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Report by the Board of Directors

and Financial Statements

2025

Anora Group Plc

Business ID 1505555-7

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Table of Contents

REPORT BY THE BOARD OF DIRECTORS	3
Sustainability Statement	25
FINANCIAL STATEMENTS	98
Consolidated financial statements	100
Parent company financial statements	155
BOARD OF DIRECTORS’ PROPOSAL FOR THE DISTRIBUTION OF PROFITS	168
Signatures and Auditor’s Note	168
AUDITOR’S REPORT	169
Assurance Report on ESEF Financial Statements	175
Assurance Report on the Sustainability Statement	177
KEY RATIOS OF THE GROUP	179
Reconciliation of alternative performance measures (APM) to IFRS figures and items affecting comparability (IAC)	181

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

REPORT BY THE BOARD OF DIRECTORS

The year 2025 was

focused on the

preparation and

launch of Anora’s

updated strategy.

4	Year 2025 summarised by the Board of Directors

7	Financial targets and progress towards them

10	Financial review

25	Sustainability Statement

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Report by the Board of Directors 2025

Anora is a Nordic Wine and Spirits powerhouse and a role model in sustainability in its industry.

Acting as a multi-channel operator, the Group integrates on-trade, off-trade, travel retail, online,

and sales via monopolies into its strategy. Anora effectively navigates the diverse and regulated

markets in the Nordic countries and nearby regions, maximising its market reach and ensuring

compliance with regional laws and consumer expectations. Anora Group also includes Anora

Industrial and logistics company Vectura and offers near-market filling to its partners and

customers. Anora’s shares are listed on Nasdaq Helsinki.

Anora’s year 2025

Strategy execution in 2025

In 2025, Anora sharpened its strategic

direction and strengthened its

execution. The launch of the new mid-

term strategy at the Capital Markets

Day in November 2025 marked an

important turning point. The strategy

defines clearer priorities across

markets, categories and capabilities,

and introduced the Fit, Fix, Focus

strategy as the framework guiding

execution going forward.

Execution during the year focused

on strengthening key enablers,

technology, innovation and

sustainability. In technology and data,

Anora continues to strengthen

common Group-wide systems and

data governance, including the use of

a common ERP platform. These

systems support strong internal

controls, high-quality financial and ESG

reporting, and reliable data for

decision-making. In 2025, Anora

proceeded with the technical go-live

of common SAP in certain subsidiaries,

representing a major milestone in

modernising core systems and

harmonising processes across the

Group.

Innovation continued to support

commercial execution in line with

portfolio priorities. Product launches

during the year included aquavit-

based AMP shots, Koskenkorva long

drinks and new Blossa glögg variants.

Innovation efforts were increasingly

selective and centred on scalable

platforms and core brands.

Commercial execution supported

continued growth of Koskenkorva and

Anora regaining the number two

position in wines in Sweden.

Sustainability initiatives progressed

where they supported operational

efficiency and production resilience.

The decision to invest in a new bio-

boiler at the Koskenkorva distillery was

made, supporting reduced reliance on

fossil energy sources and stable long-

term operations.

During the year, Anora also carried

out change negotiations that were

conducted during the autumn and

completed in December 2025. These

actions simplified structures, clarified

roles and aligned the organisation

more closely with strategic priorities.

In supply chain and sourcing, Anora

advanced initiatives aimed at

improving efficiency and flexibility.

Actions during the year included

portfolio simplification, inventory

reduction and value management

initiatives, as well as progress in supply

chain optimisation and contract

manufacturing. Sourcing optimisation

will continue also in 2026.

Overall, 2025 was a year of

preparation and kick-off for the

updated strategy. With the Fit, Fix,

Focus strategy launched, together with

its key actions and a more focused

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

portfolio, Anora enters the next phase

of strategy execution with clearer

priorities and a stronger operational

setup.

Financial performance in brief

In 2025, Anora’s strong execution and

performance improvement actions

delivered tangible results. The

disciplined cost control continued,

resulting in reduced operating

expenses and improved profitability.

Anora also continued to invest in its

brands to build long-term

performance. 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.

In 2025, Anora Group’s net sales was

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 the earlier changes in the

partner portfolio in Spirits. The impact

of exchange rate fluctuations was

favourable by 0.7%.

Anora published its guidance for

2025 on 12 February 2025, at which time

comparable EBITDA was expected to

be between EUR 70-75 million.

Anora Group’s 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 million, reported as Items Affecting

Comparability.

Financial position

At the end of 2025, the Group’s net debt

amounted to EUR 101.5 (121.6) million. The

reported net debt to comparable

EBITDA was 1.4 (1.8) times, whereas the

long-term financial target is below 2.5x.

Anora Group’s liquidity position

remained strong throughout the

period. The Group entered into a new

credit facility to finance the new

biomass-boiler investment including

related construction costs at

Koskenkorva distillery, Finland. Cash

and cash equivalents totalled EUR 182.6

million, while interest-bearing debt,

including lease liabilities, amounted to

EUR 284.1 million.

Key ratios

EUR million	2025	2024
Net sales	657.9	692.0
Comparable EBITDA	71.1	68.9
% of net sales	10.8	10.0
EBITDA	61.5	61.3
Comparable operating result	43.9	42.0
% of net sales	6.7	6.1
Operating result	23.8	34.5
Result for the period	5.7	11.1
Earnings per share, EUR	0.08	0.16
Comparable earnings per share, EUR	0.33	0.25
Net cash flow from operating activities	50.3	33.2
Net debt/comparable EBITDA, rolling 12 months	1.4	1.8
Personnel end of period	1,190	1,211

Key figures for five latest financial years, see Key Ratios of the Group

¹ The Nordic market sales volumes include overall monopoly sales in Finland, Sweden and Norway, and sales in Denmark. On-trade is excluded. Sales volume change in

percent calculated from the change in sales volumes in millions of litres. Sources: Alko, Systembolaget and Vinmonopolet and Nielsen IQ.

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Market environment in 2025 1

For the full year 2025, sales volume in

the Nordics declined by 4.5% overall.

Spirits saw a decline of 5.4% and wine

declined by 4.3% compared to the full

year 2024. The decline was most

significant in Finland with total volumes

decreasing by 10%. The total volume

declines in Denmark, Sweden, and

Norway amounted to 4.7%, 3.5%, and

2.7% respectively.

The significant recent decline in

Finland is primarily due to a change in

the Finnish Alcohol Act in June 2024,

which allowed the sale of

fermentation-based beverages of up

to 8% ABV in grocery stores. In 2025,

total off-trade wine market declined by

2.6%, driven mainly by Alko (-10.6%),

while grocery trade grew by 81.4%. This

legislative change has also indirectly

affected the Spirits category in Alko

mainly due to fewer customer visits to

Alko compared to the previous year.

Additional factors contributing to the

weakened development of the Finnish

monopoly included an excise tax

increase in January 2025, the VAT

increase in September 2024, and

reduced consumer purchasing power. 

In the Nordic monopoly markets for

spirits, vodka and unflavoured spirits,

which account for almost one third of

the market, contributed most to the

decline in 2025. Their volume

decreased by 6.9%. Traditional brown

spirits such as whiskies and cognacs

also experienced significant declines

of, 4.3% and 5.6%, respectively. Some

growth was observed in Sweden for

liqueurs (+2.2%). Tequila volumes

increased in both Finland (+0.8%) and

Norway (+1.3%).

In the Nordic monopoly markets for

wines, the volume declines were driven

primarily by red wine, which fell 5.9%. All

main categories recorded declines in

Finland and Sweden. In Norway,

modest growth was seen in white wine

(+0.8%) and sparkling wine (+0.6%).

The availability and cost of raw

materials, labour, energy and fuel have

already partly impacted on the

operating environment. Also wage

inflation has gradually increased. As a

result, retail selling prices have

increased in all three monopolies. The

price increases, driven by higher input

costs, have led to consumers trading

down, which in turn has resulted in

lower overall sales volumes.

In the Wine segment, Anora

maintained its market leadership in

Norway, Denmark and Finland

(including grocery trade), as well as

strengthened its number two market

position in the monopoly channel in

Sweden. In the Spirits segment, Anora’s

market share decreased in all

monopolies.

In Anora’s Industrial segment, the

price erosion for grain continued

affecting side products prices.

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Key events

Innovations driving

margin expansion

The role of innovation and smaller

product novelties continues to grow in

importance. Anora is focused on

margin-accretive innovation and has

the capabilities and competencies to

develop new concepts and

successfully scale them across

channels, supported by deep

consumer understanding. Each year,

Anora launches more than 200 new

innovations and smaller novelties

across its Wine and Spirits portfolio.

In line with its updated strategy,

Anora is increasingly prioritising

innovations in ready-to-drink (RTD)

beverages, low- and no-alcohol

products, as well as solutions tailored

for grocery retail channels, where

consumer demand is growing.

In 2025, responding to the trend of

accessible premiumisation, combining

quality and authenticity at a fair price,

Anora introduced new pack formats

and product innovations. These

included small-batch special editions

of Kungfu Girl, as well as AMP, a newly

launched aquavit-based spirit drink.

Additional launches during the year

included Aalborg RØD, positioned for

year-round celebrations, and seasonal

innovations such as Jaloviina Glögi and

the Blossa 2025 annual glögg mulled

wine for the winter festivities.

Continued recognition

for Anora’s safety work

In December 2025, Koskenkorva

Distillery was granted The Year Award

in the Starch Europe’s Safety

Programme for the fifth consecutive

year. The Year Award is awarded to

plants with a full calendar year without

lost time incidents (LTI), and it is an

important recognition for Anora’s

efforts in developing workplace safety.

Biomass-boiler investment

decision at Koskenkorva Distillery

The decision to invest in the new

biomass-boiler at the Koskenkorva

Distillery was done in the beginning of

2025. The new boiler, scheduled for

commissioning by the end of 2026, will

operate on 100% renewable fuels and

replace the existing fossil fuel-fired

unit.

This transition will significantly

reduce the fossil emissions making

Koskenkorva Distillery carbon neutral

(Scope 1 and 2) by the end of 2026, a

key goal in Anora’s ambitious

sustainability roadmap.

Change negotiations to develop

operating model finalised

Anora’s change negotiations, initiated

in October 2025, were concluded in

December. The change negotiations

resulted in the closure of 68 positions

and the targeted reduction in

personnel expenses of EUR 7 million

was reached. The new organisation is

in place as of 1 January 2026.

Strategy and financial targets

In 2025, the Board of Directors

approved Anora’s updated Fit, Fix,

Focus strategy, reflecting a clear

strategic response to a fundamentally

changing operating environment for

alcoholic beverages in the Nordics and

selected international markets. The

strategy was introduced at the Capital

Markets Day on 5 November 2025.

The Board’s assessment is that

Anora operates in structurally declining

core markets characterised by

changing consumer behaviour,

increasing regulation, evolving channel

dynamics and intensified competition.

At the same time, the Group possesses

strong strategic assets: leading market

positions, a balanced portfolio of own

and partner brands, an efficient

industrial footprint, and deep insight

into Nordic consumers and regulated

markets.

Fit, Fix, Focus is designed to convert

these strengths into sustainable value

creation by sharpening strategic focus,

restoring execution discipline and

enabling profitable growth. The

strategy marks a shift from integration

and complexity management towards

execution excellence, portfolio clarity

and selective growth leadership.

Strategic ambition

and value creation logic

The Board’s ambition is to position

Anora as a more focused, agile and

profitable company capable of

delivering sustainable shareholder

value in a challenging market

environment.

The strategy is underpinned by a

clear value creation logic: near-term

improvement in execution quality and

profitability is required to enable

sustainable, margin-accretive growth

over the medium and long term. The

Board considers this sequencing

essential to reducing risk and ensuring

that growth initiatives are

economically sound and scalable.

Fit, Fix, Focus – A sequenced

strategic framework

The Board considers the sequencing of

the strategy critical to its credibility

and success.

Fit establishes the organisational

and operational foundation required to

execute the strategy. By simplifying

structures, strengthening the

commercial operating model and

optimising sourcing, Fit is intended to

reduce complexity, restore execution

speed and free up leadership capacity.

While cost savings are an important

outcome, the Board views Fit primarily

as a means to improve focus,

accountability and organisational

effectiveness.

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Fix addresses structural barriers to

profitability and scalability. Through

portfolio and inventory simplification,

enhanced pricing and value

management, supply chain

optimisation and working capital

improvements, Fix is designed to

ensure that Anora’s operations are

structurally fit for profitable growth. The

Board considers Fix a critical enabler,

ensuring that future growth translates

into economic value rather than

increased complexity.

Focus concentrates Anora’s growth

efforts on areas with the strongest

strategic and economic rationale.

These include strengthening core

categories, expanding into attractive

growth segments such as RTDs and

low- and no-alcohol products, and

accelerating international growth

through existing platforms and

partnerships. Growth under Focus is

expected to be deliberate, targeted

and margin-accretive, reinforcing

Anora’s competitive positioning. The

growth ambitions under Focus are

partly dependent on the successful

execution of Fit and Fix. This

sequencing is intended to reduce

execution risk and ensure that growth

is sustainable and scalable.

Governance, oversight and

strategic adaptability

The Board considers strong

governance and active oversight

essential to the successful execution of

Fit, Fix, Focus. Progress against strategic

priorities, financial ambitions and key

risks is reviewed regularly by the Board,

with particular attention to execution

quality, value creation impact and

organisational focus.

The Board also recognises that Fit,

Fix, Focus is not a static plan.

Management is expected to

continuously reassess priorities, adjust

execution and respond to market

developments while remaining

anchored to the core strategic intent.

The Board believes that Fit, Fix, Focus

provides Anora with a clear and

coherent framework to navigate a

challenging market environment and

to strengthen its long-term

competitive position. The strategy

balances near-term performance

improvement with longer-term growth

ambitions and is designed to create

sustainable value through better

execution, sharper focus and

disciplined growth.

While execution risks are material,

the Board remains confident that

disciplined execution of Fit, Fix, Focus

will enable Anora to convert strategic

clarity into sustained value creation

over time, and to emerge stronger,

more focused and better equipped to

create value for shareholders,

customers and other stakeholders over

the long term. The most significant risks

identified in execution of the strategy

are described in more detail under

Risks and Risk Management.

Financial targets

The Board has set clear financial

targets for the strategy period until the

end of 2028, intended to reflect

successful execution of the strategic

priorities. Improved profitability, cash

flow generation and capital efficiency

are expected to result from stronger

operational discipline, enhanced value

management and a more focused

growth agenda, rather than increased

financial leverage.

The following table presents Anora’s

financial targets and the progress in

them in 2025. Anora will start reporting

the organic growth in its Q1/2026

report.

Financial targets until the end of 2028

		Actual 2025
Profitability: 6-7% p.a. growth of comparable EBITDA (85-90 M€ by the end of 2028)	6–7% p.a.	3.2%
Growth: Organic net sales growth > market growth	Organic growth > market growth	n/a
Net IB debt/comparable EBITDA (LTM) debt levels may occasionally exceed in connection with M&As	<2.5x	1.4x
Dividend pay-out ratio % of result for the period	50–70%	268.6

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Status of the Fit, Fix, Focus

strategy execution in 2025

During 2025, Anora progressed from

strategy definition to full-scale

execution of the Fit, Fix, Focus program.

The program is the Group’s primary

vehicle for restoring profitability,

strengthening cash flow and enabling

sustainable, value-accretive growth

over the medium term until the end of

2028.

The Fit, Fix, Focus program is now

fully mobilised, with strong governance

and execution discipline. More than 30

senior leaders are actively

accountable across multiple

workstreams, covering organisational

simplification, value management,

sourcing optimisation, supply chain

footprint, portfolio actions and focused

growth initiatives. Progress is closely

monitored through a structured

programme management framework,

ensuring transparency, early risk

identification and rapid corrective

actions where required.

Fit focuses on restoring

organisational effectiveness and

execution capacity. During the year,

Anora implemented structural and

organisational changes aimed at

reducing complexity, clarifying

accountability and strengthening the

commercial operating model. Change

negotiations were concluded in late

2025, resulting in a leaner organisation

effective from the beginning of 2026.

These actions are intended to improve

decision-making speed, execution

quality and leadership focus rather

than short-term cost reduction alone.

Fix addresses structural barriers to

profitability and capital efficiency.

Significant progress has been made

across value management, pricing

discipline, portfolio and inventory

optimisation, sourcing initiatives and

working capital improvements. In

supply chain Anora initiated structured

reviews of logistics, bottling and

production sites to define a more cost-

efficient and flexible end-state. Several

initiatives have already delivered

tangible EBITDA and net working

capital improvements, while further

structural actions are under evaluation

and subject to careful governance,

feasibility assessment and stakeholder

dialogue.

Focus concentrates Anora’s growth

efforts on areas with the strongest

strategic and economic rationale. The

program prioritises strengthening core

categories and brands, improving win-

share in wines, expanding selected

growth segments such as ready-to-

drink and low- and no-alcohol

products, and increasing contract

manufacturing volumes where this

improves asset utilisation and returns

without adding complexity. Growth

initiatives are sequenced deliberately

to ensure that improved execution and

profitability under Fit and Fix translate

into sustainable, margin-accretive

growth over time.

By the end of 2025, the Fit, Fix, Focus

programme achieved a meaningful

level of verified run-rate impact, with

additional initiatives progressing

through defined approval and

implementation stages. The program

remains on track to deliver the

targeted in-year EBITDA contribution

for 2026, supporting Anora’s

comparable EBITDA guidance of EUR

74-79 million (2025 : EUR 71.1 million) for

the year. Risk-adjusted forecasts are

actively used to guide prioritisation,

pace and resource allocation, ensuring

that execution risks are managed

proactively.

The Board of Directors and Executive

Management consider the Fit, Fix,

Focus program to be critical to Anora’s

future value creation. While the

operating environment remains

challenging and execution risks are

inherent, the program provides a clear,

structured and disciplined framework

to address structural issues, strengthen

financial performance and build a

credible foundation for sustainable

growth.

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Long-term sustainability targets

Anora’s long-term sustainability

targets are:

Targets approved by the Science-

Based Targets initiative (SBTi):

• 42% near-term reduction (2030) and

90% long-term reduction (2050) in

absolute Scope 1 and 2 and absolute

Scope 3 GHG emissions from

purchased goods and services,

upstream and downstream

transportation and distribution

emissions from a 2021 baseline and

• 30.3% near-term reduction (2030)

and 72% long-term reduction (2050)

in absolute Scope 1 and 3 FLAG

greenhouse gas emissions from a

2021 baseline.

Own, separate sustainability targets:

• A carbon-neutral Koskenkorva

Distillery by 2026 and all production

by 2030, without carbon

compensations

• Increasing the amount of own grain

spirit products made from

regeneratively farmed barley to 30%

• By 2030 all packages are lightweight,

100% recyclable and of materials

from certified sources or from

recycled origins.

Research and

development activities

The Group’s direct research and

development expenditure amounted

to EUR 2.9 million in 2025 (EUR 2.7 and 2.3

million in 2024 and 2023, respectively)

million and was related to the product

development of alcoholic beverages.

The R&D expenditure represented 0.4%

of net sales in 2025 (0.4% and 0.3% in

2024 and 2023, respectively).

Information on

key intangible resources

Anora has material key intangible

resources in its own-developed

leading brands. These include

Koskenkorva, Linie, O.P. Anderson, Xanté

and Skagerrak in the Spirits segment

and Blossa, Chill Out, Falling Feather, Il

Capolavoro, Ruby Zin and Wongraven

in the Wine segment. Of these,

Koskenkorva, Xanté, Linie and

Skagerrak defined as Anora’s hero

brands, which Anora is scaling up

beyond the Nordics to generate

growth in international markets

according to its strategy. The other

local and tactical brands are

optimised to cover all consumer

segments in the monopoly markets.

Financial review

Net sales

In 2025, Anora Group’s net sales was

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 the earlier changes in the

partner portfolio in Spirits. The impact

of exchange rate fluctuations was

favourable by 0.7%.

In the Wine segment, net sales

declined by 6.8% to EUR 301.1 (323.0)

million. A significant part of the decline

was due to Danish filler services, which

were affected by a domestic market

downturn and increased price

competition in Denmark and Germany.

Own and partner wine sales declined

compared to last year due to the

market share losses and challenging

market dynamics. The wine business

had a strong performance in Sweden,

offset by declining sales in Norway and

Finland. Anora maintained its market

leadership in Norway, Denmark and

Finland (including grocery trade), as

well as strengthened its number two

market position in the monopoly

channel in Sweden.

In the Spirits segment, net sales

declined by 5.2% to EUR 215.1 (227.0)

million, explained mainly by earlier

changes in the partner portfolio as well

as challenging markets. Market shares

declined in the monopoly channels.

Koskenkorva's net sales grew from the

previous year, representing almost 18%

of the total Spirits sales.

The Industrial segment’s total net

sales declined to EUR 224.8 (234.0)

million. External net sales declined by

0.2% to EUR 141.7 ( 142.0) million. Net sales

decrease was mostly driven by side

product sales prices and lower

volumes of technical ethanol,

compensated by higher contract

manufacturing volumes and growth in

the sales of logistics services.

Profitability and

result for the period

Anora Group’s 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 million, reported as Items Affecting

Comparability. 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. Items affecting

comparability have been presented

under Key Ratios of the Group.

The Wine segment comparable

EBITDA declined to EUR 18.6 (22.1) million,

or 6.2% (6.9%) of net sales. The decline

was mainly driven by the lower net

sales as well as increased marketing

spend in Sweden and Finland. As part

of the Fit, Fix, Focus programme, Anora

has reviewed its partner portfolio. As a

result, inventory write-downs of EUR 3.6

million were recognised in the Wine

segment and reported as Items

Affecting Comparability.

Spirits comparable EBITDA increased

to EUR 40.4 (38.0) million, and the

comparable EBITDA margin increased

to 18.8% (16.7%) of net sales due to lower

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

operating expenses. Despite the lower

volumes, the gross margin improved to

46.7% (44.8%), reflecting the impacts of

the revenue and mix management.

The Industrial segment’s

comparable EBITDA increased

significantly to EUR 18.0 (14.7) million, or

8.0% (6.3%) of net sales. The efficiency

improvement in supply chain

increased profitability, especially in the

logistics services. Sale of emission

rights of EUR 0.8 million and gain on

sale of certain assets in Rajamäki plant

of EUR 1.8 million improved gross profit.

The following tables on this page

illustrate net sales and comparable

EBITDA by reporting segments.

Employee benefit expenses included

EUR 4.5 million restructuring costs and

totalled EUR 105.2 (103.9 ) million in 2025.

Other operating expenses amounted

to EUR 125.2 (128.3) million.

Result for the period amounted to

EUR 5.7 (11.1) million, and earnings per

share were EUR 0.08 (0.16). The

comparable earnings per share

amounted to EUR 0.33 (0.25) million. The

Group presents Comparable Earnings

per share (Comparable EPS) as a new

supplementary alternative

performance measure to enhance

comparability and provide additional

insight into the underlying earnings

performance of the business. In 2025,

the reported Earnings per share (EPS) is

materially impacted by significant

items that are non-recurring in nature,

primarily impairment of trademarks

and restructuring-related IAC costs

from the Fit-Fix-Focus programme.

Together, these items amounted to EUR

21.1 million before taxes in 2025 and had

a substantial impact on the reported

result for the period. These items do not

*Total net sales for Industrial segment includes external and internal sales.

reflect the Group’s underlying

operational performance. Comparable

EPS therefore excludes their impact to

provide a clearer view of earnings

attributable to shareholders and to

support comparability. Comparable

EPS is not a substitute for EPS, which

remains the primary performance

measure, but is provided as

complementary information.

Financial items

In 2025, other operating income

amounted to EUR 11.9 (8.5) million,

including gains on disposal and sale of

assets EUR 3.0 million, income from the

sales of steam, energy and water of EUR

4.3 (4.4) million and rental income of EUR

1.4 (1.5) million.

Net financial expenses were EUR 14.7

(20.0) million for the full year 2025.

Net sales by segment, total*

EUR million	2025	2024	Change,%
Wine	301.1	323.0	-6.8%
Spirits	215.1	227.0	-5.2%
Industrial, total	224.8	234.0	-3.9%
Anora Group, external	657.9	692.0	-4.9%

Comparable EBITDA by segment

EUR million	2025	2024	Change,%
Wine	18.6	22.1	-15.9%
Spirits	40.4	38.0	6.3%
Industrial	18.0	14.7	22.8%
Group allocations	-5.9	-5.9	0.8%
Anora Group	71.1	68.9	3.2%
% of Group net sales	10.8	10.0

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

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.

Cash flow and balance sheet

Net cash flow from operations totalled

EUR 50.3 (33.2) million in 2025. The

deviation in quarterly net cash flow

from operations compared to last year

was mainly explained by the reduced

sales of receivables compared to last

year. The receivables sold amounted to

EUR 141.3 (163.7) million at the end of the

reporting period. Net working capital

amounted to EUR -79.6 (-73.2) million.

Inventory value decreased to EUR 112.5

(139.2) million, all segments

contributing positively.

The net cash flow from investing

activities was EUR -13.2 (-3.8 ) million in

2025 . The gross capital expenditure

amounted to EUR 12.7 (12.3) million in

2025, primarily related to replacement

investments and improvements in

work safety and energy efficiency.

Anora Group Plc acquired the

remaining shares from the non-

controlling owners in three of its

subsidiaries during 2025. In the

previous year, the gross capital

expenditure was offset by the sale of

Anora Group Plc’s shares in Roal Oy for

EUR 7.6 million in the first quarter.

Net cash flow from financing

activities amounted to  EUR -36.8

(-59.4 ) million in 2025 and change

being primarily related to repayment

of borrowings -1.5 (-51.5), proceeds

from borrowings 1.4 (–) and changes in

the commercial paper program

amounting to EUR -8.0 (19.8) million. The

repayment of lease liabilities

amounting to EUR -13.6 (-12.6) million

and dividends paid of EUR -15.0 (-15.1)

million remained in line with the

previous year.

At the end of the reporting period,

the Group’s net debt amounted to EUR

101.5 (121.6) million. The reported net

debt to comparable EBITDA was 1.4 (1.8)

times.

Anora Group’s liquidity position

remained strong throughout the

period. Cash and cash equivalents

totalled EUR 182.6 (181.5) million, while

interest-bearing debt, including lease

liabilities, amounted to EUR 284.1 (303.1)

million. The Group entered into a new

credit facility to finance the new

biomass-boiler investment including

related construction costs at

Koskenkorva distillery, Finland. The

Group has a revolving credit facility of

EUR 150.0 (150.0) million, of which EUR 0.0

(0.0) million was in use at the end of the

reporting period.

The gearing ratio at the end of the

reporting period was 25.8% (30.5%),

while the equity ratio was 38.1% (37.3%)

percent.

As a result of its annual impairment

testing of trademarks at the end of

2025, Anora recorded EUR 10.5 million in

impairments for three Spirits

trademarks whose recoverable

amounts fell below carrying amounts.

Two of these already showed reduced

headroom in 2024, while most

trademarks tested continued to show

significant headroom.

Anora’s business model

Anora’s business model is based on

offering a complete portfolio of its own

brands and a wide range of prominent

international partner wines and spirits

to customers in off-trade and on-trade

channels, and in travel retail and

exports. Anora also provides services

to its partners with the company’s

production, packaging and logistics

capabilities.

Anora’s industrial products –barley

starch, technical ethanols and feed

components – are produced as by-

products from the distillation of grain

spirit and are provided to B2B

customers in various industries. The

logistics company Vectura AS provides

logistics services in the Norwegian

wine and spirits market.

Anora’s integrated operating model

creates significant economies of scale

in sourcing, production and

distribution, and allows the company

to take advantage of its shared

operations – such as consumer

research, innovation, product

development and overall knowhow –

and use its centralised support

functions efficiently.

Personnel

Anora Group employed 1,190 (1,211)

persons at the end of the period and

on average 1,229 (1,230) persons in 2025.

Personnel by country at the end of the

period

	2025	2024
Finland	405	409
Norway	342	348
Sweden	182	163
Denmark	155	185
Estonia	64	67
Latvia	31	31
Germany	5	7
Lithuania	6	1
Total	1,190	1,211

In 2025 , Anora continued to enhance

the leadership capabilities of

managers by value-based leadership

programs. By providing further clarity

and predictability within the annual

business cycle, the aim is to create an

environment where leadership is

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

accountable, and employees feel

supported and motivated. Anora

monitors employees’ development

objectives through annual

performance and development

dialogues, fostering a culture of

continuous learning and development

within the organisation.

Strategic initiatives were progressed

involving nearly a hundred managers

in several workshops. Workshops were

organised in different streams focusing

on short- and mid-term actions, a part

of which was initiated in 2025,

continuing onto 2027. This setup aims

to actively engage key employees in

the development and improvement of

focus areas. These efforts collectively

embody Anora’s commitment to

building a robust, efficient, and

inclusive organisational framework.

Anora conducted organisational

restructuring during the fourth quarter

of 2025.

Anora conducted the annual

employee engagement survey, Anora

Tasting, in October, followed by a

review of the results, as well as training

and action planning that is

consistently followed throughout the

organisation. Concurrently, safety e-

training for employees and managers

continued, enhancing the safety

culture, and reducing workplace

accidents. These measures ensure that

the employees’ physical and mental

health is prioritised.

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 (1.3) million.

Share-based incentive

schemes

Anora Group originally announced the

establishment of the long-term share

based incentive scheme by a stock

exchange release issued on 9 June

2022. The scheme comprises a

Performance Share Plan (also “PSP”) for

the top and senior managers and a

Restricted Share Plan (also “RSP”) as a

complementary structure for specific

situations.

Share-based incentive

scheme 2026-2028

The next plan within the PSP structure,

PSP 2026-2028, commenced as of the

beginning of 2026 and the potential

share rewards thereunder will be paid

during H1 2029. The payment of the

rewards is conditional on the

achievement of the performance

targets set by the Board of Directors for

the plan.

The performance measures based

on which the potential share reward

under PSP 2026-2028 will be paid are

Comparable EBITDA, the relative total

shareholder return, organic growth

and Sustainalytics ESG rating.

Eligible for participation in PSP

2026-2028 are approximately 35

individuals, including the members of

Anora Group’s Executive Management

Team.

If the performance targets set for

PSP 2026–2028 are fully achieved, the

aggregate maximum number of

shares paid based on this plan is

approximately 1,176,000 shares

(referring to gross earning before

withholding of payroll tax).

The next plan within the RSP

structure, RSP 2026-2028, commenced

as of the beginning of 2026 and the

potential share rewards thereunder will

be paid during H1 2029 at the latest.

The aggregate maximum number of

shares paid based on RSP 2026-2028 is

approximately 100,000 shares (referring

to gross earning before withholding of

payroll tax).

Share-based incentive

scheme 2025-2027

The Board of Directors of Anora Group

Plc announced on 12 February 2025

that it has approved the

commencement of a new plan period

2025–2027 within the share-based

long-term incentive scheme for the

management and selected key

employees.

The potential share rewards under

PSP 2025–2027 will be paid during H1

2028. The payment of the rewards is

conditional on the achievement of the

performance targets set by the Board

of Directors for the plan. 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’s share and a

measure based on the Sustainalytics

ESG rating. Eligible for participation in

PSP 2025-2027 are approximately 40

individuals, including the members of

Anora Group’s Executive Management

Team. If the performance targets set

for PSP 2025–2027 are fully achieved,

the aggregate maximum number of

shares to be paid based on this plan is

approximately 1,785,000 shares

(referring to gross earning before the

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

withholding of the applicable payroll

tax).

The aggregate maximum number of

shares to be paid in specific situations

based on RSP 2025-2027 is

approximately 170,000 shares (referring

to gross earning before the

withholding of the applicable payroll

tax).

Share-based incentive

scheme 2024-2026

The Board of Directors of Anora Group

Plc announced on 14 February 2024

that it has approved the

commencement of a new plan period

2024–2026 within the share-based

long-term incentive scheme for the

management and selected key

employees.

The potential share rewards under

PSP 2024–2026 will be paid during H1

2027. The payment of the rewards is

conditional on the achievement of the

performance targets set by the Board

of Directors for the plan. 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’s share and a

measure based on the Sustainalytics

ESG rating. Eligible for participation in

PSP 2024-2026 are approximately 40

individuals, including the members of

Anora Group’s Executive Management

Team. If the performance targets set

for PSP 2024–2026 are fully achieved,

the aggregate maximum number of

shares to be paid based on this plan is

approximately 1,294,000 shares

(referring to gross earning before the

withholding of the applicable

payroll tax).

The aggregate maximum number of

shares to be paid in specific situations

based on RSP 2024-2026 is

approximately 129,000 shares (referring

to gross earning before the

withholding of the applicable payroll

tax).

Share-based incentive

scheme 2023-2025

The Board of Directors of Anora Group

Plc announced on 21 December 2022

that it has approved the

commencement of a new plan period

2023-2025 within the share-based

long-term incentive scheme for the

management and selected

key employees.

The potential share rewards under

PSP 2023–2025 will be paid during H1

2026. The payment of the rewards is

conditional on the achievement of the

performance targets set by the Board

of Directors for the plan. 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’s share and a

measure based on the Sustainalytics

ESG rating. Eligible for participation in

PSP 2023–2025 are approximately 35

individuals, including the members of

Anora Group’s Executive Management

Team. If the performance targets set

for PSP 2023–2025 are fully achieved,

the aggregate maximum number of

shares to be paid based on this plan is

approximately 667,000 shares.

The RSP 2023–2025 commenced as

of the beginning of 2023 and the

potential share rewards thereunder will

be paid during H1 2026 at the latest. The

aggregate maximum number of

shares to be paid based on RSP 2023–

2025 is approximately 67,000 shares.

Other terms

The value of the reward payable to

participants based on the plans is

limited by a share price development-

based cutter. Anora Group applies a

share ownership recommendation to

the members of the company’s

Executive Management Team.

According to this recommendation,

each member of Anora Group’s

Executive Management Team is

expected to retain in his/her ownership

at least half of the shares received

under the share-based incentive plans

of the company until the value of his/

her share ownership in the company

corresponds to at least his/her annual

gross base salary.

See also “Events after the period” for

more information on the new plan

period 2026-2028 within the share-

based long-term incentive scheme for

the management and selected key

employees, published in a stock

exchange release on 11 February 2026.

Governance

Anora complies with the Finnish

Corporate Governance Code. Detailed

information about Anora’s Corporate

Governance Principles approved by

Anora’s Board of Directors is available

on Anora’s website: https://anora.com/

en/investors/governance . The

Corporate Governance Statement and

Remuneration Report for 2025 are

published during week 12 in 2026.

Annual General Meeting 2025

Anora Group Plc’s Annual General

Meeting (AGM) was held in Helsinki on

15 April 2025. The AGM adopted the

financial statements and discharged

the members of the Board of Directors

and the CEO from liability for the

financial year 2024. The AGM also

adopted the Remuneration Report of

the governing bodies.

Auditor

The AGM re-elected

PricewaterhouseCoopers Oy as the

company’s auditor for a term that ends

at the close of the next AGM. The

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Authorised Public Accountant Markku

Katajisto acts as the auditor in charge.

Sustainability auditor

The AGM selected

PricewaterhouseCoopers Oy as the

sustainability auditor for a term that

ends at the close of the next AGM. The

Authorised Sustainability Auditor Tiina

Puukkoniemi acts as the responsible

authorised sustainability auditor.

Dividend distribution

The AGM approved the proposal by the

Board of Directors to pay a dividend of

EUR 0.22 per share for the financial year

2024. The dividend was paid on 28 April

2025 to a shareholder who were

registered in the shareholders’ register

held by Euroclear Finland Oy on the

record date of the payment, i.e. 17 April

2025.

Board of Directors

The AGM approved the number of

members of the Board of Directors

elected by the AGM to be seven. In

addition to the Board members

elected by the AGM, Anora’s employees

have, in accordance with the

agreement on employee participation

between Anora and the special

negotiating body of the employees,

elected one member and a deputy to

the Board of Directors for a term

expiring at the end of the 2026 AGM.

The Extraordinary General Meeting

held on 3 December 2025 decided, in

accordance with the proposal of the

Shareholders’ Nomination Board, to

elect Atle Vidar Nagel Johansen as new

member and Chairperson of the Board

of Directors of Anora Group Plc for a

term ending at the conclusion of the

next Annual General Meeting. He

replaced Michael Holm Johansen who

decided to step down from the Board

of Directors, as communicated in the

stock exchange release on 7 November

2025.

Torsten Steenholt, a member of the

Board of Directors and a member of

the Audit Committee of Anora Group

Plc, announced his resignation from

the Board of the company as of 29

August 2025. The reason for the

resignation was his appointment in the

Executive Committee of Carlsberg

Group as the Executive Vice President

for Integrated Supply Chain as of 1

November 2025.

As at the end of 2025, the members

of the Board of Directors were Atle

Vidar Nagel Johansen (Chairperson),

Christer Kjos, Annareetta Lumme-

Timonen, Jyrki Mäki-Kala (Vice

Chairperson), Florence Rollet, Rebecca

Tallmark and Jussi Mikkola (elected

employee member).

Board Committees as

at the end of 2025

The composition of the Committees of

the Board of Directors was as follows

as at the end of 2025:

• Audit Committee: Jyrki Mäki-Kala

(Chairperson), Christer Kjos and

Annareetta Lumme-Timonen

• Human Resources Committee: Atle

Vidar Nagel Johansen (Chairperson),

Florence Rollet and Rebecca

Tallmark.

Board remuneration

The remuneration of the Board

members elected by the AGM consists

of annual fees as follows:

• EUR 72,500, Chairperson

• EUR 49,500, Vice Chairperson

• EUR 33,000, member

In addition to these fees, the following

annual fees are paid to Board

members elected by the AGM who are

appointed by the Board as members of

the Board’s permanent and temporary

Committees:

Audit Committee:

• EUR 10,000, Chairperson

• EUR 5,000, member

Human Resources Committee:

• EUR 8,000, Chairperson

• EUR 4,000, member

In addition to these fees, the Board

members elected by the Annual

General Meeting receive a meeting fee

for the Board of Directors and Board

Committee meetings of EUR 700 per

meeting and EUR 1,400 per meeting for

members travelling to a meeting

outside her/his country of residence.

Travel expenses are reimbursed in

accordance with the company’s travel

policy.

The Shareholders’ Nomination Board

has recommended that the Board

members elected by the Annual

General Meeting accumulate a

shareholding in Anora that exceeds

his/her one-time annual remuneration.

Authorisation of the

Board of Directors to resolve

on the repurchase of the

company’s own shares

The AGM authorised the Board of

Directors to resolve on the repurchase

of up to 6,755,362 shares in the

company in aggregate, which

corresponds to approximately 10.0

percent of all the company’s shares.

The shares may be repurchased for

the purpose of improving the

company’s capital structure, to finance

or carry out corporate acquisitions or

other arrangements, for incentive

arrangements and remuneration

schemes or to be retained by the

company as treasury shares,

transferred, cancelled or for other

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

purposes resolved by the Board of

Directors. The authorisation is valid

until the close of the next AGM,

however, no longer than until 30 June

2026. Further information on this

authorisation can be found in the stock

exchange release published on 15 April

2025.

Authorisation of the

Board of Directors to resolve on

the issuance of shares for the

purposes of financing or carrying

out corporate acquisitions or

other arrangements

The AGM also authorised the Board of

Directors to resolve on the issuance of

shares in one or several tranches,

against or without consideration. The

Board of Directors may resolve to issue

either new shares or issue treasury

shares held by the company. The

number of shares to be issued based

on this authorisation shall not exceed

6,755,362 shares in aggregate, which

corresponds to approximately 10.0

percent of all of the company’s shares

at the time of the proposal. The

authorisation may be used to improve

the company’s capital structure, to

finance or carry out corporate

acquisitions or other arrangements or

for other purposes resolved by the

Board of Directors. The issuance of

shares may be carried out in deviation

from the shareholders’ pre-emptive

rights (directed share issue). The

authorisation is valid until the close of

the next AGM, however, no longer than

until 30 June 2026. Further information

on this authorisation can be found in

the stock exchange release published

on 15 April 2025.

Authorisation of the

Board of Directors to resolve

on the issuance of shares for

remuneration purposes

The AGM authorised the Board of

Directors to resolve on the issuance of

shares in one or several tranches,

against or without consideration to be

used for incentive arrangements and

remuneration schemes purposes. The

Board of Directors may resolve to issue

either new shares or issue treasury

shares held by the company. The

authorization may not be used for

remuneration purposes. The issuance

of shares may be carried out in

deviation from the shareholders’ pre-

emptive rights (directed issue). The

number of shares to be issued based

on this authorisation shall not exceed

1,351,072 shares in aggregate, which

corresponds to approximately 2.0

percent of all of the company’s shares.

The authorization may be used for

incentive arrangements and

remuneration schemes. The

authorisation is valid until the close of

the next AGM, however, no longer than

until 30 June 2026. Further information

on this authorisation can be found in

the stock exchange release published

on 15 April 2025.

Shareholders’ Nomination Board

as at the end of 2025

The members of the Shareholders

Nomination Board represent Anora’s

three largest shareholders. The

members appointed by the

shareholders at the year-end were:

• Stein Erik Hagen, Canica AS,

Chairman of the Shareholders’

Nomination Board

• Petter Söderström, Solidium Oy

• Anne Lise Ellingsen Gryte, Geveran

Trading Co. Limited.

In addition, Atle Vidar Nagel Johansen

and Jyrki Mäki-Kala, Chairperson and

Vice Chairperson of Anora’s Board of

Directors, respectively, act as expert

members in the Nomination Board.

The proposals of Anora’s

Shareholders’ Nomination Board to the

Annual General Meeting to be held on

14 April 2026, including the

remuneration to be paid to the Board

members, have been submitted in a

stock exchange release dated 21

January 2026. More information can be

found in the said stock exchange

release.

Chief Executive Officer and

Group Management

Members of Anora’s Executive

Management Team as at 31 December

2025 were:

• Kirsi Puntila, CEO

• Stein Eriksen, CFO

• Imre Avalo, SVP, Spirits

• Hannu Vähämurto, SVP, Industrial

• Mikkel Pilemand, SVP, Chief Growth

Officer (CGO)

• Johanna Sundén, SVP, Chief People

and Communications Officer

(CPCO)

• Thomas Heinonen, General Counsel.

Anora announced on 4 March 2025

that Kirsi Puntila (born 1970), M.Sc.

(Econ.), has been appointed as the new

CEO of Anora Group Plc effective

immediately. Kirsi Puntila has been with

Anora and its predecessor since 2014.

Her most recent position has been

Senior Vice President, Spirits. Previously

in her career, Kirsi has served as the

Spirits Category Director of Altia and as

Marketing Director, Altia Brands, during

which time she was based in

Stockholm. Prior to this, she served in

various international roles at Pernod

Ricard companies, most recently as

the Global Marketing Manager for

Absolut Flavors and Kahlua based in

Stockholm and London. Anora

announced on 15 October 2024 that

the previous CEO Jacek Pastuszka had

decided to retire and resign from the

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

position of the CEO of the company

once the Board of Directors had

appointed a new CEO.

Anora announced on 16 May 2025

that Imre Avalo (MBA, born 1980) had

been appointed as Senior Vice

President of the Anora’s Spirits

segment as of 19 May 2025. Anora

Group’s recently appointed CEO Kirsi

Puntila acted previously in this role until

the appointment of her successor. Imre

Avalo has been with Anora and its

predecessor Altia since 2017 in various

roles, most recently as Vice President,

Baltics & Expansion Markets since 2023.

Before joining Anora, Imre served as

Sales Director at a wine and spirits

company in Estonia, where he gained

extensive experience collaborating

with well-known global partners. Prior

to this, he acquired comprehensive

experience from sales and project

management positions at Carlsberg.

Anora announced on 19 November

2025 that Anna Möller had been

appointed as Senior Vice President of

the Anora’s Wine segment effective no

later than 12 May 2026. Janne

Halttunen, who acted in this role

previously, stepped down from his

position on 19 November 2025. To

ensure a smooth transition, Samu

Suonpää, Vice President, Operations

Wine, assumes responsibility of the

Wine segment operations on an

interim basis until Anna Möller joins the

company. Anna Möller joins Anora from

Viva Wine Group, where she has been a

member of the management team

and the Chief Operation Officer

responsible for the Nordic markets

since 2022. She is now returning to

Anora, where she most recently served

as the Commercial Director Spirits

Scandinavia. 

Shares and shareholders

Anora’s shares are listed on the

Nasdaq Helsinki with the trading code

“ANORA” and the ISIN code

FI4000292438. All shares carry one vote

and have equal voting rights. At the

end of the reporting period, Anora

Group Plc’s share capital amounted to

EUR 61,500,000 and the number of

issued shares was 67,553,624.

Flagging notifications

The Company received no flagging

notifications during 2025.

Shareholder structure

At the end of the period, Anora had

27,061 (31 December 2024: 27,570)

registered shareholders in Euroclear

Finland. The share of nominee-

registered shares was 37.0 % (31

December 2024: 38.6%).

Management’s ownership

On 31 December 2025, the members of

the Board of Directors, the CEO and the

members of the Executive

Management Team, including their

controlled corporations, owned a total

of 73,161 shares corresponding to 0.11%

of the total number of shares.

Authorisations, option and share-

based incentive programmes

During 2025, Anora had no share

option programmes. The Board of

Directors is authorised to resolve on

the repurchase of the company’s own

shares and on the issuance of shares

for the purposes of financing or

carrying out corporate acquisitions or

other arrangements, or for

remuneration purposes. The Board of

Directors has not used any of these

authorisations during 2025. The

authorisations are described in detail

under the Governance chapter.

Information about the share-based

incentive programme is given under

the Personnel chapter.

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Share information

	2025	2024
Number of shares issued	67,553,624	67,553,624
Share capital, EUR	61,500,000	61,500,000
Earnings per share, EUR	0.08	0.16
Dividend per share, EUR	0.22	0.22
Proposal by the Board of Directors: Dividend/share, EUR	0.24

Share performance, Nasdaq Helsinki

	2025	2024
Closing price on the last day of trading, EUR	3.86	2.84
Highest price, EUR	3.93	5.50
Lowest price, EUR	2.68	2.69
Volume	13,668,544	15,665,418
Market capitalisation, EURm, end of period	260.4	191.9

Ownership structure by sector 31 December 2025 (Euroclear Finland)

Sector	Number of shares	% of shares
Public sector	17,581,619	26.0
Financial and insurance corporations	9,639,670	14.3
Households	18,079,170	26.8
Non-financial corporations	4,770,910	7.1
Non-profit institutions	820,390	1.2
Rest of the world	16,661,865	24.7
Total	67,553,624	100.0
Nominee-registered shares	24,990,503	37.0

Distribution by size of holding 31 December 2025 (Euroclear Finland)

Number of shares	Number of shareholders	% of shareholders	Number of Shares	% of shares
1-100	9,329	34.5	497,142	0.7
101-500	10,639	39.3	2,824,187	4.2
501-1 000	3,493	12.9	2,697,637	4.0
1 001-5 000	2,991	11.1	6,423,733	9.5
5 001-10 000	354	1.3	2,586,591	3.8
10 001-50 000	209	0.8	4,317,888	6.4
50 001-100 000	16	0.1	1,247,872	1.8
100 001-500 000	22	0.1	4,741,126	7.0
500 001-	8	0.0	42,217,448	62.5
Total	27,061	100.0	67,553,624	100.0

Illustration of Anora’s ownership structure 31 Dec 2025 *

Largest shareholders on 31 December 2025 (Source: Modular Finance)

	Shareholder	Number of shares	% of shares
1	Canica AS	15,137,926	22.4
2	Solidium Oy	13,097,481	19.4
3	John Fredriksen (Geveran Trading Co. Limited)	3,117,150	4.6
4	Varma Mutual Pension Insurance Company	1,731,240	2.6
5	Hoff SA	1,522,554	2.3
6	Ilmarinen Mutual Pension Insurance Company	1,290,000	1.9
7	Weststar Oy	1,159,299	1.7
8	Elo Mutual Pension Insurance Company	1,049,000	1.6
9	Fidelity International (FIL)	538,009	0.8
10	Axel Tryggve Eriksson	400,000	0.6
	10 biggest owners in total	39,042,659	57.8

*The chart provides an illustration of Anora’s ownership structure including the largest shareholders based

on information provided to the company. In the Euroclear Finland data, the shareholdings of Canica AS and

Geveran Trading Co. Limited are included in the nominee-registered shares. Rest of the world comprises

shareholdings by directly registered foreign shareholders. Source: Euroclear Finland, Anora.

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Risks and risk management

Risk management

At Anora, the purpose and objectives of

risk management are to:

• support the implementation of the

Anora Group’s strategy,

• identify risks, and methods for

mitigating the probability and

impacts, of physical injury, property

damage, hazards and business

interruption,

• ensure profitability development

and contribute to shareholder value;

• ensure business continuity.

Anora’s Risk Management Policy, which

has been approved by the Board of

Directors, describes the goals,

principles and responsibilities for risk

management at Anora Group and the

related reporting principles as well as

operating methods. Furthermore, the

policy ensures that risk management

has a collective operating model

throughout Anora, and that the

enterprise risk management process is

closely integrated with other

management processes (such as the

strategy and planning processes).

Anora’s risk management policy is

based on the COSO ERM framework,

the SFS-ISO 31000 standard “Risk

management. Principles and

instructions” and on the corporate

governance code of Finnish listed

companies (Corporate Governance

Code). Climate-related risk

classifications and terminology are

further guided by the Task Force on

Climate-related Financial Disclosures

(TCFD) recommendations.

Risk management at Anora is a

systematic process, the purpose of

which is to guarantee comprehensive

and appropriate identification,

assessment, management, monitoring,

and reporting on risks for the entire

group. It is an integral part of Anora

Group’s planning and management

process, decision-making, day-to-day

management, and operations, as well

as of the control and reporting

procedures.

The risk management policy

describes the goals, principles and

responsibilities of Anora’s risk

management and the related

reporting principles. In line with this,

risks are reported in accordance with

the Group’s reporting responsibilities.

The management principles of the

Group’s most significant financial risks

are described in more detail in the

Notes to the Consolidated Financial

Statements, under section 4.1  Financial

risk management. The risk

management function is also

responsible for the global insurance

programs of the Group. The business

areas and functions report on risks and

STRATEGIC RISKS

• Business environment

• Technology

• Regulation

• Climate change

• Reputation

• M&A

RISK

MANAGEMENT

HAZARD RISKS

• Health and safety

• Property

• Environment

• Fires, accidents and

natural catastrophes

changes in risks on a quarterly basis.

The Executive Management Team

supports and coordinates risk

management and reports key risks

and material changes therein to the

Audit Committee of the Board of

Directors in connection with the interim

reporting and financial statements.

The Board of Directors, supported by

the Audit Committee, reviews the most

OPERATIONAL RISKS

• Organisation, management

and personnel

• IT and security

• Production and processes

• Business disruption

• Quality

• Contractual and liability risks

• Compliance

FINANCIAL RISKS

• Liquidity

• Profitability

• Interest rate, currency and

credit risks

• Taxation risks

• Accounting and reporting

• Capital structure

significant risks, actions to manage

them, and evaluates the effectiveness

and functioning of risk management.

The Board of Directors report on the

most significant risks and

uncertainties, and changes therein, in

the interim reports and financial

statements.

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

The Board of Directors oversees

Anora’s capital allocation principles

and financial targets as part of its

responsibility for risk management and

long-term value creation. Anora

applies a disciplined capital allocation

framework to balance growth

investments, shareholder returns and

balance sheet strength. The Group’s

capital allocation priorities are to:

• maintain net debt to comparable

EBITDA below 2.5x over the cycle;

• prioritise investments that improve

structural profitability and cash flow;

• fund growth primarily through

operational improvements; and

• allocate excess cash flow to

dividends and debt reduction in line

with the dividend policy.

This framework supports financial

stability and reduces exposure to

financial and operational risks.

Most significant risks

and uncertainties

For reporting and risk assessment

purposes, risks are categorised into

four categories: strategic risks,

operational risks, hazard risks and

financial risks.

Strategic and business risks relate to

decision-making, resource allocation,

business model, management systems

and the capacity to respond to

changes in the operating environment

(long-term, 3–5 years). Strategic risk

assessment comprises also the

regulatory framework and ethically

sustainable business practices that

apply to the company’s operations

and industry. Operational risks concern

the implementation of strategy and

day- to-day business operations.

Such risks include deviations in

processes, systems and conduct

(short-term, 1–2 years). Hazard risks are

errors, malfunctions and accidents

occurring within Anora or its operating

environment, resulting in damage or

loss. Financial risks pertain to changes

in market prices, the short- and long-

term adequacy of financial assets and

the ability of counterparties to meet

their financial obligations.

The following table contains a

summary of key uncertainties with an

either positive or negative effect on

Anora’s operations:

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Risk	Description		Risk management
Raw material price risk	The availability of domestic barley and its market price has a significant impact on the profitability of Anora’s business.		Anora ensures the availability and price of barley with contract farming in co-operation with farmers and grain companies.
Risks related to customers and consumer demand	The customers in Anora’s market areas include Nordic retail monopolies, wholesalers who sell alcohol, restaurants, retail stores, travel retail, international wine and spirits companies and importers operating in the export markets. The wide customer base provides Anora with diverse opportunities for the long-term development of customer cooperation. Changes in consumer behaviour may, in the long term, shift the emphasis in the demand for Anora’s products between different product categories		A strong market position, efficient industrial processes, good quality and well-known brands improve Anora’s chances to manage the risk. Changes in consumption patterns and the need to adjust operations are prepared for by investing in consumer-driven product development.
Product safety risks	As a wine and spirits company, one major risk is ensuring the quality and safety of the raw materials and finished goods through the supply chain.		Anora employs modern methods to ensure the safety of production processes and to eliminate various microbiological, chemical, and physical hazards. In ensuring product safety, Anora complies with the operating methods required by food safety management and quality certificates.
Damage risks	Anora has production facilities in Finland, Denmark, Norway, and Estonia. A fire or other unforeseen event may interrupt the operations of a production facility.		All Anora’s production facilities have insurance policies for material damage and the interruption of operations in the Group’s insurance programme. Key production facilities are subject to a risk survey every 1–2 years. Continuity plans serve to limit possible damage due to interruptions in operations.
Financial risks	The key risks related to finance in Anora’s operations are currency transaction and translation risks, interest rate risks and refinancing and liquidity risks.		Financial risk management aims to mitigate any impact that price fluctuations and other uncertainties in the financial markets have on operating results, the balance sheet, and cash flow and to ensure sufficient liquidity. The management principles of the Group’s most significant financial risks are described in more detail in the Notes to the Consolidated Financial Statements, under section 4.1. Financial risk management.
Compliance	Key compliance risks in Anora’s operations relate to the breach of laws and regulations and decisions by authorities concerning reporting, permits and licenses, marketing of alcoholic beverages, competition law and processing of personal data.		Anora aims to manage compliance risks and ensure ethically sustainable business practices with guidance and regular training. Compliance risk management aims to avoid compliance breaches resulting in sanctions, consequences and official investigations and decisions that may damage the company’s profitability, business continuity and reputation.

Price risk associated with

commodities

Barley

In 2025, Anora consumed approximately

173.1 (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’s 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. The hedges are executed with

the bilateral OTC-derivatives Nasdaq

OMX Commodities market as a

reference.

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

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 89.0% (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 as 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.

Sensitivity to market risks

The table below describes the

sensitivity of the Group’s profit and

equity (before taxes) to changes in

electricity prices, foreign exchange

rates and interest 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.

The total group floating rate liability

position consists of floating rate

liabilities EUR 160.0 (160.0) million.

An increase of one percentage point

in interest rates would have an effect

of EUR 0.8 (1.2) million on the income

statement. The effect of the increase in

market interest rates on the Group’s

profit is determined by net interest

expenses.

Short-term risks and uncertainties

The Fit, Fix, Focus strategy entails

material execution and market-related

risks. Among these, execution capacity

and organisational focus are

considered to be the most critical risks

in the near term. The scale and pace of

initiatives place high demands on

leadership and key functions. Failure to

prioritise effectively, manage

workloads or sustain momentum could

delay value realisation and weaken

organisational engagement. Pricing

discipline, portfolio choices and the

delivery of innovation are also critical

execution risks. The strategy requires

Anora to make clearer trade-offs,

including exiting or deprioritising less

impactful activities, and to focus

resources on fewer, higher-impact

initiatives. While strategically

necessary, these choices involve

inherent execution risk. In the longer

term, Anora is exposed to structural

changes in consumer behaviour,

regulatory developments and channel

dynamics, particularly in the Nordic

markets. While largely outside the

Group’s control, these factors underline

the importance of portfolio flexibility,

channel optionality and innovation

speed embedded in the strategy.

Growth-related risks primarily relate to

the successful execution of organic

growth initiatives across categories,

channels and markets.

Other significant short term risks and

uncertainties relate to the overall

economic development, impact of

regulatory changes, the geopolitical

and trade policy environment,

disruptions in supply chains, price and

availability of raw materials and cyber

threats. In addition, the short-term risks

may also relate to the integration of

acquired businesses, as well as related

finance processes.

Significant uncertainties relate to

the overall economic development

and its impacts on consumption, to the

competitive environment, and to the

effects on consumer behaviour due to

potential and recently implemented

regulatory changes in areas such as

alcohol taxation, excise taxation and

alcohol legislation. Changes to and a

further liberalisation of alcohol

legislation may result in sale of

alcoholic beverages with higher ABV

alcohol content outside the traditional

monopolies and home and cross-

border deliveries. For example, the

recent amendments to Finland’s

Alcohol Act allowing the sale of

alcoholic beverages containing up to

8% ABV alcohol in grocery retail have

impacted the sales in the Finnish

alcohol monopoly negatively. Any

further liberalisation or  changes in

delivery methods would most likely

increase competition in the Finnish

market. The impact of such changes

could potentially have an impact on

Anora’s business.

The increased inflation levels in

Anora’s operating countries pose

several risks and may lead to

depressed consumer spending. Also

wage inflation has gradually increased.

Availability of funding, foreign

exchange rates and interest rates may

be affected significantly by the volatile

situation on the global capital markets.

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Sensitivity of financial instruments to market risks (before taxes) in accordance with IFRS 7 standard

	2025				2024
EUR million	Income statement		Equity		Income statement		Equity
+/-10% electricity	–	–	+/-	0.1	–	–	+/-	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

Unexpected and unforeseen

disruptions in the supply chain,

production and deliveries are

significant short-term risks related to

operations, as well as sudden and

significant changes in the prices of raw

materials. Risks can be caused by

internal or external events.

The increasingly unstable

geopolitical and trade policy

environment could also negatively

affect Anora’s business, profitability

and operating environment. Significant

risks and uncertainties relate to global

supply chain disruptions with also

potential threats to shipping routes, to

the supply of grain, and to further price

increases across all input costs. The

risk of rising energy and fuel prices and

volatility in production volumes

continue. Strikes as well as possible

problems with the availability and cost

of raw materials, labour, energy and

fuel may impact the operating

environment and Anora’s business and

profitability in the near future.

Furthermore, Anora may face

challenges in its ability to meet its

financial targets as well as

sustainability and other ESG targets,

including the targets relating to

greenhouse gas emissions.

Cyber risk threat levels continue to

be elevated and government

authorities have warned of an

increasing threat and number of

cyber-attacks. There have been

reported cases of cyber-attacks on

business enterprises and government

authorities with severe impacts. Anora

continuously improves its cyber

security operations and technologies. It

cannot be excluded that also Anora or

its business partners could face cyber-

attacks with potentially significant

impacts on Anora’s business,

profitability and operations.

Forward looking statements

Certain information herein other than

historical facts contain “forward

looking statements”. These forward

looking statements relate to future

events or future financial performance,

including, but not limited to, strategic

plans, potential growth, financial

performance and targets,

sustainability and other ESG targets,

planned operational changes,

expected capital expenditures, future

cash sources and requirements,

liquidity and cost savings that involve

known and unknown risks,

uncertainties and other factors that

may cause the actual results, levels of

activity, performance or achievements

of Anora Group or its businesses to be

materially different from those

expressed or implied. In some cases,

such forward looking statements can

be identified by terminology such as

“may”, “will”, “could”, “would”, “should”,

“expect”, “plan”, “anticipate”, “intend”,

“believe”, “estimate”, “predict”,

“potential”, or “continue”, or the

negative of those terms or other

comparable terminology. By their

nature, forward looking statements are

subject to change and involve risks

and uncertainties because they relate

to events and depend on

circumstances that may or may not

occur in the future. Future results may

vary from the results expressed in, or

implied by, the forward looking

statements, possibly to a material

degree. All forward looking statements

are based on information presently

available to management and

represent the current beliefs and

assumptions of the management in

light of the information currently

available to them. Anora Group

assumes no obligation to update any

forward looking statements. Nothing

herein constitutes investment advice

and this material shall constitute an

offer to sell or the solicitation of an

offer to buy any securities or otherwise

to engage in any investment activity.

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Dividend proposal

According to the financial statements

on 31 December 2025, the parent

company’s distributable funds

amounted to EUR 107.5 million including

profit for the period of EUR 24.1 million.

There have been no significant

changes to the parent company’s

financial position after the end of the

financial year.

The Board of Directors proposes to

the Annual General Meeting to be held

on 14 April 2026 that a dividend of EUR

0.24 per share be paid for the financial

year 2025 .

Events after the period

Anora published a stock exchange

release on 21 January 2026 about the

proposals of Anora’s Shareholders'

Nomination Board to the Annual

General Meeting planned to be held on

14 April 2026 and summoned later. The

Shareholders’ Nomination Board

proposes to the Annual General

Meeting that the number of members

of the Board of Directors would be

seven (7), and that the current

members Atle Vidar Nagel Johansen,

Christer Kjos, Annareetta Lumme-

Timonen, Jyrki Mäki-Kala, Florence

Rollet and Rebecca Tallmark would be

re-elected and that Jonas Tåhlin would

be elected as a new member of the

Board of Directors. Furthermore, the

Shareholders’ Nomination Board

proposes that the Annual General

Meeting resolves on an amendment to

the Charter of the Shareholders’

Nomination Board whereby only the

Chairman of the Board of Directors

would serve as an expert member of

the Nomination Board. Previously, the

Vice Chairperson of the Board of

Directors has also served as an expert

member. In addition, certain updates

and technical adjustments and

clarifications are also proposed to the

Charter. More information can be

found in the said stock exchange

release.

The Board of Directors of Anora

Group Plc announced a stock

exchange release on 11 February 2026

that it had approved the

commencement of a new plan period

2026-2028 within the share-based

long-term incentive scheme for the

management and selected key

employees. More information can be

found in the said stock exchange

release.

Annual General Meeting 2026

Anora Group Plc’s Annual General

Meeting 2026 is planned to be held on

14 April 2026. The notice to and

instructions for the AGM are published

by a stock exchange release, and on

Anora’s website.

Outlook for 2026

Market outlook

The alcoholic beverage consumption

in Anora’s key markets is expected to

remain structurally challenged, with

industry data and consumer trends

indicating continued volume pressure

through 2026 and beyond.

Guidance

In 2026, Anora’s comparable EBITDA is

expected to be EUR 74-79 million ( 2025:

EUR 71.1 million).

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

REPORT BY THE BOARD OF DIRECTORS

Sustainability

Statement

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

ESRS 2 General disclosure

BP-1 – General basis for

preparation of Sustainability

Statement

Anora’s consolidated Sustainability

Statement for the 2025 reporting period

(referred to as the “Sustainability

Report” under the Finnish Accounting

Act) has been prepared in accordance

with the Corporate Sustainability

Reporting Directive (EU) 2022/2464 and

the European Sustainability Reporting

Standards (ESRS) defined in the

Commission Delegated Regulation (EU)

2023/2772, the requirements of Chapter

7 of the Finnish Accounting Act on

sustainability reporting, and the EU

Taxonomy legislation (2020/852). The

scope of the reporting matches Anora

Group Plc’s consolidated financial

statements, covering the parent

company and all subsidiaries.

Disclosures on policies, targets, actions,

and metrics related to the upstream

and downstream value chain are

limited to information available in-

house, such as data already accessible

to Anora (e.g. from partners), and

publicly available sources, in line with

ESRS 1 section 10.2 transitional

provisions. No information has been

omitted due to business sensitivity,

including intellectual property, know-

how, or innovation outcomes.

BP-2 – Disclosures in relation to

specific circumstances

Time horizons

Anora applies the following time

horizons in its sustainability assessments,

in accordance with ESRS requirements:

• Short-term: the financial reporting

period (i.e. one year)

• Medium-term: from the end of the

short-term period up to five years

• Long-term: more than five years

These time horizons are largely in line

with Anora’s overall risk management

practices, which follow the COSO ERM

framework and the SFS-ISO 31000

standard. This alignment ensures

consistency in assessing sustainability-

related material impacts, risks, and

opportunities. Any deviations from

these time horizons are disclosed

alongside the relevant data points.

Value chain estimation

For sustainability metrics that include

upstream and/or downstream value

chain data, Anora limits disclosures to

information available in-house or from

public sources. Where proxies,

estimates, sector averages, or other

indirect data sources are used, and

where actions are planned to improve

data accuracy, this is disclosed

alongside the relevant data points.

Sources of estimation and

outcome uncertainty

Most metrics or datapoints are not

subject to significant estimation or

measurement uncertainty related to

techniques, future event outcomes,

assumptions, approximations, or

judgements, except where explicitly

disclosed. Such disclosures apply to

specific metrics including Scope 3 GHG

emissions and the regenerative share,

where proxies, estimates, or sector-

average data may be used. These are

accompanied by relevant

explanations and planned actions to

improve data accuracy.

Reporting errors in prior periods

During the data collection process for

the 2025 sustainability statement, an

error was identified in the metric

related to the target “Increasing the

share of net sales from NoLo products,”

as reported in the 2024 sustainability

statement. Due to a calculation error,

the share of NoLo products in total net

sales for 2024 was reported as 5.9%,

whereas the corrected figure is 4.2%.

The difference from the 2024 figure is

-1.7 p.p. The corrected figure is used as

comparative information for 2024 in

the report.

Changes in preparation or

presentation of sustainability

information

A methodological change was made

in the presentation of the FLAG target

under E1-4, and the comparative figure

was updated to reflect the target

boundary rather than comparing all

FLAG emissions to the full FLAG

inventory, with no impact on the

reported percentage change.

GOV-1 – The role of the

administrative, management

and supervisory bodies

The duties and responsibilities of

Anora’s governing bodies—including

oversight and management of

sustainability-related impacts, risks,

and opportunities—are defined by

Finnish law, Anora’s Articles of

Association (as approved by the

General Meeting of Shareholders), and

Anora Group’s internal governance

documents. These include the

Governance Principles, the Charter of

the Board of Directors, and the Charter

of the Audit Committee, all approved

by the Board of Directors.

The roles and responsibilities of

Anora’s main administrative and

management bodies in relation to

sustainability matters are presented in

the next table.

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Identity of body	Type of governance body	Composition and diversity	Roles and responsibilities in management of sustainability- related impacts, risks and opportunities
The Board of Directors	Administrative body	The Board of Directors is Anora’s main administrative body. In 2025, it comprised 6 (7) non-executive members elected by the General Meeting of Shareholders and 1 (1) member elected by Anora personnel. Board composition is guided by the principle of diversity to ensure a skilled, competent, and effective governing body. Diversity is supported through relevant experience in strategically important fields and markets, international business acumen, and variation in age, tenure, and gender. In 2025 , 57% (63%) of board members were independent of both the company and significant shareholders. The gender diversity ratio was 43% (38%) (female to male). In accordance with the agreement on employee participation between Anora and the special negotiating body, employees are represented by one board member and one deputy.	The Board of Directors holds primary oversight responsibility for sustainability-related impacts, risks, and opportunities. It approves Anora’s sustainability strategy, including targets and significant sustainability investments. Supported by the Audit Committee, the Board monitors and assesses the overall governance of sustainability and ensures the integrity of related disclosures.
CEO and the Executive Management Team	Management body	The Executive Management Team is Anora’s main management body, chaired by the CEO of Anora Group Plc. It comprises senior executives appointed by the Board of Directors, totaling 7 (8) members in 2025. Appointments are made to ensure the team possesses the necessary skills, competences, and experience for effective operations in the beverages industry. The Executive Management Team is not a formal decision-making body. It supports the CEO in implementing Group strategy and managing operations. In 2025, the gender diversity ratio (female to male, including the CEO) was 29% (25%). Unlike the Board of Directors, the Executive Management Team does not include formal representation of employees or other workers.	The Executive Management Team is responsible for implementing Anora’s overall sustainability strategy. This includes approving and regularly monitoring actions and targets related to sustainability impacts, risks, and opportunities, as well as preparing sustainability investment proposals. The Executive Management Team reports on all material sustainability-related matters to the Board of Directors. No separate management- level positions or committees have been appointed to oversee sustainability-related impacts, risks, and opportunities.

The Executive Management Team

receives input from business areas

and, as part of daily operations,

monitors sustainability-related

impacts, risks, and opportunities within

their areas of responsibility. Key

findings are reported to the CEO in

collaboration with the sustainability

team, which coordinates sustainability

reporting. Dedicated controls and

procedures for managing

sustainability-related impacts, risks,

and opportunities are being integrated

into Anora’s existing internal control

and risk management processes.

Anora’s governing bodies determine

the necessary skills and expertise for

sustainability oversight based on

experience, knowledge, and materiality

assessments relevant to its core

business—manufacturing, importing,

and selling alcoholic and other

beverages. These competencies are

particularly focused on Anora’s most

material sustainability topics, reflected

in its long-term strategic targets

related to climate change mitigation,

regenerative farming, and circular

economy. External advisors are

engaged in certain specialised areas

as needed.

GOV-2 – Information provided

to, and sustainability matters

addressed by the undertaking’s

administrative, management

and supervisory bodies

Sustainability topics related to material

impacts, risks, and opportunities are

regularly discussed in both Executive

Management Team and Audit

Committee meetings. During the

reporting period, the Audit Committee

convened 5 (6) times. The Board of

Directors is kept informed by the

Chairperson of the Audit Committee, the

CEO, and the Executive Management

Team on the effectiveness of policies,

actions, metrics, and targets related to

sustainability. These updates form part

of the Board’s overall oversight

responsibilities for governance and risk

management (due diligence).

Anora’s CEO and Executive

Management Team, responsible for

executing and steering the Group

strategy, take a calculated approach to

overseeing the Group’s sustainability-

related strategy, major transactions,

and risk management processes. They

receive input from business areas and

collaborate with the sustainability team

to coordinate reporting and prepare

responses to significant sustainability

impacts, risks, and opportunities.

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The CEO and Executive Management

Team routinely evaluate potential

trade-offs related to material

sustainability matters to ensure

alignment with Anora’s long-term

goals and commitments. The Board of

Directors provides oversight and

approves any significant plans or

changes to these practices.

Following the completion of the latest

double materiality assessment during

the reporting period, the Audit

Committee reviewed the resulting list

of material impacts, risks, and

opportunities. This list is presented in the

table in section SBM-3: Material impacts,

risks and opportunities and their

interaction with strategy and business

model of this Sustainability Statement.

GOV-3 – Integration of

sustainability-related

performance in incentive

schemes

The Group’s remuneration policy sets

the general principles for

compensating the Board of Directors

and the CEO, including sustainability-

related performance. In line with the

“Pay for Performance” principle, both

short- and long-term incentive

programs are tied to the achievement

of predefined sustainability targets.

These practices are designed to

support the attainment of Anora’s

sustainability objectives. Currently, the

sustainability measure used in the

plans does not directly include climate

change or GHG emission reduction

targets, with related aspects only

reflected through the Sustainalytics

ESG risk rating.

On 21 December 2022, the Board of

Directors approved a share-based

long-term incentive plan for 2023–

2025, targeting management and

selected key employees. The plan is

structured as a performance share

plan, with rewards based on four

performance measures, including an

environmental, social, and governance

(ESG) metric. The ESG metric accounts

for 10% of the total earnings opportunity

under the plan. The ESG target is to

achieve a ‘low risk’ ESG risk rating from

Sustainalytics by the end of 2025.

On 13 February 2024, the Board of

Directors approved a share-based

long-term incentive plan for 2024–

2026, targeting management and

selected key employees. The plan is

structured as a performance share

plan, with rewards based on four

performance measures, including an

environmental, social, and governance

(ESG) metric. The ESG metric represents

10% of the total earnings opportunity

under the plan. The ESG target is to

achieve a ‘low risk’ ESG risk rating from

Sustainalytics by the end of 2026.

On 12 February 2025, the Board of

Directors of Anora Group Plc approved

the launch of a new share-based long-

term incentive plan for the period

2025–2027. The plan is structured as a

performance share plan, with rewards

based on four performance measures,

including a Sustainalytics ESG risk

rating as the ESG metric. The ESG

metric represents 10% of the total

earnings opportunity under the

plan.The ESG target is to achieve a ‘low

risk’ ESG risk rating from Sustainalytics

by the end of 2027.

CORE ELEMENTS OF DUE DILIGENCE	PARAGRAPHS IN THE SUSTAINABILITY STATEMENT
Embedding due diligence in governance, strategy and business model	ESRS 2 General disclosure: GOV-2 – Information provided to, and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies ESRS 2 General disclosure: GOV-3 – Integration of sustainability-related performance in incentive schemes ESRS 2 General disclosure: SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model
Engaging with affected stakeholders in all key steps of the due diligence	ESRS 2 General disclosure: SBM-2 – Interests and views of stakeholders ESRS 2 General disclosure: IRO-1 – Description of the process to identify and assess material impacts, risks and opportunities Topical standard information on stakeholder views reflected in policies related to sustainability matters: E1-2, E3-1, E4-2, E5-1, S1-1, S2-1, S4-1, G1-1 Different stages and purposes of stakeholder engagement throughout the due diligence process: S1-2, S2-2, S4-2
Identifying and assessing adverse impacts	ESRS 2 General disclosure: IRO-1 – Description of the process to identify and assess material impacts, risks and opportunities ESRS 2 General disclosure: SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model
Taking actions to address those adverse impacts	Topical standard information on taking action on to address material impacts related to sustainability matters: E1-3, E3-2, E4-3, E5-2, S1-4, S2-4, S4-4
Tracking the effectiveness of these efforts and communicating	Topical standard information on tracking the effectiveness of efforts related to sustainability matters through targets: E1-4, E3-3, E4-4, E5-3, S1-5, S2-5, S4-5 Topical standard information on tracking the effectiveness of efforts related to sustainability matters through metrics: E1-5, E1-6, E3-4, E4-5, E5-4, E5-5, S1-6, S1-8, S1-9, S1-14, S1-17, G1-4

GOV-4 – Statement on due

diligence

A mapping of the information provided

in the Sustainability Statement about

the due diligence process is presented

in the next table.

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GOV-5 – Risk management

and internal controls over

sustainability reporting

Anora’s risk management and internal

control processes related to the

completeness, integrity, and quality of

sustainability data—covering both its

own operations and key value chain

features—are being integrated into the

company’s general procedures and

management systems. Anora Risk

Management Policy aims to subject

both internal and external

sustainability reporting to the same

control measures as financial and

operational reporting, ensuring

reliability, compliance, and adherence

to Anora’s internal sustainability

principles, policies, and guidelines.

The objective of risk management at

Anora Group is to support the

implementation of the company’s

strategy—including its sustainability

strategy—by identifying risks, reducing

their likelihood and impact, and

ensuring business continuity. The Board

of Directors has approved the Group

Risk Management Policy, which outlines

the objectives, principles, responsibilities,

and reporting procedures for risk

management across the Group.

All risks are assessed based on their

estimated probability and impact. For

sustainability reporting, key internal

control risks relate to data

completeness, accuracy of estimated

metrics, and availability of upstream

and downstream value chain data

linked to material impacts, risks, and

opportunities. Mitigation strategies and

related controls for these risks are

currently being developed.

During 2025, Anora’s sustainability

reporting process is coordinated by

the sustainability team in collaboration

with relevant functions across the

Anora Group who are responsible for

engaging with affected stakeholder

groups. They continue to develop the

reporting process according to latest

regulative requirements by applying

the best available information and

enhancing assessment and

measurement capabilities related to

material sustainability impacts, risks,

and opportunities.

SBM-1 – Strategy, business

model and value chain

This section focuses on the

sustainability implications of Anora’s

strategy implementation, business

model and value chain. For more

information, see the Report by the

Board of Directors.

Anora offers a comprehensive

portfolio of alcoholic and non-

alcoholic beverages, including its own

brands and a broad selection of

international partner wines, spirits, and

NoLo (no- and low-alcohol) products.

These are distributed through off-trade

and on-trade channels, including

Nordic retail monopolies, Horeca, retail,

travel retail, and export markets. The

company also provides production,

packaging, and logistics services to

customers.

Anora’s industrial products—barley

starch, technical ethanol, and feed

components—are derived as by-

products of the distillation process and

supplied to B2B customers across

various industries. Logistics services in

the Norwegian wine and spirits market

are handled by Vectura AS, a

subsidiary of Anora.

No significant changes occurred in

the product offering or customer

segments during the reporting period.

At the end of 2025, Anora’s total

number of employees was 1,190 (1,211),

with 405 (409) located in Finland, 342

(348) in Norway, 182 (163) in Denmark,

155 (185) in Sweden, 64 (67) in Estonia, 31

(31) in Latvia, 5 (7) in Germany, and 6 (1)

in Lithuania.

Total external revenue for the 2025

period broken down according to

Anora’s reporting segments according

to IFRS 8 was EUR 141.7 (142.0) million from

the Industrial segment, EUR 215.1 (227.0)

million from Spirits segment and EUR

301.1 (323.0) million from Wine reporting

segment. Anora has no activities or

revenue related to fossil fuels sectors

(coal, oil or gas).

Sustainability targets

Anora has set long-term sustainability

targets in 2022, focusing on key product

groups, customer categories,

geographical areas, and stakeholder

relationships. These targets are integral

to Anora’s sustainability strategy and

were defined through a materiality

assessment conducted in 2022 as a

part of planning the Sustainability

Roadmap. This assessment included

market research on purchasing trends

in key markets and customer

segments, as well as an evaluation of

the sustainability impacts of Anora’s

products and operations.

• Production sites: Achieve carbon-

neutral operations at the

Koskenkorva Distillery by 2026 and at

all Anora’s own production sites by

2030, without carbon

compensations.

• Product inputs: Increase the share

of regeneratively farmed barley in

Anora’s own grain spirit products to

30% by 2030.

• Packaging: Ensure all own-brand

products are packaged in

lightweight, 100% recyclable

materials sourced from certified or

recycled origins by 2030.

Anora continuously monitors raw

material sourcing, production

processes, packaging requirements,

and customer behavior to track

progress towards the targets and to

identify any emerging challenges or

investment needs.

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Science-based targets

As a part of its Sustainability Roadmap,

Anora joined the Science Based

Targets initiative (SBTi) in 2022 and

submitted its emission reduction

targets for validation in December

2023. Besides its previously mentioned

sustainability targets, Anora has set the

following, separate science-based

targets, which were validated by the

SBTi in 2024 and form a core part of

Anora’s climate strategy:

• Overall Net-Zero target: Anora

Group Plc commits to reach net-

zero greenhouse gas emissions

across the value chain by 2050.

• Near-Term climate targets:

• Energy & Industry: Anora

commits to reduce absolute

scope 1 and 2 GHG emissions 42%

by 2030 from a 2021 base year*.

Anora also commits to reduce

absolute scope 3 GHG emissions

from purchased goods and

services, upstream and

downstream transportation and

distribution 42% within the same

timeframe.

• FLAG (Forest, Land & Agriculture):

Anora commits to reduce

absolute scope 1 and 3 FLAG GHG

emissions 30.3% by 2030 from a

2021 base year**. Anora also

commits to maintaining no

deforestation across its primary

deforestation-linked

commodities.

• Long-Term climate targets

• Energy & Industry: Anora

commits to reduce absolute

scope 1 and 2 GHG emissions 90%

by 2050 from a 2021 base year*.

Anora also commits to reduce

absolute scope 3 GHG emissions

from purchased goods and

services, upstream and

downstream transportation and

distribution 90% within the same

timeframe.

• FLAG: Anora commits to reduce

absolute scope 1 and 3 FLAG GHG

emissions 72% by 2050 from a 2021

base year**

* The target boundary includes land-related

emissions and removals from bioenergy feedstocks.

** Target includes FLAG emissions and removals.

Business model

Anora’s business model relies on

several key inputs: approximately 180

million kilograms of Finnish barley

annually, imported wines from over 35

countries, water, and dry goods such

as packaging materials and beverage

spices. These inputs are sourced,

developed, and secured through

Anora’s integrated operating model,

which enables economies of scale

across sourcing, production, and

distribution. The model also leverages

shared capabilities in consumer

research, innovation, product

development, and centralised support

functions to enhance operational

efficiency.

Anora’s business model generates

outputs across three core segments:

• The Wine segment: Includes partner

wines and Anora’s own-label wines,

which are developed, imported,

packaged, marketed, and sold

primarily in the Nordic retail

monopoly and Horeca markets,

Denmark, and the Baltic countries.

• The Spirits segment: Comprises

Anora’s own spirits brands and

partner brands, distributed through

the Nordic retail monopoly and

Horeca markets, Denmark, the

Baltics, global duty-free and travel

retail channels, and export markets.

• The Industrial segment: Covers

industrial products, contract

manufacturing, supply chain

services, and logistics operations,

including services provided by

Vectura AS.

Other current and expected benefits

to stakeholders include return on

investment (ROI), taxes paid to society,

employment and income generation,

and ongoing efforts to mitigate

negative impacts on people and the

environment across its value chain.

Value chain

Value chain stage	Main activities and actors
Upstream	Contract farmers (primarily barley producers) Grain stores Partners (e.g. ProAgria, BSAG) Wine exporters Dry goods suppliers (e.g. packaging materials, spices) Inbound logistics and warehousing
Own operations	Distillation of spirits Maturation and blending of alcoholic beverages Bottling and packaging Import of NoLo drinks, wines, and spirits Logistics services
Downstream	Distribution and resale via: HoReCa sector (hotels, restaurants, catering) Nordic retail monopolies Grocery and online stores Agricultural industry (animal breeding, food manufacturing) Export and travel retail Final end-users: private consumers and industrial clients

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SBM-2 – Interests and views of

stakeholders

Relevant affected stakeholders are

engaged by appropriate means at

appropriate levels and functions of

Anora’s organization. Anora engages

with affected stakeholders to ensure

that material sustainability matters are

accurately identified and addressed.

These matters, determined in the

materiality assessment that

incorporate affected stakeholder input

via interviews, form the foundation for

Anora’s long-term sustainability

targets and related action plans.

Anora’s understanding of

stakeholder interests and views on its

strategy and business model was first

established during a preparatory due

diligence process in 2022, which

informed the current sustainability

roadmap. Institutional investors and

creditors, as primary users of

sustainability statements, emphasized

transparency and long-term financial

resilience. Key customers, including

Nordic alcohol monopolies and major

retailers, and strategic suppliers

highlighted the importance of Anora’s

financial stability to ensure reliable

product delivery. NGOs provided

perspectives on social and

environmental impacts linked to

Anora’s business model. To deepen

insights on biodiversity, regenerative

farming, and human rights in the value

chain, Anora conducted additional

stakeholder research in 2024 as part of

its formal double materiality

assessment. These inputs continue to

guide Anora’s strategic priorities and

sustainability actions.

The Board of Directors, supported by

the Audit Committee, oversees the

governance of sustainability, including

sustainability reporting, related risks,

and stakeholder engagement. These

matters are reviewed during Board

meetings.

Key features of Anora’s stakeholder

engagement are presented in the

table below:

Stakeholder group	Engagement  mechanism	Focus areas / purpose
Anora’s own workforce	Employee surveys, collective bargaining, Board representation via employee participation agreement	Workplace safety, employer branding, strategic input, rights and interests
Value chain workers	Third-party audits, supplier self-assessments, cooperation with partners (e.g. amfori BSCI)	Human rights due diligence, risk mitigation in high-risk geographies
Consumers / end-users	Responsible marketing, awareness campaigns, website information, product offering (NoLo)	Mitigation of health and societal impacts from alcohol consumption
Authorities, banks, analysts, investors, NGOs, media, owners, political decision-makers	Press releases, briefings, interviews, social media (especially LinkedIn)	Transparency, financial and sustainability performance, regulatory compliance
Customer companies & suppliers	Industry workgroup meetings, direct engagement	Commercial collaboration, sustainability alignment, supply chain performance
Industry associations	Participation in joint initiatives and forums	Policy development, industry standards, sustainability advocacy

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SBM-3 – Material impacts, risks

and opportunities and

their interaction with strategy

and business model

A summary of Anora’s material

impacts, risks and opportunities (IROs),

resulting from the latest double

materiality assessment completed in

2025, are presented in the table below.

The material IROs are closely linked

to Anora’s strategic priorities and the

core features of its business model.

Through Anora’s product portfolio,

sourcing practices, and market

positioning, they also reflect the most

affected stakeholder groups across

Anora’s value chain and illustrate how

material sustainability matters

influence and are influenced by

Anora’s operations and strategic

direction.

By addressing these impacts, risks

and opportunities (IROs) through

policies, actions and targets, Anora

maintains the resilience of its strategy

and business model over the short-,

medium-, and long-term. During the

reporting period, Anora did not

conduct a formal qualitative or

quantitative assessment of its business

model and strategy’s resilience in

relation to all identified sustainability-

related impacts, risks, and

opportunities. Existing due diligence

processes—used to identify, prevent,

mitigate, and account for actual and

potential impacts on people and the

environment—incur annual costs, such

as membership fees and audits, which

are primarily recorded under

employee and other operating

expenses. While certain IROs have

undergone minor adjustments in

perspective, definitions, or scope to

enhance clarity, no material changes

have been made compared to the

previous reporting year.

Associated topical standard	Description of material impact, risk or opportunity (IRO)	IRO type	Location in the value chain	Expected time horizon
E1 Climate Change	Global warming potential from Scope 1 and 2 GHG* emissions arising from energy consumption at Anora’s own production plants, operational activities, and other facilities.	Actual negative impact	Own operations	Short term
	Global warming potential from Scope 3 GHG emissions* across Anora’s value chain. Most Anora’s emissions originate from upstream FLAG (Forest, Land and Agriculture) activities, particularly agriculture-based raw material production (e.g. barley and wine ), other purchased goods and services, and logistics.	Actual negative impact	Upstream and downstream value chain	Short term
	Changing and unpredictable weather conditions including drought and forest fires pose a material physical risk to various geographical areas in Anora’s agricultural supply chain, particularly for wine crops. These events currently impact harvest reliability across geographically diverse operations, with anticipated consequences including increased raw material costs, supply disruptions, and reduced profitability.	Acute physical climate risks	Upstream value chain	Short term
	Warming climate conditions negatively affect the price, availability, and quality of key agricultural raw materials such as wine and barley. These changes pose a material risk to Anora’s supply chain, potentially leading to increased costs, reduced product quality, and supply volatility in the future.	Chronic physical climate risks	Upstream value chain	Long term
	Commercial opportunity from products with smaller environmental impact.** Anora’s key raw material—ethanol—is produced in-house at the Koskenkorva Distillery using circular economy principles, locally sourced grain, and processes that are transitioning towards fossil-free energy. This setup provides access to a full sustainable value chain, including distillation operations, enhances control over environmental performance, and reduces production costs. These factors are expected to strengthen Anora’s competitive position in environmentally conscious Nordic monopoly markets, and contribute positively to brand value.	Opportunity	Own operations	Medium term
E3 Water and marine resources	Water consumption and wastewater discharges from Anora’s production plants, given the company’s core business of liquid- containing consumer products.	Actual negative impact	Own operations	Short term
E4 Biodiversity and ecosystems	Environmental impacts from agricultural raw materials*, particularly barley and wine. Agricultural activities in Anora’s upper value chain in some geographical areas risk contributing to global biodiversity loss through deforestation, habitat fragmentation, and degradation of natural ecosystems. Agricultural freshwater use also strains local water resources in certain areas of high- water stress, limiting water availability.	Actual negative impact	Upstream value chain	Short term

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Associated topical standard	Description of material impact, risk or opportunity (IRO)	IRO type	Location in the value chain	Expected time horizon
E5 Resource use and circular economy	Waste management and recycling practices at Anora’s production plants are continuously developed to reduce negative environmental effects from operations. These efforts are supported by high sorting and recycling rates in the Nordic region, contributing to improved resource efficiency and circularity.	Actual positive impact	Own operations	Short term
	Koskenkorva Distillery’s circular economy model utilizes all input materials, minimizing waste and maximizing resource recovery at the facility.	Actual positive impact	Own operations	Short term
	Commercial opportunity from products with smaller environmental impact.** The shift toward lighter-weight packaging and materials sourced from recycled content enhances both resource and energy efficiency. These improvements are expected to reduce production and packaging costs, strengthen Anora’s competitive position in environmentally conscious Nordic monopoly markets, and contribute positively to brand value.	Opportunity	Own operations	Medium term
	Innovations in utilizing side streams and expanding circular economy practices across all Anora production plants enable current and anticipated cost savings through reduced waste disposal, improved material recovery, and potential revenue from by-products. These practices are also anticipated to enhance brand reputation and strengthen Anora’s market competitiveness.	Opportunity	Own operations	Long term
S1 Own workforce	Occupational diseases and work accidents at Anora’s production plants, potentially leading to physical injuries and long-term health issues for workers. These incidents can negatively affect employee well-being and productivity.	Potential negative impact	Own operations	Short term
	Provision of employment for Anora’s own workforce, particularly in regions where Anora serves as a significant local employer. Stable employment contributes to regional economic development, social cohesion, and long-term community well-being, while also supporting Anora’s operational continuity and stakeholder relationships.	Actual positive impact	Own operations	Short term
	The “Anora Way” Code of Conduct contributes to a resilient and engaged workforce. Anora’s established practices promote health and safety, competence development, diversity, equity, and inclusion, constructive labour relations and ensure proactive measures against discrimination and harassment.	Actual positive impact	Own operations	Short term
S2 Workers in the value chain	Potential negative social impacts in certain high-risk countries, especially among seasonal workers in agricultural activities in Anora’s upstream value chain. These adverse impacts include potential neglect of human rights, inadequate working conditions, excessive working hours, unfair wages, occupational health and safety issues (including inadequate training), and the possible use of forced or child labour.	Potential negative impact	Upstream value chain	Short term
S4 Consumers and end- users	Excessive alcohol consumption can lead to both acute and long-term adverse health, social, and economic effects for affected consumers and end-users. As a producer of alcoholic beverages, Anora recognizes this material social impact.	Actual negative impact	Downstream value chain	Short term
	Bringing NoLo (no- and low-alcohol) products to market*, aligned with recognized consumer trends toward health-conscious and convenient beverage options. Through new innovations and strategic partnerships, Anora is well-positioned to meet growing demand for alternatives to traditional alcoholic beverages that support a responsible drinking culture and the “sober curiosity” movement. NoLo products are anticipated to enhance brand value, open new market segments, and contribute to long-term financial growth.	Opportunity	Downstream value chain	Short term
G1 Business conduct	Potential failures in upholding ethical business practices, according to ethical standards of the Anora Way Code of Conduct, could lead to reputational damage, reduced investor confidence and increased cost of capital.	Risk	Own operations	Short term
	Failure to adequately detect and address differences in corporate culture between Anora and a potential acquisition target during the due diligence phase may hinder effective post-merger integration. With M&A playing an important role in Anora’s growth strategy , this can lead to delayed realization of synergies, increased operational costs, and reduced profitability, thereby negatively impacting Anora’s financial performance and strategic outcomes.	Risk	Own operations	Medium term

*) IROs are completely or partially covered by metrics identified on an entity-specific basis:

• For some Scope 1 and 3 GHG emissions: the FLAG emissions (tCO2eq.)

• For alternatives to alcoholic beverages: The share of net sales from no- and low-alcohol (NoLo) products is disclosed as a percentage of total net sales for the reporting period.

• For avoidance of natural environment loss and habitat fragmentation: The “Regenerative share” is calculated by dividing the volume of ethanol made from regenerative barley by the total ethanol used in Anora’s own production at

the Rajamäki plant.

**) This IRO illustrates the interconnectedness of key environmental topics for Anora and is therefore recognized under both E5 Resource Use and Circular Economy and E1 Climate Change . By developing products with reduced primary

resource intensity and lower carbon emissions , Anora anticipates commercial opportunities arising from increasing environmentally conscious demand

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Climate change

All material climate-related risks

identified are physical in nature. To

describe and assess both chronic and

acute physical risks in Anora’s upstream

value chain, a high-emissions scenario

(IPCC SSP5-8.5) was used as a

reference. This assessment relied on

publicly available data regarding

projected general impacts on global

agricultural harvests. However, Anora

has not yet conducted a formal

scenario analysis that includes a

resilience assessment of its business

model and strategy. Anora is currently

evaluating the potential financial

effects of selected climate scenarios to

inform future adaptation planning.

Biodiversity and ecosystems

All identified material impacts related to

biodiversity arise from agricultural

activities in Anora’s upstream value

chain. None of Anora’s own industrial

sites are located near biodiversity-

sensitive areas, including the Natura

2000 network, UNESCO World Heritage

sites, or Key Biodiversity Areas (KBAs).

The materiality assessment did not

identify any material negative impacts

from Anora’s own operations in relation

to land degradation, desertification, soil

sealing, or effects on threatened species.

Own workforce

All workers in Anora’s own workforce—

whether full-time or part-time, on

permanent or fixed-term contracts,

including non-employees such as

individual contractors and agency

workers—are considered subject to

material impacts from Anora’s

operations. Anora’s strict health and

safety standards, together with the

“Anora Way” Code of Conduct, are

designed to ensure a safe, inclusive,

and supportive work environment.

Anora does not operate in countries or

regions identified as being at

significant risk of forced labour,

compulsory labour, or child labour.

Workers in the value chain

All identified potential impacts on

value chain workers are linked to

Anora’s strategy and business model,

as its production processes depend on

agricultural raw materials and

industrial inputs supplied by third

parties. Anora is committed to

systematically improving its

sustainable procurement practices to

mitigate negative impacts on all value

chain workers likely to be materially

affected, particularly those in

upstream agricultural and

manufacturing activities. Some of

these workers are especially

vulnerable due to sourcing from

regions with elevated risks of human

rights infringements.

A 2023 human rights risk assessment

confirmed that certain sourcing

regions and agricultural value chains

are exposed to systemic risks affecting

the right to health and safety, non-

discrimination in employment, decent

working conditions, freedom of

association and collective bargaining,

and protection from forced labour.

Although these impacts are not

currently connected to identified

material risks or opportunities, they

affect Anora’s business model through

compliance costs for audits and

human rights assessments and

potential reputational risks in sourcing

regions. These factors strengthen

Anora’s commitment to responsible

procurement, and Anora will continue

to aim to protect human rights and

improve conditions for value chain

workers.

Consumers and end-users

Anora’s contribution to impacts on

consumers stems from its strategy and

business model, which includes a

broad portfolio of alcoholic and non-

alcoholic beverages—comprising own

brands and international partner

products—sold through off-trade and

on-trade channels. Consumers

purchasing these products are

considered materially impacted in the

downstream value chain.

Given the potential adverse health

impacts associated with excessive or

irresponsible alcohol consumption,

Anora is expanding its offering of no-

and low-alcohol (NoLo) alternatives in

response to evolving consumer

preferences. Alcoholic beverages

represent a significant share of Anora’s

portfolio and are intended to be

consumed responsibly, in moderation,

and in accordance with local age

restrictions.

Anora’s operations are subject to

strict regulation across key markets,

covering sales, marketing, and excise

duties. The company acknowledges

that alcohol consumption poses

increased risk of harm for certain

groups—such as minors, pregnant

individuals, those taking specific

medications, or those with medical

conditions—but also recognizes that

potential negative impacts are not

limited to these groups alone. These

impacts are considered linked to

Anora’s business relationships with

downstream retail channels.

IRO-1 – Description

of the process to identify

and assess material impacts,

risks and opportunities

During the reporting period, Anora

updated its double materiality

assessment to refine the scoping,

definitions, and perspectives of

identified impacts, risks, and

opportunities (IROs), with a particular

emphasis on environmental matters to

better reflect Anora’s overall

sustainability profile. This updated

assessment replaces the findings from

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the 2023–2024 cycle, which in turn was

based on work conducted as part of

the 2022 Sustainability Roadmap

planning project.

The 2025 update of Anora’s double

materiality (DMA) assessment was

conducted by an appointed working

group and built on the methodologies

and findings from the 2022

sustainability roadmap process and

DMA completed in 2024. The update

did not significantly alter the set of

material topics but refined the

perspective on certain impacts, risks,

and opportunities (IROs) based on

practical experience from the 2024

reporting cycle to ensure more

coherent disclosures. The assessment

built on Anora’s existing due diligence

practices to identify, assess, prioritise,

and monitor actual and potential

impacts on people and the

environment. Input data for Anora’s

own operations included sustainability

performance metrics, procurement

information from recent reporting

periods, previous risk assessments, and

expert insights from various in-house

functions and production sites. For

upstream and value chain-related

matters, information was primarily

drawn from internal sources,

complemented by publicly available

proxies, sector averages, and other

indirect data. The 2024 DMA also

incorporated structured value chain

mapping and additional desktop-

based stakeholder research to deepen

insights on biodiversity, regenerative

farming, and human rights in the value

chain. Furthermore, a third party

forecasting tool was used to identify

emerging trends and phenomena

such as climate change, resource

scarcity and circularity, biodiversity

loss, and shifting consumption habits

based on media monitoring, industry

reports, regulatory developments, and

prior projects. These assumptions and

data sources informed the updated

assessment in 2025.

Contextual analysis

of operations and value chain

Through desktop research using

available internal data, and working

group sessions involving representatives

from across Anora and external

sustainability compliance experts, the

key sustainability characteristics of

Anora’s own operations and value chain

were defined and mapped. This enabled

the identification and categorisation of

specific activities, site locations, business

relationships, geographies, and other

factors associated with heightened risk

of adverse impacts. Additional insights—

particularly on biodiversity, regenerative

farming, and human rights risks in the

value chain—were gathered from

industry reports and interviews with

affected stakeholder representatives.

Identification of the

actual and potential impacts,

risks and opportunities related to

sustainability matters

Based on these findings, a set of actual

and potential positive and negative

impacts—arising from Anora’s own

operations and business relationships—

was identified for materiality evaluation.

Each impact was assessed and

prioritised using scoring systems aligned

with principles under ESRS 1, applying

severity and likelihood for negative

impacts, and scale, scope, and likelihood

for positive impacts. Impacts exceeding

a quantitative materiality threshold (set

at 70% of the theoretical maximum

score) were deemed material for

reporting, along with their corresponding

ESRS sustainability matters.

For all identified impacts and related

sustainability topics, potential financial

implications—such as effects on sales,

costs, investment needs, and access to

finance—were considered and

translated into corresponding risks and

opportunities. Based on internal data

assessments, several risks were linked

to resource dependencies whose price

and availability may be affected by

sustainability-related factors (e.g.

climate change influencing

agricultural raw material prices). Other

risks and opportunities were

associated with realised impacts, such

as commercial potential from

packaging materials with reduced

environmental and climate impacts.

Assessment and

determination of material IROs

related to sustainability matters

Each identified risk and opportunity

was assessed for materiality using a

scoring system based on likelihood

and the magnitude and nature of

financial effects. Items exceeding a

quantitative threshold (set at 70% of

the theoretical maximum financial

materiality score) were deemed

material for reporting, along with their

associated sustainability matters.

Material sustainability-related risks

are integrated into Anora’s overall risk

management processes and are

prioritised on equal footing with other

risk types. The assessment approach

follows Anora’s established risk

management principles described in

Anora’s Risk Management Policy , which

are based on the COSO ERM

framework, the SFS-ISO 31000 standard

“Risk management – Principles and

guidelines,” Anora’s Corporate

Governance Principles, and the Finnish

Corporate Governance Code for listed

companies.

The decision on which identified

impacts, risks, and opportunities were

considered material was made by

Anora’s CEO and Executive Team, and

subsequently approved by the Board

of Directors, based on the findings and

implications of the process conducted

in accordance with CSRD

requirements. While not yet fully

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

integrated into Anora’s overall risk

management system, the process

relied on the same data inputs and

principles. Anora intends to use the

outcomes of this and future

assessments to further refine and

articulate its overall sustainability-

related risk profile.

Anora intends to annually revise its

process for identifying and assessing

material impacts, risks, and

opportunities to reflect any changes in

its strategy or business model and to

incorporate all latest relevant available

sustainability information.

Climate change

The process for identifying climate-

related impacts was based on

previously defined GHG emission

categories following the GHG Protocol.

It considered fuel and energy use,

combustion engines and boilers in

Anora’s own manufacturing and

logistics operations, as well as the FLAG

emissions for upstream agricultural

activities. Available GHG emissions

data for purchased goods and

services were also included.

Climate-related risk identification

and assessment utilizes the principles

of the Task Force on Climate-related

Financial Disclosures (TCFD). Using the

high-emissions scenario IPCC SSP5-8.5,

Anora performed a high-level

screening over the general features of

its assets and key activities (in a

manner largely consistent with Anora's

strategic planning horizons and capital

allocation plans) as well as the key

features of its value chain activities to

identify physical risks over the short-

term (1 year), medium-term (2–5

years), and long-term (beyond 5

years). Based on the findings, particular

focus was laid on vulnerable

agricultural activities in the upstream

value chain. Although this scenario was

used to contextualize and describe

climate-related hazards, no formal

scenario analysis has yet been

conducted to assess exposure and

sensitivity of key assets and activities,

including geospatial hazard likelihood,

magnitude, and duration.

For transition risks and opportunities,

a scenario aligned with limiting global

warming to 1.5°C, SSP1-1.9 by IPCC, was

used to identify relevant risks and

opportunities across the same time

horizons. However, no formal sensitivity

analysis of assets and business

activities against this scenario has

been performed.

The selected climate scenarios,

sourced from the IPCC’s Climate

Change 2022: Impacts, Adaptation and

Vulnerability report, are considered

credible, current, sufficiently covering

Anora's plausible risks and

uncertainties, and consistent with

assumptions on policy and technology

developments, macroeconomic

trends, energy usage and mix also

used in Anora’s financial statements.

Anora intends to strengthen its

scenario analysis capabilities and

update its climate risk identification

processes accordingly.

Pollution

A high-level screening of Anora’s site

locations, business activities, and

upstream agricultural value chain was

conducted to identify pollution-related

impacts, risks, and opportunities. While

wastewater management and fertilizer

use may contribute to pollution and

related financial effects, none of the

identified potential impacts were

assessed as material based on their

likelihood and severity. The assessment

relied on available internal data and

did not include consultations with

affected communities.

Water and marine resources

Actual and potential impacts, risks, and

opportunities related to water and

marine resources from Anora’s own

operations were assessed by

comparing production site locations

against WWF water risk maps and an

online water risk tool in 2024. The

assessment concluded that none of

Anora’s operating sites are located in

areas of water stress. Water-related

impacts in upstream agricultural

activities were assessed using available

internal data. These impacts were found

to be closely linked to changes in

freshwater use and are therefore

disclosed under ESRS E4 Biodiversity and

ecosystems. No separate consultations

with affected stakeholders were

conducted regarding water and marine

resource matters.

Biodiversity and ecosystems

In addition to a general-level screening

of Anora’s upstream value chain,

biodiversity and ecosystem impacts at

Anora’s own site locations were

assessed by confirming that no

operations are situated near

biodiversity-sensitive areas, such as

the Natura 2000 network, UNESCO

World Heritage sites, or Key Biodiversity

Areas (KBAs). While no urgent

mitigation measures were required for

own sites, upstream agricultural

production was assumed to pose

relatively higher risk for adverse

biodiversity effects despite incomplete

data on potential impacts on Natura

2000 sites, UNESCO World Heritage

areas, or Key Biodiversity Areas (KBAs),

and therefore considered more

material than site-level impacts.

Anora’s business model depends on

various agricultural inputs—such as

barley, wine, sugar, and spices—

making it indirectly reliant on

biodiversity and ecosystem services.

These dependencies may be affected

by future biodiversity-related physical,

transition and systemic risks,

particularly those linked to chronic and

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acute weather changes described

under E1 Climate change. However, no

detailed assessments of these risks

have yet been conducted, and no

consultations with affected

communities regarding shared

biological resources and ecosystems

have taken place.

Resource use and

circular economy

A high-level screening of Anora’s site

locations, business activities, and value

chain was conducted to identify where

resource use and waste-related

impacts, risks, and opportunities are

most likely to arise. Internal data on

industrial by-product utilisation, waste

management, and procurement of

materials and products supported the

identification of relevant issues in

Anora’s own operations.

In assessing risks and opportunities,

current and anticipated EU and

national legislation—such as the

Directive on Single-Use Plastics and the

Packaging Directive—were considered

to estimate potential financial effects

and their likelihood. No separate

consultations with affected

stakeholders were conducted on

matters related to circular economy

and resource use.

Business conduct

A high-level screening of Anora’s

processes and functions related to

ethical business conduct was carried

out to identify impacts, risks, and

opportunities concerning corporate

culture, anti-corruption, anti-bribery,

and whistleblower protection. As

alcohol is a highly regulated industry,

obtaining and maintaining licenses

and permits—particularly in countries

with high corruption risk—may expose

Anora to risks of unethical practices.

Failures in internal controls and

procedures to uphold a corporate

culture that ensures ethical conduct

were identified as the primary sources

of potential financial risk.

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IRO-2 – Disclosure Requirements in ESRS covered by the undertaking’s Sustainability Statement

General disclosures
ESRS 2
Disclosure Requirement		Page number
BP-1	General basis for preparation of sustainability statements	26
BP-2	Disclosures in relation to specific circumstances	26
GOV-1	The role of the administrative, management and supervisory bodies	26
GOV-2	Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	27
GOV-3	Integration of sustainability-related performance in incentive schemes	28
GOV-4	Statement on due diligence	28
GOV-5	Risk management and internal controls over sustainability reporting	29
SBM-1	Strategy, business model and value chain	29
SBM-2	Interests and views of stakeholders	31
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	32
SBM-3	ESRS 2 SBM-3 paragraph 48(e) (anticipated financial effects)	Subject to phased-in provision
IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	34
IRO-2	Disclosure requirements in ESRS covered by the undertaking’s sustainability statement	38

Environmental information
ESRS E1	Climate change
Disclosure Requirement		Page number
ESRS 2, GOV-3	Integration of sustainability-related performance in incentive schemes	28
ESRS 2, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	32
ESRS 2, IRO-1	Description of the processes to identify and assess material climate-related impacts, risks and opportunities	34
E1-1	Transition plan for climate change mitigation	54
E1-2	Policies related to climate change mitigation and adaptation	54
E1-3	Actions and resources in relation to climate change policies	55
E1-4	Targets related to climate change mitigation and adaptation	57
E1-5	Energy consumption and mix	59
E1-6	Gross Scopes 1, 2, 3 and Total GHG emissions	61
E1-9	Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	Subject to phased-in provisions
Environmental information
ESRS E2	Pollution
Disclosure Requirement		Page number
ESRS 2, IRO-1	Description of the processes to identify and assess material pollution-related impacts, risks and opportunities	34

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Environmental information
ESRS E3	Water and marine resources
Disclosure Requirement		Page number
ESRS 2, IRO-1	Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities	34
E3-1	Policies related to water and marine resources	64
E3-2	Actions and resources related to water and marine resources	65
E3-3	Targets related to water and marine resources	65
E3-4	Water consumption	66
E3-5	Anticipated financial effects from water and marine resources-related risks and opportunities	Subject to phased-in provisions
Environmental information
ESRS E4	Biodiversity and ecosystems
Disclosure Requirement		Page number
ESRS 2, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	32
ESRS 2, IRO-1	Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities	34
E4-1	Transition plan and consideration of biodiversity and ecosystems in strategy and business model	67
E4-2	Policies related to biodiversity and ecosystems	67
E4-3	Actions and resources related to biodiversity and ecosystems	69
E4-4	Targets related to biodiversity and ecosystems	69
E4-5	Impact metrics related to biodiversity and ecosystems change	70
E4-6	Anticipated financial effects from biodiversity and ecosystem-related risks and opportunities	Subject to phased-in provisions

Environmental information
ESRS E5	Resource use and circular economy
Disclosure Requirement		Page number
ESRS 2, IRO-1	Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	34
E5-1	Policies related to resource use and circular economy	71
E5-2	Actions and resources related to resource use and circular economy	72
E5-3	Targets related to resource use and circular economy	72
E5-4	Resource inflows	74
E5-5	Resource outflows	75
E5-6	Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities	Subject to phased-in provisions

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Social information
ESRS S1	Own workforce
Disclosure Requirement		Page number
ESRS 2, SBM-2	Interests and views of stakeholders	31
ESRS 2, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	32
S1-1	Policies related to own workforce	76
S1-2	Processes for engaging with own workers and workers’ representatives about impacts	78
S1-3	Processes to remediate negative impacts and channels for own workers to raise concerns	79
S1-4	Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	79
S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	80
S1-6	Characteristics of the undertaking’s employees	81
S1-7	Characteristics of non-employees in the undertaking’s own workforce	Subject to phased-in provisions
S1-8	Collective bargaining coverage and social dialogue	83
S1-9	Diversity metrics	83
S1-14	Health and safety metrics	84
S1-15	Work-life balance	Subject to phased-in provisions
S1-17	Incidents, complaints and severe human rights impacts	84

Social information
ESRS S2	Workers in the value chain
Disclosure Requirement		Page number
ESRS 2, SBM-2	Interests and views of stakeholders	31
ESRS 2, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	32
S2-1	Policies related to value chain workers	85
S2-2	Processes for engaging with value chain workers about impacts	87
S2-3	Processes to remediate negative impacts and channels for value chain workers to raise concerns	87
S2-4	Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action	88
S2-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	89
Social information
ESRS S4	Consumers and end-users
Disclosure Requirement		Page number
ESRS 2, SBM-2	Interests and views of stakeholders	31
ESRS 2, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	32
S4-1	Policies related to consumers and end-users	90
S4-2	Processes for engaging with consumers and end-users about impacts	91
S4-3	Processes to remediate negative impacts and channels for consumers and end-users to raise concerns	91
S4-4	Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions	91
S4-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	93

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Governance information
ESRS G1	Business conduct
Disclosure Requirement		Page number
ESRS 2, GOV-1	The role of the administrative, supervisory and management bodies	26
ESRS 2, IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	34
G1-1	Business conduct policies and corporate culture	94
G1-3	Prevention and detection of corruption and bribery	96
G1-4	Confirmed incidents of corruption or bribery	97

Disclosure Requirement	Related datapoint	Sustainability disclosure	SFDR (Sustainable Finance Disclosures Regulation) reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Paragraph	Page number
ESRS 2 GOV-1	Paragraph 21 (d)	Board's gender diversity	Indicator number 13 of Table #1 of Annex I		Commission Delegated Regulation (EU) 2020/1816, Annex II			26
ESRS 2 GOV-1	Paragraph 21 (e)	Percentage of board members who are independent			Delegated Regulation (EU) 2020/1816, Annex II			26
ESRS 2 GOV-4	Paragraph 30	Statement on due diligence	Indicator number 10 Table #3 of Annex I					28
ESRS 2 SBM-1	Paragraph 40 (d) i	Involvement in activities related to fossil fuel activities	Indicators number 4 Table #1 of Annex I	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk	Delegated Regulation (EU) 2020/1816, Annex II			29
ESRS 2 SBM-1	Paragraph 40 (d) ii	Involvement in activities related to chemical production	Indicator number 9 Table #2 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II			Not material
ESRS 2 SBM-1	Paragraph 40 (d) iii	Involvement in activities related to controversial weapons	Indicator number 14 Table #1 of Annex I		Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II			Not material
ESRS 2 SBM-1	Paragraph 40 (d) iv	Involvement in activities related to cultivation and production of tobacco			Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II			Not material
ESRS E1-1	Paragraph 14	Transition plan to reach climate neutrality by 2050				Regulation (EU) 2021/1119, Article 2(1)		54

					42

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Disclosure Requirement	Related datapoint	Sustainability disclosure	SFDR (Sustainable Finance Disclosures Regulation) reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Paragraph	Page number
ESRS E1-1	Paragraph 16 (g)	Undertakings excluded from Paris-aligned Benchmarks		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2			54
ESRS E1-4	Paragraph 34	GHG emission reduction targets	Indicator number 4 Table #2 of Annex I	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 6			57
ESRS E1-5	Paragraph 38	Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)	Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex I					59
ESRS E1-5	Paragraph 37	Energy consumption and mix	Indicator number 5 Table #1 of Annex I					59
ESRS E1-5	Paragraphs 40–43	Energy intensity associated with activities in high climate impact sectors	Indicator number 6 Table #1 of Annex I					59
ESRS E1-6	Paragraph 44	Gross Scope 1, 2, 3 and Total GHG emissions	Indicators number 1 and 2 Table #1 of Annex I	Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)			61
ESRS E1-6	Paragraphs 53–55	Gross GHG emissions intensity	Indicators number 3 Table #1 of Annex I	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 8(1)			61
ESRS E1-7	Paragraph 56	GHG removals and carbon credits				Regulation (EU) 2021/1119, Article 2(1)		Not material
ESRS E1-9	Paragraph 66	Exposure of the benchmark portfolio to climate-related physical risks			Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II			Not material

					43

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Disclosure Requirement	Related datapoint	Sustainability disclosure	SFDR (Sustainable Finance Disclosures Regulation) reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Paragraph	Page number
ESRS E1-9	Paragraph 66 (a)	Disaggregation of monetary amounts by acute and chronic physical risk		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.				Not material
ESRS E1-9	Paragraph 66 (c)	Location of significant assets at material physical risk						Not material
ESRS E1-9	Paragraph 67 (c)	Breakdown of the carrying value of its real estate assets by energy-efficiency classes		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2:Banking book - Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral				Not material
ESRS E1-9	Paragraph 69	Degree of exposure of the portfolio to climate-related opportunities			Delegated Regulation (EU) 2020/1818, Annex II			Not material
ESRS E2-4	Paragraph 28	Amount of each pollutant listed in Annex II of the E- PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil	Indicator number 8 Table #1 of Annex I Indicator number 2 Table #2 of Annex Indicator number 1 Table #2 of Annex I Indicator number 3 Table #2 of Annex I					Not material
ESRS E3-1	Paragraph 9	Water and marine resources	Indicator number 7 Table #2 of Annex I					64
ESRS E3-1	Paragraph 13	Dedicated policy	Indicator number 8 Table 2 of Annex I					64
ESRS E3-1	Paragraph 14	Sustainable oceans and seas	Indicator number 12 Table #2 of Annex I					64
ESRS E3-4	Paragraph 28 (c)	Total water recycled and reused	Indicator number 6.2 Table #2 of Annex I					66
ESRS E3-4	Paragraph 29	Total water consumption in m3 per net revenue on own operations	Indicator number 6.1 Table #2 of Annex I					66
ESRS 2 – SBM-3 – E4	Paragraph 16 (a) i		Indicator number 7 Table #1 of Annex I					32
ESRS 2 – SBM-3 – E4	Paragraph 16 (b)		Indicator number 10 Table #2 of Annex I					32
ESRS 2 – SBM-3 – E4	Paragraph 16 (c)		Indicator number 14 Table #2 of Annex I					32

					44

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Disclosure Requirement	Related datapoint	Sustainability disclosure	SFDR (Sustainable Finance Disclosures Regulation) reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Paragraph	Page number
ESRS E4-2	Paragraph 24 (b)	Sustainable land / agriculture practices or policies	Indicator number 11 Table #2 of Annex I					67
ESRS E4-2	Paragraph 24 (c)	Sustainable oceans / seas practices or policies	Indicator number 12 Table #2 of Annex I					67
ESRS E4-2	Paragraph 24 (d)	Policies to address deforestation	Indicator number 15 Table #2 of Annex I					67
ESRS E5-5	Paragraph 37 (d)	Non-recycled waste	Indicator number 13 Table #2 of Annex I					75
ESRS E5-5	Paragraph 39	Hazardous waste and radioactive waste	Indicator number 9 Table #1 of Annex I					75
ESRS 2 – SBM-3 – S1	Paragraph 14 (f)	Risk of incidents of forced labour	Indicator number 13 Table #3 of Annex I					32
ESRS 2 – SBM-3 – S1	Paragraph 14 (g)	Risk of incidents of child labour	Indicator number 12 Table #3 of Annex I					32
ESRS S1-1	Paragraph 20	Human rights policy commitments	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I					76
ESRS S1-1	Paragraph 21	Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8			Delegated Regulation (EU) 2020/1816, Annex II			76
ESRS S1-1	Paragraph 22	Processes and measures for preventing trafficking in human beings	Indicator number 11 Table #3 of Annex I					76
ESRS S1-1	Paragraph 23	Workplace accident prevention policy or management system	Indicator number 1 Table #3 of Annex I					76
ESRS S1-3	Paragraph 32 (c)	Grievance/complaints handling mechanisms	Indicator number 5 Table #3 of Annex I					79
ESRS S1-14	Paragraph 88 (b) and (c)	Number of fatalities and number and rate of work- related	Indicator number 2 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II			84
ESRS S1-14	Paragraph 88 (e)	Number of days lost to injuries, accidents, fatalities or illness	Indicator number 3 Table #3 of Annex I					84
ESRS S1-16	Paragraph 97 (a)	Unadjusted gender pay gap	Indicator number 12 Table #1 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II			Not material
ESRS S1-16	Paragraph 97 (b)	Excessive CEO pay ratio	Indicator number 8 Table #3 of Annex I					Not material

					45

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Disclosure Requirement	Related datapoint	Sustainability disclosure	SFDR (Sustainable Finance Disclosures Regulation) reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Paragraph	Page number
ESRS S1-17	Paragraph 103 (a)	Incidents of discrimination	Indicator number 7 Table #3 of Annex I					84
ESRS S1-17	Paragraph 104 (a)	Non-respect of UNGPs on Business and Human Rights and OECD	Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)			84
ESRS 2 – SBM-3 – S2	Paragraph 11 (b)	Significant risk of child labour or forced labour in the value chain	Indicators number 12 and n. 13 Table #3 of Annex I					32
ESRS S2-1	Paragraph 17	Human rights policy commitments	Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex I					85
ESRS S2-1	Paragraph 18	Policies related to value chain workers	Indicator number 11 and n. 4 Table #3 of Annex I					85
ESRS S2-1	Paragraph 19	Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines	Indicator number 10 Table #1 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)			85
ESRS S2-1	Paragraph 19	Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8			Delegated Regulation (EU) 2020/1816, Annex II			85
ESRS S2-4	Paragraph 36	Human rights issues and incidents connected to its upstream and downstream value chain	Indicator number 14 Table #3 of Annex I					88
ESRS S3-1	Paragraph 16	Human rights policy commitments	Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex I					Not material
ESRS S3-1	Paragraph 17	Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines	Indicator number 10 Table #1 Annex I		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)			Not material
ESRS S3-4	Paragraph 36	Human rights issues and incidents	Indicator number 14 Table #3 of Annex I					Not material
ESRS S4-1	Paragraph 16	Policies related to consumers and end-users	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I					90
ESRS S4-1	Paragraph 17	Non-respect of UNGPs on Business and Human Rights and OECD guidelines	Indicator number 10 Table #1 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II DelegatedRegulation (EU)2020/1818, Art 12 (1)			90

					46

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Disclosure Requirement	Related datapoint	Sustainability disclosure	SFDR (Sustainable Finance Disclosures Regulation) reference	Pillar 3 reference	Benchmark Regulation reference	EU Climate Law reference	Paragraph	Page number
ESRS S4-4	Paragraph 35	Human rights issues and incidents	Indicator number 14 Table #3 of Annex I					91
ESRS G1-1	Paragraph 10 (b)	United Nations Convention against corruption	Indicator number 15 Table #3 of Annex I					Not material
ESRS G1-1	Paragraph 10 (d)	Protection of whistle- blowers	Indicator number 6 Table #3 of Annex I					Not material
ESRS G1-4	Paragraph 24 (a)	Fines for violation of anti- corruption and anti-bribery laws	Indicator number 17 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II			97
ESRS G1-4	Paragraph 24 (b)	Standards of anti-corruption and anti-bribery	Indicator number 16 Table #3 of Annex I					97

Material information for disclosure—

based on ESRS Disclosure

Requirements and relevant datapoints

—was determined by evaluating

compatibility with the sustainability

matters associated with the impacts,

risks, and opportunities identified as

material through the process

described in the section Description of

the process to identify and assess

material impacts, risks and

opportunities (IRO-1).

					47

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Disclosure pursuant to Article 8 of Regulation 2020/852

(Taxonomy Regulation)

Disclosure pursuant to Article

8 of Regulation 2020/852

(Taxonomy Regulation)

The Taxonomy Regulation aims to

define environmentally sustainable

economic activities to help direct

capital toward the green transition.

Activities considered as most urgently

in need for sustainability investments,

and their associated sustainability

criteria, are set out in the EU Taxonomy

Delegated Acts. These criteria are

structured around six environmental

objectives:

1) Climate change mitigation

2) Climate change adaptation

3) Sustainable use and protection of

water and marine resources

4) Transition to a circular economy

5) Pollution prevention and control

6) Protection and restoration of

biodiversity and ecosystems.

For the reporting period, Anora

reviewed its previous assessment of

the Taxonomy eligibility and alignment

of its entire business against all six EU

environmental objectives. The results

of this review are presented in this

disclosure.

Accounting principles

Anora’s consolidated financial

statements are prepared in

accordance with IFRS as adopted by

the European Union. All required key

performance indicators (KPIs) under

the Taxonomy Regulation are

calculated using the financial

information presented in the group’s

consolidated financial statements. The

taxonomy-eligible components

(numerators) of the KPIs are based on

group interpretations of definitions in

the Disclosures Delegated Regulation

(EU) 2021/2178.

Assessment of compliance with

the Taxonomy Regulation

Anora is a leading Nordic player

engaged in the production, import, sale

and distribution of wine and spirits. It’s

operations also include industrial

activities such as distillation, bottling

and logistics services, and the

production of technical ethanol ,

neutral potable ethanol, feed

components, and barley starch.

Anora’s core business,

manufacturing of alcoholic and non-

alcoholic beverages, is currently not

included in the list of environmentally

sustainability activities defined in the

EU Taxonomy Delegated Acts.

This exclusion does not imply that

Anora’s activities are unsustainable,

but rather that, under current EU

regulation, beverage manufacturing is

not classified among the sectors most

urgently requiring transition to

sustainable performance levels.

To avoid double counting, Anora

ensured that the shares of economic

figures allocated to Taxonomy-eligible

activities align with the income and

cost centres used in segment

accounting.

During the reporting period, Anora

evaluated all its business segments

and activities against the activity

descriptions and technical criteria

outlined in the EU Taxonomy Climate

Delegated Act and the EU

Environmental Delegated Act. All

relevant taxonomy-eligible activities,

along with associated statements on

compliance are listed below.

4.24 Production of

heat/cool from bioenergy

In 2025, Anora invested in a new

biomass boiler to enable its

Koskenkorva distillery to fully transition

to fossil-emission-free fuels by the end

of 2026.

Anora also generates revenue from

sold heat, approximately 42% of the

heat sold to A-Rehu (adjacent to the

Koskenkorva Distillery) during the

reporting period was generated from

agricultural biomass primarily barley

and oat husks. However, due to

insufficient data on the agricultural

biodiversity conditions at the original

biomass source, as required by the EU

Taxonomy technical screening criteria,

this activity is considered non-aligned.

4.25 Production of

heat/cool using waste heat

Anora has invested in a new barley

feed dryer operating on a closed

steam circuit that can save up to 85

percent of energy by using excess heat

energy from other production

processes in cooperation with A-Rehu.

Taxonomy alignment can not currently

be demonstrated due to lacking

information on Do No Significant Harm

(DNSH) criteria for pollution prevention

regarding the used equipment.

6.6. Freight transport services by road

Anora generates revenue from

outbound logistics services to selected

					48

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

customers that involve freight

transport by road. Only revenue from

transports (also subcontracted)

performed with EURO VI standard

trucks is considered taxonomy-eligible.

Approximately 94% of the total fleet

used meets the EURO VI standard, with

the share estimated on a cost-basis.

As the vehicles do not yet fulfil the

criteria for ‘zero-emission heavy-duty

vehicles’ or ‘low-emission heavy-duty

vehicles’, the activity is not considered

taxonomy-aligned.

7.3. Installation, maintenance and

repair of energy efficiency equipment

Several individual installations of HVAC

systems, energy-efficient lighting, and

insulation additions to existing

building’s envelope components

during the reporting period are

recognised as taxonomy-eligible

capital expenditure. In cases where

these installations were part of

broader renovations of buildings and

facilities, the share attributed to energy

efficiency installations is

conservatively estimated. However,

due to missing Information component

compliance with Regulation (EU)

2017/1369, the absence of a formal

climate risk assessment, and lack of

data on chemical use in the installed

equipment, as required in the Climate

Delegated Act, these expenditures are

considered non-aligned.

7.2. Renovation of existing buildings

Covers investments related to

renovation measures on various

buildings owned by Anora. Due to

missing information on changes in

Primary Energy Demand (PED) as a

result of building renovation measures,

taxonomy-alignment can not currently

be demonstrated.

7.4. Installation, maintenance and

repair of charging stations for electric

vehicles in buildings (and parking

spaces attached to buildings)

Investments into installations of

charging stations for electric vehicles

near Anora’s buildings during the

reporting period are considered

taxonomy-eligible but due to lacking

information on climate risk

assessments for the equipment,

taxonomy alignment can not currently

be demonstrated.

6.5. Transport by motorbikes,

passenger cars and light

commercial vehicles

During the reporting period, Anora

invested in electric and hybrid vehicles

as part of its fleet expansion. Due to

missing documentation on technical

aspects required by the DNSH criteria,

such as on recyclability rate of vehicle

materials, formal taxonomy-alignment

cannot be confirmed.

4.16 Installation and

operation of electric heat pumps

At the Koskenkorva Distillery, capital

expenditure was recorded for the

purchase and installation of a heat

pump. Due to missing data on the

equipment’s current global warming

potential (GWP), Anora cannot confirm

taxonomy-alignment for this activity.

					49

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2025

Financial year 2025

Year

Substantial contribution criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic Activities (1)

Code (2)

Turnover (3)

Proportion of turnover 2025 (4)

Climate Change Mitigation (5)

Climate Change Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change Mitigation (11)

Climate Change Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum Safeguards (17)

Proportion of Taxonomy-aligned (A.1.) or -eligible (A.2.) turnover, year 2024 (18)

Category enabling activity (19)

Category transitional activity (20)

EUR million

%

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

%

E

T

Taxonomy-eligible activities

Environmentally sustainable activities (Taxonomy-aligned)

Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)

–

0%

0.0%

Of which enabling

–

0%

0.0%

Of which transitional

–

0%

Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

EL; N/EL

EL; N/EL

EL; N/EL

EL; N/EL

EL; N/EL

EL; N/EL

Production of heat/cool from bioenergy

CCM 4.24

0.78

0.1%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

0.1%

Freight transport services by road

CCM 6.6

9.71

1.5%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

1.7%

Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy- aligned activities) (A.2)

10.49

1.6%

1.8%

Turnover of Taxonomy- eligible activities (A1.+A.2)

10.49

1.6%

1.8%

Taxonomy-non-eligible activities

Turnover of Taxonomy-non- eligible activities

647.37

98.4%

98.2%

Total

657.86

100%

100%

					50

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2025

Financial year 2025

Year

Substantial contribution criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic Activities (1)

Code (2)

CapEx (3)

Proportion of CapEx 2025 (4)

Climate Change Mitigation (5)

Climate Change Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change Mitigation (11)

Climate Change Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum Safeguards (17)

Proportion of Taxonomy-aligned (A.1.) or -eligible (A.2.) CapEx, year 2024 (18)

Category enabling activity (19)

Category transitional activity (20)

EUR million

%

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

%

E

T

Taxonomy-eligible activities

Environmentally sustainable activities (Taxonomy-aligned)

CapEx of environmentally sustainable activities (Taxonomy- aligned) (A.1)

–

0%

0.0%

Of which enabling

–

0%

0.0%

Of which transitional

–

0%

0.0%

Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

EL; N/EL

EL; N/EL

EL; N/EL

EL; N/EL

EL; N/EL

EL; N/EL

Installation, maintenance and repair of energy efficiency equipment

CCM 7.3.

0.16

0.9%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

5.2%

Transport by motorbikes, passenger cars and light commercial vehicles

CCM 6.5.

0.22

1.2%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

0.8%

Freight transport services by road

CCM 6.6.

0.02

0.1%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

0.0%

Installation and operation of electric heat pumps

CCM 4.16

0.12

0.6%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

0.6%

Renovation of existing buildings

CCM 7.2.

0.37

2.0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

0.0%

Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)

CCM 7.4.

0.0

0.0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

0.0%

Production of heat/cool using waste heat

CCM 4.25.

0.56

3.1%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

0.0%

Production of heat/cool from bioenergy

CCM 4.24.

2.46

13.7%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

0.0%

Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

3.90

21.7%

6.6%

CapEx of Taxonomy-eligible activities (A1.+A.2)

3.90

21.7%

6.6%

Taxonomy-non-eligible activities

CapEx of Taxonomy-non-eligible activities

14.13

78.3%

93.4%

Total

18.03

100%

100%

					51

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2025

Financial year 2025

Year

Substantial contribution criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic Activities (1)

Code (2)

OpEx (3)

Proportion of OpEx 2025 (4)

Climate Change Mitigation (5)

Climate Change Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change Mitigation (11)

Climate Change Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum Safeguards (17)

Proportion of Taxonomy-aligned (A.1.) or -eligible (A.2.) OpEx, year 2024 (18)

Category enabling activity (19)

Category transitional activity (20)

EUR million

%

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y; N; N/EL

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

%

E

T

Taxonomy-eligible activities

Environmentally sustainable activities (Taxonomy-aligned)

OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

–

0%

0.0%

Of which enabling

–

0%

-

Of which transitional

–

0%

-

Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

EL; N/EL

EL; N/EL

EL; N/EL

EL; N/EL

EL; N/EL

EL; N/EL

Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy- aligned activities) (A.2)

–

0.0%

0.0%

OpEx of Taxonomy-eligible activities (A1.+A.2)

–

0.0%

0.0%

Taxonomy-non-eligible activities

OpEx of Taxonomy-non- eligible activities

13.37

100.0%

100.0%

Total

13.37

100%

100%

					52

	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Compliance with Minimum

Safeguards

The Taxonomy Regulation defines

minimum safeguards as procedures

that ensure the alignment with:

• the OECD Guidelines for

Multinational Enterprises,

• the UN Guiding Principles on

Business and Human Rights,

• the principles and rights set out in

the eight fundamental conventions

identified in the Declaration of the

International Labour Organisation on

Fundamental Principles and Rights

at Work, and

• the International Bill of Human Rights.

In practice, this means the

undertaking must demonstrate that its

own operations, those of key business

partners, and its supply chain are

covered by adequate procedures to

prevent and mitigate adverse impacts

related to

• human rights and working

conditions (as stipulated by the UN

General Principles and OECD,

• corruption and bribery,

• fair competition, and

• taxation.

Anora had no court convictions or

serious infringements related to the

minimum safeguards during the

reporting period. Anora’s governance

practices and policies are designed to

prevent adverse impacts, including

social matters. Anora is, for example, a

member of amfori BSCI, which

monitors social risks across its supply

chain in multiple countries. For further

details on Anora’s due diligence

processes to manage social and other

sustainability impacts, see section

Statement on due diligence (GOV-4)

under disclosure ESRS 2.

However, the few Taxonomy‑eligible

activities identified by Anora are not

considered Taxonomy‑aligned, as they

do not meet the criteria for substantial

contribution for the respective

activities.

Contextual information

about Turnover KPI

Anora calculated turnover in

accordance with the Disclosures

Delegated Act (EU) 2021/2178, using the

same accounting as for IFRS revenue,

covering sales of products and

services under customer contracts.

Anora’s Taxonomy-eligible turnover

(the numerator of the turnover KPI) was

determined by estimating the share of

turnover from activities assessed to be

Taxonomy-eligible, as described

above. The share of Anora’s Taxonomy-

eligible turnover remains very low, as

most of Anora’s business does not

correspond to economic activities with

substantial contribution potential to

environmental objectives under the

Taxonomy regulation. For more

information on Anora’s principles for

defining net sales, see section Financial

Statements note 1.1.

Contextual information

about CapEx KPI

Anora’s capital expenditure, as defined

in the Disclosures Delegated Act (EU)

2021/2178, includes additions to tangible

and intangible assets before

depreciation, impairment, amortisation

and excluding fair value changes. For

more information on Anora’s principles

for defining capital expenditure (the

denominator of the CapEx KPI), see

section Financial Statements note 2.1

and 2.2.

Taxonomy-eligible investments

were identified based on whether they

targeted a taxonomy-eligible activity

or involved the purchase of outputs

from other companies’ eligible

activities. Changes in taxonomy-

eligible CapEx reflect shifts in Anora’s

investment focus during the reporting

period. Eligible investments primarily

include additions to tangible assets

such as energy efficiency equipment

for buildings and electric vehicle

charging stations.

Contextual information

about OpEx KPI

Operational expenditure, as defined in

section 1.1.3.2. of Annex I of Commission

Delegated Regulation (EU) 2021/2178, is

considered largely immaterial to

Anora’s business model. Due to Anora’s

capitalisation threshold (approximately

EUR 5000), significant expenditure

related to the continued and effective

functioning of assets associated with

taxonomy-eligible activities is already

captured under the CapEx KPI. This

explains the immateriality of additional

operating expenditure recognised in

the OpEx KPI numerator. The OpEx KPI

denominator disclosed in the table

includes all non-capitalised costs

related to research and development,

building renovation measures, short-

term leases, maintenance and repair,

and any other direct expenditure

relating to the day-to-day servicing of

assets of property, plant and

equipment by Anora or a third party to

whom activities are outsourced.

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Row	Nuclear energy related activities
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	NO
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	NO
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	NO
	Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	NO
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	NO
6	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	NO

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E1 Climate Change

E1-1 – Transition plan for

climate change mitigation

Anora does not yet have a formal

transition plan to ensure its strategy

and business model align with the goal

of limiting global warming to 1.5 °C, as

set out in the Paris Agreement and the

EU objective of climate neutrality by

2050. However, during the reporting

period and prior reporting periods,

Anora has laid the groundwork by

calculating GHG emissions across its

own operations and value chain, and

by setting climate targets approved by

the Science Based Targets initiative

(SBTi). During 2025, Anora has been

further developing its Scope 3 climate

roadmap, focusing on building action

plans for emissions from grain, wine,

logistics, and packaging. This work will

eventually also involve an assessment

over potential locked-in emissions and

reviewing the alignment of its business

strategy and financial planning with

the 1.5 °C pathway. A formal transition

plan has not yet been adopted, and no

timeline for adoption is currently

available.

E1-2 – Policies related to

climate change mitigation

and adaptation

Anora’s Quality, Safety and

Environment Policy, Code of Conduct

for Suppliers and Subcontractors, and

Risk Management policies collectively

address key climate-related

sustainability matters associated with

material impacts, risks, and

opportunities (IROs). These include

climate change mitigation, energy use,

and climate change adaptation. The

relevant policies and their coverage

are summarised in the table below:

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Policy	Key contents, objectives and processes for monitoring  associated impacts, risks and opportunities	Associated IROs	Scope and exclusions of policy	Most senior level accountable for implementation	Related third-party standards or initiatives (if relevant)	Policy availability to stakeholders
Anora Quality, Safety and Environment Policy	The policy is based on Anora’s Sustainability Roadmap, and includes principles for management and implementation of quality, safety and environmental values for Anora’s sustainability work. In relation to Anora’s material negative impacts in terms of GHG emissions from its own operations and from the value chain, the policy Includes a statement that Anora aims to minimise its climate impacts and strive for carbon-neutral production.	Global warming potential from Scope 1 and 2 GHG emissions	Covers Anora’s own operations	Executive Management Team	UN Sustainable Development Goals	Publicly available online
Anora Code of Conduct for Suppliers and Subcontractors	The policy contains minimum requirements for ensuring sustainable and responsible business conduct in Anora’s upstream value chain. In order to mitigate negative impacts in terms of value chain GHG emissions, as well as to alleviate the potential financial effects from material chronic and acute physical climate risks in areas where agricultural value chain activities take place, the policy requires suppliers and subcontractors to aim to reduce energy use, shift from fossil energy to renewable energy sources and actively monitor and strive to reduce greenhouse gas emissions in their own operations and respective supply chain.	Global warming potential from Scope 3 GHG emissions Acute  physical risks from changing and unpredictable weather conditions Chronic physical risks from warming climate conditions	Applies to suppliers and subcontractors and their suppliers and subcontractors	Executive Management Team	UN Universal Declaration of Human Rights, UN Global Compact and amfori BSCI (Business Social Compliance Initiative) Code of Conduct.	Publicly available online
Anora Risk Management Policy	The policy describes the goals, principles and responsibilities for risk management at Anora Group and the related reporting principles as well as operating methods. The policy ensures that risk management has a collective operating model throughout the Anora Group, and that the enterprise risk management process is closely integrated with other management processes (such as strategy setting and planning).  Anora Group’s business areas and functions are responsible for risks related to their operational activities, their identification, prevention, and key means of mitigation. Climate-related risks and opportunities are considered part of overall risk management.	Acute  physical risks from changing and unpredictable weather conditions Chronic physical risks from warming climate conditions Commercial opportunity from products with smaller environmental impact	Covers the whole Anora Group. Business partners are expected to follow similar risk management principles.	Board of Directors	COSO ERM framework, the SFS-ISO 31000 standard "Risk management - Principles and instructions" and the governance code of Finnish listed companies (Corporate Governance)	Available internally on Anora’s intranet

E1-3 – Actions and resources in

relation to climate change

policies

During the reporting period, Anora

undertook actions aimed at managing

negative climate-related impacts and

climate-related risks while capturing

commercial opportunities associated

with climate change mitigation. These

actions, grouped according to

decarbonisation lever type, included:

Fuel switching and using

renewable energy

• Replacement of fossil fuel boiler at

Koskenkorva Distillery: In 2025,

Anora invested in a new biomass

boiler to enable its Koskenkorva

Distillery to fully transition to fossil-

emission-free fuels by the end of

2026. Scheduled for commissioning

in 2026, the biomass-boiler will

operate on 100% renewable fuels and

replace the remaining fossil-fuel

boiler. This transition will significantly

reduce the fossil emissions of the

Koskenkorva Distillery – the main

source of Anora’s Scope 1 and 2

emissions – making it carbon

neutral during 2026, a key goal in

Anora’s ambitious sustainability

roadmap. Approximately EUR 8.4

million in capital expenditure has

been allocated to implement these

actions, of which EUR 6.8 million

relates to future financial resources.

The related monetary amounts are

reflected in the consolidated

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financial statements as additions to

property, plant and equipment and

increases in liabilities in the

consolidated balance sheet (more

information available in notes 2.2,

3.2.2 and 6.2 to the consolidated

financial statements), in the

investing and financing activities of

the consolidated statement of cash

flows while also reported under the

CapEx KPI in Anora’s disclosure on

Taxonomy Regulation (EU) 2020/852.

• Renewable energy use at

Koskenkorva Distillery: Anora

continued to operate the

Koskenkorva Distillery using 100%

renewable electricity from wind

power. For a part of its steam

production, the distillery uses

bioenergy derived from e.g., barley

husks—a byproduct of the distillation

process. As Koskenkorva accounted

for approximately 79% (79%) of

Anora’s Scope 1 and 2 emissions

during the reporting period, these

actions contribute significantly to

short-term GHG emission

reductions.

• Renewable energy use at Rajamäki

plant: Anora continued to use 100%

renewable electricity at the

Rajamäki plant and at the

Ruoholahti head office since 2024.

Actions cover own operations in

Finland and contribute significantly

to short-term GHG emission

reduction.

Supply-chain decarbonisation

• Near-market filling and low-

emission transport: Anora

continued near-market filling by

shipping bulk wine instead of bottled

wine from origin countries, enabling

final packaging closer to end

markets using tailored sustainable

packaging materials. These actions

are expected to reduce upstream

GHG emissions in the medium term.

• Regenerative farming

collaboration: Anora continued to

collaborate with the Baltic Sea

Action Group (BSAG), local farming

consultants, and authorities to

promote regenerative farming

practices. Anora renewed its BSAG

commitment for the years

2026-2030. These efforts are

expected to reduce GHG emissions

in the upstream agricultural supply

chain over the medium and long

term.

• Barley farming contracts updates:

Anora updated its barley farming

contract for the next growing period.

This included an option for a

monetary incentive when farmers

provide farm-level CO₂e

calculations, as well by

recommending the use of approved

organic recycled fertilizers and

encouraging regenerative methods

to improve soil health (with

guidance of BSAG). Also, Anora won’t

purchase grain cultivated in peat

soil. These efforts are expected to

reduce GHG emissions in the

upstream agricultural supply chain

over the medium and long term.

• Emission transparency in Inbound

transport: Anora maintained its

practice of requesting estimated

CO₂e values from vendors for each

inbound transport lane, enabling

more informed vendor and route

selection. In 2025, inbound

transportation efficiency was

improved by shifting some routes to

high-capacity trucks, enabling

significantly larger pallet loads per

delivery and reducing

environmental impact. Also, almost

93% of deliveries in Swedish

distribution are now fossil-emission-

free through strong collaboration

with partners. These efforts are

expected to reduce GHG emissions

in the upstream logistics supply

chain over the medium term.

Products change

• Recycled and lightweight

packaging options: Promotion of

recyclable, lighter materials such as

rPET, tetra, and Bag-in-Box (BiB). For

instance, BiBs have an over 80%

lower CO₂ footprint compared to

traditional glass bottles. When BiB is

combined with near market filling –

for example, if wine is brought from

South America in containers to the

Nordics and packed near the final

markets – it further reduces the

environmental impact of sold wine.

A PET bottle is light in weight and has

an over 60% lower carbon footprint

than a similar glass bottle.

Lightweight packaging also reduces

logistics emissions and is less

energy-intensive to produce.

Energy efficiency

In 2025, Anora continued to implement

energy efficiency measures across its

own operations to reduce energy

consumption and associated GHG

emissions. Key actions include:

• Heat pump operation at

Koskenkorva Distillery: The cooling

water circulation heat pump

installed in 2024 remained in use,

though not yet fully in operation.

Progress has been made in its

integration during 2025 and once

fully in use, it is expected to reduce

primary steam production by

approximately 10%, contributing to

lower fuel consumption over time.

• Feed dryer collaboration: The joint

feed dryer project with A-Rehu

progressed toward operational

status in late 2025. Located within

the Koskenkorva plant area, the new

dryer utilizes energy from Anora’s

power plant, with residual energy

returned to the distillation process.

The new dryer is designed to

maximize energy efficiency and it is

expected reduce energy use and

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	REPORT BY THE BOARD OF DIRECTORS Anora’s year Market environment Key events Strategy and financial targets Financial review Personnel Governance Risks and risk management Dividend proposal Sustainability Statement FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

thus GHG emissions over the short

and medium term.

• Energy efficiency upgrades at

production sites: Installation,

maintenance, and repair of energy

efficiency equipment—including

HVAC systems, LED lighting, and

insulation—continued across Anora’s

production sites. These measures

are expected to deliver ongoing

reductions in energy use and GHG

emissions. Recognized under the

CapEx KPI in Taxonomy disclosures.

Research and development

• Research and development to

reduce biogenic emissions: In 2025,

Koskenkorva Distillery continued its

collaboration with an external

partner to reduce biogenic Scope 1

emissions. The project included

increased capacity for recovering

CO₂ released during fermentation.

The action covers Anora’s own

operations at Koskenkorva and is

expected to result in reduced

biogenic emissions in the short and

medium term.

Anora has not yet fully calculated

the disaggregated achieved or

expected GHG emission reductions

from the actions listed above. The vast

majority of Anora’s emissions come

from Scope 3, primarily from Forest,

Land and Agricultural (FLAG) emissions

encompassing land use change and

land management associated with

barley and wine production. Other

significant Scope 3 emissions originate

from other purchased goods and

services, including packaging

materials.

Continued access to finance with

reasonable cost of capital is important

for Anora to execute its sustainability

strategy and to ensure the attainment

of set sustainability targets.

E1-4 – Targets related to

climate change mitigation

and adaptation

Under Anora’s Sustainability Roadmap,

climate-related targets have been

established to address material

climate change mitigation and energy

matters. Anora has set science-based

targets, which were validated by the

Science-Based Targets initiative (SBTi)

in 2024. These targets, aligned with

sectoral decarbonization pathways,

focus on reducing GHG emissions and

managing physical climate risks to

agricultural inputs essential to Anora’s

business model.

These targets are detailed in the

table below. Targets, boundaries and

baselines have been validated and

approved by the SBTi. All GHG

emissions are calculated in

accordance with the GHG Protocol and

SBTi FLAG guidance. Targets are closely

monitored and reported each

reporting period, progress may be

affected by external factors such as

sales volumes, customer demand,

regulatory developments, and

technological change.

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Target Area	Scope and policy link	Target (change from baseline) & timeline	Baseline & performance during reporting year	Methodology & notes
Energy & Industry emissions reduction — own operations	Scope 1 and 2 GHG emissions from Anora’s own production and purchased energy. Covered by the Quality, Safety and Environment Policy.	2030: 23,415 tCO2 eq (-42% from baseline) 2050: 4,037 tCO2eq Scope 1 & 2 GHG emissions (-90% from baseline)	2021 baseline: 40,371 tCO2eq from emission sources within target boundary (market based) Performance during reporting period: 25,093 (26,750) tCO2eq (-38% from baseline)	Based on GHG Protocol guidance. Scope 1 (55% share of target) boundary includes  biogenic emissions from fermentation besides fossil emissions, and thus diverge from the Scope 1 emissions reported under Disclosure Requirement E1-6. Scope 2 boundary includes market-based (45% share of target) fossil emissions. The target covers only CO₂ carbon dioxide GHG emissions.
Energy & Industry emissions reduction — value chain	Scope 3 GHG emissions from purchased goods and services and upstream and downstream transportation and distribution. Covered by the Quality, Safety and Environment Policy and the Supplier Code of Conduct.	2030: 142,858 tCO2eq (-42% from baseline). 2050: 24,631  tCO2eq (-90% from baseline)	2021 baseline: 246,306 tCO2eq (92% of total emissions within the target boundary from GHG inventory of 2021) Performance during reporting period: 213,476 (272,465) tCO2eq  (-13% from baseline)	Based on GHG Protocol guidance. Scope 3 target boundary includes GHG Protocol Scope 3 categories 1, 4, and 9.
FLAG (Forest, Land and Agriculture) emissions reduction	Emissions from land use change and management in upstream value chain (Scope 3) and Anora’s own operations (Scope 1). Anora also commits to maintaining no deforestation across its primary deforestation-linked commodities, in line with objectives covered in the Anora Quality Safety and Environment Policy and the Anora Code of Conduct for Suppliers and Subcontractors.	2030: 143,895 tCO2eq (-30.3% from baseline). 2050: 57,806  tCO2eq (-72% from baseline)	2021 baseline: 206,448 tCO2eq (78% of total emissions within the target boundary from FLAG GHG inventory of 2021) Performance during reporting period: 203,761 (175,049) tCO2eq (-1% from baseline)	Based on GHG Protocol and SBTi FLAG guidance.  Scope 1 boundary includes 100% of FLAG emissions from Anora’s owned forest area in Rajamäki of total 7,196 (7,196) tCO2eq. (4% share of target) and thus diverge from the Scope 1 emissions reported under Disclosure Requirement E1-6. Scope 3 target boundary includes 77% of the reported FLAG emissions of total 255,279 (217,992 ) tCO2eq, originating mainly from purchased grain and wine (96% share of target) and thus diverge from the Scope 3 emissions reported under Disclosure Requirement E1-6. The comparative  performance of 2024 has been updated to reflect this SBTi target boundary and comparison to baseline instead of comparing full emissions to full inventory.

In addition to its science-based

targets, Anora has set own, separate

targets to reduce fossil emissions to

zero at Koskenkorva Distillery by 2026

and across all its own production by

2030, without the use of carbon

compensation. The targets support

Anora’s contribution to limiting global

warming to 1.5°C under the Paris

Agreement and are described in the

table below.

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Target area	Scope and policy link	Target (change from baseline) & timeline	Baseline & performance during reporting year	Methodology & notes
Anora’s own operations are carbon neutral by 2030, and the Koskenkorva Distillery is carbon neutral by 2026 – both without compensations.	Target relates to fossil GHG emissions from Anora’s own operations. Covered by the Quality, Safety and Environment Policy.	Koskenkorva Distillery from 2026: 0 tCO2eq All own production from 2030: 0 tCO2eq	2021 baseline: 25,816 tCO2eq Performance during reporting period: 12,677 (13,547) tCO2 eq (-51% from baseline)	Target boundary includes fossil, market-based Scope 1 and 2 CO₂ emissions; biogenic and FLAG emissions are excluded. Emissions are calculated using the GHG Protocol. Scope 1 accounts for 10% and Scope 2 for 90% of total fossil emissions of the goals.

Science-based targets presented

above are not fully consistent with

Anora’s material GHG inventory

boundaries disclosed in section E1-6, as

the targets above focus on the most

significant emission sources from

Anora’s own operations and value

chain. Indirect emissions from Forest,

Land and Agricultural (FLAG) activities,

associated with Anora’s purchased

goods and services, are significant and

the targets follow a distinct sectoral

decarbonization pathway from Anora’s

industrial activities. All targets use 2021

as a baseline year, reflecting

representative production levels.

Decarbonisation levers and related

actions are detailed in section E1-3,

including fuel switching, energy

efficiency, and near-market filling.

Quantitative contributions of these

actions to Scope 1, 2, and 3 reductions

have not yet been calculated. Anora

continues to assess commercially

viable technologies and is currently

collaborating with an external partner

to reduce biogenic Scope 1 emissions

by increasing CO₂ recovery from

fermentation at Koskenkorva Distillery.

Anora is improving its understanding

of how different climate scenarios may

influence climate-related impacts,

risks and opportunities across its own

operations and value chain. This

analysis supports the setting and

adjustment of climate targets, and

informs actions and resource

allocation to respond to

environmental, societal, technological,

market and policy developments over

the short, medium and long term. For

details on how climate scenarios have

been considered in identifying and

describing material climate-related

impacts, risks and opportunities, see

sections ESRS 2 SBM-3 and IRO-1.

E1-5 – Energy consumption

and mix

Information on Anora’s energy

consumption and mix, used to assess

performance and efficiency in relation

to energy impacts, is presented in the

following table. Anora’s activities are

primarily classified under NACE Rev. 2

code C11 (Manufacture of beverages),

with additional activities under H49.41

(Freight transport by road) and H52

(Warehousing and support activities

for transportation). Given the nature of

Anora’s manufacturing and logistics

activities, its operations are classified

within high climate impact sectors

under Commission Delegated

Regulation (EU) 2022/1288.

During the reporting period, Anora

produced 116,441 (122,103) MWh of

renewable energy from distillation

byproduct barley husks at the

Koskenkorva Distillery. Energy intensity

—measured as total energy

consumption relative to net revenue—

was 0.03% (0.02%). Net revenue from

high climate impact sectors, which

includes all of Anora’s activities,

corresponds to the total net revenue

reported in the income statement.

All metrics in this section are based

on energy purchase and consumption

data from Anora’s production sites and

offices, as well as energy origin

information from energy contracts.

These metrics have not been validated

by an external body other than the

assurance provider.

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Energy consumption and mix	2025	2024
(1) Fuel consumption from coal and coal products  (MWh)	N/A	N/A
(2) Fuel consumption from crude oil and petroleum products  (MWh)	5,386	6,441
(3) Fuel consumption from natural gas  (MWh)	0	0
(4) Fuel consumption from other fossil sources  (MWh)	0	0
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources  (MWh)	28,936	30,209
(6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5)	34,322	36,651
Share of fossil sources in total energy consumption (%)	20%	22%
(7) Consumption from nuclear sources (MWh)	4,467	4,793
Share of consumption from nuclear sources in total energy consumption (%)	3%	3%
(8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh)	130	14
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)	128,878	126,077
(10) The consumption of self-generated non-fuel renewable energy (MWh)	N/A	N/A
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10)	129,008	126,091
Share of renewable sources in total energy consumption (%)	77%	75%
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11)	167,797	167,535

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E1-6 – Gross Scopes 1, 2, 3 and

Total GHG emissions

Anora’s consolidated GHG emissions,

covering all subsidiaries within the

Anora Group, are presented in the

table below. During the reporting

period, Anora had no significant

associates, joint ventures,

unconsolidated subsidiaries, or jointly

controlled operations for which it held

operational control and would be

responsible for GHG emissions.

Accordingly, Scope 1 and 2 emissions

are not disaggregated or separately

disclosed for such arrangements.

	Retrospective				Milestones and target years
	Base year (2021)	Comparative	2025	% 2025 / 2024	2025	2030	2050	Annual % Target / Base year
Scope 1 GHG emissions
Gross Scope 1 non-biogenic GHG emissions (tCO2eq)	1,441	1,528	1,305	-14.6%	N/A	836	144	3.1%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO2 eq)	N/A	8,483	6,798	-19.9%	N/A	N/A	N/A	N/A
Gross market-based Scope 2 GHG emissions (tCO2eq)	24,375	12,018	11,372	-5.4%	N/A	14,138	2,438	3.1%
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO2 eq)	N/A	503,440	481,783	-4.3%	N/A	N/A	N/A	N/A
1 Purchased goods and services	455,088	443,447	426,863	-3.7%	N/A	294,227	92,087	2.8%
2 Capital goods	N/A	2,389	2,920	22.2%	N/A	N/A	N/A	N/A
3 Fuel and energy-related Activities (not included in Scope1 or Scope 2)	N/A	6,715	6,396	-4.8%	N/A	N/A	N/A	N/A
4 Upstream transportation and distribution	30,057	26,291	22,689	-13.7%	N/A	17,433	3,006	3.1%
5 Waste generated in operations	N/A	195	192	-1.6%	N/A	N/A	N/A	N/A
6 Business travelling	N/A	1,517	1,027	-32.3%	N/A	N/A	N/A	N/A
7 Employee commuting	N/A	1,529	1,472	-3.7%	N/A	N/A	N/A	N/A
9 Downstream transportation	19,931	20,718	19,203	-7.3%	N/A	11,560	1,993	3.1%
10 Processing of sold products	N/A	102	698	583.4%	N/A	N/A	N/A	N/A
12 End-of-life treatment of sold products	N/A	535	323	-39.6%	N/A	N/A	N/A	N/A
Total GHG emissions
Total GHG emissions (location-based) (tCO2eq)	N/A	513,452	489,886	-4.6%	N/A	N/A	N/A	N/A
Total GHG emissions (market-based) (tCO2 eq)	N/A	516,987	494,460	-4.4%	N/A	N/A	N/A	N/A

The projected average annual emission reduction for Scope 3, Category 1, is based on a weighted average of decarbonization pathways for industrial and FLAG operations, reflecting the estimated supply chains of purchased goods

and services. The Scope 1 target does not fully align with Anora’s science-based targets disclosed in section E1-4, due to differences in target boundaries. Specifically, the Scope 1 figure covers fossil CO₂ emissions and represents 9% of

the total emissions reported in E1-4. 

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FLAG emissions

• Within the above Scope 3, Category 1

figure, 255,279 (217,992) tCO₂eq

comes from FLAG emissions, mainly

from purchased grain and wine.

• In addition, Scope 1 FLAG emissions

not included in the figures presented

above were 7,196 (7,196) tCO₂eq,

originating from Anora’s owned

forest area.

Biogenic emissions

Biogenic CO₂ emissions not included in

the figures presented in the above

table were:

• 12,416 (13,203) tCO₂eq mainly from

fermentation process in Scope 1,

• 31,486 (31,164) tCO₂eq from biomass

combustion in Scope 2,

• 8,507 (8,599) tCO₂eq from use of sold

products in Scope 3, Category 11

Anora reports Scope 1, 2 and 3 GHG

emissions in accordance with the GHG

Protocol. Scope 1 covers direct

emissions from fuel combustion at

production sites and company

vehicles. Scope 2 includes indirect

emissions from purchased energy,

calculated using both a market-based

and location-based approach (energy

consumption × emission factor in kg

CO₂/kWh). Anora generates no other

direct GHG emissions except carbon

dioxide (CO2). No significant

assumptions were applied in

calculating Scope 1 and 2 emissions.

Emission factors are assumed to

reflect the best available estimates of

global warming potential.

During the reporting period, 98%

(99%) of Scope 2 electricity originated

from fossil free sources, while 90% of

Scope 2 electricity originated from

contractually purchased electricity

bundled with Guarantees of Origin or

Renewable Energy Certificates, and 8%

stemmed from contracts with

unbundled Guarantees of Origin. The

calculation method was updated in

2025 to reflect the shares of bundled

and unbundled emissions-free

electricity from total electricity

Scope 3 emissions originate from

Anora’s value chain and include also

FLAG emissions from purchased grain

and wine. Most Scope 3 emissions are

calculated using the average-data

method, with partial use of supplier-

specific and spend-based methods. In

Category 9 (Downstream

transportation), emissions are

estimated based on exported volumes

and destination countries. In Category

12 (End-of-life treatment of sold

products), emissions are calculated

using packaging volumes and DEFRA

waste disposal emission factors. In

2024 figures, for Category 1 (Purchased

goods), one month of data from

Globus Wine was estimated using the

average of the remaining 11 months

due to system integration in early 2024.

Selected Scope 3 GHG emission

factors are assumed to sufficiently

represent underlying emissions, and

Anora aims to always use the most

credible sources available. Anora’s

FLAG emissions are calculated in line

with SBTi FLAG Guidance and divided

into land use change (LUC) and land

management (LM), excluding land-

based carbon removals. Updates were

made to the emission factors used in

the 2025 FLAG calculation based on a

new database and more

representative information. Anora’s

Scope 3 GHG emissions are primarily

calculated using the average-data

method. Approximately 17% (7%) of total

Scope 3 GHG emissions are based on

primary data from suppliers or other

value chain partners. The data has not

been externally validated beyond

assurance provider review.

The following Scope 3 categories are

excluded from the inventory due to

non-materiality or non-applicability to

Anora’s business model:

• Category 8: Upstream leased assets

– no relevant activities

• Category 13: Downstream leased

assets – no relevant activities

• Category 14: Franchises – no

relevant activities

• Category 15: Investments –

considered insignificant (i.e., <1% of

total Scope 3 emissions); joint

arrangements are either included in

other Scope 3 categories or deemed

immaterial.

Anora reports GHG emissions in

alignment with its 2021 boundary and

baseline for SBTi targets. These were

reviewed and validated in the SBTi

process in 2024, including entity-

specific Scope 1 and Scope 3 FLAG

emissions.

The following emission factor

sources have been used in the

calculations:

Scope 1 direct GHG emissions

• Natural gas, liquid petroleum gas

(LPG) and fuels: DEFRA (Department

for Environment, Food & Rural Affairs)

Scope 2 indirect GHG emissions

• Electricity: country-specific

European Residual Mix

• District heating: local district

heating suppliers, local European

Production Mix

• Steam: local steam suppliers in

Finland and DEFRA

Scope 3 indirect GHG emissions

• Several sources, main sources being

DEFRA, Agrifootprint, Common

Reporting Tables, OIV-wine statistics,

FAOstat, Luke, local GHG inventories,

ProAgria, Latis database, primary

data from supplier-specific

information, Exiobase, Motiva,

Country-specific Residual Mix

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GHG Intensity based on net revenue

GHG intensity per net revenue	Comparative	2025	% 2025 / 2024
Total GHG emissions (location-based) per net revenue (tCO2eq/Monetary unit)	0.07%	0.07%	6.38%
Total GHG emissions (market-based) per net revenue (tCO2eq/Monetary unit)	0.07%	0.08%	7.37%

Net revenue used for the calculation of GHG intensity was the net revenue for the

reporting period EUR 658 million. For more information, see the consolidated

income statement and note 1.2  Revenue recognition .

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E3 Water and marine resources

E3-1 – Policies related to water

and marine resources

Anora’s Quality, Safety and

Environment Policy and the document

‘How we manage and protect water at

Anora’ collectively address key water-

related sustainability matters

associated with material impacts, risks,

and opportunities (IROs). These include

water consumption, water withdrawals

and water discharges. The relevant

policies and their coverage are

summarised in the table below:

Policy	Key contents, objectives and processes for monitoring associated impacts, risks and opportunities	Associated IROs	Scope and exclusions of policy	Most senior level accountable for implementation	Related third-party standards or initiatives (if relevant)	Policy availability to stakeholders
Anora Quality, Safety and Environment Policy	The policy is guided by Anora’s Sustainability Roadmap and outlines principles for the managing quality, safety, and environmental performance. The policy includes a commitment to minimising negative environmental impacts, including water consumption and wastewater generation. It also highlights Anora’s efforts to protect water and marine resources, such as implementing a forest management plan to safeguard groundwater areas and supporting regenerative farming practices.	Water consumption and wastewater discharges	Covers Anora’s own operations	Executive Management Team	UN Sustainable Development Goals	Publicly available online
How we manage and protect water at Anora	Describes Anora’s principles on managing its water resources by addressing its material water impacts. Anora sources water mainly from groundwater and municipal supplies. As water is both a key ingredient and a critical global resource, the company monitors and manages its use and impacts. Production sites set own water use and wastewater reduction targets and actions aligned with Anora’s sustainability roadmap, including identifying wastewater sources, reducing liquid waste, and reusing process water. Wastewater quality is regularly analysed at Rajamäki, Koskenkorva, and Gjelleråsen using indicators such as COD (Chemical Oxygen Demand) and pH to guide improvements. Anora does not operate in water-scarce areas, and while its products do not directly address water or marine issues, water use is carefully managed throughout production.	Water consumption and wastewater discharges	Covers Anora’s production sites individually as well as groundwater area owned by Anora.	Executive Management Team	UN Sustainable Development Goals	Publicly available online

Anora identifies water-related impacts and risks through ongoing environmental management aligned with ISO 14001 principles at its certified production sites in Finland. Although Anora partners with the Baltic Sea Action Group to

promote regenerative farming, it has not formally adopted policies or practices related to sustainable oceans and seas.

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E3-2 – Actions and resources

related to water and marine

resources

During the reporting period, Anora

undertook actions aimed at managing

negative water-related impacts. Anora

does not currently operate in areas of

water scarcity. These actions included:

• Process water recycling and

wastewater efficiency

improvements at Koskenkorva

Distillery: At Koskenkorva Distillery,

wastewater reduction efforts in 2025

focused on further increasing the

recycling of process water and

making further small investments to

improve efficiency. Measures

included recycling process water

and optimising wash cycles, which

reduced wastewater volumes and

improved quality (COD). The plant

also investigated enhancements to

its wastewater pre-treatment

facility. These actions are ongoing in

the short to medium term, with

expected outcomes of reduced

wastewater and improved

wastewater quality.

• Water monitoring and liquid waste

reduction at Rajamäki Plant: The

site continues to reduce liquid waste

as part of Anora’s multi-year circular

economy project and lowers

wastewater volumes by redirecting

clean cooling water to the

stormwater sewer as that water is

clean and can be returned to the

environment. Wastewater reduction

remained a key focus for 2025,

including actions such as optimizing

washing programs and shortening

wash cycles. In addition, sewer

systems on the factory premises

were repaired to prevent excess

water, such as rainwater, from

entering the wastewater, with

expected outcomes of reduced

water usage and wastewater,

• Wastewater quality monitoring

and COD reduction at Gjelleråsen

plant area: At Gjelleråsen plant area,

regular monitoring of COD levels in

wastewater has been established in

2025. Measures to prevent products

from entering the wastewater

stream have been implemented,

which has led to reduction in COD

levels. Continuous follow-up on new

initiatives and the development of

solutions for further reductions will

remain a priority over the medium

term.

• Groundwater area protection and

quality preservation in Rajamäki:

Anora owns 984 hectares of

groundwater area in Rajamäki,

Finland, where water for its products

is extracted from pure groundwater

springs without filtration. Anora aims

to protect this valuable natural

resource area with great care

through management plans for

forest and swampland areas. The

expected outcome is the

preservation of water quality,

supporting product integrity over

the short and medium term.

E3-3 – Targets related to water

and marine resources

To manage its material water-related

impacts, that were identified in a

materiality assessment that

considered stakeholder views, Anora

has defined a target to reduce

wastewater. The target also indirectly

supports lower water consumption

through improved water circulation

and reduced usage. The target applies

to Anora’s own production, which does

not operate in areas of water risk, and

therefore does not currently address

risks in such regions. The wastewater

target is voluntary and not mandated

by legislation.

Target area	Scope and policy link	Target (change from baseline) & timeline	Baseline & Performance during reporting year (1,000 m 3)	Methodology & notes
Target to reduce wastewater volume	The target covers reducing wastewater volumes at Anora’s own production plants. The target relates to the Quality, Safety and Environment Policy and the How we manage and protect water at Anora document.	2030: -20% from baseline	2021 Baseline: 293 Performance during reporting year: 203.59 ( 232.12 ) (-31% ) The target is monitored continuously and reported annually.	Calculated from the generated wastewater in Anora’s own production plants during the reporting period, based on the water meter data. The target is not based on formal conclusive scientific evidence.

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E3-4 – Water consumption

The water intensity (total water

consumption in Anora’s own

operations (m ³) per million EUR net

revenue) during the reporting period

was 1,123 (1,115).

Reported water consumption is

primarily based on sites and office

water meter readings. The main

sources are communal water and

groundwater. For Atlungstad craft

distillery, the consumption for 2024 was

estimated from production volumes,

and consumption for the offices in Riga

and Copenhagen was estimated

based on headcount, office size and

average water use in comparable

offices. In 2025, only the consumption

for Copenhagen office was estimated,

using the same approach as in 2024.

These estimates account for less than

0.5% of total water use and have a

negligible impact on overall figures. All

reported water metrics are derived

from direct measurement, sampling,

extrapolation, or best estimates, with

100% coverage.

Water recycling figure is material

only at Koskenkorva Distillery. The

reported figure includes recycled

water in product flows and cooling

circuits, representing the total recycled

water volume. Without recycling these

waters, clean water consumption

would increase by an equivalent

amount. Data is based on meter

readings from automated systems,

with total recycled volume estimated

using average flow values. Recycled

water is not applicable to any other

Anora sites.

Anora’s most water-consuming sites

are Koskenkorva Distillery and

Rajamäki bottling plant in Finland,

Globus Wine bottling plant in Denmark,

and Gjelleråsen production plant in

Norway. All other industrial sites and

offices account for approximat ely 1% of

total water use.

Anora complies with water intake

limits set by authorities and regularly

monitors groundwater surface levels.

All production sites with wastewater

treatment operate within the

boundaries of local environmental

permits and legislation. Effluent

discharge quality standards are

defined by local authorities, taking into

account the characteristics of the

receiving waterbody. The metrics have

not been validated by external bodies

other than the assurance provider.

Water consumption metric (m3)	2025	2024
Total water consumption	738,730	771,859
Water consumption in water risk areas	0	0
Total water recycled	2,355,564	1,989,363
Total water reused	N/A	N/A
Total water discharges (wastewater)	204,813	233,339

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E4 Biodiversity and ecosystems

E4-1 – Transition plan and

consideration of biodiversity

and ecosystems in strategy

and business model

Anora has not yet conducted a formal

resiliency analysis of its business

model’s and strategy’s ability to adapt

to future biodiversity and ecosystem -

related physical, transition and

systemic risks. Anora has identified that

its primary biodiversity and

ecosystems -related risks are closely

linked with the material climate related

chronic and physical risks outlined in

section E1 Climate Change.

E4-2 – Policies related to

biodiversity and ecosystems

Anora’s Code of Conduct for Suppliers

and Subcontractors and Procurement

policy collectively address key

biodiversity and ecosystems -related

sustainability matters associated with

material impacts, risks, and

opportunities (IROs). These include

negative impacts from land-use

change and fresh water-use change in

some geographical areas of Anora’s

upper value chain associated with the

production of agricultural raw

materials required by Anora’s

production processes.

These policies address material

issues such as sustainable land use,

agricultural practices, deforestation

avoidance and general traceability of

products and raw materials. While

these policies do not explicitly cover

the social consequences of

biodiversity and ecosystem impacts,

they include provisions to prevent

adverse social impacts across the

value chain. The relevant policies and

their coverage are summarised in the

table below:

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Policy	Key contents, objectives and processes for monitoring associated impacts, risks and opportunities	Associated material IROs	Scope and exclusions of policy	Most senior level accountable for implementation	Related third-party standards or initiatives (if relevant)	Consideration of interests and policy availability to stakeholders
Anora Code of Conduct for Suppliers and Subcontractors	The policy sets minimum requirements for sustainable and responsible business conduct in Anora’s upstream value chain. Suppliers and subcontractors are expected to understand their potential impacts on biodiversity and, where relevant, take action to safeguard it, for example, by adopting regenerative farming methods. Anora encourages suppliers to mitigate material negative impact drivers, particularly those related to land-use change and fresh water- use change. Suppliers must also comply with the EU Deforestation Regulation and implement procedures to verify that wood-based materials and derivatives purchased by Anora are legally harvested and traded. To support zero deforestation, Anora’s suppliers must ensure that raw materials are not sourced from primary forests or other pristine ecosystems, and that sourcing does not result in deforestation, including conversion of tropical peatlands, natural forests, high conservation value (HCV) areas, or high carbon stock (HCS) forests to agriculture, plantations, or other land uses, nor cause severe human-induced degradation. To mitigate negative impacts related to land and freshwater use in the upstream value chain, the policy also requires suppliers and subcontractors to implement water management plans and actively reduce water consumption, particularly in areas facing water scarcity. To assess compliance with the Code of Conduct, Anora or an authorised third party may audit suppliers. Suppliers must provide relevant information upon request, unless disclosure would breach statutory obligations.	Actual negative environmental impacts from agricultural raw materials production in some geographical areas	Applies to suppliers and subcontractors and their suppliers and subcontractors.	Executive Management Team.	UN Universal Declaration of Human Rights, UN Global Compact and amfori BSCI (Business Social Compliance Initiative) Code of Conduct.	Publicly available online
Anora procurement policy	The policy outlines Anora’s procurement principles, including sustainability requirements for agricultural products such as barley and wine. These must be produced in accordance with good agricultural practices that address both land-use and freshwater-use change, including responsible water consumption and wastewater management. The policy requires all raw material suppliers to comply with ISO 9001 quality standards. However, it does not define specific criteria for traceability of products, components, or raw materials linked to material impacts or sourced from ecosystems that are managed to maintain or enhance conditions for biodiversity, as demonstrated by regular monitoring and reporting of biodiversity status and gains or losses.	Actual negative environmental impacts from agricultural raw materials production in some geographical areas	Applies to Anora’s Procurement and Sourcing departments.	Executive Management Team.	amfori BSCI (Business Social Compliance Initiative) Code of Conduct.	Publicly available online

None of Anora’s own operational owned, leased or managed sites are located near biodiversity sensitive areas. However Anora still identifies its environmental impacts and risks as part of its ongoing environmental management

according to ISO 14001 principles at its production sites (certification in Finland). The ISO 14001 policy is an international standard, and its requirements provides a framework and guidelines for creating an Environmental Management

System (EMS covering environmental policies, action planning, implementation and operation, monitoring and remediation actions as well as principles for management review).

Although sea-use change and marine resources have not been formally identified as being associated with material impacts or risks, Anora has still adopted practices to manage indirect impacts on oceans and seas from agricultural

practices in its value chain. This includes cooperation with BSAG (Baltic Sea Action Group) with a focus on regenerative farming.

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E4-3 – Actions and resources

related to biodiversity and

ecosystems

During the reporting period, Anora

undertook actions aimed at managing

negative biodiversity and ecosystems

-related impacts. These actions

included:

• Enhancing biodiversity and

reducing nutrient runoff through

regenerative farming partnership:

Anora promotes regenerative

farming practices in its upstream

agricultural value chain, focusing on

barley growing in Finland. These

practices aim to restore soil health,

improve water retention, enhance

carbon sequestration, and support

biodiversity by minimizing soil

disturbance, maintaining soil

coverage and living roots, and

reducing the use of pesticides and

synthetic fertilizer. Since 2018, Anora

has partnered with the Baltic Sea

Action Group (BSAG) to reduce

nutrient runoff to the Baltic Sea.

Anora renewed its BSAG

commitment for the years

2026-2030. In collaboration with

BSAG and ProAgria—a government-

funded agricultural advisory service

—Anora provides training, education,

and farm-level support to contract

farmers. ProAgria also conducts

seasonal audits to monitor

implementation. These actions

directly affect value chain workers in

agricultural production and are

expected to deliver long-term

biodiversity benefits. The partnership

is planned to continue at least over

the medium term.

• Long-term biodiversity protection

through forest area in Rajamäki:

In Rajamäki area, Finland, Anora

manages approximately 950

hectares of natural land, including

150 hectares of protected

swampland and 800 hectares of

forest. These areas are estimated to

act as a carbon storage for around

830,000 tons of CO₂, reducing

negative impact drivers on

biodiversity. Anora is continuously

developing its forest management

plan to ensure long-term protection

of biodiversity across these

ecosystems.

Formal, standardised biodiversity

offsets—including KPIs, targets, and

financial planning—have not yet been

applied in the actions described

above. However, Anora is evaluating

how biodiversity considerations,

including offset mechanisms, can be

effectively integrated into its forest

management plans.

Regenerative farming practices are

implemented in cooperation with

BSAG, ProAgria, and local farmers. Their

expertise is actively incorporated to

identify and apply the most suitable

nature-based solutions for each field-

specific context.

E4-4 – Targets related to

biodiversity and ecosystems

To manage its material biodiversity

and ecosystems -related impact, that

was identified in a materiality

assessment that considered

stakeholder views, Anora has defined a

target to increase the so called

Regenerative share. Anora purchases

approximately 165 million kilograms of

Finnish barley annually, making

regenerative farming a key strategy for

mitigating biodiversity-related impact

drivers such as soil degradation,

habitat loss, and nutrient runoff.

Through collaboration with upstream

agricultural value chain actors,

especially farmers, Anora promotes

practices that support ecosystem

health.

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Target area	Scope and policy link	Target (change from baseline) & timeline	Baseline & performance during reporting year	Methodology & notes
Regenerative share	The target is to increase the share of regeneratively farmed barley of Anora’s own grain spirit products. The scope of the target covers ethanol used in the production of Anora’s own products at its Rajamäki plant. Regenerative farming provides opportunities in conserving biodiversity through alleviating effects from negative impact drivers on biodiversity such as land-use change and climate change, in line with policy objectives stated in the Anora Quality, Safety and Environment Policy.	2030: 30% of the barley used in Anora’s own grain spirit products is regeneratively farmed.	2023 Baseline: 0.33% Performance during reporting year: 3.58% ( 1.61%) Progress toward the 2030 target is monitored and reported annually. Efforts to improve the effectiveness of the target are ongoing.	The Regenerative share is measured in kilograms of regeneratively farmed barley used annually. It is calculated by dividing the volume of ethanol derived from regenerative barley by the total ethanol used in the production of Anora’s own products at the Rajamäki plant. Anora regularly monitors the share and availability of regeneratively farmed barley and evaluates the target against business needs to ensure its continued relevance in a changing operating environment. To support progress toward this target, Anora collaborates with ProAgria and the Baltic Sea Action Group (BSAG), leveraging scientific expertise and partnerships to promote the use of regenerative farming.

The target contributes to multiple layers of the biodiversity and ecosystems impact mitigation hierarchy, including avoidance, minimisation, restoration, and rehabilitation. However, no formal ecological thresholds—defined as

scientifically established tipping points—or biodiversity offsets have been considered in setting the target. While the target is informed by the EU Biodiversity Strategy for 2030, formal alignment with either this strategy or the Kunming-

Montreal Global Biodiversity Framework cannot currently be demonstrated.

E4-5 – Impact metrics related

to biodiversity and

ecosystems

For the reporting period, Anora

currently considers regenerative

farming, measured as the

Regenerative share, to be the most

suitable biodiversity and ecosystems

impacts metric for its business model

and value chain. The Regenerative

share is calculated by dividing the

used ethanol made from regenerative

barley by the total ethanol used in

Anora’s own product manufacturing at

the Rajamäki plant, and reported under

section E-4-4.

This metric is considered reliable,

provided that the underlying

assumptions regarding the definition

and environmental benefits of

regenerative farming remain valid. The

metric is not validated by an external

body other than the assurance

provider.

Since 2021, Anora has grown the

absolute amount of purchased

regeneratively farmed barley from 0.05

million kg to 1.83 (3.46) million kg during

the reporting period, and since 2023, it

has calculated and reported the

regenerative share described above.

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E5 Resource use and circular economy

E5-1 – Policies related to

resource use and circular

economy

Anora’s Quality, Safety and

Environment Policy and Risk

Management policies collectively

address key resource use and circular

economy-related sustainability

matters associated with material

impacts, risks, and opportunities (IROs).

These are resource inflows including

resource use, resource outflows related

to products and services, and waste.

The relevant policies and their

coverage are summarised in the table

below:

Policy	Key contents, objectives and processes for monitoring associated impacts, risks and opportunities	Associated material IROs	Scope and exclusions of policy	Most senior level accountable for implementation	Related third-party standards or initiatives (if relevant)	Consideration of interests and policy availability to stakeholders
Anora Quality, Safety and Environment Policy	The policy is based on Anora’s Sustainability Roadmap and outlines principles for managing quality, safety, and environmental aspects of sustainability work. It emphasizes investment in sustainable packaging materials and solutions to improve waste handling within operations and the downstream value chain. To mitigate negative impacts from resource use, the policy includes a commitment to efficient use and recycling of energy, natural resources, and materials, exemplified by circular economy practices at Koskenkorva Distillery.	Actual positive impacts from Koskenkorva Distillery’s circular economy model and Anora’s general waste management and recycling practices.	Own operations	Executive Management Team	UN Sustainable Development Goals.	The policy includes a statement that Anora develops all operations and products in alignment with stakeholder expectations, particularly those of clients, partners, and consumers. Publicly available online
Anora Risk Management Policy	The policy describes the goals, principles and responsibilities for risk management at Anora Group and the related reporting principles as well as operating methods. The policy ensures that risk management has a collective operating model throughout the Anora Group, and that the enterprise risk management process is closely integrated with other management processes (such as strategy setting and planning).  Anora Group’s business areas and functions are responsible for risks related to their operational activities, their identification, prevention, and key means of mitigation. Resource use and circular economy -related risks and opportunities are considered part of overall risk management.	Commercial opportunities from products with smaller environmental impact and from innovations that enable side streams utilization and circular practices.	Covers the whole Anora Group. Business partners are expected to follow similar risk management principles.	Board of Directors	COSO ERM framework, the SFS-ISO 31000 standard "Risk management - Principles and instructions" and the governance code of Finnish listed companies (Corporate Governance)	Available internally on Anora’s intranet

The policy principles aim to reduce reliance on virgin resources and minimise environmental impacts by promoting efficient use and recycling of energy, natural resources and materials. The policies also support reduced scrapping and

the development of packaging materials and solutions with smaller environmental impact, as well as other measures aimed at environmentally conscious customers. The policies do not currently explicitly account for sustainable sourcing

and the use of renewable resources.

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E5-2 – Actions and resources

related to resource use and

circular economy

During the reporting period, Anora

undertook actions aimed at advancing

positive resource use and recycling

impacts as well as to create and

exploit commercial opportunities from

circular economy practices. These

actions included:

• Regulatory preparedness for

packaging waste compliance:

Anora continued to implement and

prepare for recent and upcoming

legislative changes in Finland and

across the EU, including the EU

Packaging and Packaging Waste

Regulation (PPWR). These

developments may require future

investments in packaging waste

management systems and

technologies. The ongoing actions

aim to ensure regulatory

compliance, improve sustainability,

and support Anora’s waste handling

policy objectives

• rPET and recycled glass bottle

development for emissions

reduction and resource efficiency:

Anora made a decision to increase

the PCR glass in its Koskenkorva

glass bottles from 10% to 60% during

2026, which will increase the usage

of recycled glass, and it is expected

to lead to decreased GHG emissions

in the upstream value chain over the

medium term. In 2025, Anora

adjusted rPET dosing in its PET bottle

portfolio to improve recyclability

and secure high-quality material

streams, reinforcing circularity and

resource efficiency. This initiative

aims to offer alternatives to heavier

glass packaging, contributing to

reduced logistics and

manufacturing GHG emissions in the

upstream value chain over the

medium term. These also support

lighter-weight, recycled-content

packaging by enhancing cost

efficiency, strengthening

competitiveness, and contributing to

brand value

• Continuous waste reduction and

recycling improvements: Anora

continued to advance waste

reduction and recycling efforts

across its production plants. These

actions are expected to decrease

waste volumes and increase

recycling rates in the short to

medium term, supporting the

company’s waste management

policy objectives.

In addition to waste management

actions across operations and the

value chain, Anora continued

optimising resource inflows at its

Koskenkorva Distillery. The principles

guiding these distillation operations

are detailed in section E5-4 (Resource

Inflows) of this Sustainability

Statement. No significant current or

future operational or capital

expenditures have been identified for

the implementation of these actions.

E5-3 – Targets related

to resource use and

circular economy

To manage its material resource use

and circular economy -related

impacts, that were identified in a

materiality assessment that

considered stakeholder views, Anora

has defined targets to reduce waste

and increase recycled materials in

packaging.

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Target area	Scope & policy Link	Target (change from baseline) & timeline	Baseline & performance during reporting year	Methodology & notes
Share of materials from recycled or certified sustainable sources	The target relates to circular design by contributing to the design and use of recycled packaging materials for glass bottles, plastic bottles and Bag-in- Boxes (BiB), to increase the circular material use rate while also reducing the need for primary raw material use. The target adheres to the prevention phase of the waste hierarchy and covers Anora’s own production and own brands and excludes labels and closures. The target relates to the policy principle of efficient use and recycling of natural resources and materials.	2030: 100% of materials are from recycled origin or from certified source	2021 baseline: • Glass bottles 36% . • Plastic bottles 16% .  • Bag-in-Boxes 29% During reporting year: • Glass bottles 44% (49%). • Plastic bottles 46% (40% ). • Bag-in-Boxes 36% (36%)	The current KPIs measure the share of recycled materials used in Anora’s main packaging categories—glass bottles, plastic bottles, and bag-in-boxes—based on weight. These KPIs cover Anora’s own production and brands, excluding labels and closures. The target supports Sustainable Development Goal 12: Responsible Consumption and Production, which is underpinned by conclusive scientific evidence. Key assumptions include the availability of recycled materials in sufficient quantities and at reasonable cost by 2030.
Zero landfill waste	The target covers the landfill waste generated at Anora’s own production plants adhering to the prevention, reduction, re-use and recycling phases of the waste hierarchy. The target relates to the policy principles of reduced scrapping and the efficient use and recycling of natural resources and materials in Anora’s own operations.	2030: 0 t	2021 baseline: 28.18 t Performance during reporting year: 0.13 ( 0.12) t	The KPI is calculated based on landfill waste generated at Anora’s own production sites during the reporting period. It supports Sustainable Development Goal 12: Responsible Consumption and Production, which is grounded in conclusive scientific evidence. No significant assumptions were made in setting the target.
Waste recycling rate	The target relates to increasing the circular material use rate in waste management (and to indirectly reducing the need for primary raw material use) through the recycling of all applicable waste. The target adheres to the recycling phase of the waste hierarchy and covers Anora’s own production sites. The recycling rate relates to policy principles of efficient use and recycling of natural resources and materials in Anora’s own operations.	2030: over 90%	2022 baseline: 92.4% Performance during reporting year: 96.9% (95.2% )	The waste recycling rate (%) is calculated as the proportion of total waste diverted to recycling, excluding incineration, divided by total waste generated. The measure covers Anora’s own production sites. It supports Sustainable Development Goal 12: Responsible Consumption and Production, which is based on conclusive scientific evidence. No significant assumptions were made in setting the target.

Anora’s current targets do not formally address sustainable sourcing or the use of renewable resources in line with the cascading principle. The targets are voluntary. Targets related to resource use and circular economy focus on

implementing and preparing for enforced and potential legislative changes in Finland and at the EU level, including the EU Packaging and Packaging Waste Regulation (PPWR). Currently, Anora has not defined additional targets in these

areas. The targets monitored continuously and reported annually.

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E5-4 – Resource inflows

At Anora, managing resource inflows

means maximising the yield of raw

materials and prioritising the use of

recycled sources wherever possible.

The main resource inflows to Anora’s

production processes include

biological raw materials such as barley

and spices, other inputs like water,

wine, sugar, and ethanol, and technical

materials used in packaging, including

glass, carton, plastic, and other

components.

The Koskenkorva Distillery in

Southern Ostrobothnia, Finland, is

especially noteworthy in terms of its for

its material efficiency and circular

economy practices. The distillery fully

utilises the side-products of barley

grain used in the distilling process,

either internally or by producing starch

and raw materials for animal feed that

is sold to customers. Even the biogenic

carbon dioxide from the process is

partially captured and repurposed, for

example, in greenhouse cultivation. A

bioenergy power plant at Koskenkorva

utilizes barley husk as fuel to generate

steam energy for the distillery.

During the reporting period, Anora

used a total of 371,383 (394,876) tons of

products and technical and biological

materials. Of this, 100% (100%) of

biological materials—grain and spices

—were sustainably sourced following

Anora’s requirements for grain and

relevant certificates for spices. The

absolute weight of recycled materials

used to manufacture the products,

including packaging, was 9,984 (13,952)

tons, representing 42% (46%) of the

total material input by weight.

Resource inflow data is sourced

from Anora’s internal systems and

calculated based on stock movements.

In 2024 figures, the inflow data of

Globus Wine for 1 month is estimated

based on the average of 11 months, due

to the data system integration effective

from the end of January 2024 onwards.

The percentage of sustainably sourced

biological materials is based on Anora’s

internal definitions. While no general

certification scheme exists for grain in

Finland, Anora sources all grain—

including barley—under contracts that

comply with Finnish Cereal Committee

(VYR) standards, which Anora considers

a relevant certification framework.

Organic and regeneratively farmed

barley are also recognised as valid

sustainability schemes. Through these

sourcing practices, Anora ensures that

100% (100%) of the grain is sustainably

sourced. For spices, 93% (94%) in 2025

were sourced from certified suppliers

who inspect each batch and provide

external certificates, qualifying them

as sustainably sourced. Recycled

material calculations apply only to

packaging, as other raw materials (e.g.

wine, grain) cannot be reused or

classified as secondary. The recycled

content is measured as a percentage

of recycled packaging materials used

in Anora’s own products and

production based on weight. The

measurement of the metrics has not

been validated by an external body

other than the assurance provider.

Material inflow per category

Material inflow per category, total weight (tonnes)	2025	2024
Products	126,091	143,423
Technical Materials	69,094	83,531
Biological Materials	176,198	167,922
Total	371,383	394,876

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E5-5 – Resource outflows

Products and materials

Key outputs from Anora’s production

processes include packaged and

bottled wine and spirits, and

associated packaging materials,

technical ethanol products, feed

components and barley starch. A

circular model is applied at production

sites, where side streams are utilised to

improve resource efficiency, reduce

waste disposal costs, and generate

revenue through by-product sales.

Circular design principles are

especially applied to packaging, with

recyclability as a key factor. During the

reporting period, 92% (91%) of Anora’s

own products were packed in

recyclable packaging.

Resource outflow data is sourced

from Anora’s internal systems and

calculated based on stock movements

and weights of sold products.

Recyclable and non-recyclable

packaging volumes are separated

based on material definitions for each

product —e.g. glass and PET bottles are

recyclable, while multi-material

pouches are not, as end-user cannot

separate the materials. In 2024 figures,

the outflow data of Globus Wine for 1

month is estimated based on the

average of 11 months, due to the data

system integration effective from the

end of January 2024 onwards.

Waste

Total waste generated during the

reporting period was 13,716 (10,080) tons.

The total amount of non-recycled

waste was 427.7 (486.1) tons,

representing 3% (5%) of the total waste

generated.

The total amount of hazardous waste

was 14.8 (11.5) tons. Waste streams

relevant to Anora’s activities include:

• Ashes

• Liquid waste

• Wastewater

• Packaging waste (carton, glass,

plastic, wood)

• Other waste (such as metal,

construction waste, hazardous

waste, biowaste).

No radioactive waste was

generated during the reporting period.

All waste-related metrics listed

above are used to evaluate

performance and effectiveness in

relation to Anora’s efforts to develop its

waste management practices.

Data on waste generated is sourced

from external waste companies’ reports

received by Anora’s sites and offices.

Incinerated waste is not classified as

recycled waste.

For Atlungstad craft distillery, the

waste amount is estimated based on

the volumes of packaging material

waste. For offices in Riga, Vilnius and

Copenhagen, the waste amount is

estimated based on headcount and

average waste volumes from other

comparable offices. These estimates

represent less than 0.5% of Anora’s total

waste and have a negligible impact on

overall figures. Waste volumes from

non-industrial entities are marginal in

relation to Anora’s total waste

generation. The measurement of the

metrics has not been validated by an

external body other than the

assurance provider.

Waste diverted from disposal by recovery operations

Waste diverted from disposal by recovery operations
Recovery operation type	Waste type (t)	2025	2024
Preparation for reuse	Hazardous waste	0.0	0.0
	Non-hazardous waste	38.9	8.7
Recycling	Hazardous waste	8.8	4.5
	Non-hazardous waste	13,092.9	9,500.2
Other recovery operations	Hazardous waste	0.1	4.8
	Non-hazardous waste	148.0	75.8
Total diverted from disposal	Hazardous waste	8.8	9.3
Total diverted from disposal	Non-hazardous waste	13,279.8	9,584.7
Total		13,288.7	9,594.0

Waste directed to disposal

Waste directed to disposal
Recovery operation type	Waste type (t)	2025	2024
Incineration	Hazardous waste	0.0	0.4
	Non-hazardous waste	414.1	483.8
Landfill	Hazardous waste	0.0	0.0
	Non-hazardous waste	0.1	0.1
Other disposal operations	Hazardous waste	5.9	1.8
	Non-hazardous waste	7.6	0.0
Total directed to disposal	Hazardous waste	6.0	2.2
Total directed to disposal	Non-hazardous waste	421.8	483.9
Total		427.7	486.1

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S1 Own workforce

S1-1 – Policies related to own workforce

Anora has established a set of policies

that collectively govern material

impacts related sustainability matters

concerning to Anora’s own workforce

such as secure employment, health

and safety, work-life balance, diversity,

social dialogue, working time and

collective bargaining, including rate of

workers covered by collective

agreement. The relevant policies and

their coverage are summarised in the

table below:

Policy	Key contents, objectives and processes for monitoring associated impacts, risks and opportunities	Material associated IROs	Scope and exclusions of policy	Most senior level accountable for implementation	Related third-party standards or initiatives (if relevant)	Consideration of interests and policy availability to stakeholders
Code of Conduct (Anora Way)	Describes Anora’s values and sets clear expectations for employees on ethical behaviour, respectful treatment, legal compliance, and the responsible use of resources to promote a safe, inclusive, and integrity-driven workplace. Anora  strives to be a stable, reliable and flexible employer who complies with all stipulations under collective agreements and all legal rights relating to labor relations between Anora and its workforce.  The Code of Conduct covers material impacts such as occupational health and safety, human rights, diversity, equity and inclusion, anti-discrimination and – harassment, competences and development, and labour relations.	Potential occupational diseases and work accidents at Anora’s production plants Positive impacts from provision of employment Positive impacts among a resilient and engaged workforce	Applies to all individuals employed by every Anora Group company.	Board of Directors	The policy is aligned with OECD Guidelines for Multinational Enterprises and the UN Business and Human Rights principles. The policy outlines Anora human rights commitment and sets expectations for employees, business partners, and other stakeholders. The Code of Conduct also provides guidance on reporting any misconduct through the whistleblowing channel.	Publicly available online
HR plan (incl. equality and non- discrimination plan)	The HR plan contains information on the personnel and equality and non- discrimination plan for all employees in Anora’s own employees in Finland for the years 2024-2025. The policy covers material impacts such as occupational health and safety, human rights, diversity, equity and inclusion, anti-discrimination and –harassment, competences and development, and labour relations.	Potential occupational diseases and work accidents at Anora’s production plants Positive impacts among a resilient and engaged workforce	Applies to all individuals in Finland employed by Anora Group.	Executive Management Team		Available internally on Anora’s intranet

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Policy	Key contents, objectives and processes for monitoring associated impacts, risks and opportunities	Material associated IROs	Scope and exclusions of policy	Most senior level accountable for implementation	Related third-party standards or initiatives (if relevant)	Consideration of interests and policy availability to stakeholders
Non- Harassment Policy	Describes Anora’s commitment to zero- tolerance towards harassment. The policy covers material impacts related to discrimination and harassment.	Positive impacts among a resilient and engaged workforce	Applies to all individuals employed by every Anora Group company.	Executive Management Team	The policy is aligned with UN Sustainable Development Goals, OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights. The policy outlines Anora’s commitment to promoting the wellbeing of its personnel and treating people in an equal and fair manner. It also provides guidance on how to act and how to report if one encounters harassment.	Available internally on Anora’s intranet for all employees
Quality, Safety and Environment policy	Includes the principal requirements and sets out responsibility targets in relation to management and implementation of quality, safety and environment values. The policy covers impacts related to human rights such as good working conditions.	Potential occupational diseases and work accidents at Anora’s production plants Positive impacts among a resilient and engaged workforce	Concerns all Anora’s sites, and every employee.	Executive Management Team	UN Sustainable Development Goals	Publicly available online
Human Rights Commitment	Includes Anora’s commitment to respect human rights. The policy addresses human rights impacts and grievance mechanisms.	Potential occupational diseases and work accidents at Anora’s production plants Positive impacts from provision of employment Positive impacts among a resilient and engaged workforce	All individuals employed by every Anora Group company, including members of the Board of Directors and the Executive Management Team.	Executive Management Team	The policy is aligned with the International Bill of Human Rights consisting of the Universal Declaration of Human Rights, the International Covenant on Civil and Political Rights as well as the International Covenant on Economic, Social and Cultural Rights; and − the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work. The policy is also aligned with the Convention on the Elimination of All Forms of Discrimination Against Women and the Convention on the Rights of the Child. The policy outlines Anora’s commitment to respecting human rights and describes Anora’s due diligence approach.	Publicly available online
Policy of Alcohol Consumption for employees	The policy supports the development of a  modern and responsible drinking culture in Anora’s operating countries. The policy covers impacts related to employee’s health and safety.	Positive impacts among a resilient and engaged workforce	Applies to all individuals employed by every Anora Group company.	Executive Management Team		Available internally on Anora’s intranet for all employees
Anora Group’s Policy on Diversity, Equity and Inclusion	The policy ensures an inclusive workplace by promoting fair treatment and leveraging diversity as a competitive advantage, in alignment with the Corporate Governance Principles and Code of Conduct. The policy covers material impacts such as occupational health and safety, diversity, equity and inclusion, and anti-discrimination and – harassment.	Positive impacts among a resilient and engaged workforce	Applies to all Anora employees and partners that directly or indirectly involved in working for, on behalf of, Anora	Executive Management Team		Available internally on Anora’s intranet for all employees

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Anora is committed to respecting

internationally recognized human

rights, including those outlined in:

• The International Bill of Human

Rights, comprising:

• The Universal Declaration of

Human Rights

• The International Covenant on

Civil and Political Rights

• The International Covenant on

Economic, Social and Cultural

Rights

• The International Labour

Organization (ILO) Declaration on

Fundamental Principles and Rights

at Work, which covers:

• Freedom of association and the

right to collective bargaining

• Elimination of forced or

compulsory labour

• Abolition of child labour

• Elimination of discrimination in

employment and occupation

• The right to a safe and healthy

working environment

Anora is committed to fostering a

responsible and respectful working

environment. Anora is actively

developing its employer value

proposition to attract and retain talent,

conduct annual employee satisfaction

surveys to monitor workplace wellbeing,

and maintain ongoing collaboration

with employee unions to support fair

and inclusive labour practices.

Through due diligence processes,

Anora seeks to prevent and address

any adverse human rights impacts

linked to its operations. When such

impacts occur, Anora takes

appropriate steps to remediate them.

Anora unequivocally condemns all

forms of child labour and forced

labour. These principles are embedded

in core policies, including Anora’s Code

of Conduct and the Human Rights

Commitment, which also address

issues such as human trafficking and

compulsory labour.

Anora continuously works to

improve working conditions across all

its operations, guided by its HSEQ

(Health, Safety, Environment and

Quality) policy, which applies to all sites

and employees. In Finland, Anora’s

operations in Rajamäki, Koskenkorva,

and Ruoholahti (Anora HQ) are certified

under ISO 45001. In other countries,

operations are conducted in

accordance with the HSEQ policy. The

management system covers all on-

site employees and workers.

Additionally, all Anora employees have

access to occupational health

services, at minimum in line with local

legal requirements.

Anora enforces a non-harassment

policy and maintains zero tolerance for

discrimination and all forms of

harassment. This policy applies to all

individuals at Anora’s workplaces—

employees, clients, contractors, and

others—and prohibits any

discriminatory or harassing conduct.

Harassment is defined to include

discriminatory behaviour, personal

harassment, sexual harassment,

bullying, and abuse of authority.

Anora is committed to treating all

individuals fairly and equally, and

continuously works to foster an

inclusive workplace, as outlined in its

Code of Conduct. The company

respects diversity and upholds equal

treatment regardless of ethnic origin,

nationality, religion or belief, marital

status, disability, political opinion,

worldview, union membership or

affiliation, gender, sexual orientation,

age, or any other characteristic that

could lead to discrimination.

To support inclusion, Anora

implements its Code of Conduct

across all operations. Measures include

reduced working hours, provision of

special equipment and aids, and

flexible working arrangements. In 2025,

Anora published a dedicated Diversity,

Equality and Inclusion (DEI) Policy to

further strengthen its commitment.

Anora implements its workplace

policies locally through country-specific

HR teams and manager-led training

sessions. To prevent and mitigate

discrimination, Anora enforces its non-

harassment policy across all levels of

the organization. Managers are

responsible for promoting a respectful

work environment by upholding the

zero-tolerance approach and ensuring

employees receive appropriate

information and training on

harassment. All employees are required

to comply with the policy and follow

established procedures for reporting

work-related harassment.

Anora responds promptly to any

instances of discrimination and

actively monitors workplace conditions

to identify potential discrepancies. All

cases are handled in accordance with

Anora’s established procedures,

ensuring that all parties are heard and

informed throughout the process.

Appropriate measures are taken, and

the individuals involved receive clear

communication regarding the process

and agreed actions.

S1-2 – Processes for engaging

with own workforce and

workers’ representatives

about impacts

Employee insights inform Anora’s

decisions and actions to manage

actual and potential impacts on its

workforce. Employees are actively

engaged through various forums,

contributing to decision-making

processes. This collaborative approach

ensures that measures taken—such as

those related to training, work-life

balance, and health and safety—

address real working conditions. By

incorporating employee perspectives,

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Anora also anticipates and mitigates

potential workforce impacts.

Operational responsibility for

employee engagement lies with

Anora’s CEO.

Employees are represented on

Anora’s Board of Directors by an

elected employee representative, who

contributes their experience and

perspective to enhance dialogue

between employees and

management. This representation

strengthens employee involvement in

decision-making and supports Anora’s

development. The Board convenes

several times per year.

Anora continues a practice to

organize an employee forum, now

called Anora Summit, comprising

around 50 participants from across the

organisation. The forum meets regularly

and workshops focus on setting

company mid-term priorities. Through

this initiative, employees can contribute

directly to the development and

improvement of the work environment.

Anora’s employee representatives

actively participate in occupational

health and safety (OHS) consultation

and communication through health

and safety committees. Their

involvement includes contributing to

surveys, observation and near-miss

reporting systems, and participating in

regular OHS meetings.

Health and Safety Committees

operate in accordance with local legal

requirements at the plant level in each

country. In Finland, all units hold bi-

annual meetings, with additional

quarterly meetings at the plant level.

The responsibilities and activities of

these committees are defined by

national legislation and practices,

covering matters that may affect

employees’ safety, health, or work ability.

Anora’s occupational safety and

health organisations and representatives

assess working conditions, identify

potential risks, and propose preventive

and corrective actions.

The annual Anora Tasting employee

survey provides insights into diversity,

equity, and inclusion (DEI), as well as

employee engagement, leadership,

team performance, and overall well-

being. The survey also assesses

experiences of discrimination and

harassment. Conducted anonymously,

it ensures that all employees can share

their views freely and be heard.

S1-3 – Processes to

remediate negative impacts

and channels for own

workforce to raise concerns

Anora provides multiple channels for

employees to raise concerns and

contributes actively to remediating

negative impacts on its workforce.

These include structured feedback

mechanisms, health and safety

committees, and the whistleblowing

channel.

Health and safety concerns are

addressed through regular

consultation with employee

representatives, near-miss and

accident reporting systems, and

surveys. Health and Safety Committees

operate at the plant level in

accordance with local legislation,

meeting bi-annually or quarterly

depending on location. These

committees assess risks, propose

corrective actions, and ensure that

employees are equipped with

appropriate protective equipment and

training. Anora’s safety culture

encourages all employees to take

responsibility for safety and to

intervene when unsafe practices are

observed, regardless of position.

In addition, Anora maintains a

whistleblowing channel operated by

an independent third party, open to all

employees and external stakeholders.

Concerns can be submitted

anonymously, and the process is

actively communicated to ensure

awareness. The annual Anora Tasting

employee survey also evaluates

whether employees feel safe reporting

misconduct or unethical behavior.

Even if information on the

whistleblower channel and its

associated processes is included in

official onboarding materials for each

employee, Anora does not currently

formally assess the awareness of, and

trust in, structures and processes to

raise and address concerns of people

in its own workforce, besides the

employee survey. For more information,

see section G1-1 Business conduct

policies and corporate culture.

S1-4 – Actions and resources

related to own workforce

During the reporting period, Anora

undertook actions aimed at advancing

positive social impacts and to manage

potential negative health and safety

impacts as outlined by Anora’s policy

objectives presented in section S1-1.

These actions included:

Health and safety

• Enhancing safety culture through e-

training: Anora continued to provide

safety equipment e-training for

employees and supervisors, aiming

to strengthen the safety culture and

reduce workplace accidents in the

short and medium term.

• Promoting safety awareness

through site-level engagement: In

2025, Anora organized Safety Week

activities across its sites and offices,

including management-led safety

walks, safety equipment

demonstrations, emergency

preparedness, and active

encouragement of safety

observations to strengthen safety

culture in short and medium term.

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Diversity

• Advancing diversity, equity and

inclusion: In 2025, Anora launched a

dedicated DEI policy to endorse

diversity, equity, and equal

opportunity, including principles for

recruitment practices. Anora’s

recruitment process and platform,

renewed in 2024, now enable a

systematic, inclusive, and unified

approach with clearly defined

qualifications and competencies.

Anora also continued to educate

employees through blended

learning formats, including e-

learning, virtual sessions, and

classroom discussions. These

actions aim to foster an inclusive

workplace culture in the short to

medium term.

Secure employment, work-life

balance and social dialogue

• Supporting employee development

and career growth: Anora

continued to monitor the

achievement of employee

development objectives through

annual performance and

development dialogues,

complemented by value-based

leadership programs. Employees

may also raise contractual and

work-life balance concerns during

these discussions. Employees may

also participate in separate Future

Development Planning discussions

focused on longer-term

development. These efforts support

continuous professional growth and

career advancement in the short

and medium term.

• Leadership program with team

management focus: Anora

continued its value-based

leadership program. The aim is to

provide common tools for leaders to

create common leadership culture

and improve internal networks,

aiming to enhance employee

satisfaction in the short and

medium term.

Anora monitors the effectiveness of

its workforce-related actions through

multiple channels. Preventive

occupational health services,

rehabilitation support, and an early

intervention model are in place to

promote employee well-being.

Country-specific procedures are

implemented to address

discrimination and harassment.

The impact of these measures is

assessed using indicators such as

workplace accidents, near-miss

incidents, and employee well-being

surveys. Anora conducts its annual

employee engagement survey, Anora

Tasting, to gather insights from all

employees. The survey evaluates

seven key metrics: engagement,

leadership, team efficiency, OSI

(Organisational and Social Well-being

Index), perception of top management,

psychological safety, and eNPS

(Employee Net Promoter Score), which

are utilized in assessing effectiveness

of actions.

Following the survey, results are

reviewed and followed by training and

action planning, which are consistently

followed throughout the organisation

hierarchy up to Board level.

Anora applies the ISO 45001 health

and safety management standard

across its operations. This

internationally recognised framework

enables systematic identification of

occupational health and safety risks

and implementation of control

measures to reduce workplace injuries,

illnesses, and incidents.

Under the standard, all departments

are required to identify, assess, and

manage work-related risks through

defined processes aimed at eliminating

or mitigating hazards. Management is

accountable for ensuring that each

task undergoes a risk assessment and

that resulting mitigation actions are

implemented where necessary.

Relevant information from these

assessments is made accessible to all

employees involved in the tasks.

Anora’s HR work encompasses the

identification, assessment,

management, and remediation of

material impacts on its own

employees. The associated financial

resources are recognized as

personnel-related operating expenses

in Anora’s income statement.

S1-5 – Targets related to

managing material negative

impacts, advancing positive

impacts, and managing

material risks and

opportunities

To manage its material own workforce

-related impact, that were identified in

a materiality assessment that

considered the views of Anora’s

employees, Anora has defined targets

to reduce potential negative impact

related to health and safety. Anora has

currently not set formal targets related

to other material Own workforce

related sustainability matters:

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Target area	Scope & policy link	Target (change from baseline) & timeline	Baseline & performance during reporting year	Methodology & notes
Increasing the number of safety observations	The target covers Anora Industrial employees. The target relates to enhancing the safety culture.	2030: 4.5 observations per person	2021 Baseline: 2.6 observations per person Performance during reporting year: 4.6 (3.8) observations per person	Calculations are based on the number of reported safety observations in Anora’s safety observation system and safety walk observations, divided by the average number of employees in Industrial in the reporting period, to receive the KPI safety observations per person. The target addresses Sustainable Development Goal 3 – Good health and well-being.
Reducing accidents resulting in absence	The target covers all Anora Group employees and is measured as LTIF (number of lost time injuries per million hours worked). The target relates to enhancing the safety culture.	2030: 0	2021 Baseline: 5.0 in former pre- merger company Altia, and 10.5 in former pre-merger company Arcus. Performance during reporting year: 5.1 (5.8)	Measured as LTIF. Anora calculates the safety-related metrics for LTIF based on 1,000,000 hours worked. The target addresses Sustainable Development Goal 3 – Good health and well-being.

The targets were defined through Anora’s Sustainability Roadmap process, based on a materiality analysis that included input from over 200 stakeholders via an open survey, including employees. Employees and their representatives

are engaged during target setting and follow-up. Their input is integrated into HR systems and aligned with business area needs. Targets and results are regularly reviewed with employees, discussed in factory briefings, and made

visible through internal channels.

LTIF and safety observations are monitored monthly and reviewed locally. After each performance cycle, Anora conducts joint evaluations with employees and their representatives to assess outcomes and identify improvements.

S1-6 – Characteristics of the undertaking’s employees

Number of employees (head count)	2025	2024
Male	749	753
Female	441	458
Other	0	0
Not reported	0	0
Total	1,190	1,211

Number of employees (head count )	2025	2024
Finland	405	409
Norway	342	348
Sweden	182	163
Denmark	155	185
Estonia, Latvia, Germany and Lithuania	106	106
Total	1,190	1,211

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2025	Female	Male	Other*	Not disclosed	Total
Number of employees (head count)	441	749	0	0	1,190
Number of permanent employees (head count)	425	723	0	0	1,148
Number of temporary employees (head count)	16	26	0	0	42
Number of non- guaranteed hours employees (head count)	0	0	0	0	0

2024	Female	Male	Other*	Not disclosed	Total
Number of employees (head count)	458	753	0	0	1,211
Number of permanent employees (head count)	445	728	0	0	1,173
Number of temporary employees (head count)	13	25	0	0	38
Number of non- guaranteed hours employees (head count)	0	0	0	0	0

* Gender as specified by the employees themselves

2025	Finland	Norway	Sweden	Denmark	Estonia, Germany, Latvia and Lithuania	Total
Number of employees (head count)	405	342	182	155	106	1,190
Number of permanent employees (head count)	383	328	181	152	104	1,148
Number of temporary employees (head count)	22	14	<5	<5	<5	42
Number of non- guaranteed hours employees (head count)	0	0	0	0	0	0
Number of full-time employees (head count)	-	-	-	-	-	-
Number of part-time employees (head count)	-	-	-	-	-	-

2024	Finland	Norway	Sweden	Denmark	Estonia, Germany, Latvia and Lithuania	Total
Number of employees (head count)	409	348	163	185	106	1,211
Number of permanent employees (head count)	389	343	163	174	104	1,173
Number of temporary employees (head count)	20	5	0	11	<5	38
Number of non- guaranteed hours employees (head count)	0	0	0	0	0	0
Number of full-time employees (head count)	-	-	-	-	-	-
Number of part-time employees (head count)	-	-	-	-	-	-

Employee turnover	2025	2024
Employee turnover, %	10.6%	11.5%
Number of employees who have left the company	123	134

Turnover of permanent employees is calculated as: (number of leavers / average monthly end-of-month

headcount) × 100.

All employee data is sourced from Anora’s unified HR system, local payroll, and

reporting systems, without the use of assumptions. Employee numbers are

reported as headcount at the end of the reporting period. Employees with non-

guaranteed hours are included under temporary employees.

The most representative number in the financial statements associated with

the metrics presented is Note 1.5 to the financial statements - Employee benefit

expenses. The measurement of the metrics has not been validated by an external

body other than the assurance provider

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S1-8 – Collective bargaining coverage and social dialogue

A significant share of Anora employees are covered by collective bargaining

agreements, except in Latvia, Lithuania, Estonia and Germany, where such

agreements are not in place. In these countries, working conditions are governed

by local laws and employment contracts. Anora has significant employment—

defined as at least 50 employees representing at least 10% of the total workforce—

in Finland, Norway, Denmark, Sweden, and Estonia.

100% (100%) of Anora’s own employees in Finland, 100% (100%) in Norway, 44% (47%)

in Denmark, and 77% (72%) in Sweden, are covered by workers’ representatives. In

total, 80% (79%) of Anora’s employees are covered by collective bargaining

agreements.

Anora is currently reviewing an agreement regarding the European Works

Council (EWC) with employee representatives.

2025	Collective Bargaining Coverage		Social dialogue
Coverage rate	Employees - EEA (for countries with >50 empl. representing >10% total empl.)	Employees - Non-EEA (estimate for regions >50 empl. representing >10% total empl.)	Workplace representation (EEA only) (for countries with >50 empl. representing >10% total empl.)
0-19%	Estonia	–	–
20-39%	–	–	–
40-59%	Denmark	–	–
60-79%	Sweden	–	–
80-100%	Finland, Norway	–	Finland, Norway, Sweden, Denmark, Estonia

Employee numbers are reported as headcount at the end of the reporting period from Anora’s unified HR system.

The coverage rate is calculated per country as: (number of employees covered by collective bargaining

agreements / total number of employees) × 100. Anora does not have employees in non-EEA regions.

The measurement of the metrics has not been validated by an external body other than the assurance provider.

S1-9 – Diversity metrics

Gender distribution	2025	2024
Men in top management (head count)	5	6
Men in top management, %	71%	75%
Women in top management (head count)	2	2
Women in top management, %	29%	25%
Other/ not reported in top management (head count)	0	0
Other/ not reported in top management, %	0%	0%

Anora defines top management as the Executive Management Team of the Anora Group.

Age distribution (number of employees)	2025	2024
Under 30 years old	85	89
30-50 years old	668	682
Over 50 years old	437	440

Employee data is sourced from Anora’s unified HR system, local payroll, and reporting systems, without

assumptions. All employee numbers are reported as headcount at the end of the reporting period. The

measurement of the metrics has not been validated by an external body other than the assurance provider.

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S1-14 – Health and safety metrics

Employee health and safety metrics	2025	2024
Personnel in Anora’s own workforce who are covered by the health and safety management system based on legal requirements and (or) recognised standards or guidelines, %	100%	100%
Number of fatalities in own workforce as a result of work- related injuries and work-related ill-health	0	0
Number of fatalities as a result of work-related injuries and work-related ill-health of other workers working on undertaking's sites	0	0
Number of recordable work-related accidents related to own workforce (LTI)	12	13
Rate of recordable work-related accidents related to own workforce (LTIF)	5.1	5.8
Number of cases of recordable work-related ill-health of employees	0	0
Number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill-health and fatalities from ill-health related to employees.	0	0

Employee data is sourced from Anora’s unified HR system, local payroll, and reporting systems, without

assumptions.

Anora’s Quality, Safety and Environment Policy applies to 100% of its own workforce. Data on accidents, fatalities,

and work-related ill health is collected from internal health and safety records. Recordable work-related accidents

are defined as lost time incidents (LTI). The accident rate is calculated as lost time incident rate (LTIF), based on

one million hours worked.

The measurement of the metrics has not been validated by an external body other than the assurance provider.

S1-17 – Incidents, complaints and severe human rights impacts

No fines, penalties, or compensation for work-related discrimination or

harassment were incurred during the reporting year. Similarly, no sanctions or

compensation related to severe human rights violations involving Anora’s own

workforce were reported.

Discrimination incidents	2025	2024
Total number of incidents of discrimination	0	0
Number of complaints filed through channels for people in own workforce to raise concerns	4	5
Number of complaints filed to National Contact Points for OECD Multinational Enterprises	0	0
Amount of fines, penalties, and compensation for damages as result of incidents of discrimination, including harassment and complaints filed	0	0

Human rights incidents	2025	2024
The number of severe human rights incidents connected to the undertaking’s workforce	0	0
Number of severe human rights issues and incidents connected to own workforce that are cases of non-respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises	0	0
Amount of fines, penalties, and compensation for severe human rights issues and incidents connected to own workforce	0	0

The data is based on reports received through Anora’s whistleblowing channel and other internal reporting

mechanisms, including those specifically related to discrimination. The measurement of the metrics has not been

validated by an external body other than the assurance provider.

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S2 Workers in the value chain

S2-1 – Policies related to value

chain workers

Anora has established a set of policies

that collectively govern material

impacts related to sustainability

matters concerning workers in Anora’s

value chain such as working time,

adequate wages, health and safety,

forced labour and training and skills

development. The relevant policies and

their coverage are summarised in the

table below:

Policy	Key contents, objectives and processes for monitoring associated impacts, risks and opportunities	Associated material IROs	Scope and exclusions of policy	Most senior level accountable for implementation	Related third-party standards or initiatives (if relevant)	Policy availability to stakeholders
Code of Conduct for Suppliers and Subcontractors	Describes Anora’s expectations for suppliers in terms of legal compliance, responsible business conduct and human and labour rights. The Code of Conduct for Suppliers and Subcontractors addresses significant impacts on value chain workers’ working conditions, human rights, and equal treatment, along with essential measures for monitoring supplier compliance.	Potential negative social impacts in certain high-risk countries	All Anora’s upstream suppliers and subcontract ors.	Executive Management Team	amfori BSCI principles	Publicly available online
amfori BSCI Code of Conduct	Includes principles and requirements for suppliers regarding the material impacts on value chain workers’ working conditions and human rights.	Potential negative social impacts in certain high-risk countries	All Anora’s upstream suppliers	Executive Management Team	Universal Declaration of Human Rights, the Children’s Rights and Business Principles, UN Guiding Principles for Business and Human Rights, OECD Guidelines, the UN Global Compact, and International Labour Organization (ILO) Conventions	Publicly available online
Human Rights Commitment	Describes Anora’s approach to human rights in the value chain and Anora’s human rights due diligence process. The commitment addresses all identified actual or potential salient human rights risks and covers all material impacts related to working conditions and other working related rights. It also demonstrates Anora’s commitment to respecting human rights in its operations as well as the measures taken to identify, monitor, mitigate, and report adverse human rights risks, in alignment with internationally recognized instruments such as Universal Declaration of Human Rights and the UN Guiding Principles on Business and Human Rights.	Potential negative social impacts in certain high-risk countries	All Anora’s upstream suppliers	Executive Management Team	The commitment is aligned with amfori BSCI principles and International Bill of Human Rights consisting of the Universal Declaration of Human Rights, the International Covenant on Civil and Political Rights as well as the International Covenant on Economic, Social and Cultural Rights; and the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work. Convention on the Elimination of All Forms of Discrimination Against Women and the Convention on the Rights of the Child.	Publicly available online

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Policy	Key contents, objectives and processes for monitoring associated impacts, risks and opportunities	Associated material IROs	Scope and exclusions of policy	Most senior level accountable for implementation	Related third-party standards or initiatives (if relevant)	Policy availability to stakeholders
Quality, Safety and Environment policy	Includes principal requirements and sets out responsibility targets for suppliers in relation to management and implementation of quality, safety and environmental values. Describes Anora’s approach to human rights in the value chain and Anora’s human rights due diligence process. The policy covers material impacts on value chain workers’ working conditions.	Potential negative social impacts in certain high-risk countries	All Anora’s upstream suppliers.	Executive Management Team	UN Sustainable Development Goals	Publicly available online
Safety Policy	Describes Anora’s requirements for suppliers in relation to safety matters, including expectations for suppliers to educate and train personnel and subcontractors in appropriate, and safe ways of working. The policy covers material impacts related to value chain workers health and safety and ensures that service providers operating at Anora’s facilities comply with the company’s safety guidelines. Monitoring involves meetings between Anora and its service providers, as well as two-way feedback.	Potential negative social impacts in certain high-risk countries	All Anora’s upstream suppliers.	Executive Management Team		Publicly available online
Procurement Policy and Principles of responsible sourcing	Describes Anora’s procurement principles, including the responsibility on human rights and environment in the value chain. The policy covers material impacts related to responsible procurement and value chain workers’ working conditions. The policy also includes Anora’s standard requirements to its suppliers.	Potential negative social impacts in certain high-risk countries	All Anora’s upstream suppliers.	Executive Management Team	amfori BSCI principles	Publicly available online

Anora is committed to respecting

internationally recognized human

rights, including those outlined in:

• The International Bill of Human

Rights, comprising:

• The Universal Declaration of

Human Rights

• The International Covenant on

Civil and Political Rights

• The International Covenant on

Economic, Social and Cultural

Rights

• The International Labour

Organization (ILO) Declaration on

Fundamental Principles and Rights

at Work, which covers:

• Freedom of association and the

right to collective bargaining

• Elimination of forced or

compulsory labour

• Abolition of child labour

• Elimination of discrimination in

employment and occupation

• The right to a safe and healthy

working environment

Anora is also committed to taking

action—based on due diligence

processes— to avoid causing or

contributing to adverse human rights

impacts throughout the value chain

and to addressing and remediating

such impacts when they occur.

Anora strongly condemns child

labour and forced labour. This is

reflected in key policies addressing

human trafficking, forced or

compulsory labour, and child labour,

including:

• Anora’s Supplier Code of Conduct

(based on the amfori Code of

Conduct)

• Anora’s Human Rights Commitment

Where there is potential for adverse

impacts on vulnerable people or

groups, Anora also considers

additional international standards and

principles that elaborate on their rights.

These include, for example, the

Convention on the Elimination of All

Forms of Discrimination Against

Women and the Convention on the

Rights of the Child, covering groups

such as indigenous peoples, women,

children, migrant workers and their

families, and human rights defenders.

Anora’s primary objective in

engaging with value chain workers is

to provide a pathway for raising

concerns and remedying human

rights-related grievances. While no

formal pre-established remedy

process is in place, Anora is committed

to taking action—based on due

diligence—, to avoid causing or

contributing to adverse human rights

impacts through its own activities,

including its operations and supply

chain. Anora’s responses and actions

are tailored and measured to meet the

circumstances and demands required

to appropriately remedy the impact

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Anora maintains a dedicated

channel for reporting concerns and

conducts amfori BSCI audits to monitor

compliance and proactively address

potential issues. Further details on

Anora’s engagement with value chain

workers and its approach to enabling

remedy are provided under disclosures

S2-2 and S2-3.

During the reporting period, no

cases involving value chain workers

were reported that indicated formal

non-compliance with the UN Guiding

Principles on Business and Human

Rights, the ILO Declaration on

Fundamental Principles and Rights at

Work, or the OECD Guidelines for

Multinational Enterprises.

S2-2 – Processes for engaging

with value chain workers

about impacts

Anora’s engagement with value chain

workers includes frequent supplier

visits and amfori BSCI audits

conducted by qualified third-party

auditors. The amfori BSCI monitoring

process promotes responsible social

practices through a structured

approach: suppliers commit to a Code

of Conduct covering fair wages, zero

child labour, and safe working

conditions. Risk assessments identify

high-risk suppliers based on factors

such as country of operation,

certifications, and working conditions,

prioritising them for monitoring, audits,

or preventive measures.

Audits include on-site inspections

and direct worker interviews to assess

compliance with standards related to

labour rights, health and safety, and

also environmental protection. While

these audits provide valuable insights,

Anora currently does not have

additional formal processes for

collecting feedback from workers who

may be particularly vulnerable to

human rights impacts.

Anora also collaborates with the

Nordic alcohol monopolies to

strengthen engagement with value

chain workers. In this context, suppliers

undergo an additional risk assessment

covering traceability, risk identification,

and minimum requirements related to

working conditions and human rights.

Identified risks or deviations trigger

targeted follow-ups and, where

necessary, audits—carried out in close

cooperation between Anora, the

monopolies, and the suppliers.

Anora ensures effective

engagement with value chain workers

by conducting follow-ups on audits

where necessary.

The overall responsibility for supplier

engagement at Anora lies with the

sourcing teams, under the leadership

of the SVP Wine and the SVP Industrial.

S2-3 – Processes to remediate

negative impacts and

channels for value chain

workers to raise concerns

Anora’s human rights management

processes are constantly developing,

and Anora recognises that this is an

area which requires active attention.

Continuous work is undertaken to

ensure that Anora’s value chain is fair

and transparent, is able to source

sustainably and can protect human

rights.

Anora is committed to

systematically improving its

sustainable procurement procedures.

The following processes and systems

are used to manage negative impacts:

• Code of Conduct for Suppliers and

Sub-contractors

• Third-party audits (amfori BSCI) &

certificates (e.g., Fair for Life,

Fairtrade)

• Internal audits & supplier visits

• Risk country profiles to give a holistic

understanding of the human rights

situation in Anora’s supply chain

countries

• Supplier Self-Assessment tool to

both communicate about Anora’s

commitments and gain a wider

understanding of suppliers’

sustainability (incl. human rights)

approach

• Human rights training for all

employees to strengthen internal

competence.

Concerns and non-compliance can

be reported through the Anora

Whistleblowing Channel. The same

reporting system is open for both

Anora employees as well as external

parties. Through the whistleblowing

channel, value chain workers can raise

their potential concerns, without fear of

retaliation in any form. All concerns

raised, whether through the channel or

through other means, are investigated

in accordance with an established

process to ensure accuracy,

anonymity, objectivity and fairness.

Currently, Anora does not formally

evaluate the value chain workers’

awareness or trust in the

whistleblowing channel or the process

for raising concerns. However, the

whistleblowing channel is publicly

available on Anora’s website and

mentioned in the Code of Conduct.

In accordance with its Code of

Conduct for Suppliers and Sub-

contractors, Anora requires that all

suppliers implement a system

enabling employees to anonymously

and reliably report any observed

defects and issues related to the

company’s responsibilities. Anora also

expects its suppliers to inform value

chain workers about these channels.

Anora does not have a formal pre-

established process for providing or

tracking the effectiveness of remedy,

but is committed to taking measures,

based on due diligence processes, to

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avoid causing or contributing to

adverse human rights impacts through

its own activities, including its

operations and supply chain. Anora is

dedicated to addressing and

remediating such impacts when they

occur. Anora’s responses and actions

are tailored and measured to meet the

circumstances and demands required

to appropriately remedy the impact.

Anora continuously assesses and

explores various ways to leverage its

influence to address adverse human

rights impacts arising from its business

relationships.

S2-4 – Taking action on

material impacts on value

chain workers, and

approaches to managing

material risks and pursuing

material opportunities related

to value chain workers, and the

effectiveness of those actions

During the reporting period, Anora

undertook actions to manage potential

negative social impacts as outlined by

Anora’s policy objectives presented in

section S2-1. These actions included:

• Ensuring compliance through

certifications and audits: Anora

continued to utilise third-party

certifications and initiated planning

for external audits to support

compliance.

•

• Strengthening oversight through

internal audits and supplier

engagement: Anora maintained its

internal audit practices and

conducted supplier visits to

reinforce compliance across its

value chain.

• Enhancing risk awareness through

country profile assessments: Anora

continued to assess risk country

profiles to deepen its understanding

of human rights conditions in supply

chain regions, supporting more

informed decision-making and

targeted risk management.

• Supplier insight through self-

assessments: The Supplier Self-

Assessment tool is used to

communicate expectations and

gather broader insights into

suppliers’ sustainability practices,

including human rights.

• Updated guide supports human

rights in supplier visits A field guide

to support brand managers,

sourcing and procurement teams in

assessing and discussing human

rights during partner visits, while also

promoting Anora’s sustainability

approach, was updated and further

promoted in 2025.

All listed actions are implemented

and ongoing, in accordance with

Anora’s medium-term action plans

aimed at achieving the policy

objectives of ensuring good working

conditions and respecting human

rights in the upper value chain, with

particular focus on agricultural

activities.

The expected outcome of these

actions is a systematic improvement in

the sustainability of Anora’s

procurement practices. The scope

covers the full sourcing landscape,

with agricultural value chains and

certain geographies identified as

areas of elevated human rights risk.

Stakeholders affected include a wide

range of groups, with particular

attention to vulnerable populations

such as seasonal workers from Eastern

Europe and non-EU countries, women

workers, migrant workers, and

undocumented migrant workers.

During 2025, Anora supported

additional initiatives aimed at

generating positive impacts for value

chain workers. One of Anora’s

producers participated in Human

Rights Impact Assessment, organized

by Nordic monopolies, to gain a deeper

understanding of the potential impact

in specific contexts on people and

communities in and around the supply

chains. Another activity includes

anonymous worker surveys at a

producer site, enabling direct feedback

on workplace conditions and well-

being activity at one of our Chilean

producers via a third party company.

These efforts support continuous

improvement and foster collaboration

across the supply chain to promote

sustainable development.

To monitor the effectiveness of its

actions and initiatives, Anora conducts

follow-up procedures on audits

concerning value chain workers when

necessary.

Anora has identified necessary

actions to address negative impacts

based on its 2023 human rights risk

assessment, targeting the most

significant risks. Anora’s actual or

potential salient human rights risks

within the supply chain relate to health

and safety, freedom from

discrimination in employment, decent

work, freedom of association and

collective bargaining and forced

labour. No severe human rights issues

and incidents connected to upstream

and downstream value chain were

reported in 2025. Reviews and updates

of the assessment will be conducted

as needed.

As a member of amfori BSCI, Anora

has adopted the amfori BSCI Code of

Conduct across its operations. Through

its participation in amfori BSCI, other

sustainability platforms, and direct

project implementation, Anora aims to

improve working conditions

throughout its supply chain. amfori

BSCI audits verify supplier compliance

with the Code of Conduct, including

requirements related to:

• Working hours and fair compensation

• Occupational health and safety

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• Child labour and protections for

younger workers

• Forced/bonded labour and

precarious employment

• Freedom of association and

collective bargaining

• Ethical business behaviour

• Discrimination

Responsibility for ensuring

compliance with the amfori BSCI Code

of Conduct and Anora’s Human Rights

Commitment is operationally assigned

to all purchasing functions. On a day-

to-day level, all Anora employees are

expected to act in accordance with

these policies and take appropriate

steps to support their implementation

across the business and supply chain.

In cases of non-compliance with

the Supplier Code of Conduct, Anora

provides the supplier with documented

evidence and initiates a dialogue to

resolve the issue. If the supplier fails to

take corrective action or commits a

serious breach, Anora may terminate

the contract and end the cooperation.

Anora allocates standard

operational resources to maintain

day-to-day procedures that ensure

adequate working conditions for value

chain workers. These efforts are

primarily reflected in personnel

expenses, including wages and

employee benefits and membership

and auditing fees.

S2-5 – Targets related to

managing material negative

impacts, advancing positive

impacts, and managing

material risks and

opportunities

To manage its material workers in the

value chain -related impacts, that

were identified in a materiality

assessment that considered the views

of affected stakeholders, Anora has

defined a target to reduce potential

negative social impacts in the upper

value chain.

Target area	Scope & policy link	Target (change from baseline) & timeline	Baseline & performance during reporting year	Methodology & notes
Audits or certificates covering all risk country suppliers	The target applies to upstream value chain purchases from risk countries. The target relates to the Human Rights Commitment, amfori BSCI Code of Conduct and the Supplier Code of Conduct.	2030: 100% of suppliers located in risk countries to hold a valid social audit or recognized social compliance certification by 2030.	2021 baseline: 0 audits performed During the reporting year: 86.0%	The target is currently measured based on the percentage of suppliers in Anora’s own-brand wine segment that are located in risk countries and covered by a valid social audit or recognized certification, such as amfori BSCI or equivalent schemes. The measurement is conducted annually and reflects suppliers’ active audit or certification status during the reporting year. Supplier data are verified via audit reports or certification documentation. In 2025, Anora has updated the target measuring methodology, forming a new baseline from the year 2025. Previously the target has been measured with a number of amfori BSCI audits conducted during the year. Anora continues to develop the tracking of target measurement to its other relevant categories as well. Most salient human rights risks are located in the wine value chain.

Anora aims to ensure that by 2030, all upstream purchases from risk countries are covered by amfori BSCI audits or recognized social certifications. This target was established through the Sustainability Roadmap process and informed

by a materiality analysis, including input from over 200 stakeholders via an open survey—such as industry associations and NGOs.

Monitoring and improvement efforts are ongoing, and in 2025, the target measurement was updated to better reflect information available to Anora and to improve comparability with the means to track the effectiveness of efforts to

improve certification coverage among suppliers. The target is designed to mitigate negative impacts on value chain workers. Planning for future audits and certifications in identified risk countries continues. In line with Anora’s

commitment to human rights and its Sustainability Roadmap, the company will still focus on refining targets and enhancing tracking mechanisms in the coming years.

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S4 Consumers and end-users

S4-1 – Policies related to

consumers and end-users

Anora has established a set of policies

that collectively govern material

impacts and opportunities related to

sustainability matters concerning the

health and safety of consumers and

end-users of Anora’s products in the

downstream value chain. The relevant

policies and their coverage are

summarised in the table below:

Policy	Key contents, objectives and processes for monitoring associated impacts, risks and opportunities	Associated material IROs	Scope and exclusions of policy	Most senior level accountable for implementation	Related third-party standards or initiatives (if relevant)	Policy availability to stakeholders
Code of Conduct (Anora Way)	The Code of Conduct (CoC) includes Anora’s values that govern all actions, choices and behaviour and rules to conduct business reliably, fairly and in accordance with all laws and regulations. The CoC describes Anora’s commitment to support a responsible drinking culture in accordance with Anora’s purpose, Let’s drink better. The policy addresses material impacts on consumers’ and end-users’ health and safety, while also supporting financial opportunities through the expansion of NoLo products and the encouragement of responsible drinking habits.	Negative health impacts from excessive alcohol consumption Financial opportunity from bringing NoLo (no- and low-alcohol) products to market	The CoC applies to all individuals employed by every Anora Group company, including members of the Board of Directors and the Executive Management Team and to all people working for or representing Anora. The policy takes into account the consumers of Anora’s products.	Executive Management Team	OECD Guidelines for Multinational Enterprises and the UN Business and Human Rights principles	Publicly available online
Responsible Marketing Policy	The policy demonstrates Anora’s commitment to ethical and responsible marketing practices. The policy provides information on the rules and regulations that apply to alcohol marketing in the geographical areas where Anora operates and how Anora complies with them. The policy addresses material impact on consumers’ and end-users’ health and safety.	Negative health impacts from excessive alcohol consumption Financial opportunity from bringing NoLo products to market	The policy applies to all employees involved in the marketing and sales of Anora’s products (including Anora’s partner brand products), all suppliers, subcontractors, licensees and third-party distributors. The policy takes into account relevant consumer groups, especially vulnerable groups such as minors and people who are pregnant.	Chief Executive Officer	Supplemented with the Spirits EUROPE guidelines	Publicly available online
Anora’s Internal Marketing Guidelines	The guidelines provide further information and guidance on the rules and regulations that apply to alcohol marketing in the geographical areas where Anora operates and how Anora complies with them. The policy addresses material impact on consumers’ and end-users’ health and safety.	Negative health impacts from excessive alcohol consumption Financial opportunity from bringing NoLo  products to market	All employees involved in the marketing of Anora’s products	Executive Management Team, Legal		Available internally for all Anora’s employees

Anora’s Human Rights Commitment reflects its adherence to the International Bill of Human Rights. The company also upholds the United Nations Universal Declaration of Human Rights and key conventions and recommendations of

the International Labour Organization, promoting internationally recognised human rights and labour standards across its operations. Anora’s Responsible Marketing Policy covers consumers and end users, and forbids discrimination,

as well as any other factor that is likely to harm a particular group of people based on religion, ethnical background, gender, identity, sexual orientation, nationality, age or similar. 

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Anora recognises that excessive

alcohol consumption can have

adverse social and health impacts on

individuals and society. The company

is committed to fostering a modern

and responsible drinking culture.

As a business-to-business (B2B)

company, Anora does not engage

directly with consumers or end-users

of its products, as all sales are

conducted through intermediaries.

Consequently, Anora does not provide

remedies to consumers or end-users

directly. However, mechanisms are in

place for individuals to raise concerns

related to Anora’s products or

marketing, including the Anora

Whistleblowing Channel, customer

service channels, and online platforms.

Anora’s primary objective in

engaging with consumers is to

promote responsible alcohol

consumption and raise awareness of

the social and health risks associated

with excessive use. Further details on

consumer engagement are provided

under section S4-2, and Anora’s

general approach to enabling remedy

is outlined in section S4-3.

During the reporting period, no

cases involving consumers were

reported in relation to non-compliance

with the UN Guiding Principles on

Business and Human Rights, ILO

Declaration on Fundamental Principles

and Rights at Work or OECD Guidelines

for Multinational Enterprises.

S4-2 Processes for engaging

with consumers and end-

users about impacts

As Anora’s products are sold through an

intermediary, formal processes for

direct engagement with consumers

and end-users have not been

established. However, consumer

perspectives are considered through

tools such as consumer insights, which

inform packaging design and

marketing campaigns. To promote

responsible alcohol consumption, the

majority of product packaging includes

a “Drink responsibly” message or a link

to informational resources, such as

responsibledrinking.eu. Anora’s website

also provides relevant information on

the effects of alcohol use. Additionally,

spirits packaging includes details on the

alcohol content per serving or unit.

The SVP Wines and SVP Spirits have the

overall responsibility for overseeing these

forms of consumer engagement at

Anora in their respective business areas.

S4-3 – Processes to remediate

negative impacts and

channels for consumers and

end-users to raise concerns

To help mitigate the potential negative

impacts of excessive alcohol

consumption, Anora is continually

expanding its NoLo (no- and low-

alcohol) product offering by

introducing alternatives with lower

alcohol by volume (ABV). Effectiveness

is monitored through the development

of net sales and the breadth of the

NoLo portfolio. Additional information

on the effects of alcohol consumption

is available on Anora’s website.

In Anora’s Nordic core markets, the

marketing of alcoholic beverages is

subject to strict regulation. As a leading

industry actor in the region, Anora

adheres to high standards of

responsible marketing, supporting

efforts to reduce the risks associated

with excessive alcohol consumption.

Consumers can report concerns or

potential non-compliance through

Anora’s primary channels: the

Whistleblowing Channel, customer

service, and online platforms. The

Whistleblowing Channel, operated by

an independent third party, is

accessible to both Anora employees

and external stakeholders. All reports

are handled confidentially and

investigated appropriately.

The Anora Whistleblowing Channel is

publicly accessible via the company’s

website and referenced in the Code of

Conduct. It allows consumers and

other stakeholders to raise concerns

confidentially and without fear of

retaliation. While Anora has not

formally assessed consumer

awareness of this channel, it remains a

key mechanism for reporting potential

issues. In line with its Code of Conduct

for Suppliers and Sub-contractors,

Anora also requires suppliers to

implement systems that enable

employees to report concerns

anonymously and reliably.

S4-4 – Taking action on

material impacts on

consumers and end-users,

and approaches to managing

material risks and pursuing

material opportunities related

to consumers and end-users,

and the effectiveness of those

actions

During the reporting period, Anora

undertook actions to manage potential

negative social impacts while pursuing

commercial opportunities from NoLo

(no- and low-alcohol) beverage

options, as outlined by Anora’s policy

objectives presented in section S4-1.

These actions included:

• Advancing responsible

consumption through NoLo product

innovation: Anora expanded its

NoLo offering in the ready-to-drink

(RTD) and wine categories to

support both commercial growth

and the promotion of responsible

drinking. Following changes to

Finland’s Alcohol Act in 2024, a wide

range of wines with up to 8% ABV

were introduced in grocery stores,

continuing in 2025. New RTD

launches included for example

Koskenkorva long drinks. Similar

product development initiatives are

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included in Anora’s R&D pipeline for

short- and medium-term release.

• Enhancing market insight through

trends research: In 2025, Anora

continued to strengthen its strategic

capabilities by analyzing external

trend reports and insights from

various sources across the wine and

spirits industry. Building on the trend

research conducted in 2024 on

responsible drinking and the

expanding NoLo (no- and low-

alcohol) category, Anora’s updated

trends overview and analysis further

highlighted moderation, alongside

to health, and wellness as key areas

of consumer interest. These insights

guided the company’s strategic

focus and aimed to enhance

awareness and expertise within

marketing, innovation, and sales

operations in short- and medium-

term.

Anora does not currently have a

formal process in place for remediating

actual negative impacts. In 2025, no

instances requiring corrective actions

were reported to Anora.

Anora is a member of various

industry associations, including VBF

(Norway), SVL (Sweden), ETL (Finland),

and SAJK (Finland). SVL and SAJK are

affiliated with spiritsEUROPE,

contributing to regulatory insights and

global best practices in promoting

responsible drinking. Through these

memberships, different responsible

drinking culture campaigns and

initiatives are supported, such as Talk

about Alcohol campaign for primary

schools in the Nordics.

Anora monitors and reports the

share of net sales from NoLo products

on an annual basis. For more

information, see the target and

associated metrics described under

disclosure requirement S4-5.

Anora is firmly committed to

supporting the development of a

responsible drinking culture and

acknowledges the potential negative

effects of alcohol products. Products

are meant to be enjoyed in

moderation and in accordance with

legal age limits. To address the

impacts of excessive consumption,

Anora promotes NoLo alternatives,

applies responsible marketing to

protect vulnerable groups, and shares

guidance on moderate consumption

through its ‘Let’s drink better’ webpage.

In addition to offering NoLo products,

Anora recognizes its responsibility as a

producer and importer of alcoholic

beverages to market its products

responsibly and in full compliance with

applicable laws and regulations.

Marketing and sales activities are

conducted with the aim of minimizing

the negative impacts of alcohol

misuse. Anora adheres to all relevant

legislation, including Finland’s strict

alcohol marketing laws and Valvira’s

guidelines. Local laws and regulations

are respected across all markets; for

example, in Norway, where alcohol

marketing is prohibited, Anora refrains

from all promotional activities.

Marketing decisions are made on a

case-by-case basis, ensuring

alignment with local requirements and

responsible practices.

As Anora primarily operates in a B2B

context and does not engage directly

with consumers or end-users, it cannot

formally ensure the effectiveness of

any available remedy processes in

terms of implementation or outcomes.

Producing NoLo products may

require targeted investments in

equipment (e.g. de-alcoholisation,

canning lines), production facilities,

hygiene measures, and innovation

capabilities. Anora’s investment

strategy and budgeting processes are

designed to identify and address these

needs in a timely manner, helping to

mitigate financial impacts. The R&D

pipeline includes similar NoLo product

development initiatives for future

launches.

Expanding Anora’s NoLo portfolio

presents a commercial growth

opportunity aligned with evolving

consumer preferences for health and

convenience. Innovation and

partnerships in this category support

the ‘sober curiosity’ movement and

contribute to mitigating the adverse

impacts of excessive alcohol

consumption, reinforcing Anora’s

commitment to responsible drinking.

Anora’s marketing is strictly directed

at individuals of legal drinking age. To

prevent exposure to underage

audiences, Anora avoids campaigns in

media and contexts popular among

youth, including certain social media

platforms. Age verification

mechanisms are applied across online

channels and events. Marketing

content must not include minors, nor

use elements that appeal to children

or youth culture, such as cartoons, fairy

tale characters, or youth idols.

In addition to safeguarding minors,

Anora ensures its marketing does not

target other vulnerable individuals,

such as those affected by alcohol

misuse or people for whom alcohol

should not be sold, including pregnant

individuals.

Anora’s marketing campaigns

actively promote responsible alcohol

consumption. Anora integrates clear

messages that dissuade excessive or

irresponsible drinking and encourage

moderation. Anora does not portray

irresponsible drinking or abundant

consumption of alcohol in a positive

light and does not condemn anyone

who chooses not to drink. Any

depiction by Anora of individuals

consuming its products will focus on

moderate enjoyment of the quality of

Anora’s wines and spirits. Furthermore,

Anora does not emphasise alcohol

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content as a positive characteristic or

endorse high alcohol content as such.

Anora’s marketing does not

glamorize alcohol use, depict excessive

consumption, or link alcohol to personal

success, social status, or physical

appeal. Advertising also avoids

suggesting that alcoholic beverages or

their ingredients have health benefits,

therapeutic effects, or the ability to

resolve personal or social issues.

All employees involved in marketing

Anora’s products are required to

understand and comply with the

company’s Responsible Marketing

Policy and internal guidelines. In

addition, new employees must

familiarize themselves with Anora’s

Social Media Guidelines upon joining

the company.

Anora provides targeted training on

responsible marketing and regulatory

compliance to employees involved in

marketing activities. The legal team

delivers e-learning materials and

ongoing guidance, while internal

communications—such as intranet

publications—offer updates on current

topics, including the promotion of

responsible drinking both within and

outside the company.

No significant human rights issues or

incidents involving consumers were

reported in 2025.

Anora allocates financial, human,

and technical resources, such as R&D

and product development teams, to

support innovation in its NoLo product

portfolio.

S4-5 – Targets related to

managing material negative

impacts, advancing positive

impacts, and managing

material risks and

opportunities

To manage its material consumers

and end-users -related impacts while

pursuing associated financial

opportunities, that were identified in a

materiality assessment that

considered the views of affected

stakeholders (with an open survey),

Anora has defined a target to increase

the share of sales from NoLo products.

Anora takes into account general

consumer views, to adjust targets if

needed.

Target area	Scope & policy link	Target (change from baseline) & timeline	Baseline & performance during reporting year	Methodology & notes
Increasing the share of net sales from NoLo products	The target relates to responsible drinking culture as stated in the Code of Conduct. Anora is committed to supporting a responsible drinking culture in accordance with Anora’s purpose Let’s drink better. The scope of the target includes Anora’s own products, including wines under 10% ABV, spirits under 30% ABV, RTDs and non-alcoholic products.	2030: The share of net sales from no- and low-alcohol products is 5%	2021 baseline: 4.0% Performance during reporting year: 5.1% ( 4.2%)* NoLo product development is continuous throughout the year, with performance tracked and reported annually. The 2030 target of 5% was achieved in 2025. Progress remains on track as initially planned.	The share of net sales from NoLo products is calculated based on Anora’s own products, including wines with less than 10% ABV, spirits under 30% ABV, ready-to- drink (RTD) beverages, and non-alcoholic products. The figure is derived by dividing the net sales of products within this scope by Anora’s total net sales for the reporting period. *The comparative figure for 2024 has been corrected due to a calculation error. The share of NoLo products in Anora’s net sales for 2024 was 4.2% instead of the previously reported 5.9% in the 2024 sustainability report. The difference from the 2024 figure is -1.7 p.p.

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G1 Business conduct

The role of administrative,

management and supervisory

bodies (Disclosure

Requirement related to ESRS 2

GOV-1)

Anora’s Code of Conduct outlines the

company’s commitment to ethical

business conduct. The Code of

Conduct, along with other key policies,

are prepared and periodically

reviewed and updated when needed

through a policy review process by the

Executive Management Team, and

where relevant, approved by the Board

of Directors. These policies apply to all

Anora Group employees, regardless of

contract type or work location. The

Board is responsible for the

administration of the Company and

the appropriate organization of its

operations.

The Board is responsible for the

appropriate supervision of Anora’s

accounts and finances and decides on

matters of principal importance at the

Group level. It appoints and dismisses

the CEO, oversees their performance,

and determines their remuneration

and conditions of service. The Board

also makes decisions on the strategy,

investments, organization and

financial affairs of the Company.

With respect to sustainability, the

Board of Directors approves the

sustainability strategy and roadmap,

and decides on significant

sustainability-related investments. The

Board also oversees management’s

progress toward achieving

sustainability goals. The Audit

Committee supports the Board of

Directors in overseeing the appropriate

sustainability governance, ESG-related

risk management, and the

implementation of sustainability

practices across the Group.

The CEO is responsible for the day-

to-day executive management of the

Company in accordance with the

instructions issued by the Board of

Directors. In addition, the CEO ensures

that the accounts of the Company

comply with Finnish law and that its

financial affairs have been arranged in

a reliable manner. Together with the

Executive Management Team, the CEO

is responsible for implementing the

sustainability strategy and roadmap

as approved by the Board of Directors.

Policies, guidelines, and procedures

that promote ethical business conduct

form the foundation of Anora’s

compliance programme. All members

of the Board of Directors, the Executive

Management Team, and employees

across the Anora Group are required to

understand and adhere to these,

unless otherwise specified in the

relevant policy. The Board and

Executive Management Team bring

extensive experience in sustainable

business conduct, particularly through

Anora’s long-standing work on

sustainability and circular economy,

exemplified by the Koskenkorva

Distillery.

G1-1 – Business conduct

policies and corporate culture

Anora has established a set of policies

that collectively govern ethical

business conduct in relation to

material risks. Promoting an ethical

and responsible corporate culture

across Anora’s operations and supply

chain is essential to mitigating key risks

and addressing stakeholder

expectations. The relevant policies and

their coverage are summarised in the

table below:

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Policy	Key contents, objectives and processes for monitoring associated impacts, risks and opportunities	Associated material IROs	Scope and exclusions of policy	Most senior level accountable for implementation	Related third-party standards or initiatives (if relevant)	Policy availability to stakeholders
Code of Conduct (Anora Way)	Includes Anora’s values that govern all actions, choices and behaviour to conduct business reliably, fairly and in accordance with all laws and regulations. Creates the foundation for assessing managing material risks related to governance and corporate culture in Anora’s own operations as well as for assessing potential related risks in M&A situations.	Risk of failure in upholding ethical business practices Risk of failure to adequately detect and address differences in corporate culture between Anora and a potential acquisition target	Applies to all individuals employed by any Anora Group company	Board of Directors	OECD Guidelines for Multinational Enterprises and the UN Business and Human Rights principles.	Publicly available online
Anora Code of Conduct for Suppliers and Sub- contractors	Includes description of Anora’s commitment to developing responsible and sustainable policies in its operations, including expectations for suppliers and subcontractors in relation material risks on general governance practices of human rights, environment and business ethics throughout the value chain. The same principles are used to mitigate material risks in M&A situations.	Risk of failure to adequately detect and address differences in corporate culture between Anora and a potential acquisition target	Applies to all Anora’s suppliers and subcontractors and their suppliers and subcontractors	Executive Management Team	UN Universal Declaration of Human Rights, UN Global Compact and amfori BSCI (Business Social Compliance Initiative) Code of Conduct.	Publicly available online
Anti-Bribery and anti- Corruption Policy	Contains guidelines to prevent, detect, and address bribery and corruption. The policy outlines acceptable practices and defines prohibited behavior (such as accepting monetary gifts, including cash or securities). Its key objectives include ensuring integrity in all operations, complying with anti-corruption laws, and mitigating material reputation risks related to governance of business conduct and corporate culture, including in M&A situations.	Risk of failure in upholding ethical business practices Risk of failure to adequately detect and address differences in corporate culture between Anora and a potential acquisition target	Applies to all individuals employed by any Anora Group company	Executive Management Team		Available internally on Anora’s intranet
Anti-Bribery and anti- Corruption Policy for Business Partners	Contains guidelines to prevent, detect, and address bribery and corruption. The policy outlines acceptable practices and defines prohibited behavior (such as accepting monetary gifts, including cash or securities). Its key objectives include ensuring integrity in all operations, complying with anti-corruption laws, and mitigating material reputation risks related to governance of business conduct and corporate culture, including in M&A situations.	Risk of failure to adequately detect and address differences in corporate culture between Anora and a potential acquisition target	Applies to all Anora’s business partners	Executive Management Team		Publicly available online
Procurement policy and Principles of responsible sourcing	Describes Anora’s procurement principles, including the responsibility on human rights and environment in the value chain. The objectives of the policy include securing the best value for materials and services through competitive pricing and quality whilst promoting sustainable, ethical and compliant sourcing practices to manage risks related to governance of business conduct and corporate culture, including in M&A situations.	Risk of failure in upholding ethical business practices Risk of failure to adequately detect and address differences in corporate culture between Anora and a potential acquisition target	Anora Group and its subsidiaries, all Anora’s suppliers	Executive Management Team	amfori BSCI principles	Publicly available online
Anora Risk Management Policy	The policy describes the goals, principles and responsibilities for risk management at Anora Group and the related reporting principles as well as operating methods. The policy ensures that risk management has a collective operating model throughout the Anora Group, and that the enterprise risk management process is closely integrated with other management processes (such as strategy setting and planning).  Anora Group’s business areas and functions are responsible for risks related to their operational activities, their identification, prevention, and key means of mitigation. Ethical corporate culture -related risks are considered part of overall risk management.	Risk of failure in upholding ethical business practices Risk of failure to adequately detect and address differences in corporate culture between Anora and a potential acquisition target	Covers the whole Anora Group. Business partners are expected to follow similar risk management principles.	Board of Directors	COSO ERM framework, the SFS-ISO 31000 standard "Risk management - Principles and instructions" and the governance code of Finnish listed companies (Corporate Governance)	Available internally on Anora’s intranet

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Anora’s Code of Conduct and values –

Courage to explore, Energy to inspire,

and Empowering to win – guide daily

decision-making and behaviour across

the company. These principles support

ethical conduct, legal compliance, and

the achievement of business

objectives in a dynamic operating

environment. Anora’s compliance

system is embedded in its governance

model and promotes integrity and

performance across all levels of the

Group. The company’s corporate

culture is actively developed through

performance reviews, recruitment

processes, internal communications,

and leadership training. Progress is

monitored annually through the Anora

Tasting employee survey.

Anora maintains a whistleblowing

channel operated by an independent

third party, accessible to all employees

and external stakeholders. All reported

concerns—whether submitted through

the channel or other means—are

investigated following a defined

process that ensures accuracy,

anonymity, objectivity, and fairness.

The Audit Committee, which plans and

oversees the work of the internal

auditor, may assign targeted audits to

support the identification of

inappropriate conduct. In addition to

the whistleblowing channel, employees

are encouraged to report concerns

directly to their managers or line

management.

All Anora employees are informed

about the whistleblowing channel,

including how to report concerns and

how investigations are conducted. All

concerns are investigated

confidentially and in accordance with

a defined process that ensures

accuracy, anonymity, objectivity, and

fairness.

Anora does not tolerate retaliation

against individuals who report

concerns in good faith. The

Whistleblowing Policy, available to all

employees, encourages early

reporting, provides feedback

mechanisms, and guarantees

protection against reprisals. Retaliation

is strictly prohibited and considered a

serious breach of both the

Whistleblowing Policy and Anora’s

Code of Conduct, and can lead to

disciplinary action.

Whistleblower protection is

embedded in the Code of Conduct

and aligned with national legislation

implementing the EU Whistleblowing

Directive (EU) 2019/1937. In addition to

whistleblower procedures, Anora

applies its internal control and risk

management systems to investigate

business conduct incidents, including

suspected corruption and bribery, in a

prompt, independent, and objective

manner.

All Anora employees, including the

Executive Management Team and

Board of Directors, are familiarised with

the Code of Conduct and other policies

relevant to their roles. New employees

complete a Code of Conduct e-

training upon joining the company,

with mandatory annual renewal of the

training for all employees.

Anora’s main markets in the Nordic

countries and Northern Europe rank

low on the corruption index. However,

due to the highly regulated nature of

the alcohol industry, obtaining and

maintaining licenses and permits may

pose corruption and bribery risks in

countries with higher corruption levels.

Employees and business partners

operating in these regions are

considered most exposed to such risks.

Although Anora has not set formal,

measurable targets with base lines for

business conduct and corporate

culture, the company monitors policy

effectiveness by tracking annual

participation in Code of Conduct

training.

G1-3 – Prevention and detection

of corruption and bribery

Although the ESRS sustainability matter

'corruption and bribery' was not

assessed as material in Anora’s

materiality process, the company

considers its prevention essential to

maintaining an ethical corporate

culture and mitigating related risks.

Anora has a zero-tolerance policy

towards bribery and corruption, as

outlined in its Anti-Bribery and

Corruption Policy for Business Partners.

Preventive measures include internal

policies, a dedicated e-training

module, and procedures for business

partners.

Allegations of corruption or bribery

are addressed through internal control

and risk management systems.

Depending on the case, investigations

may be conducted as (i) internal

investigations—guided by the

principles of the Whistleblower Policy

and Conflict of Interest Policy—and/or

(ii) special assignments to the internal

auditor. Authorities are involved when

appropriate. Investigations are carried

out independently from the

management chain involved in the

matter. All incidents and allegations

are reported to the Audit Committee

and the Board of Directors.

Anora’s Anti-Bribery and Corruption

Policy for Business Partners is publicly

available online. The company expects

all representatives, consultants,

agents, subcontractors, distributors,

vendors, and other parties acting on its

behalf or for its benefit to comply with

the policy, in addition to any applicable

local anti-bribery and corruption laws.

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Anora reserves the right to monitor

and audit its suppliers and third parties

to ensure compliance with the policy.

Anora will conduct such audit should it

have a genuine reason to suspect that

a Business Partner is not in compliance

with the principles of the Anti-Bribery

and -Corruption Policy. If bribery and

corruption occur, Anora reserves the

right to terminate the contract and

cooperation with the Business Partner

applying, if necessary, a notice period

reasonable under the circumstances

to safeguard Anora’s business

interests. With the support of the risk

management function, each business

area, function and unit are responsible

for identifying and managing

compliance risks related to its own

operations. Any suspected incidents of

corruption or bribery and reports of

investigation outcomes are reported to

the Audit Committee of the Board of

Directors.

Anora offers internal trainings on its

Anti-Bribery and Corruption Policy for

relevant key employees. Procedures in

place to prevent allegations of

incidents of corruption and bribery

include Anora’s internal anti-bribery

and corruption policy, Anora’s anti-

bribery and corruption policy for

business partners and Anora’s internal

e-training module. Employees in

functions-at-risk are required to

complete the training. All salaried

employees and management, not

members of the Board of Directors, are

in scope. Anora’s employees exposed

to business in countries high on the

corruption index are seen as being

most at risk in respect of corruption

and bribery, and all are within the

scope of training programmes. 63%

(24%) of employees for whom the

training is relevant, consisting of

salaried workers, have currently

completed the course in 2025.

G1-4 – Incidents of corruption

or bribery

The number of convictions for violation

of anti-corruption and anti-bribery

laws was 0 (0) during the reporting

period. The amount of fines for

violation of anti-corruption and anti-

bribery laws was EUR – (–). These

metrics have been obtained through

direct measurement and are not

subject to validation by an external

body other than the assurance

provider. During the reporting period,

Anora continued with actions related

to the annual evaluation of the need to

review and update anti-corruption and

bribery principles and procedures.

Although Anora has not set formal,

measurable targets with base lines

for the prevention and detection of

corruption and bribery (as referenced

in sections G1-3 and G1-4 of this

Sustainability Statement), the company

monitors the effectiveness of its

policies by tracking the number of

employees trained in anti-bribery and

corruption matters and the number of

cases reported annually through the

whistleblowing channel.

					98

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Financial Statements

					99

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Contents to the financial statements

CONSOLIDATED FINANCIAL STATEMENTS	100
Consolidated income statement	100
Consolidated statement of comprehensive income	100
Consolidated balance sheet	101
Consolidated statement of cash flows	102
Consolidated statement of changes in equity	103

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	104
General information	104

1  OPERATING RESULT	106
1.1  Segment information	106
1.2  Revenue recognition	108
1.3  Other operating income	109
1.4  Materials and services	110
1.5  Employee benefit expenses	110
1.6  Other operating expenses	110
1.7  Research and development expenditures	110
2  OPERATIVE ASSETS AND LIABILITIES	111
2.1  Goodwill and other intangible assets	111
	111
2.2  Property, plant and equipment	116
2.3  Right-of-use assets	118
2.4  Inventories	119
2.5  Trade and other receivables	120
2.6  Employee benefit obligations	121
2.7  Trade and other payables	121
2.7.1  Provisions	121

3  FINANCIAL ITEMS AND CAPITAL STRUCTURE	122
3.1  Finance income and expenses	122
3.2  Financial assets and liabilities	122
3.2.1  Financial assets	122
3.2.2  Financial liabilities	123
3.2.3  Classification and fair values of financial assets and liabilities	125
3.3  Derivative instruments and hedge accounting	128
3.4  Equity	130
4  FINANCIAL AND CAPITAL RISK	132
4.1  Financial risk management	132
4.2  Capital risk management	137
5  CONSOLIDATION	138
5.1  General consolidation principles	138
5.2  Changes in group structure	140
5.3  Subsidiaries	141
5.4  Associated companies	142
6  OTHER NOTES	144
6.1  Income tax expense	144
6.2  Collaterals, commitments and contingent assets and liabilities	147
6.3  Related party transactions	149
6.4  Share-based payments	151
6.5  Events after the reporting period	154

PARENT COMPANY FINANCIAL STATEMENTS	155
Anora Group Plc income statement (FAS)	155
Anora Group Plc balance sheet (FAS)	156
Anora Group Plc statement of cash flows (FAS)	158
Notes to Anora Group Plc financial statements	159
BOARD OF DIRECTORS’ PROPOSAL FOR THE DISTRIBUTION OF PROFITS	168
THE AUDITORS’ NOTE	168
AUDITOR’S REPORT	169
Report on the Audit of the Financial Statements	169
Our Audit Approach	169
Key Audit Matters	170
Other Reporting Requirements	174
INDEPENDENT AUDITOR'S REPORT ON THE ESEF FINANCIAL STATEMENTS OF ANORA GROUP OYJ	175
ASSURANCE REPORT ON THE SUSTAINABILITY STATEMENT	177

	SYMBOLS
		Accounting policies
		Critical estimates and management judgements

					100

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Consolidated financial statements

Consolidated income statement

EUR million	Note	2025	2024
Net sales	1.2	657.9	692.0
Other operating income	1.3	11.9	8.5
Materials and services	1.4	-377.9	-407.1
Employee benefit expenses	1.5	-105.2	-103.9
Other operating expenses	1.6	-125.2	-128.3
Impairment losses	2.1-2.3	-10.5	–
Depreciation and amortisation	2.1-2.3	-27.2	-26.8
Operating result		23.8	34.5
Finance income	3.1	10.4	10.7
Finance expenses	3.1	-25.2	-30.7
Share of profit in associates and joint ventures and income from interests in joint operations	5.4	-1.1	0.3
Result before taxes		8.0	14.7
Income taxes	6.1	-2.4	-3.7
Result for the period		5.7	11.1
Result for the period attributable to:
Owners of the parent		5.5	10.5
Non-controlling interests		0.1	0.5
Earnings per share for the result attributable to owners of the parent, EUR
Basic		0.08	0.16
Diluted		0.08	0.15

Consolidated statement of comprehensive income

EUR million	Note	2025	2024
Result for the period		5.7	11.1
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations		–	-0.3
Related income tax	6.1	–	0.1
Total		–	-0.2
Items that may be reclassified to profit or loss
Cash flow hedges		-2.6	2.2
Translation differences	3.4	6.0	-6.9
Income tax related to these items	6.1	0.5	-0.3
Total		3.9	-5.0
Other comprehensive income for the period, net of tax		3.9	-5.2
Total comprehensive income for the period		9.5	5.9
Total comprehensive income attributable to:
Owners of the parent		9.4	5.3
Non-controlling interests		0.1	0.6

The notes are an integral part of the consolidated financial statements.

					101

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Consolidated balance sheet

EUR million	Note	31 Dec 2025	31 Dec 2024
Assets
Non-current assets
Goodwill	2.1	303.8	299.1
Other intangible assets	2.1	176.3	194.1
Property, plant and equipment	2.2	65.0	63.2
Right-of-use assets	2.3	53.6	59.0
Investments in associates and joint ventures and interests in joint operations	5.4	10.5	11.6
Other non-current assets	3.2.1	2.2	0.8
Total non-current assets		611.4	627.8
Current assets
Inventories	2.4	112.5	139.2
Trade receivables and other current assets	2.5, 3.2	125.8	121.0
Cash and cash equivalents		182.6	181.5
Total current assets		420.8	441.6
Total assets		1,032.2	1,069.4

EUR million	Note	31 Dec 2025	31 Dec 2024
Equity and liabilities
Equity attributable to owners of the parent	3.4
Share capital		61.5	61.5
Invested unrestricted equity fund		336.8	336.8
Hedge reserve		-1.7	0.4
Translation differences		-44.9	-50.8
Retained earnings		41.0	50.1
Equity attributable to owners of the parent		392.7	397.9
Non-controlling interests		0.3	0.9
Total equity		393.0	398.7
Non-current liabilities
Deferred tax liabilities	–	32.7	35.4
Borrowings	3.2.2	163.5	163.5
Lease liabilities	3.2.2	93.2	104.7
Other non-current liabilities	2.6, 3.2.2	2.6	2.7
Total non-current liabilities		292.0	306.4
Current liabilities
Borrowings	3.2.2	13.4	21.5
Lease liabilities	3.2.2	14.0	13.4
Trade payables and other current liabilities	2.7, 2.7.1, 3.2	319.9	329.5
Total current liabilities		347.3	364.4
Total liabilities		639.2	670.7
Total equity and liabilities		1,032.2	1,069.4

The notes are an integral part of the consolidated financial statements.

					102

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Consolidated statement of cash flows

EUR million	Note	2025	2024
Cash flow from operating activities
Result before taxes		8.0	14.7
Adjustments
Depreciation, amortisation and impairment	2.1-2.3	37.6	26.8
Share of profit in associates and joint ventures  income from investments in joint operations	5.4	1.1	-0.3
Net gain on sale of non-current assets	1.3, 1.6	-2.9	-0.2
Finance income and costs	3.1	14.7	20.0
Other adjustments		2.5	-1.1
Adjustments total		53.0	45.3
Change in working capital
Change in inventories, increase (-) / decrease (+)		28.2	2.6
Change in trade and other receivables, increase (-) / decrease (+)		-5.8	-5.4
Change in trade and other payables, increase (+) / decrease (-)		-15.2	-2.1
Change in working capital		7.2	-4.9
Interest paid	3.1	-18.0	-21.6
Interest received	3.1	6.0	7.8
Other finance income and expenses paid	3.1	-3.4	-4.3
Income taxes paid		-2.6	-3.8
Financial items and taxes		-18.0	-21.9
Net cash flow from operating activities		50.3	33.2

EUR million	Note	2025	2024
Cash flow from/ used in investing activities
Capital expenditure on tangible and intangible assets	2.1-2.3	-12.7	-12.3
Proceeds from sale of tangible and intangible assets	1.3	0.3	0.1
Proceeds from disposals of subsidiaries, business operations and investments in joint arrangements (net of cash)	5.2	–	7.9
Acquisitions of subsidiaries and business operations		-0.8	-0.3
Other investments and loans granted		–	-0.1
Cash flow from other investments		–	0.9
Net cash flow from/ used in investing activities		-13.2	-3.8
Cash flow from/ used in financing activities
Changes in commercial paper program	3.2.2	-8.0	19.8
Proceeds from borrowings	3.2.2	1.4	–
Repayment of borrowings	3.2.2	-1.5	-51.5
Repayment of lease liabilities	3.2.2	-13.6	-12.6
Dividends paid and other distributions of profits	3.4	-15.0	-15.1
Net cash flow from/ used in financing activities		-36.8	-59.4
Change in cash and cash equivalents		0.3	-29.9
Cash and cash equivalents at the beginning of the period		181.5	212.7
Translation differences on cash and cash equivalents		0.8	-1.3
Change in cash and cash equivalents		0.3	-29.9
Cash and cash equivalents at the end of the period	3.2.3	182.6	181.5

The notes are an integral part of the consolidated financial statements.

					103

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Consolidated statement of changes in equity

EUR million	Note	Share capital	Invested unrestricted equity fund	Hedge reserve	Translation differences	Retained earnings	Equity attributable to owners of the parent company	Non- controlling interests	Total equity
Equity at 1 January 2024		61.5	336.8	-1.5	-44.0	54.5	407.3	0.5	407.8
Total comprehensive income
Result for the period		–	–	–	–	10.5	10.5	0.5	11.1
Other comprehensive income (net of tax)	3.4, 6.1
Cash flow hedges		–	–	1.9	–	–	1.9	–	1.9
Translation differences	3.4	–	–	–	-6.8	–	-6.8	-0.0	-6.9
Remeasurements of post-employment benefit obligations		–	–	–	–	-0.2	-0.2	–	-0.2
Total comprehensive income for the period		–	–	1.9	-6.8	10.3	5.3	0.6	5.9
Transactions with owners
Dividend distribution	3.4	–	–	–	–	-14.9	-14.9	-0.2	-15.1
Share based payment	6.4	–	–	–	–	0.2	0.2	–	0.2
Total transactions with owners		–	–	–	–	-14.7	-14.7	-0.2	-14.9
Equity at 31 December 2024		61.5	336.8	0.4	-50.8	50.1	397.9	0.9	398.7
Equity at 1 January 2025		61.5	336.8	0.4	-50.8	50.1	397.9	0.9	398.7
Total comprehensive income
Result for the period		–	–	–	–	5.5	5.5	0.1	5.7
Other comprehensive income (net of  tax)	3.4, 6.1
Cash flow hedges		–	–	-2.0	–	–	-2.0	-0.0	-2.1
Translation differences	3.4	–	–	–	6.0	–	6.0	–	6.0
Remeasurements of post-employment benefit obligations		–	–	–	–	–	–	–	–
Total comprehensive income for the period		–	–	-2.0	6.0	5.5	9.4	0.1	9.5
Transactions with owners
Dividend distribution	3.4	–	–	–	–	-14.9	-14.9	-0.2	-15.0
Share-based payments	6.4	–	–	–	–	0.4	0.4	–	0.4
Changes in non-controlling interests		–	–	–	–	-0.1	-0.1	-0.5	-0.6
Total transactions with owners		–	–	–	–	-14.6	-14.6	-0.6	-15.2
Equity at 31 December 2025		61.5	336.8	-1.7	-44.9	41.0	392.7	0.3	393.0

The notes are an integral part of the consolidated financial statements.

					104

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Notes to the consolidated financial statements

General information

Information on Anora

Anora Group Plc (‘company’, ‘parent company’), a

public limited liability company, and its subsidiaries

(together ‘Anora Group’, ‘Anora’ or ‘Group’) 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, 

Underberg and Xanté.

Anora’s 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’s 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’s

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’s headquarters at Kaapeliaukio 1,

FI-00180 Helsinki, Finland.

Anora Group Plc’s Board of Directors has approved

these financial statements for publication in its

meeting on 18 March 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.  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

					105

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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:

• 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

• The line items presented in the primary financial

statements may change due to the

implementation of the ‘useful structured summary’

concept and enhanced aggregation and

disaggregation principles

• 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:

• Management-defined performance measures,

and

• 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

• 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. 

Estimates and related assumptions made in the

preparation of the financial statements, are based on

the management’s 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;

• Variable consideration - Note 1.2  Revenue

recognition

• Useful lives - Note 2.1  Goodwill and other intangible

assets

• Impairment testing - Note 2.1  Goodwill and other

intangible assets

• Useful lives – Note 2.2  Property, plant and

equipment

• Discount rates – Note 2.3  Right-of-use assets

• Use of any possible extension options – Note 2.3 

Right-of-use assets

• Defining normal operating capacity – Note 2.4 

Inventories

• Net realisable value – Note 2.4  Inventories

• Recoverability of investments in associates – Note

5.4  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.

					106

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

1  Operating result

1.1  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’s 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’s 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’s results reporting.

The Board of Directors assesses the segments’

performances based on internal measures of gross

profit and comparable EBITDA derived as follows:

• Net sales, other operating income, and direct

materials and services including change in

inventories reported within the Gross Profit

• Results reporting to management corresponds to

the accounting policies of the consolidated

financial statements apart from Items affecting

comparability (IAC)

• In reporting to Board of Directors the Groups’ and

segments’ Comparable EBITDA and Group’s 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

• 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 “Group and allocations”,

and this can result in either incurred overruns or

savings compared to budgeted amounts

• 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’s own wine brands as well as partner wines to

its customers in the monopoly markets and Denmark

(“wine business”). Wine segment in Denmark also

comprises Køge wine filling plant in Denmark and

third party contract manufacturing (“filler services”).

Spirits

The Spirits segment develops, markets and sells

Anora’s 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’s industrial

business – 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 Rajamäki in Finland, Gjelleråsen 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’s 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’s operating result.

					107

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

1 Jan–31 Dec 2025
EUR million	Wines	Spirits	Industrial	Group and allocations	Eliminations	Group
Net sales external	301.1	215.1	141.7	–	–	657.9
Net sales internal	–	–	83.2	–	-83.2	–
Total Net Sales	301.1	215.1	224.8	–	-83.2	657.9
Other operating income external	0.9	1.3	9.6	0.1	–	11.9
Other operating income internal	–	–	14.4	31.5	-45.9	–
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	–	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	–	61.5
Items affecting comparability	6.2	0.4	-1.5	4.5	–	9.6
Comparable EBITDA	18.6	40.4	18.0	-5.9	–	71.1
EBITDA						61.5
Depreciation, amortisation and impairment						-37.6
Operating result						23.8

1 Jan–31 Dec 2024
EUR million	Wines	Spirits	Industrial	Group and allocations	Eliminations	Group
Net sales external	323.0	227.0	142.0	–	–	692.0
Net sales internal	–	–	92.0	–	-92.0	–
Total Net Sales	323.0	227.0	234.0	–	-92.0	692.0
Other operating income external	€553184.4 80844483	€213997.54 3932882	€7335027. 29735745	€401083.67 8539645	€0	8.5
Other operating income internal	–	–	14.2	30.5	-44.7	–
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	–	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	–	61.3
Items affecting comparability	2.9	0.1	2.6	2.0	–	7.6
Comparable EBITDA	22.1	38.0	14.7	-5.9	–	68.9
EBITDA						61.3
Depreciation, amortisation and impairment						-26.8
Operating result						34.5

In 2025, Anora Group’s 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’s 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’s 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 (–) million are

included in depreciation, amortisation and

impairment. More information is presented in Note 2.1

					108

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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	–	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.  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’s

total net sales for the years ended 31 December 2025 

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 

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  Classification and fair values of financial assets and

liabilities.

1.2  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 fees.

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’s income statement at a point in time when they

are delivered to the Group’s customers according to the

delivery terms.

In partner supplier agreements, which entitle Group to

distribute partners’ 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 sales.

					109

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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 0–60 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’s

balance sheet.

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  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 Snälleröds schnapps brand.

					110

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

EUR million	2025	2024
Gains on sale of subsidiaries and business operations	–	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	–
Gains on sale of emission allowances	0.8	–
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  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  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  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’s pension plans is

presented in Note 2.6  Employee benefit obligations.

Information of management remuneration is

presented in Note 6.3  Related party transactions and

6.4  Share-based payments.

1.6  Other operating expenses

EUR million	2025	2024
Losses on sales and disposals of property, plant and equipment and intangible assets	–	-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’s fees included in other operating expenses

EUR million	2025	2024
Audit fees	-1.2	-1.3
Audit-related services1	–	–
Sustainability report related assurance services1	-0.2	-0.1
Other fees	–	-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  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%).

					111

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

2  Operative assets and

liabilities

2.1  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

(‘CGU’) 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’s

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, Løiten, Hot’n’ Sweet, Xanté, 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. 

The estimated useful lives of marketing related

intangible assets are as follows:

Trademarks with indefinite useful lifenot amortised

Trademarks with definite useful life10–50 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 relations7–15 years

Software and other intangible assets 

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 software3–10 years

Refer to note 6.2 for further information about

contractual commitments for acquisitions of tangible

and intangible assets.

					112

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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	–	0.1	–	3.0	3.0
Disposals	–	–	-2.3	-0.2	-2.5
Effect of movement in exchange rates	4.2	1.1	–	–	1.1
Transfers between items	–	–	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	–	-149.9
Amortisation	–	-8.2	-1.8	–	-10.0
Impairment losses	–	-10.5	–	–	-10.5
Accumulated amortisation on disposals and transfers	–	–	2.3	–	2.3
Effect of movement in exchange rates	0.5	-1.4	–	–	-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	–	1.8	0.3	1.8	3.9
Disposals	–	-0.4	-0.2	–	-0.6
Effect of movement in exchange rates	-10.1	-7.4	-0.5	–	-7.9
Transfers between items	–	–	2.2	-2.2	–
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	–	-142.3
Amortisation	–	-8.6	-2.0	–	-10.6
Accumulated amortisation on disposals and transfers	–	0.4	0.1	–	0.5
Effect of movement in exchange rates	4.9	2.0	0.5	–	2.5
Accumulated amortisation and impairment losses at 31 December 2024	-30.6	-111.6	-38.3	–	-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 glögg brand and disposals sale of Snälleröds brand.

					113

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Critical estimates and management judgements –

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’s

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’s financial lifetime, given the

Group’s 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’s 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 life.

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’ recoverable amount is

estimated. The recoverable amount is the higher of an

asset’s or CGU’s 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’s 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 – Impairment testing

The preparation of calculations for the impairment

testing requires estimates regarding the future. The

management’s 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’s 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’s 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’s¹ estimation on Wine and Spirits

market value and volumes in developing their

expectations of Anora’s 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’s 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

					114

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

own market share and compare its performance against competitors

in the Nordic region and internationally.

Key assumptions for CGU’s 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’s recoverable

amount to decrease to be lower than its’ 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’s 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’s

based on given change in key assumption.

Impairment testing – Trademarks

At the end of 2025, all of the Group’s 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.  The recoverable amount for trademarks is

determined on the basis of Relief from Royalty

method after taxes whereby the trademark’s 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’s 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

					115

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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.

					116

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

2.2  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	–	–	0.4	9.4	9.8
Disposals	–	-3.4	-6.8	–	-10.2
Effect of movement in exchange rates	–	–	0.2	–	0.2
Transfers between items	–	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	–	-94.8	-134.6	–	-229.4
Depreciation	–	-1.8	-5.9	–	-7.7
Accumulated depreciation on disposals and transfers	–	3.4	6.7	–	10.1
Effect of movement in exchange rates	–	–	-0.1	–	-0.1
Accumulated depreciation and impairment losses at 31 December 2025	–	-93.2	-133.9	–	-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	–	0.1	1.3	7.1	8.4
Disposals	–	-0.2	-0.7	–	-0.9
Effect of movement in exchange rates	–	–	-1.9	–	-2.0
Transfers between items	–	1.9	4.5	-6.3	–
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	–	-93.2	-131.0	-0.3	-224.4
Depreciation	–	-1.9	-5.7	–	-7.6
Accumulated depreciation on disposals and transfers	–	0.2	0.6	0.1	0.9
Effect of movement in exchange rates	–	–	1.6	–	1.7
Transfers between items	–	–	-0.2	0.2	–
Accumulated depreciation and impairment losses at 31 December 2024	–	-94.8	-134.6	–	-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’s new biomass boiler.

					117

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Property, plant and equipment mainly consist of

manufacturing and warehouse buildings, land, and

machinery and equipment used in alcoholic

beverage industry.

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 structures10–40 years

Machinery and equipment3–20 years

Other tangible assets3–10 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 Rajamäki 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 estimates and management

judgements – 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.

					118

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

2.3  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	–	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	–	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’s 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’s 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’s 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

					119

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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 Gjelleråsen are subject to variable

interest rates. These agreements run until 2027.

Critical estimates and management judgements –

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 Gjelleråsen

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 Gjelleråsen 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.

2.4  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 – 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 Gjelleråsen 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, ‘Inventories,’ 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’s Fit-Fix-Focus transformation

program, management has taken actions to structurally

improve Wine portfolio profitability, including reviewing

it’s 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.

					120

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

2.5  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  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

Expected credit losses

A significant share of the Group’s revenue is associated

with the state monopolies in the Nordic region, where

there is not considered to be material credit risk. The

Group’s 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	–	-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

					121

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

2.6  Employee benefit obligations

Group’s 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).

2.7  Trade and other payables 

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  Derivative instruments and hedge accounting

²See Note 3.2.2  Financial liabilities

2.7.1  Provisions

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’s

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	–	-1.0	–	0.8
Total	1.7	–	-1.0	–	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’ restructuring plans.

					122

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

3  Financial items and

capital structure

3.1  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	–	–
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 .

3.2  Financial assets and liabilities

3.2.1  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.  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 

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  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.

					123

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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.  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  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 loss.

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’ 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’s 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’s credit risk

premium. At the reporting date, the carrying amounts of

the loans are not materially different from their fair

values.

					124

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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	–
Book value at the end of the period	0.6	0.5
Non-current liability	–	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’s 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’s 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’s lease liabilities as at 31 December 2025 was

4.1% (2024: 3.9% ). 

Term loan nominal drawn under the Group’s 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 (–) million. The new biomass-

boiler under construction is pledged as collateral for

this loan, see note 6.2..

					125

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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	–	-13.6	-22.0
Translation differences	0.8	–	–	-0.1	0.1	-0.8
Other non-cash movement	–	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	–	-12.6	-14.3
Translation differences	-1.3	–	–	-4.4	-0.5	-3.5
Other non-cash movement	–	-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  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 1–3 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.

					126

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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	–	–	–	0.7	0.7	0.7	3
Other non-current receivables		–	–	1.6	–	1.6	1.6	3
Current financial assets
Trade receivables	2.5	–	–	108.9	–	108.9	108.9
Derivative instruments/Interest rate derivatives	3.3	0.2	–	–	–	0.2	0.2	2
Derivative instruments/Forward exchange contracts	3.3	0.4	0.1	–	–	0.5	0.5	2
Cash and cash equivalents	4.1	–	–	182.6	–	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	–	–	163.5	–	163.5	163.5	2
Lease liabilities1	3.2.2	–	–	93.2	–	93.2	93.2	2
Current financial liabilities
Borrowings	3.2.2	–	–	13.4	–	13.4	13.4	2
Lease liabilities1	3.2.2	–	–	14.0	–	14.0	14.0	2
Current liabilities at fair value through profit or loss	3.2.2	–	0.6	–	–	0.6	0.6	3
Trade payables	2.7	–	–	79.8	–	79.8	79.8
Derivative instruments/Interest rate derivatives	3.3	0.6	–	–	–	0.6	0.6	2
Derivative instruments/Forward exchange contracts	3.3	2.1	0.4	–	–	2.5	2.5	2
Derivative instruments/Commodity derivatives	3.3	0.1	–	–	–	0.1	0.1
Total		2.8	1.0	363.8	–	367.6	367.6

¹ See also Note 2.3  Right-of-use assets

					127

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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	–	–	–	0.7	0.7	0.7	3
Other non-current receivables		–	–	0.2	–	0.2	0.2
Current financial assets
Trade receivables	2.5	–	–	101.3	-	101.3	101.3
Derivative instruments/Forward exchange contracts	3.3	1.6	0.2	–	–	1.8	1.8	2
Derivative instruments/Commodity derivatives	3.3	–	–	–	–	–	–	2
Cash and cash equivalents	4.1	–	–	181.5	–	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	–	–	163.5	–	163.5	163.5	2
Lease liabilities1	3.2.2	–	–	104.7	–	104.7	104.7	2
Non-current liabilities at fair value through profit or loss	3.2.2	–	0.1	–	–	0.1	0.1	3
Current financial liabilities
Borrowings	3.2.2	–	–	21.5	–	21.5	21.5	2
Lease liabilities1	3.2.2	–	–	13.4	–	13.4	13.4	2
Current liabilities at fair value through profit or loss	3.2.2	–	0.4	–	–	0.4	0.4	3
Trade payables	2.7	–	–	79.9	–	79.9	79.9
Derivative instruments/Interest rate derivatives	3.3	1.0	–	–	–	1.0	1.0	2
Derivative instruments/Forward exchange contracts	3.3	0.2	0.3	–	–	0.4	0.4	2
Total		1.2	0.8	382.9	–	384.9	384.9

¹ See also Note 2.3  Right-of-use assets

					128

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

3.3  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 reserve

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 met.

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

					129

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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)	–	–	0.2	0.2	–	0.3	–	0.2	–	0.4	–	0.3
Carrying amount (liability)	–	–	–	–	1.4	–	0.1	–	0.3	–	0.2	–
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  - 06 2027	02 2025  - 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	–	–	–	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	–	–	–	-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	–
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)	–	–
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

					130

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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 

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

3.4  Equity

Share capital

At the end of the reporting period, Anora Group Plc’s

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’ financial statements into the

presentation currency euro. The Group’s

accumulated translation differences amounted to

EUR -44.9 million at 31 December 2025 (2024 : EUR -50.8

million).

					131

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Cash flow hedge reserve

EUR million	Currency forwards	Interest rate swaps	Commodities	Total hedge reserves
Opening balance 1 January 2024	-2.2	–	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	–	–	3.9
Reclassified from OCI to financial income and expenses	–	0.1	–	0.1
Reclassified from OCI to electricity purchases	–	–	0.3	0.3
Deferred tax	0.3	0.2	–	0.5
Closing balance 31 December 2024	1.1	-0.8	–	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	–	-0.2		-0.2
Reclassified from OCI to electricity purchases	–	–	–	–
Deferred tax	-0.3	-0.1	–	-0.4
Closing balance 31 December 2025	-1.4	-0.3	-0.1	-1.7

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

					132

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

4  Financial and capital

risk

4.1  Financial risk management

Financial risk management principles

The aim of Anora’s financial risk management is to

ensure the Group’s 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’s

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’s 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’s 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’s risk management, according to the Risk

Management Principles approved by the Board of

Directors. Anora’s 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’s Board of Directors. The most

significant principle decisions concerning risk

management are made by the company’s 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’s

external funding arrangements.

Tasks and responsibilities regarding Anora’s

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’s currency risk management is

to limit the effect of exchange rate fluctuations on

the Group’s 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’s 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.

					133

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

The two tables below present the Group’s 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’s 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’s 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’s foreign currency denominated net

investments in foreign subsidiaries, which cause a

translation difference in equity in the Group’s 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’s 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’s 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’s 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.  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’s profit and equity (before taxes) to changes in

electricity prices, interest and foreign exchange rates.

					134

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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. 

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	—	—	+/-	0.1	—	—	+/-	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’s 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’s 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’s 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’s credit risk management is to

minimise the losses if one of the Group’s

counterparties fails to meet its obligations. The

principles of credit risk management are described in

the Group’s credit policy.

Credit risks are caused by a counterparty not

fulfilling its contractual payment obligations or the

counterparty’s 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’ credit

rating when determining the payment term of

invoices. A significant share of the Group’s revenue is

associated with the state monopolies in the Nordic

region where there is not considered to be any credit

risk. The Group’s 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.

					135

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Maturities of financial liabilities

Contractual payments on financial liabilities 2025		Cash flows 2026			Cash flows 2027			Cash flows 2028 -
EUR million	Total contractual  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	–	-5.9	–	–	-5.9	-160.0	–	–	–
Loans from pension institutions2	-3.8	–	–	-1.5	–	–	-1.5	–	–	-0.8
Lease liabilities	-128.8	–	-4.4	-14.0	–	-3.7	-17.3	–	-13.5	-75.9
Trade payables and other	-80.3			-80.3
Derivative:
Currency derivatives, hedge accounting
Inflow	99.8	–	–	84.9	–	–	15.0	–	–	–
Outflow	-101.4	–	–	-86.3	–	–	-15.1	–	–	–
Currency derivatives, non-hedge accounting
Inflow	70.7	–	–	70.7	–	–	–	–	–	–
Outflow	-70.9	–	–	-70.9	–	–	–	–	–	–
Interest rate derivatives, hedge accounting	-0.4	-0.1	–	–	-0.1	–	–	-0.2	–	–
Commodity derivatives, hedge accounting	-1.0	–	–	-0.8	–	–	-0.2	–	–	–
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.

					136

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Maturities of financial liabilities

Contractual payments on financial liabilities 2024		Cash flows 2025			Cash flows 2026			Cash flows 2027 -
EUR million	Total contractual  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	–	-7.1	–	–	-7.0	–	–	-7.0	-160.0
Loans from pension institutions2	-5.4	-0.1	–	-1.5	–	–	-1.5	–	–	-2.3
Lease liabilities	-146.7	–	-4.8	-13.3	–	-4.3	-15.8	–	-19.6	-89.0
Trade payables and other3	-80.3	–	–	-80.3	–	–	–	–	–	–
Derivative:
Currency derivatives, hedge accounting
Inflow	101.8	–	–	98.4	–	–	3.3	–	–	–
Outflow	-100.2	–	–	-96.8	–	–	-3.3	–	–	–
Currency derivatives, non-hedge accounting
Inflow	77.7	–	–	77.7	–	–	–	–	–	–
Outflow	-77.7	–	–	-77.7	–	–	–	–	–	–
Interest rate derivatives, hedge accounting	-1.0	-0.2	–	–	-0.2	–	–	-0.6	–	–
Commodity derivatives, hedge accounting	-0.9	–	–	-0.7	–	–	-0.2	–	–	–
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.

					137

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

4.2  Capital risk management

The target of Anora’s capital management is to

secure an effective capital structure that supports

the profitable growth of the operations. The Board of

Directors monitors the Group’s 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’s comparable

EBITDA of the Group.

During the business cycle, Group’s Net debt to

comparable EBITDA is likely to fluctuate, and the

objective is to retain a sufficiently strong capital

structure to secure the Group’s financing needs. Net

debt / comparable EBITDA is a covenant used in

Group’s 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

					138

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

5  Consolidation

5.1  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’ 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’s ownership is

below 20%.

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. 

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’ share of profit after tax is shown

on a separate line after Group’s result for the period. Non-

controlling interests’ share of equity is shown on a

separate line as part of the Group’s 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’s share in the

associated company’s profit and loss for the period is

separately disclosed in the Group’s income statement,

presented after operating result. If the Group’s share in

the associated company’s 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’s obligations. The carrying amount of

equity-accounted investments includes goodwill arisen

on acquisition, when applicable. The Group’s share in

changes in the associated company’s 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

					139

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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’s 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  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’s

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’ 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.

					140

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

5.2  Changes in group structure

Sale of shares in Roal Oy

Anora had joint control over Roal Oy together with

ABF Overseas Limited (“ABF”). ABF Overseas Limited

(“ABF”) has exercised their call option to acquire all of

Anora Group Plc’s 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.

					141

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

5.3  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	—	100.0	—	100.0
Anora Estonia AS	Estonia	100.0	100.0	100.0	100.0
Anora Germany GmbH	Germany	—	100.0	—	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	—	100.0	—	100.0
Anora Sweden AB	Sweden	100.0	100.0	100.0	100.0
Arcus Brand Lab AS	Norway	—	100.0	—	100.0
Arcus Co Brands AS	Norway	—	100.0	—	100.0
Arcus Denmark A/S 1	Denmark	—	—	—	100.0
Arcus Finland Oy 2	Finland	—	—	—	100.0
Arcus-Gruppen AS	Norway	—	100.0	—	100.0
Anora AS 3	Norway	100.0	100.0	100.0	100.0
Arcus Norway AS	Norway	—	100.0	—	100.0
Arcus Sweden AB	Sweden	—	100.0	—	100.0
Arcus Wine Brands AS	Norway	—	100.0	—	100.0
Atlungstad Håndverksdestilleri AS	Norway	—	100.0	—	100.0
Best Buys International AS	Norway	100.0	100.0	100.0	100.0
BevCo AS	Norway	—	100.0	—	100.0
Bibendum AB	Sweden	—	100.0	—	100.0
Bibendum AS	Norway	100.0	100.0	100.0	100.0
Brews4U Finland Oy 4	Finland	—	—	—	91.0
Champagne Sigurd Wongraven AS	Norway	—	100.0	—	100.0
Classic Wines AS	Norway	—	100.0	—	100.0
Creative Wines AS	Norway	—	100.0	—	100.0
Excellars AS	Norway	—	100.0	—	100.0
Globus Wine A/S	Denmark	—	100.0	—	100.0
Globus Wine Germany GmbH	Germany	—	100.0	—	100.0
Hedoni Wines AS	Norway	—	100.0	—	100.0
Heritage Wines Sweden AB	Sweden	—	98.0	—	93.3
Heyday Wines AS	Norway	—	100.0	—	90.1
Interbev AS	Norway	100.0	100.0	100.0	100.0
Løiten Brænderis Destillation ANS	Norway	—	100.0	—	100.0
De Lysholmske Brenneri og Destillasjonsfabrikker ANS	Norway	—	100.0	—	100.0
Merlot HoldCo ApS	Denmark	100.0	100.0	100.0	100.0
New Frontier Wines AB	Sweden	—	100.0	—	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	—	100.0	—	100.0
Philipson & Söderberg AB	Sweden	—	100.0	—	100.0
Premium Wines AS	Norway	100.0	100.0	100.0	100.0
Quaffable Wines Sweden AB 5	Sweden	—	100.0	—	79.6
Siemers & Cos Destillasjon ANS	Norway	—	100.0	—	100.0
Social Wines Oy 4	Finland	—	100.0	—	100.0
South Swedish Craft Spirits AB	Sweden	—	100.0	—	100.0
Sublime Wines AS	Norway	—	100.0	—	100.0
Summit Wines AS	Norway	—	100.0	—	100.0
Symposium Wines AS	Norway	—	100.0	—	100.0
Strøm AS	Norway	100.0	100.0	100.0	100.0
Swedish Wine Mafia AB	Sweden	—	99.5	—	99.5
Valid Wines Sweden AB	Sweden	—	94.5	—	94.5
Vectura AS	Norway	—	100.0	—	100.0
Vingaraget AB	Sweden	—	100.0	—	100.0
Vingruppen AS	Norway	—	100.0	—	100.0
Vingruppen Oy	Finland	—	100.0	—	100.0
Vingruppen Sweden Holding AB	Sweden	—	100.0	—	100.0
Vingruppen i Norden AB	Sweden	—	100.0	—	100.0
Vinordia AS	Norway	—	100.0	—	100.0
Vinordia Sweden AB	Sweden	—	100.0	—	100.0
Vinum Import Oy	Finland	—	100.0	—	98.1
Vinunic AB	Sweden	—	94.5	—	94.5
Vinuniq AS	Norway	—	100.0	—	100.0
Vinunic Oy	Finland	—	100.0	—	100.0
Von Elk Company Oy 2	Finland	—	—	100.0	100.0
Oy Wennerco Ab 2	Finland	100.0	100.0	100.0	100.0
The WineAgency Sweden AB	Sweden	—	99.5	—	99.5
Wineworld Finland Oy 4	Finland	—	—	—	90.0
Wineworld Sweden AB 6	Sweden	—	100.0	—	99.5
Wongraven Wines AS	Norway	—	90.0	—	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

					142

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

5.4  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’s 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  Related

party transactions. Accounting policies on associated

companies and joint arrangements are described in

Note 5.1  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%

					143

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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	–	-0.1	–	-0.1
Share of profit during period	-0.3	-0.2	0.1	-0.5
Impairment	–	-0.6	–	-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	–	–	-0.9	-0.9
Total book value at end of the period	7.2	4.1	0.3	11.6

‘Other’ includes Roal Oy’s profit and dividends until disposal, see Note 5.2  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	–	3.0	–	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	–	3.9	–	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	–	–	2.2
Current liabilities	1.6	1.7	4.6	7.9
Non-current liabilities	14.7	–	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	–	2.5
Current liabilities	2.6	1.8	5.1	9.5
Non-current liabilities	13.8	–	–	13.8
Net assets	20.8	0.8	1.0	22.6

					144

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

6  Other notes

6.1  Income tax expense

Accounting policy - Income tax expense

The Group’s 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’s 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’s 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’s 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	–
Non-taxable income	0.2	0.3
Non-deductable expenses	-0.1	-1.1
Utilisation of previously unrecognized tax losses	0.3	–
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	–	–
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	–	6.0
Remeasurements of post- employment benefit obligations	—	—	—
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	–	-6.9
Remeasurements of post- employment benefit obligations	-0.3	0.1	-0.2
Total	-5.0	-0.2	-5.2

					145

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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	–	–	–	2.7
Fixed assets	2.1	-1.3	–	–	–	0.8
Lease Liabilities	25.7	-2.4	–	–	–	23.3
Inventory	-1.3	0.6	–	–	–	-0.7
Pension benefits	0.6	–	–	–	–	0.6
Other temporary differences	0.7	0.2	–	–	–	0.9
Total deferred tax assets	30.6	-3.1	–	–	–	27.5
Offset against deferred tax liabilities	-30.6	2.9	0.3	–	–	-27.5
Net deferred tax assets	–	-0.2	0.3	–	–	–
Deferred tax liabilities:
Fixed assets	4.4	-0.3	–	–	–	4.1
Right-of-Use assets	12.8	-1.2	–	–	–	11.6
Derivative Instruments	-0.1	–	-0.4	–	–	-0.5
Fair value allocation on acquisitions	38.3	-4.0	–	–	-0.1	34.2
Deductable goodwill amortisation	8.8	-0.4	–	–	0.3	8.8
Undistributed profits of foreign subsidiaries	1.0	0.2	–	–	–	1.2
Other temporary differences	0.7	-0.1	–	–	0.1	0.7
Total deferred tax liabilities	66.0	-5.8	-0.4	–	0.3	60.2
Offset against deferred tax assets	-30.6	2.9	0.3	–	–	-27.5
Net deferred tax liabilities	35.4	-2.9	-0.1	–	0.3	32.7

					146

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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	–	–	–	2.9
Fixed assets	2.2	0.1	–	–	-0.2	2.1
Lease Liabilities	29.1	-2.3	–	–	-1.1	25.7
Inventory	-0.7	-0.6	–	–	–	-1.3
Pension benefits	0.5	–	0.1	–	–	0.6
Other temporary differences	1.5	-0.8	–	–	-0.1	0.7
Total deferred tax assets	36.4	-4.5	0.1	–	-1.4	30.6
Offset against deferred tax liabilities	-36.5	4.5	-0.1	–	1.4	-30.6
Net deferred tax assets	–	–	–	–	–	–
Deferred tax liabilities:
Fixed assets	4.8	0.1	–	–	-0.4	4.4
Right-of-Use assets	14.6	-1.5	–	–	-0.4	12.8
Derivative Instruments	-0.1	-0.2	0.2	–	–	-0.1
Fair value allocation on acquisitions	41.2	-2.1	–	–	-0.9	38.3
Deductable goodwill amortisation	9.1	-0.1	–	–	-0.2	8.8
Undistributed profits of foreign subsidiaries	1.6	-0.6	–	–	–	1.0
Other temporary differences	1.7	-0.8	–	–	-0.2	0.7
Total deferred tax liabilities	73.0	-5.2	0.2	–	-2.0	65.9
Offset against deferred tax assets	-36.5	4.5	-0.1	–	1.4	-30.6
Net deferred tax liabilities	36.5	-0.8	0.1	–	-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’s 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.

					147

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

6.2  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	–	–
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	–
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 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. 

					148

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Assets not recognised in the balance sheet -

Emission allowances

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).  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 2021–2030.

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	–
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.

					149

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

6.3  Related party transactions

Anora Group Plc’s 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 

Subsidiaries and the associated companies in Note

5.4  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’s 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	–	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	–	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

					150

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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	–
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’t have any supplementary pension

insurance paid by the Group. More information on

long-term incentive plan, see Note 6.4  Share-based

payments .

Management’s 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 Vähämurto	SVP, Industrial	200	n/a
Imre Avalo	SVP, Spirits	1,000	n/a
Mikkel Pilemand	Chief Growth Officer (CGO)	16,000	6,000
Johanna Sundén	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’s 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 Mäki-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 Ægidus	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%

					151

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

6.4  Share-based payments

Anora Group has a share-based long-term incentive

scheme for the company’s 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’s management and key employees with those

of the company’s shareholders and, thus, to promote

shareholder value creation in the long term, to

commit management and key employees to

achieving Anora Group’s strategic targets, and the

retention of Anora Group’s 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’s

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’s 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 – 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 2022–2024

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 2023–2025

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’s share and a measure linked to ESG

– Sustainalytics ESG Risk Rating Score. Eligible for

participation in PSP 2023-2025 are 29 individuals,

including the members of Anora Group’s 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’s share and

a measure linked to ESG – Sustainalytics ESG Risk

Rating Score. Eligible for participation are 31

individuals, including the members of Anora Group’s

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.

					152

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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’s share and

a measure linked to ESG – Sustainalytics ESG Risk

Rating Score. Eligible for participation are 32

individuals, including the members of Anora Group’s

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).

					153

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

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

					154

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

6.5  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’s 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.

					155

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Parent company financial statements

Anora Group Plc income statement (FAS) 

EUR million	Note	31 Dec 2025	31 Dec 2024
Net sales	1.	242.2	248.6
Increase (+) / decrease (-) in inventories of finished goods and work in progress		-4.8	1.4
Other operating income	2.	25.3	21.2
Materials and services
Raw materials, consumables and goods
Purchases during the period		-140.3	-153.0
Change in inventories		-3.5	-1.7
External services		-0.9	-0.8
Total materials and services		-144.6	-155.5
Personnel expenses	3.
Wages and salaries		-25.8	-27.8
Indirect employee expenses
Pension expenses		-4.7	-4.5
Other indirect employee expenses		-0.9	-0.7
Total personnel expenses		-31.4	-33.0
Depreciation, amortisation and impairment losses
Depreciation and amortisation according to plan	8.	-6.8	-7.0
Total depreciation, amortisation and impairment losses		-6.8	-7.0
Other operating expenses	4.	-66.2	-61.6
Operating profit (loss)		13.7	14.2

EUR million	Note	31 Dec 2025	31 Dec 2024
Finance income and expenses	5.
Income from Group companies		15.7	15.0
Income from participating interests		–	0.9
Other interest and finance income
From Group companies		10.4	4.8
From others than Group companies		8.5	11.8
Impairment losses on investments in non-current assets		–	-10.4
Interest and other finance expenses
To Group companies		-7.9	-7.3
To others than Group companies		-14.2	-15.6
Total finance income and expenses		12.5	-0.9
Profit (loss) before appropriations and taxes		26.2	13.2
Appropriations	6.
Depreciation difference increase (-) / decrease (+)		-0.1	0.5
Income tax expense	7.
Current period taxes		-1.2	-1.2
Deferred taxes		-1.0	0.3
Other direct taxes		0.2	–
Total income taxes		-2.0	-0.8
Profit (loss) for the period		24.1	12.9

					156

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Anora Group Plc balance sheet (FAS)

EUR million	Note	31 Dec 2025	31 Dec 2024
Assets
Non-current assets	8.
Intangible assets
Intangible rights		2.0	2.1
Other capitalised long-term expenditure		4.0	4.0
Prepayments		2.5	0.9
Intangible assets total		8.4	7.0
Tangible assets
Land and water areas		2.5	2.5
Buildings and structures		16.4	16.9
Machinery and equipment		23.5	21.5
Other tangible assets		0.5	0.5
Prepayments and assets under construction		5.3	6.4
Tangible assets total		48.1	47.8
Investments
Holdings in Group companies		222.7	222.7
Participating interests		5.2	5.2
Other shares and investments		0.6	0.6
Investments total		228.51	228.5
Total non-current assets		285.0	283.3

EUR million	Note	31 Dec 2025	31 Dec 2024
Current assets
Inventories	9.
Materials and supplies		17.1	20.4
Work in progress		3.4	4.3
Finished goods		13.7	17.6
Advance payments		0.1	0.3
Inventories total		34.3	42.5
Non-current receivables	10.
Receivables from Group companies		58.9	64.0
Receivables from participating interest undertakings		0.2	0.1
Other receivables		1.8	–
Deferred tax assets		0.1	1.2
Non-current receivables total		61.0	65.4
Current receivables	11.
Trade receivables		32.9	28.5
Receivables from Group companies		95.7	114.0
Accrued income and prepaid expenses		6.7	4.6
Current receivables total		135.3	147.0
Cash at hand and in banks		182.2	178.5
Total current assets		412.8	433.4
Total assets		697.8	716.7

					157

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

EUR million	Note	31 Dec 2025	31 Dec 2024
Equity and liabilities
Equity	13.
Share capital		61.5	61.5
Invested unrestricted equity fund		52.2	52.2
Hedge reserve		-0.5	-0.5
Retained earnings		31.2	33.1
Profit (loss) for the period		24.1	12.9
Total equity		168.5	159.2
Appropriations	14.
Depreciation difference		15.7	15.6
Liabilities
Non-current	15.
Loans from financial institutions		160.0	160.0
Loans from pension institutions		2.3	3.8
Non-current liabilities total		162.3	163.8
Current
Loans from financial institutions		11.9	20.0
Loans from pension institutions		1.5	1.5
Trade payables		15.1	17.1
Liabilities to Group companies	16.	251.5	259.2
Other liabilities		51.1	56.8
Accrued expenses and deferred income	17.	20.3	23.5
Current liabilities total		351.4	378.2
Total liabilities		513.6	541.9
Total equity and liabilities		697.8	716.7

					158

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Anora Group Plc statement of cash flows (FAS)

EUR million	Note	31 Dec 2025	31 Dec 2024
Cash flow from operating activities
Result before taxes		26.1	13.8
Adjustments
Depreciation, amortisation and impairment	8	6.8	7.0
Gain/loss from disposal of property, plant and equipment and intangible assets	2	-2.2	–
Finance income and costs	5	-12.5	0.9
Change in depreciation difference	6	0.1	-0.5
Other adjustments		-0.6	-0.3
Adjustments total		-8.4	7.1
Change in working capital
Change in inventories, increase (-) / decrease (+)		8.3	0.3
Change in trade and other receivables, increase (-) / decrease (+)		-0.9	1.2
Change in trade and other payables, increase (+) / decrease (-)		-15.2	6.5
Change in working capital		-7.9	8.0
Interest paid	5	-17.6	-19.1
Interest received	5	16.3	10.6
Other finance income and expenses paid	5	-1.9	-1.8
Income taxes paid	7, 11	-1.2	-2.4
Financial items and taxes		-4.4	-12.6
Net cash flow from operating activities		5.4	16.2

EUR million	Note	31 Dec 2025	31 Dec 2024
Cash flow from investing activities
Payments for property, plant and equipment and intangible assets	8	-8.7	-8.7
Proceeds from sale of property, plant and equipment and intangible assets	2	0.2	–
Investments in subsidiaries	8	–	-0.9
Proceeds from disposals of associated companies	8	–	7.6
Loans granted to subsidiaries	10, 11	–	-49.7
Loans granted to assiciated companies	10	–	-0.1
Repayments of loans granted to subsidiaries	10, 11	6.7	41.3
Dividends received	5	15.7	15.9
Net cash flow from investing activities		13.9	5.3
Cash flow from financing activities
Changes in commercial paper program		-8.0	19.8
Repayment of non-current borrowings	15	-1.5	-51.5
Changes in Cash pool receivables and liabilities	11, 16	8.9	71.4
Dividends paid and other distributions of profits	13	-14.9	-14.9
Net cash flow from financing activities		-15.5	24.9
Change in cash and cash equivalents		3.8	46.5
Cash and cash equivalents at the beginning of the period		178.5	131.9
Effect of changes in foreign exchange rates		-0.1	–
Change in cash and cash equivalents		3.8	46.5
Cash and cash equivalents at the end of the period		182.2	178.5

The 2024 changes in cash pool receivables and liabilities is impacted by the expansion of the cash pool

arrangement.

					159

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Notes to Anora Group Plc financial statements

Accounting policies for financial

statements

The financial statements of the parent company are

prepared in accordance with the Finnish accounting

legislation.

Non-current assets and depreciations

Non-current assets are recognised in the balance

sheet at acquisition cost less depreciation and

amortisation. The depreciation periods for non-

current assets are:

Trademarks10–15 years

IT-development and software 3–5 years

Buildings and structures 10–40 years

Machinery and equipment 10 years

Other tangible assets 3–10 years

Holdings in Group companies and other shares

and investments included in non-current assets are

measured at acquisition cost or fair value, if lower.

Holdings in other companies is disclosed in Group

notes 5.3.

Inventories

Inventories are measured at the lower of cost or net

realisable value. 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.

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. 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, the latter

being allocated on the basis of normal operating

capacity.

Pension plans

The pension plans of the parent company are

arranged through pension insurance companies.

Pension expenses are accrued to correspond to the

accrual-based salaries in the financial statements.

Cash Pool

The Group has applied the cash pool arrangement,

which enables efficient management of the parent

company’s and subsidiaries’ cash and cash

equivalents.

Leases

All lease payments are recognised as rental

expenses.

Financial Derivatives

Fair value measurement compliant with Chapter 5,

section 2a of the Accounting Act is applied to the

accounting treatment of financial derivatives.

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. These

derivatives are recognised at fair value on the trade

date and they are subsequently measured at fair

value at the reporting date. The fair values of

derivatives equal the amount that Anora Group Plc

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.

All derivatives for which fair value is measured or

disclosed in the financial statements are categorised

within the fair value hierarchy level 1–3. The levels 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 (ie. 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 fair values of the financial instruments are

determined by using the market prices on the closing

date of the reporting period.

					160

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Hedge accounting

The parent company applies hedge accounting

when the unrealised change in fair value is

recognised in the hedge reserve under equity. In

Anora Group Plc, 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, ,Anora Group Plc 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. In the

beginning of the hedging arrangement, company

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. 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. The hedging relationship is regarded to

be highly effective when there is an economic

relationship between the hedged item and the value

of the hedging instrument, and the value of the

hedged item moves to the opposite direction due to

same risk. Hedge accounting is discontinued when

the criteria for hedge accounting is no longer met.

The gains and losses arising from fair value

changes of derivative contracts, to which hedge

accounting is applied, are presented in congruence

with the hedged item. The effective portion of the

unrealised changes in the fair value of derivatives

designated and qualifying as cash flow hedges are

recognised in the hedge reserve in equity. The

ineffective portion is immediately recognised in profit

or loss in finance income or expense.

The cumulative gain or loss in equity on derivative

instruments related to operative 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 expires, is sold or no

longer meets the criteria of hedge accounting, the

gain or loss accumulated in equity is recognised

through profit or loss either as an adjustment to

purchases or sales when hedging is effective or as

finance income or expense when hedge accounting

criteria is not met.

Research and development expenditure

Research and development expenditure is

recognised as an expense as incurred.

Financial securities

Financial securities are recognised at acquisition cost

or probable value, if lower.

Receivables

Receivables are measured at face value or probable

value, if lower.

Sale of trade receivables

The sold receivables are derecognised when the

receivable has been sold and the payment for it has

been received. The related costs are recognised in

other financial expenses.

Non-current financial liabilities

Non-current financial liabilities are recognised at

acquisition cost.

Income taxes

Income taxes in the income statement include taxes

calculated for the financial year based on Finnish tax

legislation, adjustments to taxes in previous financial

years and the change in deferred taxes.

Foreign currency denominated items

Foreign currency denominated receivables and

liabilities are translated into euros at the rates of the

closing date of the reporting period.

					161

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

1.  Net sales

EUR million	2025	2024
Net sales by business areas
Wines	40.9	41.5
Spirits	95.9	99.7
Industrial products	56.1	59.0
Total sale of products	192.9	200.2
Contract manufacturing services	49.1	48.3
Logistics services	0.2	0.1
Total sale of services	49.2	48.4
Total	242.2	248.6
Net sales by geographic areas
Finland	179.1	182.3
Other Europe	60.5	64.4
Rest of the world	2.6	1.9
Total	242.2	248.6

2.  Other operating income

EUR million	2025	2024
Rental income	1.3	1.3
Income from energy sales	4.3	4.4
Proceeds from disposal of non- current assets	2.2	–
Service income	12.7	12.2
Other income	4.7	3.3
Total	25.3	21.2

In 2025, gain on sales of certain assets in Rajamäki

plant amounted to EUR 2.2 million and other income

includes the sale of emission rights amounting to EUR

0.8 (-) million.

3.  Notes related to personnel

EUR million	2025	2024
Wages and salaries	-25.8	-27.8
Pension expenses	-4.7	-4.5
Other social expenses	-0.9	-0.7
Total	-31.4	-33.0

EUR million	2025	2024
Fringe benefits (taxable value)	-0.7	-0.6

The average number of personnel during the reporting period	2025	2024
Workers	192	198
Clerical employees	226	221
Total	418	419

EUR million	2025	2024
CEO1	0.9	0.8
Board members	0.4	0.4

¹Total compensation for the CEO position holder(s)

Share-based incentive plans

More information about share-based incentive plans

is presented in Group Note 6.4  Share-based

payments.

Pension commitments of the Board and CEO

The CEO’s pension commitments have been

managed with a defined contribution pension

insurance.

4.  Other operating expenses

EUR million	2025	2024
Rental expenses	-1.9	-1.7
Marketing expenses	-8.3	-9.5
Energy expenses	-10.0	-9.5
Travel and representation expenses	-1.2	-1.3
Repair and maintenance expenses	-7.6	-7.0
IT expenses	-11.6	-10.3
Outsourcing services	-8.8	-7.7
Variable sales expenses	-5.6	-5.4
Other expenses	-11.1	-9.3
Total	-66.2	-61.6
Auditor's fees
Audit fees	-0.4	-0.5
Audit-related services1	–	–
Sustainability report related assurance services 1	-0.2	-0.1
Total	-0.6	-0.6

¹ Fees for assignments referred to in Chapter 1, Section 1, Subsection 1,

Paragraph 2 of the Auditing Act

Environmental expenses

The Company’s environmental expenses did not have

a significant impact on the result for the period and

on the financial position.

					162

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

5.  Finance income and expenses

EUR million	2025	2024
Dividend income
From Group companies	15.7	15.0
From participating interest undertakings	–	0.9
Total dividend income	15.7	15.9
Interest income
From Group companies	10.4	4.8
From others	5.9	5.9
Total interest income	16.3	10.7
Other finance income
From others	2.6	5.9
Total other finance income	2.6	5.9
TOTAL FINANCE INCOME	34.6	32.5
Interest expenses
To Group companies	-7.9	-7.3
To others	-9.6	-11.8
Total interest expenses	-17.5	-19.1
Other finance expenses
To others
Impairment losses on investments in non-current assets	–	-10.4
Other finance expenses	-4.6	-3.9
Total other finance expenses	-4.6	-14.3
Total finance expense	-22.1	-33.4
Total finance income and expenses	12.5	-0.9

Other finance income 2024 includes gain from sale of

shares of Roal Ltd (EUR 4,5 million). See also Anora

Group note 5.2 for more information.

Impairment losses on investments in non-current

assets 2024 includes write-down of shares in

subsidiaries, see Investments in Note 8.  Specification

of non-current assets for more information.

The following items are included in finance items of

the income statement from fair value hedges:

EUR million	2025	2024
Other finance expenses
Fair value changes of derivatives	-0.1	-0.2

6.  Appropriations

Difference between depreciations according to plan

and depreciations made in taxation:

EUR million	2025	2024
Intangible rights	–	–
Other intangible assets	-0.2	0.1
Buildings and structures	0.1	0.1
Machinery and equipment	–	0.3
Other tangible assets	–	–
Total	-0.1	0.5

7.  Income tax expense

EUR million	2025	2024
Income taxes from current period	-1.2	-1.2
Income taxes from previous periods	0.2	–
Change in deferred tax assets	-1.0	0.3
Total	-2.0	-0.8

					163

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

8.  Specification of non-current assets

Tangible assets

Intangible assets

EUR million	2025	2024
Intangible rights
Acquisition cost at 1 January	19.6	17.7
Additions	0.1	2.0
Disposals	–	-0.1
Acquisition cost at 31 December	19.6	19.6
Accumulated amortisation at 1 January	-17.5	-17.3
Accumulated amortisation on disposals and transfers	–	0.1
Amortisation for the period	-0.2	-0.2
Accumulated amortisation at 31 December	-17.6	-17.5
Carrying amount at 31 December	2.0	2.1
Goodwill
Acquisition cost at 1 January	18.7	18.7
Acquisition cost at 31 December	18.7	18.7
Accumulated amortisation at 1 January	-18.7	-18.7
Accumulated amortisation at 31 December	-18.7	-18.7
Other intangible assets
Acquisition cost at 1 January	32.4	30.9
Additions	0.8	0.4
Transfers between items	0.6	1.1
Acquisition cost at 31 December	33.8	32.4
Accumulated amortisation at 1 January	-28.4	-26.9
Amortisation for the period	-1.4	-1.5
Accumulated amortisation at 31 December	-29.8	-28.4
Carrying amount at 31 December	4.0	4.0
Prepayments in intangible assets
Acquisition cost at 1 January	0.9	1.3
Additions	2.4	0.7
Disposals	-0.2	–
Transfers between items	-0.6	-1.1
Carrying amount at 31 December	2.5	0.9

EUR million	2025	2024
Land and water areas
Acquisition cost at 1 January	2.5	2.5
Carrying amount at 31 December	2.5	2.5
Buildings and structures
Acquisition cost at 1 January	103.6	102.7
Additions	0.8	0.5
Transfers between items	0.3	0.7
Disposals	-3.4	-0.2
Acquisition cost at 31 December	101.3	103.6
Accumulated depreciation at 1 January	-86.7	-85.2
Accumulated depreciation on disposals and transfers	3.4	0.2
Depreciation for the period	-1.6	-1.8
Accumulated depreciation at 31 December	-84.9	-86.7
Carrying amount at 31 December	16.4	16.9
Machinery and equipment
Acquisition cost at 1 January	114.3	111.1
Additions	1.7	1.7
Transfers between items	3.7	1.8
Disposals	-1.6	-0.3
Acquisition cost at 31 December	118.1	114.3
Accumulated depreciation at 1 January	-92.7	-89.6
Accumulated depreciation on disposals and transfers	1.6	0.3
Depreciation for the period	-3.5	-3.5
Accumulated depreciation at 31 December	-94.6	-92.7
Carrying amount at 31 December	23.5	21.5
Other tangible assets
Acquisition cost at 1 January	0.5	0.5
Acquisition cost at 31 December	0.5	0.5
Carrying amount at 31 December	0.5	0.5
Prepayments and assets under construction
Acquisition cost at 1 January	6.4	5.3
Additions	2.9	3.5
Transfers between items	-4.0	-2.5
Carrying amount at 31 December	5.3	6.4
Carrying amount of machinery and equipment used in production at 31 December	23.3	21.3

					164

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Investments

EUR million	2025	2024
Holdings in Group companies
Acquisition cost at 1 January	451.7	450.8
Additions	–	0.9
Acquisition cost at 31 December	451.7	451.7
Accumulated impairment at 1 January	-229.0	-218.6
Impairment	–	-10.4
Accumulated impairment at 31 December	-229.0	-229.0
Carrying amount at 31 December	222.7	222.7
Participating interests
Acquisition cost at 1 January	5.2	13.2
Disposals	–	-8.0
Carrying amount at 31 December	5.2	5.2
Other shares and investments
Acquisition cost at 1 January	0.6	0.6
Carrying amount at 31 December	0.6	0.6

During the financial year ended 2025 and 2024 Anora

Group Plc conducted an evaluation of the book

values of subsidiary shares as required by the Finnish

Accounting Act (KPL 5:13 §). As part of this evaluation

in 2024, it was determined that the fair value of

certain subsidiary shares had fallen below their book

value due to poor financial performance of the

subsidiaries and Group internal restructuring.

Consequently, impairment losses were recognised.

The amount of the impairment recognised in 2024

was EUR 10.4 million, which is presented under

“Financial income and expense” in the income

statement.

9.  Inventory

The provision for obsolescence amounted to EUR 1.3

million (EUR 1.5 million).

10.  Non-current receivables

EUR million	2025	2024
Receivables from Group companies
Loan receivables	58.93	64.03
Receivables from associated companies
Loan receivables	0.16	0.14
Other long term receivables	1.76	–
Deferred tax assets
Recognised in hedge reserve	0.1	0.1
Non-deductible interest expenses	-	1.0
Deferred tax assets total	0.1	1.2
Total non-current receivables	61.0	65.4

11.  Current receivables

EUR million	2025	2024
Receivables from Group companies
Trade receivables	5.2	8.7
Loan receivables	–	0.3
Cash Pool receivables	79.7	95.1
Other receivables	2.8	3.2
Derivatives	2.1	0.2
Accrued income and prepaid expenses	5.9	6.4
Total	95.7	114.0
Receivables from others
Trade receivables	32.9	28.5
Accrued income and prepaid expenses	6.7	4.6
Total	39.6	33.0
Total current receivables	135.3	147.0
Accrued income and prepaid expenses
Significant items in accrued income and prepaid expenses:
Derivatives	0.7	1.9
Taxes	0.8	0.6
Others	5.2	2.1
Total	6.7	4.6

Trade receivables that have been sold are

derecognised from the balance sheet. The trade

receivables figure is therefore presented net of these

sold amounts, and no financial liability is recorded for

them.

					165

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

12.  Disclosures on fair values (derivatives)

Derivative instruments

	2025			2024
EUR million	Fair value 31 Dec	Changes in the fair value recognised in the income statement	Changes in the fair value recognised in fair value reserve	Fair value 31 Dec	Changes in the fair value recognised in the income statement	Changes in the fair value recognised in fair value reserve
Interest rate derivatives (level 2)	-0.4		-0.4	-1.0		-1.0
Foreign exchange derivatives ( level 2)	-0.3	-0.1	-0.2	0.1	-0.2	0.3
Commodity derivatives (level 2)	-0.1		-0.1	–		–
Total	-0.7	-0.1	-0.7	-0.9	-0.2	-0.7

13.  Equity

EUR million	2025	2024
Restricted equity
Share capital at 1 January	61.5	61.5
Share capital at 31 December	61.5	61.5
Hedge reserve at 1 January	-0.5	0.4
Additions and disposals	–	-0.9
Hedge reserve at 31 December	-0.5	-0.5
Total restricted equity	61.0	61.0
Unrestricted equity
Invested unrestricted equity fund at 1 January	52.2	52.2
Invested unrestricted equity fund at 31 December	52.2	52.2
Retained earnings at 1 January	46.1	48.0
Distribution of dividends	-14.9	-14.9
Profit (loss) for the period	24.1	12.9
Retained earnings at 31 December	55.3	46.1
Total unrestricted equity	107.5	98.3

EUR million	2025	2024
Total equity	168.5	159.2
Distributable unrestricted equity
Calculation of distributable equity:
Invested unrestricted equity fund	52.2	52.2
Retained earnings at 1 January	46.1	48.0
Distribution of dividends	-14.9	-14.9
Profit (loss) for the period	24.1	12.9
Total distributable unrestricted equity	107.5	98.3
Company’s share capital:
Number of shares outstanding at the end of the period	67,553,624	67,553,624

14.  Appropriations 

Depreciation difference

EUR million	2025	2024
Intangible rights	0.1	0.1
Other intangible assets	0.8	0.6
Buildings and structures	0.5	0.6
Machinery and equipment	14.2	14.3
Other tangible assets	–	–
Total	15.7	15.6

15.  Liabilities 

EUR million	2025	2024
Non-current
Loans from financial institutions	160.0	160.0
Loans from pension institutions	2.3	3.8
Total	162.3	163.8

					166

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

16.  Liabilities to group companies

EUR million	2025	2024
Trade payables	1.2	2.6
Cash Pool liabilities	247.6	253.6
Derivative instruments	0.4	1.5
Other accrued expenses	2.2	1.6
Total	251.5	259.2

17.  Accrued expenses and deferred

income 

Significant items under accrued expenses:

EUR million	2025	2024
Holiday pay and other wages and salaries	6.2	6.9
Contract discount	1.2	1.2
Procurement expenses and other accrued expenses	9.8	14.0
Derivative instruments	3.1	1.4
Total	20.3	23.5

18.  Collaterals and commitments

Collaterals for loans and liabilities

	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
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		11.7		10.5
Total collaterals		34.0		34.3

Commitments and other contingencies

EUR million	2025	2024
Operating and finance lease obligations
Not later than one year	0.6	0.8
Later than one year	14.0	0.8
Total	14.6	1.6
Premises lease obligations
Not later than one year	0.7	0.7
Later than one year	1.5	2.2
Total	2.2	3.0
Other obligations
Commitments related to acquisition of tangible and intangible assets	3.6	0.9
Other contractual obligations	3.3	3.2
Total	7.0	4.0
Total commitments	23.8	8.6

VAT liability for real estate investments

The company is liable to review VAT deductions

made for real estate investments completed in 2017–

2025 if the use subject to VAT decreases during the

review period. The maximum liability is EUR 1.2 million

and the last year to review is 2034.

					167

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Derivative contracts

EUR million	2025	2024
Electricity derivatives
Fair value	-0.1	–
Nominal value	1.0	0.9
Amount (MWh)	37.2	21.9
Parent company's external forward exchange contracts
Fair value	-2.0	1.4
Nominal value	169.8	178.2
Parent company's internal forward exchange contracts
Fair value	-1.7	-1.3
Nominal value	99.3	89.4
Interest rate derivatives
Fair value	-0.4	-1.0
Nominal value	80.0	40.0

Emission allowances

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	–
Realised emissions	-14.1	-15.4
Total emission allowances	6.7	8.2
Fair value of emission allowances (EUR million)	0.5	0.3

The emission allowances received during year 2025

and the realised emissions are estimates, which will

be adjusted during 2026. Anora Group continues to

operate within the emission trading system for the

trading period 2021–2030.

19.  Related party transactions

The definition of related party is presented in Group

Note 6.3  Related party transactions. Related party

transactions are carried out at ordinary commercial

terms, including long term loans granted to

subsidiaries or associates (see Note 10.  Non-current

receivables), Cash Pool receivables and liabilities, and

collaterals given on behalf of the Group companies

(see Note 18.  Collaterals and commitments). Loans

granted to subsidiaries and associate are unsecured.

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.

Management remuneration is presented in Note 3. 

Notes related to personnel, Group Note 6.3 and 6.4 

Share-based payments.

					168

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Board of Directors’ proposal for

the distribution of profits

According to the balance sheet at 31 December 2025, the parent company’s distributable funds amount

to EUR 107.5 million including profit for the period of EUR 24.1 million. There have been no significant

changes to the parent company’s financial position after the end of the financial year.

The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.24 per share

be paid for the financial year 2025.

Statements and signatures to the Board of

Directors’ Report and to the financial

statements

The financial statements, prepared in accordance with the applicable accounting rules, provide a true

and fair view of the assets, liabilities, financial position, and profit of both the company and the entities

included in its consolidated financial statements as a whole.

The Board of Directors’ Report gives a true and fair description of the development and result of the

business activities of both the company and the entities included in its consolidated financial

statements, as well as a description of the significant risks and uncertainties and other aspects of the

company’s state.

The Sustainability Statement included in the Board of Directors’ Report has been prepared following

the reporting standards referred to in Chapter 7 of the Accounting Act and Article 8 of the Taxonomy

Regulation.

Helsinki, 18 March 2026

Atle Vidar Nagel Johansen Chairman	Jyrki Mäki-Kala	Christer Kjos
Florence Rollet	Rebecca Tallmark	Jussi Mikkola
Annareetta Lumme-Timonen	Kirsi Puntila CEO

The Auditors’ Note

An auditor’s report concerning the performed

audit has been given to date.

Helsinki, 18 March 2026

PricewaterhouseCoopers Oy

Authorised Public Accountants

Markku Katajisto

Authorised Public Accountant

					169

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Auditor’s Report

(Translation of the Finnish Original)

To the Annual General Meeting of Anora Group Oyj

Report on the Audit of the Financial Statements

Opinion

In our opinion

• the consolidated financial statements give a true and fair view of the group’s

financial position, financial performance and cash flows in accordance with

IFRS Accounting Standards as adopted by the EU

• the financial statements give a true and fair view of the parent company’s

financial performance and financial position in accordance with the laws and

regulations governing the preparation of financial statements in Finland and

comply with statutory requirements.

Our opinion is consistent with the additional report to the Audit Committee.

What we have audited

We have audited the financial statements of Anora Group Oyj (business identity

code 1505555-7) for the year ended 31 December 2025. The financial statements

comprise:

• the consolidated balance sheet, income statement, statement of

comprehensive income, statement of changes in equity, statement of cash

flows and notes, which include material accounting policy information and

other explanatory information

• the parent company’s balance sheet, income statement, statement of cash

flows and notes.

Basis for Opinion

We conducted our audit in accordance with good auditing practice in Finland. Our

responsibilities under good auditing practice are further described in the Auditor’s

Responsibilities for the Audit of the Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Independence

We are independent of the parent company and of the group companies in

accordance with the ethical requirements that are applicable in Finland and are

relevant to our audit, and we have fulfilled our other ethical responsibilities in

accordance with these requirements.

To the best of our knowledge and belief, the non-audit services that we have

provided to the parent company and group companies are in accordance with

the applicable law and regulations in Finland and we have not provided non-audit

services that are prohibited under Article 5(1) of Regulation (EU) No 537/2014. The

non-audit services that we have provided are disclosed in note 1.6 to the Financial

Statements.

Our Audit Approach

Overview

	• Overall group materiality: € 6,1 million (previous year € 6.4 million)
	•The group audit included the parent company and the most significant subsidiaries covering the majority of net sales, assets and liabilities.
	• Revenue recognition • Valuation of inventories • Valuation of tangible and intangible assets

As part of designing our audit, we determined materiality and assessed the risks of

material misstatement in the financial statements. In particular, we considered

where management made subjective judgements; for example, in respect of

significant accounting estimates that involved making assumptions and

considering future events that are inherently uncertain.

					170

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Materiality

The scope of our audit was influenced by our application of materiality. An audit is

designed to obtain reasonable assurance whether the financial statements are

free from material misstatement. Misstatements may arise due to fraud or error.

They are considered material if individually or in aggregate, they could reasonably

be expected to influence the economic decisions of users taken on the basis of the

financial statements.

Based on our professional judgement, we determined certain quantitative

thresholds for materiality, including the overall group materiality for the

consolidated financial statements as set out in the table below. These, together

with qualitative considerations, helped us to determine the scope of our audit and

the nature, timing and extent of our audit procedures and to evaluate the effect of

misstatements on the financial statements as a whole.

Overall group materiality	€ 6,1 million (previous year € 6.4 million)
How we determined it	Approximately 0,9 % of net sales
Rationale for the materiality benchmark applied	We chose net sales as the benchmark because it provides a consistent year-on-year basis for determining materiality. In addition, it is a benchmark against which the performance of the group is commonly measured by users. We used approximately 0,9 % of net sales, which is within the range of acceptable quantitative materiality thresholds in auditing standards.

How we tailored our group audit scope

We tailored the scope of our audit, taking into account the structure of the Anora

Group, the industry in which it operates, the accounting processes and controls.

Anora Group operates mainly in the Nordic countries and Baltics. Audits were

performed for group companies which were considered significant either due to

their size or their specific nature and risk characteristics, covering the majority of

revenue, assets and liabilities of the group. For the remaining reporting units, we

performed other procedures to confirm there were no significant risks of material

misstatement in the group financial statements.

Based on these procedures, we have obtained a sufficient amount of

appropriate audit evidence in order to be able to express an opinion on the

consolidated financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of

most significance in our audit of the financial statements of the current period.

These matters were addressed in the context of our audit of the financial

statements as a whole, and in forming our opinion thereon, and we do not provide

a separate opinion on these matters.

As in all of our audits, we also addressed the risk of management override of

internal controls, including among other matters consideration of whether there

was evidence of bias that represented a risk of material misstatement due to

fraud.

					171

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Key audit matter in the audit of the group	How our audit addressed the key audit matter
Revenue recognition Refer to note 1.2 in the consolidated financial statements. The group’s revenue flows are generated from the sale of own products and partner brands, contract manufacturing, sale of industrial products and sale of logistic services. The transaction price may include variable considerations such as volume discounts, bonuses, marketing support and product returns. Due to a variety of contractual terms, the calculation of the period’s variable consideration is an accounting area that requires management judgement. Given the factors described above, we have considered variable consideration to be a key audit matter. We have also considered that the transactions occurring close to year-end are subject to risk of being recorded prematurely.	Our audit procedures included e.g. the following: – We gained an understanding of the nature of the revenue streams and different contractual terms used and assessed the group’s accounting policies over revenue recognition. – We gained an understanding of the relevant controls established in relation to revenue. – We compared the accounting treatment of sales transactions and variable considerations on a sample basis to the terms of the underlying sales agreements. – We recalculated, on a sample basis, transactions related to variable considerations to the underlying contract and compared the actual amounts recorded to the previously recorded accruals to assess the accuracy of historical estimates. – We obtained customer confirmations for selected revenue transactions and accounts receivable balances. – We examined a sample of credit notes issued during 2025 and subsequent to year end to relevant supporting documents. – We tested a sample of sales transactions recorded in December 2025 and January 2026 to evaluate whether revenue had been recognised in the right period.
Valuation of inventory Refer to note 2.4 in the consolidated financial statements Inventory forms a significant part of the current assets, amounting to € 112.5 million as of 31 December 2025. 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 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. Management exercises judgement and applies assumptions when estimating the need for an obsolescence provision. This includes identification of slow moving and seasonal products, changes in product portfolio and consideration of sales forecasts. Given the factors described above, we have considered valuation of inventory to be a key audit matter.	Our audit procedures included e.g. the following: – We gained an understanding of the controls established in relation to inventory valuation. – We tested the key reconciliations between the general ledger and inventory subledgers. – We assessed the adequacy of the obsolescence provision and checked adherence to the group’s accounting policy. – We compared the cost of finished products and trading goods to their sales prices to confirm whether they are held at the lower of cost and net realisable value. – For a sample of storage locations, we attended the physical stock-take counting. This included observation and inquiries in relation to overall inventory condition. Additionally for selected inventories held by third party we obtained confirmations.

					172

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Key audit matter in the audit of the group	How our audit addressed the key audit matter
Valuation of tangible and intangible assets Refer to note 2.1, 2.2 and 2.3 in the consolidated financial statements Goodwill is one of the most significant balances in the group’s financial statements, amounting to € 303.8 million at year-end. Other intangible assets amount to € 176.3 million and tangible assets, including right-of-use assets, amount to € 118.6 million. Goodwill is allocated to Wine and Spirits cash generating units. Management tests goodwill for potential impairment annually and whenever there is an indication that the carrying value may be impaired through comparing the recoverable amount against the carrying value of each cash generating unit. Impairment tests are performed at operating segment level. The recoverable amounts are determined using the value in use method. Other intangible and tangible assets are tested for impairment annually or only when indicators of impairment exist. Management performed impairment testing on the above mentioned balances. Based on the impairment testing performed by management impairment was recognised in 2025. Valuation of goodwill and other assets involves a high level of management judgement in relation to the number of underlying assumptions used to determine the recoverable amount, including the revenue growth, EBITDA, capital expenditures, working capital, market rentals, royalty rates and discount rates applied to free cash-flows. Due to its financial significance and the high level of management judgement we have concluded that valuation of goodwill and other intangible and tangible assets is a key audit matter.	Our audit of goodwill and other intangible and tangible assets focused on critical estimates and management’s judgement. We have assessed the appropriateness of these through the following procedures: – We obtained an understanding and evaluated the methodology applied in calculations of recoverable amount for relevant cash generating units by comparing it to the requirements of IAS 36, “Impairment of Assets”. – We evaluated management’s future cash flow forecasts and the process by which they were drawn up, including comparing them to the latest Board approved budgets, and assessing reasonableness of future sales and profitability projections post the budget period. – We compared 2025 actuals to the figures included in the prior year impairment models to assess accuracy of management’s historic forecasts. – We evaluated the process related to cash flow estimations applied in value-in-use calculations. This included management estimations relating to future net sales and profitability as well applied discount rates. – We involved our valuation experts to assess the reasonableness of the discount rates and long-term growth rates used in goodwill impairment testing. – Our property valuation experts evaluated market rentals and discount rates used in the calculation of recoverable amount of the production and logistics leased facilities. – We considered the appropriateness of assumptions used in the sensitivity analysis performed by management. – We considered the adequacy of the related disclosures provided in note 2.1 and 2.2 of the group’s financial statements.
We have no key audit matters to report with respect to our audit of the parent company financial statements
There are no significant risks of material misstatement referred to in Article 10(2c) of Regulation (EU) No 537/2014 with respect to the consolidated financial statements or the parent company financial statements.

					173

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Responsibilities of the Board of Directors and the Managing Director for

the Financial Statements

The Board of Directors and the Managing Director are responsible for the

preparation of consolidated financial statements that give a true and fair view in

accordance with IFRS Accounting Standards as adopted by the EU, and of financial

statements that give a true and fair view in accordance with the laws and

regulations governing the preparation of financial statements in Finland and

comply with statutory requirements. The Board of Directors and the Managing

Director are also responsible for such internal control as they determine is

necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors and the Managing

Director are responsible for assessing the parent company’s and the group’s

ability to continue as a going concern, disclosing, as applicable, matters relating

to going concern and using the going concern basis of accounting. The financial

statements are prepared using the going concern basis of accounting unless

there is an intention to liquidate the parent company or the group or to cease

operations, or there is no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial

statements as a whole are free from material misstatement, whether due to fraud

or error, and to issue an auditor’s report that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with good auditing practice will always detect a

material misstatement when it exists. Misstatements can arise from fraud or error

and are considered material if, individually or in the aggregate, they could

reasonably be expected to influence the economic decisions of users taken on the

basis of these financial statements.

As part of an audit in accordance with good auditing practice, we exercise

professional judgment and maintain professional scepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of the financial

statements, whether due to fraud or error, design and perform audit procedures

responsive to those risks, and obtain audit evidence that is sufficient and

appropriate to provide a basis for our opinion. The risk of not detecting a

material misstatement resulting from fraud is higher than for one resulting from

error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to

design audit procedures that are appropriate in the circumstances, but not for

the purpose of expressing an opinion on the effectiveness of the parent

company’s or the group’s internal control.

• Evaluate the appropriateness of accounting policies used and the

reasonableness of accounting estimates and related disclosures made by

management.

• Conclude on the appropriateness of the Board of Directors’ and the Managing

Director’s use of the going concern basis of accounting and based on the audit

evidence obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the parent company’s or the

group’s ability to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw attention in our auditor’s report to

the related disclosures in the financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor’s report. However, future events

or conditions may cause the parent company or the group to cease to continue

as a going concern.

• Evaluate the overall presentation, structure and content of the financial

statements, including the disclosures, and whether the financial statements

represent the underlying transactions and events so that the financial

statements give a true and fair view.

• Plan and perform the group audit to obtain sufficient appropriate audit

evidence regarding the financial information of the entities or business units

within the group as a basis for forming an opinion on the group financial

statements. We are responsible for the direction, supervision and review of the

audit work performed for purposes of the group audit. We remain solely

responsible for our audit opinion.

We communicate with those charged with governance regarding, among other

matters, the planned scope and timing of the audit and significant audit findings,

including any significant deficiencies in internal control that we identify during

our audit.

					174

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

We also provide those charged with governance with a statement that we have

complied with relevant ethical requirements regarding independence, and

communicate with them all relationships and other matters that may reasonably

be thought to bear on our independence, and where applicable, related

safeguards.

From the matters communicated with those charged with governance, we

determine those matters that were of most significance in the audit of the

financial statements of the current period and are therefore the key audit matters.

We describe these matters in our auditor’s report unless law or regulation

precludes public disclosure about the matter or when, in extremely rare

circumstances, we determine that a matter should not be communicated in our

report because the adverse consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such communication.

Other Reporting Requirements

Appointment

We were first appointed as auditors by the annual general meeting on 29 March

2016.  Our appointment represents a total period of uninterrupted engagement of

10 years.

Other Information

The Board of Directors and the Managing Director are responsible for the other

information. The other information comprises the report of the Board of Directors

and the information included in the Annual Report but does not include the

financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, our responsibility is to

read the other information and, in doing so, consider whether the other

information is materially inconsistent with the financial statements or our

knowledge obtained in the audit, or otherwise appears to be materially misstated.

With respect to the report of the Board of Directors, our responsibility also includes

considering whether the report of the Board of Directors has been prepared in

compliance with the applicable provisions, excluding the sustainability report

information on which there are provisions in Chapter 7 of the Accounting Act and

in the sustainability reporting standards.

In our opinion, the information in the report of the Board of Directors is

consistent with the information in the financial statements and the report of the

Board of Directors has been prepared in compliance with the applicable

provisions. Our opinion does not cover the sustainability report information on

which there are provisions in Chapter 7 of the Accounting Act and in the

sustainability reporting standards.

If, based on the work we have performed, we conclude that there is a material

misstatement of the other information, we are required to report that fact. We

have nothing to report in this regard.

Helsinki 18 March 2026

PricewaterhouseCoopers Oy

Authorised Public Accountants

Markku Katajisto

Authorised Public Accountant (KHT)

					175

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Independent auditor's report on the ESEF financial statements

of Anora Group Oyj (Translation of the Finnish Original)

To the Board of Directors of Anora Group Plc

We have performed a reasonable assurance engagement on the financial

statements 52990007AXNSS4PNX352-2025-12-31-fi.zip of Anora Group Oyj (business

identity code 1505555–7) that have been prepared in accordance with the

Commission's regulatory technical standard for the financial year 1 January-31

December 2025.

Responsibilities of the Board of Directors and the Managing Director

The Board of Directors and the Managing Director are responsible for the

preparation of the company's report of the Board of Directors and financial

statements (the ESEF financial statements) in such a way that they comply with

the requirements of the Commission's regulatory technical standard. This

responsibility includes:

• preparing the ESEF financial statements in XHTML format in accordance with

Article 3 of the Commission's regulatory technical standard

• tagging the primary financial statements, notes and company's identification

data in the consolidated financial statements that are included in the ESEF

financial statements with iXBRL tags in accordance with Article 4 of the

Commission's regulatory technical standard and

• ensuring the consistency between the ESEF financial statements and the

audited financial statements.

The Board of Directors and the Managing Director are also responsible for such

internal control as they determine is necessary to enable the preparation of ESEF

financial statements in accordance with the requirements of the Commission's

regulatory technical standard.

Auditor’s independence and quality management

We are independent of the company in accordance with the ethical requirements

that are applicable in Finland and are relevant to the engagement we have

performed, and we have fulfilled our other ethical responsibilities in accordance

with these requirements.

The auditor applies International Standard on Quality Management (ISQM) 1,

which requires the firm to design, implement and operate a system of quality

management including policies or procedures regarding compliance with ethical

requirements, professional standards and applicable legal and regulatory

requirements.

Auditor’s responsibilities

Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities

Markets Act, provide assurance on the financial statements that have been

prepared in accordance with the Commission's regulatory technical standard. We

express an opinion on whether the consolidated financial statements that are

included in the ESEF financial statements have been tagged, in all material

respects, in accordance with the requirements of Article 4 of the Commission's

regulatory technical standard.

Our responsibility is to indicate in our opinion to what extent the assurance has

been provided. We conducted a reasonable assurance engagement in

accordance with International Standard on Assurance Engagements (ISAE) 3000

(Revised).

The engagement includes procedures to obtain evidence on:

• whether the primary financial statements in the consolidated financial

statements that are included in the ESEF financial statements have been

tagged, in all material respects, with iXBRL tags in accordance with the

requirements of Article 4 of the Commission's regulatory technical standard

and

• whether the notes and company's identification data in the consolidated

financial statements that are included in the ESEF financial statements have

been tagged, in all material respects, with iXBRL tags in accordance with the

requirements of Article 4 of the Commission's regulatory technical standard

and

• whether there is consistency between the ESEF financial statements and the

audited financial statements.

The nature, timing and extent of the selected procedures depend on the

auditor’s judgment. This includes an assessment of the risk of a material deviation

					176

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

due to fraud or error from the requirements of the Commission's regulatory

technical standard.

We believe that the evidence we have obtained is sufficient and appropriate to

provide a basis for our opinion.

Opinion

Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that

the primary financial statements, notes and company's identification data in the

consolidated financial statements that are included in the ESEF financial

statements of Anora Group Oyj 52990007AXNSS4PNX352-2025-12-31-fi.zip for the

financial year 1 January-31 December 2025 have been tagged, in all material

respects, in accordance with the requirements of the Commission's regulatory

technical standard

Our opinion on the audit of the consolidated financial statements of Anora

Group Oyj for the financial year 1 January-31 December 2025 has been expressed

in our auditor's report dated 18 March 2026. With this report we do not express an

opinion on the audit of the consolidated financial statements nor express another

assurance conclusion.

Helsinki 18 March 2026

PricewaterhouseCoopers Oy

Authorised Public Accountants

Markku Katajisto

Authorised Public Accountant (KHT)

					177

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

Assurance Report on the Sustainability Statement (Translation of the Finnish Original)

To the Annual General Meeting of Anora Group Plc

We have performed a limited assurance engagement on the group sustainability

statement of Anora Group Plc (business identity code 1505555-7) that is referred to

in Chapter 7 of the Accounting Act and that is included in the report of the Board of

Directors for the reporting period 1 January 2025 – 31 December 2025.

Opinion

Based on the procedures we have performed and the evidence we have obtained,

nothing has come to our attention that causes us to believe that the group

sustainability statement does not comply, in all material respects, with

1) the requirements laid down in Chapter 7 of the Accounting Act and the

sustainability reporting standards (ESRS), and

2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the

European Parliament and of the Council on the establishment of a framework to

facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (EU

Taxonomy).

Point 1 above also contains the process in which Anora Group Plc has identified the

information for reporting in accordance with the sustainability reporting

standards (double materiality assessment).

Our opinion does not cover the tagging of the group sustainability statement

with digital XBRL sustainability tags in accordance with Chapter 7, Section 22,

Subsection 1(2), of the Accounting Act, because sustainability reporting companies

have not had the possibility to comply with that requirement in the absence of

requirements for the tagging of sustainability information in the ESEF regulation or

other European Union legislation.

Basis for Opinion

We performed the assurance of the group sustainability statement as a limited

assurance engagement in compliance with good assurance practice in Finland

and with the International Standard on Assurance Engagements (ISAE) 3000

(Revised) Assurance Engagements Other than Audits or Reviews of Historical

Financial Information.

Our responsibilities under this standard are further described in the

Responsibilities of the Authorised Group Sustainability Auditor section of our report.

We believe that the evidence we have obtained is sufficient and appropriate to

provide a basis for our opinion.

Authorised Group Sustainability Auditor’s Independence and Quality

Management

We are independent of the parent company and of the group companies in

accordance with the ethical requirements that are applicable in Finland and are

relevant to our engagement, and we have fulfilled our other ethical responsibilities

in accordance with these requirements.

The authorised group sustainability auditor applies International Standard on

Quality Management ISQM 1, which requires the authorised sustainability audit firm

to design, implement and operate a system of quality management including

policies or procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

Responsibilities of the Board of Directors and the Managing Director

The Board of Directors and the Managing Director of Anora Group Plc are

responsible for:

• the group sustainability statement and for its preparation and presentation in

accordance with the provisions of Chapter 7 of the Accounting Act, including

the process that has been defined in the sustainability reporting standards and

in which the information for reporting in accordance with the sustainability

reporting standards has been identified,

• the compliance of the group sustainability statement with the requirements laid

down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament

and of the Council on the establishment of a framework to facilitate sustainable

investment, and amending Regulation (EU) 2019/2088, and for

• such internal control as the Board of Directors and the Managing Director

determine is necessary to enable the preparation of a group sustainability

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	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS Consolidated income statement and statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements 1 Operating result 2 Operative assets and liabilities 3 Financial items and capital structure 4 Financial and capital risk 5 Consolidation 6 Other notes Parent company financial statements Board of Directors’ proposal for the distribution of profits and signatures Auditor’s reports KEY RATIOS OF THE GROUP

statement that is free from material misstatement, whether due to fraud or

error.

Inherent Limitations in the Preparation of a Sustainability Statement

In reporting forward-looking information in accordance with ESRS, management of

the Company is required to prepare the forward-looking information on the basis

of assumptions that have been disclosed in the sustainability statement about

events that may occur in the future and possible future actions by the Group.

Actual outcomes are likely to be different since anticipated events frequently do

not occur as expected..

Responsibilities of the Authorised Group Sustainability Auditor

Our responsibility is to perform an assurance engagement to obtain limited

assurance about whether the group sustainability statement is free from material

misstatement, whether due to fraud or error, and to issue a limited assurance

report that includes our opinion. Misstatements can arise from fraud or error and

are considered material if, individually or in the aggregate, they could reasonably

be expected to influence the decisions of users taken on the basis of the group

sustainability statement.

Compliance with the International Standard on Assurance Engagements (ISAE)

3000 (Revised) requires that we exercise professional judgment and maintain

professional skepticism throughout the engagement. We also:

• Identify and assess the risks of material misstatement of the group

sustainability statement, whether due to fraud or error, and obtain an

understanding of internal control relevant to the engagement in order to design

assurance procedures that are appropriate in the circumstances, but not for

the purpose of expressing an opinion on the effectiveness of the parent

company’s or the group’s internal control.

• Design and perform assurance procedures responsive to those risks to obtain

evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher

than for one resulting from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of internal control.

Description of the Procedures That Have Been Performed

The procedures performed in a limited assurance engagement vary in nature and

timing from, and are less in extent than for, a reasonable assurance engagement.

The nature, timing and extent of assurance procedures selected depend on

professional judgment, including the assessment of risks of material

misstatement, whether due to fraud or error. Consequently, the level of assurance

obtained in a limited assurance engagement is substantially lower than the

assurance that would have been obtained had a reasonable assurance

engagement been performed.

Our procedures included for example the following:

• We interviewed the company's management and the individuals responsible

for collecting and reporting the information contained in the group

sustainability statement at the group level and in subsidiaries as well as at

different levels and business areas of the organization to gain an understanding

of the sustainability reporting process and the related internal controls and

information systems.

• We familiarised ourselves with the background documentation and records

prepared by the company where applicable, and assessed whether they

support the information contained in the group sustainability statement.

• We performed site visits at the company’s head office in Finland and a

production site in Denmark.

• We assessed the company's double materiality assessment process in relation

to the requirements of the ESRS standards, as well as whether the information

provided about the assessment process complies with the ESRS standards.

• We assessed whether the sustainability information contained in the group

sustainability statement complies with the ESRS standards.

• Regarding the EU taxonomy information, we gained an understanding of the

process by which the company has identified the group's taxonomy-eligible

and taxonomy-aligned economic activities, and we assessed the compliance

of the information provided with the regulations.

Helsinki 18 March 2026

PricewaterhouseCoopers Oy

Authorised Sustainability Auditors

Tiina Puukkoniemi

Authorised Sustainability Auditor

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	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Key ratios of the Group

		2025	2024	2023	2022	2021
Income statement
Net sales	EUR million	657.9	692.0	726.5	702.7	478.2
Comparable EBITDA	EUR million	71.1	68.9	68.2	76.1	71.7
(% of net sales)	%	10.8	10.0	9.4	10.8	15.0
EBITDA	EUR million	61.5	61.3	67.5	67.9	62.9
Comparable operating result (EBIT)	EUR million	43.9	42.0	34.8	42.9	51.2
(% of net sales)	%	6.7	6.1	4.8	6.1	10.7
Operating result	EUR million	23.8	34.5	-31.3	34.7	42.4
Result before taxes	EUR million	8.0	14.7	-53.9	23.4	38.6
Result for the period	EUR million	5.7	11.1	-39.9	18.1	31.2
Items affecting comparability (EBITDA)	EUR million	-9.6	-7.6	-0.7	-8.2	-8.8
Items affecting comparability (EBIT)	EUR million	-20.1	-7.6	-66.1	-8.2	-8.8
Items affecting comparability (Result for the period)	EUR million	-16.5	-6.1
Balance sheet
Cash and cash equivalents	EUR million	182.6	181.5	212.7	91.4	168.9
Total equity	EUR million	393.0	398.7	407.8	481.4	507.9
Non-controlling interest	EUR million	0.3	0.9	0.5	0.9	0.9
Borrowings	EUR million	176.9	185.0	216.3	247.5	162.6
Invested capital	EUR million	569.9	583.7	624.1	728.9	670.5
Profitability
Return on equity (ROE), rolling 12 months	%	1.4	2.7	-9.0	3.6	9.3
Return on invested capital (ROI), rolling 12  months	%	4.1	5.6	-1.7	4.2	7.4

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	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Key ratios of the Group

		2025	2024	2023	2022	2021
Financing and financial position
Net debt	EUR million	101.5	121.6	137.5	300.9	126.0
Gearing	%	25.8	30.5	33.7	62.5	24.8
Equity ratio	%	38.1	37.3	35.9	37.0	41.2
Net cash flow from operating activities	EUR million	50.3	33.2	135.3	-0.4	50.8
Net debt/comparable EBITDA, rolling 12 months		1.4	1.8	2.0	4.0	1.8
Share-based key ratios
Earnings / share (Basic)	EUR	0.08	0.16	-0.59	0.26	0.67
Earnings / share (Diluted)	EUR	0.08	0.15	-0.58	0.26	0.67
Comparable earnings / share	EUR	0.33	0.25
Equity / share	EUR	5.82	5.90	6.04	7.13	7.52
Paid dividend per share	EUR	0.22	0.22	0.22	0.22	0.45
Dividend payout ratio	%	268.6	141.2	-37.2	83.1	67.6
Comparable dividend payout ratio	%	73.6	89.6
Effective dividend yield	%	5.7	7.7	5.0	3.0	4.1
Price / Earnings		47.13	17.8	-7.4	27.8	16.3
Closing share price on the last day of trading	EUR	3.86	2.84	4.36	7.36	10.86
Highest	EUR	3.93	5.50	7.69	11.04	12.00
Lowest	EUR	2.68	2.69	3.98	6.62	9.62
Market value of shares at the end of period	EUR million	260.4	191.9	294.5	497.2	733.6
Number of shares outstanding at the end of period	pcs	67,553,624	67,553,624	67,553,624	67,553,624	67,553,624
Personnel
Personnel end of period		1,190	1,211	1,219	1,251	1,055
Average number of personnel		1,229	1,230	1,273	1,159	799

					181

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

Reconciliation of alternative performance measures (APM) to IFRS figures and items affecting comparability (IAC)

EUR million	2025	2024
Items affecting comparability
Net gains or losses from business and assets disposals	2.8	0.2
Cost for closure of business operations and restructurings	-8.7	-2.5
Additional inventory impairment	–	-3.8
Other major corporate projects	-3.6	-1.5
Total items affecting comparability in EBITDA	-9.6	-7.6
Impairment losses	-10.5	–
Total items affecting comparability in EBIT	-20.1	-7.6
Impairment losses on net investment in associated companies	-0.6	–
Total items affecting comparability	-20.6	-7.6
Comparable EBITDA
Operating result	23.8	34.5
Less:
Depreciation, amortisation and impairment	37.6	26.8
Total items affecting comparability	9.6	7.6
Comparable EBITDA	71.1	68.9
% of net sales	10.8	10.0
Comparable EBIT
Operating result	23.8	34.5
Less:
Total items affecting comparability	20.1	7.6
Comparable EBIT	43.9	42.0
% of net sales	6.7	6.1

EUR million	2025	2024
Comparable earnings / share
Result for the period attributable to the shareholders of the parent company	5.5	10.5
Less:
Total items affecting comparability	20.6	7.6
Tax effect on total items affecting comparability	-4.1	-1.5
Total items affecting result for the period	16.5	6.1
Divided by:
Average number of shares during the period	67,553,624	67,553,624
Comparable earnings / share, EUR	0.33	0.25
Comparable dividend payout ratio, %
Proposed dividend per share, EUR	0.24	22.0
Divided by:
Comparable earnings / share, EUR	0.33	24.5
Comparable dividend payout ratio, %	73.6%	89.6%

					182

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

The definitions and reasons for the use of financial key indicators

Key figure	Definition		Reason for the use
Gross profit	Total net sales + total operating income – material and services		Gross profit is the indicator to measure the performance
Gross margin, %	Gross profit / Total net sales
EBITDA	Operating result before depreciation and amortization		EBITDA is the indicator to measure the performance of the Group.
EBITDA margin, %	EBITDA / Net sales
Comparable operating result Comparable operating margin, % Comparable EBITDA Comparable EBITDA margin, % Items affecting comparability	Operating result excluding items affecting comparability Comparable operating result / Net sales EBITDA excluding items affecting comparability Comparable EBITDA / Net sales 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 acquisitions 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.		Comparable EBITDA, comparable EBITDA margin, comparable operating result and comparable operating margin are presented in addition to EBITDA and operating result to reflect the underlying business performance and to enhance comparability from period to period. Anora believes that these comparable performance measures provide meaningful supplemental information by excluding items outside normal business, which reduce comparability between the periods. Comparable EBITDA is an internal measure to assess performance of Anora and key performance measure at segment level together with net sales. Comparable EBITDA is commonly used as a base for valuation purposes outside the Company and therefore important measure to report regularly.
Invested capital	Total equity + Borrowings		Base for ROI measure.
Return on equity (ROE), %	Result for the period (rolling 12 months) / Total equity (average of reporting period and comparison period)		This measure can be used to evaluate how efficiently Anora has been able to generate results in relation to the equity of the Company.
Return on invested capital (ROI), %	(Result for the period + Interest expenses) (rolling 12 months) / (Total equity + Non-current and current borrowings) (average of reporting period and comparison period)		This measure is used to evaluate how efficiently Anora has been able to generate net results in relation to the total investments made to the Company.

					183

	REPORT BY THE BOARD OF DIRECTORS FINANCIAL STATEMENTS KEY RATIOS OF THE GROUP

The definitions and reasons for the use of financial key indicators

Key figure	Definition		Reason for the use
Borrowings	Non-current borrowings + Current borrowings		Net debt is an indicator to measure the total external debt financing of the Group.
Net debt	Borrowings + Non-current and current lease liabilities - Cash and cash equivalents		Net debt is an indicator to measure the total external debt financing of the Group.
Gearing, %	Net debt / Total equity		Gearing ratio helps to show financial risk level and it is a useful measure for management to monitor the level of Group’s indebtedness. Important measure for the loan portfolio.
Equity ratio, %	Total equity / (Total assets -Advances received)		Equity/assets ratio helps to show financial risk level and it is a useful measure for management to monitor the level of Group’s capital used in the operations.
Net debt / Comparable EBITDA	Net debt / Comparable EBITDA
Earnings / share	Result for the period attributable to shareholders of the parent company/ Share-issue adjusted number of shares during the period
Comparable earnings / share	Result for the period attributable to shareholders of the parent company excluding Items affecting comparability after tax*/ Average number of shares during the period. *A simplified method has been used to calculate the tax effect utilising Anora Group Plc domestic corporate tax rate		The Group presents Comparable Earnings per share (Comparable EPS) as a supplementary alternative performance measure to enhance comparability and provide additional insight into the underlying earnings performance of the business. Anora believes that these comparable performance measures provide meaningful supplemental information by excluding items outside normal business, which reduce comparability between the periods.
Comparable dividend payout ratio, %	Proposed dividend on number of shares at year end as a percentage of net profit excluding Items affecting comparability after tax. *A simplified method has been used to calculate the tax effect utilising Anora Group Plc domestic corporate tax rate
Equity/share	Equity attributable to shareholders of the parent company /Share- issue adjusted number of shares at the end of period
Paid dividend/share	Dividend distribution for period/Number of shares (basic) at the end of period
Dividend / earnings %	Dividend/share / Earnings/ share
Effective dividend yield %	Dividend/share / Price of share at the end of the accounting period
Price / earnings	Price of share at the end of accounting period / Earnings/share
Market value of outstanding shares	The number of shares at the end of accounting period x the price of the share at the end of accounting period.

Anora Group Plc

Kaapeliaukio 1 P.O. Box 350, 00101 Helsinki

+358 207 013 013

www.anora.com