Equity research Viva Wine Group Q4 2025: First impression – Better than expected as Delta surprises

Today, Viva Wine Group published its interim report for Q4 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 49 per cent, boosted by the acquisition of Delta Wines, hence the same rate as the previous quarter. Organic sales decreased by some 1.6 per cent in a soft B2B market in the Nordics and Europe. The higher-than-expected sales were mainly driven by more substantial revenue for newly acquired Delta Wines. Margins were higher than our expectations. The main deviation is a stronger profit in Delta than we had assumed. We believe it should boost investor confidence in Viva’s expansion plans. In sum, we believe the report confirms our thesis of profitable growth through acquisitions and margin leverage and hence expect a positive initial share reaction following the solid margin performance.

• In Q4 2025, Viva Wine Group reported net sales of SEK 1,774m, corresponding to a 49% growth. Our forecast for the quarter was SEK 1,738m. The main deviation is higher B2B sales than anticipated.
• The B2B segment grew 59% due to the acquisition of Delta Wines in May. The Nordic Wine Monopolies markets decreased by 3.7% (volumes). Organic growth was -2.5 per cent.
• Net sales for the B2C segment were flat, boosted by 4.5 per cent organic growth. Our expectation was 1% growth.
• Gross profit calculated on net sales increased to SEK 359m. Our forecast was SEK 343m. The gross margin declined by 1.2 percentage points to 20.2% but was higher than anticipated.
• Adjusted EBITA improved markedly to SEK 159m (104), corresponding to a margin of 9%. Our forecast was SEK 144m, equivalent to an 8.3% margin.

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

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