Stillfront Group Full-Year Report 2023

Stillfront Group demonstrated financial resilience throughout the 2023 fiscal year, navigating a challenging mobile gaming market that saw a contraction of approximately 1.6 to 2 percent. By prioritizing a strategic shift toward high-value player acquisition over high-volume user growth, the company successfully stabilized its revenue at 6,982 MSEK, nearly matching the previous year’s performance. This transition was particularly evident in the Strategy segment, where the scaling of the Supremacy franchise and the introduction of Sunshine Island served as primary growth catalysts.

Operational efficiency remained a central focus, as evidenced by an improved adjusted EBITDAC margin of 24.4 percent and a significant expansion of direct-to-consumer bookings to 29 percent of the total. Although higher interest expenses and one-off optimization costs pressured the net result and overall cash conversion, the company maintained a disciplined financial position. With an adjusted leverage ratio of 1.84x, the organization remains well within its target thresholds, providing a stable foundation for future operations.

Looking ahead, the company is positioned to capitalize on a broader mobile gaming industry projected to grow at a compound annual growth rate of 4 percent through 2026. The return to organic growth observed in the final two months of 2023 suggests that the current portfolio strategy is yielding positive momentum. Beyond financial metrics, the company has reinforced its long-term viability by securing validation for its emission reduction targets from the Science Based Targets initiative, signaling a commitment to sustainable growth as it enters the 2024 fiscal year.