Stillfront Group FY2026 Q2 Earnings Release

Interim Report
April – June 202 6

Comments by the CEO Financial overview Other information Financial reports \botes
Interim Report Q 2 2026 2

Interim Report Q2 2026

Financial h ighlights

• Net revenue of SEK 1\b 323 (1\b436 ) million \b corresponding to -1 (-11) percent organic growth . • Organic growth of 1 0 (-0) percent in key franchises. • Gross margin of 8 4 (82) percent \b an increase of 2
percentage points.
• Adjusted EBITDAC of SEK 3 87 (374 ) million \b an increase of
3 pe rcent .
• Adjusted EBITDAC margin of 29 (26) percent\b an increase of 3 percentage points . • Net result of SEK 212 (-72 ) million.
•

\b
1\b037 (1\b089 ) million for the last 12 months. This includes
effects of SEK 196 million from the upfront Gameberry
settlement.
• Total net debt\b including cash earnout for the next 12
months\b amounted to SEK 4\b 369 (4\b 603) million.
• Total net debt including all earnout liabilities amounted to
SEK 4\b 572 (5\b310 ) million.
• Adjusted leverage ratio\b including cash earnout for the next
12 months\b pro forma was 2.21x (2.18 x).
• Cash position was SEK 907 (9 12) million with unutilized
credit facilities of SEK 898 (1\b005) million .

Key figures

2026 2025 2026 2025 Last 122025
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Adj\bsted EBITDAC margin, % 292626262828
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● Comments by the CEO Financial overview Other information Financial reports \botes
Interim Report Q 2 2026 3
Strengthened profitability and continued revenue stability
The second quarter demonstrated further
progress in building a more focused and
franchise-led Stillfront. \bet revenue
amounted to SEK 1,323 million,
corresponding to an organic growth of -1
percent. Key franchises delivered double-
digit organic growth for the second
consecutive quarter and profitability
strengthened significantly.

Profitability strengthened as launch investments
normalized
We saw a clear s trengthening in profitability
during the second quarter. Adjusted EBITDAC
increased to SEK 38 7 million\b corresponding to a
margin of 29 percent\b up from 23 percent in the
previous quarter. The improvement was primarily
driven by the normalization of user acquisition
investments following the launc h phase for Big
Farm: Homestead \b as well as a broader re duction
in user acquisition costs towards the end of the
quarter.
Additionally\b Group organic growth remained
broadly stable at -1 percent\b despite the
signi ficantly lower level of user acquisition costs. This demonstrates a sustained contribution from
previous investments and continued engagement
across our player communities as
launch
investment levels normalize .
Double -digit growth in key franchises continued
Our strategic focus on building scalable
franchises continues to yield results. Key
franchises grew organically by 10 percent during
the quarter\b following growth of 12 percent in the
first quarter.
BIG delivered organic growth of 79 percent\b
continu ing to benefit from the successful global
launch of Big Farm: Homestead and strong
performance of Sunshine Island. Although user
acquisition investments in the quarter were
significantly lower than during the launch –
intensive first quarter\b the franchise m aintained
positive momentum.
Jawaker returned to double -digit organic growth
of 11 percent in the quarter following the
slowdown seen in Q1. The improvement in the
second quarter reinforces our strong market
position in the Middle East and the resilience o f a
highly engaged player community.
Supremacy saw an organic decline of 2 percent
after the tailwinds seen in Q1. The performance
reflected less favorable marketing conditions in
existing titles. During the quarter\b Supremacy:
Warhammer 40\b000 entered soft launch\b and the
focus is now on ref ining the player experience to
ensure a high -quality global launch.
Albion returned to growth of 10 percent\b
supported by the successful launch on Xbox
Series X and S in April. The launch marked
Albion’s first expansion into console and
broadened the franchise’s addressable player
base. Board continued its strong development with
organic growth of 24 percent\b while Empire
maintained positive organic growth of 2 percent.
This is an impressive performance for a
14-year –
old game and confirmation of the strength of the
Empire community. The team is now investing in a
new title for the franchise\b Empire : Titans and
Dragons. BitLife saw an organic decline of 19
percent\b reflecting focus on profitability and
challenging compari son figures. Other games
continued to decline \b reflecting significantly lower
user acquisition investments \b while the remaining
portfolio continues to be managed with a focus on
long -term cash generation.
Strong cash generation supports debt reduction
Free cash flow increased to SEK 519 (254) million
during the quarter\b supported by continued cash
generation from the underlying business and the
upfront settlement of SEK 196 million with
Gameberry Labs. The agreement with Gameberry
concluded the remaining ro yalty payment
obligations under an existing settlement
agreement through a one -time upfront payment.
Together with the divestment of OFM Studios\b the
transaction represents another step in the
ongoing strategic review\b simplifying the Group
and allowing us to focus resources on the
franchises and studios with the strongest long –
term prospects.
Excluding effects from the upfront settlement\b
free cash flow amounted to SEK 323 million\b
above the corresponding quarter last year. Free
cash flow for the last twelve months amounted to
SEK 1\b03 7 million\b or SEK 841 million excluding the
Gameberry settlement. The strong cash
generation enables further debt reduction while
enabling us to continue investing with discipline in
our key franchises when we see clear potential to
generate value. Remaining earnout obligations continued to
decline

During the quarter\b we made scheduled earnout
payments of approximately SEK 703 million \b of
which SEK 515 million was paid in cash and SEK
188 million in repurchased treasury shares . While
the payments continue to absorb cash in the near
term\b we are moving closer to the important
inflection point in 2027\b when the remaining
earnout obligations are settled. The resulting
release of annual cash flow will strengthen our
capacity to dele verage\b which remains our near-
term capital allocation priority.
Strategic continuity through the CEO transition
As announced at the end of June\b the Board of
Directors and I have agreed to initiate a process
to appoint a successor as CEO. I remain fully
committed to leading Stillfront\b working closely
with our capable management team and studio
heads to ensure continuity and an orderly
handover until a successor has been appointed.
This transition does not change Stillfront’s
strategic direction. We will continue to focus
investment and resources on our key franchises\b
and the strategic review remains open. The
second quarter demonstrated further progress in
this direction: profitability strengthened\b revenue
remained broadly stable\b and our key franchises
continued to grow at a double -digit rate.
Looking back\b I am proud of the progress our
teams have made during a period of significant
change\b and of the hard work and determination
behind it. Building on this progress\b we are well
positioned to continue strengthening Stillfront
through the leaders hip transition.
Alexis Bonte\b
President and Group CEO\b Stillfront

Comments by the CEO ● Financial overview Other information Financial reports \botes
Interim Report Q 2 2026 4
Financial overview of the quarter

Analysis of income statement

Net revenue amounted to SEK 1\b3 23 (1\b436 ) million\b corresponding to -1 ( -11) p ercent organic growth.
The improvement in organic growth was driven by key franchises\b offset by continued declines in other
games.
Gross profit amounted to SEK 1\b112 (1\b172) million and gross margin amounted to 84 (82) percent . The
improved margin was driven by a higher share of DTC bookings which represent ed 46 (39) pe rcent of
bookings.
UAC amounted to SEK – 340 (-436) million\b corresponding to 26 (30 ) percent of net revenue. The
decrease compared with the previous year was driven by a more strict us er acquisition approach .
Sequentially\b UAC decreased from SEK – 447 million\b as launch investments in B ig Farm: Homestead
normalized.
Personnel costs amounted to SEK -250 ( -231) million . The increase was driven by targeted investment s
in key franchises and capabilities supporting the Group’s franchise -led strategy.
Capitalization of product development amounted to SEK – 117 (-119) million\b broadly in line with the
corresponding quarter last year. However\b the composition of investments has shift ed\b with reduc ed
investments in other games and a larger share of total investments allocated to games within key
franchises.
Adjusted EBITDAC amounted to SEK 387 (374) million\b an increase of 3 percent compared to last year\b
primarily driven by decreased UAC and a higher share of DTC bookings . This was partly offset by a
decline in reported net revenue\b primarily from recent divestments\b together with a total negative FX
effect of approximately SEK – 23 million. Th e adjusted EBITDAC margin increased to 29 (26) percent.
Items affecting comparability \b EBITDA amounted to SEK -147 (20) million in the quarter\b a decrease
compared to last year\b mainly driven by the settlement agreement with Gameberry\b part ly offset by the
divestment of OFM and other IAC items.
Operating result\b EBIT\b amounted to SEK 4 12 (128) million. The improvement was primarily driven by
higher reported EBITDA\b including effects from items affecting comparability\b and lower amortization
and depreciation.
The financial net was SEK -82 (-178 ) million in the second quarter\b consisting of net interest expenses
SEK – 92 (-81) million\b non -cash interest charge on earnout provision SEK -9 ( -14) million\b currency
exchange differences SEK 39 (-6) million and non -cash earnout revaluation of SEK -19 (- 77) million
driven by the performance in Jawaker. 2026 2025 2026 20 25Last 12 2025
MSEK Apr-Jun Apr-JunJa n-Jun Jan-Jun monthsJan-Dec ihanohchybh p\bIEI p\bQIF E \bF4FE\bz●p 4\bI●4 4\bPpO DolggnColvma p\bppE p\bpPEE\b EI4E\bQEI Q\bQ●z Q\bFPP Gross profit margin, % 84 82 84 81 83 82Caop7DtsCs8s2mpD2C8C5eBn 5Be,5 , 5B 5j\bB 5j\b, aoC2mma pD2C8C 5gn5gej5 Bn 5B 5e5,j U8-aopa8aom7 paramCaC 5jj 5jn5 gg 5ggj 5Bj 5BB EBITDA 6504741 ,057 9842,086 2,013 dah0gnLvvh6amyun6l0CLoLBmemaJ\bnwTdq. 5pQPEO5 pEz QQ 5zzPQ Adjusted EBITDA 503493 9 28 1,028 1,9872,087 Adj\bsted EBITDA margin, % 38 34 35 34 37 377rs87 s78s2mp21pro29tD8p9a4a 2rTam85jj 5jj5 gen 5gj5B, 5n Adjusted EBITDAC 387 3746 987771,501 1,580 Adj\bsted EBITDAC margin, % 29 26 26 26 28 28GT2o8s78s2mp21pGps8aTC5B5jB 5 j5en 5B 5,j U8-aop7T2o8s78s2mp7m9p9aroaDs78s2m 5jBB 5j5 g5Bjn 5,j 5je 8aTCp711aD8sm6pD2Tr7o7s s8y\bpsTr7soTam8Cp7m9p
7T2o8s78s2mC 5 5 5 5 5 g\beg 5g\beg
Operating result (EBIT) 412128 6 02 265 -1,407 -1,744 ihanvmyLy6mLenmah0g 5●E5pP● 5 pp●5EP4 5Qzp 5FQz Profit before tax 329-50 4 84 -11 -1,898 -2,392 qL7hgnvlonaMhnChomlK 5pp●5EE5 p44 5I●5pEI 5F \bet result for the period 212-7232 9-49-2,021 -2,398

Comments by the CEO ● Financial overview Other information Financial reports \botes
Interim Report Q 2 2026 5
Analysis of product portfolio

Net revenue in the quarter amounted to SEK 1\b3 23 (1\b436 ) million\b corresponding to -1 (-11) percent
organic growth. This was driven by organic growth of 10 (-0) percent in key franchises\b offset by
continued declines in other games. While reported revenue declined year -on -year\b the underlying
development was stable\b with the difference primarily explained by negative changes from currency
movements of -3 (-6) percent and impact from divestments of -3 (-0) percent.

Supremacy
Supremacy reported net revenue of SEK 214 (219) million\b corresponding to organic growth of -2 (1 6)
percent. The development reflected a more challenging user acquisition environment for existing titles\b
which limited attractive marketing opportunities during the quarter. Focus remained on technical
improvements and preparing Supremacy: Warhammer 40\b000 for global launch following its soft
launch.
Jawaker
Jawaker r eported net revenue of SEK 223 (210) million\b corresponding to organic growth of 11 (15)
percent. The franchise returned to double -digit growth as commercial activity rebounded from the
slowdown experienced in the first quarter. Going forward\b focus remains on expanding Jawaker’s
presence in Syria and Iraq\b whil e continuing to grow through reseller partnerships and marketing
initiatives.
BitLife
BitLife reported net revenue of S EK 109 (141) million\b corresponding to organic growth of -19 (-2)
percent. The decline was primarily driven by a stricter user acquisition approach and challenging
comparison numbers . Although BitLife declined organically year- on-year\b net revenue increased
sequentially\b supported by strong LiveOps execution and the release of Ultimate Fighter Mode\b which
became the franchise’s best -selling expansion pack to date.
BIG
BIG reported net revenue of SE K 172 (96) million\b corresponding to organic growth of 79 (2) percent.
The strong performance was driven by continued momentum in Big Farm: Homestead following its
successful global launch\b as well as strong development in Sunshine Island. Despite significantly lower
user acquisition investments compared with the lau nch-intensive first quarter\b the franchise maintained
positive momentum during the quarter.
Empire
Empire reported net revenue of SEK 104 (103) million\b corresponding to organic growth of 2 ( -8)
percent and its highest quarterly net revenue since 2024. The development was supported by strong
monetization\b LiveOps execution and in- game events. At the same time\b the franchise continued to
invest in new game development.

2026 2025 2026 20 25Last 1 2 2025
MSEK Apr-Jun Apr-Jun Ja n-Jun Jan-Jun monthsJan-Dec
\bet revenue growth
Change through currency movements\b % -3.3 –
6.3 -6.7 -2.7 -4.9
Change through other/acquired\b % -3.3 -0.1 -3.3 -0.1-0.2
Organic growth\b % -1 .3-11.3 -0.8-11.6 -1 0.2
Total net revenue growth, % -7.9 -17.6 -10.9-14.4-15.3
\bet revenue by product portfolio
rbCoh0L6J Ep Q Ep zQF p QQF ●zQ ●●O sL1L-hon EEI Ep OQp Q QIp ●PF ●zI
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TdDn p PEzFIQz pzF 4F● Qp 4
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eBmlyn z4●Pp PF p PF I4● I4●
TlLoKn PpFFp Iz pI4 EPF EPp Total Key Franchises 9899231 ,946 1,864 3,7733,691 AaMhonuL0hg IIQ4pQ Pp pp\bppP p\bFpE E\bOp ● Total net revenue 1,323 1,436 2 ,656 2,981 5,385 5,710
\bet revenue organic growth by product portfolio
Supremacy\b % -1 .8 1 6.3 6.4 1 .48.0
Jawaker\b % 1 0.6 1 5.4 5.8 20.421 .4
Bitlife\b % -1 9.2 -2.2 -1 9.0 -9.2-1 6.6
BIG\b % 79.5 2.4 83.6 0.21 0.4
Empire\b % 2.3 -8.5 1 .6 -1 2.1-1 2.7
Albion\b % 9.9 -42.3 2.8 -25.5-1 5.9
Board\b % 24.2 17.823.213.6 19.5
Total net revenue organic growth Key Franchises ,% 10.3 -0.411.0-1.1 2.5
Other games\b % -24.4 -25.9-22.7-25.0 -26.6
Total net revenue organic growth, % -1.3-11.3 -0.8-11.6 -10.2
UAC % of net revenue by product portfolio
fhJnvoLy6Mmghg\bn’ 5IO 5II 5I 4 5IE 5IO AaMhonuL0hg\bn’ 5pQ5E4 5 p45EF 5EI
Total UAC % of net revenue, % -26-30 -30 -30 -28
Bookings by revenue stream
Ad bookings\b % 12 11 12 1212
Third party stores bookings\b % 42 49 435148
DTC bookings\b % 4639 4538 41
Portfolio KPIs
MAU 33\b61739\b792 34\b570 40\b529 38\b449
DAU 6\b6967\b2936\b824 7\b561 7\b21 7
ARPDAU 2.1 4 2.1 2 2.1 1 2.1 42.1 2

Comments by the CEO ● Financial overview Other information Financial reports \botes
Interim Report Q 2 2026 6
Albion
Albion reported net revenue of SEK 95 (87) million\b corresponding to organic growth of 10 (- 42)
percent. The franchise returned to growth following the successful launch on Xbox Series X and S in
April. The developme nt was also supported by strong feature releases and the Crucible II creator guild
tournament\b contributing to an expanded player base and improved growth momentum.
Board
Board reported net revenue of SEK 71 (6 6) million\b corresponding to an organic growth of 2 4 ( 18 )
percent. The franchise continued to develop well during the quarter\b driven by strong development in
Ludo Club and the continued rollout of LiveOps improvements\b including greater automation of in -game
events and offers.
Other games
Other games reported net revenue o f SEK 334 ( 514) million\b corresponding to an organic growth of -2 4
( – 2 6 ) percent. The reported decline was mainly impacted by continued underlying declines across the
remaining portfolio. It also reflected the divestment of OFM Studios and the impact of the Gameberry
settlement .
User acquisition costs
User acquisition costs amounted to SEK -340 ( -436) million\b corresponding to 26 (30) percent of net
revenue. The decrease was mainly driven by other games\b where UAC decreased to 14 (25) percent of
net revenue\b reflecting the Group’s continued focus on profitability and disciplined capital allocation.
UAC in the key franchises amounted to 30 (33) percent of net revenue .
DTC platform
Players continued to migrate to Stillfront ’s payment solution\b and 4 6 (39 ) percent of bookings are now
going through a DTC platform\b which is negative for net revenue but accretive to gross profit and gross
margin. This is primarily driven by players actively being incentivized to move to Stillfront’s DTC
payme nt solutions.

Portfolio KPIs
DAU amounted to 6. 70 (7. 29 ) million in the quarter and MAU amounted to 3 3.6 ( 39 .8 ) million. The year-
on -year decrease reflects a continued shift in user acquisition toward key franchises\b with significantly
reduced investment in other games.
ARPDAU increased to SEK 2.14 (2.12)\b driven by a more favorable player mix in Supremacy and
stronger monetization in BIG\b supported by the scaling of Big Farm: Homestead.

n

Comments by the CEO ● Financial overview Other information Financial reports \botes
Interim Report Q 2 2026 7
Analysis of cash flow statement

Analysis of financial posit ion

Cash flow from operations increased to SEK 644 (383) million. The increase compared with the
corresponding period last year was primarily driven by a higher operating result and improved working
capital\b which contributed SEK 73 (21) million. Tax payments
amounted to SEK -38 (-45) million\b while
net financial items paid and received in cash amounted to SEK -82 (-81) million.
Cash flow from investing activities amounted to SEK -611 ( -713) million . Acquisition and divestment of
businesses amounted t o SEK -492 (-590) million\b mainly reflecting cash earnout payments\b partly
offset by proceeds from the divestment of OFM Studios.
Cash flow from financing activities amounted to SEK 206 (332) million\b a decrease mainly driven by
lower net change in borrowings of SEK 218 (381) million and the absence of share buybacks in the
quarter.
Free cash flow amounted to SEK 519 (254) million. Excluding effects from the upfront Gameberry
settlement\b free cash flow amounted to SEK 323 million\b above the corresponding quarter last year.
Free cash flow for the last twelve months amounted to SEK 1\b037 ( 1\b089 ) million\b or SEK 841 million
excluding effects from the upfront settlement. The cash conversion rate for the past twelve -month
period amounted to 0. 50 (0.55).

Net debt excl. earnout liabilities decreased to SEK 3\b921 (4\b196 ) million. Total net debt incl. cash
earnout NTM decreased to SEK 4\b3 69 (4\b603 ) million. Total net debt including all earnout liabilities
decreased to SEK 4\b572 (5\b310) million\b reflecting the cont inued reduction in remaining earnout
obligations. Earnout revaluations amounted to SEK -19 ( -77) million.
Despite the year -on -year reduction in net debt including cash earnout payments due within the next
twelve months\b the adjusted leverage ratio \b pro forma\b increased slightly to 2. 21x (2.18x)\b reflecting
lower adjusted EBITDA for the last twelve months. Sequentially\b the ratio decreased from 2.22x in the
first quarter.

2026 2025 2026 2025
Last 122025
MSEK Apr-Jun Apr-JunJan-Jun Jan-Jun monthsJan-DecAChoLamyunohgbeanRwTdq2 QpE pE● FOEEF45p\bQOP 5p\bPQQihanvmyLy6mLenmah0gnCLmKnLyKnoh6hmchKnmyn6LgM 5●E 5●p5pQF 5p4z 5E●●5IOO K3nvlonmah0gnylanmyn6LgMnvel1nha6 EP●IFO 4OP PQI I\b4EQ I\bPFOqL7nCLmK 5I●5Q45pIO 5z●5EFI 5EIp,LgMnvel1nvol0n6MLyuhgnmyn1lo-myun6LCmaLe PIEp 5Ep 5Ip5F5pF
Cash flow from operations 644383 8117201,560 1,469
Investment activities
Acquisition and divestment of business -492-590-492 -606 -469 -583
Capitalization of product development -117 -119-230-251-486 -507
Other cashflows from investing activities -3 -4 -7 -7-18 -18
Cash flow from investing activities -611 -713 -729 -864 -973-1,107
Financing activities
Net change in borrowings 218381165296-404 -273
Repurchase of own shares –60 -74-102 -220 -248
Other cash flows from financing activities -12 111-0 18 16
Cash flow from financing activities 206332 92193-606 -505
Cash flow for the period 2392174 49 -18 -143
Free cash flow 519254 5634481,037 922
2026 2025 2025
MSEK 30 Jun 30 Jun31 Dec
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Comments by th e CEO Financial overview ● Other information Financial reports \botes
Interim Report Q 2 2026 8
Significant events in the quarter
Stillfront secured an amended revolving cred it facility of SEK 2 billion
On 28 April 2026\b Stillfront announced that the company had entered an amended unsecured revolving
credit facility of SEK 2 billion\b maturing in June 2028. The facility replaces the previous facility of SEK
2.5 billion and improves the Group’s debt maturity profile. In connection with this\b Stillfront’s
outstanding senior unsecured bonds maturing in 2027 were redeemed.

Annual general meeting resolved on election of the Board of Directors
On 13 May 2026\b Stillfront held its annua l general meeting. The meeting resolved to re- elect Erik
Forsberg\b Mohammad Alhaj Hasan\b Lars -Johan Jarnheimer\b Waleed Tuffaha and Thomas Vollmoeller
as members of the Board of Directors\b and to elect Nezahat Gultekin as new member of the Board of
Directors. Lars -Johan Jarnheimer was re -elected Chair of the Board and Erik Forsberg was re -elected
Deputy Chair of the Board.

Stillfront entered into an upfront settlement agreement with Gameberry Labs and divested OFM
Studios
On 3 June 2026\b Stillfront announce d that the company\b through its subsidiary Moonfrog Labs Private
Limited\b had entered into and completed an agreement with Gameberry Labs Private Limited for an
upfront settlement of remaining payment obligations under an existing settlement agreement. The
settlement was made through a one -time payment of USD 26.5 million. Stillfront also announced that
the company had divested OFM Studios GmbH through a management buyout for EUR 2.1 million.
Stillfront initiated a process to appoint a successor to the CEO

On 30 June 2026\b Stillfront announced that the Board of Directors and the company’s CEO\b Alexis
Bonte\b had agreed to initiate a process to appoint a successor to the CEO. Alexis Bonte will remain in
his role and continue to lead the company until a success or has been appointed.
Significant events after the quarter
Stillfront extended and amended its unsecured EUR 60 million term loan facility
On 7 July 2026\b Stillfront announced that the company had signed an amendment and extension
agreement regarding its unsecured EUR 60 million term loan facility with Swedish Export Credit
Corporation (SEK). The maturity date of the facility was extended by one year to September 2028.
Parent company
Customary group management functions and group wide services are provided via the parent
company. The revenue for the parent company during the quarter was SEK 67 ( 4 2) million. The result
before tax includes dividends from subsidiaries and amounted to SEK 61 ( 120) million.
Related party transactions
Other than customary transac tions with related parties such as remuneration to key individuals\b there
have been no transactions with related parties.
Accounting policies
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The
consolidated financial statements have been prepared in accordance with IFRS Accounting standards
as adopted by the EU and the relevant references to Chapter 9 of the Swedish Annual Accounts Act.
The parent company’s financial statements are prepared in accordance with RFR 2 Accounting for
Legal Entities and the Swedish Annual Accounts Act. Stillfront applies IAS 34.30 (c) in the quarterly
reports whereby the expected effective tax rate for the year is applied on profit before tax for each
quarter\b excluding transaction costs\b earnout interest\b earnout revaluations and goodwill impairment .
As of 1 January 202 6\b Stillfront reports its financial performance as one segment. The change was
made to better reflect the Group’s strategy and operational management\b with an increased focus on
the performance of the Group’s key franchises. Information provided in the report coincides with the
information that is regularly followed by the chief operating decision maker (the CEO).
The financial statements are presented in SEK\b which is the functional currency of the Parent Company.
All amounts\b unless otherwise stated\b are rounded to the nearest million (MSEK). Due to rounding\b
numbers presented throughout these consolidated financi al statements may not add up precisely to the
totals pro vided and percentages may not precisely reflect the absolute figures.
n

Comments by th e CEO Financial overview ● Other information Financial reports \botes
Interim Report Q 2 2026 9
Risks and uncertainty factors
As a global group with a wide geographic spread\b Stillfront is exposed to several strategic\b financial\b
market and operational risks. Attributable risks include\b for example \b risks relating to market conditions\b
regulatory risks\b tax risks and risks attributable to public perception. Other strategic and financial risks
are risks attributable to acquisitions\b credit risks and funding risks. Operational risks are for example
risks attributable to distribution channels\b technical developments and intellectual property. The risks
are described in more detail in the latest Annual Report. No significant risks are considered to have
arisen besides those being d escribed in the Annual Report.
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 b oth
known and unknown risks and uncertainties\b 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\b economic\b competitive\b tech nological\b 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 f orward-
looking statements as a result of new information\b future events or otherwise\b other than as required by
applicable law or stock market regulations.

Signature s
The Board of Directors and the CEO provide their assurance that the six -month report provides an
accurate overview of the operations\b position and earnings of the Company and the Group\b and that it
also describes the principal risks and sources of uncertainty faced by the Company and its
subsidiaries .
Stockholm\b 2 4 July 202 6
Lars -Johan Jarnhe imer
Chair of the Board Erik Forsberg

Board member Mohammad Alhaj Hasan

Board member
\bezahat Gultekin
Board member Thomas Vollmoeller, Dr.

Board member Waleed Tuffaha

Board member
Alexis Bonte

President and Group CEO

The interim report has not been reviewed by the Company’s auditors.

n

Comments by the CEO Financial overview Other information ● Financial reports \botes
Interim Report Q 2 2026 10
Financial reports
Income statement in summary, group

2026 20252026 2025Last 12 2025
MSEK
Apr-Jun Apr-Jun Jan-Jun Jan-Jun monthsJan-Dec
Revenues
oonaD b\bNibb\bPNg i\b N i\bb\bN \b
tmtvvtsvtftart N Nbg bi
\bet revenue 11,323 1,4362,656 2,9815,385 5,710
A1yn1lo-n6LCmaLem9hK EzI zIp●ppzPIFE IP●
AaMhonohchybh I4Fp4 pO pzpQ
Operating expenses
nvt’ls’oDlD ibbi Pib b\bgNN
Dtvs’rnDnlnoas’oDlD NPgPN Pb\bP b\b
ltvstltvaustetaDtD bbbg ii iibPbPP
tvDoaatustetaDtD igiNbPg PN b
ltyDsmmt’lnas’oyevnunl NbP ig biPPi\bii i\bPgb
Ryovlnlnoasomsevor’lstftuoeytal ibNi b iP NP i
RyovlnlnoasomsRsnltyD iP bP bNg P b
tevt’nlnoa bibNi i iP
Operating result (EBIT) 412128602 265-1,407 -1,744
Result from financial items
xtlsmnaa’nusnltyD Pi b bbi Pb P
Profit before tax 5329 -50484 -11-1,898 -2,392
qL7hgnvlonaMhnChomlK 45pp● 5EE5p44 5I●5pEI 5F
\bet result for the period 212-72329 -49-2,021 -2,398

Comments by the CEO Financial overview Other information ● Financial reports \botes
Interim Report Q 2 2026 11
Income statement in summary, group cont.

2026 20252026 2025Last 12 2025
MSEK
Apr-Jun Apr-Jun Jan-Jun Jan-Jun monthsJan-Dec
Other comprehensive income
Items that later can be reverse\b in profit
Foreign currency translation differences496-316 583-951 455-1\b079
Total comprehensive income for period 708-388 911-1,000 -1,566-3,477
Net result for the perio\b attribute\b to:
vtals’oyeasDvtoutvD ibiiNi Pi\bgib i\bN
xoa’oalvouunasnaltvtDl
Perio\b total comprehensive income attribute\b to:
vtals’oyeasDvtoutvD gN bbb\bggg b\b N\bP
xoa’oalvouunasnaltvtDl
Average number of shares
anurlt P\bPgP\b Pg\bbN\bgN PP\bibb\b iig \b \bPP\bgbN\bbi gP\b \bbg
nurlt P\bPgP\b Pg\bbN\bgN PP\bibb\b iig \b \bPP\bgbN\bbi gP\b \bbg
Net result per share attributable to the parent company’s sharehol\bers
anurlt\bscIhDvt gPPgb g gbg Pg P
nurlt\bscIhDvt gPPgb g gbg Pg P

Comments by the CEO Financial overview Other information ● Financial reports \botes
Interim Report Q 2 2026 12
Balance sheet in summary, group

MSEK 2026-06-302025-06-30 2025-12-31
Goodwill 7\b1908\b970 6\b903
Other non-current intangible assets 2\b4973\b5932\b604
Tangible non-current assets 138125142
Deferred tax assets 35-17
Other non-current assets 191313
Current receivables 638697644
Cash and cash equivalents 907912701
Total assets 11,42414,309 11,024
Shareholders ’ equity
Shareholders ‘ equity attributable to parent company ’s shareholding 4\b6516\b6123\b987
Total Shareholders ’ equity 4,6516,6123,987
\bon-current liabilities
Deferred tax liabilities 433631440
Bond loans 2\b8312\b832 2\b835
Liabilities to credit institutions 1\b2021\b595 984
Term loan 665668649
Other liabilities 115130 88
Provisions for earnout -0536 620
Total non-current liabilities 5,2476,392 5,615
Current liabilities
Equity swap 222222
Other liabilities 853705724
Provisions for earnout 650578675
Total current liabilities 1,5261,305 1,422
Total Liabilities and Shareholders ’ equity 11,42414,309 11,024

Comments by the CEO Financial overview Other information ● Financial reports \botes
Interim Report Q 2 2026 13
Shareholders’ equity, group

MSEK Share capital
Other
shareholders’ contributions
Other
Reserves Other equity incl
profit of the year Equity attributed to parent shareholders
\bon
controlling interest
Total equity
Opening balance 2025-01-01 3611,0322,078 -5,663 7,483-7,483
ihanohgbeanvlonaMhnChomlK 5Qz-49–49
klohmuyn6boohy6JnaoLygeLamlynKmvvhohy6hg 5z4p5-951–951
Total comprehensive income —951 -49 -1,000–1,000
&hCbo6MLghnlvnl1yngMLohg 555 5pOE -102–102
AaMhonaoLygL6amlygn1maMngMLohMleKhog 5pO5 EEE 232-232
Closing balance 2025-06-30 3611,041 1,126 -5,5926,612-6,612
Opening balance 2026-01-01 3611,044 998 -8,091 3,987-3,987
ihan&hgbeanvlonaMhnChomlK IEz329-329
klohmuyn6boohy6JnaoLygeLamlynKmvvhohy6hg 4●I5583-583
Total comprehensive income –583 329 911-911
&hCbo6MLghnlvnl1yngMLohg 5Fz-69–69
AaMhonaoLygL6amlygn1maMngMLohMleKhog O5z5 5pFz -178–178
Closing balance 2026-06-30 3611,035 1,581 -8,001 4,651-4,651

Comments by the CEO Financial overview Other information ● Financial reports \botes
Interim Report Q 2 2026 14
Cash flow in summary, group

202620252026 2025Last 12 2025
MSEK
Apr-Jun Apr-JunJan-Jun Jan-Jun monthsJan-Dec
Operations
AChoLamyunohgbeanRwTdq2 QpEpE●FOE EF45p\bQOP 5p\bPQQ
ihanvmyLy6mLenmah0gnCLmKnLyKnoh6hmchKnmyn6LgM 5●E5●p5pQF 5p4z5E●● 5IOO
K3nvlonmah0gnylanmyn6LgMnvel1nha6 EP●IFO 4OPPQII\b4EQ I\bPFO
qL7nCLmK 5I●5Q45pIO 5z●5EFI 5EIp
Cash flow from operations before changes in working capital 571362 8317501,567 1,485
Changes in working capital
dy6ohLghR52′.h6ohLghR2nmynlChoLamyunoh6hmcLBehg 4IE45pz zp5PpOE
dy6ohLghnR2′.h6ohLghR52nmynlChoLamyunemLBmemamhg EO5Q5E5pEp p5pp●
,LgMnvel1nvol0n6MLyuhgnmyn1lo-myun6LCmaLe PIEp5Ep 5Ip 5F5pF
Cash flow from operations 644383 8117201,560 1,469
Investment activities
6(bmgmamlynLyKnKmchga0hyanlvnBbgmyhgg 5QzE54zO5QzE 5FOF5QFz 54●I
6(bmgmamlynlvnaLyumBehnLgghag 5Q5I 5P5F5pQ 5pI
,LCmaLem9LamlynlvnColKb6anKhchelC0hya 5ppP5ppz5EIO 5E4p5Q●F 54OP
ihan6MLyuhnmynvmyLy6mLenLgghag p5p 5O 5p5Q 54
Cash flow from investment activities -611-713-729 -864 -973-1,107
Financing activities
ihan6MLyuhnmynBlool1myug Ep●I●ppF4EzF5QOQ 5EPI
&hLem9hKnvlohmuyn6boohy6Jng1LC 5QEpp●EO 4F 4P
dk&rnpFnehLghnohCLJ0hya 5●5z5pP 5EO 5I● 5Qp
dggbhn6lga 55O 55O 55O
&hCbo6MLghnlvnl1yngMLohg 55FO 5PQ5pOE 5EEO 5EQ●
Cash flow from financing activities 206332 92193-606 -505
Cash flow for the period 2392174 49-18-143
,LgMnLyKn6LgMnh(bmcLehyagnLangaLoanlvnChomlK FQFzIQ POpz4P zpEz4P
qoLygeLamlynKmvvhohy6hg EE5EQ IE5zQ pI5ppQ
Cash and cash equivalents at end of period 907912907 912907 701

Comments by the CEO Financial overview Other information ● Financial reports \botes
Interim Report Q 2 2026 15
Parent company income statement, summary

Parent company balance sheet, summary

202620252026 2025Last 12 2025
MSEK
Apr-Jun Apr-JunJan-Jun Jan-Jun monthsJan-Dec
Revenue
ihanohchybh FPQEpI● zOEIz pzp
A1yn1lo-n6LCmaLem9hK pO EIQ 4
Operating expenses
AaMhonh7ahoyLenh7Chyghg 5Q●5Ep5zI 5Qp5p44 5pOI
Vhoglyyhenh7Chyghg 5Q●5IF5●E 5PI5pQ4 5pIP
Operating result -27-15-35 -21-57 -43
Result from financial items
ihanvmyLy6mLenmah0g ●OpIQ ppz4O●5E\bp●E 5p\bPzI
Result after financial items 53120 84487-2,239 -1,836
DolbCn6lyaomBbamly ●5● 55p4● 5pFP
Profit before tax 61120 92487-2,397 -2,002
qL7nvlonaMhnChomlK 5pI5QQ 545zF 5EE5ppI
\bet result for the period 487687391-2,419 -2,115
MSEK 2026-06-30 2025-06-302025-12-31
dyaLyumBehnLgghag IOI●IF
qLyumBehnyly56boohyanLgghag pE p
kmyLy6mLenyly56boohyanLgghag pp\bIFIpI\b●zP pp\bEFP
.hvhoohKnaL7 EE5IE pP
,boohyanoh6hmcLBehg pI4EpF pEI
,LgMnLyKnBLy- PFE pO
Total assets 11,55914,182 11,454
rMLohMleKhog:nh(bmaJ Q\bPO4P\bpQzQ\bQz4
VolcmgmlygnvlonhLoylbag F4Op\bppQp\bEzQ
ily56boohyanemLBmemamhg IEE● p
TlyKnelLyg E\b●IpE\b●IE E\b●I4
HmLBmemamhgnaln6ohKmanmygamabamlyg p\bEOEp\b4z4 z●Q
qho0nelLy FF4FF●FQz
w(bmaJng1LC EEEEEE
AaMhon6boohyanemLBmemamhgn p\bQ4pPPQp\bpPQ
Total liabilities & Shareholders ’ equity 11,55914,182 11,454

Comments by the CEO Financial overview Other information ● Financial reports \botes
Interim Report Q 2 2026 16
Share data

Currency table (main currencies)

The average rates are used for converting profit and loss items in foreign currency during each respective period to Swedish currency\b SEK. The closing rates are used for converting assets and liabilities in
foreign currency at the end of each period to Sw edish currency\b SEK.

2026 20252026 2025Last 12 2025
Apr-Jun Apr-Jun Jan-Jun Jan-Jun monthsJan-Dec
Equity per share
rMLohMleKhog:nh(bmaJnLaaomBbaLBehnalnCLohyan6lU gngMLohMleKhog\bn8rwf Q\bF4pF\bFpEQ\bF4pF\bFpEQ\bF4pI \bz●P
Divi\be\b by
No of shares end of period undiluted 514\b987\b145 517\b968\b480 514\b987\b145 517\b968\b480 514\b987\b145 495\b310\b359
Shareholders’ equity per share undiluted, SEK 9.0312.77 9.031
2.779.03 8.05
No of shares end of period diluted 514\b987\b145 517\b968\b480 514\b987\b145 517\b968\b480 514\b987\b145 495\b310\b359
Shareholders’ equity per share diluted, SEK 9.0312.77 9.0312.77 9.038.05
Earnings per share
ihanohgbeanvlonaMhnChomlKnLaaomBbahKnalnCLohyan6lU gngMLohMleKhog\bn8rwf EpE5PEIEz 5Qz5E\bOEp 5E\bIz●
Divi\be\b by
Average no of shares period undiluted 479\b404\b959 490\b913\b036 484\b211\b622506\b769\b594499\b013\b126 504\b688\b710
Earnings per share undiluted, SEK 0.44-0.15 0.68-
0.10-4.05 -4.75
Average no of shares period diluted 479\b404\b959 490\b913\b036 484\b211\b622506\b769\b594499\b013\b126 504\b688\b710
Earnings per share diluted, SEK 0.44-0.15 0.68-0.10 -4.05 -4.75
kohhn6LgMnvel1\bn8rwf 4pzE4Q 4FIQQ●p\bOIP zEE
Divi\be\b by
Average no of shares period diluted 479\b404\b959 490\b913\b036 484\b211\b622506\b769\b594499\b013\b126 504\b688\b710
Free cash flow per share diluted, SEK 1.080.52 1.160
.882.08 1.83

Average Average Average Average Closing Closing
202620252026 20252026 2025
MSEK Apr-Jun Apr-JunJan-Jun Jan-Jun Jan-Jun Jan-Jun
pnwW&rwf pOS●●QO pOSz4IE pOSP●●O ppSOz4● ppSOzI4 ppSpQF4
pnWr.rwf zSI4zz zSFF4FzSEQ●z pOSp●4I zSPIFIzS4pOP

Comments by the CEO Financial overview Other information Financial reports ● \botes
Interim Report Q 2 2026 17
Notes
\bote 1 Revenue growth

Net revenue in the second quarter amounted to SEK 1\b3 23 (1\b436) m illion\b which corresponds to an
organic growth of -1.3 percent. Currency movements in net revenue in the quarter were driven by the
stronger SEK against EUR and USD average rates year -over -year. Currency rates in the quarter are
outlined in the currency table on page 16 in this report .
\bote 2 Product development

In the second quarter\b investments in product development amounted to SEK 117 (119 ) million.
Stillfront’s efforts to be more focused on how investments in product development are allocated across
the group remain and the investments in the last 12 months amounted to 9 (9) percent of net revenue
mainly driven by lower investments in other games . Capitalized development fluctuates between
quarters and depends on the number of new launches.
Amortization of product development of SEK -132 (-186) million was recorded during the second
quarter. Amortization of PPA items amounted to SEK -94 (-1 47) million.
Amortization of product development was lower in the quarter compared to the same quarter last yea r.
This is driven both by lower total product development and exchange rate fluctuations. Amortization of
PPA items declined in comparison to the corresponding period last year. This is driven both by
exchange rate changes and by assets becoming fully amortized.
\bote 3 Items affecting comparability

EBIT in the quarter was positively impacted by items affecting comparability of SEK 147 (-20 ) million\b
comprising mainly of the settlement agreement with Gameberry of SEK 196 million \b partly offset by the
resu lts from the dive stment of OFM of SEK -24 million \b restructuring costs and other costs affecting
comparability. Total IAC in net financial items amounted to SEK -19 (- 77 ) million related to earnout
revaluations.

2026 2025 2026 20 25 2025
\bet revenue growth Apr-Jun Apr-Jun Ja n-Jun Jan-Jun Jan-Dec
Change through other/acquired\b % -3.3-0.1- 3.3-0.1 -0.2
Change through currency movements\b % -3.3-6.3 -6.7 -2.7 -4.9
Organic growth\b % -1 .3-11.3 -0.8-11.6 -1 0.2
where of Key Franchises\b % 1 0.3 -0.411.0-1 .1 2.5
where of other games\b % -24.4 -25.9-22.7-25.0 -26.6
Total net revenue growth, % -7.9 -1 7.6 -1 0.9-1 4.4-1 5 .3
2026 2025 2026 2025 Last 122025
MSEK Apr-Jun Apr-JunJan-Jun Jan-Jun monthsJan-Dec
Capitalization of product development 117 119230251486 507
Amortization of product development -132-186-254 -384 -629 -759
Amortization of PPA items -94-147 -177 -309-485 -617
)m)c )m)- )m)c )m )-atJ–Aw ) )m)- h.2d
O1Skyg O1Skyg yt kyg yt kyg ir –eJyt kGlv
3–liJAtKKlv–N sAvri1tStuNoN–nCA3Op
(lfl gl
Other 196-1 96 -196 –
Br–toA3OpA(lfl glJAtKKlv–N sA2b3B w zckw zc kw zc k
prJ–J
Restructuring costs -20-1 3- 24 -27 -41 -44
Transaction costs – – – – –
Long term incentive programs-0 -3 -4 -1 2 -7 -1 4
Other costs -5 -3 -1 5 -5 -26-1 6
Result from disposal subsidiaries -24– 24 –24 –
Impairment of goodwill – – – — 1 \b884 -1 \b884
Impairment of PPA items – – – — 374 -374
Amortization of product development and PPA items – – – –6 9 -69
Br–toA3OpAvrJ–JAtKKlv–N sA2b3B k5z k)m kc x k55 k)C5)5 k)C5mw
Br–toA3OpAN Ar1lSt–N sA1SrKN–Aq2b3B: w 5x k)mw )zk55k)C))M k)C5mw
6N t vNtoAN vril
Revaluation of earnouts –20 -20 –
Total IAC financial income – -20-20 –
6N t vNtoAvrJ–J
Revaluation of earnouts -1 9-77 — 77-1 90 -266
Other – – – – – –
Br–toA3OpAKN t vNtoAvrJ–Jkwz kxxkkx x kw zm k)cc
Br–toA3OpAN A l–AKN t vNtoAN–liJ kw z kxx)mkx x kw cz k)cc

Comments by the CEO Financial overview Other information Financial reports ● \botes
Interim Report Q 2 2026 18
\bote 4 \bet financial items

The financial net was SEK -82 (-178 ) million in the second quarter\b consisting of net interest expenses
SEK – 92 (-81) million\b non -cash interest charge on earnout provision SEK -9 ( -14 ) million\b currency
exchange differences SEK 39 (-6 ) million and non -cash earnout revaluation of SEK -19 (- 77) million
driven by the performance in Jawaker .
\bote 5 Tax

The group’s tax cost amounted to SEK -118 (-22 ) million for the second quarter .
Tax costs for the quarter are affected by non- deductible items\b mainly earnout interest SEK -9 ( -14)
million and earnout revaluations SEK -19 (- 77) million . An underlying tax rate\b which better describes tax
costs related to Stillfront’s ongoing business\b can be calculated excluding such special items.
Stillfront applies IAS 34.30 (c) in the quarterly reports whereby the expected effective tax rate for the
year is applied on profit before tax for each of the first three quarters\b excluding transaction costs\b
earnout interest\b earnout revaluations and goodwill impairment. Adjustment to the actual tax for the
year takes place in the fourth quarter\b where any deferrals are reversed. The underlying tax rate for the
quarter\b excluding earnout interest and withholding tax on dividends\b is thereby 30 percent.
2026 2025 2026 20 25Last 12 2025
MSEK Apr-Jun Apr-Jun Jan-Jun Ja n-Junmonths Jan-Dec
Net interest excluding interest on earnouts
-92 -81-158 – 158-306 -305
Interest on earnout consideration (non-cash) -9 -14 -19 – 28-36 -46
Currency exchange differences 39 -639- 1320-31
Changes in fair value of contingent consideration -19 -77 20- 77-169 -266
\bet financial items -82 -178 -118-2 75 -491 -649
2026 2025 2026 20 25Last 12 2025
MSEK Apr-Jun Apr-JunJa n-Jun Jan-Jun monthsJan-Dec
VolvmanBhvlohnaL7 IEz54OQ ●Q5pp 5p\b●z● 5E\bIzE
qlaLenaL7hgnvlonaMhnChomlK 5pp●5EE5 p445I●5pEI 5F
Tax rate, % 36 -44 32 – 359-60
A7om2t8psm8aoaC8 55jB 5 j5g 5e,5B,
A7om2t8poa47 t78s2mC 5j5 gn5 5j, 5g,,
Tr7soTam8p21p6229xs 5 5 5 55 j\bB 5j\bB
Profit before tax, excl. earnout interest &
revaluations 358
4 1 482 94191-196
qL7nlynKmcmKhyKg 5pO 5pO 5 pO 5pO 5EI 5EI
Underlying tax excl. tax on dividends -107 -12 -1 45 -29 -99 17
Underlying tax rate, % 30 30 30 30529

Comments by the CEO Financial overview Other information Financial reports ● \botes
Interim Report Q 2 2026 19
\bote 6 \bet debt

In the first quarter\b 16\b705 \b000 (7\b510\b000) shares were repurchased for a total of SEK 74 (45) million \b
and in the second quarter – (8\b378\b665) shares were repurchased for a total of SEK – (57) million. Cash
disbursements for share repurchases were SEK 74 (42 ) million in the first quarter and SEK – (60) million
in the second quarter. At the end of the second quarter\b 36\b381\b786 (31\b588\b363) shares were used to
settle earnout liabilities of SEK 188 (221) million. Additionally in the second quarter\b SEK 515 (576)
million of earnout liabilities were settled in cash.
At the end of the second quarter\b Stillfront held 2\b981\b335 ( -) treasury shares \b whereof 1\b855\b818 shares
will be used to settle the remaining earnout obligations for 2026 during the third quarter. This leaves
1\b125\b517 residual treasury shares after settling all 2026 earnout obligations . At the end of the second
quarter 514\b987\b145 (517\b968\b480) shares were outstanding. In the second quarter\b an average of
4 79 \b404\b 959 (490\b 913\b036 ) shares were outstanding.
Net d ebt as of the end of the second quarter amounted to SEK 3\b 921 (4\b196 ) million. Net debt including
cash earnouts for the next 12 months amounted to SEK 4\b 369 (4\b 603 ) million. Net debt including all
earnout liabilities amounted to SEK 4\b572 (5\b 310 ) million.
The adjusted interest coverage ratio\b pro forma\b was 6.91x (6. 12x) at the end of the quarter.
The adjusted leverage ratio\b pro forma\b including cash earnouts for the next 12 months\b was 2.21 x
(2. 18x). Stillfront has a financial target for the adjusted leverage ratio pro forma\b including cash
earnouts for the next 12 months\b not to exceed 2.0x. The adjusted leverage ratio\b pro forma\b excluding
earnout liabilities was 1.98x (1. 99 x).
At the end of the quarter\b Stillfront had total unutilized credit facilities of SEK 898 (1\b 005 ) million\b of
which SEK 798 (905 ) million were long -term credit facilities. Cash balances amounted to SEK 907 (912 )
million.
Stillfront’s financial assets and liabilities are in general measured at amortized cost\b which is also a
good approximation of their fair value. Bond loans with a carrying value of SEK 2\b 831 (2\b8 32) million\b however\b have a fair value of SEK 2\b
866 (2\b 886 ) million. Fx forwards and currency basis swaps with a
net carrying amount of SEK -108 (9) million are measured at fair value through other comprehensive
income. Contingent purchase considerations (earnout provisions) with a carrying amount of SEK 650
( 1\b114) million are measured at fair value through profit and loss.
Contingent purchase considerations (earnouts)

The amounts stated in the table above refer to provisions in the balance sheet\b calculated as present
values of nominal expected future payments\b by year of expected settlement. As of the quarter end\b the
group had liabilities of SEK 650 (1\b 114) million for earnout provisions\b of which SEK 650 (578 ) million
current and SEK – (536 ) million non -current. The book value of the amounts that will be settled during
2026 to 2027 comprises SEK 448 million expected to be paid out in cash and SEK 202 million expecte d
to be settled in Stillfront shares. Stillfront may choose\b and has chosen\b to buy back from the
company’s own shares to settle earnout payments.
Earnout provisions at the end of the first quarter 202 6 were SEK 1 \b309 million and decreased to SEK
650 million at the end of the second quarter\b driven by amortizations of SEK -703 million \b partly offset
by currency exchange differences of SEK 16 million \b discounting interest of SEK 9 million and
revaluations of SEK 19 million .
2026 2025 2026 2025 Last 122025
MSEK
Apr-Jun Apr-JunJan-Jun Jan-Jun monthsJan-Dec
TlyKnelLyg E\b●Ip E\b●IE E\b●Ip E\b●IE E\b●Ip E\b●I4
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