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Stillfront’s Interim Report January – March 2024

Financial highlights Q1 2024

  • Net revenue 1,739 (1,758) MSEK, a decline of 1 percent
  • Organic bookings increase of 1 percent, organic net revenue change of 0 percent
  • Adjusted EBITDAC of 358 (415) MSEK, a decline of 14 percent, Adj EBITDAC margin of 21 (24) percent
  • Capitalization of product development amounted to 158 (224) MSEK, 9 (13) percent in relation to net revenue
  • EBIT 117 (214) MSEK, a decline of 45 percent
  • Net result of -10 (61) MSEK
  • Free cash flow last 12 months of 828 (846) MSEK
  • Total net debt, including cash earnout for next 12 months, of 4,643 (4,672) MSEK
  • Adjusted leverage ratio, including cash earnout for next 12 months, pro forma was 1.9x (1.8x)
  • Cash position of 877 (776) MSEK and 2,507 (2,726) MSEK of undrawn credit facilities

“Stillfront delivered organic growth for the full quarter in Q1, organic bookings grew by 1 percent. The continued recovery in organic growth was driven by sustained high marketing investments including further successful scaling of Sunshine Island. The stronger market that we saw during the latter parts of 2023 has continued into the new year with better market conditions allowing us to increase our user acquisition investments during the seasonally strong first quarter, which we will benefit from during the remainder of the year. Going into the second and third quarter of the year, we expect user acquisition to come down as a percentage of an increasing net revenue, leading to strengthened margins and cash flow.”

Jörgen Larsson, CEO, Stillfront

Key figures

2024 2023 Last 12
MSEK Jan-Mar Jan-Mar Jan-Dec
Bookings 1,742 1,745 6,955 6,958
Deferred revenue -2 13 9 24
Net revenue 1,739 1,758 6,964 6,982
EBIT 117 214 657 754
EBITDA 499 620 2,293 2,413
Items affecting comparability, EBITDA -16 -20 -93 -96
Adjusted EBITDA 516 639 2,386 2,510
Adjusted EBITDA margin, % 30 36 34 36
Capitalization of product development 158 224 738 805
Adjusted EBITDAC 358 415 1,648 1,705
Adjusted EBITDAC margin, % 21 24 24 24
Profit before tax -3 107 45 156
Net result -10 61 -58 12
Number of employees 1,355 1,551 1,355 1,401
Adjusted leverage ratio, pro forma, x 1.72 1.50 1.72 1.64
Adjusted leverage ratio incl. NTM cash earnout payments, pro forma, x 1.95 1.78 1.95 1.84
Earnings per share undiluted, SEK -0.02 0.11 -0.13 0.01
Earnings per share diluted, SEK -0.02 0.11 -0.13 0.01

Invitation to webcast
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 with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

Forward-looking statements
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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