Equity research Viva Wine Group Q2, 2025: Stable performance in a soft market

Today, Viva Wine Group published its interim report for Q2 2025. Below is a compilation of our first impressions of the outcome, including deviations from our estimates. The company will host a webcast with a telephone conference today at 11:00 a.m.

Viva Wine Group’s sales figures increased by 20 per cent boosted by the acquisition of Delta Wines. Organic sales in the Nordics increased despite cool weather, market headwinds, and a difficult comparison period in 2024. The operating profit for the group was in line with our expectations, but the margin was slightly below. The company reports that integration is proceeding as planned, emphasising leveraging synergies and expanding market share. We expect a neutral initial share reaction following a decent Q2 performance in a soft market.

• In Q2 2025, Viva Wine Group reported net sales of SEK 1,339m, corresponding to a 20% growth. Our forecast for the quarter was SEK 1,313m. The positive deviation was due to a larger contribution from Delta Wines than our forecast.
• The B2B segment grew 25% due to the acquisition of Delta Wines in May. The Nordic Wine Monopolies markets decreased slightly by 1.5% (volumes). Viva’s market share declined in the quarter; however, price gains positively impacted sales, and organic growth was 1%.
• Net sales for the Viva eCom segment decreased by 4%, negatively affected by currency. Our expectation was 4% growth.
• Gross profit calculated on net sales increased by 13% to SEK 256m. Our forecast was SEK 259m. The gross margin declined by 1.3 percentage points to 19.1% affected by the acquisition of Delta
• Adjusted EBITA fell by 5.7% to SEK 101m, corresponding to a margin of 7.5%. Our forecast was SEK 102m, equivalent to a margin of 7.8%. The main deviation from our forecast is higher OPEX than expected, mitigated by better B2B sales than anticipated.

We intend to provide an updated analysis of Viva Wine Group shortly. Read the last research update report here.

Disclaimer

Carlsquare AB, www.carlsquare.se, hereinafter referred to as Carlsquare, is engaged in corporate finance and equity research, publishing information on companies and including analyses. The information has been compiled from sources that Carlsquare deems reliable. However, Carlsquare cannot guarantee the accuracy of the information. Nothing written in the analysis should be considered a recommendation or solicitation to invest in any financial instrument, option, or the like. Opinions and conclusions expressed in the analysis are intended solely for the recipient.

The content may not be copied, reproduced, or distributed to any other person without the written consent of Carlsquare. Carlsquare shall not be liable for either direct or indirect damages caused by decisions made on the basis of information contained in this analysis. Investments in financial instruments offer the potential for appreciation and gains. All such investments are also subject to risks. The risks vary between different types of financial instruments and combinations thereof. Past performance should not be taken as an indication of future returns.

The analysis is not directed at U.S. Persons (as that term is defined in Regulation S under the United States Securities Act and interpreted in the United States Investment Companies Act of 1940), nor may it be disseminated to such persons. The analysis is not directed at natural or legal persons where the distribution of the analysis to such persons would involve or entail a risk of violation of Swedish or foreign laws or regulations.

The analysis is a so-called Assignment Analysis for which the analysed company has signed an agreement with Carlsquare for analysis coverage. The analyses are published on an ongoing basis during the contract period and for the usually fixed fee.

Carlsquare may or may not have a financial interest with respect to the subject matter of this analysis. Carlsquare values the assurance of objectivity and independence and has established procedures for managing conflicts of interest for this purpose.

The analysts Markus Augustsson and Niklas Elmhammer do not own and may not own shares in the analysed company.