Q2 2026 Stillfront Group AB (publ) Earnings Call Transcript
Key Points
- Stillfront Group AB (STLFF) reported a strong adjusted EBITDA increase to SEK387 million, with a margin improvement from 23% in Q1 to 29% in Q2.
- Key franchises demonstrated double-digit organic growth for the second consecutive quarter, indicating the success of the company's strategic focus.
- The company achieved strong cash generation, with free cash flow amounting to SEK59 million, supported by underlying business performance and the Gameberry settlement.
- Joe Walker franchise returned to double-digit organic growth, with net revenue of SEK220 million, reflecting a rebound from previous commercial slowdowns.
- Albion franchise expanded its player base with a successful launch on Xbox Series X, contributing to a 10% organic growth in the quarter.
- Overall net revenue experienced an organic decline of 1.3%, with an absolute year-on-year decrease of 8% due to negative FX impacts and recent divestments.
- Supremacy franchise faced an organic decline of 2% due to a challenging user acquisition environment compared to favorable conditions in the previous quarter.
- BitLife reported a significant organic decline of 19%, attributed to challenging comparison figures and a disciplined user acquisition approach.
- Other games segment saw a 24% organic decline in net revenues, reflecting deliberate reductions in user acquisition and divestments impacting reported figures.
- The CEO succession process was announced, which may introduce uncertainty during the transition period, although the strategic direction remains unchanged.
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Good morning and welcome to Stillfront's Q2 presentation. I am Alexis Bonte and I'm joined by our CFO Emilie Villatte today.
Before we go into financials, I will start by taking you through the key franchise quarter, including the progress that we've made, and key developments.
Looking at the second quarter, we continue to make progress in building a more focused and franchise-led so front, net revenue amounted to SEK1,323 billion, corresponding to an organic decline of 1.3%. Means that organic, growth, remained broadly stable despite the significant lower level of user acquisition investments compared with the first quarter.
Profitability, strengthening clearly in the quarter. Adjusted EBITDA increased to SEK387 million. That corresponds to a margin of 29%, which is up from 23% in Q1.
This was mainly driven by the normalization of launch investments in Big Pharm Homestead, as well as a broader reduction in user acquisition costs. We also saw
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