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Interim report, Q3 2019

Highlights third quarter

  • Net revenue growth of 64 percent 517 (315) MSEK, compared to the third quarter of 2018
  • Adjusted EBITDA (EBITDA excluding items affecting comparability)of 208 (120) MSEK, an increase of 73 percent
  • From this quarter onwards, Stillfront discloses the Group´s underlying operational performance by introducing a new definition of adjusted EBIT, namely EBIT excluding items affecting comparability and amortization of PPA, purchase price allocation-items. Prior periods in the report have been adjusted according to the new definition
  • Adjusted EBIT* of 175 (97) MSEK, an increase of 80 percent
  • Items affecting comparability amounted to -3 (0) MSEK. Amortization of PPA-items amounted to -36 (-8) MSEK
  • EBIT of 136 (89) MSEK, an increase of 53 percent
  • Revaluation of provisions for earnouts will from this quarter onwards be reclassified and impact the financial net. Prior periods have been restated and are provided on page 18.
  • Financial net of -3 (-16) MSEK in the quarter, positively impacted by revaluation of provisions for earnouts of 16 MSEK
  • Net result of 111 (54) MSEK, an increase of 106 percent
  • Net result per share undiluted of 4.12 (2.42) SEK. Net result per share diluted amounted to 4.11 (2.40) SEK
  • Net debt of 851 (386) MSEK and adjusted leverage ratio, pro forma of 0.9 (1.0)*Adjusted EBIT is defined as EBIT excluding items affecting comparability and amortization of PPA-items.

Comment from the CEO

“It’s full speed ahead for Stillfront now also with Kixeye being part of the Group! We are pleased with the results in Q3, reporting strong organic growth in our portfolio and good profitability development. Overall, revenues reflected seasonality with lowered pace of live operations and marketing spend due to vacation periods. Despite this, our user base is growing year over year and monetization is still strong. In total, we reported 64 percent growth in net revenues together with an Adjusted EBIT margin, excluding items affecting comparability and amortization of PPA-items, of 34 percent in the quarter. User acquisition costs amounted to 83 MSEK or 16 percent in relation to net revenue which is a result of very low marketing spend in Kixeye. With Kixeye now consolidated, we have developed a rich mix in the portfolio and the largest game now represents less than 15 percent of total revenues. Notable highlights in the quarter include the collaboration between Kixeye and Goodgame Studios on performance marketing. Further, Babil Games and Kixeye are developing War Commander Rogue Assault for the MENA-region. Worth mentioning is also the continued strong growth for Big Farm Mobile Harvest year over year. We are in good shape to take advantage of the opportunities ahead of us and our solid financial position gives us confidence in the continued execution of our strategy. We are excited about Stillfront’s expansion possibilities going forward”.

Jörgen Larsson, CEO, Stillfront Group

Invitation to Q3 presentation

A presentation of the report will be held today, November 8, 2019, at 10.00 CET 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 8 566 427 06
UK: +44 33 330 092 73
US: +1 83 352 683 98

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 November 8, 2019 at 07.00 CET.

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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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