Viaplay Group (VPLAY) Q2 2026 earnings summary

Executive summary

• Transformation plan progressing, with Allente integration on track and anticipated synergies unchanged; focus shifting to Nordic markets after the announced sale of Dutch operations for EUR 142 million to reduce net debt and sharpen operational focus.

• 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 up to SEK 458 million.

• Group net income reached SEK 70 million, reversing a loss of SEK -49 million in the prior year.

• Positive group free cash flow of SEK 113 million, with SEK 176 million from core operations and SEK -63 million from non-core 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 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 was 4.5x at Q2 end, down from 4.7x at Q1 end.

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.

• Margin improvement depends on content cost discipline, sales growth, and efficiency gains.