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Viaplay Group (OM:VPLAY B) Stock Tests Bearish Narratives With First Quarterly Profit In Years

Simply Wall St · 2d ago

Viaplay Group (OM:VPLAY B) has reported Q2 2026 revenue of about SEK 5.5b and net income of SEK 70m, translating to basic EPS of SEK 0.02 as the stock trades around SEK 1.39. The company has seen quarterly revenue move from SEK 4.3b in Q2 2025 to SEK 5.5b in Q2 2026, while EPS shifted from a loss of SEK 0.01 per share to a small profit. This sets up an earnings print where higher sales meet still fragile margins and a market focused on whether this early profitability can hold.

See our full analysis for Viaplay Group.

With the numbers on the table, the next step is to see how this latest report lines up against the prevailing Viaplay Group narratives and where the data challenges what many investors might expect.

See what the community is saying about Viaplay Group

OM:VPLAY B Revenue & Expenses Breakdown as at Jul 2026
OM:VPLAY B Revenue & Expenses Breakdown as at Jul 2026

TTM losses still heavy at SEK 1.4b

  • Over the last twelve months, Viaplay Group reported total revenue of SEK 19.8b and a net loss of SEK 1,443m, which compares with Q2 2026 quarterly revenue of SEK 5,513m and a quarterly profit of SEK 70m.
  • Consensus narrative points to pressure from declining linear TV and high content costs, and the TTM loss supports that concern, while the Q2 profit tests how durable any improvement might be.
    • Content costs are described as roughly three quarters of the total cost base, and with net margin still negative on a TTM view, bears' focus on margin strain is directly reflected in the SEK 1,443m loss.
    • At the same time, the swing from a Q1 2026 loss of SEK 420m to a Q2 2026 profit of SEK 70m shows quarterly volatility that consensus watchers will likely compare against expectations for EBITDA margin to move from 5.3% in 2025 toward double digit levels by 2028.

Viaplay valuation looks compressed on 0.3x P/S

  • With the share price at SEK 1.39, Viaplay Group trades on a P/S of 0.3x compared with a peer average of 2.7x and a European media industry average of 0.6x.
  • Bears argue that this low multiple reflects real balance sheet and earnings risk, and the current data provides several concrete reasons for that discount.
    • The trailing twelve month net loss of SEK 1,443m and guidance that the cash runway is under one year both underline the concern that more capital could be needed, which fits a bearish focus on financial flexibility.
    • High financial net debt of just under SEK 5.2b and scheduled repayments in 2026 and 2027 are highlighted in the narrative as limiting room for content and growth spending, which helps explain why a low P/S may not automatically signal an easy value opportunity.
For investors trying to understand whether this discount is justified or overdone, it can help to see how skeptics frame the downside case in detail before making a call on Viaplay Group's risk profile. 🐻 Viaplay Group Bear Case

Q2 profit vs five year earnings decline of 16.8%

  • Basic EPS for Q2 2026 came in at SEK 0.02, while over the past five years earnings have declined at about 16.8% per year and the latest TTM EPS is a loss of SEK 0.32.
  • Bulls point to cost synergies and streaming growth as potential supports for a turnaround, and Q2 gives them some numerical backing but also leaves open questions they need to address.
    • Management is targeting SEK 300m to SEK 400m of annual cash cost synergies from the Allente integration and aims to lift EBITDA margin from 5.3% in 2025 to double digit levels by 2028, so the move from a Q1 2026 net loss of SEK 420m to a Q2 profit of SEK 70m will be seen by bulls as an early data point for that margin story.
    • On the revenue side, consensus commentary highlights prior organic streaming subscription growth of 7.9% supported by higher ARPU, and with Q2 2026 revenue of SEK 5,513m versus SEK 4,313m in Q2 2025, bulls will compare that trend against expectations that modest growth and cost savings together can eventually offset pressure in the legacy DTH and linear segments.
If you want to see how optimistic investors connect cost cuts, streaming trends, and this quarter's profit into a longer term thesis on Viaplay Group, it is worth reading the full bullish narrative before deciding how much weight to give this single quarter. 🐂 Viaplay Group Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Viaplay Group on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With sentiment clearly split on Viaplay Group, this is a moment to move quickly, review the underlying figures, and weigh risks against potential upside using the 2 key rewards and 2 important warning signs.

Explore Alternatives to Viaplay Group

Viaplay Group still carries a SEK 1,443m trailing loss, high net debt of just under SEK 5.2b and a cash runway under one year, which together highlight financial strain.

If that combination of ongoing losses and balance sheet pressure feels too exposed for your taste, you can quickly compare sturdier options using the solid balance sheet and fundamentals stocks screener (416 results).

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.