Stillfront Group AB (publ)

Good morning and welcome to the Stillfront Q1 presentation. I am Alexis Pont, the CEO of Stillfront, and I'm joined today by our CFO, Emilie Villatte.

Before we get into the quarter itself, let me start with a brief reminder of who we are and how we're building the business.

Front is a global gaming company focused on forging gaming's next forever game franchises, one community at a time. Today, we reach around 36 million players every month, and our strategy is centered around seven key franchises, where we focus our resources on the games with the highest long-term potential. Our key franchises have strong player communities and predictable cash flows. By concentrating capital, talent, and product development behind them, we are building a more resilient and scalable business over time. As we summarized the first quarter of 2026, we delivered a stable start to the year with flat organic growth while continuing to see strong performance in our key franchises. Our key franchises grew organically by 12%, highlighting the strength of the portfolio and the progress we are making in scaling our most important assets. This is a clear validation that our strategy to focus on our seven key franchises is yielding results with superior growth to the market. Growth was supported by several of our key franchises, with the big franchise delivering an exceptional organic growth of 88%, following the continued scaling of our new game, Big Farm Homestead, and the broader strength of the franchise. At the same time, we increased user acquisition spend to capture attractive growth opportunities, which supported scaling in key game franchises such as Brick, but also Supremacy, and that impacted profitability in the quarter. Adjusted EBITDA amounted to 211 million SEC, corresponding to a margin of 23%, and that reflects both higher UA investments as well as FTX headwinds. Finally, we also strengthened our financial platform through a 1 billion SEC refinancing transaction, which was settled on April 27th. This improved our debt maturity profile, pushing maturities beyond the period of earnouts. Next, I would like to zoom in a bit on BIG and walk you through development in a little more detail. So during the quarter, we continue to build the early momentum and encouraging signs that we saw in BIG Farm Homestead following the launch at the end of Q4 2025 in December, to be precise. At the beginning of Q1, Hopestead entered a global launch and became our most successful new game launch to date. By applying the lessons learned from Sunshine Island, both what worked well and what could have been done better, we are able to scale and monetize the game effectively. This demonstrates our ability to develop and scale new games within our key franchises. We also continue to see strong growth in Sunshine Island during the quarter. Together, Sunshine Island and Big Farm Homestead drove organic growth of 88% in the franchise. The quarter also reflected increased user acquisition investments with higher spend supporting the scaling of both titles. This had a negative impact on profitability in the quarter, but we view it as a value creating investment in line with our investment criteria. That said, we do not expect the same pace of sequential growth to continue quarter after quarter. If we look at Sunshine Island, growth will gradually stabilize after the initial launch phase. And we also see normal patterns where Q4 and Q1 tend to be particularly strong, while Q2 is usually slower. But we're very happy with the performance of the big franchise, and we really are seeing excellent results there. Going over our other key franchises, starting with Supremacy, revenue amounted to 247 million SEC. That corresponded to also a good organic growth of 15%. The quarter benefited from strong live operations execution from the team and also favorable marketing conditions, including a higher engagement linked to geopolitical events. Looking ahead, of course, one of the key milestones for the franchise is a planned global launch of Supremacy Warhammer 40K. In Joe Walker, revenue came in at 190 million SEC with organic growth of 1%. Growth was held back by a more challenging environment in the Middle East, but the franchise continues to hold a strong long-term position supported by a loyal and engaged player community. In big, revenues reached 178 million SEC. As I already said, that corresponds to an organic growth of 88%. Performance was driven by continued momentum in Sunshine Island and the successful scaling of Big Farm Homestead following its global launch earlier this quarter. The focus here remains on scaling the current portfolio while continuing to invest in new game development. If we now look at Empire, revenue came in at 97 million SEC with organic growth of 1%. Content updates and in-game events helped stabilize the revenue trend versus recent quarters, while the franchise continued to deliver strong profitability despite ongoing investments in a new game for the franchise. For BitLife, revenue was 95 million SEC with organic growth of minus 19%. The decline was mainly driven by a more disciplined UI approach, but we continue to strengthen the product during the quarter through webshop enhancements, tutorial improvement, and broader onboarding. And we really think that we have the possibility to get this franchise back to growth over the medium term. For Albion, revenue was 81 million SEC, corresponding to organic growth of minus 4%. The game continues to benefit from an established and engaged player base. And during the quarter, the main focus was on preparing the Xbox Series X and S launch, including a big graphical overall. And all of that happened in April 21st of this quarter. In board, revenues amounted to 68 million SEC with organic growth of 22%, so strong performance. The franchise continues to perform well, supported by ongoing product improvements and healthy player engagement. And finally, other games generated revenue of 377 million SEC. That corresponds to an organic decline of 21%. And while this portfolio still waited on top-line development, the pace of decline has moderated sequentially, and other games continue to drive significant cash flow for global business. Now we'll switch over to Emily for more on financials.