Stillfront announces non-cash impairment of goodwill and other intangible assets of SEK 2,258 million and preliminary full year results for 2025
Stillfront Group AB (publ) (“Stillfront”) today announces that it will record a non-cash impairment of SEK 2,258 million. The impairment is attributed to the business areas Europe and North America and will be reported as an item affecting comparability. Stillfront also announces preliminary figures for the full year and the fourth quarter of 2025.
Impairment of goodwill and other acquisition-related intangible assets
As a result of the annual impairment test of the Group’s carrying amounts, Stillfront has identified an impairment need of a total of SEK 2,258 million on Group level. The impairment consists of SEK 1,884 million related to goodwill and SEK 374 million related to other acquisition-related intangible assets. The adjustment is specifically attributed to the operations in Europe and North America. The impairment will be reported as an item affecting comparability and has no impact on the Company’s cash flow, cash and cash equivalents, or daily operations. The total impairment charges correspond to approximately 20 percent of Stillfront’s total goodwill and other intangible assets of SEK 11,730 million prior to the impairment.
Preliminary full year results – fourth quarter 2025
| MSEK | 2025 Oct-Dec | 2024 Oct-Dec | YoY Change,% | 2025 Jan-Dec | 2024 Jan-Dec |
| Net revenue | 1,356 | 1,660 | -18 | 5,710 | 6,737 |
| Gross profit | 1,122 | 1,319 | -15 | 4,677 | 5,371 |
| Gross margin (%) | 83 | 79 | 82 | 80 | |
| UAC | -356 | -504 | -1,576 | -2,021 | |
| Adjusted EBITDAC | 368 | 410 | -10 | 1,580 | 1,658 |
| Adjusted EBITDAC margin (%) | 27 | 25 | 28 | 25 | |
| Adj leverage ratio incl. NTM cash earnout payments, pro forma | 2.02 | 2.10 | 2.02 | 2.10 | |
| Free cash flow | 290 | 342 | 922 | 1,050 |
Net revenue amounted to SEK 1,356 (1,660) million, corresponding to an organic decline of 9.4 percent. The decline was driven by BA North America and Europe, partly offset by a strong performance in BA MENA & APAC.
Gross profit amounted to SEK 1,122 (1,319) million, with a gross margin of 83 (79) percent. The improved margin was driven by a higher share of DTC, partly offset by lower ad bookings, which represented 12 (13) percent of bookings.
UAC amounted to SEK -356 (-504) million corresponding to 26 (30) percent of net revenue, the decline compared to the previous year was driven by an increased focus on profitability. Sequentially, UAC increased somewhat, following normal seasonal patterns.
Adjusted EBITDAC amounted to SEK 368 (410) million, a decrease of 10 percent compared to last year. The adjusted EBITDAC decline was mainly driven by FX headwinds of SEK -45 million. The adjusted EBITDAC margin expanded to 27 (25) percent.
Free cash flow amounted to SEK 290 (342) million, driven by reduced cash flow from operations due to negative working capital movements.
Stillfront’s Year-end Report for 2025 will be published on February 4, 2026.