Viaplay Group (VPLAY) Q3 2026 earnings summary

Executive summary

• Q3 core operations sales were SEK 5,251m, up 0.1% organically; EBITDA before ACI and IAC was SEK 313m versus pro forma SEK 276m.

• Q3 net loss narrowed to SEK 30m from SEK 142m; free cash flow improved to SEK -32m from SEK -1,193m.

• Transformation priorities include Allente integration, the Dutch divestment, cost reduction and stronger cash generation.

Financial highlights

• Reported core operations sales rose 30% YoY to SEK 5,251m, reflecting full consolidation of Allente; 9M sales were SEK 16,037m versus SEK 12,367m.

• 9M core operations EBITDA before ACI and IAC was SEK 871m versus SEK -54m; Q3 EBITDA included a positive FX effect of ~SEK 75m.

• Q3 operating income was SEK 122m versus SEK 25m, including SEK -48m IAC and no ACI; basic EPS was SEK -0.01 versus SEK -0.03.

• Q3 cash flow from operations before working capital was SEK 195m versus SEK -140m; operating cash flow was SEK 5m and CapEx was SEK 36m.

Outlook and guidance

• FY 2026 targets remain unchanged: stable organic core operations sales YoY and EBITDA before ACI and IAC of SEK 1.0bn–1.4bn.

• 2025–2028 ambition remains average stable organic core operations sales and a double-digit EBITDA margin in 2028, before ACI and IAC.

• Allente full run-rate annual cash cost synergies are expected to reach SEK 300m–400m from 1 January 2027; integration cash costs are expected at SEK 270m–330m.

• FY CapEx is expected at ~SEK 150m, cash taxes at ~SEK 200m and annual cash interest at ~SEK 450m.

• FY working-capital ambition is neutral to positive excluding the non-core cash drag; existing and pipeline agreements point to improved other-sales performance in Q4.