Viaplay Group reported first-quarter net sales of SEK 5.279 billion, up from SEK 4.374 billion a year earlier, reflecting the first full quarter in which Allente has been fully consolidated.
On a core operations basis, net sales were SEK 5.278 billion, broadly stable organically, while EBITDA before items affecting comparability and acquisition-related costs came in at SEK 101 million, compared with a pro forma SEK 86 million for the same period last year.
The strongest momentum again came from streaming. Core streaming subscription sales rose 7.9% organically to SEK 2.12 billion, accounting for 40% of core operations sales. Viaplay said the growth was driven by its direct-to-consumer business, with the D2C subscriber base up year-on-year, while both D2C and B2B ARPU increased due to a higher proportion of premium sports subscribers, price rises and a reduction in low-ARPU B2B subscriptions.
By contrast, non-streaming subscription sales, which now include almost all of Allente’s revenues, fell 4.6% organically to SEK 2.179 billion, or 41% of core sales. Viaplay said this reflected the structural decline in Allente’s DTH base and the wider fall in linear channel subscriptions as customers migrate to streaming, partly offset by pricing and packaging measures. Advertising sales were down 1.3% organically to SEK 795 million, while “other” revenues, including scripted content sales and some sublicensing income, fell 17% to SEK 183 million.
The company’s reported profitability remained under pressure. Group operating income fell to a loss of SEK 234 million from a profit of SEK 38 million a year earlier, while net income was a loss of SEK 420 million compared with a loss of SEK 125 million. Integration and restructuring costs linked to Allente were a major factor, with items affecting comparability amounting to SEK -184 million in the quarter.
Cash flow, however, improved sharply. Group free cash flow was positive SEK 37 million, compared with negative SEK 671 million a year earlier, with core operations contributing SEK 85 million. Chief executive Jørgen Madsen Lindemann said the company had delivered a SEK 708 million year-on-year swing in group free cash flow and was now in a “considerably stronger commercial and financial position” than a year ago.
Allente remains central to the investment case. Viaplay said the restructuring of the business is proceeding according to plan, with no change to expected synergies or timing. The group continues to target full run-rate annual cash cost synergies of SEK 300 million to SEK 400 million from January 2027, with integration costs of SEK 270 million to SEK 330 million, most of which will be taken in the first half of 2026.
