Viaplay Group (VPLAY) Q3 2025 earnings summary

Executive summary

• Transformation strategy execution continued, focusing on monetization, performance improvement, and ROI.

• Allente acquisition progressing, with regulatory approvals in Norway and Denmark; Swedish approval pending, expected to close in Q4.

• Sports content, especially Premier League and Formula 1, and local formats like Paradise Hotel Sverige and Robinson Expedition, drove strong engagement in core Nordic markets.

• Viaplay subscriber base reached 4,303,000 at quarter end.

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; excluding sub-licensing and other, organic sales up 0.5%.

• Operating income before ACI and IAC was SEK -56m, unchanged from last year; net income was SEK -142m.

• Group free cash flow was SEK -1,193m, with SEK -1,154m from core and SEK -39m from non-core operations.

• Core operating expenses down 4% year-on-year, mainly due to lower content distribution and SG&A costs.

Outlook and guidance

• 2025 guidance: core net sales SEK 21–22 billion, core EBITDA SEK 0.8–1.1 billion, adjusted operating free cash flow SEK 0.5–0.75 billion.

• Revenues expected to remain broadly stable, with Viaplay growth offset by Allente DTH decline.

• Focus on margin expansion, aiming for double-digit EBITDA margins by 2028 and gradual leverage reduction.