Third quarter 2025

• Net sales amounted to SEK 58.4 million (42.7).
  PAYDAY 2 accounted for SEK 14.9 million (11.5).
  PAYDAY 3 accounted for SEK 17.7 million (22.9).
  Third-party publishing accounted for SEK 4.7 million (6.2).
  Work-for-hire accounted for SEK 19.9 million (0).
• EBITDA* amounted to SEK 19.3 million (21.4).
• Cash flow from operating activities amounted to SEK 21.8 million (-15.9).
• Depreciation, amortization and impairment amounted to SEK 304.7 million (76.5), of which impairment of the Baxter project amounted to SEK 261.9 million.
• Profit/loss before taxes amounted to SEK -285.9 million (-58.5).
• Basic and diluted earnings per share amounted to -0.18 SEK (-0.04).

The period January-September 2025

• Net sales amounted to SEK 179.9 million (139.5).
  PAYDAY 2 accounted for SEK 35.3 million (31.6).
  PAYDAY 3 accounted for SEK 68.5 million (68.2).
  Third-party publishing accounted for SEK 14.8 million (32.3).
  Work-for-hire accounted for SEK 57.1 million (0).
• EBITDA* amounted to SEK 40.9 million (78.0).
• Cash flow from operating activities amounted to SEK 49.2 million (65.2).
• Depreciation, amortization and impairment amounted to SEK 380.0 million (227.2), of which impairment of the Baxter project amounted to SEK 261.9 million.
• Profit/loss before taxes amounted to SEK -340.8 million (-150.1).
• Basic and diluted earnings per share amounted to -0.22 SEK (-0.10).
• Cash and cash equivalents amounted to SEK 135.1 million (249.3).

Significant events during and after the quarter

• On October 2, Starbreeze announced that it is increasing its focus on the PAYDAY franchise — Baxter is discontinued as part of strategic changes. Read more here.
• On October 2, Starbreeze presented an updated strategy – increasing the focus on PAYDAY and expanding the heisting genre. Read more here.

CEO’s message
Refocused and Stronger

The third quarter of 2025 marked a decisive step in Starbreeze’ transformation. We made the difficult but necessary decision to discontinue Project Baxter, focusing fully on the PAYDAY franchise and sustainable, long-term growth. These actions, together with our sharpened strategy, have strengthened the company’s foundation and positioned Starbreeze for a more resilient future. We are building a strong business that is creative at its core, operationally disciplined, and prepared to seize the opportunities our world-class IP presents.

FINANCIAL PERFORMANCE
We delivered solid performance and strong operating cash flow. Net revenue for the period amounted to SEK 179.9 million, compared to 139.5 million in the same period last year, driven by the PAYDAY franchise and our work-for-hire collaborations.

The quarter’s reported loss was primarily driven by non-cash effects from the write-down associated with the discontinuation of Project Baxter. Our financial position remains strong, with SEK 135.1 million in available cash and no interest-bearing debt. 

FOCUS AND ORGANIZATIONAL RENEWAL
Exiting third-party publishing and discontinuing Project Baxter reflects our commitment to focus our resources where we can create the greatest value. Concentrating on PAYDAY and a few strategic opportunities enables us to streamline our operations and align the company for disciplined growth.

With empowered teams, faster decision-making, and stronger cross-functional collaboration we are bringing the company closer together, fostering creativity, as well as accountability.

PAYDAY FRANCHISE
The PAYDAY 3 team is expanding and building a more consistent, scalable live-engagement model. We continue to improve gameplay, onboarding, and tech stack, while developing new content to engage and re-engage our players. Our goal remains clear — to deliver evolving PAYDAY experiences that feel rewarding, dynamic, and more connected than ever before, across all traditional, and emerging platforms.

We also secured the long-term success of PAYDAY 2 through a new partnership with Sidetrack Games. The talented team has deep roots in the PAYDAY community and extensive knowledge of the franchise and its game engine. This collaboration ensures that PAYDAY 2 continues to deliver value and enjoyment for millions of players while allowing our internal teams to fully dedicate their focus to PAYDAY 3 and beyond.

STRATEGY UPDATE
In October, we presented our updated strategy – a roadmap to reinforce Starbreeze’ leadership in the heisting genre. PAYDAY remains our platform for growth, complemented by Heisting Experiences and Special Operations. Together, they form a focused, flexible operating model designed to deepen player engagement, broaden platform reach, and diversify our revenue streams. As a part of this strategy, we plan to expand into new platforms such as UEFN and Roblox, to empower the creators of tomorrow, and offer PAYDAY experiences tailored for current and wider audiences.

Our renewed focus aligns with broader industry trends, to focus on established well known IP:s. Following years of expansion and diversification, many companies are now refocusing on their strongest franchises and most loyal communities. Starbreeze is ahead of that curve – with clarity of purpose, owning one of the strongest global IP:s in the world, and a clear path to sustainable value creation.

CLOSING WORDS
This quarter marks both an inflection point and a reaffirmation of who we are. By making decisive choices, we have reduced complexity, improved predictability, and positioned Starbreeze for focused execution and growth. The strength of PAYDAY, the dedication of our teams, and the resilience of our business give me great confidence in our direction and our future.

We are building a stronger Starbreeze — delivering lasting value for our players, partners, and shareholders.

ADOLF KRISTJANSSON, CEO

PRESENTATION
The company will hold a webcast at 10 AM, November 11, 2025. To
join the presentation – click here.