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Stillfront Group’s Interim Report January – March 2023


  • Net revenue of 1,758 (1,678) MSEK, an increase of 5 percent
  • Organic net revenue decline of 5 percent
  • EBIT of 214 (272) MSEK, a decline of 21 percent
  • EBITDA of 620 (597) MSEK, an increase of 4 percent
  • Adj EBITDA of 639 (616) MSEK, an increase of 4 percent, Adj EBITDA margin of 36 (37) percent
  • Items affecting comparability impacting EBITDA of -20 (-19) MSEK, mainly costs for staff reductions and long-term incentive programs
  • Capitalization of product development amounted to 224 (255) MSEK
  • Adjusted EBITDAC of 415 (361) MSEK, an increase of 15 percent, Adj EBITDAC margin of 24 (22) percent
  • Net result of 61 (144) MSEK, a decline of 58 percent
  • Free cash flow last 12 months of 846 (1,132) MSEK
  • Total net debt, including cash earnout for next 12 months, of 4,672 (3,855) MSEK
  • Adjusted leverage ratio, pro forma was 1.5x (1.2x)
  • Adjusted leverage ratio, including cash earnout for next 12 months, pro forma was 1.8x (1.5x)
  • Cash position of 776 (1,740) MSEK and 2,726 (2,458) MSEK of undrawn credit facilities

“Stillfront had a solid start to 2023, with a net revenue growth of 5 percent year-over-year in the first quarter. Adjusted EBITDAC grew strongly by 15 percent, driven by our increased focus on synergies and returns, resulting in an Adjusted EBITDAC margin expansion to 24 percent, compared to 22 percent during the same period last year. The organic decline in net revenue amounted to 5 percent in the quarter and 1 percent in the last twelve months. Despite the organic decline in the quarter, we saw strong performance from several key franchises including Jawaker, BitLife and Albion Online. We are clearly not pleased with negative organic growth, but the positive month-by-month trend we saw during the first quarter is encouraging. The general market visibility remains lower than usual, but we maintain our view that both Stillfront and the market will return to organic growth during the second half of the year.”

Jörgen Larsson, CEO, Stillfront Group


2023 2022 Last 12
MSEK Jan-Mar Jan-Mar Jan-Dec
Bookings 1,745 1,677 7,082 7,014
Deferred revenue 13 1 56 44
Net revenue 1,758 1,678 7,138 7,058
EBIT 214 272 792 850
EBITDA 620 597 2,567 2,545
Items affecting comparability -20 -19 -227 -226
Adjusted EBITDA 639 616 2,618 2,595
Adjusted EBITDA margin, % 36 37 37 37
Capitalization of product development 224 255 965 996
Adjusted EBITDAC 415 361 1,653 1,599
Adjusted EBITDAC margin, % 24 22 23 23
Profit before tax 107 199 661 752
Net result 61 144 464 547
Number of employees 1,551 1,560 1,551 1,589
Adjusted leverage ratio, pro forma, x 1.50 1.21 1.50 1.46
Adjusted leverage ratio incl. NTM cash earnout payments, pro forma, x 1.78 1.50 1.78 1.75
Earnings per share undiluted, SEK 0.11 0.36 0.93 1.15
Earnings per share diluted, SEK 0.11 0.36 0.93 1.15

The report will be presented in a live webcast at 10:00 a.m. CEST 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:
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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