Slide 1: Q4 2025 Results Presentation
Q4 2025 Results PRESENTATION
Slide 2: Important notice
Important notice This presentation has been prepared for information purposes only. The presentation is not intended to form the basis of any investment activity or decision. The presentation should not be considered as a recommendation in relation to an investment in Viaplay Group, nor does it cons
Slide 3: Speakers
SPEAKERS Jørgen Madsen Johan Johansson Matthew Hooper Lindemann CFO and Co-CEO Investor Relations President and CEO Sweden
Slide 4: Group FY 2025 pro forma performance
Group FY 2025 pro forma performance (including Allente Group as if fully consolidated from 1 January 2025) Core sales of SEK 21,494m vs guidance of SEK 21.0-22.0bn Core EBITDA (ex ACI and IAC) of SEK 1,144m vs guidance of SEK 0.8-1.1bn Adjusted operating free cash flow* of SEK 804m vs guidance of SE
Slide 5: Core operations performance by revenue line
Core operations performance by revenue line (excluding consolidation of Allente Group) Viaplay streaming subscriptions Linear channel subscriptions 1.7% organic sales growth 0.6% organic sales growth 46% of Core net sales 26% of Core net sales YoY development reflected growth of D2C base and decline
Slide 6: A unique content offer
A unique content offer Acquired Scripted & Documentaries Non-scripted Sports 6
Slide 7: World class sports rights
World class sports rights UEFA Europa League UEFA Ice Internati National UEFA & FA Cup Europea Hockey onal Ultimate Internati Soccer Gjensidi Women’s Champio Confere & English n African National World National Handball Fighting onal Ski Matchro National Leagues Frauen ge Women's World Premier ns nce
Slide 8: Q4 Sports highlights and upcoming in Q1
Q4 Sports highlights and upcoming in Q1 Q4 highlights Upcoming in Q1 8
Slide 9: Q4 Film and series highlights and upcoming in Q1
Q4 Film and series highlights and upcoming in Q1 Q4 highlights Upcoming in Q1 9
Slide 10: The Nordic region's leading entertainment provider
The Nordic region’s leading entertainment provider Ongoing Completed 1 2 3 Re-focus top-line drivers Improve return on Allente Group integration Organisational restructuring content investment ‒ Sell/partner/close Baltics, ‒ Value over volume ‒ Integration into Viaplay Poland, UK, US & ‒ Focus on co
Slide 11: Reported & pro forma core operations performance
REPORTED & PRO FORMA CORE OPERATIONS PERFORMANCE Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY ( S EKm) 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 V iaplay Co re O peratio n s Sales 4,459 4,292 4,209 4,638 17,598 4,194 4,160 4,014 4,400 16,767 EBITDA -218 -21 1 258 20 -175 133 -13 170 115 EBIT -270 -72 -49 2
Slide 12: Core operations sales
Core operations sales (excluding consolidation of Allente Group) Sales, Q4 2025 vs. Q4 2024 (SEKm) Sales, FY 2025 vs. FY 2024 (SEKm) 4,638 4,440 17,598 -65 16,767 -133 -439 -392 Q4 2024 Organic sales FX headwind Q4 2025 FY 2024 Organic sales FX headwind FY 2025 development development • FX translati
Slide 13: Core operations EBIT
Core operations EBIT (excluding ACI, IAC and consolidation of Allente Group) Core EBIT, Q4 2025 vs. Q4 2024 (SEKm) Core EBIT, FY 2025 vs FY 2024 (SEKm) 245 210 -42 128 -40 -125 -61 -181 Q4 2024 Organic EBIT FX headwind Q4 2025 FY 2024 Organic EBIT FX headwind FY 2025 development development • FX tra
Slide 14: Allente Group standalone performance
Allente Group standalone performance Sales (SEKm) EBITDA (SEKm) 2024 2025 2024 2025 -401 (-6%) 6,548 6,147 +33 (+3%) 996 1,029 1,649 1,579 1,656 1,556 1,645 1,524 1,598 1,488 261 249 280 285 289 243 219 200 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY • Ongoing sales decline reflects structural decline in linear v
Slide 15: Reported & pro forma sales segment performance
REPORTED & PRO FORMA SALES SEGMENT PERFORMANCE O rgan ic gro wth Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q 42 5 F Y2 5 vs ( S EKm) 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 vs F Y2 4 R even u es by c atego ry Viaplay streaming subscription 1,964 1,996 1,913 2,056 7,930 1,949 1,916 1,894 2,041 7,799 2%
Slide 16: Allente Group integration update
Allente Group integration update • Allente Group formed in 2020 through 50:50 merger of Viasat Consumer and Canal Digital DTH platforms Transaction • Acquisition of remaining 50% of shares from Telenor was completed on 13 November 2025 background • Integration of Allente Group is ongoing • Estimated
Slide 17: Financial position
Financial position Net debt Facility maturity profile (incl. amortisation schedule) 6 922 ( S EKm) D ec ' 25 Working capital facility Working capital facility 2,500 Allente loan 2 500 Allente loan 1,621 Bonds and notes Bonds and notes 1,858 RCF RCF 1) 500 Gross debt 6,479 781 Prepaid borrowing expen
Slide 18: 2026 Full Year Financial Targets
2026 FULL YEAR FINANCIAL TARGETS The Group’s financial targets for 2026 reflect the acquisition of the remaining 50% of Allente Group in November 2025. EBITDA is used as the key profitability performance indicator for the combined business. The targets have been provided in conjunction with the anno
Slide 19: Long Term Ambitions
LONG TERM AMBITIONS Viaplay Group’s long-term financial ambitions were updated in conjunction with the announcement of the Allente acquisition on 17 July 2025. The adjusted operating free cash flow ambition has been removed in line with the 2026 full year guidance Core organic sales On average stabl
Slide 20: Q&A
Q&A Q4 2025 Results INVESTORS@VIAPLAYGROUP.COM