Stillfront Group FY2024 Earnings Release

• Net revenue of 1,660 MSEK in Q4, down by 5 percent organically YoY
• Gross profit margin of 79 percent, up by 1 pp YoY, driven by mix
effects and increased share of bookings from DTC channels
• Adjusted EBITDAC of 410 MSEK driven by lower fixed costs, product
development costs and less UAC with a margin at 25 percent, up by
4 pp YoY
• Free cash flow of 1,050 MSEK in 2024 and 342 MSEK in Q4, up by
170 percent YoY on a quarterly basis
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1,660 MSEK
Net revenue -5% YoY
1,319 MSEK
Gross profit -3% YoY

3
1,742 1,739 1,744
1,595 1660
31%
34%
26% 29% 30%
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Net revenue & UAC
Net Revenue (MSEK) UAC, % of Net Revenue
6,982 6,964 6,895 6,819 6,737
27% 29% 29% 30% 30%
Q4’23 LTM Q1’24 LTM Q2’24 LTM Q3’24 LTM Q4’24 LTM
Net revenue & UAC (LTM)
Net revenue LTM (MSEK) UAC, % of Net Revenue LTM
1,742
1,660
-4,8%
0,2% -0,0%
Q4’23 Org FX Other Q4’24

• Adjusted EBITDAC margin of 25
percent, up by 4 pp YoY and
adjusted EBITDAC grew by 12%
driven by lower fixed costs
• Gross margin improvement of 1 pp
YoY
• Staff costs as a percentage of net
revenue down by 1 pp YoY
• UAC as a percent of net revenue
down by 1 pp YoY following lower
spend in the strategy product area
• Further focused product
investments driving lower
capitalization
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365 358
505
385
410
21% 21%
29%
24% 25%
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Adj EBITDAC
Adj. EBITDAC (MSEK) Adj. EBITDAC, % of Net Revenue
1,705 1,648 1,637 1,612 1,658
24% 24% 24% 24% 25%
Q4’23 LTM Q1’24 LTM Q2’24 LTM Q3’24 LTM Q4’24 LTM
Adj EBITDAC (LTM)
Adj. EBITDAC LTM (MSEK) Adj. EBITDAC, % of Net Revenue LTM

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• Bookings in active portfolio increased by 4
percent QoQ driven by seasonality effects
across the portfolio but declined by 4
percent YoY on the back of lower player
activity in the strategy area
• ARPDAU grew by 18 percent YoY as high
monetizing customers made up a larger
bulk of the overall portfolio
• MPU, MAU and DAU decreased due to a
continued portfolio shift towards high –
value users
• Direct -to -Consumer (DTC) was up by 5 pp
YoY driven by ongoing strategic initiative
to increase share of own channels, driving
gross margin improvement
1,627 1,661 1,632 1,513 1,569
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Bookings (MSEK)
51,001 52,195
47,114 44,938 41,845
9,507 9,809 8,809 8,303 7,753
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
MAU & DAU
MAU (‘000) DAU (‘000)
1,116 1,147 1,129 1,035 1,055
1.9 1.9 2.0 2.0 2.2
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
MPU & ARPDAU
MPU (‘000) ARPDAU (SEK)
58% 56% 53% 53% 53%
29% 29% 33% 33% 34%
13% 14% 13% 14% 13%
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Bookings by channel
3rd party stores % D2C % Ad bookings %

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› Lower bookings YoY driven by lower UAC
in the quarter.
› Supremacy bookings declined YoY on the back
of difficult comps.
› Empire remains flat, albeit with no user
acquisition spend
› 6Waves saw declined bookings following a
continued decline in UA spend
› UAC down by 49% YoY, while up 3% QoQ
› Bookings down by 17 percent YoY, gross
profit down by 14 percent over the same
period
› Continued increased share of Strategy
bookings generated from DTC channels,
up by 15 pp compared to same period last
year
588 578
488 472 490
32% 28%
16% 20% 20%
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Bookings & UAC
Bookings (MSEK) UAC, % of Bookings
4,121
3,739
2,943 2,803 2,863
779 768 646 591 617
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
MAU & DAU
MAU (‘000) DAU (‘000)
186 178
148 144 152
8.2 8.3 8.3 8.7 8.6
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
MPU & ARPDAU
MPU (‘000) ARPDAU (SEK)
64% 61% 55% 52% 49%
35% 38% 44% 47% 49%
1% 2% 1% 1% 1%
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Strategy bookings by channel
3rd party stores % D2C % Ad bookings %

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› Higher Sim, RPG & Actions bookings QoQ,
slightly lower YoY
› Sunshine Island bookings up by 101
percent YoY despite only about half of the
UA spend compared to last year
› Albion Online bookings were down QoQ
driven by normalizing user numbers
following Albion Online’s EU server launch
in Q2, but increased YoY
› Shakes & Fidget’s bookings increased QoQ
following several in -game updates in the
quarter
401 421
475
375 392
40% 42%
33% 31% 32%
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Bookings & UAC
Bookings (MSEK) UAC, % of Bookings
6,695 7,043
6,045
5,217 5,119
1,221 1,276 1,202 1,058 1,031
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
MAU & DAU
MAU (‘000) DAU (‘000)
280 287
329
271 266
3.6 3.6 4.3 3.9 4.1
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
MPU & ARPDAU
MPU (‘000) ARPDAU (SEK)
22
43 47 42 44
62
78
47
28 32
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Sunshine Island bookings &
UAC
Bookings (MSEK) UAC (MSEK)

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› Bookings increased both YoY and QoQ
primary driven by Jawaker
› Jawaker grew bookings YoY by 30% owing
to improved monetization and higher MAU,
while slightly impacted by conflicts in the
Middle East
› Super Free’s Word franchise continued
driving higher user acquisition spend
› Storm8’s Home Design franchise
continued to negatively impact bookings
growth despite increased UAC
638 662 669 666 686
29%
38% 33% 37% 40%
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Bookings & UAC
Bookings (MSEK) UAC, % of Bookings
40,184 41,413 38,126 36,917 33,862
7,506 7,765 6,961 6,653 6,105
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
MAU & DAU
MAU (‘000) DAU (‘000)
649 681 652 620 637
0.9 0.9 1.1 1.1 1.2
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
MPU & ARPDAU
MPU (‘000) ARPDAU (SEK)
Q4’21 Q4’24
Jawaker bookings by quarter

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MSEK Q4 2024 Q4 2023
Cash flow from operations (before NWC) 374 357
Change in net working capital 117 -10
Cash flow from operations (CFFO) 491 347
Cash flow from investment activities -152 -211
Cash flow from financing activities -288 -314
Cash flow for the period 50 -177
833 828 737 835
1,050
805 738
698
664
598
1,638 1,565
1,434 1,499
1,648
Q4’2023 Q1’2024 Q2’2024 Q3’2024 Q4’2024
Free cash flow & Capex LTM (MSEK)
Free cash flow Capitalization of product development
127 138
272 298 342
Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Free cash flow quarterly (MSEK)

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4,115 4,115 4,507 4,247 4,093
496 528
515 498 643
807 877
895 857 957
1.84 1.95 2.15 2.08 2.10
Q4’23 LTM Q1’24 LTM Q2’24 LTM Q3’24 LTM Q4’24 LTM
Net debt & leverage ratio
Net debt (MSEK) Cash earnout NTM
Cash and cash equivalents, period end Leverage ratio proforma, incl. cash earnouts NTM
1,000 1,000 850
1,376
1,124
689
H1’25 H2’25 H1’26 H2’26 H1’27 H2’27 H1’28 H2’28 H1’29
Maturity profile
Bond maturity Utilizied RCF Unutilized RFC Term loan

–
New structure and reporting to steer and
accelerate Stillfront’s business more
effectively.

SEK million 2024 2024 2024 2024 2024
Q1 Q2 Q3 Q4 Full -year
Net revenues from external customers 772 801 659 702 2,934
Organic growth % 6.5 -0.6 -0.8 -10.2 -1.4
Gross profit 639 673 553 588 2,453
Gross margin % 83 84 84 84 84
User acquisition costs -325 -225 -199 -219 -969
UAC/Net revenue % 42 28 30 31 33
Other opex incl personnel expenses -170 -172 -179 -183 -704
Adjusted EBITDA 206 337 232 245 1,019
Capitalization of product development -63 -69 -71 -76 -279
Adjusted EBITDAC 142 268 161 169 741
Adjusted EBITDAC margin % 18 33 24 24 25
Bookings by game portfolio
Key franchises 65 7 656 565 59 1 2,47 8
Active LiveOps 90 90 71 86 337
Legacy LiveOps 11 12 11 13 49
External partnerships and other 16 37 11 15 80
Total bookings 775 796 657 705 2,934
Bookings by revenue stream %
Ad bookings 6 5 5 5 5
Third party stores 56 50 53 51 52
DTC 39 45 42 45 43
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SEK million 2024 2024 2024 2024 2024
Q1 Q2 Q3 Q4 Full -year
Net revenues from external customers 490 468 446 451 1,853
Organic growth % -15.4 -17.1 -11.2 -5.5 -12.6
Gross profit 392 365 352 356 1,465
Gross margin % 80 78 79 79 79
User acquisition costs -236 -202 -230 -258 -926
UAC/Net revenue % 48 43 52 57 50
Other opex incl personnel exp enses -121 -108 -98 -94 -422
Adjusted EBITDA 88 101 72 48 309
Capitalization of product development -53 -55 -59 -42 -209
Adjusted EBITDAC 35 45 13 6 100
Adjusted EBITDAC margin % 7 10 3 1 5
Bookings by game portfolio
Key franchises 331 322 319 325 1,297
Active LiveOps 66 56 46 46 214
Legacy LiveOps 93 86 80 78 336
External partnerships and other 0 0 0 0 0
Total bookings 490 463 445 450 1,847
Bookings by revenue stream %
Ad bookings 37 35 36 36 36
Third party stores 62 64 63 63 63
DTC 1 1 1 1 1

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SEK million 2024 2024 2024 2024 2024
Q1 Q2 Q3 Q4 Full -year
Net revenues from external customers 477 475 490 507 1,950
Organic growth % 8.5 6.2 12.5 5.4 8. 0
Gross profit 356 357 365 375 1,454
Gross margin % 75 75 74 74 75
User acquisition costs -33 -34 -33 -26 -126
UAC/Net revenue % 7 7 7 5 6
Other opex incl personnel expenses -99 -97 -94 -86 -376
Adjusted EBITDA 245 246 258 278 1,027
Capitalization of product development -38 -23 -17 -18 -96
Adjusted EBITDAC 207 222 240 261 931
Adjusted EBITDAC margin % 43 47 49 51 48
Bookings by game portfolio
Key franchises 237 266 269 286 1,057
Active LiveOps 16 2 14 4 15 0 14 3 60 0
Legacy LiveOps 57 47 51 51 20 7
External partnerships and other 21 20 20 22 84
Total bookings 477 478 490 503 1,948
Bookings by revenue stream %
Ad bookings 12 11 10 10 11
Third party stores 53 50 47 48 49
DTC 36 39 43 42 40