Interim Report: Q2 2026

Stillfront Group’s performance in the second quarter of 2026 reflects a deliberate strategic pivot toward operational efficiency and financial stabilization. While net revenue reached SEK 1,323 million, representing a marginal organic decline of 1.3 percent, the company successfully prioritized high-value franchises that delivered 10 percent organic growth. This focus on core assets, combined with a disciplined reduction in spending on non-core titles, has resulted in a significant expansion of the adjusted EBITDAC margin to 29 percent, up from 26 percent in the previous year.

The company’s financial health has strengthened considerably through a concerted effort to optimize cash flow and manage debt. Free cash flow surged to SEK 519 million, more than doubling the SEK 254 million reported in the same period of 2025. Furthermore, the company improved its liquidity profile by securing a new SEK 2 billion credit facility and reducing earnout provisions to SEK 650 million. These measures have maintained a stable adjusted leverage ratio of 1.97x and improved the adjusted interest coverage ratio to 6.95x, signaling a robust capacity to manage existing obligations.

Central to this transformation is the expansion of direct-to-consumer payment solutions, which now account for 46 percent of total bookings. This shift has bolstered gross margins despite the broader decline in daily and monthly active users resulting from the divestment of non-core investments. As the organization navigates this transition, it has also initiated a formal leadership succession process to replace CEO Alexis Bonte. These developments collectively underscore a transition toward a leaner, more profitable business model centered on long-term sustainability and fiscal discipline within the global gaming market.