Notes for P&L

Not 11 Goodwill

The Group performs an impairment test of its goodwill once a year and when there are signs of impairment needs. As of December 31, 2025, the goodwill subject to annual impairment testing was as follows:

Goodwill

The Group's total goodwill of MSEK 299.9 is attributable to the wholly-owned subsidiary Rugvista AB, which has been identified as a cash-generating unit within the Group. The company was acquired in 2015 and operates the Group's e-commerce business.

The recoverable amount for the cash-generating unit has been determined based on the value in use according to the Group's valuation model. This model is based on the discounted future cash flow with a forecast period of five years. The forecast is based on management's best estimates for five years, and for the period after five years, the annual growth is estimated at 2%.

A weighted average cost of capital (WACC) of 9.3% was used for the present value calculation.

During 2025, the forecasted value exceeded the reported value, and no impairment was made. Rugvista also performed a sensitivity analysis for the most important assumptions, including changes in revenue, gross margin development, marketing costs, and weighted average cost of capital. None of these scenarios would give rise to an impairment need.

Significant assumptions used for calculations of value in use:

Sustainable growth rate*	2.0% (2.0)
Pre-tax discount rate**	9.3% (9.3%)

* Growth rate used to extrapolate cash flows beyond the 5-year forecast period
** Pre-tax discount rate used for present value calculation of estimated future cash flows