Stillfront Group FY2025 Q2 Earnings Release

Stillfront Group
Q2, 2025

2
Key f ranchise a ctivities
in Q2 2025
1
2
3
4
Supremacy: Warhammer 40,000 is marching full speed
toward its global launch at the end of 2025
Strengthened Candywriter setup for future Bilife
expansion. Complete new account system to unlock major
features such as the upcoming Webshop and deeper
monetization.
Announced Supremacy: Warhammer 40,000. Big Farm
Homestead entered technical launch phase.
Initiating move of the Word franchise from Superfree (NA)
to Moonfrog (MENA & APAC) as part of our strategic
review.
Successful expansion of key franchises, with Supremacy:
WW3 and Ludo Club scaling and growing well.

3
Spotlight: Direct – to – consumer
• Growing DTC to improve product
profitability has been a priority for most
key franchises, ensuring that Stillfront
remains an industry leader in DTC -share.
• Stillfront’s Payment Hub is a key
advantage to maximize the impact of
DTC and to rapidly adapt to new
opportunities.
• Leveraging US legislative changes for
IOS with immediate positive impact
across several key franchises.
• Trials for expanding DTC -service to more
casual games has been successful. Bitlife
will expand to DTC in Q3 2025.
Bookings by revenue stream % –
Excluding external partnerships
2023
Q2*
2024
Q2*
2025
Q2
Ad bookings 13% 13% 11%
Third party stores 61% 53% 49%
DTC 26% 33% 39%
*Active portfolio

Net revenue
(organic growth, %)
4
Europe
Key franchises
*Other include Active Liveops, Legacy Liveops and External Partnerships
555
SEKm ( -11.2%)
Other*
653
SEKm, ( -14.5 %)
– 243
SEKm, ( -37%)
98
SEKm( -29.6%)
132
SEKm, (20%)
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)
-16.5%
-10.5%
-4.5%
1.5%
7.5%
0
250
500
750
1,000
2Q24 3Q24 4Q24 1Q25 2Q25
-60%
-45%
-30%
-15%
0%
-300
-200
-100
0
2Q24 3Q24 4Q24 1Q25 2Q25
0%
10%
20%
30%
40%
0
100
200
300
400
2Q24 3Q24 4Q24 1Q25 2Q25

5
North America
*Other include Active Liveops, Legacy Liveops and External Partnerships
309
SEKm, ( -18.3 %)
– 174
SEKm, ( -56%)
13
SEKm, (4%)
Net revenue
(organic growth, %)
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)
Key franchises Other*
252
SEKm ( -14.1 %)
57
SEKm( -32.4%)
-24.0%
-18.0%
-12.0%
-6.0%
0.0%
0
150
300
450
600
2Q24 3Q24 4Q24 1Q25 2Q25
-80%
-60%
-40%
-20%
0%
-300
-225
-150
-75
0
2Q24 3Q24 4Q24 1Q25 2Q25
0%
3%
6%
9%
12%
0
15
30
45
60
2Q24 3Q24 4Q24 1Q25 2Q25

6
MENA & APAC
*Other include Active Liveops, Legacy Liveops and External Partnerships
473
SEKm, ( 1.9%)
– 20
SEKm, ( -4%)
261
SEKm, (5 5%)
Net revenue
(organic growth, %)
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)
Key franchises Other*
278
SEKm (15.5%)
196
SEKm( -15.5%)
0.0%
4.0%
8.0%
12.0%
16.0%
0
150
300
450
600
2Q24 3Q24 4Q24 1Q25 2Q25
-8%
-6%
-4%
-2%
0%
-40
-30
-20
-10
0
2Q24 3Q24 4Q24 1Q25 2Q25
0%
15%
30%
45%
60%
0
75
150
225
300
2Q24 3Q24 4Q24 1Q25 2Q25

Other* Key franchises
7
Financial highlights in the quarter
*Other include Active Liveops, Legacy Liveops and External Partnerships
1,085
SEKm ( -6.3%)
1,436
SEKm, ( -11.3 %)
Net revenue
(organic growth, %)
– 436
SEKm, ( -30%)
352
SEKm ( -24.1%)
374
SEKm, (26%)
1,089
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
2Q24 3Q24 4Q24 1Q25 2Q25
-40%
-30%
-20%
-10%
0%
-600
-400
-200
0
2Q24 3Q24 4Q24 1Q25 2Q25
0%
10%
20%
30%
40%
0
150
300
450
600
2Q24 3Q24 4Q24 1Q25 2Q25
0
300
600
900
1200
2Q24 3Q24 4Q24 1Q25 2Q25

8
Strong free cash flow generation in the quarter
SEKm Q2 2025 Q2 2024
Cash flow from operations (before NWC) 362 482
Change in net working capital 21 -48
Cash flow from operations (CFFO) 383 434
Cash flow from investment activities -713 -668
Cash flow from financing activities 332 260
Cash flow for the period 2 25
LTM
2Q25
LTM
2Q24
Free cash flow 1,089 737
Acquisition and divestment of
business -618 -631
Change in borrowings -157 262
Share buy backs -222 -182
Other -4 -137
Cash flow for the period 88 49
272 298 342
194 254
2Q24 3Q24 4Q24 1Q25 2Q25
Free cash Flow (SEKm)

3,264
1,000 850 578
536
2026 2027 2028 2029
Debt Maturity (excl. Earnout) Earnout Debt
4,507 4,247 4,093 3,784 4,196
1,690
1,625 2,032
1,871 1,114
2Q24 3Q24 4Q24 1Q25 2Q25
Net Debt Earnout Debt
9
Financial position
*Leverage ratio is calculated as net debt including cash earnouts next 12 months / adjusted Proforma LTM EBITDA
6,197
5,872 6,125
5,656
Total d ebt profile
SEKm
Maturity profile
SEKm
Net debt, incl NTM cash earnouts
SEKm (Leverage ratio*)
5,310
5,022
4,745 4,736
4,379 4,603
2.2 2.1 2.1
1.9
2.2
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3000
3500
4000
4500
5000
5500
2Q24 3Q24 4Q24 1Q25 2Q25
Net debt inc. ST Cash EO LR (inc. ST Cash EO)

39
50
70
225
2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
10
Cost optimization
SEK 200 – 250m
annualized run -rate

11
1
2
3
4
Key focus going forward
Focusing investment on key franchises
Successfully launch new games
Continue to deliver strong margins & cash flow
Execute on strategic review