Viaplay Group continues to execute on its transformation with slightly improved underlying performance and progress towards closing the Allente acquisition
Third quarter financial highlights
> Total reported Group net sales of SEK 4,018m (4,412) and total operating income before associated company income (ACI) and items affecting comparability (IAC) of SEK -56m (-56).
> Reported sales for Core operations (Nordics, Netherlands and Viaplay Select) of SEK 4,014m (4,209), with organic sales growth of -3%. Operating income before ACI and IAC of SEK -56m (-49).
> Total reported operating income of SEK 25m (2) including ACI of SEK 48m (52) and IAC1 of SEK 33m (5).
> Net income of SEK -142m (-148) and basic earnings per share of SEK -0.03 (-0.03).
> Group free cash flow of SEK -1,193m (-1,523), and financial net debt position of SEK 2,020m and net debt of SEK 2,294m.
> Progress in the Allente acquisition process with expected close in Q4.
Financial summary
Nine | Nine | Full | |||
Q3 | Q3 | months | months | year | |
(SEKm) | 2025 | 2024 | 2025 | 2024 | 2024 |
Total net sales | 4,018 | 4,412 | 12,705 | 13,653 | 18,490 |
Core operations, net sales | 4,014 | 4,209 | 12,367 | 12,959 | 17,598 |
Organic sales growth for Core operations | -2.7% | 5.9% | -2.6% | 4.7% | 4.7% |
Reported sales growth for Core operations | -4.6% | 0.1% | -4.6% | 1.5% | 1.5% |
Operating income before ACI and IAC | -56 | -56 | -199 | -443 | -269 |
Core operations operating income before ACI and IAC | -56 | -49 | -188 | -391 | -181 |
Associated company income (ACI) | 48 | 52 | 128 | 113 | 151 |
Items affecting comparability (IAC)1 | 33 | 5 | 222 | -135 | -439 |
Operating income | 25 | 2 | 151 | -465 | -558 |
Net income for the period | -142 | -148 | -316 | 336 | 106 |
Basic earnings per share (SEK) | -0.03 | -0.03 | -0.07 | 0.09 | 0.03 |
1) Items affecting comparability in Q3 2025 comprised currency effects related to previous content provisions and currency effects as an effect of the Group's limited possibility to hedge. Please see page 22 regarding items affecting comparability.
Alternative performance measures used in this report are explained and reconciled on pages 19-24 in the Q3 report.
A word from our President & CEO
We have continued to execute on our strategy and plan. We still have a lot of work to do, but our transformation remains on track, supported by clear priorities, financial discipline and a sharp focus on long-term value creation. We are becoming a more relevant and commercial entertainment company - focused on monetisation, performance improvements and return on investment. The work to team up with Allente has continued with progress, and we have to date received approval from the relevant authorities in Norway and Denmark. In Sweden, we have received confirmation from the Swedish Inspectorate of Strategic Products under the Foreign Direct Investments Act (2023:560) that the notification is left without action. Competition approval from the Swedish Competition Authority has, as of today's date, not yet been granted. We expect to finalise the acquisition and close during the fourth quarter. Together, we will build on our shared strengths to create a customer-focused Nordic entertainment business - commercially driven, long-term in its outlook, and fit for purpose.
Our world-class sports portfolio once again delivered millions of viewing hours across our markets. The new Premier League season began with strong engagement, and Viaplay Premier Sunday returned bigger than ever - doubling its live shows and reaching audiences across all five core markets. Formula 1 and the Premier League remained the most watched sports on our platforms, followed by the UEFA Club tournaments and Ryder Cup. In Norway, our new partnership with TV 2 makes over 3,000 football matches per year available to a broader audience, reflecting how collaboration can create greater value for both our customers and partners.
Local storytelling continued to engage and entertain audiences across our markets. The new season of Paradise Hotel Sverige was one of the most watched titles of the quarter, while Robinson Ekspeditionen and Svenska Fall also delivered strong performances. Together, these formats show the strength of our strategy to focus on commercial formats and combining long-time audience favorites with new ideas that build loyalty and drive return on investment.
Looking ahead, audiences can look forward to a strong line-up in the coming months, including the UEFA Champions League, the ongoing Premier League and Formula 1 coverage, and the return of winter sports such as the FIS World Cup. Together, these events reflect the relevance and breadth of Viaplay's unique sports portfolio and its appeal to Nordic audiences.
Our Core operations developed in line with expectations. Viaplay streaming sales grew organically by 1% year-on-year, as the growth in direct-to-consumer subscriptions and higher average revenue per user offset the decline within business-to-business. This reflects our continued focus on value over volume.
Linear subscription sales declined by 1% organically, as expected, while advertising revenues grew by 2%, supported by digital, HVOD and radio - reflecting our strategy to offset linear decline through digital growth. Sublicensing and other sales decreased organically by 37% year-on-year, reflecting a normalisation after last year's exceptional scripted content sales volumes, with a proportional cost impact as related production costs are recognised in the same period as the associated sales. This was partly offset by increased sports sublicensing.
The underlying Core operating income before ACI and IAC slightly improved year-on-year, supported by higher advertising and sublicensing revenues and continued cost discipline. The reported result was slightly lower than last year, reflecting higher sports content costs and minor negative FX effects. Costs were lower compared to the same period last year, driven by efficiency gains and lower costs associated with scripted content sales, which was partly offset by the increase in sports content costs. Our focus remains on efficiency, operational delivery and cash flow generation.
Following the announcement of the Allente acquisition in July, we have now filed for regulatory approval in all countries, and the processes are progressing well. We expect to close the transaction during Q4. Once completed, this transaction will mark the next step in our transformation and further focus on our Nordic core. By bringing Viaplay Group and Allente under the same ownership, we will be well positioned to deliver attractive products and services to customers across the Nordics and to create long-term value for both companies.
Our priorities remain clear: relevant and commercial storytelling, operational delivery and continued monetis-ation of our strong content portfolio. We are disciplined in our capital allocation, focused on return on investment and committed to reducing leverage over time.
We are executing on our plan with focus, as we continue to build a stronger, more relevant Viaplay Group that creates long-term value for our shareholders, partners and for our audiences across the Nordics.
Jørgen Madsen Lindemann
President & CEO
Shareholder information
Financial calendar
| Publication of Q4 Full year report | 19 February 2026 |
| Annual General Meeting | 12 May 2026 |
Conference call
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NOTES TO EDITORS
This information is information that Viaplay Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CEST on 22 October 2025.
Viaplay Group AB (publ) is the Nordic region's leading entertainment provider. Our Viaplay streaming service is available in every Nordic country, as well as in the Netherlands and our Viaplay Select branded content concept has been added to partner platforms around the world. We also operate TV channels across most of our markets, as well as radio stations in Norway and Sweden. Our talented people come to work every day with a shared passion and clear mission to entertain millions of people with our unique offering of locally relevant storytelling, which spans premium live sports, films, series and music. Our purpose is to grow our business profitably and responsibly, and deliver sustainable value for all our stakeholders. Viaplay Group is listed on Nasdaq Stockholm ('VPLAY B').
This interim report contains statements concerning, among other things, Viaplay Group's financial condition and results of operations that are forward-looking in nature. Such statements are not historical facts but, rather, represent Viaplay Group's future expectations. Viaplay Group believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions; however, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. Such important factors include but may not be limited to Viaplay Group's market position; growth in the streaming industry; and the effects of competition and other economic, business, competitive and/or regulatory factors affecting the business of Viaplay Group, its group companies and the streaming industry in general. Forward-looking statements apply only as of the date they were made and, other than as required by applicable law, Viaplay Group undertakes no obligation to update any of them in the light of new information or future events.
