Viaplay “slightly improves” in Q3
October 22, 2025

Viaplay Group reports that its continues to execute on its transformation with what is describes as “slightly improved underlying performance” and progress towards closing the Allente acquisition.
Total Q3 reported Group net sales of SEK 4,018 million (€367m), down from SEK 4,412 million and total operating income before associated company income (ACI) and items affecting comparability (IAC) of SEK -56 million (-56m).
Further Q3 financial highlights include:
- Reported sales for Core operations (Nordics, Netherlands and Viaplay Select) of SEK 4,014 million (4,209), with organic sales growth of -3 per cent. Operating income before ACI and IAC of SEK -56 million (‑49).
- Total reported operating income of SEK 25 million (2) including ACI of SEK 48 million (52) and IAC
- Net income of SEK -142 million (-148) and basic earnings per share of SEK -0.03 (-0.03).
- Group free cash flow of SEK -1,193 million (-1,523), and financial net debt position of SEK 2,020 million and net debt of SEK 2,294 million.
- Allente acquisition expected close in Q4.
In a lengthy press statement, Jørgen Madsen Lindemann, President & CEO, said:
We have continued to execute on our strategy and plan. We still have a lot of work to do, but our transformation remains on track, supported by clear priorities, financial discipline and a sharp focus on long-term value creation. We are becoming a more relevant and commercial entertainment company – focused on monetisation, performance improvements and return on investment. The work to team up with Allente has continued with progress, and we have to date received approval from the relevant authorities in Norway and Denmark. In Sweden, we have received confirmation from the Swedish Inspectorate of Strategic Products under the Foreign Direct Investments Act (2023:560) that the notification is left without action. Competition approval from the Swedish Competition Authority has, as of today’s date, not yet been granted. We expect to finalise the acquisition and close during the fourth quarter. Together, we will build on our shared strengths to create a customer-focused Nordic entertainment business – commercially driven, long-term in its outlook, and fit for purpose.
Our world-class sports portfolio once again delivered millions of viewing hours across our markets. The new Premier League season began with strong engagement, and Viaplay Premier Sunday returned bigger than ever – doubling its live shows and reaching audiences across all five core markets. Formula 1 and the Premier League remained the most watched sports on our platforms, followed by the UEFA Club tournaments and Ryder Cup. In Norway, our new partnership with TV 2 makes over 3,000 football matches per year available to a broader audience, reflecting how collaboration can create greater value for both our customers and partners.
Local storytelling continued to engage and entertain audiences across our markets. The new season of Paradise Hotel Sverige was one of the most watched titles of the quarter, while Robinson Ekspeditionen and Svenska Fall also delivered strong performances. Together, these formats show the strength of our strategy to focus on commercial formats and combining long-time audience favorites with new ideas that build loyalty and drive return on investment.
Looking ahead, audiences can look forward to a strong line-up in the coming months, including the UEFA Champions League, the ongoing Premier League and Formula 1 coverage, and the return of winter sports such as the FIS World Cup. Together, these events reflect the relevance and breadth of Viaplay’s unique sports portfolio and its appeal to Nordic audiences.
Our Core operations developed in line with expectations. Viaplay streaming sales grew organically by 1 per cent year-on-year, as the growth in direct-to-consumer subscriptions and higher average revenue per user offset the decline within business-to-business. This reflects our continued focus on value over volume.
Linear subscription sales declined by 1% organically, as expected, while advertising revenues grew by 2 per cent, supported by digital, HVOD and radio – reflecting our strategy to offset linear decline through digital growth. Sublicensing and other sales decreased organically by 37 per cent year-on-year, reflecting a normalisation after last year’s exceptional scripted content sales volumes, with a proportional cost impact as related production costs are recognised in the same period as the associated sales. This was partly offset by increased sports sublicensing.
The underlying Core operating income before ACI and IAC slightly improved year-on-year, supported by higher advertising and sublicensing revenues and continued cost discipline. The reported result was slightly lower than last year, reflecting higher sports content costs and minor negative FX effects. Costs were lower compared to the same period last year, driven by efficiency gains and lower costs associated with scripted content sales, which was partly offset by the increase in sports content costs. Our focus remains on efficiency, operational delivery and cash flow generation.
Following the announcement of the Allente acquisition in July, we have now filed for regulatory approval in all countries, and the processes are progressing well. We expect to close the transaction during Q4. Once completed, this transaction will mark the next step in our transformation and further focus on our Nordic core. By bringing Viaplay Group and Allente under the same ownership, we will be well positioned to deliver attractive products and services to customers across the Nordics and to create long-term value for both companies.
Our priorities remain clear: relevant and commercial storytelling, operational delivery and continued monetis-ation of our strong content portfolio. We are disciplined in our capital allocation, focused on return on investment and committed to reducing leverage over time.
We are executing on our plan with focus, as we continue to build a stronger, more relevant Viaplay Group that creates long-term value for our shareholders, partners and for our audiences across the Nordics.
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