Report - Interim Report Q2 2026
Financial data - Interim Report Q2 2026
Stillfront’s Interim Report Q2 2026 – Strengthened profitability and continued revenue stability
Financial highlights Q2 2026
- Net revenue of SEK 1,323 (1,436) million, corresponding to -1 (-11) percent organic growth.
- Organic growth of 10 (-0) percent in key franchises.
- Gross margin of 84 (82) percent, an increase of 2 percentage points.
- Adjusted EBITDAC of SEK 387 (374) million, an increase of 3 percent.
- Adjusted EBITDAC margin of 29 (26) percent, an increase of 3 percentage points.
- Net result of SEK 212 (-72) million.
- Free cash flow amounted to SEK 519 (254) million, and SEK 1,037 (1,089) million for the last 12 months. This includes effects of SEK 196 million from the upfront Gameberry settlement.
- Total net debt, including cash earnout for the next 12 months, amounted to SEK 4,369 (4,603) million.
- Total net debt including all earnout liabilities amounted to SEK 4,572 (5,310) million.
- Adjusted leverage ratio, including cash earnout for the next 12 months, pro forma was 2.21x (2.18x).
- Cash position was SEK 907 (912) million with unutilized credit facilities of SEK 898 (1,005) million.
From Alexis Bontes’ CEO comment
“The second quarter demonstrated further progress in building a more focused and franchise-led Stillfront. Net revenue amounted to SEK 1,323 million, corresponding to an organic growth of -1 percent. Key franchises delivered double-digit organic growth for the second consecutive quarter.
We saw a clear strengthening in profitability during the second quarter. Adjusted EBITDAC increased to SEK 387 million, corresponding to a margin of 29 percent, up from 23 percent in the previous quarter. The improvement was primarily driven by the normalization of user acquisition investments following the launch phase for Big Farm: Homestead, as well as a broader reduction in user acquisition costs towards the end of the quarter.”
Key figures
| 2026 | 2025 | 2026 | 2025 | Last 12 | 2025 | |
| MSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | months | Jan-Dec |
| Bookings | 1,321 | 1,430 | 2,653 | 2,971 | 5,379 | 5,697 |
| Net revenue | 1,323 | 1,436 | 2,656 | 2,981 | 5,385 | 5,710 |
| Gross profit | 1,112 | 1,172 | 2,235 | 2,423 | 4,489 | 4,677 |
| Gross profit margin, % | 84 | 82 | 84 | 81 | 83 | 82 |
| Adjusted EBITDA | 503 | 493 | 928 | 1,028 | 1,987 | 2,087 |
| Adjusted EBITDAC | 387 | 374 | 698 | 777 | 1,501 | 1,580 |
| Adjusted EBITDAC margin, % | 29 | 26 | 26 | 26 | 28 | 28 |
| Operating result (EBIT) | 412 | 128 | 602 | 265 | -1,407 | -1,744 |
| Net result for the period | 212 | -72 | 329 | -49 | -2,021 | -2,398 |
| Earnings per share undiluted, SEK | 0.44 | -0.15 | 0.68 | -0.10 | -4.05 | -4.75 |
| Earnings per share diluted, SEK | 0.44 | -0.15 | 0.68 | -0.10 | -4.05 | -4.75 |
| Total net debt incl. cash earnout NTM | 4,369 | 4,603 | 4,369 | 4,603 | 4,369 | 4,222 |
| Total net debt incl. total earnouts | 4,572 | 5,310 | 4,572 | 5,310 | 4,572 | 5,042 |
| Adjusted leverage ratio incl. NTM cash earnout, x | 2.21 | 2.18 | 2.21 | 2.18 | 2.21 | 2.02 |
| Free cash flow | 519 | 254 | 563 | 448 | 1,037 | 922 |
| Free cash flow per share, SEK | 1.08 | 0.52 | 1.16 | 0.88 | 2.08 | 1.83 |
Invitation to webcast
The report will be presented in a live webcast at 10:00 a.m. CEST today. Alexis Bonte, President & Group CEO, and Emily Villatte, CFO, will present the Q2 2026 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/q2-report-2026/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/q2-report-2026/dial-in
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.