Stillfront Group AB (publ) SF

Stockholm | Technology | Digital free-to-play games (mobile and browser)
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Updated: 2 Nov 2026 Base analysis: 6 Apr 2026

The news check keeps the assessment current.

General analysis — not personal advice.

HOLD Clear

Wait for clearer signs of stabilisation in organic growth outside key franchises before considering larger increases.

Q3 results confirm the margin turnaround and strong cash flow, supporting the hold signal while organic growth outside key franchises still needs to stabilise.

Market sentiment Positive ↑
Trend: Improving

The market focuses on improved profitability and cash flow rather than weak overall growth.

Risk assessment Medium
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

HOLD is the call. Positive is the market mood. Medium risk means some things can go wrong.

Latest change
  • 24 Oct 2026 — Report confirms margin turnaround and strong cash flow following the Q3 results.

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About 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 (Q4)
4 Feb 2027
Catalysts
●
4 Feb 2027
Q4 2026 earnings release High
Bull case

Key franchises continue to deliver double-digit organic growth and margins are improving clearly.

Bear case

Overall organic growth remains negative and leverage requires continued focus on cash flow.

Why this signal

Q3 results confirm the margin turnaround and strong cash flow, supporting the hold signal while organic growth outside key franchises still needs to stabilise.

Recent news
  • Marcus Jacobs formally assumed the role of President & Group CEO on 1 November 2026. The Q3 report showed key franchises growing organically by 8 % while group organic growth was −1 %. Free cash flow strengthened to SEK 256 million and net income rose to SEK 95 million.

Key figures

Revenue
Q3 2026
SEK 1.3B
EBITDA
Q3 2026
SEK 366M
Net income
Q3 2026
SEK 95.0M
Cash
as_of
SEK 758M
Total debt
incl. cash earnout NTM
SEK 4,223M
Gross margin
Q3 2026
83.0%
Shares outstanding
latest
SHARES 518M
EPS
Q3 2026
SEK 0.18
Exchange
Stockholm
Type
Technology
Sector
Digital free-to-play games (mobile and browser)
Stillfront Group AB (publ) SF
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