Translation: Original published in Finnish on 02/20/2026 at 07:15 am EET

Viva Wine, the main competitor of Anora's Wine segment, announced its Q4 results yesterday. Viva's revenue in the Nordics contracted slightly as volumes decreased roughly in line with the market. Due to an acquisition and change in reporting, we can no longer directly see the profitability of the Nordic countries from Viva's reported figures, but based on the company's comments, it improved in Q4. Compared to Anora's Wine segment, Viva's sales development was slightly stronger, and profitability remained at a higher level.

Viva's sales in the Nordics decreased broadly in line with the market

Viva reports that its comparable sales in the B2B segment (i.e. Nordic sales) declined by 2.5%. The acquisition of Delta Wines boosted the entire B2B segment to over 35% growth. Viva's organic development was also better than the 9% 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 we also believe its sales decreased in the Nordic countries.

Anora's profitability still clearly lags behind Viva

The relative profitability of Viva's B2B segment remained unchanged at a 10% EBITA margin level despite the consolidation of Delta Wines, which has a lower margin. The company commented that its gross margin in the Nordics improved from the comparison period, as it did for Anora. Anora's Wine segment's EBITDA margin development is considerably more volatile than Viva's, and in Q4, Anora's level is seasonally the strongest (Q4'25 14.3%).

Stable margin outlook, Viva expects to grow this year

Viva has not observed a significant change in the demand environment, but did not directly provide an estimate for market development in the near future. However, the company believes its own business will grow in the Nordic countries, which we estimate means gaining market share in a challenging market. Viva did not seem particularly concerned about Anora's efforts to improve its market share in Sweden, at least regarding its own position.

The company expects the gross margin to remain fairly stable in H1, as it commented earlier. The strengthening of the Swedish and Norwegian krona may provide some support for the margin later in the year. This is in line with our expectations for Anora's Wine segment, where we anticipate a slight improvement in the gross margin this year.

Anora stated in its Q4 report last week that it expects a challenging market this year as well (which we believe means a market decline). However, it guides for an earnings improvement for the entire company. We expect Anora's Wine segment to be able to improve its results this year, as operations become more efficient and the revenue decline stops.