Key points for investors:
- Integration & strategy: The Allente integration is proceeding according to plan, creating a larger Nordic-focused group with increased customer reach, content monetization potential and synergy opportunities (cost and sales). Management is refocusing on the Nordics and exploring further cross-selling between Viaplay and Allente.
- Financial performance: Combined core H1 sales ~SEK 10.8bn (≈+25% vs standalone prior year pro forma). Combined first-half EBITDA before ACIs/IACs ~SEK 560m vs a SEK 50m loss prior-year pro forma. Q2 core EBITDA benefited from an approx. SEK 110m FX tailwind (stronger SEK).
- Revenue mix & trends: Streaming subscription sales organic +7% YoY; total Viaplay subscriber base stable YoY but seasonally down QoQ. D2C and B2B ARPU improved driven by premium sports subscribers. Non-streaming (Allente DTH and linear) continues to decline structurally; non-streaming subscription sales down ~3% organic. Advertising slightly up organically (digital/AVOD growth offset linear ad decline).
- Content & sports: Heavy sports lineup this quarter; content remains a priority and three-quarters of costs are content. Sports costs rise due to inflation in legacy multi-year deals; management plans to re-negotiate, extend on market terms or find alternatives to reduce inflation impact.
- Cash flow, debt & liquidity: Q2 operating cash flow SEK 145m; free cash flow positive SEK 113m (core +176m; non-core -63m). Non-core (legacy market exit) cash drag expected ~SEK 500m in 2026, ~SEK 400m in 2027, ~SEK 200m in 2028. Financial net debt ~SEK 5.12bn; net debt/TTM pro forma EBITDA ~4.5x (down from 4.7x Q1). Annual cash interest ~SEK 450m. CapEx expected around SEK 150m for year.
- Dutch divestment: Sale of Dutch operations announced for EUR 142m (cash and debt-free) — management expects proceeds to reduce net debt when transaction closes, subject to regulatory approvals.
- Targets & outlook: Management reiterates ambition to achieve a double-digit EBITDA margin in 2028 (from ~5.3% last year) via relevance-driven sales, content cost discipline (market terms/alternatives), SGA savings and realized synergies. No change to current-year guidance; FX exposure (primarily NOK) can materially affect H2 results.
- Key risks: regulatory approval and timing for the Dutch sale, competitive and inflationary pressures in sports rights auctions (possible losses of rights), continued structural decline in linear TV, and FX volatility affecting reported results and margins.
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