Stillfront Group entered Q3 2026 earnings with investors already bruised. The share price fell about 25% over the past week and roughly 23% over the past month, even with a small 3% gain over 90 days. Expectations were low. The print itself was more nuanced. Net revenue landed at about SEK 1.3b, and adjusted EBITDAC of SEK 366m kept the adjusted margin at a high 28%. However, headline earnings per share of SEK 0.18 marked a sharp step down from earlier in the year.
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Q3 2026 Earnings Summary
- Revenue (Q3 2026 vs. Q3 2025): SEK 1,392m vs. SEK 1,468m (fell 5%)
- Net Income, excl. extra items (Q3 2026 vs. Q3 2025): SEK 95m vs. SEK 55m (up 73%)
- Basic EPS (Q3 2026 vs. Q3 2025): SEK 0.18 vs. SEK 0.11 (up 73%)
- Adjusted EBITDAC Margin (Q3 2026 vs. Q3 2025): 28% vs. 28% (stable, strong profitability maintained)
Prefer clear visuals instead of a long list of EPS figures and margin tables? Explore Stillfront Group’s full financial picture, including how analysts are framing future earnings power, in the interactive company report for Stillfront Group.
Evaluating Stillfront’s Margin And Cash Flow Ambitions
The bullish setup around Stillfront Group hinges on structural self help more than fast top line growth.
"Completion of the cost optimization program ahead of schedule, combined with major fixed cost cuts in North America and ongoing discipline in user acquisition, is creating a leaner operating base that can support higher EBITDAC margin and stronger free cash flow from the same or even lower revenue levels."
Q3 results give this claim real backing. Adjusted EBITDAC margin held at a high 28% even with softer revenue and a shrinking long tail of titles. User acquisition stayed contained at 24% of sales while key franchises grew and now generate about three quarters of group revenue. Free cash flow of roughly SEK 250m for the quarter and about SEK 1.1b over the past year, alongside SEK 377m of debt repayment and leverage near 2.2x, show that margin discipline is translating into tangible cash and faster deleveraging.
The price and this Narrative do not agree. → Uncover what this Narrative says Stillfront Group is actually worth.
Stillfront Bear Case: Pipeline Ambitions Versus Execution Reality
Bears worry that Stillfront Group’s future in Europe relies on a fragile launch slate that might never fully scale.
"Although the pipeline of new titles in Europe, including Big Farm: Homestead and Warhammer 40,000 Supremacy, could support a gradual return to growth, execution risk around launching and scaling these games means that revenue uplift may be slower and less pronounced than implied by current expectations."
Q3 partly pushes back on that fear. Big Farm: Homestead helped drive a 78% organic jump for the BIG franchise, which is a clear execution win. At the same time, Supremacy revenue fell 10% organically and still sits in soft launch, so the flagship wargame is not yet a proven growth engine. The pipeline is working unevenly rather than failing outright.
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