Viva Wine Group Ab · OMXSTO:VIVA
Viva Wine Group Ab — Q1 2025 Earnings Presentation
28 slides from Viva Wine Group Ab's earnings presentation, May 15, 2025
Slide 1: Quarterly Results Q1 2025
QUARTERLY RESULTS QUARTERLY RESULTS Q1 Q1 2025 2025
Slide 2: Agenda
AGENDA Quarterly Update Financial Overview Performance by Segment Q1 Summary Emil Sallnäs CEO & Founder M&A Delta Wines Linn Gäfvert CFO Final Remarks Q&A
Slide 3: Quarterly Update
QUARTERLY UPDATE
Slide 4: Q1 Performance Summary
Q1 PERFORMANCE SUMMARY Q1 PERFORMANCE SUMMARY Continued market share gains in the Nordics Continued market share gains in the Nordics Net sales decreased by 1.0%. Organic growth Sales of -0.9% (2,8) affected by calendar effect of Easter. Net sales -1.0%. Organic growth -0.9% (2.8). Strenthend Gross
Slide 5: Financial Overview
FINANCIAL OVERVIEW
Slide 6: Slight Decrease in Net Sales
SLIGHT DECREASE IN NET SALES Net Sales per segment -1.0% Q1 2025 vs Q1 2024, SEKm -10 1 0 -1 904 895 • Nordics – Effected by timing of Easter. Net Sales Nordics eCom Other Eliminations Net Sales Q1 2024 Q1 2025
Slide 7: Lower Adj EBITA Margin
LOWER ADJ EBITA MARGIN Adjusted EBITA per segment -13.0% Q1 2025 vs Q1 2024, SEKm 57 4 -6 • Improved Adj Ebita in Nordics from -5 50 0 strong GM improvement. 6.3% 5.5% • Profitability impacted by investment in growth. Adj. EBITA Nordics eCom Other Eliminations Adj. EBITA Q1 2024 Q1 2025
Slide 8: Net Working Capital
NET WORKING CAPITAL Net Working Capital, SEKm Net Debt, SEKm Net Working Capital NWC/Net Sales RTM Net debt Net debt to EBITDA RTM 457 506 486 428 353 333 10.0% 1.7x 9.5% 8.3% 1.3x 1.0x 2023-Q1 2024-Q1 2025-Q1 2023 2024 2025
Slide 9: Cash Flow Effected by Seasonality
CASH FLOW EFFECTED BY SEASONALITY Cash Flow Q1, SEKm 33 -33 • Cash flow from operating activities was impacted by seasonal effects. The build-up for Easter had a 2 31 -14 significant impact on NWC. • Cash flow from financing activities -7 according to plan. 10 Cash 2025- Operating Change in Investin
Slide 10: Performance by Segment
PERFORMANCE BY SEGMENT
Slide 11: Segment Nordics
SEGMENT NORDICS Monopoly volume & market share development Q1 2025 # 1 in the Nordics Market Viva Wine Group Viva MS% 23.0% Clear market leader in Wine in the -9.9% -6.8% (22.3%) Nordics at new record level of 23% 28.6% Decrease in Market mainly from Easter -7.1% -5.3% (28.1%) and consumer sentiment
Slide 12: Segment Nordics – Net Sales and Adj. EBITA Development
SEGMENT NORDICS – NET SALES AND ADJ. EBITA DEVELOPMENT Net Sales decreased by 1.3% vs Q1 2024. Adj. EBITA margin - increase in Q1. Organic growth of -1.2%. Main driver is an increase in GM percentage. Net Sales Adjusted EBITA margin -1.3% 52 7.1% 742 48 732 6.5% Q1 2024 Q1 2025 Q1 2024 Q1 2025
Slide 13: Segment Viva Ecom
SEGMENT VIVA ECOM Slight growth in customer base vs Q4 2024 due to due to improved CRM and testing of new customer acquisition channels Organic growth in the quarter of 0,2% despite continous low consumer sentiment VICAMPO brand face lift launched by end of March
Slide 14: Segment Viva Ecom – Net Sales and Adj. EBITA Development
SEGMENT VIVA ECOM – NET SALES AND ADJ. EBITA DEVELOPMENT Organic growth of 0.2%. Net sales -0.3% vs Q1 2024. Adjusted EBITA% below Q1 2024 is mainly driven by increased investment in customer acquisition Net Sales Adjusted EBITA margin -0.3% 161 160 12 7.6% 6 3.7% Q1 2024 Q1 2025 Q1 2024 Q1 2025
Slide 15: Q1 Summary
Q1 Summary Impact from calendar effect of Easter Continued gain of market share OPEX develops according to plan M&A – increased deal flow
Slide 16: M&A Delta Wines
M&A Delta Wines
Slide 17: Viva Wine Group – an entrepreneurial-driven platform
Viva Wine Group – an entrepreneurial-driven platform with decentralized innovation Sales development (SEKbn) 14 countries 4,2 One central function Nordic market leader 4,0 3,8 20+ One of the leading wine online retailers in Europe 3,3 entrepreneurs One entrepreneurial culture 2,8 2,3 12 2,0 operatin
Slide 18: M&A-Driven Expansion
Continuing the M&A-driven expansion, acquiring Delta Wines to strengthen position in the European wine market Target market – Platform acquisitions Target market – Bolt-on acquisition Bolt-on acquisitions with high strategic fit and direct synergies. Future opportunities M&A Potential platform acqui
Slide 19: Introduction to Delta Wines, a leading European B2B wine supplier
Introduction to Delta Wines, a leading European B2B wine supplier Financial snapshot Business overview Revenue by geography Import: 350 suppliers from >25 countries 1985 <1% Founded 4% 4% 7% EUR ~186m FY’24 Revenue1) #1 market position in retail and wine shops ~6.8% 85% FY’24 Adj. EBITDA margin1) Di
Slide 20: Creating a broader, more diversified platform
Creating a broader, more diversified platform for sustainable long-term growth • Establishing a platform in the Netherlands through market leadership – a high potential Strengthened market market, being one of Europe’s most developed and diversified wine markets 1 access and diversification • Creati
Slide 21: Shared platform creates synergies
Shared platform creates synergies Both companies can benefit from complementary Viva Wine Group – current presence market channels across the Nordic region and the Viva Wine Group distribution centre rest of Europe Delta Wines – current presence Delta Wines head office and distribution centre Delta
Slide 22: Combined group after transaction
Combined group after transaction SEK, FY ‘24 Revenue SEK 4.2bn SEK 2.1bn1) SEK 6.3 bn EBITDA margin 9.1% 6.8% 8.4% Strong position in the Netherlands Strong position in the Nordics, and and presence in Poland, Czech Geographic presence Germany with smaller footprint in Industry-leading in Europe Rep
Slide 23: Summary of the acquisition
Summary of the acquisition Viva Wine Group has entered into a binding agreement to acquire 88.59 percent of the shares in Delta Wines for a purchase price of EUR 57 million. The purchase price corresponds to an Enterprise Value of approximately EUR 76 million on a cash- and debt-free basis, correspo
Slide 24: Overview of segments post acquisition
Overview of segments post acquisition Viva Wine Group will, following the completion of the acquisition, consolidate Delta Wines into the existing Nordic segment, which will be renamed to B2B. The Company's existing eCom segment will be renamed as B2C The group’s combined sales split by segment for
Slide 25: Final Comments
FINAL COMMENTS
Slide 26: Final remarks
Final remarks Strategic acqusition with synergies Great cultural fit EPS accretive Financial targets to be reviewed
Slide 27: Q&A
Q&A
Slide 28: Quarterly Results Q1 2025
QUARTERLY RESULTS Q1 2025