Stillfront Group AB (publ) SF

Stockholm | Technology | Digital free-to-play games (mobile and browser)
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Updated: 25 Sep 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.

Q2 results confirm the margin turnaround and strong cash flow, supporting a hold signal while organic growth outside key franchises still needs to stabilize.

Market sentiment Positive ↑
Trend: Improving

The market is focusing 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
  • 25 Jul 2026 — Results demonstrate margin turnaround and double-digit growth in key franchises, strengthening the profitability outlook.

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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 (Q3)
23 Oct 2026
Catalysts
●
23 Oct 2026
Q3 report 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

Q2 results confirm the margin turnaround and strong cash flow, supporting a hold signal while organic growth outside key franchises still needs to stabilize.

Recent news
  • The share price has risen from around 6.70 SEK to approximately 7.30 SEK during the period, supported by a technical breakout from a falling trend channel and reduced short interest from international players.

Key figures

Revenue
Q2 2026
SEK 1.3B
EBITDA
Q2 2026
SEK 387M
Net income
Q2 2026
SEK 212M
Cash
Q2 2026
SEK 907M
Total debt
As reported
SEK 4.4B
Gross margin
Q2 2026
84.0%
Exchange
Stockholm
Type
Technology
Sector
Digital free-to-play games (mobile and browser)
Stillfront Group AB (publ) SF
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