Slide 1: Stillfront Group Q2 2026
Stillfront Group Q2, 2026 »
Slide 2: Today's presenters
Today’s presenters Alexis Bonte Emily Villatte President & Group CEO Group CFO
Slide 3: Strengthened profitability and continued revenue stability
Strengthened profitability and continued revenue stability Net revenue (organic growth,%) 1,323 Profitability strengthened as launch investments normalized. Double-digit growth in key franchises SEKm, (-1.3%) continued. Strong cash generation supports debt Adj EBITDAC reduction. 387 (margin,%)
Slide 4: Jawaker
Jawaker • Commercial activity rebounded from the slowdown experienced in Q1. • Focus remains on expanding presence in Syria and Iraq, supported by reseller partnerships and marketing initiatives. 300 40% 225 30% 150 20% SEK 223m 11% Net revenue, Q2 Organic growth, Q2 75 10% 0 0% Q2'25 Q3'25 Q4'25 Q1
Slide 5: Supremacy
Supremacy • More challenging user acquisition environment limited attractive marketing opportunities in existing titles. • Continued focus on technical improvements and preparing Supremacy: Warhammer 40,000 for global launch. 300 40% 240 30% SEK 214m -2% 180 20% 120 10% Net revenue, Q2 Organic growt
Slide 6: BIG
BIG • Big Farm: Homestead maintained post-launch momentum, while Sunshine Island remained a strong contributor to franchise performance. • High growth despite significantly lower UAC than in the launch-intensive first quarter. 200 100% 150 75% 100 50% SEK 172m 79% Net revenue, Q2 Organic growth, Q2
Slide 7: BitLife
BitLife • Performance impacted by challenging comparison figures, sequential revenue improved. • Ultimate Fighter Mode became the franchise’s best-selling expansion pack to date. 150 0% 100 -10% SEK 109m -19% 50 -20% Net revenue, Q2 Organic growth, Q2 0 -30% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 7
Slide 8: Empire
Empire • Highest quarterly net revenue since 2024, supported by strong monetization, LiveOps execution and in-game events. • Investments continued in new game development of Empire: Titans and Dragons. 150 10% 100 0% SEK 104m 2% 50 -10% Net revenue, Q2 Organic growth, Q2 0 -20% Q2'25 Q3'25 Q4'25 Q1'
Slide 9: Albion
Albion • Returned to growth following the successful Xbox Series X and S launch, marking Albion’s first expansion into console. • Strong feature releases supported player engagement. 120 20% 0% 80 -20% SEK 95m 10% 40 Net revenue, Q2 Organic growth, Q2 -40% 0 -60% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 9
Slide 10: Board
Board • Continued strong development, driven by strong performance in Ludo Club. • LiveOps improvements, including greater automation of in-game events and offers. 80 30% 60 20% 40 SEK 71m 24% 10% Net revenue, Q2 Organic growth, Q2 20 0 0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 10
Slide 11: Other games
Other games • Net revenue declined as UAC was significantly reduced, reflecting focus on profitability. • OFM Studios and the Gameberry settlement started to impact reported Other games net revenue from June. 600 0% -10% 400 -20% SEK 334m -24% 200 Net revenue, Q2 Organic growth, Q2 -30% 0 -40% Q2'25
Slide 12: Financial overview
Financial overview »
Slide 13: Broadly stable organic growth driven by key franchises
Broadly stable organic growth driven by key franchises Net revenue - SEKm Comments (Organic growth, %) 1,600 • Net revenue SEK 1,323 million • Strong organic Key franchise growth of 10%, offset by 24% decline in Other games -0.4% 1,400 -1.3% • Absolute growth impacted by FX, recent divestments and G
Slide 14: Stricter investments & new game normalization
Stricter investments & new game normalization UAC - SEKm Comments (Share of revenue, %) -600 • Q2 UAC amounted to SEK 340 million, or 26% of net revenue -34% • Stricter UA targets -30% -400 -26% • UA normalization of the Big Farm: -26% -25% Homestead • Broader reduction at the end of the quarter -20
Slide 15: Profitability strengthened as launch investments normalized
Profitability strengthened as launch investments normalized Adj. EBITDAC - SEKm Comments (Margin, %) 450 • Adjusted EBITDAC amounted to SEK 387 million, with a 29% margin 400 • The year-on-year increase was 32% driven by lower UAC and higher 29% share of DTC 27% 26% 350 23% • FX headwinds amounted t
Slide 16: Healthy free cash flow supported by Gameberry
Healthy free cash flow supported by Gameberry LTM Q2’26 LTM Q2’25 SEKm Q2 2026 Q2 2025 Cash flow from operations (before NWC) 571 362 Free cash flow 1,037 1,089 Change in net working capital 73 21 Cash flow from operations (CFFO) 644 383 Acquisition and divestment of business -469 -618 Cash flow fro
Slide 17: Earnout obligations declining
Earnout obligations declining Total net debt profile Net debt, incl NTM cash earnouts SEKm SEKm (Leverage ratio*) 5,310 5,193 5,086 5,042 1,114 4,572 1,111 1,309 2.2 2.2 2.2 1,294 650 2.1 2.0 4,603 4,381 4,381 4,369 4,196 4,222 3,975 3,884 3,921 3,747 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25
Slide 18: Improved maturity profile and reduced concentration going forward
Improved maturity profile and reduced concentration going forward Maturity profile per Q2 close Maturity profile as of July 7th SEKm SEKm 1202 1202 665 640 1,000 1,000 1,000 1,000 850 850 665 640 11 11 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 Bonds SEK TL RCF Earnout Debt Bonds SEK TL RCF E
Slide 19: Recent events and focus going forward
Recent events and focus going forward 1 Continued focus on our key franchises 2 Strategic review ongoing 3 CEO succession process initiated - strategy unchanged 19
Slide 20: Q&A
Q&A »
Slide 21: Stillfront
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