Paradox Interactive Semi-Annual Report H1 2026

Summary

The semi-annual report for Paradox Interactive covering the first half of 2026 highlights a return to financial growth, marked by a 4% year-over-year revenue increase to SEK 955 million ($100.6 million). Operating profit also saw a modest 1% rise to SEK 283 million ($29.8 million), with a notable 37% surge in profit during the second quarter, effectively reversing a three-quarter trend of decline. The company maintained a stable operating margin of 30% throughout the period.

Revenue distribution remains heavily concentrated in the PC segment, which accounts for 85% of total earnings (SEK 811 million). However, the company is experiencing growth in the console market, where revenue share rose to 12.25% compared to 9.44% in the previous year. Mobile gaming remains a minor contributor at 2.1%. Geographically, the United States continues to be the primary market, generating 85.1% of the company's total revenue.

Performance across the portfolio was mixed. Key titles driving success in the second quarter included Cities: Skylines II, Hearts of Iron IV, Europa Universalis V, and Vampire: The Masquerade – Bloodlines 2. Conversely, Crusader Kings III saw a decline in revenue, with its latest expansion underperforming compared to the previous year's release. Beyond financial metrics, the company transitioned its stock listing from the Nasdaq First North Growth Market to Nasdaq Stockholm in June 2026, signaling a shift in its corporate market positioning.