Supremacy: Warhammer 40,000

How Supremacy: Warhammer 40,000 developer Twin Harbour wins back lapsed players

Stillfront Group Q2 2026 Interim Report

Stillfront's second quarter of 2026 showed stronger profitability alongside broadly stable revenue, as launch-related investments normalized after a heavy first quarter.

• Stillfront Group reported Q2 2026 net revenue of SEK 1,323 million, driven by 10% growth in key franchises despite a 24% decline in other segments.
• Adjusted EBITDAC reached SEK 387 million, achieving a 29% margin through reduced user acquisition costs and higher direct-to-consumer revenue.
• The company maintains a leverage ratio of 2.0 and is utilizing strong cash generation to reduce debt while funding new titles like Supremacy: Warhammer 40,000 and Empire: Titans and Dragons.

Stillfront Group FY2025 Annual and Sustainability Report

Stillfront's FY2025 results reflect a deliberate pivot from growth toward profitability and portfolio focus.

• Stillfront Group shifted its strategy in FY2025 to prioritize profitability and cash generation over top-line revenue growth, resulting in an adjusted EBITDAC margin of 28 percent.
• The company experienced a 10 percent decline in organic growth, with performance across core franchises fluctuating significantly between –27 percent and 20 percent.
• Financial leverage reached 2.02x, which slightly exceeded the company's established target for the fiscal year.

Year-End Report: October – December 2025

Stillfront's year-end results for Q4 and full-year 2025, published on 4 February 2026, show a business that improved profitability and cash generation while revenue contracted and large non-cash impairments drove deep accounting losses.

• Stillfront Group reported a full-year 2025 net revenue of SEK 5,710 million, a 15.3% year-over-year decline driven by a strategic pivot toward profitability over aggressive growth.
• The company recorded a full-year net loss of SEK 2,398 million, heavily impacted by SEK 2,258 million in non-cash impairments to goodwill and intangible assets during the fourth quarter.
• Adjusted EBITDAC margin expanded to 27% as the company reduced marketing spend and shifted toward direct-to-consumer bookings, which now account for 45% of total revenue.

Stillfront Group Q3 2025 Earnings Release

Stillfront's Q3 2025 earnings presentation shows a mobile games publisher holding group margins and cash generation steady while organic revenue declines, with uneven performance across its business areas.

• Stillfront Group reported Q3 2025 net revenue of 1,373 million SEK, representing an organic growth decline of 7.8% year-over-year.
• The company maintains an adjusted EBITDAC margin of 32% and generated 974 million SEK in free cash flow over the last twelve months.
• Three major global launches for the Big Farm, Supremacy, and Unfolded franchises are scheduled for Q4 2025, with primary revenue impact expected in 2026.

Stillfront Group Q2 2025 Earnings Release

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.

• Stillfront Group reported Q2 2025 net revenue of 1,436 million SEK, representing an 11.3% organic growth decline.
• 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.
• 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.