Financial highlights Q4 2025
- Net revenue of SEK 1,356 (1,660) million decreased by 9 (-5) percent organically.
- Gross margin of 83 (79) percent, an increase of 3 percentage points.
- Adjusted EBITDAC of SEK 368 (410) million decreased by 10 (12) percent.
- Adjusted EBITDAC margin of 27 (25) percent, an increase of 2 percentage points.
- Non-cash goodwill and PPA items impairment of SEK -2,258 (-6,867) million, reported as items affecting comparability.
- Net results of SEK -2,404 (-7,278) million.
- Free cash flow amounted to SEK 290 (342) million, and SEK 922 (1,050) million for the last 12 months.
- Total net debt, including cash earnout for the next 12 months, amounted to SEK 4,222 (4,736) million.
- Total net debt including all earnout liabilities amounted to SEK 5,042 (6,125) million.
- Adjusted leverage ratio, including cash earnout for the next 12 months, pro forma was 2.02x (2.10x).
- Cash position was SEK 701 (957) million with unutilized credit facilities of SEK 1,616 (1,224).
- Stillfront's board of directors proposes no dividend for 2025.
From Alexis Bontes' CEO comment
"Stillfront delivered EBITDAC margin expansion, despite an overall revenue decline in the quarter. Our Business Areas delivered mixed revenue performance, while we saw promising signs from a new game launch within the BIG franchise. Following a year of transition, our focus remains on disciplined incremental improvements and deepening player engagement within our key franchises.
Net revenue amounted to SEK 1,356 million in Q4 2025, corresponding to an organic decline of 9 percent year-over-year (YoY). Despite the expected decline in revenue, we delivered margin expansion in the quarter, a direct result of our efforts to lower costs and prioritize profitability.
In BA Europe, organic revenue development in the quarter was negative (-6 percent) and was heavily impacted by the Narrative franchise. In late December, we executed the divestment of the Narrative franchise for a total consideration of USD 4 million reflecting a 4x EBITDAC multiple. Excluding the Narrative portfolio, organic growth for BA Europe was flat in the quarter.
BA North America saw a continued organic revenue decline of -31 percent in the quarter while Adjusted EBITDAC improved YoY. This reflects our deliberate prioritization of operational efficiency and cash flow generation over short-term revenue growth.
BA MENA & APAC delivered accelerated organic growth of 7 percent in the quarter, mainly driven by a strong year-end performance from the Jawaker and Board franchises.
Our operations continued to generate healthy free cash flows of SEK 290 million. This allowed debt repayment as well as share buy-backs to cover future earn-out obligations. Our resulting year-end leverage ratio was 2.02x (including NTM cash earn-out payments).
As a business, we step into 2026 focused on targeted incremental improvements and deepening player engagement within our key franchises. We remain steadfast in making disciplined investment decisions and delivering strong free cash flows. We will continue to assess the performance of our games portfolio and will undertake measures, including sunsetting games where necessary."
Key figures
| 2025 | 2024 | 2025 | 2024 | |
| MSEK | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Bookings | 1,357 | 1,658 | 5,697 | 6,729 |
| Net revenue | 1,356 | 1,660 | 5,710 | 6,737 |
| Gross profit | 1,122 | 1,319 | 4,677 | 5,371 |
| Gross profit margin, % | 83 | 79 | 82 | 80 |
| Adjusted EBITDA | 507 | 548 | 2,087 | 2,256 |
| Adjusted EBITDAC | 368 | 410 | 1,580 | 1,658 |
| Adjusted EBITDAC margin, % | 27 | 25 | 28 | 25 |
| Operating result (EBIT) | -2,186 | -6,965 | -1,744 | -6,455 |
| Net result for the period | -2,404 | -7,278 | -2,398 | -7,378 |
| Earnings per share undiluted, SEK | -4.72 | -14.38 | -4.75 | -14.40 |
| Earnings per share diluted, SEK | -4.72 | -14.38 | -4.75 | -14.40 |
| Total net debt incl. cash earnout NTM | 4,222 | 4,736 | 4,222 | 4,736 |
| Total net debt incl. total earnouts | 5,042 | 6,125 | 5,042 | 6,125 |
| Adjusted leverage ratio incl. NTM cash earnout, x | 2.02 | 2.10 | 2.02 | 2.10 |
| Free cash flow | 290 | 342 | 922 | 1,050 |
| Free cash flow per share, SEK | 0.57 | 0.68 | 1.83 | 2.05 |
Invitation to webcast
The report will be presented in a live webcast at 10:00 a.m. CET today. Alexis Bonte, President & Group CEO, and Emily Villatte, CFO, will present the Q4 2025 results and answer questions. The conference will be held in English.
To participate via webcast:
If you wish to participate via webcast, please use the link below.
https://stillfront.events.inderes.com/q4-report-2025/register
To participate via phone:
If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://events.inderes.com/stillfront/q4-report-2025/dial-in
New segment reporting structure - increased focus on key franchises
Starting in the first quarter of 2026, Stillfront will consolidate its financial reporting into one single segment. The change is made to better reflect the Group's strategy and operational management, with an increased focus on the performance of the Group's key franchises. A more detailed presentation of the key financial results for the new segment structure can be accessed at stillfront.com.
Forward-looking statements
Some statements herein are forward-looking that reflect Stillfront's current views or expectations of future financial and operational performance. Because these forward-looking statements involve both known and unknown risks and uncertainties, actual results may differ materially from the information set forth in the forward-looking information. Such risks and uncertainties include but are not limited to general business, economic, competitive, technological, and legal uncertainties and/or risks. Forward-looking statements in this report apply only at the time of announcement of the report and are subject to change without notice. Stillfront undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, other than as required by applicable law or stock market regulations.
For additional information, please contact:
Emily Villatte, CFO, Stillfront Group
Phone: +46 76 525 01 42
E-mail: emily.villatte@stillfront.com
About Stillfront
Stillfront is a global games company. We develop digital games that are played by approximately 35 million people each month. Our diversified portfolio spans well-established franchises like Big Farm, Jawaker and Supremacy, to smaller, niche games across our different genres. We believe gaming can be a force for good and we want to create a gaming universe that is digital, affordable, equal, and sustainable. Our HQ is in Stockholm, Sweden, but our game development is done by teams and studios all over the world. Our main markets are the US, Japan, MENA, Germany, and the UK. Stillfront's shares (SF) are listed on Nasdaq Stockholm. For further information, please visit: stillfront.com
This information is information that Stillfront Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-04 07:00 CET.
