Starbreeze Entertainment FY2025 Q4 Earnings Release

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 1

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
.5
Q 4
Interim Report
October – Dece mber 202 5

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 2

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Fourth quarter 202 5
• 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 (
• 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 (

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 – 0.2 5 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 .

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Q4 Interim Report October – December 2025 3

Table of contents
01 CEO’s message
02 Net sales and earnings
03 Other financial information
04 F inancial reports
05 Other information

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 4

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
CEO’s message
Delivering with Focus,
Building Momentum A cross
the PAYDAY IP
The fourth quarter of 2025 marked a
period of steady execution for
Starbreeze. O ur 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
maint aining 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 – s tanding 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
consis tent 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.

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 5

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
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,
improve d 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 r ight 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

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 6

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Significant events
during the quarter
PAYDAY ™ 3: Skills 2.0 launched
On December 2, Skills 2.0 for PAYDAY ™ 3 was released as a
free update for PC and console. The update involves a
major overhaul of the Skills system, with a clearer and
theme – driven structure that gives players more
meaningful choices and more opportunities to build
different playstyles. Read more here .
Significant events after the
quarter
PAYDAY ™ 3: ‘Shopping Spree’ DLC was launched
On January 13, Shopping Spree was launched, a new DLC
heist for PAYDAY 3. The content takes place in the
Nobleman Galleria shopping mall and takes the heister
further into the conflict with the Palatucci crime family.
The heist is built for high replayabil ity through varying main
objectives and setups between different locations, as well
as so – called “favors” that allow players to influence risk
and reward. In connection with the launch, a free update
was also released to all players with improvements to th e
gameplay experience and more comprehensive bug fixes.
Read more here .

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 7

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Net sales and earnings 02

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 8

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information

Net sales and
earnings
For net sales and earnings, the comparative period
refers to the corresponding period of the previous year.
Fourth quarter 202 5
Net sales
Net sales for the quarter amounted to SEK 41.1 million
(46.4). Game sales amounted to SEK 23.0 million (25.1),
Third – party publishing amounted to SEK 0.6 million (15.4)
and Licensing deals to SEK 0.2 million (0.9). Other revenue
amounted to SEK 17.3 millio n (5.0) and relates to work – for –
hire.
Starbreeze’s reported sales attributable to PAYDAY 3
amounted to SEK 8.0 million (14.7). All revenue is related to
the platforms Steam, Xbox Game Pass, Xbox X|S,
Playstation 5, and Epic Games Store. Sales consist of sales
of different editions of the base game, license versions,
and sales of DLC.
PAYDAY 2 sales amounted to SEK 14.8 million (10.3) and
relate to sales via Steam, Epic Games Store, and console
platforms.
Costs
Direct costs amounted to SEK 75.2 million (199.0) and
consist of costs linked to game production and game
development. Direct costs include amortization and
impairment of intangible assets of SEK 46.2 million (184.0).
Revenue sharing related to third – party publishing
amounted to SEK 1.2 million (7.6) and costs related to work –
for – hire amounted to SEK 10.7 million (2,6).
Capitalized development expenditure has reduced direct
costs by SEK 18.4 million (46.8) and relates to the games
PAYDAY 3 and development of other IPs.
Sales and marketing costs amounted to SEK 6.4 million (6.7)
and relate to market activities and personnel costs.
Administrative expenses during the quarter amounted to
SEK 19.1 million (9.8) and relate to, among other things,
expenses linked to offices, salaries to personnel who do
not work in game production or marketing, and other
external costs. The increase in administrat ive expe n ses
are mainly related to organizational changes as well as
lower capitalization of development expenditure.
Administrative expenses include depreciation of SEK 3.7
million (6.2). Capitalized development expenditure reduced
administrative expenses by SEK 6.1 million (11.2) and relates
to the games PAYDAY 3 and other IPs.
Other revenue amounted to SEK 0 million (5.0).
Other costs amounted to SEK 2.2 million (6.4) and relate to
exchange rate effects relating to the revaluation of
assets and liabilities denominated in foreign currencies. In
the comparative period, the company had positive
currency effects and they are rec orded under other
income.
Net sales and earnings

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CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information

Earnings
Operating profit before depreciation, amortization and
impairment (EBITDA), amounted to SEK – 12.0 million (19.7).
Net financial income/expense
Net financial income/expense amounted to SEK 0.0 million
(2.9).
The company has received interest on income of SEK 0.4
million (2.8) linked to bank balances.
During the quarter, interest expenses on lease liabilities of
SEK – 0.4 million (
income/expense.
Profit/loss before taxes and profit/loss for the
quarter
Profit/loss before taxes amounted to SEK – 61.9 million
( – 167.6).
Profit/loss amounted to SEK – 62.1 million (
Basic and diluted earnings per share amounted to SEK
– 0.04 (
Full – year 2025
Net sales
Net sales for the whole year amounted to SEK 221.0 million
(185.9). Game sales amounted to SEK 127.2 million (125.7),
Third – party publishing amounted to SEK 15.4 million (47.7)
and Licensing deals to SEK 4.0 million (1.7). Other revenue
amounted to SEK 74. 4 million (10.7) and relates to work – for –
hire.
Starbreeze’s reported sales attributable to PAYDAY 3
amounted to SEK 76.5 million (82.9). In February, PAYDAY 3
was game of the month on PlayStation Plus. All revenue is
related to the platforms Steam, Xbox Game Pass, Xbox X|S,
Playstation 5, and Epic Games Store. Sales consist of sales
of different editions of the base game, license versions,
and sales of DLC.
PAYDAY 2 sales amounted to SEK 50.1 million (41.8) and
relate to sales via Steam, Epic Games Store, and console
platforms.
Costs
Direct costs amounted to SEK 490.9 million (448.8) and
consist of costs linked to game production and game
development. Direct costs include amortization of
intangible assets of SEK 398.4 million (396.3) and include
the impairment of Project Baxter of SEK 261.9 million.
Revenue sharing related to third – party publishing
amounted to SEK 8.8 million (25.5) and costs related to
work – for – hire amounted to SEK 37.9 million (3.9).
Capitalized development expenditure has reduced direct
costs by SEK 125,0 million (185.2) and relates to the games
PAYDAY 3, Baxter, and development of new IPs.
Sales and marketing costs amounted to SEK 33.5 million
(30.2) and relate to market activities and personnel costs.
Administrative expenses during the whole year amounted
to SEK 79.0 million (29.0). Adjusted for items affecting
comparability, administrative expenses for the
corresponding period the previous year amounted to SEK
51.3 million. The item includes costs rela ted to offices,
salaries for staff who do not work in game production or
marketing, and other external costs. The increased costs
are mainly due to increased depreciation of SEK 10.5 million
relating to the company’s previous office, for which the
contract was terminated during the quarter and lower
capitalized development costs.
Administrative expenses include depreciation of SEK 31.5
million (21.0). Capitalized development expenditure
reduced administrative expenses by SEK 28.9 million (38.5)
and relates to the games PAYDAY 3, Baxter, and other IP.
Specification of net financial
income/expenses

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CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Other revenue amounted to SEK 1.8 million (8.8).
Other costs amounted to SEK 20.3 million ( ) and relate
to exchange rate effects relating to the revaluation of
assets and liabilities denominated in foreign currencies. In
the comparative period, the company had positive
currency effects and they are recorded under other
income.
Earnings
Operating profit before depreciation, amortization and
impairment (EBITDA), amounted to SEK 29.0 million (97.6).
Considering items affecting comparability for the
comparative period, EBITDA amounted to SEK 29.0 million
(78.9).
Net financial income/expense
Net financial income/expense amounted to SEK 1.7 million
(2.0).
The company has received interest on income of SEK 0.4
million (2.8) linked to bank balances.
During the whole year, interest expenses on lease
liabilities of SEK – 2.1 million (
financial income/expense.
Profit before tax and net profit
Profit/loss before taxes amounted to SEK – 402.7 million
( – 317.7).
Profit/loss amounted to SEK – 398.9 million (
Basic and diluted earnings per share amounted to
– 0.2 5 SEK (

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Other financial information 03

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CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information

Other financial
information
For financial information, the comparative period
refers to the corresponding period of the previous
year.
Fourth quarter 202 5
Cash flow
Cash flow from operating activities before changes in
working capital amounted to SEK – 6.3 million (14.4), of
which operating profit amounted to SEK – 61.9 million
( – 170.5) and adjustment for items not included in cash
flow amounted to SEK 55.2 million (180.7). Adjustments
for items not included in cash flow consist of
depreciation of assets of SEK 49.9 million (190.2),
exchange rate effects of SEK 0.2 million ( and non –
cash items of SEK 5.1 million linked to divested
subsidiaries for liquidation.
Cash flow from operating activities after changes in
working capital amounted to – SEK 3.4 million (
Cash flow from investing activities amounted to SEK
– 25.4 million (
game development amounted to SEK – 24.8 million
( – 58.9). During the period, the Group’s investments in
property, plant and equipment amounted to SEK – 0.7
million (
Cashflow from financing activities amounted to SEK – 3.6
million (8.4) and refers to leasing expenses.
Total cash flow for the quarter was SEK – 32.5 million
( – 57.4). Cash and cash equivalents at the end of the
quarter amounted to SEK 102.6 million (191.9).

Cash and cash equivalents as of
Dec ember 3 1 202 5
SEK 1 02 . 6 m

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CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Full – year 2025
Cash flow
Cash flow from operating activities before changes in
working capital amounted to SEK 33.4 million
(40.5) with negative operating profit amounting to SEK
– 40 0 . 9 million (
included in the cash flow amounting to SEK 435.0 million
(354.4). Adjustments for items not included in cash flow
mainly consist of depreciation of assets of SEK 430.4
million (417.4), exchange rate effects o f SEK 0.2 million
( – 9.7) and non – cash items of SEK 5.1 million linked to
divested subsidiarie s for liquidation.
Cash flow from operating activities after changes in
working capital amounted to SEK 45.8 million (64.9).
Cash flow from investing activities amounted to
SEK – 167.3 million (
proprietary game development accounted for SEK
– 155.5 million (
investments in property, plant and equipment
amounted to SEK – 8.7 million (
Cash flow from financing activities amounted to SEK
32.4 million (24.5) and is a result of the game financing
received for the development of DLC for PAYDAY 3 of
SEK 20.7 million (47.9). Leasing expenses amounted to
SEK – 21.3 million ( cond quarter, the
company carried out a private placement, which
generated SEK 33 million in cash.
Total cash flow for the period was SEK – 89.1 million
( – 156.1). Cash and cash equivalents at the end of the
period amounted to SEK 102.6 million (191.9).

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CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information

Financial position
Non – current assets
License assets amounted to SEK 0 million (21.8) and
consist of rights to use IP rights.
Intangible assets, consisting mainly of IP rights,
amounted to SEK 21.9 million (65.0).
Capitalized expenditure for proprietary game and
technology development amounted to SEK 103.6 million
(275.0).
Investments in publishing projects amounted to SEK 4.3
million (10.4).
Amortization and impairment relating to intangible
assets amounted to SEK 398.6 million (396.6) during the
period. During the third quarter, the company carried
out impairment of the Baxter project by SEK 261.9
million.
Financial assets amounted to SEK 7.3 million (4.3).
Property, plant and equipment amounted to SEK 45.3
million (25.9) and relates to rights of use, buildings and
IT equipment and other equipment.
Current assets
Accounts receivable and other receivables amounted
to SEK 14.3 million (43.1).
Prepaid expenses and accrued income at the end of
the period amounted to SEK 36.6 million (74.1), of which
SEK 20.2 million (13.3) relates to receivables for sales of
PAYDAY 2 and PAYDAY 3.
Cash and cash equivalents amounted to SEK 102.6
million (191.9).

Equity
Group equity at the balance sheet date amounted to
SEK 221.0 million (586.9). During the period, the company
has carried out a private placement of Class B shares of
SEK 33 million.
Non – current liabilities
Long – term debt amounted to SEK 60.6 million (2.5). The
long – term portion of lease liabilities amounted to SEK
26.7 million (0). Other long – term debt amounted to SEK
33.9 million (42.1) and deferred tax liability amounted to
SEK 0 million (2.0).
Current liabilities
Current liabilities amounted to SEK 55.9 million (80.6).
Accounts payable – trade, and other liabilities at the
end of the period amounted to SEK 19.3 million (27.2).
Current liabilities for lease contracts amounted to SEK
14.4 million (17.7) and relate to leasing costs for the
current office in Stockholm. Accrued expenses and
deferred income at the end of the period was SEK 22.2
million (35.7).
Share capital
Share capital at the end of the period amounted to SEK
32,488,765 (29,535,241) divided into 1,624,438,244 shares
(1,476,762,040), of which 142,127,683 class A shares
(142,303,908) and 1,482,310,561 class B shares
(1,334,458,132).
Risks and uncertainties
To prepare interim reports and annual financial
statements in accordance with generally accepted
accounting principles, management must make
assumptions and estimates that affect the assets,
liabilities, and income reported in the financial
statements. Act ual results may differ from these
estimates.
Distribution, employees

No. of employees
1 43
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CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information

The most significant risks and uncertainties are low
revenues when launching games and project delays,
which can lead to financial risks such as lower cash
generation and asset impairments. These and other
risks such as copyright infringement, loss of key
personnel, and exchange rate fluctuations are
described in Starbreeze’s Annual Report 2024 in the
Management Report on pages 43 – 44 and in Note 3.
Furthermore, the value of certain assets and liabilities
is based on an expected outcome, which means that
the se items must be revalued on an ongoing basis and
may therefore affect future earnings.
The short – term impact on earnings from exchange rate
fluctuations may be positive or negative, depending on
the current currency exposure from trade receivables,
bank accounts and other assets and liabilities in foreign
currency. In the long term, however, a falling US dollar
exchange rate will have a negative impact on profit
margins. As the Group has foreign subsidiaries, there is
also translation exposure.
Parent company
During the quarter, the Group’s operations were
conducted in the parent company Starbreeze AB (publ),
the subsidiaries Starbreeze Production AB, Starbreeze
Studios AB, Starbreeze Publishing AB, New Starbreeze
Publishing PD IP AB, Starbreeze Barcelona SL, S tarbreeze
Paris SAS, New Starbreeze Studios AB, New Starbreeze
Publishing AB, Starbreeze IP AB and Starbreeze Studios
UK Ltd. During the last quarter, the company divested
Starbreeze VR AB and Enterspace AB for liquidation.
Both dormant companies.
The net sales by the parent company during the quarter
amounted to SEK 6.4 million (5.2) and for the period SEK
26.6 million (17.2). Sales mainly relate to the allocation
of management fees.
Profit before and after tax for the quarter was SEK – 1.3
million ( – 25.9 million
( – 252.0).
At the end of the period, cash and cash equivalents
amounted to SEK 17.1 million (106.6) and the parent
company’s equity was SEK 491.9 million (484.7). During
the period, the company has carried out a private
placement of Class B shares of SEK 33 million.
Related – party transactions
Apart from salaries and benefits, and intra – group
transactions, there were no related – party transactions
during the period.
Auditor’s review
This interim report h as not been reviewed by the
company’s audito r.

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CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
The Board of Directors and CEO declare that this full –
year report gives a true and fair view of the Group’s and
Parent Company’s activities, financial position and
earnings from operations, and describes the material
risks and uncertainties facing the Group and the Parent
Company .
Stockholm, February 1 9 , 202 6
Jürgen Goeldner
Chairman of the Board
Stefano Salbe
Board member
Michael Hjorth
Board member
C ecilia Tosting
Board member

Adolf Kristjansson
CEO

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 17

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information

Financial reports 04

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 18

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Consolidated statement of comprehensive income

!”#A %C%D %C%E %C%D %C%E
)AG+ ,E ,E JK!/0AN JK!/0AN
!”#AB&D”B E F*+*II F-+EK/ II/+0NI *NK+NK*
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OPQ55STPQ89:S;/E?@@A /@D%?B>B /%BA?AE% /%B%?AAC
9″DD3:;A&:“#3:;A5SB#B F T-+F/I T-+–* TEE+K*F TE/+*–
?<=3:3B#4&#3@”A”AB”:B”B F T*0+*// T0+NE- T8N+00K TIN+08*
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fPQ89:S;/@C?BBC
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iS#&DA5S=B4″a”:B3@”A3:5S=”AdS4A#a”AB”43S<A&##43Mb#&MD”A#Sk
Cl:”4BASdA#a”AB&4″:#A T-*+NE- T*KF+/*E TE0N+NKE TE/8+8-0
h&4:3:;BAB”4ABa&4″A&##43Mb#&MD”A#SASl:”4BASdA#a”AB&4″:#A<b43:;A#a”AB”43S<Am9hnok
ATAp&B35 T/q/F T/q** T/qIK T/qII
ATAO3Db#”< T/q/F T/q** T/qIK T/qII

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 19

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Consolidated statement of financial posi tion, Group

!”#A %&'” E)E*+,E+-, E)EK+,E+-,
!””#A”
!”#$”%C'(F*$++F#+*
BCDEF*E* + I-.L01
OP4ERSCFPTFUC9:EST**EP* I-.;0I-
?T@CPT:CAEBSBECE:a@bEFPSDa*PScaRSadFSUTbE*STFBSPED4Fa:aUeSBECE:a@bEFPS -> ->.<=0
IC”$”-C$(*$++F#+
jCFTFDCT:ST**EP* f.If +
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nCU4P+ac+o*EST**EP+phC:BCFU* 1> -f.=1I
‘L0NO34L4+5STT8403N99809 ,:-;<*< K)E;K=E
86//F”#*$++F#+
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qRE@TCBSEl@EF*E*STFBSTDDRhEBSCFDabE f=
?T*4STFBSDT*4SEmhCCT:EFP* ->I.=-L -;-.;>=
‘L0NO35STT8403N998093 ,*-;*E, -)?3>!!”‘! –=;K:) =,,;*=E

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 20

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Consolidated statement of financial posi tion, Group (cont.)

!”#A B&D” E)E*+IE+-I E)EK+IE+-I
!”#ABCDE)*D+AEIA+ABA!-
!”#$%C’E%%)$*#%E*+,’%-‘-./,)0′-N’%2,’3E),/%
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>R.N0DO?@R0QABRNCDOL3QRLSD U9aUT9:b; U9=YT9TaU
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cNRLQ@NCDNL0@Q@fdDQ@OSBCQ@fD@NRD30?gQRD?0DS?ddDg?0DR.ND3N0Q?C hU9:=Y9==i hU9bab9U:U
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DL0NO3=S>>QY03OTN?TOT0TQ@ **9::E :)9*:-
D&DAB3″CabDc3ABG3BbAebBbDb”! –I9K:) III9*IE

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 21

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Consolidated statement of changes in equity

!”#A !BCDEFGCHIJCKF
/JBEDFGMNJDIO3JE4F
GCHIJCKF RESEDTESF REJCINE4FECDNINUSF 9MJCKFE:3IJ;FF
?BCAaA ?CABaCab? ?cC??d e?C@b@C?c? AdbCdda
!”#$%&'()#$*+,’–.$(‘&$#/”$%”&)’0 + + + +N223N45 +N223N45
!”#$%&'()*%$#$+,-.$&-+'()$&/(%&”#$&*$%-(0
6&T8-,T#)’8$0)((“&”89”- + + :;< + :;<
9MJCKFGMfHDEBENSITEFINGMfE
<325: N?3?:; + + NN3???
9MJCKFGMNJDIO3JIMNFgDMfFCN4FTCK3EFJDCNSgEDSFJMFSBCDEBMK4EDSCF
DEGMUNIhE4F4IDEGJK;FINFE:3IJ; ?CBAc a@C@cb e e aaC@@@
<CKCNGEFCJFa=FiEGEfOEDF?@?A a?CcdB ?Cb?aCc@d ?cCbB@ e?CcABCAAM ??=C@a@
CN3CD;F?@?c ?BCAaA ?CABaCab? =cC=A@ e=CMc?CaBA dBcCbA?
!”#$%&'()#$*+,’–.$(‘&$#/”$%”&)’0 + + + +N4@3A:@ +N4@3A:@
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9MJCKFSBCDESFM3JSJCN4INUFCJFJBEFEN4FMgFJBEFHEDIM4 =Cb?cCcadC?cc =CcMbCMb?C@c@

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 22

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Consolidated statement of cash flows, Group

!”!# !”!A !”!# !”!A %CDE )*+C ,A ,A JK)/0CN JK)/0CN
!”#$%C'(F*%+C’I’C’#-*
!”#A%CDEF%C*E+%EI-*”./E0# N2P45S7 NP894S:: N;9947;; N?@#.+-0.%CE*%0E0NA”#A%/.-+# SS4P82 P5942SP ;<;472P NP N N:5 N B0.-*-#.%*-A-/C-> ;99 :45:8 ;% 😛 P4;9P NP49:5 P97 NO3Q5ST895S:8;5</=3>?5@AB58C>:Oa@Ab5Oca@d@a@>35e>S8:>5cQOAb>35@A598:E@Ab5cOC@aOT /fg!fh iAgh#M hhghkk A”gA#f
.%-/*01O3*0$O4*+/%(F#-*'(*3O$5′(F*+%”‘C%1
B0A*-“#-%bcde>-A*-“#-%bNd%/0%EI-*”./0f%*-A-/C”gD-# P4:2< N<4S5; ;;49;S P:-A*-“#-%bNd%/0%EI-*”./0f%D/”g/D/./-# P4S72 NPP4982 N<P42P: N7548;8 NO3Q5ST895S:8;5</=3>?5@AB58C>:Oa@Ab5Oca@d@a@>35OSa>:5cQOAb>35@A598:E@Ab5cOC@aOT /hgA”A /h”h A#glh! fAglM”
6(I#-C'(F*%+C’I’C’#-
h@*AA”#-%EC%I*EI-*.i4%ID”0.%”0>%-j@/I+-0. N27< N:4<9: N5425%0E0NA@**-0.%”##-.# 7 ;%/0.”0f/gD-%”##-.# N N N S4:P%?E/0.%C-0.@*- N N N :4P52 h@*AA”#-%EC%/0.”0f/gD-%”##-.# N N N NP948:S B0C-#.+-0.#%/0%EF0%f”+-#%”0>%.-AA0EDEfi N:;48SS NS547:2 NPSS4S<< N::842<2 B0C-#.+-0.#%/0%I@gD/#A/0f%I*E?-A.# N N;4-A*-“#-%bcd%/0%#AE*.N.-*+%/0C-#.+-0.# N N N<49P; N NO3Q5ST895S:8;5</=3>?5@AB5@Ad>3a@Ab5Oca@d@a@>3 /!#gAhk /f#g#!M /ifMgh!k /!A#gA#l
7′(%(+'(F*%+C’I’C’#-
m-F%/##@- N N <-C-DEI+-0. N P24898 :9425P ;847;5 oCC-A.%EC%C/0″0A/”D%D-“#- N<42;7 N54<PP N:P4:S5 N:3 /hgfAk lghkf h!gA!h !Ag#!h
NO3Q5ST895S8:5</=3>?5@AB5aQ>5C>:@8? /h!gAk! /#MgAhA /lkg”MA /i#fg”f#
!”#A%”0>%A”#A%-j@/C”D-0.#%”.%.A-%g-f/00/0f%EC%.A-%I-*/E>% P<S4P<: :;74:S: P7P4792 /CC-*-0A-%/0%A”#A%”0>%A”#A%-j@/C”D-0.# N:: 55 N:P; :P7 NO3Q5OA?5cO3Q5>m=@dOT>Aa35Oa5aQ>5>A?58S5aQ>5C>:@8?5 i”!gfil ikigk”f i”!gfil ikigk”f

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 23

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Performance measures , Group

!”!# !”!A !”!# !”!A
%A %A CDE)*+, CDE)*+,
!”#ABCD”BEA)*+I -KEK// -0EN2P //PE45/ K52E52K
*ST89:EA)*+I ;KKE42P K4E0<P /5E445 4<E0–
*ST8EA)*+I ;0KE524 ;K<PE2// ;-PPE4– ;NK4E?@A#AB;D?BBCAa”@?>”A#CbEA)*+I ;0KE55K ;K0<E244 ;-P/E024 ;NK<E00?@A#AB;D?BBCAC@#”>A#CbEA)*+I ;0/EP22 ;K0<E<N/ ;N44ENK2 ;NK<E5-dAeEAf ;/4gK -/g- KNgK 2/g2
*ST8AcC>dAeEAf ;K2Pg- ;N0<g4 ;K5Kg- ;K?@A#AcC>dAeEAf ;K2Pg2 ;N0Kg0 ;K5/g/ ;KC#A?EAf 02g2 5/g2 02g2 5/g2
kD?BAedAl>Am”A?@A:ABnC>”A@?>A#n”Al”>A?oEA)*+Ap PgKN Pg/K PgKN Pg/K
kD?BAedAl>Am”A?@ASABnC>”A@?>A#n”Al”>A?oEA)*+Ap PgKP Pg/K PgKP Pg/K
SCBAmA”C>eAedBAl”>ABnC>”EA)*+ ;PgP- ;PgKK ;Pg/2 ;Pg//
9ADi#”oA”C>eAedBAl”>ABnC>”EA)*+ ;PgP- ;PgKK ;Pg/2 ;Pg//
!ica”>A?@ABnC>”BAC#A”eoA?@Al”>A?oAa”@?>”AoADi#A?e KE0/-E-N5E/– KE-<0E<0/EP-P KE0/-E-N5E/– KE-<0EA?@ABnC>”BAC#A”eoA?@Al”>A?oAC@#”>AoADi#A?e KE0/-E-N5E/– KE-<0E<0/EP-P KE0/-E-N5E/– KE-<0ECd”Aeica”>A?@ABnC>”BAa”@?>”AoADi#A?e KE0/-E-N5E/– KE-<0E<0/EP-P KE2<NE50-E/P/ KE-<0ECd”Aeica”>A?@ABnC>”BAC@#”>AoADi#A?e KE0/-E-N5E/– KE-<0E<0/EP-P KE2<NE50-E/P/ KE-<0ECd”Aeica”>A?@A”clD?M””B K-N K54 K25 K54
!ica”>A?@A”clD?M””BAC#A#n”A”eoA?@A#n”Al”>A?o KN< K50 KN< K50

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 24

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Performance measures, Group
EBITDA
Earnings before interest, tax, depreciation, and amortization.
EBIT
Earnings before interest and taxes.
EBITDA margin
Earnings before interest, tax, depreciation, and amortization as a percentage
of net sales.
Operating margin
Earnings after depreciation and amortization as a percentage of net sales.

Profit margin
Profit after financial items as a percentage of total net sales.
Equity/assets ratio
Equity as a percentage of capital employed.
Earnings per share
Profit or loss after taxes divided by the average number of shares during the
period.
Equity
Reported equity including 79.4 percent of untaxed reserves .

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 25

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Reconciliation of alternative performance measures

!”!# !”!A !”!# !”!A
%A %A CDE)*+, CDE)*+,
!”#AB&
!”#AB&DEFG”A+ID&G-K/+MMNOGP4RS KT8O9:; K8> K?==O;?? K@8;O<8?
AB+A&DCB&D+EG+IGDE&BEFDa/#GBMM#&MOGP4RS ?TO8;; 89?O=98 @;9OT?? @;TO:<8
b#”A#cDB&D+EG+IG”A+”#A&dOG”/BE&GBEeG#fgD”B#E&OGP4RS @O;9 >=O<9<
4hiMbA K88O;:= 8;OT9O;;9 ;<OT??
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4hiMbAOGP4RS K88O;:= 8;OT9O;;9 ;> ?TO@:= >>=O;9> 89:O9:8
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!”#AB&DEFG”A+ID&G-K/+MMNOGP4RS KT8O9:; K8> K?==O;?? K@8;O> ?TO@:= >>=O;9> 89:O9:8
4hiMGBBAFDEOGl K8:=m? K@T<m; K898m? K8m=
0*12IPDE)*+I-.D/
nA+ID&G-K/+MMNGa#I+A#G&BoOGP4RSG KT8O998 K8TOT:; K@8<OTT> ?TO@:= >>=O;9> 89:O9:8
nA+ID&GBBAFDEOGl K8:=m: K@T8mT K89>m> K8>8O=@= :9TO99@ >>8O=@= :9TO99@
M+&B/G#fgD&dGBEeG/DBaD/D&D#MOGP4RS @@<O?9= <88O: @@<O?9= <88O:
4fgD&dG&+GBMM#&MGAB&D+OGl T:m: 9>m: T:m: 9>m:
A/&#AEB&Dp#Gn#AI+ABBEc#Gq#BMgA#MG-AnqMNGBA#GIDEBEcDB/GDEeDcB&+AMG+IG”#AI+ABBEc#OGIDEBEcDB/G”+MD&D+EGBEeGcBMrGI/+sGE+&Ge#IDE#eGDEG&r#GB””/DcBa/#GA#”+A&DEFGIABB#s+ASG-ituPNmGMr#M#GBA#Gc+EMDe#A#eG&+Ga#GDB”+A&BE&GBeeD&D+EB/GS#dGIDFgA#MGI+AG&r#GvA+g”wMG”#AI+ABBEc#mGPDEc#GE+&GB//G#E&D&D#MGcB/cg/B&#GIDEBEcDB/GB#BMgA#B#E&MGDEG&r#GMBB#GsBdOG&r#dGBA#GE+&GB/sBdMGc+B”BABa/#G&+G&r+M#GgM#eGadG+&r#AG#E&D&D#Mm

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 26

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Parent company income statement

!”!# !”!A !”!# !”!A
%CDE )A )A *+,JKD/ *+,JKD/
!”##AAB&’##(F(* +I-./ 0I//N /+I002 N.INP2
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4R6F*78″>#”6(78;A&#(7?”6 <-I22- <N-I.22 </2I2+0 </.I.-N
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BR&;6FR(F(*768B7#”6F”::787(:’**(F(*&#F::*C(*76 <N- <- </P <N/
4R6F*78696″:&”;A&#(7?”6 <-2= < <NIP.2 A J!E=A?# J<!=<?@
a”&b:#7#8c6C(87(?”:768F8;A(d”6(c96″#7* < NI+.= < NI+.=
4R6F*78cF(7(&F”::78F(#’;#”6 /N0 /I=0A -I+N. N2IAA+
eF(7(&F”::78;A&#(7?”6 < < <2 @! J!;=A!A
fA;&:b#&?F&gA&F#FA(“6 < </-AI0=- < </-AI0=- A9a0CS2SPFB:9Pa82SS J;=!E” J!A;=#A> J!#=>@! J!#!=”;?
K(;AB&#&;7## < < < J!#=>@! J!#!=”;?
e968BA?”6iA:7*”#89R”6″(&#’BB”68g”6FA?”(&86″&b:#7#8B”?8#A#7:6″&b:#7#”# M

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 27

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Parent company balance sheet

!”#A %&%’E)%E*) %&%+E)%E*)
!””#A”
!”#$%C”(#F*+,,(F,
-‘”.(‘F/0*.N+#F*+#2*(PC4.5(#F
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64#+#%4+N*+,,(F,
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,-KL01O-OE3455SOK1LTTSKT ‘&89)%’ *++9:)’
7C”(#F*+,,(F,*
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eI+E/41.+fE+0-+-./01./<<I)+1.40d?A
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,-KL013455SOK1LTTSKT1 )8+9)*& +”98:&
,;,<=1:)9%” :&&9′?’

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 28

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Parent company balance sheet (cont. )

!”#A B&BDE)BE*) B&B+E)BE*)
!”#AB&DE)*D+AEIA+ABA!-
!”#$%C
-.L0NDOL3QRLSD TU9:;Y UY9=T=
-.L0ND30N>Q?>D0N@N0AN U9==B9:U= U9=UB9TCY
aNRLQbNcDNL0bQbd@ eU9fCg9gCf eg9;gY9g=T
)NRD30hiQRDMeSh@@NDih0DR.ND3N0Qhc eU=9;BU eU=U9fgC
I-KL0NO3Q5KS +T)U99B +9+U:++
‘#EE)*%+,$-.$,$%$)/
B0LcND3LlLmSN@ g9gTg g9=B:
+QLmQSQRQN@DRhDd0h?3DOh>3LbQN@ g;f9:;: Tf:9:gC
nR.N0DSQLmQSQRQN@ U9=Tf g9YgU
EOO0?NcDNo3Nb@N@DLbcDcNiN00NcDQbOh>N =9UU; C9Y=;
I-KL0N;QYYO=KN05L>505K5O? )9TU*:* *)DU9D)
I@IABN”CabIcNAGeNBbAIbBbIb”! J9)UBDD 9&&UDTD

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 29

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Notes
Note 1 Accounting and valuation principles
This interim report has been prepared in accordance with IAS 34, Interim
Financial Reporting. The accounting principles and calculation methods are
consistent with those applied in 2024.
The Parent Company’s report has been prepared in accordance with the
Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities and in
accordance with the same accounting principles and calculation methods as
the 2024 Annual Report (Note 2, pages 57 – 62).
No new or revised IFRS rules have entered into force that are expected to
have a significant impact on the Group. For all financial assets and liabilities,
the carrying amount is a good approximation of fair value.
Depreciation of intangible assets
For completed in – house game development, depreciation is based on the
declining balance method, i.e. a decreasing depreciation amount over the
useful life. Intangible assets with finite useful lives are amortized from the
date they are available for use. E stimated useful life for in – house game
development is 3 years, where depreciation is applied at 2/3 year 1, 33
percent month 1 and 33 percent month 2 – 12, and the last 1/3 year 2 – 3 .
Note 2 Pledged assets
Pledged assets in the group refer to rent guarantees.

!”#$ %&%’E)%E*) %&%+E)%E*)
!”#$%#$&'((#)( *+,-. /01+1*2

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 30

CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Note 3 Net sales per category

Note 4 Group depreciation by function

!”!# !”!A !”!# !”!A
%CDE )A )A *+,JKC/ *+,JKC/
!”#$%&”‘$& (()G+G (,)-+. L(+)L,- L(,)+((
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CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Other information 05

Org.nr: 556551 – 8932 Q4 Interim Report October – December 2025 32

For more information
Mats Juhl , CFO
Tel: +46 (0)8 – 209 229
ir@starbreeze.com
Financial calendar
Annual report 2025 April 1 6 , 202 6
Annual General Meeting 2025 May 12, 2026
Interim report 2026 – Q1 May 12, 2026
Interim report 2026 – Q2 August 20, 2026
Interim report 2026 – Q3 November 12, 2026
About Starbreeze
Starbreeze is an independent developer, publisher, and
distributor of PC and consoles targeting the global market.
Housing the smash hit IP PAYDAY ™ , Starbreeze develops
games based on proprietary and third – party rights, both in –
house and in partnership with external game developers.
Starbreeze shares are listed on Nasdaq Stockholm under
the tickers STAR A and STAR B
Read more on www.starbreeze.com and
corporate.starbreeze.com
This information is information that Starbreeze AB is obliged
to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, via the
contact persons set out above, at 6:45 am CET on February
1 9 , 202 6 .

2023 – 04 – 04 Q4 Interim Report October – December 2025 33