Stillfront Group Ab · OMXSTO:SF
Stillfront Group Ab — Q3 2025 Earnings Presentation
11 slides from Stillfront Group Ab's earnings presentation, Oct 23, 2025
Slide 1: Stillfront Group
Stillfront Group LO 40/20) »
Slide 2: Setting up BA Europe for success
Setting up BA Europe for success BA Europe - organic growth Highlights (%, YoY) BA Europe showed strong positive development in Q3. Q3 2025 establishes a more realistic baseline for Europe. However, the BA remains in full investment mode to achieve sustainable long-term growth, without oversteer
Slide 3: Europe
Europe Net revenue UAC Adj EBITDAC (organic growth, %) (UAC/Net revenue, %) (margin, %) 643 SEKm, (+0.6%) -207 SEKm, (-32%) 154 SEKm, (24%) 1,000 10.0% -300 -60% 400 30% 750 2.5% -45% 300 -200 20% 500 -5.0% -30% 200 -100 10% 250 -12.5% -15% 100 0 -20.0% 0 0% 0 0% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1
Slide 4: North America
North America Net revenue UAC Adj EBITDAC (organic growth, %) (UAC/Net revenue, %) (margin, %) 246 SEKm, (-32.9%) -110SEKm, (-45%) 36 SEKm, (15%) 600 0.0% -300 -80% 45 16% 450 -225 -60% 12% -12.0% 30 300 -150 -40% 8% -24.0% 15 150 -75 -20% 4% 0 -36.0% 0 0% 0 0% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q2
Slide 5: MENA & APAC
MENA & APAC Net revenue UAC Adj EBITDAC (organic growth, %) (UAC/Net revenue, %) (margin, %) 484 SEKm, (+2.9%) -19 SEKm, (-4%) 276 SEKm, (57%) 600 16.0% -40 -8% 300 60% 450 12.0% -30 -6% 225 45% 300 8.0% -20 -4% 150 30% 150 4.0% -10 -2% 75 15% 0 0.0% 0 0% 0 0% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25
Slide 6: Financial highlights in the quarter
Financial highlights in the quarter Net revenue UAC Adj EBITDAC Free cash flow (organic growth, %) (UAC/Net revenue, %) (margin, %) LTM 1,373 -336 SEKm, (-7.8%) SEKm, (-25%) 436 SEKm, (32%) 974 SEKm 1,800 0.0% -600 -40% 450 40% 1200 1,600 -4.0% -30% 30% 900 -400 400 1,400 -8.0% -20% 20% 600 -200 350
Slide 7: Strong free cash flow generation in the quarter
Strong free cash flow generation in the quarter SEKm Q3 2025 Q3 2024 LTM LTM Cash flow from operations (before NWC) 357 383 3Q25 3Q24 Change in net working capital -47 74 Cash flow from operations (CFFO) 310 457 Cash flow from investment activities -119 -161 Free cash flow 974 835 Cash flow from fin
Slide 8: Financial position
Financial position Total debt profile Maturity profile Net debt, incl NTM cash earnouts SEKm SEKm SEKm (Leverage ratio*) 6,125 5,872 5,656 5,310 5,086 535 1,625 2,032 2.2 1,871 1,114 2.1 2.1 2.1 1,111 1.9 4,745 4,736 4,603 2,908 4,379 4,381 4,247 4,093 4,196 3,784 3,975 1,000 850 577 3Q24 4Q24 1Q25
Slide 9: Cost optimization program completed
Cost optimization program completed SEK 250m achieved 250 225 70 50 39 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 9
Slide 10: Key focus going forward
Key focus going forward 1 Focusing investment on key franchises 2 Successfully launch new games 3 Continue to deliver strong margins & cash flow 4 Execute on strategic review 10
Slide 11: Stillfront
I» Stillfront