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Stillfront Group (SF) investor relations material
Stillfront Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Europe returned to organic growth in Q3 2025, establishing a new baseline, while MENA & APAC delivered strong double-digit growth and North America saw a 32.9% revenue decline but improved profitability through cost-cutting.
Group net revenue for Q3 2025 was SEK 1,373 million, an organic decline of 7.8% year-over-year, mainly due to North America.
Adjusted EBITDAC rose 13% to SEK 436 million, with margin up 8 percentage points to 32%, reflecting cost savings and operational efficiencies.
Gross margin improved to 83%, driven by increased direct-to-consumer revenue share.
Strategic focus remains on key franchises, new game launches, maintaining strong margins and cash flow, and executing a strategic review.
Financial highlights
Net revenue: SEK 1,373 million (down 7.8% organically year-over-year).
Adjusted EBITDAC: SEK 436 million (up 13% year-over-year); margin: 32% (up 8 percentage points).
Gross margin: 83% (up from 80% last year), driven by higher DTC share.
Free cash flow for the last twelve months was SEK 974 million; Q3 2025 free cash flow at SEK 183–254 million.
Net result: SEK 55 million (up from SEK 18 million last year); earnings per share: SEK 0.11.
Outlook and guidance
Europe expected to see slightly weaker organic growth in Q4, with most new game revenue impact in late Q4 and 2026.
North America likely to continue revenue decline in Q4 but remain EBITDA positive, focusing on profitability.
MENA & APAC expected to maintain steady growth, led by key franchises.
Continued focus on cost discipline, investment in key franchises, and potential for further game closures or divestments.
Overall organic net revenue growth in Q4 expected to temporarily return to H1 2025 levels due to North America.
Portfolio optimization strategy update
How to reach 2.0x leverage target?
What drives Europe's organic growth momentum?
North America: path to revenue growth beyond Q4
Q4 Europe game launches: 2026 growth contribution?
Future capital allocation: M&A vs. shareholder returns?
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Next Stillfront Group earnings date
Q4 20255 Feb, 2026
Next Stillfront Group earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Stillfront Group through its subsidiaries, designs, develops, markets, publishes, and distributes digital games in Europe, North America, the United Kingdom, and the Middle East and North Africa region. The company’s games portfolio include Albion Online, Battle pirates, Big Farm: Mobile Harvest, BitLife, eRepublik.com, Call of War, Conflict of Nations: World War 3, Goodgame Empire, Hollywood Story, Home Design Makeover!, Imperia Online, My Story, Nida Harb 3, OFM, Property Brothers Home Design, Shakes & Fidget, Siege: World War II, The Horus Heresy: Legions, and Trivia Star.
The company was founded in 2010 and is headquartered in Stockholm, Sweden.
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