Equity research Viva Wine Group Q1 2026: Organic growth but slightly softer EBITA margin in a slow market

Today, Viva Wine Group published its interim report for Q1 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’s sales figures increased by 51 per cent, boosted by the acquisition of Delta Wines. Organic growth was positive at two per cent and better than expected in sluggish wine markets (somewhat alleviated by an Easter effect). The EBITA margin declined and was slightly below our revised expectations due to weaker-than-expected profit for B2B, explained by Delta Wines.

The organic growth and improved operating cash flow are positives from the report, we believe. The company believes it has a solid foundation for the rest of the year but is experiencing some impact linked to increased freight costs in Europe.

• In Q1 2026, Viva Wine Group reported net sales of SEK 1,351m, corresponding to a 51% growth. Our forecast for the quarter was SEK 1,367m. The main deviation is a lower contribution from acquisitions, including Delta Wines, than we had assumed.
• The B2B segment grew 63%, boosted by the acquisition of Delta Wines and Alpha Brands. The Nordic Wine Monopolies’ markets decreased in the period. Organic growth, however, was two per cent. We had expected a minor organic decline.
• Net sales for the B2C segment declined but showed two per cent organic growth. Our expectation was 3% growth.
• Gross profit calculated on net sales increased to SEK 266m. Our forecast was SEK 267m. The gross margin declined by 1.5 percentage points to 19.7% in line with expectations.
• Adjusted EBITA improved markedly to SEK 75m (50), corresponding to a margin of 5.5%. Our forecast was SEK 78m, equivalent to an 5.7% margin.

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

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