Viaplay Group (VPLAY) Q4 2025 earnings summary

Executive summary

• Achieved or exceeded full-year pro forma targets for the combined group, with the completed acquisition of the remaining 50% of Allente Group in November 2025 and integration underway, targeting SEK 300–400 million in annual cash synergies from 2027.

• Organisational restructuring and strategic refocus on profitable growth, sustainable cash flow, and value over volume completed.

• Transformation plan progressed, with full-year sales, profits, and cash flow meeting or exceeding guidance.

Financial highlights

• Q4 2025 reported sales were SEK 4,978 million, including SEK 578 million from Allente post-acquisition.

• Pro forma full-year sales for the combined group reached SEK 21,494 million, with EBITDA of SEK 1,144 million and a 5% margin.

• Pro forma adjusted operating free cash flow for 2025 was SEK 804 million, above guidance.

• Net debt at year-end was SEK 5,525 million, up from SEK 1,113 million in 2024, mainly due to the Allente acquisition and refinancing.

• Q4 net income was SEK -951 million, impacted by SEK 642 million in items affecting comparability and SEK 154 million in ACI.

Outlook and guidance

• 2026 guidance: core operation net sales expected to remain stable year-on-year on an organic basis, with EBITDA before ACI and IAC targeted at SEK 1.0–1.4 billion.

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

• Working capital swings expected to be less volatile in 2026 due to new commercial agreements.