Financial · December 1, 2025

Year-End Report: October – December 2025

Summary

Stillfront Group’s performance throughout 2025 reflects a strategic pivot toward profitability and operational efficiency over aggressive revenue growth. Total net revenue for the year reached SEK 5,710 million, representing a 15.3% year-over-year decline and a 10.2% organic contraction. This downturn was most pronounced in the fourth quarter, where North American revenue plummeted by 31% as the company intentionally reduced marketing spend and divested the Narrative franchise. Despite these top-line pressures, the adjusted EBITDAC margin expanded to 27%, bolstered by a significant shift toward direct-to-consumer bookings, which now represent 45% of the total. The financial landscape was heavily influenced by non-cash impairments totaling SEK 2,258 million in the final quarter, primarily targeting goodwill and intangible assets. These charges contributed to a full-year net loss of SEK 2,398 million, though this marked a substantial improvement over the previous year’s losses. Total assets decreased to SEK 11,024 million by year-end, reflecting a leaner balance sheet. Geographically, performance remained bifurcated; while North America and Europe struggled with organic declines, the MENA & APAC region demonstrated resilience with 6.6% organic growth driven by core franchises such as Jawaker. Operational stability remains a priority as the company transitions to a consolidated reporting structure for 2026. With a monthly active user base of approximately 35 million, the focus has shifted toward sustaining "Key Franchises" that generate over SEK 200 million in annual bookings. Financial health is supported by a free cash flow of SEK 290 million in the fourth quarter, which facilitated debt reduction. The year concluded with a net debt of SEK 3,747 million and an adjusted leverage ratio of 2.02x, positioning the group just above its long-term financial target of 2.0x.

From the report

● Comments by the CEO Financial overview Business Areas Other information Financial reports Notes Financial highlights Net revenue of SEK 1,356 (1,660) million decreased by 9 (-5) percent organically. Gross margin of 83 (79) percent, an increase of 3 percentage points. Adjusted EBITDAC of SEK 368 (410) million decreased by 10 (12) percent. Adjusted EBITDAC margin of 27 (25) percent, an increase of 2 percentage points. Non-cash goodwill and PPA items impairment of SEK -2,258 (-6,867) million, reported as item affecting comparability. Net results of SEK -2,404 (-7,278) million. Free cash flow amounted to SEK 290 (342) million, and SEK 922 (1,050) million for the last 12 months. Total net debt, including cash earnout for the next 12 months, amounted to SEK 4,222 (4,736) million. Total net debt including all earnout liabilities amounted to SEK 5,042 (6,125) million. Adjusted leverage ratio, including cash earnout for the next 12 months, pro forma was 2.02x (2.10x). Cash position was SEK 701 (957) million with unutilized credit facilities of SEK 1,616 (1,224). Stillfront’s board of directors proposes no dividend for 2025.

amounted to SEK 5,042 (6,125) million. Adjusted leverage ratio, including cash earnout for the next 12 months, pro forma was 2.02x (2.10x). Cash position was SEK 701 (957) million with unutilized credit facilities of SEK 1,616 (1,224). Stillfront’s board of directors proposes no dividend for 2025. Key figures 2025 2024 2025 2024 MSEK Oct-Dec Oct-Dec Jan-Dec Jan-Dec Bookings 1,357 1,658 5,697 6,729 Net revenue 1,356 1,660 5,710 6,737 Gross profit 1,122 1,319 4,677 5,371 Gross profit margin, % 83 79 82 80 Adjusted EBITDA 507 548 2,087 2,256 Adjusted EBITDAC 368 410 1,580 1,658 Adjusted EBITDAC margin, % 27 25 28 25 Operating result (EBIT) -2,186 -6,965 -1,744 -6,455 Net result for the period -2,404 -7,278 -2,398 -7,378 Earnings per share undiluted, SEK -4.72 -14.38 -4.75 -14.40 Earnings per share diluted, SEK -4.72 -14.38 -4.75 -14.40 Total net debt incl. cash earnout NTM 4,222 4,736 4,222 4,736 Total net debt incl. total earnouts 5,042 6,125 5,042 6,125 Adjusted leverage ratio incl. NTM cash earnout, x 2.02 2.10 2.02 2.10 Free cash flow 290 342 922 1,050 Free cash flow per share, SEK 0.57 0.68 1.83 2.05 Year-end Report 2025 2

● Comments by the CEO Financial overview Business Areas Other information Financial reports Notes heavily impacted by the Narrative franchise. In by a strong year-end performance from the late December, we executed the divestment of Jawaker and Board franchises. the Narrative franchise for a total consideration of Margin expansion USD 4 million reflecting a 4x EBITDAC multiple. Excluding the Narrative portfolio, organic growth As a result of our combined efforts, the Adjusted for BA Europe was flat in the quarter. EBITDAC margin expanded to 27 percent, up from a non-cash accounting adjustment specifically attributed to our operations in Europe and North America. Strategic review remains in progress As a business, we step into 2026 focused on We were pleased to announce the release of the 25 percent in Q4 2024. The decline in nominal targeted incremental improvements and new game BIG Farm: Homestead, within BA Adjusted EBITDAC YoY was a result of adverse FX deepening player engagement within our key Europe in December. The game did not have a effects. The margin increase was primarily driven franchises. We remain steadfast in making material revenue impact in the quarter, but early by DTC channel roll-out, lower User Acquisition disciplined investment decisions and delivering performance metrics are encouraging. The Costs (UAC) and continued operational strong free cash flows. We will continue to assess Supremacy: Warhammer 40,000 game, which was efficiencies in BA North America.

TC channel roll-out, lower User Acquisition disciplined investment decisions and delivering performance metrics are encouraging. The Costs (UAC) and continued operational strong free cash flows. We will continue to assess Supremacy: Warhammer 40,000 game, which was efficiencies in BA North America. The DTC the performance of our games portfolio and will expected to launch in the middle of Q4 2025, did channel now accounts for 45 percent of total undertake measures, including sunsetting games Stillfront delivered EBITDAC margin expansion, not yet meet the higher quality thresholds we now bookings; an increase compared to 34 percent in where necessary. despite an overall revenue decline in the require. We are polishing the game to ensure a Q4 2024. In parallel, the strategic review initiated in April of quarter. Our Business Areas delivered mixed strong launch later in the year. Sequentially, the margin development reflected 2025 continues to progress and we appreciate revenue performance, while we saw promising North America drives efficiency as MENA & normal seasonal patterns, and UAC was increased the patience and trust the shareholders have signs from a new game launch within the BIG APAC lead growth to capitalize on the high activity levels during the shown during this process. franchise. Following a year of transition, our holiday season. UA was deployed strictly in focus remains on disciplined incremental BA North America saw a continued organic campaigns meeting our performance criteria.

th to capitalize on the high activity levels during the shown during this process. franchise. Following a year of transition, our holiday season. UA was deployed strictly in focus remains on disciplined incremental BA North America saw a continued organic campaigns meeting our performance criteria. On a final note, I want to express my appreciation improvements and deepening player revenue decline of -31 percent in the quarter for the dedication and resilience shown by the engagement within our key franchises. while Adjusted EBITDAC improved YoY. This Cash flows enabled debt repayment and share Stillfront team during a year marked by significant reflects our deliberate prioritization of operational buy-backs change. Organic decline balanced by profitability focus efficiency and cash flow generation over short- Our operations continued to generate healthy free Now, we enter 2026 with continued discipline and Net revenue amounted to SEK 1,356 million in Q4 term revenue growth. cash flows of SEK 290 million. This allowed debt ambition. 2025, corresponding to an organic decline of 9 During the quarter, the Word franchise was repayment as well as share buy-backs to cover percent year-over-year (YoY). Despite the transferred from North America to MENA & APAC. future earn-out obligations. Our resulting yearexpected decline in revenue, we delivered margin Together with previous transfers in 2025, MENA & end leverage ratio was 2.02x (including NTM cash expansion in the quarter, a direct result of our APAC now have a strong base from which to earn-out payments). efforts to lower costs and prioritize profitability.

cline in revenue, we delivered margin Together with previous transfers in 2025, MENA & end leverage ratio was 2.02x (including NTM cash expansion in the quarter, a direct result of our APAC now have a strong base from which to earn-out payments). efforts to lower costs and prioritize profitability. deliver product efficiency across the transferred Non-cash impairment of goodwill Alexis Bonte, Europe delivers BIG franchise new game launch portfolio. Following a year of varied performance, our President and Group CEO, Stillfront and divests non-core Narrative portfolio BA MENA & APAC delivered accelerated organic annual impairment test resulted in an impairment In BA Europe, organic revenue development in the growth of 7 percent in the quarter, mainly driven totaling SEK -2,258 million related to goodwill and quarter was negative (-6 percent) and was other acquisition-related intangible assets. This is Year-end Report 2025 3

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