Slide 1: Stillfront Group Q1 2026
Stillfront Group Q1, 2026 »
Slide 2: Today's presenters
Today’s presenters Alexis Bonte Emily Villatte President & Group CEO Group CFO
Slide 3: Stillfront in brief
Stillfront in brief Stillfront’s strategy is centered around seven key franchises, where we focus our resources to Stillfront is a global gaming company founded in 2010, drive scalable growth and long-term value. 7 forging gaming’s next forever franchises — one community at a time. key franchises MA
Slide 4: Flat organic growth and strong key franchise performance
Flat organic growth and strong key franchise performance Net revenue (organic growth,%) 1,333 Strong performance in our key franchises with double digit organic growth Increased UAC to capture growth SEKm, (-0.4%) opportunities Strengthened financial platform Adj EBITDAC 311 (margin,%) SEKm, (
Slide 5: Accelerated growth in the BIG franchise during Q1
Accelerated growth in the BIG franchise during Q1 Net revenue BIG - SEKm 200 (Organic growth, %) 100% 88% 80% 160 60% 120 40% 35% 80 20% 40 7% 2% 0% -2% 0 -20% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 • Big Farm: Homestead entered global launch and is our most successful launch to date • Lessons from Sunshine
Slide 6: Development in our key franchises
Development in our key franchises Supremacy Jawaker BIG 300 40% 300 30% 200 100% 30% 80% 150 200 20% 200 20% 60% 10% 100 40% 100 0% 100 10% 20% 50 -10% 0% 0 -20% 0 0% 0 -20% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net revenue Q1’26 Organic growth Q1’
Slide 7: Development in our key franchises cont.
Development in our key franchises cont. Empire BitLife Albion 150 10% 150 0% 150 20% 0% 0% 100 100 -10% 100 -10% -20% 50 50 -20% 50 -20% -40% 0 -30% 0 -30% 0 -60% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net revenue Q1’26 Organic growth Q1’26 Net reve
Slide 8: Development in our key franchises cont.
Development in our key franchises cont. Board Other games 72 30% 800 0% 70 600 -10% 20% 68 400 -20% 10% 66 200 -30% 64 0% 0 -40% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net revenue Q1’26 Organic growth Q1’26 Net revenue Q1’26 Organic growth Q1’26 SEK 68 m 22% SEK 377 m -21% 8
Slide 9: Financial overview
Financial overview »
Slide 10: Flat organic growth driven by key franchises
Flat organic growth driven by key franchises Net revenue - SEKm Comments (Organic growth, %) 1,600 0.0% • Net revenue SEK 1,333 million -0.4% • Strong Key franchise growth of 12%, offset by 21% decline in Other 1,200 -4.0% games • Absolute growth impacted by FX and the Narrative divestment 800 -7.8%
Slide 11: UA increase to capture growth opportunities
UA increase to capture growth opportunities UAC - SEKm Comments (Share of revenue, %) -600 -40% • UAC increased to support scaling in BIG and Supremacy -34% • Q1 UAC amounted to SEK 447 -30% -30% million, or 34% of net revenue -29% -400 -26% -25% • The amount of UAC related to Big Farm Homestead was
Slide 12: EBITDAC pressured by UAC investments and FX headwind
EBITDAC pressured by UAC investments and FX headwind Adj. EBITDAC - SEKm Comments (Margin, %) 450 40% • Adjusted EBITDAC amounted to SEK 311 million, with a 23% margin 400 • The year-on-year decline was 32% 30% driven by higher UAC and FX headwinds 27% 26% 26% 350 23% • FX headwinds amounted to 20%
Slide 13: Healthy free cash flow
Healthy free cash flow LTM LTM Q1’26 Q1’25 SEKm Q1 2026 Q1 2025 Cash flow from operations (before NWC) 261 388 Free cash flow 772 1,107 Change in net working capital -94 -51 Cash flow from operations (CFFO) 167 337 Acquisition and divestment of business -567 -460 Cash flow from investment activities
Slide 14: Stable net debt
Stable net debt Total net debt profile Net debt, incl NTM cash earnouts SEKm SEKm (Leverage ratio*) 5,656 5,310 5,193 5,086 5,042 1,871 1,114 1,111 1,309 2.2 2.2 1,294 2.1 2.0 1.9 4,603 4,379 4,381 4,381 4,196 4,222 3,975 3,884 3,784 3,747 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
Slide 15: Improved maturity profile and reduced concentration going forward
Improved maturity profile and reduced concentration going forward Maturity profile per Q1 close Maturity profile as of 29th April SEKm SEKm 656 1,000 1,000 602 656 959 1,000 959 1000 850 850 707 707 602 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 RCF Earnout Debt Bonds SEK TL RCF Earnout Debt
Slide 16: Recent events and focus going forward
Recent events and focus going forward 1 Continued focus on our key franchises 2 Strategic review ongoing 3 New Board – AGM 13th May 4 2030 bond to commence trading 5 Albion launch on Xbox Series X and S 16
Slide 17: Q&A
Q&A »
Slide 18: Stillfront
I» Stillfront
Slide 19: Appendix
Appendix »
Slide 20: Forging gaming's next forever franchises
Forging gaming’s next forever franchises Jawaker Supremacy BitLife BIG Genre: Social card & board games Genre: Grand strategy/ Historical simulation Genre: Life simulation (text-based) Genre: Resource management, simulation A leading social platform and super app in the Real-time strategy games set