Viva Wine Group (VIVA) Q4 2025 earnings summary

Executive summary

• Achieved record net sales and EBITA in Q4 2025, driven by the Delta Wines acquisition, B2C recovery, and strategic acquisitions including Alpha Brands and Vinguiden Nordic AB, with Nasdaq Stockholm Main Market listing completed.

• B2B now represents nearly 89% of business, with expanded presence in seven markets and leadership in the Nordic monopoly wine market.

• Acquired Alpha Brands in Norway, strengthening the NoLo segment and opening access to Norwegian grocery retail.

• B2C segment returned to growth, with increased active customers and first-time orders.

• Changed listing venue from First North to Nasdaq Main Market in Q4 2025, enhancing visibility and credibility.

Financial highlights

• Q4 2025 net sales reached SEK 1,774 million, up 49% year-over-year, with adjusted EBITA at SEK 159 million and margin rising to 9.0%.

• Full-year 2025 net sales were SEK 5,495 million (+30.5%), adjusted EBITA SEK 435 million (+18.8%), and EPS SEK 2.32 (+20.8%).

• Strong operating cash flow, with SEK 198 million in Q4 and SEK 325 million for the year.

• Board proposes increased dividend of SEK 1.60 per share, to be paid in two installments, within 50%-70% payout policy.

• Net profit for the year reached SEK 218 million (+18.6%).

Outlook and guidance

• Updated financial targets: organic sales growth above market, adjusted EBITA margin 8–10%, net debt/EBITDA ≤2.5x, and dividend payout of 50–70% of annual net profit.

• Continued deleveraging as Delta Wines EBITDA is consolidated; net debt/EBITDA down from 3.6x in Q3 to 2.6x at year-end.

• OpEx as a percentage of net sales expected to decrease from 12.3% in 2025 to around 11% in 2026, though absolute OpEx will rise due to further Delta consolidation.

• Gross margin expected to remain stable with potential positive FX effects in H2 2026; Q1 and Q2 to reflect lower margin mix from Delta Wines.

• Focus on growth in 2026, especially in Norway, with potential for further acquisitions to improve market position.