Year-End Report 2024: Stillfront Group

The report presents Stillfront Group’s financial and operational performance for 2024, emphasizing a shift toward streamlined operations and franchise‑centric growth. Net revenue reached 1 660 MSEK in Q4, a 5 % YoY decline, yet gross profit margin improved to 79 %, driven by a higher share of direct‑to‑consumer (DTC) bookings and favorable mix effects. Adjusted EBITDAC rose to 410 MSEK, reflecting a 25 % margin and cost efficiencies from lower fixed and user‑acquisition costs. Free cash flow surged 170 % YoY to 1 050 MSEK, underscoring stronger liquidity.

Bookings across the portfolio grew 4 % QoQ but fell 4 % YoY, largely due to reduced player activity in strategy titles. The DTC channel gained 5 pp of bookings, boosting gross margin and contributing to an 18 % YoY rise in ARPDAU. User‑acquisition spend fell by 1 pp YoY, while staff costs stabilized around 24 % of revenue. The company’s debt profile remained manageable with a leverage ratio near 2.1 and net debt of 957 MSEK.

Strategically, Stillfront reorganized into three business areas focused on key franchises, reducing duplication and accelerating decision‑making. Studio rationalizations consolidated six studios in 2024, yielding annual run‑rate savings of 50 MSEK and projected additional 200–250 MSEK by Q4 2025. The new operating model prioritizes organic growth through high‑value franchises, reduced reliance on performance marketing, and enhanced operational efficiency across shared services.