Q2 2026 Viva Wine Group AB Earnings Call Transcript
Key Points
- Net sales increased by 21% in Q2, driven by the successful integration of Delta Wines and Alpha Brands acquisitions.
- Adjusted EBITDA improved year-over-year, supported by higher net sales and an improved gross margin percentage.
- The company maintained its position as the clear market leader in the Nordic monopoly markets with stable high market share.
- Strong operating cash flow was delivered in the quarter, with net working capital to net sales reaching a very strong 9.0%.
- Delta Wines contributed positively to organic growth in June, the first month of full integration, indicating successful synergy realization.
- Organic growth was negative at -3.7% in the quarter, impacted by the timing of Easter and geopolitical uncertainty weakening consumer sentiment.
- B2C segment net sales decreased, with organic growth of -1.3% due to low consumer sentiment, leading to a decline in adjusted EBITDA margin to 3.7%.
- Adjusted EBITDA margin declined to 6.7% in the quarter, partly due to higher operating expenses, including increased marketing investments in B2C.
- Higher freight costs, particularly in Europe, pressured gross margins, with an expected negative effect of 0.3% for the full year.
- The ongoing bid process from Riesling Ventures introduces uncertainty, and the company's guidance for OpEx to sales remains at 11%-12%, with Q2 OpEx higher than the full-year target.
Welcome to Viva Wine Group Earnings Call for Q2 2026. (Operator Instructions) Now I will hand the conference over to CEO, Emil Sallnäs; and CFO and Deputy CEO, Linn Gäfvert. Please go ahead.
Good morning, everyone, and welcome to our Q2 2026 presentation. My name is Emil Sallnäs, and together with our CFO and Deputy CEO, Linn Gafvert, I will present today. This is today's agenda. Before we move on to the quarterly update and financials, I will hand over to Linn.
Thank you, Emil. I would like to start with an update about the ongoing bid process. On the June 29, Riesling Ventures announced a public takeover offer to the shareholders of Viva Wine Group. In connection with this, the independent bid committee of Viva Wine Group announced that they recommend the offer. The acceptance period is currently ongoing and ends on the August 28.
In this call, we will only
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