Stillfront Group FY2024 Q3 Earnings Release

• Net revenue of 1,595 MSEK in Q3, down by 4.6 percent YoY and by
0.8 percent organically
• Gross profit margin of 80 percent, in line with Q2 and up by 2.0 pp
YoY, driven by mix effects and increased share of bookings from
DTC channels
• Adjusted EBITDAC margin at 24 percent, down by 0.4 pp YoY due to
increased user acquisition costs
• Free cash flow of 298 MSEK in Q3, up by 49 percent YoY
2
1,595 MSEK
Net revenue -4.6% YoY
1,269 MSEK
Gross profit -2.1% YoY

3
1,671 1,742 1,739 1,744
1,595
26%
31%
34%
26% 29%
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
Net revenue & UAC
Net Revenue (MSEK) UAC, % of Net Revenue
7,022 6,982 6,964 6,895 6,819
25% 27% 29% 29% 30%
Q3’23 LTM Q4’23 LTM Q1’24 LTM Q2’24 LTM Q3’24 LTM
Net revenue & UAC (LTM)
Net revenue LTM (MSEK) UAC, % of Net Revenue LTM
1,671
1,595
-1% -4% -0%
Q3’23 Org FX Other Q3’24

• Adjusted EBITDAC margin of 24
percent, down by 0.4 pp YoY,
driven by higher UAC
• Gross margin improvement of 2.0
pp YoY
• Staff costs as a percentage of net
revenue down by 1.4 pp YoY
• UAC up by 3.2 pp YoY driven by
titles Trivia Star and Word collect
• Focused product investments
driving lower capitalization with
improved return on investment
4
409
365 358
505
385
25%
21% 21%
29%
24%
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
Adj EBITDAC
Adj. EBITDAC (MSEK) Adj. EBITDAC, % of Net Revenue
1,777 1,705 1,648 1,637 1,612
25% 24% 24% 24% 24%
Q3’23 LTM Q4’23 LTM Q1’24 LTM Q2’24 LTM Q3’24 LTM
Adj EBITDAC (LTM)
Adj. EBITDAC LTM (MSEK) Adj. EBITDAC, % of Net Revenue LTM

5
• Bookings in active portfolio declined by 5
percent YoY, and organically by 1 percent
• ARPDAU was up by 14 percent YoY driven
by strong monetization due to successful
live ops across the portfolio
• MPU, MAU and DAU were down due to
seasonal effects and 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
1,586 1,627 1,661 1,632 1,513
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
Bookings
Bookings (MSEK)
1,094 1,116 1,147 1,129 1,035
1.7 1.9 1.9 2.0 2.0
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
MPU & ARPDAU
MPU (‘000) ARPDAU (SEK)
52,407 51,001 52,195
47,114 44,938
9,918 9,507 9,809 8,809 8,303
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
MAU & DAU
MAU (‘000) DAU (‘000)
59% 58% 56% 53% 53%
28% 29% 29% 33% 33%
13% 13% 14% 13% 14%
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
Bookings by channel
3rd party stores % D2C % Ad bookings %

6
› Lower bookings in Strategy driven by
seasonality QoQ and by decreased UAC
YoY
› Supremacy bookings declined slightly YoY and
QoQ
› Empire remains stable with no user acquisition
spend, leading to high profitability
› 6Waves negatively impacted bookings
following low UAC, however raising margins
› UAC down by 35% YoY, but up 20% QoQ
› Bookings down by 13 percent YoY, gross
profit down by 8 percent
› Continued increased share of Strategy
bookings generated from DTC channels,
up by 13 pp compared to same period last
year
542 588 578
488 472
27% 32% 28%
16% 20%
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
Bookings & UAC
Bookings (MSEK) UAC, % of Bookings
158
186 178
148 144
8.8 8.2 8.3 8.3 8.7
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
MPU & ARPDAU
MPU (‘000) ARPDAU (SEK)
3,433
4,121
3,739
2,943 2,803
672 779 768 646 591
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
MAU & DAU
MAU (‘000) DAU (‘000)
64% 64% 61% 55% 52%
34% 35% 38% 44% 47%
2% 1% 2% 1% 1%
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
Strategy bookings by channel
3rd party stores % D2C % Ad bookings %

7
› Lower Sim, RPG & Actions bookings QoQ
› Sunshine Island user acquisition spend
was down by 41% QoQ
› Q3 focus was on building content and
optimizing for further scaling in seasonally
stronger winter months
› Albion Online bookings were down QoQ
driven by normalizing user numbers
following Albion Online’s EU server launch
in Q2, but increased YoY
› Shakes & Fidgets bookings declined
following an update of its user experience
that is being corrected
384 401 421
475
375
24%
40% 42%
33% 31%
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
Bookings & UAC
Bookings (MSEK) UAC, % of Bookings
255 280 287
329
271
3.5 3.6 3.6 4.3 3.9
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
MPU & ARPDAU
MPU (‘000) ARPDAU (SEK)
6,294 6,695 7,043
6,045
5,217
1,186 1,221 1,276 1,202 1,058
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
MAU & DAU
22
43 47 42
62
78
47
28
Q4’23 Q1’24 Q2’24 Q3’24
Sunshine Island bookings &
UAC
Bookings (MSEK) UAC (MSEK)

8
› Bookings were flat sequentially and
increased by 1% YoY in Casual & Mashup
› Super Free’s Word franchise continued to
scale well in the third quarter, driving user
acquisition spend and strong growth for
the franchise
› Jawaker continues its impressive
performance despite tension in Middle
East, growing bookings YoY by 35% with
very high profitability
› Continued challenges for Storm8 with
Home Design franchise negatively
affecting bookings growth, and new game
“Ellen’s Garden Restoration” growing but
not compensating
Stillfrontacquisition
661 638 662 669 666
28% 29%
38% 33% 37%
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
Bookings & UAC
Bookings (MSEK) UAC, % of Bookings
681 649 681 652 620
0.9 0.9 0.9 1.1 1.1
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
MPU & ARPDAU
MPU (‘000) ARPDAU (SEK)
42,681 40,184 41,413 38,126 36,917
8,061 7,506 7,765 6,961 6,653
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
MAU & DAU
MAU (‘000) DAU (‘000)
Q3’21 Q3’24
Jawaker bookings by quarter

9
MSEK Q3 2024 Q3 2023
Cash flow from operations (before NWC) 383 399
Change in net working capital 74 -4
Cash flow from operations (CFFO) 457 395
Cash flow from investment activities -161 -387
Cash flow from financing activities -307 164
Cash flow for the period -11 172
941 833 828 737 835
836
805 738
698 664
1,777
1,638 1,565
1,434 1,499
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q3’2023 Q4’2023 Q1’2024 Q2’2024 Q3’2024
Free cash flow & Capex LTM (MSEK)
Free cash flow Capitalization of product development
200
127 138
272 298
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
Free cash flow quarterly (MSEK)

10
4,388 4,115 4,115 4,507 4,247
517 496 528
515 498
1,039
807 877
895 857
1.88 1.84 1.95 2.15 2.08
Q3’23 LTM Q4’23 LTM Q1’24 LTM Q2’24 LTM Q3’24 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
2,369
1,381
678
H2’24 H1’25 H2’25 H1’26 H2’26 H1’27 H2’27 H1’28 H2’28
Maturity profile
Bond maturity Utilzied RCF Unutilized RFC Term loan

11
• Stillfront’s cash flow generation and strong balance sheet enable us to launch another share repurchase
program
• The repurchased shares will be used to cover parts of the equity component of Stillfront’s earnout provisions
for coming years and the total program amounts to up to 40 MSEK
• Stillfront’s intention is to complete the repurchase program prior to the closed period ahead of the year -end
2024 report

• Unusually long seasonal slowdown that was mentioned in the last quarter
has driven lower activity levels across our games
• High UAC spend in the third quarter with UAC as a share of bookings
reaching 29 percent, affecting EBITDAC negatively short term , but largely
compensated with higher gross profit and lower fixed costs
• User acquisition investments in Q4 to sequentially increase due to higher
player activity, however, US elections could impact timing of deployment
in the quarter
• Accelerating the communicated optimization and reorganization program
delivering 200 -250 MSEK by the fourth quarter of 2025:
› Slightly ahead of plan with 39 MSEK of annualized costs savings with full effect in Q1 2025
› New organization model will allow for increased speed and focus resources into key franchises
› Move declining games to low er -cost locations and addressing low performing games
› Rolling out DTC solutions to larger Casual games
12

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On February 6, 2025, Stillfront will host a Capital Markets Day in Stockholm, Sweden. The event will also be
streamed live for those who cannot attend in person.
The afternoon event will feature updates on the company’s recently announced optimization activities.
Presentations from the CEO, CFO, and other executives will provide insights into Stillfront’s strategic direction
and latest developments.
More information, including the agenda and participation details, will be shared closer to date and will also be
made available on Stillfront’s website.