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Viva Wine Group (VIVA) investor relations material
Viva Wine Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary28 Aug, 2025
Executive summary
Net sales grew 20.2% year-over-year to SEK 1,339 million in Q2 2025, primarily driven by the Delta Wines acquisition, with organic growth at 1.0%.
Integration of Delta Wines is proceeding as planned, expanding the group's European footprint and sustainability organization, with positive stakeholder reception.
The group remains the market leader in the Nordics with a 22.6% market share, though slightly down due to tough comparables and prior logistical boosts.
B2B segment led growth, with B2C showing slight organic growth despite negative FX effects and soft consumer sentiment.
Earnings per share increased to SEK 0.50 from SEK 0.38 year-over-year.
Financial highlights
Adjusted EBITA/EBITDA margin declined to 7.5% from 9.6% year-over-year, impacted by lower gross margin from Delta Wines, one-time acquisition costs, and increased OpEx.
Net sales reached SEK 1,339 million in Q2 2025, up from SEK 1,114 million in Q2 2024.
Net working capital and net debt increased due to the acquisition and new loan, with net debt at SEK 1,539 million and NWC/Net Sales RTM at 14.5%.
Cash flow from investing activities included SEK 566 million for the Delta Wines acquisition; a new loan of SEK 633–634 million was raised.
Gross margin in Q2 was 19.1%, down from 20.4% year-over-year.
Outlook and guidance
Expectation to deleverage net debt/EBITDA from 4.1x to 2.5x within a year as EBITDA is consolidated.
Integration of Delta Wines is expected to strengthen the group’s European platform, with seasonality driving strongest performance in Q4.
No planned OpEx step up in 2026; OpEx as a percentage of net sales expected to align with 2023 levels.
Delta Wines expected to deliver mid-single-digit organic growth, in line with group targets.
Management focuses on operational excellence, broader offering, and geographical expansion for future growth.
Delta Wines' gross margin impact on group
Net Debt/EBITDA normalization timeline
B2C marketing investment impact on organic growth
Delta Wines gross margin seasonality impact
OpEx increase: one-off vs. structural investments
B2C new customer acquisition strategy details
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Next Viva Wine Group earnings date
Q3 202520 Nov, 2025
Next Viva Wine Group earnings date
Q3 202520 Nov, 2025
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Frequently asked questions
Viva Wine Group is a producer and distributor of wines, focusing on offering a broad portfolio of wine brands across various price segments. The company specializes in sourcing, producing, and marketing wines from different regions worldwide, catering to a diverse range of consumer preferences. Viva Wine Group operates through multiple subsidiaries and collaborates with wineries and vineyards globally, ensuring a varied selection of wines. The company's products are available through retail channels, online platforms, and direct sales, serving markets in Europe and beyond. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Stockholm Stock Exchange.
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