Stillfront Group

What Stillfront Group does

Stillfront Group AB (publ.) is a Swedish public free-to-play game publisher and creator headquartered in Stockholm, listed on Nasdaq Stockholm (ticker SF). Founded in 2010 by Jörgen Larsson, the company operates a portfolio of more than 100 active games across strategy, simulation, RPG, action, and casual genres, organized around seven key franchises, with BIG, Jawaker, and Supremacy representing the largest. As of 2026, Stillfront serves approximately 38 million monthly active players globally, with principal markets in North America, Europe, MENA, Japan, and the UK. The portfolio was assembled through an extended series of studio acquisitions, including Goodgame Studios (2018), KIXEYE (2019), Storm8 and Candywriter (2020), Moonfrog Labs, Game Labs, and Jawaker (2021), and 6Waves (2022).

The underlying technology stack centers on the proprietary Stillops platform — launched in 2023 as part of the "Stillfront IV" initiative — which provides shared global Games Services including ad monetization, direct-to-consumer payments, data and analytics, IT security, marketing, and an internal AI hub used for game development and operations. Stillfront ID, introduced in 2024, provides a single-account login across the game ecosystem, enabling cross-game features and a D2C payments layer intended to reduce platform intermediary dependence. The company operates through acquired but brand-retained studios (Bytro Labs, Simutronics, Babil Games, eRepublik Labs, Goodgame Studios, Imperia Online, Playa Games, KIXEYE, Moonfrog Labs, Game Labs, Jawaker, 6Waves) and has begun a portfolio rationalization in 2026.

Stillfront generates revenue primarily through in-app purchases in free-to-play games, supplemented by in-game advertising (approximately 12–13% of total bookings) and growing direct-to-consumer payments. The pricing model is freemium: games are free to download with optional microtransactions for virtual goods, currency packs, and premium content. Reported FY2025 net revenue was SEK 5,710 million (down from SEK 6,737 million in 2024) with adjusted EBITDAC of SEK 1,580 million (28% margin, expanding from 25% in 2024). Q1 2026 returned to flat organic growth at SEK 1,333 million, with adjusted EBITDAC of SEK 311 million (23% margin), gross margin of 84% (+3pp YoY), and FY2025 free cash flow of SEK 922 million. The company carries SEK 4,381 million in total net debt including next-twelve-months cash earnout (2.22x adjusted leverage) and recorded a SEK 2,258 million non-cash impairment in FY2025.

Name

Stillfront Group

Legal name

Stillfront Group AB (publ.)

Website

https://stillfront.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Stillfront Group is a Swedish public free-to-play game publisher and creator operating 100+ games across seven key franchises including BIG, Jawaker, and Supremacy, serving 38 million monthly players globally via Steam, mobile stores, and direct-to-consumer channels.

Ownership category

akta.pro rank

Product category

Mobile and Online Gaming

NAICS

Software Publishers (5132)

SIC

Retail-Hobby, Toy & Game Shops (5945)

akta.pro primary industry

Digital Game Distribution Platforms & Storefronts (PC/Mobile/Console) (MPAFABAB)

akta.pro secondary industries

Publisher-Owned Direct-to-Consumer Stores (MPAFACAK), Game Backend & LiveOps Platforms (BaaS/Analytics/Hosting) (BPAMAKAL)

Keywords

• Free-to-play games
• Mobile game development
• Online strategy games
• Game publishing platform
• Social card games

Headquarters

HQ city

Linköping

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. In-App Purchases (IAP): Primary revenue stream from free-to-play games where players make microtransactions for virtual goods, upgrades, and premium content. Stillfront specializes in long-life-cycle games with high engagement that drive recurring in-app purchase revenue.
2. Advertising Revenue: Ad monetization through in-game advertising, with ad bookings representing approximately 12-13% of total bookings. The company operates its own ad monetization services within the Games Services infrastructure.
3. Direct-to-Consumer (D2C) Payments: Growing D2C payment revenue stream as the company shifts toward direct sales channels to improve profitability and customer engagement, bypassing platform intermediaries.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Stillfront Group is an independent games creator and publisher that develops and operates a diversified portfolio of free-to-play mobile, browser, and PC games spanning strategy, simulation, RPG, and casual genres. The company focuses on seven key franchises (notably BIG, Jawaker, and Supremacy) supported by a centralized Games Services infrastructure covering ad monetization, direct-to-consumer payments, data analytics, IT security, and a unified AI hub. Monetization is driven primarily by in-app purchases and in-game advertising across titles distributed via Steam, mobile app stores, and Stillfront's own D2C channels.

Product overview

Stillfront Group operates as a global games company developing a diversified portfolio of digital games spanning multiple genres including strategy, simulation, RPG, and casual games. The company focuses on seven key franchises, with BIG, Jawaker, and Supremacy representing the primary franchises supported by global Games Services. The portfolio includes well-established titles like Big Farm (farming simulation), Empire: Four Kingdoms and Goodgame Empire (strategy), Albion Online (MMORPG), and Supremacy 1914 (military strategy), alongside niche titles across various genres. Stillfront's operating model centers on supporting franchises with global services including ad monetization, direct-to-consumer payments, data analytics, IT security, marketing, and AI capabilities, with game development conducted by teams and studios worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• BIG Franchise: Key franchise including Big Farm and Big Farm: Homestead games
• Jawaker
• Supremacy
• Stillops
• Stillfront ID

Products and services

• Big Farm
• Big Farm: Homestead
• Jawaker
• Supremacy (Supremacy 1914 / Call of War)
• Empire: Four Kingdoms
• Albion Online
• Conflict of Nations
• Shakes & Fidget
• Goodgame Empire
• Sunshine Island Adventure Farm

Quantifiable outcome

• 38 million people play Stillfront games each month
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Gameberry LabsminorStrategic or Co-development Partner · 3 June 2026Moonfrog Labs (Stillfront subsidiary) entered into upfront settlement agreement with Gameberry Labs for early conclusion of payment obligations related to Ludo Games and ancillary titles. One-time upfront cash payment of USD 26.5 million from Gameberry to Moonfrog.
• OFM Studios GmbHminorOthers · 2 February 2026Stillfront divested OFM Studios GmbH to the founder of OFM through a management buyout for total consideration of EUR 2.1 million (approximately SEK 23 million).
• NexonminorOthers · 20 January 2022Nexon divested its 34.8% stake in 6Waves to Stillfront for approximately $93 million as part of Nexon's strategic growth plan alignment. Stillfront acquired 6Waves for $201 million to expand presence in Japan and East Asia.
• JawakercoreOthers · 10 September 2021Jordan-based online card game studio Jawaker was acquired by Stillfront Group for $205 million to strengthen Stillfront's presence in the MENA region and leverage Jawaker's regional expertise and growth potential.
• GodzilabminorOthers · 8 June 2021Stillfront acquired the mobile game Crush Them All from Godzilab in a cash deal. Stillfront planned to enhance game development through its subsidiary Imperia Online.

Scale indicators11 records

Recent moves3 records

Expansion highlights6 records

Direct peers

• Zynga: Zynga is a leading free-to-play mobile and social games publisher (now owned by Take-Two) focused on casual and mid-core genres with strong live-ops expertise. Comparable in freemium mechanics, advertising revenue mix, and D2C pivot away from platform stores.
• Playtika: Playtika is a publicly traded mobile games publisher specializing in casual and free-to-play titles with heavy reliance on in-app purchases and D2C monetization — directly comparable to Stillfront's strategy genre focus and freemium model.
• Embracer Group: Embracer is a Sweden-based gaming conglomerate built through aggressive acquisitions of studios and IP across PC, console, and mobile — directly comparable to Stillfront's roll-up model and portfolio of acquired studios across multiple genres.
• Modern Times Group (MTG): MTG is a Swedish-based gaming holding company with a portfolio of free-to-play mobile and PC games including strategy titles. Comparable as a Nordic peer with similar M&A-driven gaming portfolio model and recurring D2C and ad revenue streams.
• Rovio Entertainment: Rovio (now owned by Sega) is a Finnish mobile games developer and publisher known for Angry Birds and mid-core strategy titles. Comparable as a Nordic mobile/PC free-to-play publisher with similar genre mix and acquisition-driven growth history.

Emerging players

• Scopely: Scopely is a mobile games publisher and developer (acquired by Savvy Games) known for free-to-play titles like Monopoly GO and Stumble Guys. Comparable as a fast-growing free-to-play mobile publisher competing for the same D2C and IAP-driven revenue streams.
• SciPlay: SciPlay is a mobile and social casino games developer (majority-owned by Scientific Games) focused on casual free-to-play titles. Comparable as a smaller-scale, mobile-first publisher with similar IAP monetization and live-ops focus.

Broad incumbents

• Ubisoft: Ubisoft is a global games publisher with significant free-to-play live-service titles and a self-publishing D2C platform (Ubisoft Connect). Comparable as a broad incumbent pursuing long-life-cycle franchises and D2C distribution similar to Stillfront's strategy.
• Electronic Arts: EA is a global games publisher operating major franchises across mobile, PC, and console. Comparable as a broad incumbent in the same freemium/live-service model with significant D2C distribution (EA app, Origin) overlapping with Stillfront's strategy.
• Take-Two Interactive: Take-Two is a global games publisher spanning console, PC, and mobile through its 2K, Rockstar, and Zynga labels. Comparable as a broad incumbent publisher pursuing a D2C direct-sales strategy that competes with Stillfront's pivot toward D2C channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/stillfront
• YouTubeyoutube.com/channel/UCbvcsP_FRvtZW3icKP0Xu3g
• Facebookfacebook.com/stillfrontgroup
• LinkedInlinkedin.com/company/stillfront

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries14 records

Funding overview

Funding rounds11 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A20 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stillfront Group