Anora: Sales development of main wine competitor Viva Wine was slightly better than Anora's in Q3

Translation: Original published in Finnish on 11/21/2025 at 7:00 am EET.

Viva Wine, the main competitor of Anora's Wine segment, announced its Q3 result yesterday and updated its targets. Viva's revenue grew slightly in the Nordics and it slightly increased its market share. Due to the acquisition and change in reporting, the profitability of the Nordic countries can no longer be directly seen from Viva's reported figures. However, the company stated that profitability had improved in the Nordic countries. Compared to Anora's Wine segment, Viva's sales development was slightly better and profitability remained at a higher level.

Viva updated its targets based on the Delta Wines acquisition

Viva Wine acquired a company called Delta Wines from the Netherlands during Q2. As a result, from Q2 onwards, it will report Delta and the former Nordics segment as a single B2B segment. Due to this change, comparability with Anora's Wine segment will decrease as Viva's market areas expanded into Central Europe with the acquisition of Delta, and Delta's margin profile is slightly lower than Viva's Nordic business. With the acquisition of Delta Wines, the company updated its target for adjusted EBITA margin from 10-12% to 8-10%. The company also updated its growth target and now aims for market-beating growth in all segments, whereas the previous target was to grow by over 4% annually in the Nordic countries. Viva expects market growth in value terms to be slightly positive, so the change can be seen as a slight decrease. The target is the same as Anora's revenue target updated a couple of weeks ago. 

Viva succeeded in growing in the Nordics in Q3

Viva reports that its comparable sales in the B2B segment (i.e. Nordic sales) grew by 2%. The acquisition of Delta Wines boosted the entire B2B segment to over 50% growth. Viva's organic development was also better than the 5% revenue decline reported by Anora's Wine segment. Most of Anora's decline, however, came from a decrease in sales of its Danish bottling services, but its sales also declined in the Nordic countries.

Anora's profitability is still clearly behind Viva's Nordic level

Viva's B2B segment's relative profitability declined from the comparison period due to the consolidation of Delta Wines, which has a lower margin. The company commented that the gross margin in the Nordics improved from the comparison period, as it did for Anora. Its adjusted EBITA margin in the Nordics also improved slightly, in our view. In the comparison period, Viva's adjusted EBITA margin in the Nordics was 10.5%, so in Q3'25 it has been slightly higher. Anora's Wine segment's EBITDA margin development is significantly more volatile than Viva's, and in Q3, Anora's level was still weak despite the increase (5.0%).

The situation in the Nordic countries looks stable going into 2026

Viva commented cautiously positively on the outlook for the rest of the year, even though it does not expect the negative market environment to change anytime soon. In terms of profitability, it expects both cost inflation and price changes to be minor in the first half of next year, and thus the gross margin level to remain fairly stable. Anora stated at its Capital Markets Day a couple of weeks ago that it expects negative market development in the coming years but aims to improve its results through its own actions. We also expect Anora's Wine segment to be able to improve its results through increased efficiency and the end of the revenue decline.