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Stillfront Group’s full-year results 2021


  • Net revenue of 1,442 (1,080) MSEK, an increase of 33 percent compared to the fourth quarter of 2020, of which –5 percent was organic
  • EBIT of 249 (245) MSEK, an increase of 2 percent
  • Adjusted EBIT of 460 (399) MSEK, an increase of 15 percent. Adjusted EBIT margin of 32 (37) percent
  • Items affecting comparability impacting EBIT amounted to -24 (-43) MSEK, mainly driven by costs related to the acquisition of 6waves. Amortization of PPA-items amounted to -187 (-111) MSEK
  • EBITDA of 532 (418) MSEK, an increase of 27 percent
  • Adjusted EBITDA of 556 (460) MSEK, an increase of 21 percent
  • Financial net of -70 (-57) MSEK
  • Net result of 169 (163) MSEK
  • Net result per share undiluted of 0.44 (0.49) SEK. Net result per share diluted of 0.44 (0.49) SEK
  • Net debt of 3,649 (1,814) MSEK and adjusted leverage ratio, pro forma of 1.6x (0.9x)
  • Cash position of 1,133 (1,005) MSEK and 2,494 (2,634) MSEK of undrawn credit facilities
  • The Stillfront Board of Directors proposes no dividend for 2021

“Stillfront ends the last quarter of 2021 according to plan, with solid financial performance and profitability. Our net revenues grew by 33% to 1,442 MSEK compared to the fourth quarter last year, paired with an adjusted EBIT margin of 32%. Our business continues to generate significant free cash flows, amounting to 953 MSEK for the full year 2021, despite record high investments in game development. In the quarter, we added 8 new titles to our active portfolio, which now consists of 64 games. We are very pleased that we have been able to grow our portfolio of games significantly in 2021 and going into 2022 we look forward to soft launching an additional 15 game titles during the first half of the year. The organic growth improved to -4.9 percent year-over-year, and we had sequential organic growth in the fourth quarter. For the full year 2022, growth will be achieved both organically as well as through acquisitions, and we expect mid-single digit positive organic growth for the group. I am eager to leverage the scale and the platform that we have built to deliver additional growth and value for our shareholders in 2022.”

Jörgen Larsson, CEO, Stillfront


2021 2020 2021 2020
MSEK Oct-Dec Oct-Dec Jan-Dec Jan-Dec
Bookings 1,446 1,084 5,440 3,964
Deferred revenue -3 -4 16 27
Net revenue 1,442 1,080 5,455 3,991
EBIT 249 245 1,034 993
Adjusted EBIT 460 399 1,802 1,493
Adjusted EBIT margin, % 32 37 33 37
EBITDA 532 418 2,020 1,553
Adjusted EBITDA 556 460 2,124 1,697
Adjusted EBITDA margin, % 39 43 39 43
Profit before tax 180 188 793 799
Net result 169 163 596 581
Number of Employees 1,381 1,032 1,381 1,032
Adjusted Leverage Ratio, pro forma, x 1.6 0.9 1.6 0.9


Jörgen Larsson, President & CEO, and Andreas Uddman, CFO, will present the results and answer questions in a live webcast 10:00 am CET today. The conference will be held in English.

To participate via webcast, please visit:

To participate via phone, please call:

SE: +46 8 566 427 04
UK: +44 333 300 90 32
US: +1 631 913 14 22 (PIN only for US: 89290062#)


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.

For additional information, please contact:

Jörgen Larsson, CEO, Stillfront Group
Phone: +46 70 321 18 00

About Stillfront

Stillfront is a leading 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 1,350+ co-workers thrive in an organization that engenders the spirit of entrepreneurship. Our main markets are the US, Germany, MENA, UK and Canada. We are headquartered in Stockholm, Sweden, and the company is listed on Nasdaq Stockholm. For further information, please visit:
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 persons set out above, at 2022-02-16 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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