Viaplay Group Ab Class A · OMXSTO:VPLAY_A
Viaplay Group Ab Class A — Q2 2025 Earnings Presentation
26 slides from Viaplay Group Ab Class A's earnings presentation, Jul 17, 2025
Slide 1: Q2 2025 Results Presentation
Q2 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 Anna Hedenberg Lindemann CFO and Co-CEO Investor Relations President and CEO Sweden
Slide 4: Core operations performance
CORE OPERATIONS PERFORMANCE SALES BY CATEGORY 6% -0.1% organic sales growth 21% 46% EBIT (ex ACI & IAC) of SEK 89m 27% 4,250 k Viaplay subscribers Viaplay streaming subscription Linear channel subscription Advertising Sublicensing & Other 4
Slide 5: Core operations performance by revenue line
CORE OPERATIONS PERFORMANCE BY REVENUE LINE VIAPLAY LINEAR CHANNEL SUBSCRIPTIONS SUBSCRIPTIONS -1% organic sales growth -3% organic sales growth Continued Focus: 46% of Core net sales 27% of Core net sales YoY development reflected growth of • Value over volume D2C offset by lower B2B Subscriber bas
Slide 6: Pricing adapted to reflect unique customer proposition
PRICING ADAPTED TO REFLECT UNIQUE CUSTOMER PROPOSITION Actions on DTC package pricing (Converted to SEK) SEK Price increase Q1 2025 Price at launch / price increase Q3 2024 Price increase Q4 2023 / H1 2024 Price increase Q1 2023 760 Price end of 2022 731 699 76 98 150 523 11 57 399 390 20 49 684 634
Slide 7: Non-core operations update
NON-CORE OPERATIONS UPDATE Net sales of SEK 153m • The discontinuation of the Polish operations was successfully completed EBIT of SEK -5m • No changes to previously communicated cash drag SEK -219m Free cash flow 7
Slide 8: A unique content offer
A UNIQUE CONTENT OFFER Acquired Scripted & Documentaries Non-scripted Sports 8
Slide 9: World class sports rights
WORLD CLASS SPORTS RIGHTS CORE MARKETS 9
Slide 10: Q2 sports highlights and upcoming in Q3
Q2 SPORTS HIGHLIGHTS AND UPCOMING IN Q3 10
Slide 11: Q2 film and series highlights and upcoming in Q3
Q2 FILM AND SERIES HIGHLIGHTS AND UPCOMING IN Q3 11
Slide 12: The Nordic region's leading entertainment provider
THE NORDIC REGION’S LEADING ENTERTAINMENT PROVIDER 1 2 3 • Re-focus top-line drivers • Improve return on content • Organisational restructuring investment ‒ Value over volume ‒ Sell/partner/close Baltics, ‒ Focus on commercially & Poland, UK, US & Canada, ‒ Increase D2C pricing to locally relevant c
Slide 13: Group performance
GROUP PERFORMANCE SEKm Q2 2025 Q2 2024 FY2024 Core Net Sales 4,160 4,292 17,598 Core Operating expenses -4,071 -4,364 -17,779 Core operating income (ex ACI & IAC) 89 -72 -181 Non-core Operating Income (ex ACI & IAC) -5 2 -88 Group Operating income (ex ACI & IAC) 84 -70 -269 Associated company income
Slide 14: Resetting the cost base
RESETTING THE COST BASE OpEx overview Indicative share of Group OpEx (%) Other 1 Sports: Tech 10% Majority of contracts locked in over multi-year periods Sales & Marketing 5% 5% Acquired content: Largest deals are locked in until 2025 Content 80% Originals: Focus on popular non-scripted formats Note
Slide 15: Allente update
ALLENTE UPDATE SEKm Q2 2025 Q2 2024 FY 2024 Net sales 1,556 1,656 6,548 EBITDA before IAC 280 249 996 • Revenue decline of 6% YoY as Depreciation & amortisation ARPU growth did not offset -147 -126 -510 subscriber loss. EBIT before IAC 132 123 486 Items affecting comparability • Lower costs in Q2 Yo
Slide 16: Cash flow and financial position
CASH FLOW AND FINANCIAL POSITION SEKm Q2 25 Q2 24 FY24 Cash flow from operations -28 -388 -919 • No dividend received from Allente Change in working capital 859 650 -1,080 • Changes in working capital of SEK Net operating cash flow 831 635 -1,999 859m (650) reflected improvements and changes in Capi
Slide 17: Group free cashflow
GROUP FREE CASHFLOW Q2 2025 (SEKM) -219 823 953 89 Core Ebit Core WC and other Non core cashdrag Free cashflow 1) Includes working capital and other items, incl. finance net, tax, capex 17
Slide 18: Non-core cash drag
NON-CORE CASH DRAG Estimated phasing 2024-2028* of non-core cashdrag of SEK 2.2bn Actual -0,8 -0,5 -0,5 -0,4 -0,1 2024 2025 2026 2027 2028 *The provided phasing is an estimate, and actual figures may vary between the years 18
Slide 19: Debt maturity profile
DEBT MATURITY PROFILE Debt maturity profile Post recapitalisation Updated 11,244 12 000 12 000 10 000 10 000 7 028 7,867 8 000 8 000 6 000 6 000 4 226 4 000 4 000 3,392 2,817 2 000 1,034 2 000 1,034 824 824 0 0 FY25 FY26 FY27 Jun'28 Dec'28 FY25 FY26 FY27 Jun'28 Dec'28 Private placements MTN Programm
Slide 20: Updated 2025 financial targets
UPDATED 2025 FINANCIAL TARGETS1 Pro forma Core Net sales SEK 21.0-22.0 billion Pro forma Core EBITDA before ACI & IAC: SEK 0.8-1.1 billion Pro forma adjusted Group Operating free cash flow2: SEK 0.5-0.75 billion 1) Pro forma figures as if Allente was consolidated from January 1 2025. 2) Adjusted Gro
Slide 21: What we want to achieve long term
WHAT WE WANT TO ACHIEVE LONG TERM Levers to enhance profitability and cash flow Ambitions for the Group Competitive & right-sizing of prices Core organic sales growth on average flat over the period 2025-2028 Proper content ROI Adjusted Group operating free cash flow 1 to increase gradually year ove
Slide 22: Contemplated transaction highlights
CONTEMPLATED TRANSACTION HIGHLIGHTS The transaction at a glance • Viaplay Group AB (publ) (“Viaplay” and “Viaplay Group”) has today, through a wholly-owned subsidiary, entered into an agreement with Telenor Communication II AS (“Telenor”) to acquire Telenor’s 50 per cent stake in Allente Group (“All
Slide 23: This is Allente
THIS IS ALLENTE Key facts Financial profile (SEKm) • Allente was formed in May 2020 through the merger of Viaplay’s Viasat 19.5% 18.6% 13.2% 15.2% division and Telenor’s Canal Digital • The company serves over 844k customers through a mix of satellite TV, 6,817 6,808 6,610 6,548 IPTV, OTT, and broad
Slide 24: Post-transaction capital structure
POST-TRANSACTION CAPITAL STRUCTURE Debt maturity profile LONG-TERM FINANCIAL INDEBTEDNESS (SEKbn) COMMENTARY 8.9 • SEK ~7 billion Guarantee Facility cancelled in conjunction with the transaction • New term debt of SEK ~1.7 billion used to refinance existing indebtedness in Allente • New working capi
Slide 25: Allente valuation summary
ALLENTE VALUATION SUMMARY Debt maturity profile EV TO EQUITY BRIDGE (SEKBN) ~1 ~3.1 2.2 1.1 1.1 Purchase price 1.1BN Viaplay existing for Telenor’s 50% 1.1 stake in Allente stake in Allente Purchase price EqV Cash and debt * EV * Includes cash and debt like items 25
Slide 26: Q&A
Q&A Q2 2025 Results INVESTORS@VIAPLAYGROUP.COM