Fourth quarter 2025

• Net sales amounted to SEK 41.1 million (46.4).
  PAYDAY 2 accounted for SEK 14.8 million (10.3).
  PAYDAY 3 accounted for SEK 8.0 million (14.7).
  Third-party publishing accounted for SEK 0.6 million (15.4).
  Work-for-hire accounted for SEK 17.3 million (5,0)
• EBITDA* amounted to SEK -12.0 million (19.7).
• Cash flow from operating activities amounted to SEK -3.4 million (-0.3).
• Depreciation, amortization and impairment amounted to SEK 49.9 million (190.2).
• Profit/loss before taxes amounted to SEK -61.9 million (-167.6).
• Basic and diluted earnings per share amounted to -0.04 SEK (-0.11).

Full-year 2025

• Net sales amounted to SEK 221.0 million (185.9).
  PAYDAY 2 accounted for SEK 50.1 million (41.8).
  PAYDAY 3 accounted for SEK 76.5 million (82.9).
  Third-party publishing accounted for SEK 15.4 million (47.7).
  Work-for-hire accounted for SEK 74.4 million (6,3)
• EBITDA* amounted to SEK 29.0 million (97.6).
• Cash flow from operating activities amounted to SEK 45.8 million (64.9).
• Depreciation, amortization and impairment amounted to SEK 429.9 million (417.4), of which impairment of the Baxter project amounted to SEK 261.9 million.
• Profit/loss before taxes amounted to SEK -402.7 million (-317.7).
• Basic and diluted earnings per share amounted to -0.25 SEK (-0.22).
• Cash and cash equivalents amounted to SEK 102.6 million (191.9).

Significant events during and after the quarter

• On December 2, Skills 2.0 for PAYDAY™3 was released as a free update for PC and console. Read more here.
• On January 13, Shopping Spree was launched, a new DLC heist for PAYDAY 3. In connection with the launch, a free update was also released to all players with improvements to the gameplay experience and more comprehensive bug fixes. Read more here.

CEO’s message
Delivering with Focus, Building Momentum Across the PAYDAY IP
The fourth quarter of 2025 marked a period of steady execution for Starbreeze. Following the decisive actions taken earlier in the year, oOur priority has been to stabilize the business, deliver on our commitments, and lay a solid foundation for sustainable growth.

FINANCIAL PERFORMANCE
In the fourth quarter, net revenue amounted to SEK 41.1 million, compared to SEK 46.4 million in the same period last year. The PAYDAY franchise contributed SEK 22.8 million, while work-for-hire accounted for SEK 17.3 million.
While net revenue for the fourth quarter declined year-on-year, full year net revenue increased to SEK 221.0 million, up from SEK 185.9 million in the previous year. PAYDAY remained the primary driver, with PAYDAY 2 showing strong growth and PAYDAY 3 maintaining a stable level with clear potential ahead. Operating cash flow for the year amounted to SEK 45.8 million, highlighting the resilience of the core business. Cash at year-end totaled SEK 102.6 million, with no interest-bearing debt.

PAYDAY FRANCHISE
During the quarter, the PAYDAY 3 team established a stable monthly cadence for updates, a key milestone in our transition toward a more consistent live-engagement model. The release of Skills 2.0 marked a meaningful step forward, directly addressing long-standing player feedback and enabling deeper, more impactful build customization. This work will continue, with ongoing tuning and improvements based on both player input and our long-term vision for the game.
Shortly after year-end, we launched the Shopping Spree Heist, introducing new gameplay scenarios with a strong focus on replayability, alongside additional quality-of-life improvements. Together, these releases represent tangible progress in improving the PAYDAY 3 experience. Strengthening trust with players and the community is a long-term effort, and the team remains focused on consistent delivery.

PAYDAY 2 continues to perform well and exceed expectations during the seasonal sales period. Through our exclusive partnership with an external development team, the game remains actively supported with both updates and new content. This allows PAYDAY 2 to continue delivering strong value for its dedicated player base, while our internal teams remain fully focused on the future of PAYDAY 3 and the broader franchise.

STRATEGY & PLATFORM EXPANSION
Our strategy remains centered on PAYDAY as our platform for growth. A clear example of this is our collaboration bringing PAYDAY into PUBG, exposing the franchise to millions of potential new players worldwide. PUBG is one of the world’s largest games, and pairing it with an enduring IP like PAYDAY represents a significant opportunity to expand awareness and reach new audiences. The experience is expected to launch in the first half of 2026.
In parallel, our presence on Roblox continues to grow through Notoriety. Beyond its commercial success, it provides valuable insight into creator-driven ecosystems and how the next generation of players engage with brands, platforms, and communities.

The PAYDAY franchise is a portfolio of complementary experiences rather than a single product. PAYDAY 2, PAYDAY 3, and the new PAYDAY experiences on emerging platforms serve different audiences and playstyles, with some overlap. Together, they reinforce the strength of the IP, allowing PAYDAY to reach broader player groups while preserving its core identity.

FOCUS AND ORGANIZATIONAL RENEWAL
We have taken deliberate steps to simplify and align the organization with our strategic priorities – staying laser-focused on PAYDAY. Combined with executing on a limited number of strategic opportunities, this has enabled clearer decision-making, improved accountability, and stronger cross-functional collaboration.

As we continue to sharpen focus while maintaining our cash discipline, we have taken steps after the quarter to adapt our cost base, primarily in Special Operations, our work-for-hire segment. While work-for-hire is a viable part of our business when the right opportunities arise, these adjustments ensure that our organization is aligned with demand and supports our long-term ambition to build a simpler, more predictable, and financially resilient company.

CLOSING WORDS
The fourth quarter concluded a year defined by sharper focus and renewed discipline. The decisions taken throughout 2025 have simplified the company, strengthened execution and improved predictability.

Looking ahead, 2026 is about moving from promises to progress. With a focused organization, a strengthening PAYDAY franchise, and a clear strategic direction, Starbreeze enters the year with great confidence, improved resilience, and a strong foundation to create long-term value for players, partners and shareholders.

ADOLF KRISTJANSSON, CEO