Q3 2025: Strong quarter with growth in both segments

July – September 2025

  • Net sales increased by 49.0% to SEK 1,487 (998) million.
  • EBITA, adjusted, increased to SEK 123 (98) million. Adjusted EBITA margin was 8.3 (9.9)%.
  • Cash flow from operating activities totalled SEK 105 (26) million.
  • Operating profit increased to SEK 91 (76) million. Operating margin was 6.1 (7.6)%.
  • Earnings per share before/after dilution was SEK 0.60 (0.50).

January – September 2025

  • Net sales increased by 23.4% to SEK 3,721 (3,017) million.
  • EBITA, adjusted, increased to SEK 276 (262) million. Adjusted EBITA margin decreased and was 7.4 (8.7)%.
  • Cash flow from operating activities totalled SEK 127 (116) million.
  • Operating profit increased to SEK 200 (190) million. Operating margin decreased to 5.4 (6.3)%.
  • Earnings per share before/after dilution was SEK 1.34 (1.32).

Significant events during the period

  • The acquisition of Delta Wines was completed during the second quarter and has been consolidated into Viva Wine Group's accounts from 23 May. The acquisition was wholly financed through a new loan facility under the existing credit agreement.
  • In September, Vinguiden Nordic AB, one of Sweden's largest wine clubs, was acquired.
  • In September, a distribution issue of shares to broaden the shareholder base was carried out consisting of 800,000 shares. The share issue added 3,500 new shareholders to the Group and raised around SEK 26 million.
  • A process has been initiated to transfer listing from Nasdaq First North Premier Growth Market to the Nasdaq Stockholm Main Market.

Significant events after the period

  • In November, Anna Möller, COO Nordics, decided to leave her role in the company and thus the management team.
  • In November, the Board of Directors of Viva Wine Group decided to update the company’s financial targets regarding growth and profitability.

Emil Sallnäs, CEO comments:

STRONG GROWTH THROUGH ACQUISITIONS AND SOLID UNDERLYING BUSINESS
The third quarter was strong with growth in both our segments, through acquisitions and organic growth. Our market investments are paying off, and we are continuing to gain market shares.

A STRENGTHENED MARKET POSITION DELIVERED PROFITABLE GROWTH IN THE QUARTER
When summarising performance, I am pleased that we have delivered a strong third quarter. We are growing in both our segments, we have successfully integrated Delta Wines, and we are gaining market shares in a wine market that continues to be weighed by weak consumer sentiment. We can also see that our marketing investments in B2C are paying off in terms of a growing customer base and increased orders.

We are continuing to implement our strategy to grow in Europe and the acquisition of Delta Wines is an important step on that journey. The company has now been part of the Group for a full quarter, which is reflected in our performance. The integration is going according to plan and it is rewarding to see how well our teams and businesses are working together. Together we are creating a strong platform for continued growth.

In September we acquired Vinguiden, one of Sweden's largest wine clubs. The acquisition is a strategic addition to our other Swedish market channels and complements our range of marketing services. Through our wine clubs in Sweden, we reach a total of around 1 million subscribers.

SHARP INCREASE IN NET SALES
The acquisition of Delta Wines contributed to a 49.0 percent year-on-year increase in consolidated net sales in the quarter. We also continued to grow organically by 2.8 percent, with both segments contributing.

Gross profit increased with a gross margin of 19.4 (20.6) percent. The decrease in gross margin compared to the previous year is due to Delta Wines having a lower gross margin in percentage than the rest of the business. For the remaining business, gross margin increased, partly driven by price increases.

Adjusted EBITA increased year-on-year, as an effect of the consolidation of Delta Wines, while the adjusted EBITA margin was lower. Adjusted EBITA excluding Delta Wines also increased, as did the margin, which exceeded the previous year's level. We are continuing to invest in personnel and marketing to drive growth and build strong brands and relationships.

INCREASED NET SALES IN B2B – STRENGTHENED POSITION IN EUROPE
In B2B, net sales increased, mainly driven by Delta Wines but we also see a positive trend if the acquisition is excluded. Gross profit developed according to plan, but cost levels are higher than in the previous year, mainly due to Delta Wines and marketing investments. The wine market in the Nordics decreased in volume during the quarter, but our downturn was smaller than the market, leading to a slight increase in market shares.

THE CUSTOMER BASE IS CONTINUING TO GROW – ORGANIC GROWTH FOR THE THIRD CONSECUTIVE QUARTER IN B2C
In B2C, we have delivered organic growth for the third consecutive quarter. Consumer sentiment remains weak, but our estimation is that we are outperforming the market. Our investments in marketing and new market channels have started to produce results. The number of new customer orders increased by 23.1 percent, and organic growth by 7.9 percent.

SUSTAINABILITY – AN INTEGRAL PART OF OUR BUSINESS
Sustainability is an integral part of Viva Wine Group's business. The current focus is on integrating Delta Wines into our sustainability reporting platform and reviewing KPIs and targets to reflect the whole business. Our plan is to move progressively towards CSRD – the EU's sustainability reporting regulation – and we are closely following the ongoing political process to simplify and clarify the standard.

WE WELCOME 3,500 NEW SHAREHOLDERS
It's encouraging to see that so many want to be part of our journey. Interest in our distribution issue of shares has been very high, and we are pleased to welcome 3,500 new shareholders to Viva Wine Group. This contributes to both broaden the investor base and increase market awareness of our business and brand.

The strong interest in the distribution issue of shares shows clear confidence in our continued growth journey and our vision to become the leading player in the European wine market.

TRANSFER OF LISTING – THE NEXT STEP ON OUR GROWTH JOURNEY
We are now preparing for the next big step – the planned transfer of listing to Nasdaq Stockholm Main Market. For us, this is a natural step to take in the professionalisation that began already in 2021. In addition to the fact that a listing on the main market brings a stamp of quality, the aim with the transfer of listing is also to give us increased visibility and improved share liquidity.

We look forward to continuing to develop the Group together with both new and existing shareholders, through growth, strategic acquisitions and long-term value creation.

Emil Sallnäs, CEO Viva Wine Group
Stockholm, November 2025

Please see the full report in the attached pdf.

Publication and presentation
Viva Wine Group's interim report for Q3 2025 will be published at 8:00 a.m.CET on 20 November 2025. At 11:00 am on the same day, a videoconference will be held with CEO Emil Sallnäs and CFO Linn Gäfvert. The videoconference can be accessed at the following link: https://financialhearings.com/event/52344. The presentation will also be made available at https://investors.vivagroup.se/sv/ .

Certified Adviser
FNCA Sweden AB is the Company's Certified Adviser on Nasdaq First North Premier Growth Market.

For more information, please contact:
Linn Gäfvert, CFO
Tel: +46 73 086 89 90
Email: linn.gafvert@vivagroup.se

About us
Viva Wine Group is a leading European wine group offering a wide range of quality wines to monopoly markets, retailers, restaurants and consumers. Through a large number of operating companies with a strong entrepreneurial spirit, the Company develops, markets and sells wines under both its own and partner brands. Viva Wine Group values a decentralised business model that allows scope for innovation while creating a common platform for synergies and economies of scale that drive value creation. With a strong track record, the Company focuses on generating profitable growth through the continuous development of its customer offering, complemented by strategic acquisitions. Viva Wine Group’s share has been listed on Nasdaq First North Premier Growth Market since 2021.

This information is information that Viva Wine Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-11-20 08:00 CET.

Attachments

Viva Wine Group Interim Report Q3 2025