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Interim report, Q2 2019

Highlights second quarter

  • Net revenue amounted to 480 MSEK (329 MSEK), an increase of 46% compared to the second quarter of 2018
  • Adjusted EBITDA (excluding items affecting comparability) amounted to 197 MSEK (104), an increase of 90%
  • Adjusted EBIT (excluding items affecting comparability) amounted to 153 MSEK (73), an increase of 110%
  • Items affecting comparability of -26 MSEK (-10) whereof -20 MSEK are transaction costs related to the acquisition of Kixeye and -5 MSEK to the revaluation of conditional contingent  liabilities
  • EBIT amounted 128 MSEK, (63), an increase of 102%
  • The net result amounted to 73 MSEK (31), an increase of 136%, affected by non-recurring costs of of -6 MSEK related to financing activities
  • The net result per share undiluted amounted to 3.08 SEK (1.26). The net result per share diluted amounted to 3.06 SEK (1.25)
  • Net debt amounted to 904 MSEK (525) and the adjusted leverage ratio, pro forma was 1.4x excluding EBITDA contribution from Kixeye
  • Acquisition of Kixeye, consolidated from 1 July 2019
  • New financing in place: Bond of 500 MSEK and Share issue of 500 MSEK

Comment from the CEO

“We continue to report strong results, recording 46% revenue growth and further expanded the adjusted operating margin to 32% in the second quarter. All three active product areas, Empire, Big and Core, delivered a third quarter of sequential growth. The Core products recorded an exceptionally strong quarter with Nida Harb 3 continuing its impressive growth trajectory and becoming the single largest product in our portfolio. User acquisition costs amounted to 99 MSEK or 21% in relation to net revenue. One important growth driver is our well executed live operations with new content and successful in-game events in many of the games, which generated improved monetisation and high margins. In the quarter we finalized the acquisition of Kixeye, an industry leader and strategy game pioneer. We have also strengthened our financial position with new debt financing and a successfully directed share issue, supporting us for further growth. Finally, we are also very pleased to report that we have reached our long-term EBIT target of >30% LTM.”

Jörgen Larsson, CEO, Stillfront Group

Invitation to Q2 presentation

A presentation of the report will be held today 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 new number:

  • Sweden: +46850558358
  • United Kingdom: +443333009030
  • United States: +18338230587

For further information, please contact:

Jörgen Larsson, CEO

Tel: 070-32118 00,

Andreas Uddman, CFO

Tel: 070-0807846,

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 August 15, 2019 at 07.00 CEST.

About Stillfront

Stillfront is a global group of gaming studios and a market leader in the free-to-play online strategy games genre. 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 600 co-workers thrive in an organisation that engenders the spirit of entrepreneurship. Our main markets are the US, Germany, MENA, France and UK. We are headquartered in Stockholm, Sweden and the company, is listed on Nasdaq First North Premier.

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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