Viaplay Group (VPLAY) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked the first full quarter with 100% consolidation of Allente Group, strengthening scale, customer reach, and monetization capabilities.

• Core operations net sales were stable organically at SEK 5,278m–5,300m, with group net sales rising to SEK 5,279m from SEK 4,374m year-over-year.

• EBITDA before ACI and IAC improved to SEK 101m from a SEK 175m loss year-over-year.

• Group free cash flow turned positive at SEK 37m, a SEK 708m year-over-year improvement.

• Strategic transformation continues, focusing on value over volume, premium sports content, and digital advertising.

Financial highlights

• Group net sales reached SEK 5,279m in Q1 2026, up from SEK 4,374m year-over-year.

• EBITDA before ACI and IAC improved from a SEK 175m loss to a SEK 101m profit year-over-year.

• Group free cash flow swung from negative SEK 671m to positive SEK 37m.

• Streaming subscription sales grew 7.9–8% organically year-over-year, with higher ARPU and D2C subscriber growth.

• Non-streaming subscription sales declined 4.6–5% organically; advertising sales down 1–1.3% organically.

Outlook and guidance

• Cash cost synergies from Allente integration expected at SEK 300–400m annually from 2027, with some realized in 2026.

• Double-digit EBITDA margin targeted for 2028, up from 5.3% in 2025 (pro forma).

• Full-year 2026 core operations sales expected to remain stable organically; EBITDA before ACI & IAC targeted at SEK 1.0–1.4bn.

• Working capital swings expected to be less volatile in 2026; non-core cash drag projected at SEK 500m in 2026, declining to SEK 200m by 2028.

• Positive FX tailwind of SEK 300m expected for the full year.