Stillfront (SFRG.ST): 2Q26 First Take: Organic growth in key franchises, with normalising user acquisition spend

Research evidence excerpt

Stillfront (SFRG.ST): 2Q26 First Take: Organic growth in key franchises, with normalising user acquisition spend

g access to detailed financial statement histories, forecasts and ratios. It can be used for

in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.

Disclosures

The rating(s) for Stillfront is/are relative to the other companies in its/their coverage universe: ASM International, ASML Holding, BE

Semiconductor Industries, CD Projekt, Ericsson, Infineon, Logitech, Nebius Group, Nokia, STMicroelectronics, Stillfront, Technoprobe S.p.A.

Company-specific regulatory disclosures

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered

by Goldman Sachs Global Investment Research and referred to in this research.

Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be

aggregated under US securities law) as of the month end preceding this report: Stillfront (Skr4.20)

Goldman Sachs owned a net short position exceeding 0.5% of the total issued share capital as of the end of the trading day two trading days prior to

the date of this report: Stillfront (Skr4.20)

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 50% 34% 16% 65% 59% 43%

As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral.