Equity research Viva Wine Group: First impression, Q3 2025 – Better than expected in soft market

Today, Viva Wine Group published its interim report for Q3 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. Organic sales increased by some 3 per cent despite cool weather, market headwinds, and a difficult comparison period in 2024. Margins were clearly better than our expectations. We expect a positive initial share reaction following the solid margin performance. Viva reports that the integration of Delta is according to plan.

On 19 November, Viva Wine Group announced updated financial targets. To adjust for the new group structure (including changes in the segments and the expansion into the European B2B market), the medium-term growth target has been changed to organic growth exceeding market growth. The previous target was organic growth in the Nordics of ≥ 4% and organic growth in eCom of 10-15%. Additionally, the EBITA margin target has been lowered to 8-10% (previously 10-12%). Overall, we believe the adjustment is reasonable, given the new structure, and is in line with our expectations. Arguably, the new group growth target is less precise.  However, it is similar to the target of close peer Anora.

• In Q3 2025, Viva Wine Group reported net sales of SEK 1,487m, corresponding to a 49% growth. Our forecast for the quarter was SEK 1,502m.
• The B2B segment grew 57% due to the acquisition of Delta Wines in May. The Nordic Wine Monopolies markets decreased by 2.9% (volumes). However, Viva’s organic growth was still positive at 2 per cent due to y-o-y market share gains and pricing.
• Net sales for the B2C segment increased by 5%, boosted by 7.9 per cent organic growth. Our expectation was 1% growth.
• Gross profit calculated on net sales increased to SEK 289m. Our forecast was SEK 276m. The gross margin declined by 1.2 percentage points to 19.4%, primarily due to the acquisition of Delta, but was higher than anticipated.
• Adjusted EBITA improved markedly to SEK 123m (98) corresponding to a margin of 8.3%. Our forecast was SEK 106m, equivalent to a margin of 7.0%. The main deviation from our forecast is higher gross margin than expected in the B2B segment

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

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