Slides
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QUARTERLY RESULTS Q1 2025 QUARTERLY RESULTS Q4 2025
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Emil Sallnäs CEO & Founder Linn Gäfvert CFO & Deputy CEO AGENDA Introduction to Viva Wine Group Quarterly Update Financial Overview Performance by Segment Final Comments Q&A
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INTRODUCTION
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THIS IS US – A LEADING EUROPEAN WINE GROUP Segment B2B Segment B2C Sales to Nordic monopoly markets Retailers, restaurants in both the Nordics and Europe Sales in 7 markets E - commerce sales of wine to consumers in Europe Sales in 11 markets through 3 platforms 89% 11% Nordic market leader, 22,6% ms (2025) The leading wine distributor in the Netherlands One of the leading online wine retailers in Europe
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QUARTERLY UPDATE
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Q1 PERFORMANCE SUMMARY Strenthend Gross m argin 21,2% (19,1) Net sales decreased by 1 .0 %. Organic growth of - 0.9 % (2,8) Continued market share gains in the Nordics Adj. EBITA margin 5,4% (6,3) . Q4 PERFORMANCE SUMMARY Adj EBITA increased to 159 ( 104 ) MSEK. Adj. EBITA margin 9.0% (8.7) Net Sales of 1 ,774 (1,194) MSEK, an increase of 49 % Proposed dividend of SEK 1.60 (1.55) per share Strong operating cash flow
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Acquisition of majority stake in Strategic acquisition. Strengthen our presence in Norway. Entering the Norwegian grocery retail business NoLo - a fast - growing category Fastest growing category in the beverage industry. ..within a category with strong growth potential in all our European markets Innovative portfolio of popular brands..
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FINANCIAL OVERVIEW
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STRONG GROWTH IN NET SALES Net Sales per segment Q4 2025 vs Q4 2024, MSEK • Strong growth in Net Sales driven by Delta Wines • Organic growth of - 1.6% (8.2 ). Estimates above the market 582 Net sales Q4 2024 B2B 0 B2C - 2 Other 0 Elim Net sales Q4 2025 1.194 1.774 +49%
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• Adjusted EBITA increased vs PY, mainly as an effect of the consolidation of Delta Wines. • Higher adjusted EBITA margin due to strong performance in our B2B segment. HIGHER ADJ EBITA Adjusted EBITA per segment Q4 2025 vs Q4 2024, MSEK 104 159 57 Adj EBITA Q4 2024 B2B - 1 B2C - 1 Other 0 Elim Adj EBITA Q4 2025 8.7% 9.0 % +53%
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STRONG CASH FLOW FROM OPERATING ACTIVITIES • Cash flow from operating activities was strong • Strong underlying operating performance • Seasonally strong working capital development • Cash flow from financing activities includes repayment of term loans and reduction of overdrafts . Proceeds from the distribution issue had a positive impact during the quarter. Cash Flow Q4, MSEK 100 90 123 75 13 Cash 2025 - 10 - 01 Operating activities before WC Change in WC - 219 Repayment of loans and overdraft Other investing & financing activities Cash 2025 - 12 - 31
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2023-Q4 2024-Q4 2025-Q42023-Q4 2024-Q4 2025-Q4 NET WORKING CAPITAL & NET DEBT - SUPPORTED BY STRONG CASH FLOW Net Working Capital NWC/Net Sales RTM Net debt Net debt to EBITDA RTM 1 218 519 521 Net Working Capital , MSEK Net Debt , MSEK 402 422 526 10.0% 10.1% 1.8x 1.4x *) Delta wines only included 23 May - 31 December. *) Delta Wine only included 23 May - 31 December. **) Estimation of Delta Wine included 12 months in Net sales 8.3% ** **) Estimation of Delta Wine included 12 months in EBITDA 2.5x** 2.6x* 9.6% *
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PERFORMANCE BY SEGMENT
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MARKET LEADER IN B2B Continue to be the # 1 in Wine in the Nordic monopoly market at a level of 22.6% (22.4%) Our B2B business in Europe has performed in line with expectations and above the market Viva Wine Group is now a significant player also in the Nordic grocery retail business
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Q4 2024 Q4 2025 SEGMENT B2B – NET SALES AND ADJ. EBITA DEVELOPMENT Net Sales in creased by + 59% vs Q4 202 4 . Organic growth of - 2.5% (10.5). • Adj . EBITA strong increase vs Q4 2024 • Adj EBITA margin in line with P Y Adjusted EBITA margin 10.0 % 10.0 % 99 157 +59 % Q4 2024 Q4 2025 992 1 574 Net Sales
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CONTINUED ORGANIC GROWTH IN B2C Positive organic growth for the fourth quarter in a row . 4,5% in Q4 Continued increase in number of active customers vs Q4 PY New marketing channels led to 22% more first - time customer orders in Q4 2025 vs. 2024 Outperformed the market in both growth and profitability
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Q4 2024 Q4 2025 Q4 2024 Q4 2025 SEGMENT B2C – NET SALES AND ADJ. EBITA DEVELOPMENT Organic growth of 4.5 % in Q4 2025 ( - 2.2). Net sales in line with Q4 PY . Adjusted EBITA% below Q4 PY due to increased investments in customer acquisition . 200 200 Adjusted EBITA margin 8.2% 18 16 Net Sales 8.8 %
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FINAL COMMENTS
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FINANCIAL TARGETS (MEDIUM TERM) GROWTH PROFITABILITY CAPITAL STRUCTURE DIVIDEND POLICY Organic sales growth, exceeding market growth 8 - 10% Adjusted EBITA margin Net debt/ EBITDA ≤ 2.5x 50 - 70% of annual net profit
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Q4 & FY Summary B2C back on growth track Main Market listing completed M&A – strategic acquisitions Record high net sales and EBITA
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Q & A
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QUARTERLY RESULTS Q1 2025