Market (Overall)·Updated Mar 21, 2026 by Stillfront
Report · January 1, 2024
Published by Stillfront
Stillfront Group’s 2024 fiscal year marks a pivotal transition into a synergy-driven operational phase, characterized by a major geographic reorganization into Europe, North America, and MENA & APAC business areas. This strategic shift aims to drive efficiency and mitigate a 2% organic revenue decline, which resulted in total net revenues of 6,737 MSEK. The financial year was defined by a significant net loss of 7,378 MSEK, primarily driven by a 6.9 billion SEK goodwill impairment in the North American segment due to lower-than-expected growth. Despite these non-cash charges, the group maintained a resilient financial foundation, generating over 1 billion SEK in free cash flow and improving gross margins to 80% through successful direct-to-consumer initiatives. The group’s portfolio remains focused on free-to-play franchises, with North America and Europe accounting for 71% of player bookings. To reduce dependency on third-party platforms, which still facilitate 54% of revenue, management is prioritizing its internal payment systems and the "Stillops" platform for cost optimization. A comprehensive cost-savings program is underway, targeting up to 250 MSEK in annual savings by late 2025. Leadership has also stabilized under a new CEO and a board that remains fully compliant with the Swedish Code of Corporate Governance, focusing on organic growth and franchise scaling over dividend distributions. Sustainability and governance have been deeply integrated into the corporate strategy in preparation for the EU’s Corporate Sustainability Reporting Directive. The group achieved Science Based Targets initiative validation, reducing market-based greenhouse gas emissions by 7% and more than doubling its renewable energy share to 37%. While social metrics show a stable workforce with improved turnover rates and high data security standards, challenges remain in gender diversity at the executive level. Executive remuneration is now tied to long-term sustainability targets, including employee satisfaction and data privacy, ensuring that environmental and social governance remains central to the group’s long-term value creation.
04 Stillfront in brief 05 The year at a glance 06 Multi-year summary 07 CEO comment 09 Market, business and operational model 12 Financial targets Our company 60 Risk factors and risk management Risk factors and risk management 107 Key figures and glossary 109 Shareholder information Additional information 66 Directors’ report 70 Accounts group 74 Accounts parent company 78 Notes 101 Approval of the Board and CEO 102 Auditor’s report Financial reporting 52 Corporate governance report 57 Board of directors 58 Executive management 59 Auditor’s report Corporate governance 14 General information 23 Environmental information 29 Social information 37 Governance information 40 Appendix 50 Auditor’s report Sustainability statement About this report Stillfront Group AB (publ) 556721-3078 reports the group’s financial and non-financial information in a joint report. The formal annual report consists of a board of directors report and financial statements on pages 66–101 and has been audited by external auditors. The Sustainability reporting forms an integrated part of this report and fulfills the requirement for a statutory sustainability report found in the Swedish Annual Accounts Acts. Key sustainability sections are located on pages 14–49. This is an interactive, clickable pdf. Moving between the different sections is easy with the help of a navigation menu at the top of the page. Other 2 Our company Sustainability Corporate governance Risk Financials 2
Our company 04 Stillfront in brief 05 The year at a glance 06 Multi-year summary 07 CEO comment 09 Market, business and operational model 12 Financial targets Sunshine Island Other 3 Stillfront Annual Report 2024 Sustainability Corporate governance Risk Financials Our company
Stillfront in brief Stillfront is a global games company founded in 2010. We develop digital games for a diverse gaming audience and our broad games portfolio is enjoyed by almost 47 million people every month. Headquartered in Stockholm, Sweden, our games teams operate across the globe. The organization is since January 1, 2025 divided into three geographical business areas, Europe, North America and MENA & APAC. Our professionals thrive in an organization that embodies the spirit of innovativeness. Stillfront shares (SF) are listed on Nasdaq Stockholm. Our mission Gaming can be a rewarding hobby, a great social experience or a strate- gic challenge, which is why millions of people enjoy Stillfront’s games every day. Our mission is to make a positive impact in our gamers’ everyday lives. To achieve that we create social, entertaining and afford- able games that can be enjoyed in a sustainable way. Our vision Our vision is to build the best games company in the world. To do that, we connect and empower the best game teams around the world through our unique Stillops platform. Global presence This is us For more detailed information about us and our operations, our studios, and our games, please visit stillfront.com. % of net revenues, rounded number Net revenues for a specific region include franchises and game teams that are managed by staff physically located within the same geographical area. 47mmonthly active users Our mission is to make a positive impact in our gamers’ everyday lives. North America 28% Europe 44% MENA & APAC 29% Other 4 Stillfront Annual Report 2024 Sustainability Corporate governance Risk Financials Our company
The year at a glance Accelerating the synergy phase In 2024, Stillfront announced actions to further accelerate its synergy phase, introducing a new organizational model with an optimized management structure and further strengthened shared services to support the core game teams. As of January 1, 2025, operations were divided into three business areas, enabling faster decision making and greater focus on key game franchises. Stillfront is also accelerating actions such as moving games that are in decline to lower cost locations, as well as addressing low performing games. In addition, Stillfront is rolling out Direct To Consumer (DTC) solutions to the larger Casual games as part of the optimization efforts. These combined efforts will ultimately drive organic growth and are expected to generate a run-rate of annual cost savings of 200-250 MSEK by the fourth quarter of 2025 compared to the sec- ond quarter 2024. Realized cost savings During the second half of 2024, Stillfront executed cost saving actions that by year-end had an annualized run- rate of 50 MSEK in cost savings. The savings have mainly been achieved through reducing staff numbers, in parti- cular at Storm8, and by divesting part of the Game Labs studio’s assets and transferring the remaining operations to Imperia. As more actions are implemented during 2025, we expect the impact to increase gradually throughout 2025, further supporting our cash flow generation. Strong free cash flow Stillfront continued to generate strong free cash flow for the full year which amounted to over 1 BSEK. The cash flow was used to pay off earn out commitments related previous acquisitions and debt. Strengthened financial position In March, Stillfront issued 1,000 MSEK of senior unsecured bonds under a new bond framework of up to 2,000 MSEK, with final maturity in 2028. The proceeds were used to make an early redemption of the 2021/2025 bonds. In September, Stillfront extended its unsecured term loan facility agreement of 60 MEUR with Swedish Export Credit Corporation (SEK) by another year, until 2027. In November, Stillfront successfully issued 850 MSEK of new senior unsecured bonds also under a total framework of 2,000 MSEK, maturing in 2029. The proceeds were used to refinance parts of drawn amounts of Stillfront’s existing multicurrency revolving credit facility. In December, Stillfront signed an unsecured revolving credit facility of 2,500 MSEK with maturity in June 2027 to replace the unsecured re- volving credit facility of 3,750 MSEK provided under the facilities agreement entered into in December 2020. Com- bined, these actions ensure continued financial flexibility and an improved maturity profile of the debt portfolio. Product developments During the past year, Stillfront reallocated resources to emphasize its key game franchises, leading to a reduc- tion in the number of new game launches compared to prior years. The focus shifted towards key soft launches within these franchises, including Bitlife Go for the BitLife franchise, Ellen’s Garden Restoration and enhancements for Supremacy.
to emphasize its key game franchises, leading to a reduc- tion in the number of new game launches compared to prior years. The focus shifted towards key soft launches within these franchises, including Bitlife Go for the BitLife franchise, Ellen’s Garden Restoration and enhancements for Supremacy. Beyond these main franchises, 6waves introduced Survival Tactics, which fell short of expecta- tions, while Nanobit’s launch of Too Hot to Handle Season 3, in partnership with Netflix, proved highly successful. Further, Playa started the soft launch of Mobile Dungeon for Shakes & Fidget. The company increased support for its existing live games within key game franchises, which facilitated the ongoing expansion of Sunshine Island, the introduction of the Albion Online EU server, and continuous growth within the Jawaker app, where new games were added. Jawaker, in particular, exhibited robust growth in 2024, both in terms of net revenues and adjusted EBITDAC. De- spite minimal investment in user acquisition, the franchise maintained strong performance through the introduction of new games and social media features, achieving high monetization value. Stillfront intensified its DTC initiatives by transitioning players to its proprietary payment solutions, which lowers direct costs and improves gross profit, particularly in the strategy product area. Over the year, a substantial portion of the player base was converted to the Stillfront payment solution platform, with ongoing efforts to further transi- tion players, especially for games in the North American studios. With the initiatives implemented in 2024, Stillfront has solidified its foundation, enhancing its current gaming portfolio and reinforcing the ongoing strategic efforts. This robust groundwork supports the company’s stability and bolsters its capacity to maintain high-quality, engaging game offerings in the present market. Sunshine Island Albion Online Other 5 Stillfront Annual Report 2024 Sustainability Corporate governance Risk Financials Our company
Net revenue 2024 6,737MSEK Adjusted EBITDAC 2024 1,658 MSEK Free cash flow 2024 1,050 MSEK MSEK 2024 2023 2022 2021 2020 Net revenue 6,737 6,982 7,058 5,455 3,991 EBIT –6,455 754 850 1,034 993 Adj EBITDA 2,256 2,510 2,595 2,124 1,697 Capex 598 805 996 620 444 Adj EBITDAC 1,658 1,705 1,599 1,503 1,252 Profit before tax –7,351 156 753 793 799 Total assets 16,370 22,605 24,126 20,049 12,366 Total shareholders’ equity 7,483 13,846 14,242 9,795 6,146 Multi-year summary 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2020 2021 2022 2023 2024 MSEK 0 500 1,000 1,500 2,000 2020 2021 2022 2023 2024 MSEK 0 200 400 600 800 1,000 1,200 2020 2021 2022 2023 2024 MSEK Other 6 Stillfront Annual Report 2024 Sustainability Corporate governance Risk Financials Our company
Everplay Group PLC, formerly known as Team17 Group PLC, achieved a significant financial recovery and strategic reorganization during the 2024 fiscal year. Following a loss in 2023, the Group returned to profitability with a profit before tax of £25.3 million and record revenues of £166.6 million, representing 5% year-over-year growth. This performance significantly outpaced the broader gaming market’s 0.6% growth, driven primarily by a resilient back catalogue that contributed 86% of total revenue. While the core Team17 publishing division saw a slight revenue decline, the astragon simulation and StoryToys edutainment divisions grew by 22% and 25% respectively, highlighting the success of the Group’s diversified multi-divisional structure. The Group’s financial position strengthened considerably, ending the period with £62.9 million in cash and a 97% operating cash conversion rate. This liquidity supports a transition toward high-quality first-party IP, which now accounts for 37% of total sales, and provides capital for future M&A activity. Operational highlights include the management of over 140 active titles and a subscription base for StoryToys exceeding 337,000 active users. Strategically, the Group underwent a major leadership transition and corporate rebranding in early 2025 to reflect its evolved identity as a platform-agnostic developer and publisher. Governance and sustainability remained central to the 2024 agenda, with the Group reporting significant progress in diversity and environmental targets. Women now hold approximately 50% of leadership roles, and the mean gender pay gap was reduced by over 7%. Despite recording impairments related to the underperformance of the US-based mobile unit "The Label," the Group reinstated a dividend of 2.7 pence per share. Looking toward 2025, the Group maintains a positive outlook with a pipeline of at least ten new title launches and a continued focus on lifecycle management and disciplined cost control.
Stillfront Group AB established this company description in December 2015 to facilitate its listing on Nasdaq First North, signaling its transition from a private conglomerate to a public entity. The group utilizes a "PLEX" strategy, managing a portfolio of near-autonomous subsidiaries that focus on long-lifecycle, cross-platform games. By leveraging shared game engines and intellectual property, the company aims to mitigate the high risks inherent in game development while capturing synergies across its diverse titles. The scope of operations is global, with primary markets in the United States, Germany, and Sweden, and a workforce distributed across nine subsidiaries. Financial performance in 2015 was characterized by significant growth, including a 63% increase in organic sales and an underlying EBITDA margin of 23.1%. This momentum was largely driven by the success of the war strategy title *Call of War* from Bytro Labs—which contributed 62% of group revenue—and the anticipation surrounding *Unravel*, a partnership project between Coldwood Interactive and Electronic Arts. To sustain this trajectory, the company raised SEK 75 million through a private placement to fund new game development and the acquisition of remaining stakes in its subsidiaries, targeting a net revenue of SEK 300 million by 2020. Despite strong growth, the business faces operational risks including a heavy reliance on a limited number of key titles and the challenge of navigating rapid technological shifts in mobile and social platforms. The global games market, projected to exceed $100 billion by 2017, presents opportunities in the "free-to-play" and "mid-core" segments but also introduces barriers such as rising user acquisition costs and complex multi-jurisdictional regulations. The group’s governance is centralized under a management team with significant equity stakes, though the concentrated ownership structure and the lower regulatory requirements of the First North market remain notable considerations for new investors.
The 2024 fiscal year represented a strategic pivot for tinyBuild, characterized by a transition toward organic growth and a "1,000-hour game" philosophy. Despite a 22% revenue decline to $34.7 million and an operating loss of $20.4 million, the Group significantly narrowed its net loss from the previous year’s $62.9 million. This financial stabilization was supported by an $11.4 million capital raise and a reduction in impairment charges from $48.1 million to $13.7 million. The Group maintains a debt-free position with a net cash balance of $3.1 million, bolstered by the disposal of non-core assets and a streamlined operational footprint. The core of the current strategy is a shift toward "Own-IP," which now accounts for 77% of revenue, and a robust back catalogue that drives 87% of total sales. By focusing on high-potential franchises like Hello Neighbor and Deadside, the Group aims to mitigate risk through portfolio diversification, ensuring no single project exceeds 10% of the development budget. This data-centric approach is complemented by a multimedia expansion strategy and a vast influencer network that has generated over 5 billion YouTube views, providing a cost-effective alternative to traditional marketing. Operational risks remain centered on high revenue concentration, with the top five titles accounting for 42% of sales, and ongoing geopolitical instability in Ukraine and Russia. The Group has addressed these challenges through staff relocations, "anti-crunch" labor policies, and a more cautious M&A stance that prioritizes "acquihires." Looking toward 2025, the Group is positioned as a going concern with a high-potential pipeline including Kingmakers and Streets of Rogue 2. Governance remains tightly held, with CEO Alex Nichiporchik maintaining a 57.9% stake following a $10 million personal investment, ensuring strong alignment between leadership and long-term shareholder value.
PULLUP Entertainment, formerly Focus Entertainment, achieved a transformative financial recovery during the 2024/25 fiscal year, characterized by record-breaking growth and a strategic corporate reorganization. The Group reported a 108% year-over-year revenue increase to €390.0 million, swinging from a €19.9 million loss in the previous period to a consolidated net profit of €19.4 million. This performance was primarily catalyzed by the massive commercial success of *Warhammer 40,000: Space Marine 2*, which reached over 7 million players, alongside a resilient back-catalogue strategy where digital sales now account for 91% of total turnover. The Group’s financial position strengthened significantly, with net debt nearly halved from €132.6 million to €70.1 million. This deleveraging was supported by a €23.1 million capital increase and robust cash generation, leaving the company with €61.7 million in available liquidity. Strategically, the period marked a transition to an operational holding model following the spin-off of its publishing business. The Group is now organized into three core divisions—Publishing, Dotemu, and Development Studios—supported by ten acquisitions since 2020. While the company faces risks from a 30% investment dependency on Saber Interactive and reliance on digital platforms like Steam, it has mitigated these through increased ownership of internal intellectual property and a multi-year partnership with Mattel. Geographically, the Americas remains the dominant market, representing 53% of sales following a 137% regional surge. Beyond financial metrics, the Group improved its social and governance performance, reducing employee attrition from 17.2% to 9.8% and maintaining a 100% implementation rate for player safety systems in multiplayer titles. Despite an increase in total greenhouse gas emissions to 9,889.3 TeqCO2 due to expanded reporting and physical product success, the Group remains committed to its CSR strategy focusing on talent retention, climate action, and cybersecurity. With the announcement of *Warhammer 40,000: Space Marine 3* and a proposed dividend of €1 per share, the Group has positioned itself for long-term sustainable growth.