Viaplay Group (VPLAY) Q2 2025 earnings summary

Executive summary

• Announced agreement to acquire Telenor's 50% stake in Allente Group, aiming to expand the direct-to-consumer footprint and enhance product offerings across the Nordics, with revised financial targets for 2025 and beyond.

• Transformation strategy focused on value over volume, financial discipline, and content engagement driven by sports and local storytelling.

• Completed exit from non-core markets, including the wind-down in Poland and sale of UK and Baltic operations.

Financial highlights

• Q2 core operating income before associate company income and ISCs improved to SEK 89m from -SEK 72m year-over-year; group free cash flow rose to SEK 823m from SEK 627m.

• Reported group sales were SEK 4,313m; core net sales SEK 4,160m, down 3% year-over-year, with organic sales growth for core operations at -0.1%.

• Allente reported Q2 net sales of SEK 1,556m (down 6% YoY), EBITDA before IAC SEK 280m, and subscribers at 844k.

• Net income improved to SEK -49m from -120m; basic EPS at SEK -0.01.

Outlook and guidance

• Updated 2025 pro forma guidance: core net sales of SEK 21–22bn, core EBITDA before ACI & IAC of SEK 0.8–1.1bn, and adjusted group operating free cash flow of SEK 0.5–0.75bn.

• Long-term ambition for flat core organic net sales growth (2025–2028), double-digit core EBITDA margins by 2028, and gradual increase in adjusted group operating free cash flow.