Financial highlights Q2 2025
- Net revenue of SEK 1,436 (1,744) million decreased by 11
(-4) percent organically. - Gross margin of 82 (80) percent, an increase of 2 (2) percentage points.
- Adjusted EBITDAC of SEK 374 (505) million decreased by 26 (-2) percent.
- Adjusted EBITDAC margin of 26 (29) percent, a decrease of 3 percentage points.
- Net results of SEK -72 (-107) million.
- Free cash flow amounted to SEK 254 (272) million, and for the last 12 months amounted to SEK 1,089 (737) million.
- Total net debt, including cash earnout for the next 12 months, amounted to SEK 4,603 (5,022) million.
- Total net debt including all earnout liabilities amounted to SEK 5,310 (6,197) million.
- Adjusted leverage ratio, including cash earnout for the next 12 months, pro forma was 2.18x (2.15x).
- Cash position was SEK 912 (895) million and SEK 1,005 (1,519) million of unutilized credit facilities.
“We reported net revenue of SEK 1,436 million in Q2 2025, representing an organic decline of 11 percent YoY. Gross margin improved by 2 percentage points YoY, driven by the growing contribution of our direct-to-consumer (DTC) business. DTC now accounts for 39 percent of total net revenue – up from 34 percent in Q2 2024.
Due to topline pressure, adjusted EBITDAC declined YoY to SEK 374 million in the quarter as our cost savings program could not fully offset the impact. At the same time, we saw a headwind stemming from FX of approximately SEK 30 million impacting adjusted EBITDAC compared to Q2 2024. Despite this we were able to maintain an adjusted EBITDAC margin of 26 percent. Free cash flow remained strong at SEK 254 million in the quarter, totaling SEK 1,089 million over the past 12 months.
Our strategic review is advancing as planned. The game transfers and communicated closures in the quarter are the first steps in a broader plan to focus on fewer franchises in our portfolio and invest in long-term winners. Our focus on selective divestment or discontinuation of certain assets within the group remains. We will continue to communicate transparently as additional steps are taken.”
Alexis Bonte, Group President and CEO, Stillfront
Key figures
| 2025 | 2024 | 2025 | 2024 | Last 12 | 2024 | |
| MSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | months | Jan-Dec |
| Bookings | 1,430 | 1,737 | 2,971 | 3,479 | 6,222 | 6,729 |
| Net revenue | 1,436 | 1,744 | 2,981 | 3,483 | 6,235 | 6,737 |
| Gross profit | 1,172 | 1,396 | 2,423 | 2,783 | 5,010 | 5,371 |
| Gross profit margin, % | 82 | 80 | 81 | 80 | 80 | 80 |
| Adjusted EBITDA | 493 | 657 | 1,028 | 1,173 | 2,110 | 2,256 |
| Adjusted EBITDAC | 374 | 505 | 777 | 863 | 1,572 | 1,658 |
| Adjusted EBITDAC margin, % | 26 | 29 | 26 | 25 | 25 | 25 |
| Operating result (EBIT) | 128 | 253 | 265 | 370 | -6,561 | -6,455 |
| Net result for the period | -72 | -107 | -49 | -117 | -7,309 | -7,378 |
| Earnings per share undiluted, SEK | -0.15 | -0.22 | -0.10 | -0.24 | -14.52 | -14.40 |
| Earnings per share diluted, SEK | -0.15 | -0.22 | -0.10 | -0.24 | -14.52 | -14.40 |
| Total net debt incl. cash earnout NTM | 4,603 | 5,022 | 4,603 | 5,022 | 4,603 | 4,736 |
| Total net debt incl. total earnouts | 5,310 | 6,197 | 5,310 | 6,197 | 5,310 | 6,125 |
| Adjusted leverage ratio incl. NTM cash earnout, x | 2.18 | 2.15 | 2.18 | 2.15 | 2.18 | 2.10 |
| Free cash flow | 254 | 272 | 448 | 410 | 1,089 | 1,050 |
| Free cash flow per share, SEK | 0.52 | 0.53 | 0.88 | 0.80 | 2.17 | 2.05 |
Invitation to webcast
The report will be presented in a live webcast at 10:00 a.m. CET today. Alexis Bonte, Group President and CEO, and Tim Holland, interim Group CFO, will present the Q2 2025 results, and answer questions. The conference will be held in English.
To participate via webcast:
If you wish to participate via webcast, please use the link below.
https://stillfront.events.inderes.com/q2-report-2025
To participate via phone:
If you wish to participate via teleconference, please register on the link below. After registration you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://events.inderes.com/stillfront/q2-report-2025/dial-in
Forward-looking statements
Some statements herein are forward-looking that reflect Stillfront’s current views or expectations of future financial and operational performance. Because these forward-looking statements involve both known and unknown risks and uncertainties, actual results may differ materially from the information set forth in the forward-looking information. Such risks and uncertainties include but are not limited to general business, economic, competitive, technological, and legal uncertainties and/or risks. Forward-looking statements in this report apply only at the time of announcement of the report and are subject to change without notice. Stillfront undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, other than as required by applicable law or stock market regulations.
