Report · January 1, 2024

Annual Universe of Positive Gaming Experiences 2024

Summary

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.

From the report

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

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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

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