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Year-End Report, Q4 2019

Highlights fourth quarter

  • Net revenue of 551 (366) MSEK, an increase of 51 percent compared to the fourth quarter of 2018
  • Adjusted EBITDA (EBITDA excluding items affecting comparability) of 209 (160) MSEK, an increase of 30 percent
  • Adjusted EBIT* of 177 (137) MSEK, an increase of 30 percent
  • Items affecting comparability amounted to -5 (-5) MSEK. Amortization of PPA-items amounted to -38 (-9) MSEK
  • EBIT of 135 (123) MSEK, an increase of 10 percent
  • Financial net of -19 (-50) MSEK in the quarter
  • Net result of 87 (26) MSEK
  • Net result per share undiluted of 3.23 (1.02) SEK. Net result per share diluted of 3.22 (1.02) SEK
  • Net debt of 820 (521) MSEK and adjusted leverage ratio, pro forma of 0.9 (0.9)x
  • The Stillfront Board of Directors proposes no dividend for 2019. Stillfront aims to invest its profits and cash flows in organic growth initiatives and acquisitions.

Highlights full year 2019

  • For the full year, net revenue increased to 1,967 (1,325) MSEK, an increase of 48 percent compared to full year 2018
  • Adjusted EBITDA amounted to 768 (490) MSEK, corresponding to an EBITDA-margin of 39 (37) percent
  • Adjusted EBIT* amounted to 645 (397) MSEK, corresponding to an adjusted EBIT*-margin of 33 (30) percent
  • Net result of 341 (157) MSEK
  • Net result per share undiluted of 13.41 (6.72) SEK. Net result per share diluted of 13.36 (6.68) SEK

*Adjusted EBIT is defined as EBIT excluding items affecting comparability and amortization of PPA-items.

Comment from the CEO

“We ended 2019 with yet another record quarter supported by a well-balanced product mix. In total, we reported 51 percent growth in net revenues together with an adjusted EBIT margin of 32 percent in the quarter. As usual the fourth quarter is strong compared to the third quarter, and we continue to have good growth of our user base year over year, with continued good monetization. Our financial development for the full year 2019 was also strong, with a revenue growth of 48 percent and high profitability with an adjusted EBIT margin of 33 percent. It is also pleasing to conclude that one of our larger studios, Goodgame Studios with a portfolio of Big and Empire products, presented solid growth full year over full year. The growth in the fourth quarter was underpinned by substantial development year over year in our Big products and Nida Harb 3. Our midsized game portfolio is fueling our growth and Supremacy 1914 is a great example of an evergreen game where we have reinvested in a platform extension and updated content and features with the result of tripling the revenues year over year. After the reporting period we entered into an agreement to acquire Storm8, a leading mobile mash-up game developer headquartered in California. The combination of Stillfront’s and Storm8’s complementary product portfolios and audiences is an excellent strategic fit and significantly increases Stillfront’s addressable market. We have also strengthened the balance sheet through a financing package of both equity and debt which provides opportunities for additional M&A activities moving forward. In November, we set out an ambition to triple our revenues within five years, and I am very confident with the steps we have taken towards creating a leading powerhouse of gaming studios.”
Jörgen Larsson, CEO, Stillfront Group AB

Invitation to Q4 presentation

A presentation of the report will be held today, February 19, 2020, at 10.00 CET via telephone conference or audiocast where Jörgen Larsson, CEO and Andreas Uddman, CFO, are to comment on the report.

The conference will be held in English.

To participate via webcast, please visit:

To participate via phone, please call:
SE: +46 8 505 583 58
UK: +44 33 330 090 35
US: +1 83 382 305 86

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 person set out above, on February 19, 2019 at 07.00 CET.

About Stillfront

Stillfront is a global group of gaming studios and a market leader in the free-to-play online games genre. 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 700 co-workers thrive in an organization, that engenders the spirit of entrepreneurship. Our main markets are the US, Germany, MENA, France and UK. We are headquartered in Stockholm, Sweden and the company, is listed on Nasdaq First North Premier Growth Market. For further information, please visit:

Certified Adviser:
FNCA, Phone: +46 8 528 00 399 E-mail:

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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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