FinancialStillfront

Stillfront Group Q2 2025 Earnings Release

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Key insights

6 takeaways · ~2 min read

01
Stillfront Group reported Q2 2025 net revenue of 1,436 million SEK, representing an 11.3% organic growth decline.See it on page 4
02
The company successfully increased its direct-to-consumer (DTC) revenue share to 39% in Q2 2025, up from 26% in Q2 2023, utilizing its proprietary Payment Hub.See it on page 3
03
Despite revenue headwinds, the firm maintained a 26% adjusted EBITDAC margin and generated 1,089 million SEK in free cash flow over the last twelve months.See it on page 7
04
Operational restructuring includes transferring the Word franchise from Superfree to Moonfrog to better align with MENA and APAC market strengths.See it on page 11
05
The company is expanding its DTC model to the Bitlife franchise in Q3 2025 and plans a full global release for Supremacy: Warhammer 40,000 by the end of 2025.See it on page 2
06
Stillfront maintains a leverage ratio of 1.9 and is prioritizing debt management alongside a strategic review to streamline operations.See it on page 9

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Summary

Stillfront Group’s Q2 2025 earnings release outlines a strategic focus on optimizing profitability through direct-to-consumer (DTC) channels and the scaling of core franchises. The company reports a total net revenue of 1,436 million SEK, reflecting an organic growth decline of 11.3%. Despite these revenue headwinds, the firm maintains a 26% adjusted EBITDAC margin and reports a free cash flow of 1,089 million SEK over the last twelve months. The financial results highlight a shift in revenue streams, with DTC-share increasing to 39% in Q2 2025, up from 26% in the same period in 2023, supported by the company’s proprietary Payment Hub.

Operational highlights include the technical launch of Supremacy: Warhammer 40,000 and Big Farm Homestead, with the former slated for a full global release by the end of 2025. The company is actively restructuring its portfolio, including the transfer of the Word franchise from Superfree to Moonfrog to better align with regional market strengths in MENA and APAC. Furthermore, the organization is leveraging recent legislative changes in the US regarding iOS to improve monetization and is expanding its DTC service model to include the Bitlife franchise in Q3 2025.

The company’s capital structure remains focused on debt management, with a leverage ratio of 1.9 as of Q2 2025. Strategic priorities moving forward center on concentrating investments within key franchises, ensuring successful new game launches, maintaining robust margins, and executing a broader strategic review to streamline operations. The data indicates a disciplined approach to user acquisition costs and a continued transition away from third-party store reliance toward owned payment infrastructure.