Q4 2025 Viva Wine Group AB Earnings Call Transcript
Key Points
- Net sales increased significantly by 49% in Q4, driven by the acquisition of Delta Wines.
- Adjusted EBITA margin improved to 9%, higher than the previous year.
- Strong operative cash flow was achieved due to solid performance and seasonally strong working capital development.
- The acquisition of Alpha Brands strengthens Viva's presence in Norway and opens up the grocery retail market.
- Viva Wine Group remains the market leader in the Nordic monopoly markets, with a market share increase to 22.6% for the full year.
- Organic growth was negative at 1.6% due to slow markets and high comparable numbers in the B2B segment.
- The B2C segment's adjusted EBITDA margin in Q4 was lower than the prior year, driven by marketing investments.
- The gross margin was slightly lower in the B2C segment due to market mix.
- Net debt to EBITDA ratio, although improving, is still slightly above the target of 2.5.
- The Nordic markets, particularly Norway, require acquisitions to significantly improve market position beyond the current ranking.
Welcome to Viva Wine Group's year-end report presentation for 2025. (Operator Instructions). Now I will hand the conference over to CEO Emil Sallnas and CFO and Deputy CEO Linn Gafvert. Please go ahead.
Good morning everyone and welcome to our Q4 2025 presentation. My name is Emil Sallnas, and I will, together with our CFO and newly appointed deputy CEO Linn Gafvert present today. This is the agenda for today, and before we go into the quarterly update on financials, I want to start by giving you a short introduction to Viva Wine Group.
2025 was a year of growth and expansion. Today, almost 90% of our business is in our B2B segment, which includes the Nordic monopoly markets, as well as retailers and restaurants in both the Nordics and Europe. With the acquisition of Delta Wines our B2B business is now present in seven markets.
As you might have seen, we kickstarted the new year with the acquisition of Alpha Brands in Norway, which I will come back to later in the presentation. In the
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