Viaplay Group's advertising sales fell 0.6% on an organic basis in the third quarter of 2026, as growth in digital advertising again came up just short of covering the decline in linear television, according to the Stockholm-listed broadcaster's interim report published on October 22, 2026. Advertising brought in SEK 766 million in the three months to September 30, compared with SEK 752 million a year earlier. The reported figure rose 1.9% in Swedish kronor, but stripping out currency effects of SEK 18 million left an organic decline. Core operation net sales reached SEK 5,251 million, flat on an organic basis at 0.1% growth, while core operation EBITDA before associated company income and items affecting comparability rose to SEK 313 million from a pro forma SEK 276 million. The total number of Viaplay subscribers stood at 4,300,000, against 4,303,000 a year earlier.

In Short

Viaplay, the main Nordic pay-TV and streaming group, made slightly less money from ads this summer than last, because its online ads grew but not enough to replace falling money from old-style TV ads. That matters to brands buying TV and video ads in Sweden, Norway, Denmark and Finland, since a large share of that inventory still sits with Viaplay. The company is now earning more profit from the same sales by cutting costs after buying satellite operator Allente, but it still carries about SEK 5.4 billion of net debt.

Advertising: seasonally weak, and the World Cup went elsewhere

The third quarter is the weakest period of the year for Viaplay's advertising business, and 2026 added a specific complication. Coverage of the FIFA men's World Cup was shown by rival media outlets, which affected both TV and radio advertising sales, according to the interim report. The comparison base was also inflated: in the third quarter of 2025, Viaplay's audience shares were boosted by its coverage of the UEFA Women's European football championships. Radio advertising sales were down year on year, according to the report.

The company did not break out digital and linear advertising figures separately. Instead, it described the direction of travel. "The high growth in our digital advertising sales continued, with particularly strong growth in digital ad impression in all countries," chief executive Jørgen Lindemann said on the earnings call, according to a transcript published by Investing.com. The interim report attributes the digital growth to digital advertising and hybrid video-on-demand sales, which "could not entirely offset the ongoing structural decline in linear TV advertising sales." The CEO's own summary on the call was that total advertising sales "were down less than 1% on an organic basis."

Advertising accounted for 15% of core operation net sales in the quarter, according to the results presentation. That is down from 16% in the second quarter, when Viaplay's advertising sales grew 0.2% organically and digital and radio gains roughly balanced the losses in linear TV. For the first nine months, advertising sales totalled SEK 2,460 million against SEK 2,468 million, a reported fall of 0.3% and an organic fall of 0.5%, according to the report's reconciliation tables.

Viewing and listening shares moved in opposite directions

The fact sheet published alongside the report gives the audience data underneath those sales. Commercial share of viewing, the measure Viaplay uses for its TV channels, fell in all three markets for which it reports the figure:

  • Sweden (ages 30-64): 20.3%, down from 22.8% in the third quarter of 2025
  • Norway (ages 30-69): 15.3%, down from 18.6%
  • Denmark (ages 30-60): 16.0%, down from 18.4%

Norway's figure was also lower than the 16.5% recorded in the second quarter of 2026. Commercial share of listening for radio went the other way. In Sweden, among listeners aged 12 to 79, it rose to 48.1% from 40.3%. In Norway, among listeners aged 10 and older, it rose to 70.2% from 68.7%. Higher listening shares did not translate into higher radio revenue in the quarter. Viaplay did not explain the gap in the report.

A six-year view of the third quarter

Viaplay's historical fact sheet tabs allow a longer comparison of third-quarter advertising, though the basis shifts across years and the figures are in Swedish kronor at the exchange rates of each period. Third-quarter advertising sales were SEK 837 million in 2021, SEK 845 million in 2022, SEK 780 million in 2023, SEK 748 million in 2024, SEK 752 million in 2025 and SEK 766 million in 2026. Measured in kronor, the 2026 figure is the highest third-quarter result since 2022, but on an organic basis it sits at SEK 748 million, level with 2024, according to PPC Land's reading of the reconciliation table.

Subscribers and the streaming business

Total subscription sales reached SEK 4,326 million and rose 1.0% organically, representing more than 80% of group sales. Streaming subscription sales of SEK 2,060 million grew 3.5% organically, which Viaplay rounds to 4% in its commentary. Non-streaming subscription sales, the line that now includes almost all of Allente's revenue and the sale of Viaplay's linear TV channels through third-party distributors, came to SEK 2,266 million and fell 1.1% organically.

The subscriber figure was stable on the year and up from 4,242,000 at the end of June. It was below the 4,447,000 reported at the end of the first quarter of 2026. The CEO described the quarter-on-quarter rise as being "in line with the usual seasonal patterns," according to the Investing.com transcript.

Growth in streaming came from two sources, according to the report. In business-to-business sales, Viaplay continued what it calls a "value over volume" approach to agreements with distribution partners, and the number of B2B premium sports subscribers rose. In direct-to-consumer sales, average revenue per user continued to rise following price increases and changes in the subscriber mix.

The 3.5% organic growth rate was lower than in the first half. In the second quarter, streaming subscription sales grew 7.1%. Lindemann gave the reason on the call. "The 4% organic growth level is lower than in first half this year because the new distribution agreements and packaging structures that were implemented from the middle of last year were already having an impact in Q3 last year," he said, according to the transcript.

Allente: World Cup in pubs, bundles on satellite

Allente, the Nordic satellite and broadband provider that Viaplay took full control of on November 13, 2025, helped slow the decline in non-streaming revenue. Viaplay agreed to buy Telenor's 50% stake for SEK 1.1 billion in July 2025, when Allente had about 840,000 subscribers. The fact sheet shows 825,000 Allente subscriptions at the end of the third quarter of 2025 and 815,000 at the end of 2025. No 2026 subscriber figure for Allente is disclosed in the fact sheet.

In the third quarter of 2026, Allente sold coverage of FIFA men's World Cup matches to entertainment venues. "Allente's sales were boosted in Q3 by making FIFA World Cup men's football matches available to pub and club subscribers," Lindemann said. The same tournament, shown by rivals to the general audience, weighed on Viaplay's TV and radio advertising.

Allente's average revenue per user rose both year on year and quarter on quarter. The CEO said "almost all DTH satellite subscriptions" are "now bundled with Viaplay and also offering access to Apple TV, HBO Max, Amazon Prime, and SkyShowtime," according to the transcript. The bundling places third-party streaming services inside a satellite package sold by a company whose own TV channels compete with those services for viewers.

Other sales fell 14%

The "Other" line, which covers scripted content sales to broadcasters around the world and sports sublicensing to third-party broadcasters and streamers in Viaplay's core markets, fell 14.3% organically to SEK 158 million. The CEO said existing, new and pipeline agreements suggest an improved performance in the fourth quarter, but added that "sales will continue to decline as the amount of content that we want to sell or license diminishes over time."

The turnaround numbers

The full consolidation of Allente makes reported comparisons misleading, so Viaplay publishes pro forma 2025 figures calculated as if Allente had been part of the group from January 1, 2025. On a reported basis, core operation sales rose 30.8% in the quarter from SEK 4,014 million, and EBITDA swung from a loss of SEK 13 million.

On the comparable pro forma basis, the improvement is smaller but still clear. Core operation EBITDA before associated company income and items affecting comparability rose 13.4% to SEK 313 million from SEK 276 million, according to PPC Land's calculation from the reported figures. The EBITDA margin was about 6.0%, compared with 5.3% a year earlier. Approximately SEK 75 million of the result came from favourable year-on-year currency movements, according to the report. Excluding that, EBITDA would have been below the prior year's pro forma figure, according to PPC Land's arithmetic.

Chief financial officer Johan Johansson explained the currency mechanics on the call. The Norwegian krone strengthened against the Swedish krona, which lifted reported sales by more than SEK 50 million. At the same time, the strength of the krona against the euro and the dollar, "in which we have the vast majority of our cost," reduced reported costs, according to the transcript.

Core operating expenses rose 0.9% year on year excluding positive currency effects, according to the presentation. Content accounts for roughly three-quarters of total costs, according to the CEO. The increase reflected the variable costs of Allente's World Cup venue sales and inflation built into legacy content agreements. Those were offset, to a large extent, by lower Allente subscriber acquisition and transmission costs, integration synergies, content agreements renewed on improved terms and production savings.

For the first nine months, combined core operation sales reached SEK 16,037 million, and EBITDA before associated company income and items affecting comparability reached SEK 871 million, compared with a pro forma SEK 775 million. Lindemann put the reported comparison front and centre on the call. "The combined sales of SEK 16 billion for our core operations for the first nine months of this year were 30% higher than what we reported on a standalone basis for the same period of last year," he said, according to the Investing.com transcript.

Group income and cash

At group level, operating income was SEK 122 million against SEK 25 million. Items affecting comparability totalled minus SEK 48 million, made up of SEK 19 million of restructuring and integration costs and SEK 29 million of currency translation effects related to earlier content provisions. Net financial items were minus SEK 136 million, and the net loss narrowed to SEK 30 million from SEK 142 million. Basic earnings per share were minus SEK 0.01.

Cash flow from operations before working capital changes improved to SEK 195 million from minus SEK 140 million. Working capital moved by minus SEK 190 million, including SEK 90 million paid on legacy content agreements in markets Viaplay has already exited. Johansson called this "non-core operation cash drag" and said it is reported inside working capital. Group free cash flow was minus SEK 32 million, split between SEK 58 million generated by core operations and minus SEK 90 million from the non-core operations. Over nine months, group free cash flow totalled SEK 118 million, according to PPC Land's sum of the quarterly figures in the presentation.

The non-core operations are the international markets Viaplay has left: the Baltic sports portfolio sublicensed in February 2024, the UK Premier Sports business sold at the start of 2024, the North American service closed in the first quarter of 2024, and Poland, exited in June 2025. They generated no sales in the quarter, but legacy agreements still carry cash costs. Johansson said deleveraging depends on doubling the EBITDA margin between 2025 and 2028 "and the ending our non-core operations cash drag in 2028," according to the transcript.

Debt, the Dutch sale and the 2026 targets

Net debt was SEK 5,418 million at the end of September, little changed from SEK 5,380 million at the end of June. Excluding SEK 247 million of net lease liabilities, financial net debt was SEK 5,170 million. Total borrowings were SEK 6,414 million and cash stood at SEK 1,186 million. Of the SEK 2,817 million revolving credit facility, SEK 750 million was drawn, up from SEK 700 million at the end of June.

"Our net debt to trailing 12 months pro forma EBITDA, excluding associated company income and IAC, was 4.4 times at the end of Q3 compared to 4.5 times at the end of Q2," Johansson said, according to the transcript. The presentation puts trailing twelve-month pro forma EBITDA at SEK 1,241 million. Aside from scheduled repayments, all of the group's debt facilities mature in 2028. The presentation shows SEK 315 million of Allente loan amortisation paid by September 30, 2026, and SEK 420 million scheduled for 2027.

Annual cash interest costs are running at approximately SEK 450 million, according to the CFO. In the third quarter, Viaplay paid SEK 107 million in cash interest and SEK 2 million in cash taxes. For the full year, the company expects capital expenditure of about SEK 150 million and cash tax payments of about SEK 200 million.

The sale of the Dutch operations should reduce the debt. Viaplay agreed on July 1, 2026 to sell the unit to Videoland's owner for EUR 142 million on a cash and debt-free basis. The Dutch Competition Authority has now cleared the deal, and Viaplay expects to close it in the coming weeks, according to the report, which notes the transaction remains subject to customary consents and procedures. Asked on the call about the expected net debt reduction and the EBITDA leaving the group, Johansson declined to add figures. "No, at this point, we cannot give any further information that we have given," he said, according to the transcript.

Synergies and integration costs

The Allente integration is expected to deliver SEK 300 million to SEK 400 million of annual run-rate cash cost synergies from January 1, 2027, unchanged from earlier guidance. Integration cash costs, reported as items affecting comparability, are still expected to total SEK 270 million to SEK 330 million. Johansson said SEK 222 million had been taken so far this year. "The integration of Allente Group is running according to plan, and we have now taken the majority of the cost relating to the restructuring," Lindemann said. The CEO also said there "will also be sales synergies," without putting a number on them.

Targets unchanged

Viaplay kept its 2026 targets: core operation sales stable year on year on an organic basis, and core operation EBITDA before associated company income and items affecting comparability of SEK 1.0 billion to SEK 1.4 billion. With SEK 871 million already booked after nine months, the fourth quarter would need to contribute at least SEK 129 million to reach the bottom of the range and SEK 329 million to reach its midpoint, according to PPC Land's calculation. The fourth quarter of 2025 produced SEK 370 million on a pro forma basis.

The long-term ambitions also stand: organic core operation sales stable on average from 2025 to 2028, and a double-digit EBITDA margin for 2028, compared with the pro forma 5.3% delivered in 2025.

Sports rights: buying less than 100%

The single analyst who asked questions on the call, Alex Solland of SB1 Markets according to the transcript, asked when better contract terms on renewed sports rights would outweigh inflation in legacy contracts. Lindemann described a selective approach. "As you have seen, we have made some new agreements where we might not have bought 100%, but less than 100% of the rights," he said, according to Investing.com. "Where we prolong things, we do that because we can see it is meaningful and where we do not then, or when things are too expensive, we let them go and we find alternatives."

Earlier in the call, the CEO said inflation in legacy content agreements is decreasing in the second half of 2026 "and will also decrease next year," while adding that the savings are "balanced by investment that we are making in other areas."

Football remains central to the schedule. Viaplay said it has become the first broadcaster in the world to show all 12 matches each week from the English Football League Championship, after it secured all EFL Championship rights in the Nordic countries until 2028 in February. In April, Viaplay extended its exclusive UEFA Champions League rights in Denmark through the 2030-31 season. The company also pointed to its Formula 1 coverage and its Viaplay Premier Sunday programme. On the entertainment side, the third quarter included Temptation Island in Denmark, Paradise Hotel Sverige and Svenska Fall in Sweden, Charterfeber and Eventyrlig Oppussing in Norway, and acquired titles including Outlander: Blood of My Blood Season 2 and South Park.

Why this matters for advertisers

Viaplay operates TV channels across most of its markets, commercial radio stations in Norway and Sweden, and a streaming service in every Nordic country. For advertisers buying Nordic video and audio, its quarterly results are one of the few public measures of how fast budgets are moving from linear schedules to streaming inventory in the region.

The third-quarter pattern matches what other European broadcasters have reported. In Germany, ProSiebenSat.1 missed its earnings guidance after gross TV advertising investment fell about 4% in 2025. In August, RTL Group reported TV advertising down 4.0% to EUR 977 million in the first half of 2026 while digital advertising rose 10.9%. Viaplay's version is smaller in absolute terms and closer to balance: digital growth "almost" offset the linear decline, in the CEO's words.

What remains unknown is the proportion. Viaplay does not disclose how much of its SEK 766 million comes from digital and AVOD-style inventory versus linear TV and radio, so the speed of the shift cannot be measured from the published figures. The falling commercial share of viewing in all three reported TV markets suggests the linear audience base available to advertisers continued to shrink in the quarter, even accounting for the World Cup effect. The fourth quarter, which is typically the strongest for advertising and produced SEK 976 million on a pro forma basis in 2025, will show whether the third quarter's decline was mostly about the tournament.

The company's distribution strategy also affects the inventory available to buyers. Philips TVs running Titan OS carry a dedicated Viaplay remote button in the Nordics and the Netherlands, and Allente's satellite packages now bundle Viaplay alongside competing streaming services. Once the Dutch sale closes, Viaplay's streaming audience will be entirely Nordic. The next data point arrives with the fourth-quarter report, scheduled for February 18, 2027.

Timeline

Summary

Who: Viaplay Group, the Stockholm-listed Nordic broadcaster and streaming company, led by CEO Jørgen Lindemann and CFO Johan Johansson, together with its satellite and broadband subsidiary Allente.

What: Third-quarter 2026 advertising sales of SEK 766 million fell 0.6% organically as digital growth did not fully offset the linear TV decline. Core sales of SEK 5,251 million were flat organically, core EBITDA before associated company income and items affecting comparability rose to SEK 313 million from a pro forma SEK 276 million, and Viaplay subscribers held at 4,300,000. Net debt was SEK 5,418 million at 4.4 times trailing pro forma EBITDA, and 2026 targets were unchanged.

When: The interim report and earnings call were published on October 22, 2026, covering the quarter ended September 30, 2026.

Where: Viaplay's core markets in Sweden, Norway, Denmark, Finland and Iceland, plus the Netherlands, where the sale of the Dutch operations is expected to close in the coming weeks.

Why: The FIFA men's World Cup aired on rival outlets in the seasonally weakest advertising quarter, against a 2025 comparison boosted by the UEFA Women's European championships. Cost synergies from the Allente integration and about SEK 75 million of favourable currency effects lifted EBITDA, which Viaplay needs to reach its double-digit margin goal for 2028 and reduce its debt.