Report - Interim Report Q3 2026
Financial Data - Q3 2026
Stillfront’s Interim Report Q3 2026 – Continued key franchise growth and stable organic revenue
Financial highlights Q3 2026
- Net revenue of SEK 1,291 (1,373) million, corresponding to -1 (-8) percent organic growth.
- Organic growth of 8 (6) percent in key franchises.
- Gross margin of 83 (83) percent.
- Adjusted EBITDAC of SEK 366 (436) million, a decrease of 16 percent.
- Adjusted EBITDAC margin of 28 (32) percent, a decrease of 3 percentage points.
- Net result of SEK 95 (55) million.
- Free cash flow amounted to SEK 256 (183) million, and SEK 1,109 (974) million for the last 12 months, or SEK 913 million excluding effects from the upfront Gameberry settlement of SEK 196 million.
- Total net debt, including cash earnout for the next 12 months, amounted to SEK 4,223 (4,381) million.
- Total net debt including all earnout liabilities amounted to SEK 4,424 (5,086) million.
- Adjusted leverage ratio, including cash earnout for the next 12 months, pro forma was 2.21x (2.06x).
- Cash position was SEK 758 (773) million with unutilized credit facilities of SEK 1,255 (1,354) million.
From Alexis Bonte’s CEO comment
“The third quarter marked continued execution of our key franchise-led strategy. Net revenue amounted to SEK 1,291 (1,373) million, corresponding to an organic decline of 1 percent, as growth in our key franchises balanced the continued decline in other games, which are managed for cash generation. Key franchises grew organically for the fifth consecutive quarter, and strong profitability remained a core feature of our business.
The performance was led by BIG, Empire and Board, reflecting the contribution from new game launches, strong LiveOps execution and improved player monetization.”
Key figures
| 2026 | 2025 | 2026 | 2025 | Last 12 | 2025 | |
| MSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | months | Jan-Dec |
| Bookings | 1,287 | 1,369 | 3,941 | 4,341 | 5,297 | 5,697 |
| Net revenue | 1,291 | 1,373 | 3,947 | 4,354 | 5,303 | 5,710 |
| Gross profit | 1,070 | 1,133 | 3,305 | 3,555 | 4,427 | 4,677 |
| Gross profit margin, % | 83 | 83 | 84 | 82 | 83 | 82 |
| Adjusted EBITDA | 485 | 552 | 1,413 | 1,580 | 1,920 | 2,087 |
| Adjusted EBITDAC | 366 | 436 | 1,064 | 1,213 | 1,432 | 1,580 |
| Adjusted EBITDAC margin, % | 28 | 32 | 27 | 28 | 27 | 28 |
| Operating result (EBIT) | 247 | 178 | 848 | 443 | -1,338 | -1,744 |
| Net result for the period | 95 | 55 | 424 | 6 | -1,980 | -2,398 |
| Earnings per share undiluted, SEK | 0.18 | 0.11 | 0.86 | 0.01 | -3.97 | -4.75 |
| Earnings per share diluted, SEK | 0.18 | 0.11 | 0.86 | 0.01 | -3.97 | -4.75 |
| Total net debt incl. cash earnout NTM | 4,223 | 4,381 | 4,223 | 4,381 | 4,223 | 4,222 |
| Total net debt incl. all earnout liabilities | 4,424 | 5,086 | 4,424 | 5,086 | 4,424 | 5,042 |
| Adjusted leverage ratio incl. NTM cash earnout, pro forma, x | 2.21 | 2.06 | 2.21 | 2.06 | 2.21 | 2.02 |
| Free cash flow | 256 | 183 | 819 | 632 | 1,109 | 922 |
| Free cash flow per share, SEK | 0.49 | 0.35 | 1.65 | 1.26 | 2.22 | 1.83 |
| Number of full-time professionals | 1,233 | 1,230 | 1,233 | 1,230 | 1,233 | 1,243 |
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 Q3 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/q3-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/q3-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.