Viva Wine Group (VIVA) Q4 2025 earnings summary

Executive summary

• Achieved record net sales and EBITA in 2025, driven by the acquisition of Delta Wines and strong B2C performance, with B2B now representing nearly 90% of business and expanded presence in seven markets.

• Strategic acquisitions, including Delta Wines, Alpha Brands, and Vinguiden Nordic AB, strengthened the NoLo segment and expanded access to Norwegian grocery retail.

• Listed on Nasdaq Stockholm Main Market in December 2025, marking a significant milestone and supporting further M&A activity.

• Entered 2026 with a focus on growth, especially in Norway, and ongoing evaluation of further acquisition targets.

Financial highlights

• Net sales increased by 49% year-over-year in Q4 to SEK 1,774m, and by 30.5% to SEK 5,495m for the year, mainly due to Delta Wines acquisition.

• Adjusted EBITA rose 52.6% to SEK 159m in Q4 and 18.8% to SEK 435m for the year, with Q4 margin at 9.0%.

• Net income for the year was SEK 218m, up 18.6% year-over-year; EPS increased to SEK 2.32 for the year.

• Strong operating cash flow and improved working capital, with a proposed dividend of SEK 1.60 per share, within the 50%-70% payout policy.

• Net debt/EBITDA reduced to 2.6x at year-end, targeting ≤2.5x.

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.

• 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.

• Management expects continued growth through both organic initiatives and strategic acquisitions.