Stillfront Group FY2026 Q1 Earnings Release

Stillfront Group
Q1, 2026

Today’s presenters
Alexis Bonte
President & Group CEO
Emily Villatte
Group CFO

3
Stillfront in brief
MAU
Stillfrontis a global gaming company founded in 2010\b
forging gaming’s next forever
franchises
—one community at a time.
Stillfront’s diverse gaming
portfolio engages almost
36 million people eac\b mont\b
36 million
7 key franchises
Stillfront’s strategy is centered
around seven key franc\bises \b
where we focus our resources to drive scalable growth and long-term value.

Flat organic growt\b and strong key franc\bise
performance
 Strong performance in our key franchises
with double digit organic growth
 Increased UAC to capture growth
opportunities
 Strengthened financial platform
4
311
SEKm, (23%)
1,333
SEKm, (-0.4 %)
Adj EBITDAC
(margin,%)
Net revenue
(organic growth,%)

Accelerated growth in the BIG
franchise during Q1
5
•Big Farm: Homestead entered global launch and is our most
successful launch to date
• Lessons from Sunshine Island supported effective scaling and
monetization of Homestead
• Homestead and Sunshine Island drove 88% organic growth, supported
by higher UA investments
-2% 2% 7%
35%
88%
-20% 0% 20% 40%
60% 80%
100%
0
40 80
120 160
200
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
Net revenue BIG -SEKm
(Organic growth, %)

6
Development in our key franchises
Supremacy
Net revenue Q1’26Organic growth Q1’26
-20% -10%
0%
10% 20% 30% 40%
0
100
200
300
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
SEK 247 m 15%
Jawaker
Net revenue Q1•26
Organic growth Q1•26
0% 10% 20% 30%
0
100
200
300
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
SEK 191 m 1%
BIG
Net revenue Q1•26
Organic growth Q1•26
-20% 0%
20%
40% 60% 80% 100%
0
50
100 150
200
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
SEK 178 m 88%

7
Development in our key franchises cont.
Albion
Net revenue Q1’26Organic growth Q1’26
-60% -40% -20% 0% 20%
0
50
100 150
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
SEK 81 m -4%
BitLife
Net revenue Q1•26
Organic growth Q1•26
-30% -20% -10% 0%
0
50
100 150
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
SEK 95 m -19%
Empire
Net revenue Q1•26
Organic growth Q1•26
-30% -20% -10% 0% 10%
0
50
100 150
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
SEK 97 m 1%

Board
8
Development in our key franchises cont.
Net revenue Q1’26Organic growth Q1’26
0% 10% 20% 30%
64 66
68 7072
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
Other games
-40% -30% -20% -10% 0%
0
200
400 600
800
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
SEK 68 m 22%
Net revenue Q1’26
Organic growth Q1’26
SEK 377 m -21%

Financial
overview

-11.8% -11.3%
-7.8%
-9.4%
-0.4%
-16.0% -12.0% -8.0% -4.0% 0.0%
0
400 800
1,200 1,600
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
10
Flat organic growth driven by key franchises
Net revenue -SEKm
(Organic growth, %) Comments
• Net revenue SEK 1,333 million
• Strong Key franchise growth of
12%, offset by 21% decline in Other
games
• Absolute growth impacted by FX
and the Narrative divestment

-29% -30%
-25%
-26%
-34% -40%
-30%
-20%
-10%
0%
-600
-400 -200 0 Q1’25 Q2’25 Q3’25Q4’25 Q1’26
11
UA increase to capture growth opportunities
UAC -SEKm
(Share of revenue, %) Comments
• UAC increased to support scaling
in BIG and Supremacy
• Q1 UAC amounted to SEK 447
million, or 34% of net revenue
• The amount of UAC related to Big
Farm Homestead was the
equivalent of 6% of group
revenues
• Excluding Homestead, UAC was
28% of net revenue, in line with
previous quarters

26% 26%
32%
27%
23%0%
10% 20% 30%
40%
200 250
300 350
400 450
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
12
EBITDAC pressured by UAC investments and FX headwind
Adj. EBITDAC -SEKm
(Margin, %) Comments
• Adjusted EBITDAC amounted to
SEK 311 million, with a 23% margin
• The year -on -year decline was
driven by higher UAC and FX
headwinds
• FX headwinds amounted to
approximately SEK 50 million

194254
183290
44
0
100
200
300
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
Free cash Flow (SEKm)
13
Healthy free cash flow
SEKm Q1 2026Q1 2025
Cash flow from operations (before NWC) 261388
Change in net working capital -94 -51
Cash flow from operations (CFFO) 167 337
Cash flow from investment activities -118 -150
Cash flow from financing activities -113 -139
Cash flow for the period -65 47
LTM
Q1’26 LTM
Q1’25
Free cash flow 772 1,107
Acquisition and divestment of business -567 -460
Change in borrowings -240 -74
Share buy backs -280 -344
Other 61-117
Cash flow for the period -255 112

3,7844,196
3,975
3,7473,884
1,871
1,114
1,1111,294 1,309
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
Net Debt Earnout Debt
14
Stable net debt
*Leverage ratio is calculated as net debt including cas\b earnouts next 12 mont\bs / adjusted Proforma LTM EBITDA
5,656
Total net debt profile
SEKm
5,310
5,086 5,0425,193
Net debt, incl NTM cash earnouts
SEKm (Leverage ratio*)
4,379 4,603
4,3814,222 4,381
1.9
2.2
2.1 2.0
2.2
Q1’25 Q2’25 Q3’25Q4’25 Q1’26
Net debt inc. ST Cash EO
LR (inc. ST Cash EO)

959
707 602
1,000
1,000 850
656
2026 20272028 20292030
RCF Earnout Debt Bonds SEK TL
Maturity profile per Q1 close
SEKm
15
Improved maturity profile and reduced concentration
going forward
959
707 6021,000
8501000
656
2026 20272028 20292030
RCF Earnout Debt Bonds SEK TL
Maturityprofile as of 29 th April
SEKm

16
1
2
3
4
Recent events and focus
going forward
Continued focus on our key franchises
Strategic review ongoingNew Board – AGM 13th May
5 Albion launch on Xbox Series X and S
2030 bond to commence trading

Q&A

Appendix

Goodgame
Board
Genre: Casual board & classic games
Familiar\b universally understood rules with a
heavy emphasis on PvP matchmaking.
Includes major titles like Ludo Club and Teen
Patti Gold and has its’ core user base in India.
Goodgame
Other games
• Games that do not meet the definition of a
key franchise but generate stable\b long -term
cash flows.
• Other games and revenue streams that are
in decline or under review.
• Pockets of innovation initiatives
Goodgame
Albion
Genre: Sandbox MMORPG
Known for its 100% player -driven economy
where all players interact on one server. The
story develops by the players themselves
navigating through great alliances\b wars and
coups in a lawless land.
Goodgame
Empire
Genre: Mid-core strategy
A classic castle -builder where players manage
resources\b build armies\b and engage in vast
PvP alliances. One of the most successful
German -produced games of all time.
Goodgame Goodgame Goodgame
20
Goodgame
Jawaker
Genre: Social card & board games
A leading social platform and super app in the
MENA region\b hosting an extensive ecosystem
of traditional Middle Eastern card and board
games .
Supremacy
Genre: Grand strategy/ Historical simulation
Real -time strategy games set in historical eras.
Games are slow paced and can last for weeks
or months\b emphasizing long -term diplomacy
and resource planning.
BitLife
Genre: Life simulation (text -based)
A unique\b narrative -driven simulator where
players navigate life choices from birth to
death. Renowned for its humor and the
unexpected situations that players can
experience.
BIG
Genre: Resource management\b simulation
An established franchise encompassing
farming and other resource management
games. Players manage a complex ecosystem
of e.g. crops\b livestock\b and processing
facilities.
Forging gaming’s next forever franc\bises