Viaplay Group is accelerating its transformation strategy with a sharp focus on value over volume, highlighted by the acquisition of Telenor’s 50% stake in Allente Group and a resilient second-quarter performance. According to Viaplay’s Q2 2025 interim report, the company recorded total net sales of SEK 4,313 million, down from SEK 4,485 million in the same period last year, and generated SEK 823 million in free cash flow, an improvement over SEK 627 million a year earlier. Core operations—covering the Nordics, Netherlands and Viaplay Select—accounted for SEK 4,160 million in sales with organic growth essentially flat at -0.1%, while operating income before ACI and IAC rose to SEK 84 million compared to a loss of SEK 70 million last year.
The acquisition of Allente marks a pivotal step for Viaplay, consolidating full ownership of the leading satellite and broadband TV provider in the Nordic market. Anders Jensen, President and CEO of Viaplay Group, stated: “Together, Viaplay and Allente will be able to offer even more compelling products and services that consumers love – to audiences across the Nordic market. The transaction is expected to create opportunities to expand our customer base, enhance offerings, and unlock cross-platform and cross-market potential.” The deal, which remains subject to regulatory approval, is expected to strengthen the group’s reach and operational synergies.
Reflecting this strategic move, Viaplay revised its full-year 2025 guidance to include pro forma core net sales of SEK 21.0-22.0 billion and pro forma EBITDA before ACI & IAC between SEK 0.8-1.1 billion. The company also set long-term ambitions to achieve double-digit EBITDA margins by 2028 and gradually increasing adjusted group operating free cash flow year over year.
Content performance continued to underpin the business, with Formula 1 maintaining its position as the most-watched sports content of the quarter, complemented by strong viewership of the Ice Hockey World Championship, Premier League, and Golf Majors. In Sweden, Viaplay Sports became the most-watched TV channel just two weeks after launch, thanks to the UEFA Women's Euros. Non-sports content like the fifth season of "Wisting" and the enduring popularity of "Paradise Hotel" also delivered robust engagement, topping viewing charts in Norway, Denmark, and Sweden.
Operationally, direct-to-consumer (D2C) subscriptions grew year-on-year but showed seasonal churn quarter-on-quarter, with Viaplay Streaming subscription sales declining by only 1% organically due to a deliberate shift toward higher-value customers. Linear channel subscription sales fell 3% organically, while group advertising sales grew 1%, bolstered by double-digit digital ad growth and stronger monetization across platforms. Sublicensing and other sales rose 23%, driven by sports rights deals, including a new Premier League sublicensing agreement with Amazon Prime Video in the Netherlands.
Viaplay closed the quarter with net income of SEK -49 million, an improvement over last year’s SEK -120 million loss. Core operating income before ACI and IAC improved significantly to SEK 89 million from a loss of SEK 72 million in Q2 2024, aided by cost control and better working capital management. Non-core operations, including D2C in Poland, were fully exited by the end of June, enabling the company to focus resources on core markets.
Jensen concluded: “We are executing on our plan – with clear priorities, disciplined capital allocation, and a sharp focus on building long-term value. We look forward to welcoming the talented Allente team into our group and to explore the potential we see in our future together.” With a more disciplined approach, strengthened Nordic footprint, and revised financial ambitions, Viaplay aims to deliver sustainable growth in an evolving media landscape.
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