Stillfront Group FY2025 Q4 Earnings Release

Stillfront Group
Q4, 2025

2
Speakers
Alexis Bonte
President & Group CEO
Emily Villatte
Group CFO

Margin expansion despite revenue decline
3
▪ Group Adj. EBITDAC margin 27% (25%)
despite organic revenue decline of -9.4%
▪ Europe delivers BIG franchise new game
launch & divests Narrative portfolio
▪ North America continues efficiency focus
▪ MENA & APAC lead growth

Net revenue
(organic growth, %)
4
Europe: BIG franchise game launch & Narrative portfolio divestment
Key franchises
*Other include Active Liveops, Legacy Liveops and External Partnerships
533
SEKm ( -3.5% )
Other*
622
SEKm, ( -5.7 %)
– 227
SEKm, ( -37%)
89
SEKm( -16.9%)
94
SEKm, (15%)
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)
-22,5%
-16,5%
-10,5%
-4,5%
1,5%
7,5%
0
250
500
750
1 000
4Q24 1Q25 2Q25 3Q25 4Q25
-60%
-45%
-30%
-15%
0%
-300
-200
-100
0
4Q24 1Q25 2Q25 3Q25 4Q25
0%
10%
20%
30%
0
100
200
4Q24 1Q25 2Q25 3Q25 4Q25

5
North America continues efficiency focus
*Other include Active Liveops, Legacy Liveops and External Partnerships
197
SEKm, ( -31 .3 %)
– 88
SEKm, ( -45%)
23
SEKm, ( 12 %)
Net revenue
(organic growth, %)
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)
Key franchises Other*
151
SEKm ( -28.6%)
46
SEKm( -38.8%)
-36,0%
-24,0%
-12,0%
0,0%
0
150
300
450
600
4Q24 1Q25 2Q25 3Q25 4Q25
-80%
-60%
-40%
-20%
0%
-300
-225
-150
-75
0
4Q24 1Q25 2Q25 3Q25 4Q25
0%
4%
8%
12%
16%
0
15
30
45
4Q24 1Q25 2Q25 3Q25 4Q25

6
MENA & APAC lead growth
*Other include Active Liveops, Legacy Liveops and External Partnerships
537
SEKm , (+ 6.6%)
– 40
SEKm, ( -8%)
288
SEKm, (5 4%)
Net revenue
(organic growth, %)
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)
Key franchises Other*
358
SEKm (+27.2%)
178
SEKm( -20.2%)
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
0
150
300
450
600
4Q24 1Q25 2Q25 3Q25 4Q25
-8%
-6%
-4%
-2%
0%
-50
-40
-30
-20
-10
0
4Q24 1Q25 2Q25 3Q25 4Q25
0%
15%
30%
45%
60%
0
75
150
225
300
375
4Q24 1Q25 2Q25 3Q25 4Q25

0
300
600
900
1200
4Q24 1Q25 2Q25 3Q25 Q425
Other* Key franchises
7
Financial highlights in the quarter
*Other include Active Liveops, Legacy Liveops and External Partnerships
1,042
SEKm ( -3.9%)
1,356
SEKm, ( -9.4 %)
Net revenue
(organic growth, %)
– 356
SEKm, ( -26 %)
314
SEKm ( -23.6 %)
368
SEKm, (27%)
922
SEKm
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)
Free cash flow
LTM
-16,0%
-12,0%
-8,0%
-4,0%
0,0%
1 000
1 200
1 400
1 600
1 800
4Q24 1Q25 2Q25 3Q25 4Q25
-40%
-30%
-20%
-10%
0%
-600
-400
-200
0
4Q24 1Q25 2Q25 3Q25 Q425
0%
10%
20%
30%
40%
300
350
400
450
4Q24 1Q25 2Q25 3Q25 Q425

8
Healthy free cash flow
SEKm Q4 2025 Q4 2024
Cash flow from operations (before NWC) 378 374
Change in net working capital 62 117
Cash flow from operations (CFFO) 440 491
Cash flow from investment activities -124 -152
Cash flow from financing activities -371 -288
Cash flow for the period -56 50
LTM
4Q25
LTM
4Q24
Free cash flow 922 1,050
Acquisition and divestment of business -583 -444
Change in borrowings -273 -98
Share buy backs -248 -302
Other 39 -112
Cash flow for the period – 143 93
342
194 254 183
290
4Q24 1Q25 2Q25 3Q25 4Q25
Free cash Flow ( SEKm )
Note non -cash impairment of goodwill and other immaterial
assets in the quarter totaling 2.26 Bn SEK related to
Business Areas Europe and North America.

2633
1000 850 675
620
2026 2027 2028 2029
Debt Maturity (excl. Earnout) Earnout Debt
4093 3784 4196 3975 3747
2032
1871 1114 1111 1294
4Q24 1Q25 2Q25 3Q25 Q425
Net Debt Earnout Debt
9
Financial position reflects continued deleverag e
*Leverage ratio is calculated as net debt including cash earnouts next 12 months / adjusted Proforma LTM EBITDA
6,125
5,656
Total d ebt profile
SEKm
Maturity profile
SEKm
Net debt, incl NTM cash earnouts
SEKm (Leverage ratio*)
5,310 5,086 5,042
4736
4379
4603
4381 4222
2,1
1,9
2,2 2,1 2,0
4Q24 1Q25 2Q25 3Q25 Q425
Net debt inc. ST Cash EO LR (inc. ST Cash EO)

10
Updated reporting structure focusing on key franchises
Business Area
Europe
5x Key Franchises
Supremacy
BIG
Empire
Albion
Narrative (divested)
Active Liveops
Legacy Liveops
External Partnerships
(7x studios)
Business Area
MENA & APAC
3x Key Franchises
Jawaker
Board
Word (refocused)
Active Liveops
Legacy Liveops
External Partnerships
(5x studios)
Business Area
North America
2x Key Franchises
Home Design
(refocused)
Bitlife
Active Liveops
Legacy Liveops
(4x studios)
Previous organization (three operating segments)
Group Executive
Shared Services
New organization (one operating segment)
Group Executive
7x Key Franchises
Supremacy
BIG
Empire
Albion
Board
Jawaker
Bitlife
Other games
Game Services

11
1
2
3
4
Focus going forward
Continued improvements
Focus on key franchises
Disciplined investments
Healthy cash flows
5 Strategic review remains in progress