Stillfront Group AB (publ) SF
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Full analysis: 6 Apr 2026
Latest news check: 25 Jul 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Wait for clearer signs of stabilisation in organic growth outside key franchises before considering larger increases.
The Q2 result confirms the margin turnaround and strong cash flow, supporting an update of the signal from review to hold while organic growth outside key franchises still needs to stabilise.
Market sentiment
7/10
↑
Trend: Improving
Sentiment has improved after the report. The market now focuses on margin expansion and cash flow rather than the weak overall organic growth.
Price context
At SEK 4.20 pre-report the price reflected a depressed setup; the sharp rally after the beat shows the market is quickly re-rating the profitability improvement.
Risk assessment
6/10
Dilution:
Medium
Possible share issues for earn-outs remain a medium risk.
Jurisdiction:
Low
Sweden-listed; mostly low political risk
Execution:
High
Turnaround depends on reversing organic decline
Recent changes
- Results demonstrate margin turnaround and double-digit growth in key franchises, strengthening the profitability outlook.
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Show all changes (4) — follow the company freeAbout the company
Stillfront Group AB (publ) is a global gaming group that develops, acquires, and operates free-to-play titles with a live-ops, long-life portfolio approach. The company is operationally cash-flow positive with improving margins, but faces negative organic growth and relatively high leverage after prior M&A expansion.
Sector:
Digital free-to-play games (mobile and browser)
Type:
Tech
Next report
23 Oct 2026
Q3
Catalysts
23 Oct 2026
Q3 report
High
Horizon:
Bull case
Key franchises continue to deliver double-digit organic growth and margins are improving markedly.
Bear case
Overall organic growth remains negative and leverage requires continued focus on cash flow.
Signal rationale (informational)
The Q2 result confirms the margin turnaround and strong cash flow, supporting an update of the signal from review to hold while organic growth outside key franchises still needs to stabilise.
Recent news
- Stillfront published the Q2 report on 24 July with revenue of SEK 1 323 m, adjusted EBITDAC margin of 29 % and free cash flow of SEK 519 m. Key franchises delivered 10 % organic growth for the second consecutive quarter and the share rose 29–33 % on the day.
Key figures
Revenue
Q2 2026
SEK 1.3B
EBITDA
Q2 2026
SEK 0.4B
Net income
Q2 2026
SEK 0.2B
Cash
Q2 2026
SEK 907M
Total debt
Q2 2026
SEK 4.6B
Gross margin
Q2 2026
84.0%
Price & valuation
Last close
SEK 6.65
1 week
-0.4 %
3 months
+20.0 %
12 months
+37.3 %
From 52w high
-3.6 %
From 52w low
+90.7 %
Exchange
Stockholm
Type
Technology
Sector
Digital free-to-play games (mobile and browser)
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.