Observed Signal · Jul 7, 2026 · Financing Update · Source: PocketGamer.biz · Impact: 2/5 · Sentiment: Neutral
Stillfront Extends €60M Loan to 2028
Stillfront has extended its unsecured €60 million term loan facility with the Swedish Export Credit Corporation (SEK) by one year, moving the maturity to September 2028. The amendment aligns the loan’s terms with Stillfront’s separate unsecured revolving credit facility announced on 28 April 2026. CFO Emily Villatte said the extension strengthens the company’s debt maturity profile and follows a bond refinancing and earlier amendments to its revolving credit facility. The financing update arrives as Stillfront begins a CEO succession process: Alexis Bonte will remain in the role until a successor is appointed. Stillfront — which owns Goodgame Studios, Jawaker and Babil Games — reported a 14% decline in Q1 net revenue to SEK 1.3 billion and falls in daily and monthly active users.
Company-level financing extension and leadership transition affect Stillfront's financial stability and operations within the gaming/publishing sector but do not represent an industry-wide shift.
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Key Takeaways & Evidence Grounding
- Stillfront extended its unsecured €60 million term loan facility with Swedish Export Credit Corporation (SEK) by one year, to September 2028.
- The amendment aligns the term loan’s terms with Stillfront’s unsecured revolving credit facility announced on 28 April 2026.
- CFO Emily Villatte said the extension strengthens Stillfront’s debt maturity profile and follows the company's bond refinancing and earlier RCF amendments this year.
- Alexis Bonte and the board have begun a CEO succession process; Bonte will remain CEO until a replacement is appointed.
- Stillfront reported a 14% decline in Q1 net revenue to SEK 1.3 billion and recorded declines in daily active users and monthly active users.
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Stillfront CEO Search Continues; Q2 Revenue Steady
Stillfront, the Stockholm-listed mobile games group, is continuing its search for a new chief executive to replace Alexis Bonte as it published Q2 2026 results. The group reported net revenue of $136m (SEK 1,323m), down from SEK 1,436m a year earlier, with organic growth at -1.3% (impacted by FX, divestments and a settlement with rival Gameberry). Adjusted EBITDAC rose to $40m (SEK 387m) and margin improved to 29% as marketing spend eased. Key franchises grew 10% organically while smaller titles declined 24%. Notable franchise performances included Empire (Goodgame Studios) +2%, Albion Online (Sandbox Interactive) +10% after its Xbox console launch, and Jawaker +11%. Free cash flow for the quarter was $53.5m (SEK 519m), earmarked for debt reduction, and the company confirmed a strategic review is under way.
Stillfront Q2 2026: Key Franchises Drive Organic Growth
Swedish games group Stillfront reported net revenue of SEK 1.3 billion ($135.8m) in Q2 2026. Key franchises delivered 10% organic growth — the second consecutive quarter of double-digit organic growth — while "other games" revenue fell 24%, contributing to a 7% year‑over‑year decline in net revenue from SEK 1.4bn. Gross profit fell 5% to SEK 1.1bn but gross margin rose from 82% to 84%. Adjusted EBITDA increased to SEK 503m from SEK 493m a year earlier. Big Farm grew 72% organically to SEK 172m, and subsidiary Jawaker reported SEK 223m in net revenue with 11% organic growth. Group CEO Alexis Bonte highlighted franchise-led strategy, stronger profitability and a higher share of direct-to-consumer bookings; a CEO succession process has been initiated and Bonte will remain until a successor is appointed.
Stillfront Seeks New CEO After Alexis Bonte Steps Aside
Alexis Bonte is stepping down as CEO of Stillfront but will remain in the role until a successor is appointed. Stillfront, a roll-up group that owns studios including Goodgame, Supremacy, Jawaker, BitLife, Albion and Sandbox Interactive, has recently completed a strategic restructure and sold its narrative game portfolio. The company held an extraordinary general meeting in March that replaced three board members. Bonte joined Stillfront in 2017 (via the acquisition of eRepublik Labs, the studio he co‑founded), served as group COO and was appointed CEO in October 2024, leading the strategic review and restructuring. Lars‑Johan Jarnheimer, Stillfront’s chair, thanked Bonte for his contribution and said Bonte will support a smooth transition.
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