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Stillfront Group’s Full-Year Report 2022


  • Net revenue of 1,781 (1,442) MSEK, an increase of 24 percent
  • Organic net revenue declined by -0.7 percent
  • EBIT of 70 (249) MSEK, a decline of 72 percent
  • Adj EBIT of 485 (460) MSEK, an increase of 5 percent, Adj EBIT margin of 27 (32) percent
  • Items affecting comparability impacting EBIT amounted to -192 (-24) MSEK, mainly driven by a one-off amortization of -176 (0) MSEK on developed games with shortened economic lifetime and costs of -10 MSEK for workforce reductions
  • Amortization of PPA-items amounted to -222 (-187) MSEK
  • EBITDA of 655 (532) MSEK, an increase of 23 percent
  • Adj EBITDA of 672 (556) MSEK, an increase of 21 percent, Adj EBITDA margin of 38 (39) percent
  • Net result of 203 (169) MSEK, an increase of 20 percent
  • Free cash flow last 12 months of 974 (953) MSEK, an increase of 2 percent
  • Net debt of 3,826 (3,649) MSEK and adjusted leverage ratio, pro forma of 1.5x (1.6x)
  • Cash position of 989 (1,133) MSEK and 2,401 (2,494) MSEK of undrawn credit facilities
  • Stillfront’s board of directors proposes no dividend for 2022

“Stillfront outperformed a soft market in the last quarter of 2022. Net revenue grew by 24 percent year-over-year to 1,781 MSEK, driven by acquired studios, a positive FX effect and stable performance from our organic studios, with an organic decline of -0.7 percent in the quarter. Adjusted EBIT amounted to 485 MSEK and adjusted EBITDA to 672 MSEK, resulting in adjusted EBIT and adjusted EBITDA margins of 27 and 38 percent respectively. Stillfront continued to generate strong cash flow in 2022. Cash flow from operations before changes in net working capital grew by 29 percent in 2022 to 2,082 MSEK, while free cash flow grew to 974 MSEK, despite increasing our investments in product development by 375 MSEK during the same period. Following several years of strong growth, the global mobile games market declined by approximately -8 percent in 2022. Stillfront saw an organic decline of -1.4 percent for the full-year, significantly better than the market, thanks to strong performance from a number of our key game franchises, contribution from new game launches, and successful in-game events during the year.”

Jörgen Larsson, CEO, Stillfront Group


2022 2021 2022 2021
MSEK Oct-Dec Oct-Dec Jan-Dec Jan-Dec
Bookings 1,760 1,446 7,014 5,440
Deferred revenue 21 -3 44 16
Net revenue 1,781 1,442 7,058 5,455
EBIT 70 249 850 1,034
Adjusted EBIT 485 460 2,005 1,802
Adjusted EBIT margin, % 27 32 28 33
EBITDA 655 532 2,545 2,020
Adjusted EBITDA 672 556 2,595 2,124
Adjusted EBITDA margin, % 38 39 37 39
Items affecting comparability -192 -24 -226 -104
Profit before tax 214 180 753 793
Net result 203 169 547 596
Number of employees 1,589 1,381 1,589 1,381
Adjusted Leverage Ratio, pro forma, x 1.5 1.6 1.5 1.6


The report will be presented in a live webcast at 10:00 a.m. CET today. Jörgen Larsson, CEO, and Andreas Uddman, CFO, will present the 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.

To participate via phone, please call:
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.

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.

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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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