Stillfront Q3 2026: revenue falls to SEK 1,291 million, key franchises grow 8% organically

what happened

Swedish games company Stillfront published its interim report for the third quarter of 2026, according to TradingView. Net revenue came to SEK 1,291 million against SEK 1,373 million a year earlier, an organic decline of 1%, compared with 8% a year ago. Revenue from key franchises grew organically by 8%, with BIG, Empire and Board named as the main drivers. It was the fifth straight quarter of organic growth in that segment.

Adjusted EBITDAC fell 16% to SEK 366 million, and its margin narrowed to 28% from 32%. Net profit rose to SEK 95 million from SEK 55 million, while free cash flow increased to SEK 256 million from SEK 183 million. The adjusted leverage ratio, including cash earnout payments for the next 12 months, rose to 2.21x from 2.06x.

why it matters

Investors should note two points: growth in key titles has not offset pressure on profitability, and debt metrics have worsened. Other games, which the company manages for cash generation, continue to decline. The report was later republished with a Market Abuse Regulation footer added, with the figures unchanged.

market impact

Stillfront shares (SF): lower EBITDAC and higher leverage put pressure on the stock's valuation

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