Stillfront

Financial highlights Q1 2026

• Net revenue of SEK 1,333 (1,545) million, corresponding to 0 (-12) percent organic growth.
• Organic growth of 12 (-2) percent in key franchises.
• Gross margin of 84 (81) percent, an increase of 3 percentage points.
• Adjusted EBITDAC of SEK 311 (402) million, a decrease of 23 percent.
• Adjusted EBITDAC margin of 23 (26) percent, a decrease of 3 percentage points.
• Net result of SEK 117 (23) million.
• Free cash flow amounted to SEK 44 (194) million, and SEK 772 (1,107) million for the last 12 months.
• Total net debt, including cash earnout for the next 12 months, amounted to SEK 4,381 (4,379) million.
• Total net debt including all earnout liabilities amounted to SEK 5,193 (5,656) million.
• Adjusted leverage ratio, including cash earnout for the next 12 months, pro forma was 2.22x (1.93x).
• Cash position was SEK 646 (934) million with unutilized credit facilities of SEK 1,641 (1,390).

From Alexis Bontes’ CEO comment
“Our key franchises grew organically by 12 percent in the quarter, demonstrating the strength of the portfolio we are building around a select number of strategically important franchises. Our strategic focus remains on building scalable franchises supported by strong player communities.

During the quarter, we continued to build on the soft launch of Big Farm: Homestead in December, with the game moving into global launch in Q1 2026. This delivered strong growth and, together with the continued development of the broader BIG franchise, resulted in organic growth of 88 percent. This development illustrates Stillfront’s ability not only to launch new titles successfully, but also to scale and monetize new games within established franchise ecosystems.”

Key figures

Invitation to webcast
The report will be presented in a live webcast at 9:00 a.m. CEST today. Alexis Bonte, President & Group CEO, and Emily Villatte, CFO, will present the Q1 2026 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/q1-report-2026/register

To participate via phone:
If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

https://events.inderes.com/stillfront/q1-report-2026/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.