Stillfront’s "key franchises" see second consecutive quarter of double-digit organic growth

• Stillfront generated SEK 1.3 billion ($135.8 million) in net revenue this Q2.
• Key franchises grew by 10% organically while "other games" declined by 24%.

Swedish games organisation Stillfront generated SEK 1.3 billion ($135.8 million) in net revenue during Q2 2026.

The quarter saw 10% organic growth in key franchises, and was in fact the second consecutive quarter of organic double-digit growth among these IPs.

Despite this growth, net revenue actually fell 7% year-over-year, down from SEK 1.4bn ($147.5m) in Q2 2025. The decline was partially attributed to a 24% decline in "other games".

Stillfront’s gross profit has also fallen Y/Y, down 5% to SEK 1.1bn ($114.2m) in Q2 2026. While this figure fell, gross profit margin actually grew from 82% to 84%.

A similar result was observed in Q1, when direct-to-consumer bookings were highlighted for improving gross margins. A "higher share of D2C" was again acknowledged in Q2 on a Y/Y basis.

Adjusted EBITDA also increased from SEK 493m ($50.6m) in Q2 2025 to SEK 503m ($51.7m) in Q2 2026.

Games on the rise

Stillfront’s strategy has been focused on building a more franchise-led company. Group CEO and president Alexis Bonte suggested Q2 represented further progress in this.

He also highlighted a strengthening of profitability and noted the "normalisation of user acquisition investments" after the launch phase of Big Farm: Homestead, and a broader UA cost reduction later in the quarter.

The Big Farm brand grew by 72% organically with SEK 172m ($17.7m) in net revenue, up considerably Y/Y. Big Farm: Homestead maintained momentum post-launch even with lower UA costs, meanwhile Sunshine Island remained "a strong contributor to franchise performance".

At the same time, the Empire IP saw its highest quarterly net revenue since 2024, while investments continued in the development of new title Empire: Titans and Dragons.

"The number I actually care about: our key franchises grew 10% organically. Second quarter in a row of double-digit growth. That's the strategy working," Bonte reiterated on LinkedIn.

"My favourite example this quarter is Empire. The game is 14 years old and it grew 2% Y/Y, its best quarter since 2024. 14 years. Most mobile games don't survive their first year."

Elsewhere in Stillfront’s portfolio, subsidiary Jawaker’s net revenue hit SEK 223m ($22.9m), up both quarter-over-quarter and Y/Y with 11% organic growth. Commercial activity was described as having "rebounded" after a slowdown experienced in Q1. This studio’s focus remains on expanding in Syria and Iraq.

"We made a decision to stop spreading capital thinly across a long tail of games and concentrate it behind the franchises with stronger and larger communities and real staying power. Fewer bets. Bigger ones. Games we intend to run for the next decade, not the next quarter," Bonte added.

He is set to leave the publisher with a CEO succession process initiated, remaining in the role until a new chief executive officer has been appointed.