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Stillfront’s Full-Year Report 2023


  • Net revenue 1,742 (1,781) MSEK, a decline of 2 percent
  • Organic net revenue decline of 3 percent, organic bookings decline of 2 percent
  • EBIT 130 (70) MSEK, an increase of 84 percent
  • EBITDA 531 (655) MSEK, a decline of 19 percent
  • Adj EBITDA 569 (672) MSEK, a decline of 15 percent, Adj EBITDA margin of 33 (38) percent
  • Items affecting comparability impacting EBITDA of -37 (-17) MSEK, mainly for cost optimizations
  • Capitalization of product development amounted to 204 (235) MSEK
  • Adjusted EBITDAC of 365 (437) MSEK, a decline of 17 percent, Adj EBITDAC margin of 21 (25) percent
  • Net result of 10 (203) MSEK
  • Free cash flow last 12 months of 833 (974) MSEK
  • Total net debt, including cash earnout for next 12 months, of 4,611 (4,575) MSEK
  • Adjusted leverage ratio, pro forma was 1.6x (1.5x)
  • Adjusted leverage ratio, including cash earnout for next 12 months, pro forma was 1.8x (1.8x)
  • Cash position of 807 (989) MSEK and 2,432 (2,401) MSEK of undrawn credit facilities
  • Stillfront’s board of directors proposes no dividend for 2023

“Stillfront’s bookings returned to positive organic growth for the months of November and December in the fourth quarter. The recovery in organic performance was driven by significant scaling of new and existing games, in particular the successful launch of Sunshine Island, part of the Big Farm franchise. It is encouraging to see a more normalized market with favorable performance marketing conditions and stronger seasonality than we have experienced during the past years. For the full quarter, Stillfront’s organic bookings were down by -2 percent and organic net revenue was down by -3 percent. Record levels of marketing investments resulted in a lower EBITDAC margin in the quarter, while supporting our long-term growth opportunities. With continued high marketing investments during the start of the year, we expect the year-over-year organic growth rate to continue to improve with our addressed market in 2024.”

Jörgen Larsson, CEO, Stillfront Group


2023 2022 2023 2022
MSEK Oct-Dec Oct-Dec Jan-Dec Jan-Dec
Bookings 1,739 1,760 6,958 7,014
Deferred revenue 2 21 24 44
Net revenue 1,742 1,781 6,982 7,058
EBIT 130 70 754 850
EBITDA 531 655 2,413 2,545
Items affecting comparability -37 -17 -96 -50
Adjusted EBITDA 569 672 2,510 2,595
Adjusted EBITDA margin, % 33 38 36 37
Capitalization of product development 204 235 805 996
Adjusted EBITDAC 365 437 1,705 1,599
Adjusted EBITDAC margin, % 21 25 24 23
Profit before tax 35 214 156 752
Net result 10 203 12 547
Number of employees 1,401 1,589 1,401 1,589
Adjusted leverage ratio, pro forma, x 1.64 1.46 1.64 1.46
Adjusted leverage ratio incl. NTM cash earnout payments, pro forma, x 1.84 1.75 1.84 1.75
Earnings per share undiluted, SEK 0.02 0.42 0.01 1.15
Earnings per share diluted, SEK 0.02 0.42 0.01 1.15


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:

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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