Stillfront Group FY2025 Annual and Sustainability Report

Stillfront Group’s fiscal year 2025 performance reflects a deliberate strategic pivot toward profitability and cash generation at the expense of top-line expansion. By prioritizing high-margin direct-to-consumer channels and executing a rigorous cost-optimization program, the company achieved an adjusted EBITDAC margin of 28 percent, successfully meeting its internal profitability targets. This transition coincides with a broader portfolio review aimed at streamlining operations and concentrating resources on scalable, franchise-led gaming communities, signaling a move away from aggressive revenue growth in favor of long-term financial stability.

Financial results for the period were characterized by mixed outcomes across the company’s core franchises, with organic growth fluctuating significantly between –27 percent and 20 percent. While the group reached its margin objectives, it fell short of organic growth expectations, recording a 10 percent decline. Furthermore, the company’s leverage ratio reached 2.02x, slightly exceeding its established target. These figures underscore the challenges inherent in balancing portfolio simplification with the maintenance of market share in a competitive global gaming landscape.

Corporate governance remains a central pillar of the organization’s operational structure, overseen by a six-member board that adheres to the Swedish Companies Act. During 2025, the board conducted 27 meetings to navigate the company’s strategic shift and financial performance. Governance efforts included the implementation of a new long-term incentive program and a commitment to maintaining board independence, despite noted overlaps between executive management and subsidiary leadership. As the company moves forward, its focus remains on enhancing board efficiency and ensuring that internal regulatory frameworks support the ongoing consolidation of its gaming assets.