Viaplay Group just reported Q3 2026, and the story is all about strain on the income statement clashing with a rock bottom share price. The stock closed at SEK1.17 on Thursday after a tough few months, with the 90 day return down about 11%. Yet the quarter showed revenue of SEK5,251m and a small net loss of SEK30m, a far narrower hit than investors saw last year.
That mix, a beaten down valuation on roughly 0.3x sales and an earnings profile that is still in the red, is what is driving today’s sentiment tug of war.
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Q3 2026 Earnings Summary
- Revenue (Q3 2026 vs Q3 2025): SEK 5,251m vs. SEK 4,018m (top line increased about 31%)
- Net Income/Loss (Q3 2026 vs Q3 2025): loss of SEK 30m vs. loss of SEK 142m (loss narrowed about 79%)
- Basic EPS (Q3 2026 vs Q3 2025): loss of SEK 0.0066 per share vs. loss of SEK 0.0312 per share (per share loss reduced about 79%)
- Trailing 12-Month Revenue and Net Loss (TTM to Q3 2026 vs TTM to Q3 2025): revenue SEK 21,020m and net loss SEK 1,331m vs. revenue SEK 17,682m and net loss SEK 1,267m (TTM revenue higher while TTM loss modestly wider)
Ask Charlie what Viaplay promised on debt reduction after the Dutch sale.
Viaplay bulls lean on Allente and cash gains
Optimists argue Viaplay Group can use Allente and efficiency work to rebuild profitability and cash. That is the core bet.
"Management expects SEK 300 million to SEK 400 million of annual cash cost synergies from the Allente integration and is targeting a move from a 5.3% EBITDA margin to double digit levels by 2028. If these savings materialize, they could support stronger net margins and earnings than a bearish view assumes."
Q3 shows evidence of this thesis. Combined 9M EBITDA before ACI and IAC swung from a loss of DKK 65m to a profit of DKK 871m. Q3 EBITDA improved, operating cash before working capital turned positive at SEK 195m, and leverage nudged lower, all while guidance stayed unchanged.
Viaplay bear case focuses on debt load and rights
The concern is that heavy leverage and content obligations keep choking flexibility, even if operations heal.
"High financial net debt of just under SEK 5.2b, scheduled repayments in 2026 and 2027, and ongoing non core cash drag that is guided to continue until at least 2028 all limit financial flexibility. This could constrain investment in content and growth initiatives and weigh on net income."
Q3 largely supports that caution. Net financial debt is about SEK 5.17b, net debt to TTM EBITDA is 4.4x, free cash flow was still SEK 32m outflow, and non core drag was SEK 90m. The Dutch sale and FX tailwinds help, but debt and multi year sports rights still frame the risk side of Viaplay Group.
One Narrative disagrees with today's price. → See where this Narrative says Viaplay Group should trade.
Hunt For Pricing Disconnects
Viaplay Group pairs a stabilising income statement with a share price that has been under pressure. The real opportunity is finding stocks that could be undervalued before the market corrects them.
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That is three of the list. See the full list of 191 companies trading below our fair value estimates →
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