Among Anora's main markets, at least Finland and Norway continued their negative development in Q4'24 and we do not expect a turnaround this year.

Anora announced this morning that it will scale its position in Lithuania by establishing its own local subsidiary there. Anora has a previous presence in the Baltics, which accounted for 4% of its revenue in 2023.

Anora’s Q3 result was weak and the company repeated the full-year guidance it cut in October, which indicates that the result will remain at last year’s weak level.

Anora announced last night that its CEO Jacek Pastuszka will resign once the company finds a new CEO. Pastuszka has only been in his position for a year, and the company’s CFO changed earlier last summer.

Anora lowered its guidance for this year by more than we expected. In our view, this also reflects a weakening in the company's longer-term earnings potential, which led us to significantly lower our forecasts for the next few years and the longer term.

Anora's Q2 results improved slightly on the comparison period and met our expectations. The company reiterated its full-year guidance, which was expected, although our forecast is close to the low end of the range. Our forecast was largely unchanged, and we continue to believe that the company will be able to significantly improve its results in the coming years compared to last year’s weak performance.