Stillfront Group Q2 2026 Interim Report

Key insights

6 takeaways

01
Stillfront Group reported Q2 2026 net revenue of SEK 1,323 million, driven by 10% growth in key franchises despite a 24% decline in other segments.See it on page 13
02
Adjusted EBITDAC reached SEK 387 million, achieving a 29% margin through reduced user acquisition costs and higher direct-to-consumer revenue.See it on page 15
03
The company maintains a leverage ratio of 2.0 and is utilizing strong cash generation to reduce debt while funding new titles like Supremacy: Warhammer 40,000 and Empire: Titans and Dragons.See it on page 5
04
Operational strategy has shifted toward disciplined, sustainable growth by prioritizing stricter marketing targets over aggressive, high-cost user acquisition.See it on page 5
05
The organization has initiated a CEO succession process and is conducting a strategic review while maintaining its current corporate strategy.See it on page 19
06
Geographic expansion efforts are focused on the Syrian and Iraqi markets through the utilization of reseller partnerships.See it on page 4

Summary

Stillfront Group’s Q2 2026 interim report highlights a period of strengthened profitability and operational stabilization, driven by a strategic shift toward disciplined user acquisition and normalized marketing investments. The company reported net revenue of SEK 1,323 million, reflecting a 10% growth in key franchises that was partially offset by a 24% decline in other game segments. Adjusted EBITDAC reached SEK 387 million, representing a 29% margin, bolstered by lower user acquisition costs and an increased share of direct-to-consumer revenue.

The company’s performance was characterized by a rebound in commercial activity following a slower first quarter, despite a challenging user acquisition environment that necessitated stricter marketing targets. Key franchises demonstrated varied performance: while some titles benefited from successful console expansions and strong LiveOps execution, others faced headwinds from difficult year-over-year comparisons. The report notes that the company is actively managing its debt profile, with strong cash generation facilitating debt reduction and supporting ongoing investments in new game development, such as Supremacy: Warhammer 40,000 and Empire: Titans and Dragons.

Geographically and operationally, the company continues to focus on expanding its presence in markets like Syria and Iraq through reseller partnerships. Financial health remains a priority, evidenced by a leverage ratio of 2.0 and a clear maturity profile for its debt instruments. Looking forward, the organization maintains its commitment to its key franchises while undergoing a strategic review and initiating a CEO succession process, though the overarching corporate strategy remains unchanged. The results underscore a transition toward efficiency, prioritizing sustainable growth and profitability over aggressive, high-cost user acquisition.