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Stillfront Group AB
(SF)
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Rating:51Neutral
Price Target:
kr4.50
▼(-29.47% Downside)
Action:Reiterated
Date:05/29/26
The score is held back primarily by deteriorating profitability (large net losses) and higher balance-sheet risk (elevated leverage), partially offset by continued positive operating and free cash flow. Technical indicators are neutral-to-mildly positive, while valuation is difficult to support given the negative P/E and lack of dividend data.
Positive Factors
Strong cash generation
Stillfront generates meaningful operating and free cash flow despite accounting losses, providing a durable internal funding source for live‑ops content, user acquisition and studio investments. Positive FCF cushions the business through cyclical revenue swings and supports debt servicing or selective M&A without immediate equity dilution.
Negative Factors
Deteriorating profitability
A deep net loss and roughly -42% net margin reflect significant deterioration in earnings power versus prior periods. Persistent operating losses erode equity, constrain strategic choices, and can force austerity or asset sales. Unless operational margins recover, losses risk undermining long‑term investment in live operations and growth initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Stillfront generates meaningful operating and free cash flow despite accounting losses, providing a durable internal funding source for live‑ops content, user acquisition and studio investments. Positive FCF cushions the business through cyclical revenue swings and supports debt servicing or selective M&A without immediate equity dilution.
Read all positive factors
Stillfront Group AB (SF) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.24B
Dividend YieldN/A
Average Volume (3M)2.19M
Price to Earnings (P/E)―
Beta (1Y)0.54
Revenue Growth-15.98%
EPS Growth69.06%
CountrySE
Employees1,133
SectorGeneral
Sector StrengthN/A
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-4.52
Shares Outstanding517,968,500
10 Day Avg. Volume1,897,818
30 Day Avg. Volume2,190,783
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.82
Price to Sales (P/S)0.57
P/FCF Ratio2.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr11.00Price Target Upside72.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.26
Revenue Forecast (FY)kr5.22B
Stillfront Group AB Business Overview & Revenue Model
Company Description
Stillfront Group AB (publ), operating through its subsidiaries, specializes in the full lifecycle of digital games, encompassing their design, development, marketing, publishing, and distribution. The company serves a wide geographic area, includi...
How the Company Makes Money
Stillfront primarily makes money by operating its games as ongoing live services. Its main revenue stream is in-game monetization (microtransactions), where players purchase virtual goods, upgrades, currency, season/battle passes, and other digita...
Stillfront Group AB Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 24, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: management delivered meaningful margin expansion, strong cash generation and debt reduction, significant progress on DTC adoption and a North American profitability turnaround, and MENA/APAC continued to grow at healthy margins. Offsetting these positives were a 9% organic revenue decline, a sharp 31.3% fall in North American revenue, a large non-cash goodwill impairment (~SEK 2.3bn), and some product delays. Management emphasized disciplined investment and a franchise-focused strategy to drive a return to organic growth over time.Positive Updates
Adjusted EBITDAC Margin Expansion
Group adjusted EBITDAC margin expanded to 27% in Q4 (up from 25% a year ago) despite an organic revenue decline, reflecting cost savings and disciplined UA deployment.
Negative Updates
Overall Organic Revenue Decline
Group net revenues declined to SEK 1.356 billion in Q4, representing an organic revenue decline of 9% year-over-year.
Read all updates
Q4-2025 Updates
Positive
Negative
Adjusted EBITDAC Margin Expansion
Group adjusted EBITDAC margin expanded to 27% in Q4 (up from 25% a year ago) despite an organic revenue decline, reflecting cost savings and disciplined UA deployment.
Read all positive updates
Company Guidance
The guidance from the call was that Stillfront aims to return to organic net revenue growth over time while 2026 is expected to be an investment year with disciplined, targeted UA deployment into key franchises (defined as >SEK 200m annual revenue), continued rollout of direct-to-consumer (DTC) channels and a focus on cash generation and deleveraging; management reiterated no material debt maturities until 2027 and the final earn‑out due in 2027, and said it will prioritize maintaining healthy cash flows (Q4 free cash flow SEK 290m, LTM FCF SEK 922m; cash from operations Q4 SEK 440m) even as it selectively invests (Q4 investing cash flow SEK 122m) and funds repayments and buybacks (Q4 financing outflows SEK 371m including SEK 234m debt repaid and SEK 146m buybacks; FY buybacks SEK 248m); operational context for that guidance included Q4 net revenue SEK 1,356m (organic −9%), adjusted EBITDAC SEK 368m (margin 27% vs 25% a year ago, despite FX headwinds ~SEK 45m), lower UA spend SEK 356m (26% of revenue vs 30% prior year) and higher group gross margin 83%, while segment dynamics (e.g., Europe net revenue SEK 622m, adj. EBITDAC SEK 94m margin 15%; North America net revenue SEK 197m, adj. EBITDAC SEK 23m margin 12% with UA down to SEK 88m from SEK 258m and DTC now 24% of NA bookings; MENA/APAC net revenue SEK 537m, adj. EBITDAC SEK 288m margin 54%) underpin the plan.Stillfront Group AB Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
46
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.50B | 5.71B | 6.74B | 7.01B | 7.06B | 5.46B |
| Gross Profit | 1.26B | 1.40B | 1.40B | 4.17B | 7.67B | 5.92B |
| EBITDA | -1.08B | -1.40B | -6.05B | 2.24B | 2.04B | 1.68B |
| Net Income | -2.30B | -2.40B | -7.38B | 7.00M | 559.00M | 590.00M |
Balance Sheet | ||||||
| Total Assets | 11.16B | 11.02B | 16.37B | 22.61B | 24.13B | 20.05B |
| Cash, Cash Equivalents and Short-Term Investments | 646.00M | 701.00M | 957.00M | 807.00M | 989.00M | 1.13B |
| Total Debt | 4.45B | 4.57B | 5.86B | 4.94B | 4.76B | 4.58B |
| Total Liabilities | 7.04B | 7.04B | 8.89B | 8.76B | 9.88B | 10.25B |
| Stockholders Equity | 4.12B | 3.99B | 7.48B | 13.84B | 14.24B | 9.77B |
Cash Flow | ||||||
| Free Cash Flow | 1.05B | 1.46B | 1.07B | 857.00M | 971.00M | 761.00M |
| Operating Cash Flow | 1.30B | 1.47B | 1.69B | 1.69B | 2.03B | 1.62B |
| Investing Cash Flow | -1.07B | -1.11B | -1.14B | -1.67B | -3.76B | -4.18B |
| Financing Cash Flow | -479.00M | -505.00M | -452.00M | -175.00M | 1.46B | 2.62B |
Stillfront Group AB Technical Analysis
Negative
6.38
Price Trends
4.87
Negative
4.61
Negative
5.26
Negative
Market Momentum
-0.13
Negative
41.61
Neutral
33.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SF, the sentiment is Negative. The current price of 6.38 is above the 20-day moving average (MA) of 4.27, above the 50-day MA of 4.87, and above the 200-day MA of 5.26, indicating a bearish trend. The MACD of -0.13 indicates Negative momentum. The RSI at 41.61 is Neutral, neither overbought nor oversold. The STOCH value of 33.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SF.
Stillfront Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr515.64M | 19.70 | 12.65% | 9.28% | -19.83% | -72.63% | |
60 Neutral | kr13.94B | 158.67 | 22.69% | 3.16% | -1.05% | -84.87% | |
60 Neutral | kr1.54B | -0.82 | ― | ― | -15.13% | -602.18% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | kr2.24B | -0.94 | ― | ― | -15.98% | 69.06% | |
51 Neutral | kr193.41M | -19.44 | -3.04% | 13.12% | 4.39% | -6331.67% | |
45 Neutral | kr155.02M | -0.33 | -76.88% | ― | -8.66% | -91.13% |
* General Sector Average
SE:SF
Stillfront Group AB
4.27
-2.65
-38.31%
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Stillfront Group AB Corporate Events
Stillfront Schedules Webcast to Present Q2 2026 Results
Jul 10, 2026
Stillfront Group AB, a Stockholm-based global games company, develops a diversified portfolio of digital titles including well-known franchises like BIG, Jawaker and Supremacy, reaching roughly 36 million monthly players across major markets such ...
Stillfront Extends EUR 60 Million Term Loan to 2028, Bolstering Debt Profile
Jul 7, 2026
Stillfront Group AB has extended and amended its unsecured EUR 60 million term loan facility with Swedish Export Credit Corporation, pushing the maturity out by one year to September 2028. The company has also aligned the facility’s terms wi...
Stillfront launches CEO succession as Alexis Bonte plans orderly exit
Jun 30, 2026
Stillfront Group AB has begun a CEO succession process, with current chief executive Alexis Bonte agreeing with the board to initiate a search for his successor while remaining in post until a new leader is appointed. The move is designed to ensur...
Stillfront’s Treasury Share Holding Drops Below Five Percent After Earn‑Out Transfers
Jun 26, 2026
Stillfront Group AB said its holding of own shares has fallen below five percent of total shares and votes, after transferring stock to fulfill earn-out obligations tied to past acquisitions. The company now holds 2,981,335 treasury shares, equal ...
Stillfront streamlines portfolio with Gameberry settlement and OFM sale
Jun 3, 2026
Stillfront Group has restructured parts of its portfolio by securing an early settlement with India-based Gameberry Labs and divesting German studio OFM Studios for a combined consideration of about SEK 268 million. Under the agreement, Gameberry ...
Stillfront AGM Approves Accounts, Board Changes and New Share Authorities
May 13, 2026
Stillfront Group AB’s annual general meeting approved the 2025 financial statements, decided to carry forward profits, discharged the board and CEO from liability, and endorsed the remuneration report. Shareholders confirmed the existing boa...
Stillfront Holds Revenue Steady but Sees Margin Pressure in Q1 2026
Apr 29, 2026
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 re...
Stillfront Tightens Capital Structure With New SEK 2 Billion Credit Facility
Apr 28, 2026
Stillfront Group has secured an amended unsecured revolving credit facility of SEK 2.0 billion maturing in June 2028, replacing a previous SEK 2.5 billion facility and aligning with the redemption of its senior unsecured floating rate bonds maturi...
Stillfront Moves Earlier Time for Q1 2026 Results Webcast
Apr 27, 2026
Stillfront Group AB, a Stockholm-based global developer of digital games with a portfolio spanning major franchises and niche titles, serves roughly 35 million monthly players across core markets including the U.S., Japan, MENA, Germany and the U....
Stillfront Releases 2025 Annual Report Emphasizing Long-Term Gaming Franchises
Apr 22, 2026
Stillfront Group AB has published its 2025 annual report, presenting a combined view of the group’s financial and non-financial performance in a single document. The report outlines audited financial statements, a sustainability statement pr...
Stillfront sets date for Q1 2026 earnings release and webcast
Apr 15, 2026
Stillfront Group AB will publish its financial results for the first quarter of 2026 on April 29 at 7:00 a.m. CEST and follow up with a live webcast presentation at 10:00 a.m. CEST the same day. President and CEO Alexis Bonte and CFO Emily Villatt...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.