Viva Wine Group reported a 21% year-over-year increase in net sales for Q2 2026, totaling 1.62 billion Swedish kronor, driven primarily by acquisitions including Delta Wines and Alpha Brands. Organic sales, however, declined 3.7% compared with a 1.0% gain in the prior-year period, reflecting softer demand in both B2B and B2C segments.
Adjusted earnings before interest, taxes and amortization rose to 108 million SEK from 102 million SEK, though the adjusted EBITA margin compressed to 6.7% from 7.6%. Operating cash flow more than doubled to 51 million SEK, up from 22 million SEK a year earlier. The company paid a 72 million SEK dividend during the quarter, the first of two planned installments for 2026.
The B2B segment, which accounts for the bulk of revenue at 1.46 billion SEK, grew 25% year-over-year, though organic sales fell 4.0%. Acquisitions contributed 289 million SEK to B2B revenue. Adjusted EBITA for the segment reached 111 million SEK with a 7.6% margin, down slightly from 7.8% in the prior period. B2C net sales edged lower to 162 million SEK from 166 million SEK, with organic growth of -1.3% and an adjusted EBITA margin of 3.7%, down from 6.6%.
Cash flow from operating activities before working capital changes totaled 75 million SEK, with a 25 million SEK build in working capital. The company ended the quarter with 111 million SEK in cash and a net debt to EBITDA ratio of 2.6x, improving from 4.1x in Q2 2025. Net working capital improved to 9.0% of rolling twelve-month sales, down from 14.5% a year earlier.
CEO Emil Sallnäs highlighted the integration of Delta Wines and Alpha Brands, stating both brands continued to perform well. He emphasized disciplined execution and an optimized operating model, expressing optimism despite macroeconomic uncertainty. The Nordic wine market contracted approximately 4% during the quarter, though Viva Wine’s organic growth turned positive in June following the Delta Wines acquisition.
Management maintained full-year operating expense guidance at 11% to 12% of net sales. Elevated European freight costs are expected to reduce full-year gross margins by about 0.3 percentage points. The company’s shares were up 0.52% in premarket trading at $38.30, near the top of its 52-week range of $27.50 to $39.50.
