FinancialStillfront
Year-End Report: October – December 2025
1 Dec 202533 pages~65 min full read
Stillfront Group reported a full-year 2025 net revenue of SEK 5,710 million, a 15.3% year-over-year decline driven by a strategic pivot toward profitability over aggressive growth.
The company recorded a full-year net loss of SEK 2,398 million, heavily impacted by SEK 2,258 million in non-cash impairments to goodwill and intangible assets during the fourth quarter.
Adjusted EBITDAC margin expanded to 27% as the company reduced marketing spend and shifted toward direct-to-consumer bookings, which now account for 45% of total revenue.
North American revenue dropped by 31% in Q4 due to divestments and reduced marketing, while the MENA & APAC region showed resilience with 6.6% organic growth.
The company ended 2025 with a net debt of SEK 3,747 million and an adjusted leverage ratio of 2.02x, nearing its long-term target of 2.0x.
Operational focus has shifted to sustaining 'Key Franchises' that generate over SEK 200 million in annual bookings, supported by a monthly active user base of approximately 35 million.
Stillfront Group’s performance throughout 2025 reflects a strategic pivot toward profitability and operational efficiency over aggressive revenue growth. Total net revenue for the year reached SEK 5,710 million, representing a 15.3% year-over-year decline and a 10.2% organic contraction. This downturn was most pronounced in the fourth quarter, where North American revenue plummeted by 31% as the company intentionally reduced marketing spend and divested the Narrative franchise. Despite these top-line pressures, the adjusted EBITDAC margin expanded to 27%, bolstered by a significant shift toward direct-to-consumer bookings, which now represent 45% of the total.
The financial landscape was heavily influenced by non-cash impairments totaling SEK 2,258 million in the final quarter, primarily targeting goodwill and intangible assets. These charges contributed to a full-year net loss of SEK 2,398 million, though this marked a substantial improvement over the previous year’s losses. Total assets decreased to SEK 11,024 million by year-end, reflecting a leaner balance sheet. Geographically, performance remained bifurcated; while North America and Europe struggled with organic declines, the MENA & APAC region demonstrated resilience with 6.6% organic growth driven by core franchises such as Jawaker.
Operational stability remains a priority as the company transitions to a consolidated reporting structure for 2026. With a monthly active user base of approximately 35 million, the focus has shifted toward sustaining "Key Franchises" that generate over SEK 200 million in annual bookings. Financial health is supported by a free cash flow of SEK 290 million in the fourth quarter, which facilitated debt reduction. The year concluded with a net debt of SEK 3,747 million and an adjusted leverage ratio of 2.02x, positioning the group just above its long-term financial target of 2.0x.
