Stillfront Group Ab · OMXSTO:SF
Stillfront Group Ab — Q3 2026 Earnings Presentation
21 slides from Stillfront Group Ab's earnings presentation, Oct 23, 2026
Slide 1: Stillfront Group Q3 2026
Stillfront Group Q3, 2026 »
Slide 2: Today's presenters
Today’s presenters Alexis Bonte Emily Villatte President & Group CEO Group CFO
Slide 3: Continued key franchise growth and stable organic revenue
Continued key franchise growth and stable organic revenue Net revenue (organic growth, %) 1,291 Key franchises grew for a fifth consecutive quarter. A consistently profitable franchise SEKm, (-1%) model. AI is part of how we build, market and Adj EBITDAC operate our games. 366 (margin, %) We
Slide 4: Stillfront in brief
Stillfront in brief Stillfront is a global games company Stillfront’s strategy is centered focused on free-to-play titles with long around seven key franchises, life cycles and highly engaged player where we focus our resources to communities. drive scalable growth and 7 long-term value. Our portfol
Slide 5: Jawaker
Jawaker • Organic growth despite a strong YoY comparison of +16 percent. • The player base continued to widen beyond the core markets, supported by reseller partnerships. 300 40% 225 30% 150 20% SEK 228m 3% Net revenue, Q3 Organic growth, Q3 75 10% 0 0% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 5
Slide 6: Supremacy
Supremacy • Against an exceptional Q3 2025, fewer new players joined as marketing stayed tied to returns in a tougher UA market. • Refining engagement and monetization in Supremacy: Warhammer 40,000 ahead of its global launch. 300 40% 240 30% SEK 209m -10% 180 20% 120 10% Net revenue, Q3 Organic gro
Slide 7: BIG
BIG • Revenue stable sequentially even as UA investments continued to normalize. • Big Farm: Homestead has almost doubled the franchise in a year, and Sunshine Island continued to grow year-on-year. 200 100% 150 75% 100 50% SEK 171m 78% Net revenue, Q3 Organic growth, Q3 50 25% 0 0% Q3'25 Q4'25 Q1'2
Slide 8: BitLife
BitLife • Organic decline narrowed significantly as comparison figures reflected last year’s change in UA approach. • Core BitLife app returned to growth, supported by higher advertising revenue and new content. 10% 100 0% 50 -10% SEK 100m -2% Net revenue, Q3 Organic growth, Q3 -20% 0 -30% Q3'25 Q4'
Slide 9: Empire
Empire • Third consecutive quarter of growth, driven by strong LiveOps execution and successful sales events. • 15th anniversary in August delivered the franchise's highest monthly revenue since March 2024. 100 20% 50 0% SEK 105m 22% Net revenue, Q3 Organic growth, Q3 0 -20% Q3'25 Q4'25 Q1'26 Q2'26
Slide 10: Albion
Albion • Performance impacted by comparison with last year’s The Crucible creator event. • Dragonfire update lifted player activity in its launch week. 20% 100 0% 50 -20% SEK 91m -9% Net revenue, Q3 Organic growth, Q3 -40% 0 -60% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 10
Slide 11: Board
Board • Improved player monetization and new weekly subscription model drove organic growth. • Particularly strong growth in Brazil. 80 30% 60 20% 40 SEK 71m 16% 10% Net revenue, Q3 Organic growth, Q3 20 0 0% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 11
Slide 12: Other games
Other games • Net revenue continues a managed decline as UA is focused on key franchises. Despite this, several titles are stable or growing with little marketing. • First full quarter without OFM Studios and the Gameberry royalties. 600 0% -10% 400 -20% SEK 316m -23% 200 Net revenue, Q3 Organic gro
Slide 13: Financial overview
Financial overview »
Slide 14: Broadly stable organic growth driven by key franchises
Broadly stable organic growth driven by key franchises Net revenue - SEKm Comments (Organic growth, %) • Net revenue SEK 1,291 million. 1,400 -0.4% • Strong organic Key franchise -1.3% growth of 8%, offset by 23% -1.5% decline in Other games. • Absolute growth impacted by recent divestments and the
Slide 15: Strict investments & new game normalization
Strict investments & new game normalization UAC - SEKm Comments (Share of revenue, %) -600 -40% • Q3 UAC amounted to SEK 307 million, or 24% of net revenue. -34% • Strict UA targets. -30% -400 -26% • Lower UA in other games and -26% -25% -24% Supremacy, partly offset by Big Farm: Homestead, where UA
Slide 16: Continued strong profitability
Continued strong profitability Adj. EBITDAC - SEKm Comments (Margin, %) 450 40% • Adjusted EBITDAC amounted to SEK 366 million, with a 28% margin. 400 32% 30% • The year-on-year decrease was 29% 28% mainly driven by lower net 27% revenue, largely from 350 23% divestments, and higher 20% personnel co
Slide 17: Healthy free cash flow
Healthy free cash flow LTM LTM Q3’26 Q3’25 SEKm Q3 2026 Q3 2025 Cash flow from operations (before NWC) 313 357 Free cash flow 1,109 974 Change in net working capital 70 -47 Cash flow from operations (CFFO) 383 310 Acquisition and divestment of business -469 -618 Cash flow from investment activities
Slide 18: Solid debt profile going into 2027 inflection point
Solid debt profile going into 2027 inflection point Total net debt profile Net debt, incl NTM cash earnouts Maturity profile per Q3 close SEKm SEKm (Leverage ratio*) SEKm 5,193 5,086 5,042 4,572 1,111 1,309 4,424 844 1,294 2.2 2.2 2.2 650 671 2.1 2.0 679 4,381 4,381 4,369 4,222 4,223 3,975 3,884 3,9
Slide 19: Recent events and focus going forward
Recent events and focus going forward 1 Continued focus on our key franchises 2 Marcus Jacobs appointed as new President and Group CEO 19
Slide 20: Q&A
Q&A »
Slide 21: Stillfront
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