Anora CEO Kirsi Puntila: “Travel retail continues to be very important for us, in the monopoly markets in particular.”

Anora, the number one player in wine and spirits in the Nordics – and owner of the Koskenkorva brand – is setting ambitious targets to turn around the company’s fortunes. And travel retail is playing its part.

At a Capital Markets Day in Finland, which TRBusiness attended online, the group’s recently appointed CEO, Kirsi Puntila, summed up her priorities in a slogan: “fit, fix, focus,” which underpins a new strategy the company is undertaking with “clear actions for profitability and growth”.

Puntila gave a frank assessment of the company and noted the decline in the group’s comparable EBITDA from €101 million in 2021 (pro forma) to €68.9 million last year. In 2025, this is expected to rise again to €70-75 million. Set against a Nordic wine and spirits market that is set to decline in volume by -3% CAGR between 2025-2028, the CEO was confident that the company could hit new financial targets.

“We thoroughly analysed our performance, identified where we must improve, and redefined our priorities in order to return to sustainable growth,” she said. In the marketplace, Anora noted that consumer behaviours are changing along with demand patterns, and that Nordic monopoly channels, which account for almost half of Anora’s net sales, are being challenged. Internally, the company is now tackling overcapacity, adjusting cost levels, harnessing untapped synergies from previous mergers, and examining ways to fill the white space in some key growth pockets.

Anora has a broad brand portfolio.

Anora concentrates on its nearest markets

Anora expects to derive 75% of its growth to 2028 from core wine and spirits sales channels in Finland, Sweden, Norway, Denmark, and the Baltics. However, the company expects another 10% to come from international markets by pursuing spirits exports and expanding in the global travel retail (GTR) channel, which has been a bright spot for the company.

Answering a question from TRBusiness about the GTR channel at the Capital Markets Day, Puntila said: “Travel retail continues to be very important for us, in the monopoly markets in particular, because that’s the channel where we can promote and showcase our brands, especially spirits. Across the ferry lines and airports in this region, we already have a high share.” Imre Avolo, SVP Spirits, added: “This year has been exceptional; GTR has been growing very nicely, so we are on a good track.”

All the efforts outlined above are designed to hit updated financial targets. These include comparable EBITDA growth of 6–7% per annum to reach €85-90 million by the end of 2028, a reduction in net debt to below 2.5x, and a dividend payout ratio of 50-70%.

READ MORE: Anora centres quality and transparency across product and process

READ MORE: ON LOCATION: Tallink Grupp unveils ‘next gen’ retail concept onboard MyStar