Slide 1: Stillfront Year-end Report 2024
Stillfront Year-end Report 2024 »
Slide 2: Q4 2024 highlights
• Net revenue of 1,660 MSEK in Q4, down by 5 percent organically YoY Net revenue -5% YoY • Gross profit margin of 79 percent, up by 1 pp YoY, driven by mix effects and increased share of bookings from DTC channels • Adjusted EBITDAC of 410 MSEK driven by lower fixed costs, product 1,660 MSEK develop
Slide 3: Net revenue & UAC
Net revenue & UAC Net revenue & UAC (LTM) 1,742 1,742 1,739 1,744 6,982 6,964 1,660 6,895 6,819 1660 6,737 -4,8% 1,595 -0,0% 0,2% 34% 31% 30% 30% 30% 29% 29% 29% 26% 27% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'23 LTM Q1'24 LTM Q2'24 LTM Q3'24 LTM Q4'24 LTM Net Revenue (MSEK) UAC, % of Net Revenue Net reven
Slide 4: Adjusted EBITDAC
Adj EBITDAC Adj EBITDAC (LTM) 1,705 1,658 • Adjusted EBITDAC margin of 25 1,648 1,637 1,612 percent, up by 4 pp YoY and 505 adjusted EBITDAC grew by 12% driven by lower fixed costs 410 385 • Gross margin improvement of 1 pp 365 358 YoY • Staff costs as a percentage of net 29% revenue down by 1 pp Yo
Slide 5: Bookings in active portfolio
Bookings (MSEK) Bookings by channel 1,627 1,661 1,632 1,513 1,569 13% 14% 13% 14% 13% 29% 29% 33% 33% 34% 58% 56% 53% 53% 53% • Bookings in active portfolio increased by 4 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 percent QoQ driven by seasonality effects Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 3rd party stores % D2C % A
Slide 6: Strategy bookings and UAC
Bookings & UAC Strategy bookings by channel 588 578 1% 2% 1% 1% 1% 488 472 490 35% 38% 44% 47% 49% 32% 28% 20% 20% 64% 16% 61% 55% 52% 49% › Lower bookings YoY driven by lower UAC Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 in the quarter. Bookings (MSEK) UAC, % of Bookings 3rd party
Slide 7: Sim, RPG & Actions bookings and UAC
Bookings & UAC Sunshine Island bookings & 475 UAC 421 401 392 375 78 62 42% 47 47 44 40% 43 42 33% 31% 32% 32 28 22 › Higher Sim, RPG & Actions bookings QoQ, Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 slightly lower YoY Bookings (MSEK) UAC, % of Bookings Bookings (MSEK) UAC (MSEK) ›
Slide 8: Casual and Jawaker bookings and UAC
Bookings & UAC Jawaker bookings by quarter 662 669 666 686 638 38% 37% 40% 33% 29% › Bookings increased both YoY and QoQ Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 primary driven by Jawaker Bookings (MSEK) UAC, % of Bookings Q4'21 Q4'24 › Jawaker grew bookings YoY by 30% owing to improved monetization and higher
Slide 9: Free cash flow & Capex
MSEK Q4 2024 Q4 2023 Free cash flow & Capex LTM (MSEK) Cash flow from operations (before NWC) 374 357 1,638 1,648 Change in net working capital 117 -10 1,565 Cash flow from operations (CFFO) 491 347 1,499 1,434 Cash flow from investment activities -152 -211 598 805 Cash flow from financing activitie
Slide 10: Net debt & leverage ratio, maturity profile
Net debt & leverage ratio Maturity profile 895 857 957 807 877 515 496 528 498 643 1,124 2.15 2.08 2.10 1.95 1.84 689 4,507 4,247 4,115 4,115 4,093 1,376 1,000 1,000 850 Q4'23 LTM Q1'24 LTM Q2'24 LTM Q3'24 LTM Q4'24 LTM H1'25 H2'25 H1'26 H2'26 H1'27 H2'27 H1'28 H2'28 H1'29 Net debt (MSEK) Cash earno
Slide 11: Extended Q4 Presentation
Stillfront Extended Q4 Presentation »
Slide 12: New structure and reporting to steer and accelerate the business
New structure and reporting to steer and accelerate Stillfront’s business more effectively. -
Slide 13: New operating way
New operating way Previous organization » Group Executive management Group Business Management svP svP svP svP 22 Studios 70+ Active Portfolio Games Finance Data Platform Marketing IT Corp Dev Operations Product 70+ games in active portfolio and 22 studios 1. Well suited for M&A - Focus on scaling r
Slide 14: Concept of Key Game Franchises
Concept of Key Game Franchises/non-Franchises We have a set of definitions that define our Key Game Franchises > SEK 200 million of FY bookings > Consistency of core experience SS Technology and Game Mechanics end Recognizable and Evolving IP » Albion online a
Slide 15: Concept of Key Game Franchises/non-Franchises
Concept of Key Game Franchises/non-Franchises | With clear definitions for non-Franchises 1 Aetive >5% of bookings invested in UA LiveOps L 4 CRY <5% of bookings invested in UA LiveOps External Stillfront does not have user data Partnerships (does not act as the publisher) » Shakes & Fidget —_ ~ 6
Slide 16: Key Game Franchises
Key Game Franchises Even though we have negative organic growth of -2% for the group, our key game franchises grew in 2024 » y \ Key Game Franchises Organic growth % of total 72% bookings +2% 2024 Active LiveOps Legacy LiveOps (2024) (2024) Organic growth -8% Organic growth -20% % of total % of tota
Slide 17: Business area financials 2024
SEK million 2024 2024 2024 2024 2024 Q1 Q2 Q3 Q4 Full-year Net revenues from external customers 772 801 659 702 2,934 Organic growth % 6.5 -0.6 -0.8 -10.2 -1.4 Gross profit 639 673 553 588 2,453 Gross margin % 83 84 84 84 84 User acquisition costs -325 -225 -199 -219 -969 UAC/Net revenue % 42 28 30
Slide 18: Business area financials 2024
SEK million 2024 2024 2024 2024 2024 Q1 Q2 Q3 Q4 Full-year Net revenues from external customers 490 468 446 451 1,853 Organic growth % -15.4 -17.1 -11.2 -5.5 -12.6 Gross profit 392 365 352 356 1,465 Gross margin % 80 78 79 79 79 User acquisition costs -236 -202 -230 -258 -926 UAC/Net revenue % 48 43
Slide 19: Business area financials 2024
SEK million 2024 2024 2024 2024 2024 Q1 Q2 Q3 Q4 Full-year Net revenues from external customers 477 475 490 507 1,950 Organic growth % 8.5 6.2 12.5 5.4 8.0 Gross profit 356 357 365 375 1,454 Gross margin % 75 75 74 74 75 User acquisition costs -33 -34 -33 -26 -126 UAC/Net revenue % 7 7 7 5 6 Other o
Slide 20: Further actions that will drive operational efficiency
Further actions that will drive operational efficiency Operational Efficiencies Growth initiatives » Actions Already achieved Further outcome Studio rationalizations and game moves Game team offloads to global functions or hubs non-core operations where applicable Actions 6 studios consolidated duri
Slide 21: Summary
Summary Solid foundation to build on 1. Leaner and faster organization 2. Growth through key game franchises 3. Balancing growth with good cash flow 4. Stronger group capabilities and industry talent The new reporting structure will create more transparency and clarity
Slide 22: Stillfront
I» Stillfront