Viaplay Group (VPLAY) investor relations material

Executive summary

• Transformation advanced with Allente integration on track, delivering expected synergies and shifting focus to the Nordics after the announced sale of Dutch operations for EUR 142 million to reduce net debt.

• Core operations sales reached SEK 5,509 million in Q2 2026, up 0.7% organically year-over-year, with streaming sales growing 7.1% and EBITDA before ACI and IAC rising to SEK 458 million.

• Group net income was SEK 70 million, reversing a prior year loss, and positive free cash flow of SEK 113 million was generated, with SEK 176 million from core operations and minus SEK 63 million from non-core operations.

• Strategic focus is now on building a resilient, focused Nordic business, supported by the divestment of Dutch operations.

Financial highlights

• Core operations sales for H1 2026 were SEK 10,787 million, up from SEK 8,353 million in H1 2025.

• Core operations EBITDA (excluding ACI & IAC) for H1 2026 was SEK 559 million, compared to SEK -43 million in H1 2025.

• Q2 EBITDA benefited from a SEK 110 million positive FX effect.

• Free cash flow in Q2 was SEK 113 million, with SEK 176 million from core operations and minus SEK 63 million from non-core operations.

• Net debt to trailing 12 months pro forma EBITDA (excl. IAC) was 4.5x at Q2 end, down from 4.7x in Q1.

Outlook and guidance

• Full-year 2026 core operations sales expected to be stable year-on-year on an organic basis.

• Full-year 2026 core operations EBITDA before ACI & IAC targeted at SEK 1.0–1.4 billion.

• Long-term ambition for double-digit EBITDA margin by 2028, with stable organic sales growth from 2025 to 2028.

• CapEx guidance for the year remains at SEK 150 million.