First quarter 2025

• Net sales amounted to SEK 67.7 million (56.6).
  PAYDAY 2 accounted for SEK 12.4 million (10.9).
  PAYDAY 3 accounted for SEK 33.0 million (23.3).
  Third-party publishing accounted for SEK 3.4 million (17.4).
  Work-for-hire accounted for SEK 17.6 million (0).
• EBITDA* amounted to SEK 15.7 million (48.5). Considering items affecting comparability for the current period and the comparison period, EBITDA increased by SEK 0.6 million.
• Cash flow from operating activities amounted to SEK -11.7 million (78.4).
• Depreciation, amortization and impairment amounted to SEK -44.5 million (-71.8).
• Profit/loss before taxes amounted to SEK -29.4 million (-21.0).
• Basic and diluted earnings per share amounted to -0.02 SEK (-0.01).
• Cash and cash equivalents amounted to SEK 130.1 million (387.2).

Significant events during and after the quarter

• On January 30, Starbreeze announced that PAYDAY 3 will be the monthly game on PlayStation® Plus in February, and that the game will also get its first paid character when fan favorite Jacket returns to the game. Read more here.
• On February 6, Starbreeze announced a partnership with innovative Swedish studio The Gang to publish the game ‘Out of Sight”. Read more here.
• On March 31, Adolf Kristjansson was appointed as new CEO of Starbreeze. Read more here.
• On May 6, Starbreeze entered into an agreement regarding the publishing rights for PAYDAY™ 3 and carried out a directed share issue. Read more here.

CEO’s message
With curiosity, focus, and ambition
First, I want to thank everyone for the warm welcome I’ve received since joining Starbreeze. This legendary Swedish studio has a rich history marked by both success and the typical challenges that come with longevity in the games industry. That history brings expectations, shaped by past achievements, but also the weight of underwhelming launches. It’s time to leave the past behind, carry the learnings forward, and focus on building an innovative and sustainable company that creates value for our employees, players and stakeholders. 

Over the past few weeks, I’ve met many of our talented teams, and what stood out was their genuine curiosity, passion, and commitment to crafting gaming experiences enjoyed by millions of players worldwide. The industry remains dynamic and demanding, requiring clear priorities, sharp execution, and a balanced approach to time and resource allocation. 

I decided to join Starbreeze because I truly believe in this company — its exceptional people, unique intellectual property, and its immense potential. 

In the first quarter, we continued to strengthen our position, with the PAYDAY franchise at the heart of the business. We are hard at work on several key projects such as building out our core PAYDAY experiences, and our Dungeons & Dragons® title. 

Recently, we announced that we reacquired the full rights for PAYDAY from Embracer Group-owned PLAION, which will allow us to be quicker to market with content across the PAYDAY-franchise, increase profitability self-publishing and receiving 100 percent of the revenue, and allow us to freely explore omni-media opportunities.

FINANCIAL RESULTS AND POSITION
In terms of financial performance, the first quarter saw increased revenue from the PAYDAY franchise and work-for-hire efforts. PAYDAY 3 revenue grew sequentially and year-on-year, driven by its PlayStation®Plus feature in February. While Roboquest revenue declined as anticipated—given its 18-month availability — we expect a rebound with its upcoming PlayStation®4 and 5 release in May. Our revenue mix is becoming more diversified and resilient, laying a stronger foundation for the future.

CULTURE, PEOPLE & ORGANIZATION
A key milestone this quarter was our move into new, purpose-built offices in central Stockholm. These new premises provide better conditions for collaboration, creativity, and execution. This will be a clear benefit for the company as we continue to strengthen our Stockholm studio with exciting new talent and resources to meet the demands of our roadmap.

PAYDAY
Following the end of the quarter, we announced the release date for the next update of PAYDAY 3. It includes not only a new paid heist, but also free content such as the long-awaited Armor 2.0 update, a new weapon and a wide range of quality of life-improvements. And more content is coming – not only new heists – but broader improvements and additions to the game. The team is fully engaged in both development and planning for the rest of the year and beyond. A key priority for us is to gradually establish a clearer cadence and more frequent communications around updates and news.

PARTNERSHIPS & BRAND EXTENSION
Our collaboration with KRAFTON, Inc. on PAYDAY x PUBG continues on track, with milestone deliveries ongoing for feedback and validation. This project is an important step in strengthening PAYDAY’s global reach and brand awareness. At the same time, the Roblox-based title Notoriety continues to enjoy strong engagement with a new audience – expanding PAYDAY’s appeal and long-term brand value. This brand expansion has also an exciting and extensive roadmap of planned updates for 2025.
 
DUNGEONS & DRAGONS® – PROJECT BAXTER
The team’s primary focus right now is currently focused on delivering a strong vertical slice to showcase their product development progress. Internal playtesting continues to inform improvements, and our ambition is to involve our player community in development to ensure the best possible player experience. Our vision remains clear: to create a unique, immersive, co-op game, where player choice is central.

THIRD-PARTY PUBLISHING
Roboquest was joined in our portfolio by Out of Sight – an innovative game from Swedish developer The Gang. Featuring a unique blend of first- and third-person gameplay, the title is set to launch on nearly all major platforms, including leading VR devices, at the end of May. We’re also preparing Roboquest’s long-awaited launch on PlayStation®4 and 5 during the same timeframe – significantly expanding the game’s addressable player base by over 100+ million users.

CLOSING REMARKS
These first weeks at Starbreeze have been intense—in the best possible way. I’m humbled and energized by the opportunity to work with such skilled colleagues to evolve our company, our projects, and especially our PAYDAY IP. We have a clear direction and exciting opportunities ahead, and I’m confident in our collective ability to deliver. With curiosity, focus, and ambition, we will take Starbreeze to new heights.

ADOLF KRISTJANSSON, CEO