Other temporary differences
0.7
0.2
\u2013
\u2013
\u2013
0.9
Total deferred tax assets
30.6
-3.1
\u2013
\u2013
\u2013
27.5
Offset against deferred tax liabilities
-30.6
2.9
0.3
\u2013
\u2013
-27.5
Net deferred tax assets
\u2013
-0.2
0.3
\u2013
\u2013
\u2013
Deferred tax liabilities:
Fixed assets
4.4
-0.3
\u2013
\u2013
\u2013
4.1
Right-of-Use assets
12.8
-1.2
\u2013
\u2013
\u2013
11.6
Derivative Instruments
-0.1
\u2013
-0.4
\u2013
\u2013
-0.5
Fair value allocation on acquisitions
38.3
-4.0
\u2013
\u2013
-0.1
34.2
Deductable goodwill amortisation
8.8
-0.4
\u2013
\u2013
0.3
8.8
Undistributed profits of foreign subsidiaries
1.0
0.2
\u2013
\u2013
\u2013
1.2
Other temporary differences
0.7
-0.1
\u2013
\u2013
0.1
0.7
Total deferred tax liabilities
66.0
-5.8
-0.4
\u2013
0.3
60.2
Offset against deferred tax assets
-30.6
2.9
0.3
\u2013
\u2013
-27.5
Net deferred tax liabilities
35.4
-2.9
-0.1
\u2013
0.3
32.7
Deferred tax assets and liabilities
EUR million
1 Jan 2024
Recognised in profit
or loss
Recognised in OCI
Acquired /disposed
business
Exhange rate
differences
31 Dec 2024
Deferred tax assets:
Tax losses
3.7
-0.8
\u2013
\u2013
\u2013
2.9
Fixed assets
2.2
0.1
\u2013
\u2013
-0.2
2.1
Lease Liabilities
29.1
-2.3
\u2013
\u2013
-1.1
25.7
Inventory
-0.7
-0.6
\u2013
\u2013
\u2013
-1.3
Pension benefits
0.5
\u2013
0.1
\u2013
\u2013
0.6
Other temporary differences
1.5
-0.8
\u2013
\u2013
-0.1
0.7
Total deferred tax assets
36.4
-4.5
0.1
\u2013
-1.4
30.6
Offset against deferred tax liabilities
-36.5
4.5
-0.1
\u2013
1.4
-30.6
Net deferred tax assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax liabilities:
Fixed assets
4.8
0.1
\u2013
\u2013
-0.4
4.4
Right-of-Use assets
14.6
-1.5
\u2013
\u2013
-0.4
12.8
Derivative Instruments
-0.1
-0.2
0.2
\u2013
\u2013
-0.1
Fair value allocation on acquisitions
41.2
-2.1
\u2013
\u2013
-0.9
38.3
Deductable goodwill amortisation
9.1
-0.1
\u2013
\u2013
-0.2
8.8
Undistributed profits of foreign subsidiaries
1.6
-0.6
\u2013
\u2013
\u2013
1.0
Other temporary differences
1.7
-0.8
\u2013
\u2013
-0.2
0.7
Total deferred tax liabilities
73.0
-5.2
0.2
\u2013
-2.0
65.9
Offset against deferred tax assets
-36.5
4.5
-0.1
\u2013
1.4
-30.6
Net deferred tax liabilities
36.5
-0.8
0.1
\u2013
-0.6
35.4
On 31 December 2025, the Group had EUR 0.7 million (2024: EUR 0.5 million) of tax loss carry forwards for which no deferred tax was recognised. Anora\u2019s management
estimates these losses arise in subsidiaries which have neither indication of future taxable income nor other convincing evidence that tax losses can be utilised and
deferred tax asset be recognised in balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
Accounting policy - Income tax expense
The Group\u2019s income tax expense recognised through
profit or loss comprises current tax based on taxable
income for the period, any adjustments to tax payable in
respect of previous periods, and changes in deferred
taxes. Current income tax based on taxable income is
calculated according to the local tax regulations of each
Group company.
Tax effects related to transactions or other events
recognised in profit or loss are recognised in profit or loss.
If the taxes relate to items of other comprehensive
income or transactions or other events recognised
directly in equity, income tax expense is recognised
within the respective items. The Group\u2019s share of profit or
loss in associated companies and joint ventures is
reported as calculated from the net profit and thus
including the income tax effect.
Deferred tax assets and liabilities are principally
recognised for all temporary differences between the
carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation
purposes. The most significant temporary differences
arise from intangible assets, property, plant and
equipment, right-of-use assets and corresponding lease
liabilities, carry forward of unused tax losses and fair
value allocations on business combinations. Deferred tax
on assets and liabilities arising from single transactions
are presented in a net basis in the income statement
and in the balance sheet but are shown with gross
values in the deferred tax notes. Deferred tax assets are
recognised only to the extent that it is probable that
future taxable profits will be available against which they
can be utilised. Deferred tax liabilities are recognised in
full. Deferred taxes are calculated using tax rates
enacted or substantively enacted at the end of the
reporting period. Deferred tax is recognised for foreign
subsidiaries undistributed earnings only when related tax
effects are probable.
Deferred tax assets and liabilities are set off when they
are levied by same taxing authority and Anora has legally
enforceable right to set off the balances.
The legislation implementing the OECD Pillar Two model
rules came into effect from January 1, 2024 onwards.
Anora applies the exception to recognising and
disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes, as provided in
the amendments to IAS 12 issued in May 2023. The Pillar
Two legislation does not have a material impact on
Anora\u2019s income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
6.2\u00a0 Collaterals, commitments and contingent assets and liabilities
Collaterals and securities
31 Dec 2025
31 Dec 2024
EUR million
Debt in the
statement of
financial
position
Security
Debt in the
statement of
financial
position
Security
Guarantees given as collateral for liabilities
Guarantees
3.8
3.8
5.3
5.3
Collaterals
1.4
1.4
\u2013
\u2013
Mortgages given as collateral for liabilities and commitments
Mortgages
18.5
18.5
Guarantees and contingent liabilities
Collaterals given on behalf of the Group companies or Company itself
12.3
11.8
Total collaterals
36.0
35.6
Collaterals given on behalf of Group companies all relate to mainly commitments to authorities.
Off-balance sheet commitments and other contractual obligations
EUR million
31 Dec 2025
31 Dec 2024
Short-term and low value lease obligations
Less than one year
0.2
0.3
Between one and five years
0.1
0.2
Total short-term and low value lease obligations
0.4
0.4
Leases not yet commenced, but to which Anora is committed
1.9
\u2013
Commitments related to acquisition of tangible and intangible assets
9.9
0.9
Other contractual obligations
7.9
8.1
Total commitments
20.0
9.4
Short-term and low value obligations consist mainly of IT equipment. Of the investment commitments EUR 6.8
million relate to the biomass-boiler investment in Koskenkorva Distillery in Finland. Other contractual obligations
amounting to EUR 7.9 million consist of volume commitment and other contractual commitments.
\"Accounting-02.svg\"
Accounting policy - Lease commitments
The short-term and low value lease obligations are future
minimum lease payments under non-cancellable off-
balance sheet leases. Leases not yet commenced are
non-cancellable leasing contracts where the underlying
asset is not yet available for use.\u00a0
Assets not recognised in the balance sheet -
Emission allowances
\"Accounting-02.svg\"
Accounting policy - Emission allowances
The Group participates in the European Union emission
trading scheme, where it has been granted a certain
number of carbon dioxide emission allowances for a
certain period of time, free of charge. Anora Group Plc
discloses its carbon dioxide emission allowances granted
free of charge on net basis. The emission allowances
granted free are recognised on zero-value. If the Group
has sufficient amount of allowances to cover the
obligation to deliver allowances corresponding to the
amount of emissions made, the obligation is recognised
as corresponding value of emissions (zero value).\u00a0 The
Group does not recognise income or expenses arising
from emission allowances through profit or loss when the
emission allowances granted are sufficient to cover the
obligation to deliver allowances corresponding to the
amount of emissions made. If the realised emissions
exceed the granted emission allowances, the obligation
arising from the excess emissions is recognised at fair
value as a liability in the balance sheet at the reporting
date. If the realised emissions fall below the granted
emission allowances, the difference is not recognised in
the balance sheet, but it is disclosed in the notes to the
financial statements, measured at fair value.
The following table presents changes in allowances
for financial years 2025 and 2024 as well as their fair
values. The emission allowances received during year
2025 and the realised emissions are estimates, which
will be adjusted during 2026. Anora continues to
operate within the emission trading system for the
trading period 2021\u20132030.
million tons
31 Dec 2025
31 Dec 2024
Emission allowances received
22.6
22.6
Excess emission allowances from
the previous period
8.2
1.0
Sold emission allowances
-10.0
\u2013
Realised emissions
-14.1
-15.4
Total emission allowances
6.7
8.2
Fair value of emission
allowances (EUR million)
0.5
0.3
An insurance claim relating
to the acquisition of Globus Wine
Anora has filed a claim with the Insurer during Q2
2023 under the warranties and indemnity insurance
policy taken in connection with the acquisition of
Globus Wine. In June 2025, Anora initiated arbitration
proceedings against the Insurer. It is not possible to
estimate the outcome of the arbitration. Anora still
considers that it has a contingent asset in the form of
a potential insurance compensation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
6.2\u00a0 Collaterals, commitments and contingent assets and liabilities
Collaterals and securities
31 Dec 2025
31 Dec 2024
EUR million
Debt in the
statement of
financial
position
Security
Debt in the
statement of
financial
position
Security
Guarantees given as collateral for liabilities
Guarantees
3.8
3.8
5.3
5.3
Collaterals
1.4
1.4
\u2013
\u2013
Mortgages given as collateral for liabilities and commitments
Mortgages
18.5
18.5
Guarantees and contingent liabilities
Collaterals given on behalf of the Group companies or Company itself
12.3
11.8
Total collaterals
36.0
35.6
Collaterals given on behalf of Group companies all relate to mainly commitments to authorities.
Off-balance sheet commitments and other contractual obligations
EUR million
31 Dec 2025
31 Dec 2024
Short-term and low value lease obligations
Less than one year
0.2
0.3
Between one and five years
0.1
0.2
Total short-term and low value lease obligations
0.4
0.4
Leases not yet commenced, but to which Anora is committed
1.9
\u2013
Commitments related to acquisition of tangible and intangible assets
9.9
0.9
Other contractual obligations
7.9
8.1
Total commitments
20.0
9.4
Short-term and low value obligations consist mainly of IT equipment. Of the investment commitments EUR 6.8
million relate to the biomass-boiler investment in Koskenkorva Distillery in Finland. Other contractual obligations
amounting to EUR 7.9 million consist of volume commitment and other contractual commitments.
\"Accounting-02.svg\"
Accounting policy - Lease commitments
The short-term and low value lease obligations are future
minimum lease payments under non-cancellable off-
balance sheet leases. Leases not yet commenced are
non-cancellable leasing contracts where the underlying
asset is not yet available for use.\u00a0
Assets not recognised in the balance sheet -
Emission allowances
\"Accounting-02.svg\"
Accounting policy - Emission allowances
The Group participates in the European Union emission
trading scheme, where it has been granted a certain
number of carbon dioxide emission allowances for a
certain period of time, free of charge. Anora Group Plc
discloses its carbon dioxide emission allowances granted
free of charge on net basis. The emission allowances
granted free are recognised on zero-value. If the Group
has sufficient amount of allowances to cover the
obligation to deliver allowances corresponding to the
amount of emissions made, the obligation is recognised
as corresponding value of emissions (zero value).\u00a0 The
Group does not recognise income or expenses arising
from emission allowances through profit or loss when the
emission allowances granted are sufficient to cover the
obligation to deliver allowances corresponding to the
amount of emissions made. If the realised emissions
exceed the granted emission allowances, the obligation
arising from the excess emissions is recognised at fair
value as a liability in the balance sheet at the reporting
date. If the realised emissions fall below the granted
emission allowances, the difference is not recognised in
the balance sheet, but it is disclosed in the notes to the
financial statements, measured at fair value.
The following table presents changes in allowances
for financial years 2025 and 2024 as well as their fair
values. The emission allowances received during year
2025 and the realised emissions are estimates, which
will be adjusted during 2026. Anora continues to
operate within the emission trading system for the
trading period 2021\u20132030.
million tons
31 Dec 2025
31 Dec 2024
Emission allowances received
22.6
22.6
Excess emission allowances from
the previous period
8.2
1.0
Sold emission allowances
-10.0
\u2013
Realised emissions
-14.1
-15.4
Total emission allowances
6.7
8.2
Fair value of emission
allowances (EUR million)
0.5
0.3
An insurance claim relating
to the acquisition of Globus Wine
Anora has filed a claim with the Insurer during Q2
2023 under the warranties and indemnity insurance
policy taken in connection with the acquisition of
Globus Wine. In June 2025, Anora initiated arbitration
proceedings against the Insurer. It is not possible to
estimate the outcome of the arbitration. Anora still
considers that it has a contingent asset in the form of
a potential insurance compensation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
Accounting policy - Emission allowances
The Group participates in the European Union emission
trading scheme, where it has been granted a certain
number of carbon dioxide emission allowances for a
certain period of time, free of charge. Anora Group Plc
discloses its carbon dioxide emission allowances granted
free of charge on net basis. The emission allowances
granted free are recognised on zero-value. If the Group
has sufficient amount of allowances to cover the
obligation to deliver allowances corresponding to the
amount of emissions made, the obligation is recognised
as corresponding value of emissions (zero value).\u00a0 The
Group does not recognise income or expenses arising
from emission allowances through profit or loss when the
emission allowances granted are sufficient to cover the
obligation to deliver allowances corresponding to the
amount of emissions made. If the realised emissions
exceed the granted emission allowances, the obligation
arising from the excess emissions is recognised at fair
value as a liability in the balance sheet at the reporting
date. If the realised emissions fall below the granted
emission allowances, the difference is not recognised in
the balance sheet, but it is disclosed in the notes to the
financial statements, measured at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
6.3\u00a0 Related party transactions
Anora Group Plc\u2019s related parties include the Board of
Directors, the CEO, the members of the Executive
Management Team and their close family members
as well as entities controlled or jointly controlled by
these persons, its subsidiaries and associated
companies, and companies or legal entities with
significant influence over the company.
The subsidiaries are presented in Note 5.3\u00a0
Subsidiaries and the associated companies in Note
5.4\u00a0 Associated companies. Shareholders with
significant influence include Canica AS1, Solidium Oy 2
and the State of Finland3. In addition, entities that are
controlled or jointly controlled by, or are associates of
the State of Finland3, are related parties of Anora
based on the fact that the State of Finland has
significant influence over Anora.
Transactions with related parties not eliminated in
the Group\u2019s consolidated financial statements, are
disclosed as related party transactions.However,
Anora has applied the exemption to report only
material transactions with the government related
entities. Transactions with related parties are entered
into on market terms. Anora has related party
transactions on a continuous basis with its major
customer Alko, owned by Finnish government.
1 Ownership 22.4%
2 Direct ownership 19.4%, but holds one seat in the company's Board of
Directors and Shareholders' Nomination Board.
3 The State of Finland indirectly owns less than 20% of Anora's shares
through Solidium Oy
The following transactions have taken place with related parties:
EUR million
31 Dec 2025
31 Dec 2024
Sales of goods and services
Associated companies
\u2013
0.3
Finnish government related entity
75.3
85.8
Total sales of goods and services
75.3
86.1
Purchases of goods and services
Associated companies
1.7
4.8
Shareholder
1.1
2.0
Finnish government related entity
1.2
1.0
Total purchases of goods and services
4.1
7.8
Outstanding balances from sales and purchases of goods and services
Receivables
Finnish government related entity
3.9
2.0
Total receivables
3.9
2.0
Payables
Associated companies
0.2
0.2
Shareholder
\u2013
0.1
Finnish government related entity
0.1
0.1
Total payables
0.3
0.4
Loans granted
Associated companies
0.2
0.1
Total loans granted
0.2
0.1
Management remuneration
EUR million
2025
2024
CEO1
Salaries and other short-term
employee benefits
0.7
0.7
Performance bonus and the
bonuses from long-term
incentive plan
0.1
\u2013
Pension benefits
0.1
0.1
Total
0.9
0.8
Members of the Executive
Management Team2
Salaries and other short-term
employee benefits
1.7
1.7
Performance bonus and share-
based payments
0.3
0.3
Pension benefits
0.2
0.1
Total
2.2
2.1
1Total compensation for the CEO position holder(s)
2CEO not included
No monetary loans have been granted to the CEO,
the members of the Excecutive Management Team
or the members of the Board of Directors, nor any
collaterals or commitments granted on their behalf.
The CEO doesn\u2019t have any supplementary pension
insurance paid by the Group. More information on
long-term incentive plan, see Note 6.4\u00a0 Share-based
payments .
Management\u2019s shareholdings
Executive Management
Position
Number of shares at
31 Dec 2025
Number of shares at
31 Dec 2024
Kirsi Puntila
CEO
6,666
6,666
Stein Eriksen
CFO
10,000
n/a
Hannu V\u00e4h\u00e4murto
SVP, Industrial
200
n/a
Imre Avalo
SVP, Spirits
1,000
n/a
Mikkel Pilemand
Chief Growth Officer (CGO)
16,000
6,000
Johanna Sund\u00e9n
Chief People and Communications Officer
(CPCO)
0
0
Thomas Heinonen
Group General Counsel
4,375
4,375
Jacek Pastuszka
Former CEO
n/a
0
Risto Gaggl
Former SVP, Industrial
n/a
0
Janne Halttunen
Former SVP, Wine
n/a
9,300
Total
38,241
26,341
% of total shares
0.06%
0.04%
Board of Director\u2019s compensation and shareholdings
Board of Director's
Position
Fees 2025
EUR
Fees 2024
EUR
Shareholding
at 31 Dec 2025,
number of
shares
Shareholding
at 31 Dec 2024,
number of
shares
Atle Vidar Nagel Johansen
Chairperson of the Board since 3.12.2025
2,100
n/a
12,000
n/a
Jyrki M\u00e4ki-Kala
Vice Chairperson of the Board
76,700
72,100
13,600
13,600
Christer Kjos
Member of the Board
57,300
51,750
0
0
Annareetta Lumme-Timonen
Member of the Board
55,900
51,100
4,600
4,600
Florence Rollet
Member of the Board
56,900
53,300
4,620
4,620
Eva Rebecca Tallmark
Member of the Board since 15.4.2025
51,000
n/a
0
n/a
Jussi Mikkola
Member of the Board
13,800
9,650
100
100
Former board members:
Michael Holm Johansen
Chairperson of the Board until 3.l2.2025
88,650
102,282
n/a
80,000
Kirsten \u00c6gidus
Member of the Board until 15.4.2025
4,550
51,400
n/a
6,100
Torsten Steenholt
Member of the Board until 29.8.2025
25,100
48,450
n/a
20,000
Arne Larsen
Member of the Board until 17.4.2024
n/a
1,800
n/a
n/a
Total
432,000
441,832
34,920
129,020
% of total shares
0.05%
0.19%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
Anora Group Plc\u2019s related parties include the Board of
Directors, the CEO, the members of the Executive
Management Team and their close family members
as well as entities controlled or jointly controlled by
these persons, its subsidiaries and associated
companies, and companies or legal entities with
significant influence over the company.
The subsidiaries are presented in Note 5.3\u00a0
Subsidiaries and the associated companies in Note
5.4\u00a0 Associated companies. Shareholders with
significant influence include Canica AS1, Solidium Oy 2
and the State of Finland3. In addition, entities that are
controlled or jointly controlled by, or are associates of
the State of Finland3, are related parties of Anora
based on the fact that the State of Finland has
significant influence over Anora.
Transactions with related parties not eliminated in
the Group\u2019s consolidated financial statements, are
disclosed as related party transactions.However,
Anora has applied the exemption to report only
material transactions with the government related
entities. Transactions with related parties are entered
into on market terms. Anora has related party
transactions on a continuous basis with its major
customer Alko, owned by Finnish government.
1 Ownership 22.4%
2 Direct ownership 19.4%, but holds one seat in the company's Board of
Directors and Shareholders' Nomination Board.
3 The State of Finland indirectly owns less than 20% of Anora's shares
through Solidium Oy
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
Management remuneration
EUR million
2025
2024
CEO1
Salaries and other short-term
employee benefits
0.7
0.7
Performance bonus and the
bonuses from long-term
incentive plan
0.1
\u2013
Pension benefits
0.1
0.1
Total
0.9
0.8
Members of the Executive
Management Team2
Salaries and other short-term
employee benefits
1.7
1.7
Performance bonus and share-
based payments
0.3
0.3
Pension benefits
0.2
0.1
Total
2.2
2.1
1Total compensation for the CEO position holder(s)
2CEO not included
No monetary loans have been granted to the CEO,
the members of the Excecutive Management Team
or the members of the Board of Directors, nor any
collaterals or commitments granted on their behalf.
The CEO doesn\u2019t have any supplementary pension
insurance paid by the Group. More information on
long-term incentive plan, see Note 6.4\u00a0 Share-based
payments .
Management\u2019s shareholdings
Executive Management
Position
Number of shares at
31 Dec 2025
Number of shares at
31 Dec 2024
Kirsi Puntila
CEO
6,666
6,666
Stein Eriksen
CFO
10,000
n/a
Hannu V\u00e4h\u00e4murto
SVP, Industrial
200
n/a
Imre Avalo
SVP, Spirits
1,000
n/a
Mikkel Pilemand
Chief Growth Officer (CGO)
16,000
6,000
Johanna Sund\u00e9n
Chief People and Communications Officer
(CPCO)
0
0
Thomas Heinonen
Group General Counsel
4,375
4,375
Jacek Pastuszka
Former CEO
n/a
0
Risto Gaggl
Former SVP, Industrial
n/a
0
Janne Halttunen
Former SVP, Wine
n/a
9,300
Total
38,241
26,341
% of total shares
0.06%
0.04%
Board of Director\u2019s compensation and shareholdings
Board of Director's
Position
Fees 2025
EUR
Fees 2024
EUR
Shareholding
at 31 Dec 2025,
number of
shares
Shareholding
at 31 Dec 2024,
number of
shares
Atle Vidar Nagel Johansen
Chairperson of the Board since 3.12.2025
2,100
n/a
12,000
n/a
Jyrki M\u00e4ki-Kala
Vice Chairperson of the Board
76,700
72,100
13,600
13,600
Christer Kjos
Member of the Board
57,300
51,750
0
0
Annareetta Lumme-Timonen
Member of the Board
55,900
51,100
4,600
4,600
Florence Rollet
Member of the Board
56,900
53,300
4,620
4,620
Eva Rebecca Tallmark
Member of the Board since 15.4.2025
51,000
n/a
0
n/a
Jussi Mikkola
Member of the Board
13,800
9,650
100
100
Former board members:
Michael Holm Johansen
Chairperson of the Board until 3.l2.2025
88,650
102,282
n/a
80,000
Kirsten \u00c6gidus
Member of the Board until 15.4.2025
4,550
51,400
n/a
6,100
Torsten Steenholt
Member of the Board until 29.8.2025
25,100
48,450
n/a
20,000
Arne Larsen
Member of the Board until 17.4.2024
n/a
1,800
n/a
n/a
Total
432,000
441,832
34,920
129,020
% of total shares
0.05%
0.19%
6.4\u00a0 Share-based payments
Anora Group has a share-based long-term incentive
scheme for the company\u2019s management and
selected key employees, which are settled in shares.
The scheme comprises a Performance Share Plan for
the top management and other key employees and
a Restricted Share Plan as a complementary
structure for individually selected key employees in
specific situations. In 2022, the complementary
structure was a Bridge Plan to cover the transition
period into the integrated business operations of
Anora Group.
The objectives of the share-based long-term
incentive scheme are to align the interests of Anora
Group\u2019s management and key employees with those
of the company\u2019s shareholders and, thus, to promote
shareholder value creation in the long term, to
commit management and key employees to
achieving Anora Group\u2019s strategic targets, and the
retention of Anora Group\u2019s key resources.
The scheme consists of annually commencing
individual performance share plans with a three-year
vesting period except for the Bridge Plan, whose
vesting period was two years, followed by the
payment of the potential share rewards. The potential
share rewards will be paid in listed shares of Anora
Group. The commencement of each new plan is
subject to a separate decision of Anora Group\u2019s
Board of Directors.
The payment of the rewards is conditional on the
achievement of the performance targets which the
Board of Directors has set for the plan. The value of
the reward payable to participants based on the
plans is limited by a share price development-based
cutter. If the individual\u2019s employment with Anora
Group terminates before the payment of the reward,
the individual is, as a main rule, not entitled to any
reward based on the respective plan.
Accounting policy \u2013 Share based payments
The granted shares are measured at fair value at the
grant date and are recognised as personnel expenses
over the vesting period with corresponding increase in
equity. Non-market conditions are not included in fair
value of share-based instruments but in the number of
instruments that are expected to vest. At each reporting
period closing date, the estimates about number of
instruments are revised and the impact is recognised in
income statement.
Share Plans
Performance share plan 2022\u20132024
The performance share plan 2022-2024 (PSP
2022-2024) was effective from the beginning of 2022
a until end of December 2024. The final settlements
from this program were settled in cash during spring
of 2025.
Restricted share plan 2022-2024
The individual plan 2022-2025 within the RSP structure
was effective from the beginning of 2022 until end of
March 2025. The final settlements from this program
were settled in cash during spring of 2025.
Performance share plan 2023\u20132025
The performance share plan 2023-2025 (PSP
2023-2025) is effective as of the beginning of 2023
and the share rewards payable thereunder will be
paid during H12026. The performance measures
based on which the potential share reward under PSP
2023-2025 will be paid, are revenue growth, earnings
per share (EPS), the relative total shareholder return
of the Company\u2019s share and a measure linked to ESG
\u2013 Sustainalytics ESG Risk Rating Score. Eligible for
participation in PSP 2023-2025 are 29 individuals,
including the members of Anora Group\u2019s Executive
Management Team.
If all the performance targets set for this plan are
fully achieved, the aggregate maximum number of
shares to be paid based on this plan is approximately
300,133 shares, referring to gross earnings before the
withholding of the applicable payroll tax.
Performance share plan 2024-2026
The performance share plan 2024-2026 is effective as
of the beginning of 2024 and the share rewards
payable thereunder will be paid during H1 2027. The
performance measures based on which the potential
share reward under PSP 2024-2026 will be paid, are
revenue growth, earnings per share (EPS), the relative
total shareholder return of the Company\u2019s share and
a measure linked to ESG \u2013 Sustainalytics ESG Risk
Rating Score. Eligible for participation are 31
individuals, including the members of Anora Group\u2019s
Executive Management Team.
If all the performance targets set for this plan are
fully achieved, the aggregate maximum number of
shares to be paid based on the plan is approximately
709,000 shares, referring to gross earnings before the
withholding of the applicable payroll tax.
Restricted share plan 2024-2026
The individual plan 2024-2026 within the RSP structure
is effective as of the beginning of 2024 and the
potential share rewards thereunder will be paid
during H1 2027 at the latest. Eligible for participation is
one individual, and the vesting conditions is
employment requirement. The aggregate maximum
number of shares to be paid based on the plan is
approximately 8,000 shares referring to gross
earnings before the withholding of the applicable
payroll tax.
Performance share plan 2025-2027
The performance share plan 2025-2027 is effective as
of the beginning of 2025 and the share rewards
payable thereunder will be paid during H1 2028. The
performance measures based on which the potential
share reward under PSP 2025-2027 will be paid, are
revenue growth, earnings per share (EPS), the relative
total shareholder return of the Company\u2019s share and
a measure linked to ESG \u2013 Sustainalytics ESG Risk
Rating Score. Eligible for participation are 32
individuals, including the members of Anora Group\u2019s
Executive Management Team.
If all the performance targets set for this plan are
fully achieved, the aggregate maximum number of
shares to be paid based on the plan is approximately
1,249,000 shares, referring to gross earnings before
the withholding of the applicable payroll tax.
Share-based payments recognised as expenses in
the income statement amount to EUR 0.4 million
(2024: 0.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
6.4\u00a0 Share-based payments
Anora Group has a share-based long-term incentive
scheme for the company\u2019s management and
selected key employees, which are settled in shares.
The scheme comprises a Performance Share Plan for
the top management and other key employees and
a Restricted Share Plan as a complementary
structure for individually selected key employees in
specific situations. In 2022, the complementary
structure was a Bridge Plan to cover the transition
period into the integrated business operations of
Anora Group.
The objectives of the share-based long-term
incentive scheme are to align the interests of Anora
Group\u2019s management and key employees with those
of the company\u2019s shareholders and, thus, to promote
shareholder value creation in the long term, to
commit management and key employees to
achieving Anora Group\u2019s strategic targets, and the
retention of Anora Group\u2019s key resources.
The scheme consists of annually commencing
individual performance share plans with a three-year
vesting period except for the Bridge Plan, whose
vesting period was two years, followed by the
payment of the potential share rewards. The potential
share rewards will be paid in listed shares of Anora
Group. The commencement of each new plan is
subject to a separate decision of Anora Group\u2019s
Board of Directors.
The payment of the rewards is conditional on the
achievement of the performance targets which the
Board of Directors has set for the plan. The value of
the reward payable to participants based on the
plans is limited by a share price development-based
cutter. If the individual\u2019s employment with Anora
Group terminates before the payment of the reward,
the individual is, as a main rule, not entitled to any
reward based on the respective plan.
Accounting policy \u2013 Share based payments
The granted shares are measured at fair value at the
grant date and are recognised as personnel expenses
over the vesting period with corresponding increase in
equity. Non-market conditions are not included in fair
value of share-based instruments but in the number of
instruments that are expected to vest. At each reporting
period closing date, the estimates about number of
instruments are revised and the impact is recognised in
income statement.
Share Plans
Performance share plan 2022\u20132024
The performance share plan 2022-2024 (PSP
2022-2024) was effective from the beginning of 2022
a until end of December 2024. The final settlements
from this program were settled in cash during spring
of 2025.
Restricted share plan 2022-2024
The individual plan 2022-2025 within the RSP structure
was effective from the beginning of 2022 until end of
March 2025. The final settlements from this program
were settled in cash during spring of 2025.
Performance share plan 2023\u20132025
The performance share plan 2023-2025 (PSP
2023-2025) is effective as of the beginning of 2023
and the share rewards payable thereunder will be
paid during H12026. The performance measures
based on which the potential share reward under PSP
2023-2025 will be paid, are revenue growth, earnings
per share (EPS), the relative total shareholder return
of the Company\u2019s share and a measure linked to ESG
\u2013 Sustainalytics ESG Risk Rating Score. Eligible for
participation in PSP 2023-2025 are 29 individuals,
including the members of Anora Group\u2019s Executive
Management Team.
If all the performance targets set for this plan are
fully achieved, the aggregate maximum number of
shares to be paid based on this plan is approximately
300,133 shares, referring to gross earnings before the
withholding of the applicable payroll tax.
Performance share plan 2024-2026
The performance share plan 2024-2026 is effective as
of the beginning of 2024 and the share rewards
payable thereunder will be paid during H1 2027. The
performance measures based on which the potential
share reward under PSP 2024-2026 will be paid, are
revenue growth, earnings per share (EPS), the relative
total shareholder return of the Company\u2019s share and
a measure linked to ESG \u2013 Sustainalytics ESG Risk
Rating Score. Eligible for participation are 31
individuals, including the members of Anora Group\u2019s
Executive Management Team.
If all the performance targets set for this plan are
fully achieved, the aggregate maximum number of
shares to be paid based on the plan is approximately
709,000 shares, referring to gross earnings before the
withholding of the applicable payroll tax.
Restricted share plan 2024-2026
The individual plan 2024-2026 within the RSP structure
is effective as of the beginning of 2024 and the
potential share rewards thereunder will be paid
during H1 2027 at the latest. Eligible for participation is
one individual, and the vesting conditions is
employment requirement. The aggregate maximum
number of shares to be paid based on the plan is
approximately 8,000 shares referring to gross
earnings before the withholding of the applicable
payroll tax.
Performance share plan 2025-2027
The performance share plan 2025-2027 is effective as
of the beginning of 2025 and the share rewards
payable thereunder will be paid during H1 2028. The
performance measures based on which the potential
share reward under PSP 2025-2027 will be paid, are
revenue growth, earnings per share (EPS), the relative
total shareholder return of the Company\u2019s share and
a measure linked to ESG \u2013 Sustainalytics ESG Risk
Rating Score. Eligible for participation are 32
individuals, including the members of Anora Group\u2019s
Executive Management Team.
If all the performance targets set for this plan are
fully achieved, the aggregate maximum number of
shares to be paid based on the plan is approximately
1,249,000 shares, referring to gross earnings before
the withholding of the applicable payroll tax.
Share-based payments recognised as expenses in
the income statement amount to EUR 0.4 million
(2024: 0.2 million).
Plan
Performance Share Plan
2022
Performance Share Plan
2023
Performance Share Plan
2024
Performance Share Plan
2025
Restricted Share Plan
2022
Restricted Share Plan
2024
Type
Share
Share
Share
Share
Share
Share
Instrument
Performance Period
2022-2024
Performance Period
2023-2025
Performance Period
2024-2026
Performance Period
2025-2027
Restricted Share Plan
2022-2024
Restricted Share Plan
2024-2026
Grant date
17/06/2022
06/03/2023
15/03/2024
14/03/2025
01/03/2024
09/08/2024
Beginning of earning period
01/01/2022
01/01/2023
01/01/2024
01/01/2025
End of earning period
31/12/2024
31/12/2025
31/03/2026
31/12/2027
Vesting date
31/03/2025
31/03/2026
31/03/2027
31/03/2028
01/04/2025
01/04/2027
Vesting conditions
Revenue, EPS, Relative TSR
& ESG
Revenue, EPS, Relative TSR
& ESG
Revenue, EPS, Relative TSR
& ESG
Revenue, EPS, Relative TSR
& ESG
Employment
requirement
Employment
requirement
Maximum contractual life, years
3.25
3.25
3.25
3.25
1.08
2.64
Remaining contractual life, years
0.00
0.25
1.25
2.25
0.00
1.25
Number of persons at the end of reporting year
0
29
31
32
0
1
Payment method
Cash
Equity & Cash
Equity & Cash
Equity & Cash
Cash
Equity & Cash
Changes during period
Outstanding in the beginning of the period
250,517
358,133
891,000
0
8,000
8,000
Granted during period
0
0
0
1,493,000
0
0
Forfeited during period
-225,466
-54,331
-177,998
-239,389
0
0
Extercised during period
-25,051
-3,669
-4,002
-4,611
-8,000
0
Outstanding at the end of the period
0
300,133
709,000
1,249,000
0
8,000
Valuation parameters for instruments
granted during period
Shareprice at grant, EUR
3.35
Shareprice at reporting period end, EUR
3.86
Expected annual dividend yield, %
0.07
Volatility, %
30.7%
Valuation model
Monte Carlo
Fair value 31.12, EUR
420,253
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
Accounting policy \u2013 Share based payments
The granted shares are measured at fair value at the
grant date and are recognised as personnel expenses
over the vesting period with corresponding increase in
equity. Non-market conditions are not included in fair
value of share-based instruments but in the number of
instruments that are expected to vest. At each reporting
period closing date, the estimates about number of
instruments are revised and the impact is recognised in
income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
6.5\u00a0 Events after the reporting period
The Board of Directors of Anora Group Plc announced
on 11 February 2026 that it has approved the
commencement of a new plan period within the
share-based long-term incentive scheme for the
management and selected key employees. Eligible
for participation in PSP 2026-2028 are approximately
35 individuals, including the members of Anora
Group\u2019s Executive Management Team. More
information on the plan is available in the stock
exchange release published on February 11, 2026.
No significant other events occurred between the
end of the financial year and the date on which
Anora Group Plc consolidated financial statements
and parent company financial statements were
approved for publication.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:52990007AXNSS4PNX352", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }