contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


arbitrator-has-determined-in-favor-of-stillfront-in-arbitration-process-with-certain-sellers-of-kixeye-inc

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Stillfront Group operates in the gaming industry and focuses on the development and distribution of mobile and browser-based games. The company's products are aimed at gamers seeking entertainment and gaming experiences. The business is global with a primary presence in Europe, North America and Asia. Stillfront Group was founded in 2010 and is headquartered in Stockholm, Sweden.

Let’s update a few recent developments:  New CFO Emily Villatte bought 200k shares at a price of approximately 4.26 SEK (about €80k – a decent “skin in the game” for a new hire). The two largest owners, Laureus Capital (GoodGame founders) and Knuth Capital (Jawaker founders), with a combined 23% stake, demanded the convening of a general meeting about two months ahead of schedule and are changing the board composition (the new Chairman will come from within the board, including the former H&M CEO and current IKEA Chairman; a couple of old members remain, and the two largest owners appoint three new members). Media comments highlighted “differences in strategic vision” between the former Chairman and the owners, as well as “no time to waste” – the old board was indeed full of Swedish “bureaucrats,” and on the other hand, Laureus Capital had already voted against discharging the board from liability at the 2024 AGM. It remains to be seen in which direction the company, which has undergone a transformation process, will be guided from here on, but at least there is now “skin in the game” on the board. The recent drop on Friday was triggered when a nomination committee representative, serving as a “professional board member” for Handelsbanken, decided to step aside – after all, he had been bypassed by the owners, and Handelsbanken has been selling shares into the market for about a year. The stock’s momentum has been very weak, and the buy side has mainly consisted of the company itself (a stake of about 6% purchased from zero in the fall in about five months) – this week an announcement was made regarding the completion of the previous buyback program, and we’ll see if the current board still has the motivation to continue with a new program (or if they wait until the EGM). Based on public data, the game portfolio has developed very positively regarding the largest games:   Jawaker, well-known in Arab culture (28% growth in Q4, approximately 16% of the company’s revenue in 2025), is somewhat exposed to the situation in the Middle East (at least if internet connections fail), but according to SensorTower data, Q/Q development is at least not negative (even slightly growing). The war-themed strategy game trilogy Supremacy has developed very positively across both Steam and mobile game channels (figures for Stillfront’s own browser version are not public), even though the fourth game in the series (Warhammer 40k) has not been released yet. The games were clearly marketed anyway in January/February as player counts rose, but especially the Iran vs. USA situation has accelerated the numbers for Supremacy: WW3 (Steam is clearly an “onboarding channel” for the game, as the games grew y/y also in Q4, even though player activity on Steam was clearly lower – unlike Q1 so far):     The new addition to the Big Farm game series, “Big Farm Homestead,” seems to be a success at least on par with Sunshine Island (released in 2023); furthermore, Sunshine Island’s metrics also appear to have improved Q/Q (Q4 growth was already 34% organically, without significant contribution from the new game released in December).    Otherwise, major negative or positive trends are hard to spot. Bitlife looks slightly negative on SensorTower, but on the other hand, there has been a focus on D2C channels since Q4, affecting the numbers. Albion Online is preparing for an Xbox release in Q2, which is a very interesting expansion (previously entirely PC / slightly mobile).  The stock is down -37% YTD, and this has also fueled shorts following the momentum trend (about 6% vs. 1.5% in the fall). It may be that we have to wait for a catalyst at least until the next earnings release at the end of April, but a 41% LTM FCF yield has kept me loading up on the stock.

Market timing didn’t go right (this time either). Revenue was pretty much in line with forecasts regarding organic growth, but the result was weak (Adj. EBITDAC -8% vs. consensus), mainly due to a larger impact from foreign exchange rates than analysts had predicted. The biggest disappointment for me (and likely for the market) was the management’s reticence and even anemia in providing guidance for the coming year or even the current quarter, which the company has historically (though often with poor success) provided. The strategic review is still ongoing, so perhaps something is still brewing under the surface, even though we’ve been waiting for bigger news for a long time. In any case, the YTD share price performance is -29% and short interest is at its short-term peak at 4.85% – AI anemia in the gaming market probably doesn’t help. Regarding new game releases, BIG Farm: Homestead was mentioned as showing good early signs, as can be seen from Sensor Tower data. Supremacy: Warhammer, on the other hand, still hasn’t seen an official launch date, meaning late-stage development has taken longer than expected despite the Beta phase. Albion Online is coming as a console version to Xbox in late spring. The biggest takeaway from the report is likely the new segment reporting, the informational value of which is a double-edged sword compared to the previous one. On one hand, there’s even less visibility into the bottom lines, but for strategic IPs, franchise-level growth figures and revenues were provided. Along with the increased earn-outs, the new data shows Jawaker (now the largest IP by revenue) to be the jewel of this scrap heap, growing again by over 20% annually (even closer to 30% in Q4) and generating about a 70% margin without significant capex (earn-outs + segment-level capex as the source). Market cap for the company is 2.4bn SEK and debt including earn-outs is 5bn SEK (net debt 2.0x adj. EBITDA - capex). LTM free cash flow is 922m SEK and FCFE yield approx. 38%. Uncertain future and poor-quality execution, but it isn’t expensive…                   Stillfront Group              Stillfront’s Full-Year Report 2025 – Margin expansion despite revenue decline...    Financial highlights Q4 2025 Net revenue of SEK 1,356 (1,660) million decreased by 9 (-5) percent organically. Gross margin of…

There isn’t much activity in this thread, so let’s post this news here. Pareto has named Stillfront as one of its Top 15 Swedish stock picks for 2026. I couldn’t find a direct link to this from Pareto itself, but I came across this on Nordnet and it was also found elsewhere: https://www.marketscreener.com/news/pareto-unveils-its-15-top-stock-picks-for-2026-ce7e58dedf88f427

Stillfront shares were traded today at a cheap -7.21% discount compared to Monday’s price (1-week return -13%), while our western neighbor’s index rallied with a +2.25% gain. To structure my own thinking, here are a few recent observations following the end of Q4:  Stillfront has bought back about 4.8% of the company’s shares since October 24 (76% of the announced buyback program), which has been a quite significant part of the daily volume. As we are within 30 days of the upcoming Q4 report, the program has been suspended – this has partly changed the stock’s dynamics and possibly exposed it to speculative attacks? Short interest in the stock has risen from 1-1.5% in the fall to as much as 3.9%, which is already a significant signal of a contrarian market view (the largest shorts are quantitative hedge funds). Volatile price action is therefore certainly expected before the report, and currently, there are clearly no major institutions on the buy side loading up (on the other hand, Handelsbanken and the AP1 pension fund have been selling/trimming). Supremacy: Warhammer 40,000 has been pushed to a Q1 release due to larger-than-expected bug fixes highlighted by the active audience during the beta phase (still ongoing). This is a negative for the stock, but in my opinion, small in scale – a one-quarter delay is relatively minor, and Q4 at least won’t see significant marketing costs for this game (likely weighted toward Q1-Q2). The most important thing, of course, is to get the game ready for the market. Two other new games, Big Farm: Homestead and Unfolded: Webtoon Stories, are both successful releases for their respective studios compared to older games, based on Sensor Tower data. It’s hard to get a true picture with this data, but I would venture to say the games are at least meeting expectations, considering e.g., the freshness of Homestead’s international release (Dec 1, 2025):  Top 4 games from the weakly performing Nanobit:  Sunshine Island was a success, reaching Big Farm: Mobile Harvest’s revenue in 2-3 quarters (vs Homestead in perhaps just one?):  Otherwise, the Supremacy series seems a bit soft in terms of activity (excl. the days after Christmas), but on the other hand, e.g., Bitlife, Sunshine Island, Jawaker, and Ludo Club seem to have developed positively during the quarter. Also, for Home Design Makeover, (surprisingly?) clear customer acquisition has been carried out, with download numbers increasing significantly in December – hopefully, this won’t be reflected as weaker margins in the NA segment. All in all, it looks like Q4 has been spent (successfully?) preparing for 2026, and hopefully, this will be reflected in the guidance. All of the above is irresponsible speculation amidst a wealth/fragmentation of information.

Q4 is nearing its halfway point, and the most active period for mobile gaming has begun. Here are a few observations from recent weeks.   Own share repurchases: Between 24.10 and 11.11, Stillfront has repurchased 7,405,000 of its own shares (approximately 47mSEK / 210mSEK of the program). The entire program represents about 6% of the market capitalization. (Stockholm Repurchase of Own Shares | Nasdaq)   Insider purchases: Board member Markus Jacobs (a gaming industry veteran from EA and King, among others) bought 140,000 shares at the turn of the month for 891kSEK (approx. 82kEUR, a significant sum for a board position). His ownership is now 355k shares, with previous smaller purchases in August.   New game soft launches:   Big Farm Homestead has been available in limited release in the US Google Play Store since summer. The game aims to build on the successes familiar from Sunshine Island, and initial comments are cautiously positive despite limited content (poor reviews mainly due to restricted levels). According to the Q3 report, the game’s global launch is at the end of the quarter, so the biggest impact on figures will only be in 2026.    Supremacy: Warhammer 40k, for which Stillfront likely has the highest expectations, has gradually added countries to its Beta version. More content will be added before the actual release, and on Discord, for example, the game’s development team is in close discussion with dedicated players about bugs, game mechanics, etc. No actual data is available yet, but based on information received today (Discord), the global launch will happen “before the holidays,” contrary to the earlier 17.11 indication. This means development will continue slightly longer than expected due to player feedback, which has included positive comments in addition to development suggestions – negative for Q4 revenue, but in the long run, this is certainly preferable.   Nanobit’s new Unfolded: Webtoon Stories, which has also been pre-released in the US, among other places, appears to be a weak game at least at this stage, based on reviews. Of course, I personally haven’t set any expectations for this hypercasual narrative game, and Nanobit’s previous games are not very relevant to the group’s revenue generation (Nanobit’s entire 3-month revenue for three games is $300k on iOS vs. e.g., Jawaker $1m – which also has a larger D2C share – and Bitlife $600k).     Old games: Due to Stillfront’s “patchwork” nature, it is very difficult to estimate the growth of “Key franchise” games (many games, many countries, many platforms, D2C / 3rd party stores, etc.), but I have not noticed any significant weakening in any game when moving from Q3 to Q4 (note: I mainly follow Sensor Tower’s free data in relation to other games, and it only shows a small part of Stillfront’s earnings in terms of revenue, thus mainly indicating an increase/decrease in activity relative to the rest of the market. For Albion, Steam is also relevant, but most players play directly through Stillfront’s interface). However, a few clear positive observations can be found:  Bitlife, whose development was somewhat subdued in Q3 due to, among other things, investment in D2C payment channels, has now shown very positive results due to Halloween updates (Vampire theme bit?  ). The game has risen to among the top 40 most downloaded games on iOS in the US from around 100-150th place in a 3-month review.    Sunshine Island, released in 2023, which based on comments continued strong performance already in Q3/25, still seems to have accelerated activity for Q4 (below is a 3-month graph of game downloads on iOS in the US in the “Family” category). It is also noteworthy that the game is already among Stillfront’s top 3 highest-revenue-generating individual games, if only Sensor Tower’s Google Play / iOS are considered – the top 3 are Jawaker, Supremacy: ww3, and Sunshine Island.     Google Play fees: Not a Q4 matter yet, apparently (awaiting court approval), but on 4.11, an agreement between Epic and Google was announced, which attracted attention in the gaming industry. It concerned the long-running monopoly dispute over Google Play Store fees and openness. The parties agreed that Google would drop its own fee share from approximately 15/30% (under/over 1 million payments) to 9/20% (depending on the payment type) and open Google Play to third-party payment solutions (such as Stillfront’s D2C) without a separate fee. This will have a positive impact on game gross margins and thus on the profitability of mobile gaming companies with leverage over time. As one example of the challenges of the current setup, Sunshine Island has roughly the same number of downloads on iOS / Android, but Android has €700k in monthly revenue vs. €300k on iOS according to Sensor Tower (presumably a larger portion of iOS revenue goes through Stillfront’s own payment service with a higher gross margin).   Overall, it feels like the momentum in the portfolio is currently better than what could be seen at the time of the Q3 earnings release. On the other hand, Q4 revenue will not get much help from new releases, but I see 2/3 of the games as quite potential contributors to organic growth in 2026. Edit. The situation in point 5 was not finalized, as a judge in the US did not approve the settlement, seeing elements that still restrict competition. No wonder, with Google and Epic as parties

In the absence of discussion, let’s continue with an informative approach. Stillfront published its Q3 results on Thursday, with revenue and adj. EBITDAC (Adj. EBITDA - capex) already known in advance. Thus, no major surprises were seen, but a few observations (positives / negatives): \+ Both Europe and Asia / Middle East growing, negative growth purely driven by the United States (weak organic development + restructuring) \+ Three new games are being released imminently (the previous one being Sunshine Island 2023), which finally creates belief in better organic revenue development in 2026 (though analysts remain cautious about 2026 growth). The impact on Q4 is moderate (excluding increased marketing costs) due to the late release timing. \+ DTC channel revenue share grew 33% → 44% y/y, which is a high level compared to the industry. This had a +3ppt impact on gross margin (which, of course, scales significantly to the bottom line), even though players are attracted to DTC channels with significant discounts during the transformation phase. \- Cash flow was disappointing, but mainly due to NWC fluctuations and abnormally high taxes (LTM cash flow still >900mSEK) \- No divestment news, but regarding the strategic review, the continuous exploration of divestments was explicitly mentioned – on the other hand, winding down unproductive operations increases the significance of valuable assets, bringing out value without divestments \- Q4 revenue growth will be closer to H1’s weak levels due to the partial shutdown in the United States and lower UAC usage at the end of Q3, with the focus being on Q4 new game releases –- however, the market seems to be gradually looking past this quarter. In addition, the board initiated fairly large share buyback programs for earn-out payments (SEK 210m, or 6.4% of market value). On the other hand, this would imply that there is no acute insider project regarding divestments on the board’s table (if I understand insider trading legislation correctly). Before the results, Cantor, among others, surprisingly raised its target price from SEK 6 to SEK 14, and after the Q3 results, Pareto, which had been bearish recently, raised its target price from SEK 6 to SEK 9. The share price also rose +19% in a week, but the YTD graph looks more like Linnanmäki’s wooden roller coaster than a stock price – YTD still -24%. Next in sight are the three game releases in November/December (the first significant one being Supremacy: Warhammer 40k) and the anticipation of potential divestment news. A new CFO starts at the beginning of the year (although I personally liked the interim CFO’s firm communication), and hopefully, a comprehensive CMD will be held after the strategic review concludes early next year.            stillfront.com              stillfront-quarterly-report-q3-2025-251023.pdf    525.71 KB

Positive news from Stillfront regarding profitability, against the backdrop of actions weighing on revenue as the portfolio continues to focus on the most important franchises. In any case, the strategy is progressing, and hopefully positive news will continue to be received. Results on Thursday, October 23rd.                   Stillfront Group              Stillfront expects higher adjusted EBITDAC in the third quarter of 2025...    Stillfront expects to report adjusted EBITDAC of SEK 436 million for the third quarter of 2025, which is higher than market expectations. This corresponds to an increase of 13 percent compared to the third quarter of 2024. The adjusted EBITDAC growth...

Stillfront Group

Stillfront today announced that the arbitrator has entered a decision in favor of Stillfront in the arbitration process with certain sellers of Kixeye Inc. and has ruled that Stillfront is not...

<div class="mfn-body"><p>Stillfront today announced that the arbitrator has entered a decision in favor of Stillfront in the arbitration process with certain sellers of Kixeye Inc. and has ruled that Stillfront is not liable for any earnout payments to the Kixeye sellers. The arbitration process concerned the dispute that arose between Stillfront Midco AB and certain sellers of Kixeye Inc. in connection with the earnout determination process for the financial year 2019, as disclosed in Stillfront's interim report for the third quarter 2021. </p></div><div class="mfn-footer mfn-about mfn-1791670b465d"><p><strong class="mfn-heading-1">About Stillfront</strong></p><hr><p>Stillfront is a global games company founded in 2010. We develop digital games for a diverse gaming audience and our broad games portfolio is enjoyed by more than 50 million people every month. Stillfront is focused on realizing synergies by connecting and empowering game teams globally through our Stillops platform. We are a fast-growing company and an active global strategic acquirer. Our 1,400+ professionals thrive in an organization that embodies the spirit of entrepreneurship. Stillfront shares (SF) are listed on Nasdaq Stockholm. For further information, please visit: <a rel="noopener" href="https://www.stillfront.com/en/">stillfront.com</a></p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a rel="noopener" href="https://storage.mfn.se/2d63c97b-ed44-40e1-bf46-52438b953731/arbitrator-has-determined-in-favor-of-stillfront-in-arbitration-process-with-certain-sellers-of-kixeye-inc.pdf" class="mfn-generated mfn-primary">Arbitrator has determined in favor of Stillfront in arbitration process with certain sellers of Kixeye Inc.</a></p></div>