Updated Mar 21, 2026 by Stillfront
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 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.