Starbreeze Entertainment Interim Report: October–December 2025

Starbreeze Entertainment’s latest interim results for the period ending December 2025 reveal a challenging quarter marked by declining net sales and significant impairment losses. Net sales fell 6.4 % to SEK 41.1 million, largely due to a 14.7 % drop in revenue from PAYDAY 3, while PAYDAY 2 and work‑for‑hire activities remained largely unchanged. EBITDA swung to a loss of SEK 12.0 million, and an impairment charge of SEK 261.9 million on the Baxter project pushed full‑year net sales to SEK 221.0 million and produced a pre‑tax loss of SEK 402.7 million.

Despite the headline losses, operating EBITDA for the full year reached SEK 29 million, driven by strong sales of PAYDAY 3 (SEK 76.5 million) and other game titles totaling SEK 127 million. Net loss for the year stood at SEK 399 million, resulting in negative earnings per share of –0.25 SEK. Cash flow remained constrained: operating cash inflows were SEK 45 million against investing outflows of SEK 167 million, leaving cash and equivalents at approximately SEK 103 million.

The company continues to focus on stabilising the PAYDAY franchise, rolling out free updates (Skills 2.0) and new DLC such as Shopping Spree, while maintaining strict cash discipline. Starbreeze remains an independent developer and publisher with a global distribution network for PC and console titles, including its flagship IP PAYDAY™. Shares trade on Nasdaq Stockholm under the tickers STAR A and STAR B, and the firm complies with EU Market Abuse Regulation reporting obligations.