Stillfront Group FY2025 Q3 Earnings Release

Stillfront Group
Q3, 2025

Setting up BA Europe for success
BA Europe -organic growth
(%, YoY)
2
Growth %
Organic growth
 BA Europe showed strong positive development in Q3.
 Q3 2025 establishes a more realistic baseline for Europe. However, the BA remains in full investment mode to
achieve sustainable long -term growth, without oversteering for quarterly results.
 Three major global launches are planned for Q4 2025. Due to timing and seasonality, their revenue impact will
be mainly realized in 2026:
 Big Farm: Homestead –New entry in the Big franchise, building on the success of Sunshine Island.
 Supremacy: Warhammer 40,000 –New launch in the Supremacy franchise featuring a major IP.
 Unfolded: Webtoon Stories –New launch in the Narrative franchise featuring a major IP.
 Marketing efforts focused on “Q5” mean that upcoming game launches will have a short -term negative
margin impact, with limited contribution to 2025 deposits.
Impressions from the
Big franchise game
launch in Q4 2025.
7%
– 1% -1%
-10%
-14% -15%
1%
1Q24 2Q24 3Q24 4Q24 1Q252Q25 3Q25
Highlights

0% 10% 20% 30%
0
100
200
300
400
3Q24 4Q24 1Q252Q25 3Q25
-60%
-45%
-30%
-15%
0%
-300
-200 -100 0 3Q24 4Q24 1Q252Q25 3Q25
-20.0% -12.5% -5.0% 2.5%
10.0%
0
250
500 750
1,000
3Q244Q24 1Q252Q25 3Q25
Net revenue
(organic growth, %)
3
Europe
Key franchises
*Other include Active Liveops, Legacy Liveops and External Partnerships
550
SEKm (+0.4% )
Other*
643
SEKm, (+0.6%)
-207
SEKm, ( -32%)
93
SEKm(+2.1%)
154
SEKm, (24%)
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)

0% 4% 8% 12% 16%
0
15
30 45
3Q24 4Q24 1Q252Q25 3Q25
-80%
-60%
-40%
-20%
0%
-300
-225-150 -75 0 3Q24 4Q24 1Q252Q25 3Q25
-36.0% -24.0%
-12.0%
0.0%
0
150
300 450
600
3Q24 4Q24 1Q252Q25 3Q25
4
North America
*Other include Active Liveops, Legacy Liveops and External Partnerships
246
SEKm, (-32 .9%)
-110
SEKm, ( -45%)
36
SEKm, (15%)
Net revenue
(organic growth, %)
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)
Key franchises
Other*
192
SEKm ( -32.9%)
54
SEKm (-33.1%)

0% 15%
30%
45% 60%
0
75
150
225
300
3Q24 4Q24 1Q252Q25 3Q25
-8%
-6%
-4%
-2%
0%
-40
-30 -20 -10 0 3Q24 4Q24 1Q252Q25 3Q25
0.0% 4.0% 8.0% 12.0%
16.0%
0
150
300 450
600
3Q24 4Q24 1Q252Q25 3Q25
5
MENA & APAC
*Other include Active Liveops, Legacy Liveops and External Partnerships
484
SEKm, (+2.9%)
-19
SEKm, ( -4%)
276
SEKm, (5 7%)
Net revenue
(organic growth, %)
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)
Key franchises
Other*
288
SEKm (+18.4%)
196
SEKm(-16.1%)

0
300 600900
1200
3Q24 4Q24 1Q252Q25 3Q25 0% 10% 20%
30% 40%
300 350
400 450
3Q24 4Q24 1Q252Q25 3Q25
-40%
-30%
-20%
-10%
0%
-600
-400 -200 0 3Q24 4Q24 1Q252Q25 3Q25
-16.0% -12.0% -8.0% -4.0%
0.0%
1,000 1,200
1,400 1,600
1,800
3Q244Q24 1Q252Q25 3Q25
Other*
Key franchises
6
Financial highlights in the quarter
*Other include Active Liveops, Legacy Liveops and External Partnerships
1,030
SEKm (
-4.6% )
1,373
SEKm, ( -7 .8 %)
Net revenue
(organic growth, %)
-336
SEKm, ( -25 %)
343
SEKm ( -16.3%)
436
SEKm, ( 32%)
974
SEKm
UAC
(UAC/Net revenue, %)
Adj EBITDAC
(margin, %)
Free cash flow
LTM

298342
194254
183
3Q24 4Q24 1Q252Q25 3Q25
Free cash Flow (SEKm)
7
Strong free cash flow generation in the quarter
SEKm Q3 2025 Q3 2024
Cash flow from operations (before NWC) 357 383
Change in net working capital -47 74
Cash flow from operations (CFFO) 310457
Cash flow from investment activities -119
-161
Cash flow from financing activities -326 -307
Cash flow for the period -135 -11
LTM
3Q25 LTM
3Q24
Free cash flow 974 835
Acquisition and divestment of
business –
618 -432
Change in borrowings -268 -159
Share buy backs -142 -262
Other 18-116
Cash flow for the period – 36 -134

4,7454,736
4,3794,603
4,381
2.1 2.1
1.9
2.2 2.1
3Q24 4Q24 1Q252Q25 3Q25
Net debt inc. ST Cash EO LR (inc. ST Cash EO)
2,908
1,000 850
577 535
2026 20272028 2029
Debt Maturity (excl. Earnout) Earnout Debt
4,247
4,093
3,784 4,196
3,975
1,625
2,032
1,8711,114
1,111
3Q24 4Q24 1Q252Q25 3Q25
Net Debt Earnout Debt
8
Financial position
*Leverage ratio is calculated as net debt including cash earnouts next 12 months / adjusted Proforma LTM EBITDA
5,8726,125
5,656
Total debt profile
SEKm
Maturity profile
SEKm
Net debt, incl NTM cash earnouts
SEKm (Leverage ratio*)
5,310
5,086

3950 70225
250
2Q24 3Q244Q24 1Q252Q25 3Q25
9
Cost optimization program completed
SEK 250m achieved

10
1
2
3
4
Key focus going forward
Focusing investment on key franchises
Successfully launch new gamesContinue to deliver strong margins & cash flow
Execute on strategic review