Slides
Page 1
Q4 2025 Results PRESENTATION
Page 2
L E G A L D I S C L A I M E R2 Important notice This presentation has been prepared for information purposes only. The presentation is not intended to form the basis of any investment activity or decision. The presentation should not be considered as a recommendation in relation to an investment in Viaplay Group, nor does it constitute an offer for sale, or solicitation of any offer to acquire shares in Viaplay Group or any of Viaplay Group’s assets. This presentation contains statements concerning, among other things, Viaplay Group’s financial condition and results of operations that are forward-looking in nature. Such statements are not historical facts but, rather, represent Viaplay Group’s future expectations. Viaplay Group believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions; however, forward- looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. Such important factors include but may not be limited to Viaplay Group's market position; growth in the streaming industry; and the effects of competition and other economic, business, competitive and/or regulatory factors affecting the business of Viaplay Group, its group companies and the streaming industry in general. Forward-looking statements apply only as of the date they were made, and other than as required by applicable law, Viaplay Group undertakes no obligation to update any of them in the light of new information or future events.
Page 3
S P E A K E R S Jørgen Madsen Lindemann President and CEO Matthew Hooper Investor Relations Johan Johansson CFO and Co-CEO Sweden
Page 4
Group FY 2025 pro forma performance (including Allente Group as if fully consolidated from 1 January 2025) * Adjusted operating free cash flow refers to Group free cash flow, adjusted for costs related to acquisitions, interest for debt funding, dividends, and extraordinary one-off working capital effects 4 Core sales of SEK 21,494m vs guidance of SEK 21.0-22.0bn Core EBITDA (ex ACI and IAC) of SEK 1,144m vs guidance of SEK 0.8-1.1bn Adjusted operating free cash flow* of SEK 804m vs guidance of SEK 0.5-0.75bn
Page 5
Core operations performance by revenue line (excluding consolidation of Allente Group) 5 1.7% organic sales growth 46% of Core net sales YoY development reflected growth of D2C base and decline in B2B base, with D2C and B2B ARPU up, driven by premium sports in particular Viaplay streaming subscriptions 0.6% organic sales growth 26% of Core net sales YoY development reflected pricing and packaging initiatives offsetting the ongoing structural decline in linear TV subscriptions Linear channel subscriptions -0.3% organic sales growth 22% of Core net sales YoY development reflected 38% growth in digital advertising sales offsetting the ongoing structural decline in linear advertising sales Advertising -36.5% organic sales growth 5% of Core net sales YoY development reflected exceptionally high scripted content sales and sports rights sublicensing in 2024. QoQ at normalised level throughout 2025 Sublicensing & Other Note: Excludes Allente Group sales consolidated from 14th November 2025
Page 6
A unique content offer 6 Sports Non-scripted Scripted & Documentaries Acquired
Page 7
World class sports rights 7 Premier League UEFA Champio ns League UEFA Europa League & Confere nce League FA Cup & English Champi onship Bundeslig a UEFA Europea n Qualifier s African Qualifier s National Hockey League Ice Hockey World Champi onship National Football League Formula 1 IndyCar W Series Europea n Tour Internati onal Handball Federati on Ultimate Fighting Champi onship Internati onal Ski Federati on Matchro om Sport National Soccer Leagues Liga Iberdrola Frauen Bundeslig a Gjensidi ge Kvindelig a Women's Super League Women’s World Cup 2023 SE ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ DK ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ NO ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ FI ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ IS ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ NL ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ National Soccer Leagues
Page 8
Q4 Sports highlights and upcoming in Q1 8 Q4 highlights Upcoming in Q1
Page 9
Q4 Film and series highlights and upcoming in Q1 9 Q4 highlights Upcoming in Q1
Page 10
The Nordic region’s leading entertainment provider 10 Clear transformation priorities to deliver profitable growth, disciplined capital allocation and sustainable cash flow generation Ongoing Improve return on content investment ‒ Focus on commercially successful & locally relevant content ‒ Disciplined KPI driven approach to acquisition costs, product pricing, churn management, and customer lifetime value ‒ Sublicense or sell content that does not move the needle or require exclusivity Allente Group integration ‒ Integration into Viaplay Group’s country-based operating model ‒ Deliver cost synergies through reducing duplication and driving efficiencies ‒ Drive maximum lifetime value of high-margin DTH customer base ‒ Explore commercial opportunities for the combined Group Re-focus top-line drivers ‒ Value over volume ‒ Increase D2C pricing to reflect unique customer value proposition ‒ Enhance B2B partnership model to improve unit economics ‒ Increase digital ad inventory ‒ Launch new products to drive monetisation 1 2 3 Organisational restructuring ‒ Sell/partner/close Baltics, Poland, UK, US & Canada, Viaplay Studios ‒ Significant reduction in size of workforce ‒ New mandated & accountable country- based operating model ‒ New content & tech investment approval processes ‒ Optimise team set-up Completed
Page 11
11 R E P O R T E D & P R O F O R M A C O R E O P E R A T I O N S P E R F O R M A N C E Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY (SEKm) 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Viaplay Core Operations Sales 4,459 4,292 4,209 4,638 17,598 4,194 4,160 4,014 4,400 16,767 EBITDA -218 -21 1 258 20 -175 133 -13 170 115 EBIT -270 -72 -49 210 -181 -222 89 -56 128 -61 Allente Sales 1,649 1,656 1,645 1,598 6,548 1,579 1,556 1,524 1,488 6,147 EBITDA 243 249 285 219 996 261 280 289 200 1,029 Eliminations -373 -326 -347 -374 -1,420 P ro forma Sales 5,399 5,390 5,191 5,514 21,494 EBITDA 86 412 276 370 1,144 Combined Viaplay & Allente Group with pro forma full year sales of SEK 21.5bn, EBITDA (before ACI & IAC) of SEK 1.1bn, and 5% margin
Page 12
Core operations sales (excluding consolidation of Allente Group) • FX translation headwind on sales due to strengthening of SEK reporting currency • -2.3% organic sales decline in Q4 and -2.5% for FY both reflected exceptional content sales & sublicensing in 2024 • Excluding FX and content sales and sublicensing, Q4 sales were up 1% and FY sales were slightly up Sales, Q4 2025 vs. Q4 2024 (SEKm) Sales, FY 2025 vs. FY 2024 (SEKm) 12 Q4 2024 Organic sales development FX headwind Q4 2025 4,638 -65 -133 4,440 FY 2024 Organic sales development FX headwind FY 2025 17,598 -439 -392 16,767 Note: Excludes Allente sales consolidated from 14th November
Page 13
Core operations EBIT (excluding ACI, IAC and consolidation of Allente Group) • FX translation and transaction headwind on EBIT due to strengthening of SEK reporting currency • OpEx down 2% in Q4 and 4% for FY when excluding positive FX effects, with savings in almost all categories • Substantial organic EBIT improvement for FY, with Q4 decline reflecting cost inflation on legacy agreements Core EBIT, Q4 2025 vs. Q4 2024 (SEKm) Core EBIT, FY 2025 vs FY 2024 (SEKm) 13 210 128 Q4 2024 Organic EBIT development FX headwind Q4 2025 -42 -40 -181 -61 FY 2024 Organic EBIT development FX headwind FY 2025 245 -125
Page 14
Allente Group standalone performance • Ongoing sales decline reflects structural decline in linear viewing & DTH subscriptions, offset by enhanced content offering, price increases and growth in Allente Stream • EBITDA growth reflects revenue mix effects and cost saving measures Sales (SEKm) EBITDA (SEKm) 14 Q1 Q2 Q3 Q4 FY 1,649 1,579 1,656 1,556 1,645 1,524 1,598 1,488 6,548 6,147 -401 (-6%) 2024 2025 243 249 285 219 996 261 280 289 200 Q1 Q2 Q3 Q4 FY 1,029 +33 (+3%) 20252024
Page 15
15 R E P O R T E D & P R O F O R M A S A L E S S E G M E N T P E R F O R M A N C E Organic growth Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY (SEKm) 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Revenu es by category Viaplay streaming subscription 1,964 1,996 1,913 2,056 7,930 1,949 1,916 1,894 2,041 7,799 2% 1% Linear channel subscription 1,182 1,202 1,183 1,181 4,747 1,187 1,120 1,144 1,144 4,595 1% -1% Advertising 834 901 748 1,009 3,491 832 885 752 976 3,445 0% 1% Sublicensing & Other 479 193 365 393 1,430 226 239 223 239 927 -37% -34% Core operations net sales 4,459 4,292 4,209 4,638 17,598 4,194 4,160 4,014 4,400 16,767 -2% -3% Allente net sales 1,649 1,656 1,645 1,598 6,548 1,579 1,556 1,524 1,488 6,147 Eliminations -373 -326 -347 -374 -1,420 P ro forma Grou p 5,3 99 5,3 90 5,191 5,514 21,494 New revenu e categorisation Subscription 4,344 4,266 4,213 4,299 17,122 of which, Streaming 2,014 1,984 1,964 2,110 8,071 of which, Non-Streaming 2,329 2,283 2,250 2,189 9,050 Advertising 832 885 752 976 3,445 Other 226 239 223 239 927 P ro forma Grou p 5,3 99 5,3 90 5,191 5,514 21,494 Q425 vs FY25 vs FY24 • YoY organic revenue declines primarily reflect exceptional content sales & rights sublicensing in 2024, as well as ongoing renegotiation of legacy distribution agreements • New revenue categorisation reflects integration of Allente Group results into Streaming and Non-streaming subscription lines
Page 16
Allente Group integration update 16 • Allente Group formed in 2020 through 50:50 merger of Viasat Consumer and Canal Digital DTH platforms • Acquisition of remaining 50% of shares from Telenor was completed on 13 November 2025 • Integration of Allente Group is ongoing Transaction background • Estimated full annual run-rate cash (cost) synergies of SEK 300-400m from 2027 • Estimated cash restructuring costs of SEK 270-330m with majority to be reported as IAC in Q1 and Q2 2026 • Sales synergies being identified during integration Synergies and integration cost
Page 17
(SEKm) Dec'25 Working capital facility 2,500 Allente loan 1,621 Bonds and notes 1,858 RCF 1) 500 Gross debt 6,479 Prepaid borrowing expenses and accrued interest -101 Cash and cash equivalents -1,132 Financial net debt 5,246 Leases 279 Net debt 5,525 Pro forma EBITDA 12 months trailing 1,144 Net debt / Pro forma EBITDA 4.8 Financial position 17 Facility maturity profile (incl. amortisation schedule)Net debt 1) RCF facility of SEK 2,817m, of which SEK 500m drawn at 31 December 2025 420 420 824 781 FY26 FY27 2 817 1) Jun’28 Dec’28 6 922 2 500 1 034 Working capital facility Allente loan Bonds and notes RCF
Page 18
18 18 2 0 2 6 F U L L Y E A R F I N A N C I A L T A R G E T S Core operation sales Stable on an organic basis Core operation EBITDA before ACI & IAC SEK 1.0-1.4 billion The Group’s financial targets for 2026 reflect the acquisition of the remaining 50% of Allente Group in November 2025. EBITDA is used as the key profitability performance indicator for the combined business. The targets have been provided in conjunction with the announcement of the Group’s Full year 2025 results.
Page 19
19 19 L O N G T E R M A M B I T I O N S Core organic sales On average stable over the period 2025-2028 Core EBITDA before ACI & IAC margin Double-digit in 2028 Viaplay Group’s long-term financial ambitions were updated in conjunction with the announcement of the Allente acquisition on 17 July 2025. The adjusted operating free cash flow ambition has been removed in line with the 2026 full year guidance
Page 20
20 Q4 2025 Results I N V E S T O R S @ V I A P L A Y G R O U P . C O M Q&A