Equity research Viva Wine Group Q2 2026: First impression – EBITA beat despite soft organic growth

Today, Viva Wine Group published its interim report for Q2 2026. 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 delivered a better-than-expected Q2 on sales, gross profit and operating earnings. Reported sales increased 21.2% year-on-year to SEK 1,623m, entirely supported by the Delta Wines and Alpha Brands acquisitions, while organic growth was negative 3.7%. Adjusted EBITA rose unexpectedly 6.1% to SEK 108m, but the margin fell to 6.7% from 7.6%. The beat was concentrated in B2B, where gross margin and earnings were stronger than expected. B2C sales also exceeded our estimate, but profitability missed as the company increased marketing investment. The group outlook is slightly more cautious compared to the previous report as “the strategy and platform remain sound, but the environment is weighing on near-term performance.” Still, we are encouraged by the gross margin and operating performance despite soft volumes.

• In Q2 2026, Viva Wine Group reported net sales of SEK 1,623m, corresponding to a 21% growth. Our forecast for the quarter was SEK 1.6bn. On 29 June, Viva Wine preannounced weaker-than-expected net sales for April to May 2026 of SEK 1,032m, corresponding to a 33 per cent increase. The company said organic growth for the period was negative 8 per cent. Hence, the June performance was relatively stronger.
• B2B sales in Q2 increased 24.7% to SEK 1,460m, while B2C sales decreased 2.1% to SEK 162m. Group organic growth was -3.7%, with B2B at -4.0% and B2C at -1.3%. Easter timing negatively affected comparability, as most of the 2026 Easter sales fell in Q1 rather than Q2, but the report also points to weak consumer sentiment as a substantive demand headwind. Overall, however, organic growth was not as weak as we had feared.
• B2B was also the clear driver of the earnings beat. Adjusted EBITA for the segment increased 22.4% to SEK 111m, although the margin declined modestly to 7.6% from 7.8%. The company maintained its Nordic market share at 22.8%, up from 22.6% a year earlier. Gross margin improved despite higher freight costs and the consolidation of Delta Wines, with management attributing the improvement primarily to positive currency effects and, to a lesser extent, price adjustments
• The SEK 16m beat and 19.4% reported gross margin were better than our 18.7% assumption. B2B was the main explanation, with management citing positive currency effects and pricing, despite freight pressure.

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.