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⚠ Nothing Is Ever Marked to MarketModerate threat

Bending Spoons (BSP) — threat to the moat

Because nothing is ever sold and impairment is bundled with amortisation, a bad acquisition at Bending Spoons has no number to announce itself with.

The decision never to sell removes the one mechanism that would tell shareholders whether a purchase worked. There is no disposal gain, no held-for-sale valuation and no third-party bid to compare against the price paid.

Amortisation and impairment of acquired intangibles ($M)33.8202385.92024150.52025Bending Spoons Form 424B4, non-GAAP reconciliation; impairment is not separately disclosed
One line, two very different things.

What remains is impairment, and it is not separately visible. Bending Spoons reports amortisation and impairment of acquired intangible assets as a single line, $33.809 million in 2023, $85.947 million in 2024 and $150.532 million in 20251, so the impairment component cannot be isolated. The company says it has incurred impairment charges related to intangible assets in the past and may again record significant impairment charges2.

Goodwill is not amortised at all. Of the balance, $757 million is deductible for tax purposes3, which is an argument about cash taxes and not about value.

Impairment is named as a live possibility rather than a historical one. The company says it has incurred impairment charges related to its intangible assets in the past and may in the future incur them again4, and that it may again be required to record significant impairment charges5. With goodwill at $4,146.212 million6, the first large charge will be the first public verdict on a purchase.

So the only honest checks are indirect: the single amortisation and impairment line, and whether reported operating income keeps up with the capital put in. Operating income was $277.851 million in 20257 against total assets of $4.76 billion8. A year in which that line falls while goodwill rises is the signal that a purchase has gone wrong, and it will arrive later than a sale would have told anyone.

References
  1. ReportedBending Spoons reports amortisation and impairment of acquired intangible assets as a single line, $33.809 million in 2023, $85.947 million in 2024 and $150.532 million in 2025, so the impairment component cannot be isolated.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the non-GAAP reconciliation of Adjusted Operating Income and Adjusted Net Income. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  2. ReportedThe company says it has incurred impairment charges related to intangible assets in the past and may again record significant impairment charges.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  3. ReportedOf the balance, $757 million is deductible for tax purposes, which is an argument about cash taxes and not about value.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Note 5 business combinations, the acquisition history and the pro-forma financial information. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  4. ReportedThe company says it has incurred impairment charges related to its intangible assets in the past and may in the future incur them again, and that it may again be required to record significant impairment charges.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  5. ReportedThe company says it has incurred impairment charges related to its intangible assets in the past and may in the future incur them again, and that it may again be required to record significant impairment charges.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  6. ReportedWith goodwill at $4,146.212 million, the first large charge will be the first public verdict on a purchase.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  7. ReportedOperating income was $277.851 million in 2025 against total assets of $4.76 billion.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  8. ReportedOperating income was $277.851 million in 2025 against total assets of $4.76 billion.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
Sources
Generated October 20, 2026