Viva Wine Group (VIVA) Q1 2026 earnings summary

Executive summary

• Net sales reached a record SEK 1,351 million in Q1 2026, up 51% year-over-year, driven by acquisitions of Delta Wines and Alpha Brands and 2.0% organic growth in both B2B and B2C segments.

• Adjusted EBITA increased 47.5% to SEK 75 million, with a margin of 5.5%.

• Operating cash flow improved to SEK 26 million, reflecting solid underlying performance.

• Integration of Alpha Brands and Delta Wines proceeded smoothly, contributing positively to earnings per share.

• The group remains optimistic about future growth and market positioning despite macro uncertainties.

Financial highlights

• Net sales increased by SEK 456 million, mainly due to the Delta Wines acquisition.

• Organic growth was 2.0% for the quarter.

• Adjusted EBITA margin was 5.5%, slightly down from 5.7% prior year.

• Net working capital to net sales ratio improved to 8.7%.

• Net debt to EBITDA ratio ended at 2.6x.

Outlook and guidance

• Gross margin expected to remain stable for the year, with potential for slight improvement if FX tailwinds persist in H2.

• OpEx to net sales guidance set at 11%-12% for 2026.

• No major CapEx increases expected; recent HQ move was a one-time event.

• Dividend proposed at SEK 1.60 per share, within policy of 50%-70% of annual net profits.

• Medium-term targets include organic sales growth above market, 8-10% adjusted EBITA margin, net debt/EBITDA ≤ 2.5x, and dividend payout of 50-70% of annual net profit.