Slides
Page 1
Stillfront Group Q3, 2026
Page 2
Today’s presenters Alexis Bonte President & Group CEO Emily Villatte Group CFO
Page 3
Continued key franchise growth and stable organic revenue Key franchises grew for a fifth consecutive quarter. A consistently profitable franchise model. AI is part of how we build, market and operate our games. Well positioned for long-term profitable growth. 3 366 SEKm, (28%) 1,291 SEKm, (-1%) Adj EBITDAC (margin, %) Net revenue (organic growth, %)
Page 4
4 Stillfront in brief MAU Stillfront’s diverse gaming portfolio engages over 32 million players each month 32million 7key franchises Stillfront is a global games company focused on free-to-play titles with long life cycles and highly engaged player communities. Our portfolio is highly cash generative, with a proven track record. Stillfront’s strategy is centered around seven key franchises, where we focus our resources to drive scalable growth and long-term value.
Page 5
5 Jawaker 0% 10% 20% 30% 40% 0 75 150 225 300 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 • Organic growth despite a strong YoY comparison of +16 percent. • The player base continued to widen beyond the core markets, supported by reseller partnerships. SEK 228m Net revenue, Q3 3% Organic growth, Q3
Page 6
6 Supremacy -10% 0% 10% 20% 30% 40% 0 60 120 180 240 300 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 • 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. SEK 209m Net revenue, Q3 -10% Organic growth, Q3
Page 7
7 BIG 0% 25% 50% 75% 100% 0 50 100 150 200 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 • 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. SEK 171m Net revenue, Q3 78% Organic growth, Q3
Page 8
8 BitLife -30% -20% -10% 0% 10% 0 50 100 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 • 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. SEK 100m Net revenue, Q3 -2% Organic growth, Q3
Page 9
9 Empire -20% 0% 20% 0 50 100 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 • 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. SEK 105m Net revenue, Q3 22% Organic growth, Q3
Page 10
10 Albion -60% -40% -20% 0% 20% 0 50 100 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 • Performance impacted by comparison with last year’s The Crucible creator event. • Dragonfire update lifted player activity in its launch week. SEK 91m Net revenue, Q3 -9% Organic growth, Q3
Page 11
11 Board 0% 10% 20% 30% 0 20 40 60 80 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 • Improved player monetization and new weekly subscription model drove organic growth. • Particularly strong growth in Brazil. SEK 71m Net revenue, Q3 16% Organic growth, Q3
Page 12
12 Other games -40% -30% -20% -10% 0% 0 200 400 600 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 • 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. SEK 316m Net revenue, Q3 -23% Organic growth, Q3
Page 13
Financial overview
Page 14
14 Broadly stable organic growth driven by key franchises Net revenue - SEKm (Organic growth, %) Comments • Net revenue SEK 1,291 million. • Strong organic Key franchise growth of 8%, offset by 23% decline in Other games. • Absolute growth impacted by recent divestments and the end of Gameberry royalties. -7.8% -9.4% -0.4% -1.3% -1.5% 1,000 1,200 1,400 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
Page 15
15 Strict investments & new game normalization UAC - SEKm (Share of revenue, %) Comments • Q3 UAC amounted to SEK 307 million, or 24% of net revenue. • Strict UA targets. • Lower UA in other games and Supremacy, partly offset by Big Farm: Homestead, where UA is normalizing after launch. -25% -26% -34% -26% -24% -40% -30% -20% -10% 0% -600 -400 -200 0 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
Page 16
16 Continued strong profitability Adj. EBITDAC - SEKm (Margin, %) Comments • Adjusted EBITDAC amounted to SEK 366 million, with a 28% margin. • The year-on-year decrease was mainly driven by lower net revenue, largely from divestments, and higher personnel costs, partly offset by lower UAC. 32% 27% 23% 29% 28% 0% 10% 20% 30% 40% 200 250 300 350 400 450 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
Page 17
17 Healthy free cash flow SEKm Q3 2026 Q3 2025 Cash flow from operations (before NWC) 313 357 Change in net working capital 70 -47 Cash flow from operations (CFFO) 383 310 Cash flow from investment activities -122 -119 Cash flow from financing activities -421 -326 Cash flow for the period -159 -135 LTM Q3’26 LTM Q3’25 Free cash flow 1,109 974 Acquisition and divestment of business -469 -618 Change in borrowings -446 -268 Share buy backs -220 -142 Other -16 18 Cash flow for the period -42 -36 183 290 44 519 256 0 200 400 600 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Free cash Flow (SEKm)
Page 18
3,975 3,747 3,884 3,921 3,753 1,111 1,294 1,309 650 671 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net Debt Earnout Debt 18 Solid debt profile going into 2027 inflection point *Leverage ratio is calculated as net debt including cash earnouts next 12 months / adjusted pro forma LTM EBITDA Total net debt profile SEKm 5,086 5,042 5,193 Net debt, incl NTM cash earnouts SEKm (Leverage ratio*) 4,572 4,424 4,381 4,222 4,381 4,369 4,223 2.1 2.0 2.2 2.2 2.2 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net debt inc. ST Cash EO LR (inc. ST Cash EO) 1,000 850 1,000 679 844 671 2027 2028 2029 2030 Bonds SEK TL RCF Earnout Debt Maturity profile per Q3 close SEKm
Page 19
19 1 2 Recent events and focus going forward Continued focus on our key franchises Marcus Jacobs appointed as new President and Group CEO
Page 20
Q&A