Transformation plan on track. Sale of Dutch operations to focus Group on the Nordics and reduce net debt levels.
Q2 Highlights
- Core operations net sales of SEK 5,509m (pro forma SEK 5,390m1) up 1% on an organic basis, and Core operations EBITDA before ACI and IAC increased to SEK 458m (pro forma SEK 412m1)
- Group net sales of SEK 5,513m (4,313), operating income of SEK 253m (88) including ACI of SEK 0m (46) and IAC2 of SEK -52m (-42), net income of SEK 70m (-49) and basic earnings per share of SEK 0.02 (-0.01)
- Group free cash flow of SEK 113m (823) comprised SEK 176m (1,042) for Core operations and SEK -63m (-219) for Non-core operations
- Allente Group integration on track with no change to anticipated synergies
- Announced sale of Dutch operations for EUR 142m (approximately SEK 1.57bn) after end of period to focus Group on the Nordics and reduce net debt levels - subject to regulatory and lender approval and other customary consents and procedures, and expected to close in the coming months. Financial net debt amounted to SEK 5.12bn at end of period before proceeds from sale
- No change to 2026 financial targets or long-term ambitions
Financial summary
| Q2 | Q2 | H1 | H1 | FY | |
| (SEKm) | 2026 | 2025 | 2026 | 2025 | 2025 |
| Net sales | 5,513 | 4,313 | 10,792 | 8,687 | 17,682 |
| Net sales, Core operations (pro forma1) | 5,509 | 5,390 | 10,787 | 10,790 | 21,494 |
| EBITDA before ACI and IAC | 458 | 128 | 559 | -53 | 198 |
| EBITDA before ACI and IAC, Core operations (pro forma1) | 458 | 412 | 559 | 498 | 1,144 |
| Operating income | 253 | 88 | 19 | 126 | -486 |
| Net income for the period | 70 | -49 | -350 | -174 | -1,267 |
| Basic earnings per share (SEK) | 0.02 | -0.01 | -0.08 | -0.04 | -0.28 |
1) Pro forma financials for 2025 are provided in order to facilitate like-for-like comparison. The pro forma results for 2025 are calculated as if Allente Group had been consolidated from 1 January 2025. Viaplay Group acquired the remaining 50% of Allente Group and assumed full ownership of Allente Group on 13 November 2025. Reported Core operations net sales amounted to SEK 4,160m for Q2 2025, and SEK 8,353m for H1 2025. Reported Core operations EBITDA amounted to SEK 133m for Q2 2025, and SEK -43m for H1 2025. Please see page 23 for more information regarding the pro forma financials.
2) Items affecting comparability in Q2 2026 mainly comprised restructuring and integration costs, as well as foreign exchange translation effects related to previous content provisions. Please see page 20 for more information regarding items affecting comparability.
Alternative performance measures used in this report are explained and reconciled on pages 17-23.
A word from our President & CEO
Q2 continued the pattern that we saw in the first quarter of the year, as we moved steadily along our long-term transformation path. The integration of Allente has proceeded according to plan. We have extended key content rights on market terms, and moved a number of our key partnership agreements onto a more commercially competitive basis. The recently announced divestment of our Dutch operations will enable us to reduce our net debt levels and operationally focus the Group on our home Nordic markets. We are on track to deliver our 2026 financial targets, and we still have much to do to deliver our longer-term ambitions of double-digit EBITDA margins and healthy free cash flow generation.
Sales for our Core operations were up 1% year-on-year on an organic basis, and reflected largely the same dynamics as in Q1.
Streaming subscription sales were up 7% on an organic basis. The Viaplay subscriber base was stable year on year, as our D2C base continued to grow while the decline in the B2B base reflected the focus on 'value over volume' in our distribution partner agreements.
Both D2C and B2B revenues were up and driven by higher ARPU levels due to the positive mix effect of the higher number of premium sports subscribers and the work that we have done with our B2B distributors. It is clear that the breadth and depth of our high quality and year-round sports offering is a consistent differentiator for us.
Non-streaming subscription sales include almost all of Allente's sales and were down 3% on an organic basis. This development reflects long-term and structural changes in customer behaviour, which affects both the Allente DTH subscriber base and the number of subscribers to our linear TV channels through third party distributors. New pricing and packaging initiatives are regularly introduced in our work with partners to drive up ARPU levels. Allente's ARPU was up again, both year-on-year and quarter-on-quarter.
Our advertising sales were up slightly on an organic basis, as continued high levels of growth in digital advertising sales, as well as higher radio advertising sales, offset the ongoing decline in linear TV advertising sales.
Our 'Other' sales were down 15% on an organic basis, and reflected the lower level of scripted content sales in particular.
Our Q2 content line-up combined the very best in premium sports, local storytelling and international hits. The culmination of the English Premier and Football League seasons and Danish Superliga, the final rounds of the UEFA club championships, Formula One motor-racing, and golf from three of the four majors all attracted large scale audiences and drove viewing and sales in the quarter.
The non-sports slate included the successful premieres of several new local productions including 'Helvetesuka' and 'Charterfeber' spin-off 'Skjærgårdsfeber' in Norway, together with a local version of 'Charterfeber' and 'Middag på Michelin-restauranterne' in Denmark. The international content slate was further strengthened with international hit 'Sandokan', while our movie offering featured Hollywood titles such as 'Materialists' and Swedish original film 'Det är något som inte stämmer'.
Operating expenditure for our Core operations was up year-on-year, and primarily reflected the inflation embedded in our legacy and multi-year content agreements. The inflation was offset to a large extent by SG&A efficiencies, including initial synergies arising from the Allente integration, and positive FX effects.
Our Core operations EBITDA before ACI and IAC was up and included approximately SEK 110 million of positive year-on-year FX effects. There is no change to our expectation that the integration of Allente will yield SEK 300 to 400 million of annual full run-rate cash synergies in 2027, and that some of these synergies will be realised this year. The cash cost of the integration is still expected to be between SEK 270 and 330 million, and to be reported as an IAC during 2026.
We reported positive free cash flow this quarter as positive operating free cash flow from our Core operations more than offset the minor changes in working capital, the ongoing cash drag from the discontinued Non-core operations, our cash borrowing costs and low levels of capital expenditure. The working capital development was positively impacted by differences in the timing of payments, which will unwind in the coming quarters.
We continue to expect full year 2026 sales for our Core operations to be stable year-on-year on an organic basis, and full year 2026 Core operation EBITDA before ACI and IAC to be between SEK 1.0 and 1.4 billion. There is also no change to our longer-term ambition for a stable organic sales development, and a double-digit EBITDA margin for 2028. We are working with our partners to extend key content and distribution agreements on market terms, in order to be able to deliver our transformation plan. Where this is not possible, we exit the agreements and find alternatives.
The delivery of our transformation plan will strengthen our cash flows and enable us to deleverage our balance sheet over time. This is also why we took the decision to sell our Dutch operations a few weeks ago. The completion of the deal will reduce our net debt and put us in a better position financially. It will also return the Group to a sole focus and capital allocation to the Nordic markets, where we have a scale advantage and most synergy potential.
In summary, Q2 was a busy quarter in which we made progress along the path towards our Group targets and ambitions. There is still much to do, and we are constantly focused on becoming more relevant and more resilient. Our key focus is to rebuild a Group that can both entertain and create sustainable value for our customers, our people, our partners and our owners.
Jørgen Madsen Lindemann
President & CEO
*****
Financial calendar
Publication of Q3 2026 report: 22 October 2026
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About Viaplay Group AB (publ)
Viaplay Group 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 commercial radio stations in Norway and Sweden. Allente, a leading Nordic provider of TV and broadband services, is part of Viaplay Group and strengthens our position across the Nordic media landscape. 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. Viaplay Group is listed on Nasdaq Stockholm ('VPLAY B').
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This information is information that Viaplay Group is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-17 07:30 CEST.
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Viaplay Group Q2 2026
