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Q3 2026 Results PRESENTATION
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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. his presentation contains statements concerning, among other things, ViaplayGroup’s financial condition and results of operations that are forward-looking in nature. Such statements are not historical facts but, rather, represent ViaplayGroup’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. 2
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S P E A K E R S Jørgen Lindemann Chief Executive Officer Johan Johansson Chief Financial Officer Matthew Hooper Investor Relations
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4 Q3 Highlights Core operations sales of SEK 5,251m, stable on an organic basis Core operations EBITDA (ex ACI and IAC) of SEK 313m (SEK 276m pro forma and SEK -13m reported in Q3 2025) Group free cash flow of SEK -32m, of which SEK 58m from core operations and SEK -90m from non-core operations Allente Group integration on track with no change to anticipated synergies Regulatory clearance received for sale of Dutch operations, with completion expected in the coming weeks No change to 2026 financial targets or long-term ambitions
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5 Reported Sales & EBITDA SEKm Q3 2026 Q3 2025 9M 2026 9M 2025 FY 2025 Core operations Sales 5,251 4,014 16,037 12,367 17,344 Core operations EBITDA (excluding ACI & IAC) 313 -13 871 -54 210 Allente Group consolidated from 14 November 2025 ➢ Reported core operation sales up 30% year-on-year ➢ Substantial reported core operation EBITDA improvement year-on-year
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6 Pro forma Sales and EBITDA SEKm Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Q3 YoY (%) Organic Subscription 4,341 4,267 4,214 4,299 17,121 4,299 4,382 4,326 1.0% -of which, Streaming 2,014 1,984 1,964 2,110 8,071 2,120 2,139 2,060 3.5% -of which, Non-streaming 2,327 2,283 2,250 2,189 9,050 2,179 2,243 2,266 -1.1% Advertising 832 885 752 976 3,445 795 899 766 -0.6% Other 226 239 223 239 927 183 228 158 -14.3% Total Core operations Sales 5,399 5,390 5,191 5,514 21,494 5,278 5,509 5,251 0.1% Core operations EBITDA (excluding ACI & IAC) 86 412 276 370 1,144 101 458 313 Pro forma as if Allente Group had been consolidated from 1 January 2025 ➢ Organic sales growth of 0.1% reflected streaming growth, offset by declines in non-streaming, advertising and other sales ➢ Core operation OpEx up 0.9% excluding positive FX effects, as Allente content investments and embedded content inflation offset Allente Group integration synergies and other production and content savings ➢ Core operations EBITDA (before ACI & IAC) included positive year-on-year FX effect of approximately SEK 75m
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7 Core operations performance by revenue line Streaming subscriptions 3.5% organic sales growth 39% of Core operations net sales Subscriber base stable y-o-y and up q-o-q. B2B sales up in line with ‘value over volume’ focus Rising D2C ARPU reflected pricing dynamics & mix effects Non-streaming subscriptions -1.1% organic sales growth 43% of Core operations net sales Structural decline in linear channel subscriptions partly offset by pricing & packaging initiatives with partners, and Allente sales of FIFA World Cup subscriptions to public venues Advertising -0.6% organic sales growth 15% of Core operations net sales Continued digital advertising growth almost offset lower linear TV and radio advertising sales Other -14.3% organic sales growth 3% of Core operations net sales Lower scripted content and sports sublicensing sales to third party broadcasting and streaming partners
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A unique content offer Acquired Scripted & Documentaries Non-scripted Sports 8
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9 World class sports rights ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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Sports – Q3 highlights and upcoming in Q4 10 Q3 highlights Upcoming in Q4
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Film and series – Q3 highlights and upcoming in Q4 11 Q3 highlights Upcoming in Q4
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12 Cashflow Allente Group consolidated from 14 November 2025 ➢ Cash flow from operations before working capital of SEK 195m ➢ SEK -190m change in working capital included SEK -90m non-core operation cash drag ➢ Group free cash flow of SEK -32 million SEKm Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Cash flow from operations, excluding working capital -335 -31 -140 -48 -554 -157 197 195 Changes in working capital -333 862 -1,249 -1,517 -2,239 231 -52 -190 o/w Core operations -423 1,076 -1,210 -1,326 -1,885 279 11 -100 o/w Non-core operations 90 -214 -39 -191 -354 -48 -63 -90 Cash flow from operating activities -668 831 -1,389 -1,565 -2,793 74 145 5 Capital expenditure in tangible and intangible assets -9 -12 -8 -20 -49 -36 -32 -36 Other cash flow from investing activities 6 4 4 1 16 -1 0 -1 Dividends from associated companies and joint ventures 0 0 200 300 500 0 0 0 Group free cash flow -671 823 -1,193 -1,284 -2,326 37 113 -32 o/w Core operations -756 1,042 -1,154 -1,093 -1,961 85 176 58 o/w Non-core operations 85 -219 -39 -191 -365 -48 -63 -90
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13 Financial position Net debt Facility maturity profile (incl. amortisation schedule) SEKm Sep'26 Working capital facility 2,500 Allente loan 1,306 Bonds and notes 1,858 RCF 1) 750 Gross debt 6,414 Prepaid / accrued financial items -59 Cash and cash equivalents -1,186 Financial net debt 5,170 Leases, net 247 Net debt 5,418 Pro forma EBITDA 12 months trailing 1,241 Net debt / Pro forma EBITDA 4.4 1) RCF facility of SEK 2,817m, of which SEK 750m drawn at 30 September 2026 FY26 includes scheduled amortisation of SEK 315m paid by 30 September 2817 824 1034 420 781 315 2500 FY26 FY27 Jun’28 Dec’28 Working capital facility Allente loan (amortised) Allente loan (not yet amortised) Bonds and notes RCF
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14 A L L E N T E I N T E G R A T I O N S Y N E R G I E S Viaplay Group acquired the remaining 50% of Allente Group in November 2025. Integration remains on track, with some synergies already realised during 2026. Full run-rate annual cash cost synergies (from 1 Jan 2027) SEK 300-400 million Integration cash costs (reported as IAC) SEK 270-330 million
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15 2 0 2 6 F I N A N C I A L T A R G E T S The Group’s financial targets for 2026 reflect the full consolidation of Allente Group. Targets remain unchanged, with EBITDA now expected at the upper end of the range. Full year 2026 Core operations sales Stable year-on-year on an organic basis Full year 2026 Core operations EBITDA before ACI & IAC SEK 1.0-1.4 billion
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16 L O N G - T E R M A M B I T I O N S Viaplay Group updated its long-term financial ambitions in conjunction with the announcement of the Allente Group acquisition on 17 July 2025 Core operations sales Stable year-on-year on average on an organic basis for 2025 to 2028 Core operations EBITDA before ACI & IAC Double-digit margin for 2028
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17 The Nordic region’s leading entertainment provider Ongoing Completed 1 2 3 Re-focus top-line drivers - Value over volume - Increase D2C pricing to reflect customer value - Enhance B2B partnerships to improve unit economics - Increase digital advertising inventory - Launch products to support monetisation Improve return on content investment - Focus on commercially successful and locally relevant content - Use acquisition costs, churn and lifetime value to guide investment - Extend content agreements on market terms - Sublicense content where exclusivity is unnecessary Allente Group integration - Integrate into the country-based operating model - Reduce duplication and deliver cost synergies - Maximise lifetime value of the DTH customer base - Develop commercial opportunities for the combined Group Organisational restructuring - Exit non-core international operations - Reduce workforce and simplify teams - Establish a country- based operating model - Introduce investment approval processes Clear transformation priorities to deliver profitable growth, disciplined capital allocation and sustainable cash flow generation
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Q3 2026 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