Stillfront Group Q1 2026 Interim Report

Key insights

6 takeaways

01
Stillfront Group reported Q1 2026 net revenue of SEK 1,333 million, reflecting flat organic growth of -0.4% as a 12% increase in key franchises was offset by a 21% decline in the 'Other games' segment.See it on page 10
02
The BIG franchise achieved 88% organic growth, driven primarily by the global launch of Big Farm: Homestead.See it on page 5
03
User acquisition costs rose to SEK 447 million (34% of net revenue) to support the Homestead launch, compared to a baseline of 28% in previous quarters.See it on page 11
04
Adjusted EBITDAC reached SEK 311 million with a 23% margin, impacted by elevated marketing spend and SEK 50 million in foreign exchange headwinds.See it on page 12
05
The company maintains a net debt profile of SEK 5,193 million, including earnout obligations, and generated SEK 167 million in cash flow from operations.See it on page 14
06
Strategic priorities include the upcoming launch of Albion on Xbox Series X and S and a continued focus on seven core gaming franchises to stabilize cash flow.See it on page 16

Summary

Stillfront Group’s Q1 2026 interim report outlines a strategic focus on seven core gaming franchises to drive long-term value and scalable growth. The company, which engages approximately 36 million monthly active users globally, reported net revenue of SEK 1,333 million for the quarter, representing flat organic growth of -0.4%. This performance reflects a divergence between the company’s key franchises, which achieved 12% organic growth, and its "Other games" segment, which experienced a 21% decline.

The primary driver of growth during the period was the successful global launch of Big Farm: Homestead, which contributed significantly to the 88% organic growth observed within the BIG franchise. To capitalize on this momentum, the company increased its user acquisition costs (UAC) to SEK 447 million, or 34% of net revenue. Excluding the specific investment in the Homestead launch, UAC remained consistent with previous quarters at 28%. Adjusted EBITDAC reached SEK 311 million, yielding a 23% margin, with profitability impacted by the elevated marketing spend and approximately SEK 50 million in foreign exchange headwinds.

Financially, the company reported a cash flow from operations of SEK 167 million and maintains a net debt profile of SEK 5,193 million, including earnout obligations. Looking ahead, the company is prioritizing the continued development of its key franchises, an ongoing strategic review, and the upcoming launch of Albion on Xbox Series X and S. The organization is also preparing for a board transition following the Annual General Meeting and the commencement of trading for its 2030 bond. These efforts are designed to stabilize cash flows and foster innovation across its diverse portfolio of strategy, simulation, and social gaming titles.