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Viaplay Group (VPLAY) investor relations material
Viaplay Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Transformation strategy execution continued, focusing on monetization, performance improvement, and ROI.
Progress made on the Allente acquisition, with regulatory approvals in Norway and Denmark; Swedish approval pending, expected to close in Q4.
Strategic partnership with Allente and TV2 Norway aims to create a leading Nordic entertainment business and expand football content reach.
Sports content, especially Premier League and Formula One, and local content continue to drive strong engagement across core Nordic markets.
Emphasis on value over volume, prioritizing long-term profitable customers and digital ad inventory growth.
Financial highlights
Core net sales for Q3 2025 were SEK 4,014m, down from SEK 4,209m in Q3 2024, with organic sales down 2.7% year-on-year.
Viaplay streaming service grew organically by 1% year-on-year, driven by D2C subscriptions and higher ARPU; subscriber base reached 4,303k.
Linear subscription sales declined 1% organically; advertising revenues grew 2%, led by digital and radio.
Sublicensing and other sales decreased 37% year-on-year, normalizing after last year's high scripted content sales.
Core operating income before ACI and IAC was negative SEK 56 million; net income was SEK -142 million.
Group free cash flow for the quarter was negative SEK 1,193 million, reflecting seasonal working capital outflows.
Financial net debt at quarter-end: SEK 2,020 million; total borrowings SEK 3,685 million; SEK 1,800 million drawn on RCF.
Outlook and guidance
Revenues expected to remain broadly stable as Viaplay growth offsets gradual decline in Allente's DTH business.
Focus on margin expansion, aiming for double-digit EBITDA margins by 2028.
2025 guidance: core net sales SEK 21–22 billion, core EBITDA SEK 800–1,100 million, adjusted operating free cash flow SEK 500–750 million.
Leverage expected to decline gradually as cash flow and EBITDA improve.
Continued focus on operational efficiency, monetization, and leverage reduction.
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