Stillfront Holds Revenue Steady but Sees Margin Pressure in Q1 2026

Stillfront Group AB ( (SE:SF) ) just unveiled an update.

Stillfront Group AB reported first-quarter 2026 net revenue of SEK 1,333 million, broadly flat in organic terms, with 12 percent organic growth in its key franchises, highlighting the resilience of its core games despite an overall year-on-year revenue decline. The company improved its gross margin to 84 percent, but adjusted EBITDAC fell 23 percent and the margin narrowed, reflecting higher costs or mix effects, while free cash flow weakened in the quarter even though leverage and liquidity remain manageable.

Total net debt, including near-term earnout obligations, was essentially unchanged at SEK 4.4 billion, resulting in an adjusted leverage ratio of 2.22x, slightly higher than a year earlier but still within a moderate range for the sector. The combination of stable bookings over the last 12 months, strong gross profitability and solid cash generation on a trailing basis suggests Stillfront is sustaining its operational base, though the margin pressure and softer quarterly cash flow may prompt continued focus on efficiency and disciplined investment in its game portfolio.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK12.00 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

More about Stillfront Group AB

Stillfront Group AB is a Swedish gaming company focused on free-to-play digital games, operating a portfolio of studios that develop and publish titles for mobile and online platforms. The group emphasizes long-lifecycle game franchises and recurring revenue from a global player base, positioning itself as a consolidator in the gaming sector with a strategy built on key franchises and scalable live operations.

Average Trading Volume: 2,745,768

Technical Sentiment Signal: Sell

Current Market Cap: SEK2.76B

See more data about SF stock on TipRanks’ Stock Analysis page.