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Interim report, Q1 2020

Highlights First Quarter

  • Net revenue of 691 (418) MSEK, an increase of 65 percent compared to the first quarter of 2019
  • Adjusted EBITDA (EBITDA excluding items affecting comparability) of 254 (154) MSEK, an increase of 65 percent
  • Adjusted EBIT of 213 (126) MSEK, an increase of 69 percent, Adjusted EBIT margin of 31%
  • Items affecting comparability amounted to -50 MSEK, mainly driven by transaction costs related to the acquisition of Storm8. Amortization of PPA-items amounted to -56 (-13) MSEK
  • EBIT of 106 (113) MSEK, a decrease of 6 percent
  • Financial net of -4 (-13) MSEK
  • Net result of 77 (69) MSEK
  • Net result per share undiluted of 2.86 (2.93) SEK. Net result per share diluted of 2.85 (2.91) SEK
  • Net debt of 1 787 (485) MSEK and adjusted leverage ratio, pro forma of 1.15 (0.8)x

Quote from the CEO

“The global market for digital entertainment has experienced a surge in demand and has short-term proven resilient to the impact of the Covid-19 pandemic. Stillfront delivered a strong first quarter, with 65 percent growth in net revenues and an adjusted EBIT margin of 31 percent. The growth is mainly driven by the addition of the acquired studios Kixeye and Storm8, as well as solid organic growth. The underlying performance across the portfolio of games was positive with high gaming activity in most of our games. The return on our marketing spend in the first quarter was also high across the Group, paired with record spending levels. Currently, as per today, May 6 2020, we continue to see an accelerated gaming activity, both a large inflow from newly registered users as well as existing user bases, across the portfolio of games. We are experiencing increased returns on our marketing campaigns and our marketing strategy is yielding very positive results. In addition to the overall accelerated activity, Storm8 will be fully consolidated in the second quarter and Candywriter will be consolidated from May 1, building strong momentum into the next quarter”.

Jörgen Larsson, CEO, Stillfront

Invitation to Q1 presentation

A presentation of the report will be held today, May 6, 2020, at 10.00 CEST via telephone conference or audiocast where Jörgen Larsson, CEO and Andreas Uddman, CFO, are to comment on the report.

The conference will be held in English.

To participate via webcast, please visit:

To participate via phone, please call:
SE: +46 8 519 993 83
UK: +44 3 333 009 260
US: +1 8 335 268 398

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 person set out above, on May 6, 2019 at 07.00 CEST.

About Stillfront
Stillfront is a free-to-play powerhouse of gaming studios. Our diverse and exciting games portfolio has two common themes; loyal users and long lifecycle games. Organic growth and carefully selected and executed acquisitions embody our growth strategy and our +750 co-workers thrive in an organization, that engenders the spirit of entrepreneurship. Our main markets are the US, Germany, MENA, UK and France. We are headquartered in Stockholm, Sweden and the company, is listed on Nasdaq First North Premier Growth Market. For further information, please visit:

Certified Adviser:
FNCA, Phone: +46 8 528 00 399 E-mail:

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Stillfront develops digital games for a diverse global audience and our broad games portfolio is enjoyed by around 50 million people every month.


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