Swedish roll-up group Stillfront announced another revenue decline, the sale of its narrative games and a restructure in its Q4 results.
The Goodgame, Supremacy, Jawaker and Sandbox Interactive owner saw revenue decline 9.4% year-on-year to 1,356m SEK, or ~$151.3m, for the quarter ended December 31 2025.
Goodgame’s Big Farm: Homestead was cited as having encouraging early metrics, while the Supremacy: Warhammer 40,000 game, which was expected to launch in Q4 2025, has been pushed back as it “did not yet meet the higher quality thresholds we now require”. It will now launch later this year.
Profitability as measured by EBITDAC was up a little, from 25% a year ago to 27% in Q425 at 368m SEK, or ~$41m. The margin improvement was down to cost savings, disciplined UA and growth in direct to consumer bookings, the company said.
D2C revenue now accounts for 45% of bookings, up from 34% the year prior, and UA spend was 26% of revenue in the quarter, down from 30% in Q424.
Stillfront was keen to stress its cash position of 290m SEK or ~$32.4m, though this was down year-on-year from 342m SEK (~$38.2m). The company also sold off what it called its “non-core narrative portfolio” for $4m, $2.5m of which was settled in Q425. Stillfront’s board of directors proposed no dividend for 2025.
Stillfront also noted an impairment totaling SEK 2,258m or ~$251.8m, “related to goodwill and other acquisition-related intangible assets”
The company will now be consolidating its reporting structure down from three groups – North America, Europe, MENA & APAC – to one. This is in order to focus on its key franchises, named as Supremacy, Big, Empire, Albion, Board, Jawaker and Bitlife. This will be effective Q126.
The company’s previously-announced strategic review is ongoing, said CEO Alexis Bonte. “We will continue to assess the performance of our games portfolio and will undertake measures, including sunsetting games where necessary.”
