Viva Wine Group AB (VIVA) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to our Q4 2025 presentation. My name is Emil Sallnes and I will together with our CFO and newly appointed Deputy CEO Linn Jävert present today. This is the agenda for today and before we go into the quarterly update and financials I want to start by giving you a short introduction to Viva Wine Group. 2025 was a year of growth and expansion. Today, almost 90% of our business is in our B2B segment, which includes the Nordic monopoly markets, as well as retailers and restaurants in both the Nordics and Europe. With the acquisition of DeltaWise, our B2B business is now present in seven markets. As you might have seen, we kickstarted the new year with the acquisition of Alfa brands in Norway, which I will come back to later in the presentation. In the Nordic monopoly market, we are the market leader in wine. With the acquisition of Delta Wines, we also entered the open market in Europe and we are the leading wine distributor in the Netherlands. Just over 10% of our sales is in the B2C segment, which consists of our e-commerce business based in Germany. We operate three platforms, Vikampo, Weinfjost and Wine&Black, selling to 11 markets. And with that, we are one of the leading online wine retailers. So, now let's move on to the Q4 update and our performance summary. Looking at Q4, I'm pleased to report that we delivered both strong growth and strong margins. Net sales increased significantly by 49%, mainly driven by the acquisition of Delta wines. Adjusted EBITDA increased year-on-year as an effect of the consolidation of Delta wines, and the adjusted EBITDA margin of 9% was also higher than last year. We also had a very strong operative cash flow in the quarter thanks to a solid operative performance. Finally, the board of directors prop...