Stillfront reports revenue of SEK 1,291 million as key franchises grow 8%
Key Facts
Stillfront Group said on October 23 that net revenue was SEK 1,291 million in the third quarter, compared with SEK 1,373 million in the same period of 2025. Revenue declined year on year, but organic growth improved to -1% from -8% a year earlier. This reflected mixed performance between the company's key franchises and its other games, as growth in the former offset declines in other cash-generating games under management. The company said its key franchises had posted organic growth for the fifth consecutive quarter. The significance of these indicators is that growth in the core business did not prevent total revenue from falling compared with the previous year.
Key franchises posted organic growth of 8% during the quarter, compared with 6% in the third quarter of 2025. Performance was led by BIG, Empire and Board, according to Chief Executive Alexis Bonte. Bonte attributed the results to contributions from new game launches, strong execution of live game operations and improved player monetization. He said performance "reflected contributions from new game launches, strong execution of LiveOps and improved player monetization." This growth puts the core subsidiaries up against declines in the other games the company manages to generate cash, limiting the impact of franchise expansion on total revenue.
Bookings were SEK 1,287 million in the third quarter, compared with SEK 1,369 million a year earlier. Adjusted earnings before interest, taxes, depreciation, amortization and capital expenses were SEK 366 million, down 16% from SEK 436 million in the year-earlier period. The margin on those earnings fell to 28% from 32%, indicating that improved organic growth at key franchises was not accompanied by a preservation of the adjusted profitability recorded a year earlier. Second-quarter revenue was SEK 1,323 million, with organic growth of -1%, while adjusted earnings reached SEK 387 million, up 3% year on year. The company recorded a negative net result of SEK 72 million in the corresponding period of 2025.
On the bottom line, Stillfront posted a profit of SEK 95 million in the third quarter, up from SEK 55 million a year earlier. Undiluted earnings per share were SEK 0.18, compared with SEK 0.11 in the year-earlier quarter. But net results for the latest 12 months remained negative at SEK 1,980 million, and undiluted earnings per share for the same period were -SEK 3.97. The divergence highlights an improvement in the standalone quarter alongside the continuing cumulative impact over a year. The quarterly profit should therefore not be confused with the negative result recorded over the past 12 months.
Free cash flow rose to SEK 256 million in the third quarter, from SEK 183 million a year earlier. Free cash flow for the latest 12 months was SEK 1,109 million, compared with SEK 974 million in the comparable period. The annual figure includes the impact of the SEK 196 million upfront Gameberry settlement; excluding that impact, free cash flow was SEK 913 million. On debt, net debt, including cash earn-out payments due over the following 12 months, was SEK 4,223 million at the end of the quarter. The indicative adjusted leverage ratio, including those liabilities, was 2.21 times.
Stillfront says its strategy focuses on seven key franchises, and that most of its revenue comes from players in Europe, North America and the Middle East and North Africa. The company's shares are listed on Nasdaq Stockholm. Before announcing its quarterly results, the company appointed Marcus Jacobs as chief executive and group president, succeeding Alexis Bonte, with Jacobs due to take office on November 1, 2026. Chairman Lars-Johan Jarnheimer said Jacobs has extensive experience in the games industry, including years in executive management at King. The company set February 4, 2027, as the date for publishing its 2026 financial-year report.