Viva Wine Group (VIVA) Q2 2026 earnings summary

Executive summary

• Net sales increased by 21.2% year-over-year to SEK 1,623 million in Q2, mainly driven by acquisitions of Delta Wines and Alpha Brands, while organic growth was -3.7%.

• Adjusted EBITA rose to SEK 108 million, with a margin of 6.7%, but operating profit remained flat at SEK 79 million.

• Strong operating cash flow improved to SEK 51 million, and earnings per share were SEK 0.45.

• Market leadership in the Nordic monopoly wine markets was maintained, with stable high market share and positive development in Delta Wines.

• The group expanded its B2C customer base despite weak consumer sentiment and macroeconomic uncertainty.

Financial highlights

• Net sales for H1 2026 increased 33.1% to SEK 2,974 million, with organic growth at -1.4%.

• Adjusted EBITA for H1 was SEK 183 million (margin 6.2%), and operating profit was SEK 128 million (margin 4.3%).

• Net profit for Q2 was SEK 46 million; for H1, SEK 76 million.

• Net working capital to net sales ratio improved to 9.0, and net debt to EBITDA ended at 2.6%.

• Dividend paid in two installments, with the first in Q2 and the next scheduled for November pending bid outcome.

Outlook and guidance

• Full-year OpEx to net sales guidance maintained at 11%-12%, with Q2 OpEx higher due to seasonality and one-time bid process effects.

• Management expects continued challenges from weak consumer sentiment, increased freight and distribution costs, and currency volatility, but remains optimistic about long-term growth.

• Next quarter expected to see lower OpEx in line with seasonal patterns.

• Continued focus on leveraging acquisitions for growth and strategic execution.