Paradox Interactive FY2025 Annual Report

ANNUAL REPORT 202 5

*Please note that this is a translation for information purposes only –
in case of any discrepancies between this version and the Swedish,
the Swedish version shall prevail.

ANNUAL REPORT 2025 2
TABLE OF CONTENTS
ABOUT PARADOX INTERACTIVE ………………………….. ……………………… 3
COMMENTS BY THE CEO ………………………….. ………………………….. …… 5
BUSINESS MODEL ………………………….. ………………………….. ……………. 6
GROWTH STRATEGY ………………………….. ………………………….. …………. 7
THE GAMES MARKET ………………………….. ………………………….. ………… 8
THE VALUE CHAIN ………………………….. ………………………….. ……………. 9
GAME DEVELOPMENT ………………………….. ………………………….. ……… 11
PUBLISHING ………………………….. ………………………….. ………………….. 15
THE PLAYERS ………………………….. ………………………….. …………………. 18
THE PLAYERS IN NUMBERS ………………………….. ………………………….. 19
ORGANISATION ………………………….. ………………………….. ……………… 20
GAMES ………………………….. ………………………….. ………………………….. 22
ADMINISTRATION REPORT ………………………….. ………………………….. 28
CORPORATE GOVERNANCE REPORT ………………………….. …………….. 32
SUSTAINABILITY REPORT ………………………….. ………………………….. .. 39
INCOME STATEMENT, GROUP ………………………….. ………………………. 47
BALANCE SHEET, GROUP ………………………….. ………………………….. … 48
EQUITY, GROUP ………………………….. ………………………….. ……………… 50
CASH FLOW, GROUP ………………………….. ………………………….. ……….. 51
INCOME STATEMENT, PARENT COMPANY ………………………….. ……… 52
BALANCE SHEET, PARENT COMPANY ………………………….. ……………. 53
EQUITY, PARENT COMPANY ………………………….. …………………………. 55
CASH FLOW, PARENT COMPANY ………………………….. …………………… 56
NOTES ………………………….. ………………………….. ………………………….. . 57
AUDITOR’S REPORT ………………………….. ………………………….. ……….. 72
FINANCIAL CALENDAR ………………………….. ………………………….. …….. 74

ABOUT PARADOX INTERACTIVE – ANNUAL REPORT 2025 3
ABOUT PARADOX INTERACTIVE
Paradox Interactive is a leading developer and
publisher of strategy and management games for PC
and consoles. The company’s games reach six million
players every month worldwide, with its largest
markets in North America, Western Europe and Asia.
The portfolio includes popular game franchises and
intellectual properties such as Age of Wonders, Cities:
Skylines, Crusader Kings, Europa Universalis, Hearts of
Iron, Prison Architect, Stellaris, the Surviving games
and Victoria. Paradox Interactive also owns the
intellectual property rights to the World of Darkness
universe.
The games are developed by Paradox Development
Studio, which consists of PDS Black, PDS Gold, PDS
Green, PDS Teal and PDS Purple in Stockholm,
Paradox Tinto in Barcelona, Haemimont Games in
Sofia, Iceflake Studios in Tampere, Playrion Game
Studio in Paris and Triumph Studios in Delft. Paradox
also collaborates with several external development
studios.
Paradox Interactive’s headquarters are located on
Södermalm in Stockholm , and the company is listed
on Nasdaq First North Premier Growth Market.
HISTOR Y
Paradox Interactive emerged from Swedish gaming
history and was, until the early 2000s, the video game
division of Target Games. In 2004, the division became
independent and Paradox Interactive stood on its own
two feet, with seven employees. Since then, the
company has created games that have been enjoyed
for endless hours around the world and has grown
with studios in several countries.

4

Europa Universalis V

COMMENTS BY THE CEO – ANNUAL REPORT 2025 5
COMMENTS BY THE CEO
2025 has been an intensive year for Paradox. We have
continued to develop our established game
franchises, strengthened our organisation and
completed several important releases that mark the
next step in the company’s development.
During the year, our core business has demonstrated
continued strength with solid underlying sales.
Despite periods with fewer releases and currency
headwinds, we have delivered stable cash flows. This
is a clear testament to the strength of our business
model , where long -lived games, engaged
communities and the continuous development of our
titles create value over time.
We continued to develop our existing games with
many successful expansions and updates. In
particular, Victoria 3 and Age of Wonders 4 took
important steps in their development, with both
games having established a stable player base and
level of revenue. This makes it possible to continue
developing them for a long time to come. In parallel,
we continue to develop our offering to players
through better packaging, more entry points into our
DLC catalogue and close collaboration with our
partners.
The most high -profile release of the year was Europa
Universalis V, which marks the beginning of a new
chapter for one of our most important game
franchises. The game is a clear example of the level of
ambition we bring when developing new experiences
within our core genres and demonstrates our desire
to take our established franchises even further.
In the management genre , we have worked to further
consolidate our control and know-how. This was
achieved p artly through the acquisition of
Haemimont Games and $/. game /eam’. deep
expertise. And partly through Iceflake Studios taking
over the primary responsibility for the Cities: Skylines
franchise, which provides greater creative control
and the opportunity to work closely with players in
future updates. Overall, we are now in an even better
position to develop the management portfolio for the
future.
We are optimistic about the work that lies ahead of
us. Having closed the year and written down
Vampire: The Masquerade – Bloodlines 2, we have a
more streamlined balance sheet, no strategically
divergent projects consuming focus and resources,
and a strong sense of direction regarding where to
focus our efforts. Going forward, our pipeline is
entirely focused on strategy and management games
– genres in which we have deep expertise and where
we know we can create the greatest value for our
players. Almost all these projects are also being
developed in our own studios. At the same time, we
have both the capacity and the ambition to grow
beyond this, and we continuously evaluate further
opportunities to expand our long -term pipeline of
projects.
As we enter the next year, we do so with clear focus
and strong confidence in the future. With a focused
pipeline, a stable financial position and several of the
industry’s most engaged communities, we are well
positioned to continue developing the games that
our players want to return to – year after year.
Fredrik Wester, CEO

BUSINESS MODEL – ANNUAL REPORT 2025 6
BUSINESS MODEL
The company’s main focus areas are strategy and
management games that are released for PC and
console according to a so -called premium model.
The development of games and downloadable
content is done primarily by employed staff in fully
owned game studios, but also by external partner
studios.
New games are developed for several years before
they are released, and the releases are preceded by
marketing campaigns aimed at the intended players.
After the games’ release, downloadable content is
often developed that deepens and broadens the
games’ s ystems, mechanics or provides the player
with more options. This extends the longevity of the
game as players gain access to new content and
support, while simultaneously creating stable
revenue from the games for several years. The games
are mainly distri buted through platform operators
and other distribution partners.
An important component of the games is the brands
and other intangible assets that the games are based
on. These intangible assets are developed by Paradox
employees or are acquired from other companies,
which provides the company with creative control.
Paradox’s intangible assets enable new games to be
developed at lower risk since there is an established
and often engaged player base in place. Moreover,
they provide opportunities for exploring new revenue
streams through partnerships for new games, new
forms of entertainment as well as new technologies.
FINANCING
Game development, marketing and organisation are
financed by the cash flow from operating activities.
This enables the company to grow in a sustainable
manner and with good profitability.
THE PEOPLE BEHIND THE GAMES
To make and sell intellectually challenging games
with a long lifespan, a creative and skilled staff in
many different disciplines with the right
preconditions for collaboration is required. Paradox
strives to give employees creative freedom and
responsibi lity in a collaborative work environment
characterised by well -being, safety, personal
development and performance.

GROWTH STRATEGY – ANNUAL REPORT 2025 7
GROWTH STRATEGY

Paradox has three strategic focus areas to grow its player base and revenue: Dig in, Stock up and Break -out. All
areas aim to strengthen and expand the important core business with long -lived games and revenues in the short
and long term.
All focus areas rely on the staff’s creativity, development cadence and quality awareness. Decentralised decision –
making close to games and players ensures that the company takes advantage of the developers’ skills and
creativity and develops content that players demand.

STOCK UP
By expanding the company’s
game portfolio with primarily self –
developed titles, Paradox wants to
add more games that have a long
lifespan. The focus is on
developing new franchises within
the company’s main genres.
BREAK -OUT
Through smaller investments in
experimental and externally
developed projects in adjacent
game genres, Paradox seeks to
find new and untested games
with strong growth potential.
DIG IN
By continuing to develop the
company’s long -lived core games
with new content, sequels,
improving player services and
offering more ways to enjoy the
games, the company can grow its
revenues and attract more
players.

THE GAMES MARKET – ANNUAL REPORT 2025 8
THE GAM ES MARKET
Paradox publishes and develops games for the global
gaming market. For the most part, the group releases
games for PC, but also for consoles, and has a strong
presence in North America, the Western European
market and in Asia. The games are mainly in the
strategy and management genres. Games are mainly
sold via digital platform operators such as Valve,
Sony and Microsoft.
THE GAMES MARKET IN GENERAL
In November 2025, the analytics firm Newzoo
estimated that the global gaming market’s revenue
amounted to approximately USD 189 billion in 2025,
which is an increase of 3.4 percent compared to the
previous year. The expectation is that the gaming
market wi ll continue to grow in the coming years.
Newzoo has estimated that the gaming market will
have a turnover of USD 207 billion by 2028.
According to Newzoo, console was the strongest
growing platform in 2025, with total revenue growing
5.5 percent on an annual basis and estimated to
make up 24 percent of the market’s total revenue.
Mobile gaming remains the largest platform and
accounts fo r 55 percent of the market’s total revenue
and is estimated to have grown by 2.9 percent. PC is
forecast ed to grow by 2.5 percent in 2025 and make
up 21 percent of the market’s total revenue.
By the end of 2025, there were approximately 3.6
billion players worldwide according to Newzoo, a
growth of 4.4 percent compared to 2024. Among
platforms, the number of PC players grew by 3.1
percent while the number of mobile players grew by
almost 4.5 pe rcent and the number of console
players by 2.5 percent on an annual basis.
Although all regions continue to grow in the number
of players, the Asia -Pacific region continues to be the
largest with 53 percent of the global player base and
is estimated to have grown by 4.5 percent compared
to the previous year. Overall, Newzoo predi cts that
the global player base will grow annually by
approximately 3.3 percent through to 2028.
PARADOX ’S GENRE S
2025 has continued to be defined by major releases.
This has caused competition for players’ attention,
especially on major distribution platforms, to
increase noticeably. Likewise, players are more
selective with their purchases. That said, demand for
Par adox games has continued to be very strong,
judging by this year’s sales.
PLATFORM BREAKDOWN OF GLOBAL GAME REVENUES

REGIONAL BREAKDOWN OF GLOBAL GAME
REVENUES

Source : Newzoo Global Games Market
Report 2025 (November 202 5)
Source : Newzoo Global Games Market
Report 202 5 (November 202 5)

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THE VALUE CHAIN – ANNUAL REPORT 2025 9
THE VALUE CHAIN
Paradox’s products, game development and global reach as a publisher give the company a strong position in many
parts of the gaming industry’s value chain. In every part of the value chain, Paradox strives for sustainable
operations; read more on pages 39 –45.

The IP holder owns the rights to intangible assets.
Paradox owns all major intangible assets used; including
Age of Wonders, Cities: Skylines, Crusader Kings, Europa
Universalis, Hearts of Iron, Prison Architect, Stellaris, the
Surviving games, Victoria and W Da & e..’ brand
catalogue.

Following the acquisition of Haemimont Games, Paradox
has six proprietary development studios and well –
established relationships with several partner studios
that develop new titles, sequels within the company’s
game franchises, adapt existing titles to ne w platforms,
or produce new downloadable content for existing titles.

As a publisher, Paradox evaluates, finances and markets
games developed by the company’s studios as well as
external studios. Paradox publishes games through the
main label Paradox Interactive and the experimental
label Paradox Arc.

Players buy and play games through distribution
platforms. Paradox has well -established collaborations
with the biggest players such as Valve, Microsoft and
Sony.

The total number of players worldwide in 2025
amounted to approximately 3.6 billion (according to
Newzoo). Paradox continuously strives to create a
stronger community around the games and thereby
strengthen players’ engagement. At the end of the year,
Para dox had six million monthly active users .

IP HOLDER
DEVELOPER
PUBLISHER

PLATFORMS
PLAYERS

10
Victoria 3
Charters of
Commerce

GAME DEVELOPMENT – ANNUAL REPORT 2025 11
GAME DEVELOPMENT
Paradox game development focuses on creating
new content for its most popular titles while
developing new base games.
In the past year, Paradox has developed new content
for all of the company’s internally developed core
games, for example No Compromise, No Surrender
for Hearts of Iron IV, Charters of Commerce for
Victoria 3, All Under Heaven for Crusader Kings III,
BioGe nesis for Stellaris and Archon Prophecy for Age
of Wonders 4. In total, Paradox and its wholly owned
studios have developed 16 expansions for its active
titles, complemented by several major free updates
to systems and features.
The major event of the year was the release of
Paradox Tinto’s Europa Universalis V, the highly
anticipated sequel in the company’s flagship
franchise. The game was warmly received at launch,
laying the foundation for a long development journey
for the gam e.
CONTINUED FOCUS ON THE CORE
In 2025, the focus has continued to be on
strengthening the development of the company’s
core games. Within the management genre,
Haemimont Games has become part of Paradox
Interactive and in November released its first project
as part of the group. At the turn of the year, Iceflake
Studios took over all development of the Cities:
Skylines franchise from Colossal Order, meaning that
one of Paradox’s strongest game franchises is now
developed internally.
Among the company’s strategy game studios, several
games have raised their ambition level in their DLC,
for example All Under Heaven for Crusader Kings III.
The Asia -focused DLC increased the game’s total map
area by nearly 30 percent and was warmly receiv ed
by Asian as well as Western players. The company’s
game developers have also continued to work closely
with their respective modding communities, both
through ongoing dialogue and by developing Content
Creator Packs – smaller DLC co -developed by
modders and the studio.
Several studios have also worked to parallelize their
development in order to better meet players’
demand for high -quality DLC with varying scope of
content. The company’s game studios also
continually experiment with new tools in game
development, includi ng those linked to generative AI.
ACCESSIBILITY AND MULTIPLAYER
Paradox continuously focuses on making it easier to
start playing its more complex titles. The ambition is
to continuously make the games easier to appreciate
even for completely new players, without losing the
depth that characterises the games. Among oth er
things, this is done through better user interfaces,
better introductions to the games, better instructions
and a greater breadth of guides and other material.
Multiplayer continues to be an important area of
development for Paradox, as it provides an
additional social dimension and extends the lifespan
of the games. During the year, the company’s studios
have continuously updated their multiplayer
functionality. For example, Hearts of Iron IV has
continued to update its Battle Planner and made a
series of updates to support all who enjoy the
multiplayer mode.

GAME DEVELOPMENT – ANNUAL REPORT 2025 12
INTERV IEW
JOHAN ANDERSSON – STUDIO MANAGER /GAME DIRECTOR , PARADOX TINTO
Europa Universalis V released in November 2025,
w h y u’ve g ed s me d s ce he
release, how does it feel?
This is a kind of weird feeling, as we worked so long
on this game. While this may not have been the
longest development time for a game ever, we still
spent over five years on a game before releasing it to
the public. I am really proud of the game we released;
it was insanely ambitious and more complex than
anything we had ever made before.
You had a great launch with very positive players,
what are the next steps for Europa
Universalis V?
We will continue to support Europa
Universalis for a long time with
regular updates, focused on different
parts of the World at each update.
Our goal is to increase the
replayability and long -term
enjoyment of the game. This summer
2e 2$ e ea.e “A .. / e P$ a .”
which will improve the experience for
the players when playing Castille,
Granada and Morocco, and later in
/ e yea “A A $a e” 2$ e
released, with more content for
France and Scotland. Accompanying
each paid DLC there will be lots of f ree
improvements, as the players have come to expect
from a Paradox game.
Europa Universalis is our longest running
franchise, d y u’ve d rec ed every er f
. H w w u d y u descr e he fr ch se’s
development, what has remained the same?
It is hard to condense down three decades into a few
.e /e e., / I’ g$1e $/ a g . W $ e I’ .ay / a/ 2 a/
has stayed the same, to create a believable
gameworld and a great historical experience of the
early modern age, the methods have changed
dramat ically. Computers are far more advanced than
they were in the mid -90s, so that has made the
games more complex as well, not necessarily in how
much you have to handle as a player, but where 25
years ago the economy system was represented by
Stockholm givin g 2 gold in tax every month, now we
can simulate that there are dozens of different
industries creating different goods to be exported,
and you now can decide on how much these are
taxed.
Wh ’s ee he gges ch e ge ge g
Europa Universalis V into the hands of the players?
I would say that we had a fair bit of challenges in
getting the game into the hands of
the players. We were building a new
studio from scratch and developing
DLC for another simultaneously . And
starting all of this during the
Pandemic years in a country where
only one of the four of us starting it
spoke the language fluently. Building
processes, finding an office, recruiting
people and training them and
running projects in parallel was an
interesting challenge to say the least.
The community has been engaged
throughout the development of
Europa Universalis V, particularly
through the Tinto Talks initiative.
In what ways has community feedback shaped the
g me’s deve pme ? H w w y u w rk w h he
community going forward?
I am a firm believer that you are nothing without the
players, and talking to them regularly makes your
games better. Early in the Tinto Talks we got
feedback from players about how a bigger diversity
of estates and pop -types would be better, and we
chang ed the game. Another example of aspects that
changed before release was how great powers and
hegemonies work. It has not just been Tinto Talks,
but we have also used quantitative and qualitative
user research as well to gather feedback. We will
continue w ith all of these methods for as long as we
are actively working with the game.

GAME DEVELOPMENT -ANNUAL REPORT 2025 13
GAME PILLARS
In order to create strategy and management games that can be explored and experienced again and again, all
development of the company’s core games is based on five guiding Game Pillars. They ensure that the games
offer deep experiences that give the player many opportunities and interesting challenges.

AGENCY
Paradox games give players the freedom to live out their fantasies, create their own stories
and express themselves and their creativity. From customization options, game rules and
modding to emergent stories and rewriting history, Paradox titles are not l inear, plot driven
experiences .

LIVING WORLDS
Paradox games feature dynamic, reactive worlds where other forces seem to be pursuing their
own goals beyond the control of players. No two game sessions will be the same and players
will experience new stories every time they play.

INVITING
Paradox games have compelling themes with a clear promise. Players are enticed to make the
effort of learning our games. Which are approachable enough to keep players engaged,
onboarding them in their worlds and gameplay systems in a smooth and rewarding w ay.

CEREBRAL
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playing.

ENDLESS
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playthrough or there is no end state at all. Paradox games provide engagement for a long
time.

14

Cities: Skylines II
Bridges & Ports

PUBLISHING – ANNUAL REPORT 2025 15
PUBLISHING
Publishing is responsible for the games’
marketing, sales and commercial development
and consists of two units: Paradox Interactive and
Paradox Arc. The main publisher Paradox
Interactive works closely with internal studios and
major third -party developers within the
company’s core genres. The experimental
publisher Paradox Arc’s task is to find,
continuously evaluate and launch smaller and
experimental titles in genres that are outside of
Paradox Interactive’s focus areas.
PARADOX INTERACTIVE
2025 has been one of the most release -intensive year
in Paradox history and the publisher’s focus ha s been
on the sales and marketing of all releases. In addition
to two new games and a remaster, a broad range of
new DLC and updates have been released across all
platforms.
The year was dominated by two major releases:
Europa Universalis V and Vampire: The Masquerade –
Bloodlines 2. Europa Universalis V, the popular
sequel to Paradox’s longest -running grand strategy
franchise, was released in November. Ahead of the
release, significant effort was devoted to close
community engagement and sustained , transparent
influencer campaigns . The title received strong
reviews and generated high levels of engagement,
paving the way for long -term commercial
development.
The highly anticipated RPG Vampire: The
Masquerade – Bloodlines 2 was released in October,
preceded by successful marketing efforts. However,
the game received a mixed reception and did not
meet sales expectations, resulting in a write -down in
/ e yea ’. $ a q a /e .
GROW PARA OX’S CORE
In addition to releasing new content, one of
P $. $ g’. ma% . a ea. $. / . / / e
company’s active titles in their growth. This is done
through the sale of new DLC, (re)packaging the
games’ often extensive DLC catalogue, better pricing,
localisation to new markets and strengthening the
relationship with distribution partners in order to
reach new audiences and provide more entry points
into the games. For example, Cities: Skylines
launched a subscription model for DLC on Steam
during the year . Furthermore, almost all games now
offer an Expansion Pass – a bundle providing all
future DLC planned for release during the coming
development period.
In order to provide players with exciting experiences,
Paradox has increasingly focused on develop ing
content together with its players. For example,
content creators have launched Creator Packs for the
Cities: Skylines franchise as well as Crusader Kings III,
containing new music or new buildings. During the
year these initiatives ha ve continued, with additional
content launched in close collaboration with the
community.
PARADOX ARC
Paradox Arc searches for cost -effective games that
are deemed to have higher risk but good potential
and which can eventually become part of Paradox’s
core portfolio. During 2025, the publisher launched
several new titles in Early Access .

PUBLISHING – ANNUAL REPORT 2025 16
INTERV IEW
KIMBERLY TRAPNELL – PARTNER MARKETING MANAGER
What do you do as a Partner Marketing Manager at
Paradox?
As a Partner Marketing Manager my main objective is
/ e . e Pa a 3 I /e a /$1e’. game / $ ’.
visibility on the different partner platforms. I do this
by pitching marketing ideas to partners as well as
identifying valuable partner marketing opportun ities
for our games and project managing these
opportunities. We engage with a wide variety of
partners: our platform operators ,
physical retail, and our game tech
partners.
B / I ’/ g a/ / $. a e! We’ e a
team of Partner Account Managers in
Publishing that works across all of
Pa a 3’. /$/ e., both live and in
development projects , and work hand
in hand with all Publishing functions.
2025 has been one of the busiest
release years he P r d x’
history, what has been your most
memorable/proudest experience
this year?
2025 was truly a busy year with many
situations that required extraordinary problem –
solving and team collaborations – both internally and
e3/e a y. B / $/’. a . / e.e /y e. .$/ a/$ . / a/
make you grow the most and certain skills can only
be gained through experience. Some of my most
memorable collaborations are all the editorial pieces
published by our partners, the work with physical
editions, the in -store marketing placements and the
events we did together with partners like Nvidia and
Unreal. The fact that so many of our partners talked
about and showed our games in their channels,
platforms and events during 2025 is probably what
I’m m ./ .
What are the most noticeable shifts and trends
when it comes to marketing with our partners?
The purpose is becoming increasingly important.
Partner marketing needs to resonate with the game
and the players. The competition is also big and
growing all the time, our partners have limited
marketing spaces – whether it’s in their digital store,
social media or in their booth at an even t. It takes
more to get one of our partners’ placements, which
sets higher standards on us but the
end result to the target audience is
also better. Partners also expect
more, we need to support their
specific business o bjectives in order
to qualify for opportunities that were
much more accessible in the past.
Looking ahead, how is the team
preparing for 2026 and 2027
releases?
With partners, discussions need to
start early to enable the best possible
partnerships and collaborations, as
many of these preparations are
already underway. But starting early
with partnerships and partner collabs in game
development can also be challenging. It’s often a
balance between being able to take advantage of
opportunities while keeping the realities of game
development in mind. We have a very good
relationship with our external partners, and I believe
that is mainly based on communication and t rust
with a lot of feedback and a very active dialogue.

17

Stellaris
BioGenesis

THE PLAYERS – ANNUAL REPORT 2025 18
THE PLAYERS
Paradox exists to create experiences that players
love . The players’ sustained engagement
strengthens the games’ financial longevity and
helps Paradox secure recurring and stable
revenue over time. They are a source of feedback,
ideas, content and energy that make the games
even better and long lasting.
The company always strives to strengthen the
relationship with, and the engagement of, its players.
This is mainly done by offering the players various
services and functions as well as building a
community around the games.
PLAYER SERVICES
Mods
User -generated content is a key factor in creating
player value. That players have the freedom to adapt
and improve the games themselves is a strength that
drives both game experience and sales. The games
are therefore developed with the aim of enabling
players to make changes and additions to, among
other things, mechanics and graphics. As of 2025,
Paradox’s active games had over 500,000 mods
available.
During 2025, Paradox Interactive has continued to
simplify the experience for modders. For example,
the company’s own platform Paradox Mods has
continued to be developed, and Cities: Skylines II
launched its highly anticipated Asset Editor, allowing
player s to create more types of updates to the game.
All of the company’s game teams continue to work
closely with their modders to develop tools and keep
them up to date with major upcoming game updates.
Multiplayer
The ability to play with and against each other is
becoming increasingly popular and adds an extra
dimension to game experience. To continue to
promote multiplayer, Paradox has during the year
organised tournaments – for example, Hearts of Iron
IV hosted t he HOI IV Pro League for eleven teams and
collaborated with partners who arranged LAN
tournaments.
Wikis
Paradox Wiki serves as a knowledge bank for those
who want to immerse themselves in Paradox games,
by collecting information, guides and strategies.
Paradox employs moderators who ensure the quality
of the content and develop the Wikis so that they
continu e to maintain a good level. In 2025, the Wiki
pages had approximately 105 million page views.
PLAYER DIALOGUE
Forum s
The Paradox forum is one of the company’s most
important places to build a community around its
games. Players can immerse themselves in the
games, get inspiration, share insights and game
strategies, while connecting with others who share
their interests. Equally important is that Paradox
developers can directly discuss with, and receive
feedback from, players, for example when they share
Developer Diaries about upcoming updates to the
games. In total, the forums had around 56 million
page views during the year.
Player meetups and streams
To strengthen its community and create more
natural meeting places for fans, Paradox annually
conducts various player meetups, where developers,
content creators and players can interact with each
other, learn about game news and broaden their
interest in Pa radox games. During the year, several
player meetups were held for the company’s various
franchises – for example, Crusader Kings III
participated in Medieval Week on Gotland. Many
gatherings were also arranged through Community
Mixers at Paradox’s headqua rters. Victoria 3 also
hosted GD FIX events where the developers
addressed bugs raised by players in real time.
Furthermore, several teams, including Cities:
Skylines, Victoria and Stellaris, invited leading
community members to presentations and
discussio ns of development plans for the coming
year s.

THE PLAYERS IN NUMBERS – ANNUAL REPORT 2025 19
THE PLAYERS IN NUMBERS

5 ,819 ,594
planets conquered in
Stellaris
2 ,395 ,724 ,067
buildings created in
Europa Universalis V
2 ,154 ,095
religious wars started in
Crusader Kings III
1 62 ,374
countries formed in
Victoria 3
3 ,6 00 ,000
national focus selections
made in Hearts of Iron IV
1 ,289
years of gameplay
Cities: Skylines II
6M
MAU

ORGANISATION – ANNUAL REPORT 2025 20
ORGANISATION
In 2025, Paradox has continued to focus its organisation, in line with the company’s strategic direction.
During the year, the management genre was strengthened with the acquisition of Haemimont Games.
Paradox has employees in several countries, but the majority are based in Sweden.
PARADOX INTERACTIVE
Stockholm, Sweden
Founded: 1999, but current company registered in 2004
Description : Paradox Interactive is a global publisher of strategy and management
games for PC and console and publishes the group’s proprietary titles as well as
titles from third -party developers. The game catalogue dates to 1999 with players
hailing from all over th e world. The publishing business also develops the games’
communities and manages the company’s business development .
PARADOX DEVELOPMENT STUDIO
Stockholm, Sweden
Founded: 1995, but current company registered in 2007
Description : Paradox Development Studio is the game studio behind successful
strategy games such as Crusader Kings, Europa Universalis, Hearts of Iron, Stellaris
and Victoria. The studio has developed globally recognised strategy games since
1995. The studio consists o f five sub -studios: PDS Green, PDS Teal, PDS Purple, PDS
Black and PDS Gold.
Developed games: Crusader Kings, Europa Universalis, Victoria, Hearts of Iron,
Stellaris and several other titles.
PARADOX TINTO
Barcelona, Spa in
Founded : 2020
Description: Paradox Tinto is home to Europa Universalis and is currently
developing new content for the newly launched Europa Universalis V.
Developed games : Europa Universalis V .

ORGANISATION – ANNUAL REPORT 2025 21

ICEFLAKE STUDIOS
Tam pere , Finland
Founded : 2007
Description : Iceflake Studios develops management games for both PC and
consoles and was acquired in 2020. At the end of 2025, Iceflake took over the
development of the Cities: Skylines franchise.
Developed games : Surviving the Aftermath .

PLAYRION GAME STUDIO
Paris, Fran ce
• Founded: 2010
• Description : Playrion is Paradox’s mobile game studio focused on the management
genre. The studio was acquired by Paradox in 2020.
Developed games : Airlines Manager, Airport Simulator: First Class.

TRIUMPH STUDIOS
• Delft, Netherlands
• Founded : 1997
Description : Triumph Studios are the creators of the critically acclaimed Age of
Wonders and Overlord series. The studio was acquired by Paradox in 2017. In May
2023, they released Age of Wonders 4 and have continued to expand the game with
DLC during the financial yea r.
Developed games : Age of Wonders, Age of Wonders: Planetfall, Overlord.

HAEMIMONT GAMES
Sofia, Bulgar ia
Founded : 1997
• Description : Haemimont Games specialises in strategy and management games
and since its founding has developed and expanded several highly regarded game
franchises. In 2025 they were acquired by Paradox Interactive and are now working
on various management games. At th e end of 2025, Surviving Mars: Relaunched was
released
Developed games : Stranded: Alien Dawn , Surviving Mars: Relaunched, Jagged
Alliance 3, Tropico 3 -5, and others .

GAMES – ANNUAL REPORT 2025 22
GAMES
At the end of the year, the publisher Paradox Interactive’s portfolio consisted of 14 games: eight strategy
games, five management games and a deck builder. In 2025, Paradox Interactive’s portfolio was expanded
with Europa Universalis V, Vampire: The Masqu erade – Bloodlines 2 and Surviving Mars: Relaunched. The
biggest titles, in terms of revenue and number of players, were Cities: Skylines, Cities: Skylines II, Crusader
Kings III, Europa Universalis V, Hearts of Iron IV, Stellaris, Victoria 3 and Age of Wo nders 4. In addition,
Paradox Arc’s portfolio consisted of three games at the end of the year.

CRUSADER KINGS III
Release date : 1 September 202 0
Plat forms : PC , Xbox Series X|S, P layStation 5
Pri ce: USD 49.99
Description : An Heir is Born in Crusader Kings III. Expand and improve your realm,
whether a mighty kingdom or modest county. Use marriage, diplomacy, and war to
increase your power and prestige in a meticulously detailed map that stretches from
Spain to India, Scandin avia to Central Africa.
Publisher : Paradox Interactive
Developer : Paradox Development Studio
Release s 2025 : All Under Heaven (PC), Coronations (PC ), Khans of the Steppe (PC)
Legends of the Dead ( XBOX/PS ), Roads to Power (XBOX/PS ), Wandering Nobles
(XBOX/PS )

EUROPA UNIVERSALIS V
Release date : 4 November 2025
Plat forms : PC
Pri ce: USD 59.99
Description : Use war, trade or diplomacy to fulfil your greatest ambitions and
dominate five centuries of history in the latest entry in Europa Universalis, Paradox
Interactive’s flagship historical grand strategy game .
Publisher: Paradox Interactive
Developer : Paradox Tinto

GAMES – ANNUAL REPORT 2025 23

HEARTS OF IRON IV
Release date : 6 June 2016
Plat forms : PC
Pri ce: USD 49.99
Description : Victory is at your fingertips! Your ability to lead your nation is your
supreme weapon, the strategy game Hearts of Iron IV lets you take command of any
nation in World War II.
Publisher : Paradox Interactive
Developer : Paradox Development Studio
Release s 2025 : No Compromise No Surrender (PC) , Graveyard of Empires (PC)

STELLARIS
Release date : 9 May 2016
Plat forms : PC, X box One , Xbox Series X|S, Play Station 4, PlayStation 5
Pri ce: USD 39.99
Description : Explore a vast galaxy, full of wonders. Stellaris offers grand strategy on
a galactic scale, with complex gameplay mechanics, an entire galaxy to explore and
conquer, and countless alien civilisations to interact with.
Publisher : Paradox Interactive
Developer : Paradox Development Studio
Release s 2025 : BioGenesis (PC), Shadows of The Shroud (PC), Infernals Species Pack
(PC), Machine Age (XBOX/PS)

VICTORIA 3
Release dat e: 25 October 2022
Plat forms : PC
Pri ce: USD 49.99
Description : Build your ideal society in the tumult of the exciting and transformative
19th century. Balance the competing interests in your society and earn your place in
the sun in Victoria 3.
Publisher : Paradox Interactive
Developer : Paradox Development Studio
Release s 2025 : Charters of Commerce (PC), National Awakening (PC) , Iberian
Twilight (PC)

GAMES – ANNUAL REPORT 2025 24

AGE OF WONDERS 4
Release date : 2 May 2023
Plat forms : PC, X box Series X|S , PlayStation 5
Pri ce: USD 49.99
Description : Explore new magical realms in Age of Wonders’ signature blend of 4X
strategy and turn -based tactical combat. Control a faction that grows and changes
as you expand your empire with each turn!
Publisher : Paradox Interactive
Developer : Triumph Studios
Release s 2025 : Thrones of Blood (PC/XBOX/PS), Archon Prophecy (PC/XBOX/PS) ,
Giant Kings (PC/XBOX/PS)

CITIES: SKYLINES
Release date : 10 March 2015
Plat forms : PC, Xbox One, Playstation 4, Nintendo Switch, PlayStation 5,
Xbox Series X|S
Pri ce: USD 27.99
Description : Experience the excitement, possibilities and challenges of running and
developing your city in Cities: Skylines .
Publisher : Paradox Interactive
Developer : Colossal Order
Release s 2025: CCP : Shops of Shibuya (PC, XBOX/PS), C CP : Maps Pack 4 (PC,
XBOX/PS) , CCP: Emerging Downtown (PC, XBOX/PS), CCP: Countryside (PC,
XBOX/PS), CCP: Harvest Harmony ( PC, XBOX/PS)

CITIES: SKYLINES II
Release date : 24 October 202 3
Plat forms : PC
Pri ce: USD 49.99
Description : Raise a city from the ground up and transform it into a thriving
metropolis. Cities: Skylines II deliver world -building without limits .
Publisher : Paradox Interactive
Developer : Colossal Order
Release s 2025: Bridges & Ports (PC), Creator Pack: Skyscrapers (PC), Creator Pack:
Supply Chains (PC) , Creator Pack: Leisure Venues (PC), Creator Pack: Mediterranean
Heritage (PC), Creator Pack: Dragon Gate (PC)

GAMES – ANNUAL REPORT 2025 25

SURVIVING MARS : RELAUNCHED
Release date : 10 November 2025
Plat forms : PC, Xbox Series X|S , PlayStation 5
Pri ce: USD 39.99
Description : The award -winning sci -fi city builder is back, reworked, expanded and
more beautiful than ever. Colonise Mars and survive as you explore, build out the
infrastructure, welcome colonists and reach long -term stability. Mars awaits – are
you ready?
Publisher : Paradox Interactive
Developer : Haemimont Games

FOUNDRY
Release date: 2 May 2024 (Early Access)
Plat forms : PC
Pri ce: USD 29.99
Description : Build a factory optimised to perfection or an artistic masterpiece in an
infinite voxel world. Mine and harvest resources, automate your ever -growing
production lines and manage complex systems while finding your path to
mechanical mastery.
Publisher : Paradox Interactive
Developer : Channel 3 Entertainment

AIRPORT SIMULATOR: FIRST CLASS
Release dat e: 12 October 2022
Plat forms : iOS, Android
Pri ce: Free to play, in -game purchases
Description : Airport Simulator: First Class allows players to build, develop, and
manage the operations of an entire airport. From initial planning and through
upgrades and additions, players’ airports can grow into massive international hubs.
Publisher : Playrion Game Studio
Developer : Playrion Game Studio

GAMES – ANNUAL REPORT 2025 26

VAMPIRE: THE MASQUERADE – BLOODLINES 2
Release dat e: 21 October 2025
Plat forms : PC, Xbox Series X|S, PlayStation 5
Pri ce: USD 59.99
Description : Take on the role of a vampire elder and fight your way through present –
day Seattle on the brink of open war. Meet the power brokers, form alliances and
decide who will rule and what the city will become. A three -front siege of Seattle, a
power vacuum in va mpire society, and an awakened elder fighting the voice inside
their own head.
Publisher : Paradox Interactive, World of Darkness
Developer : The Chinese Room

ACROSS THE OBELISK
Release dat e: 16 August 2022
Plat forms : PC, Xbox Series X|S, PlayStation 5, Nintendo Switch
Pri ce: USD 19.99
Description : Across the Obelisk is a co -op RPG deckbuilding roguelite. Play solo or
with your friends, choose your heroes, unlock items and cards, craft your deck and
face powerful enemies in deep tactical combat.
Publisher : Paradox Interactive
Developer : Dreamsite Games
Release s 2025: Bernard, The Alchemist (PC/XBOX/PS/NINTENDO), Sigrun, the
Valkyrie (PC/XBOX/PS/NINTENDO), Shores of Sahti (PC/XBOX/PS/NINTENDO), Tulah,
the Spider Queen (PC/XBOX/PS/NINTENDO), The Sunken Temple
(PC/XBO X/PS /NINTENDO ), Necropolis of the Damned (PC/XBOX/PS/NINTENDO)

EMPIRE OF SIN
Release dat e: 1 December 2020
Plat forms : PC, Xbox One , PlayStation 4, Nintendo Switch
Pri ce: USD 39.99
Description : Empire of Sin places you at the heart of the ruthless criminal
underworld of 1920s Prohibition -era Chicago. It’s up to you to hustle, charm and
intimidate your way to the top and do whatever it takes to stay there.
Publisher : Paradox Interactive
Developer : Romero Games , Moonmana
Release s 202 5: Hunt for Aurora (PC/XBOX/PS/NINTENDO)

FGAMES -ANNUAL REPORT 2025 27

ESCAPE THE MAD EMPIRE
Release dat e: 22 April 2025 (Early Access)
Plat forms : PC
Pri ce: USD 17.99
Description : Escape the Mad Empire is a group -based roguelike dungeon crawler
with intense and deep tactical combat. Overcome the challenges with a group of
heroes and keep them alive by managing resources and upgrading your base. Can
you escape the mad empire?
Publisher : Paradox Arc
Developer : XperimentalZ Games

DARFALL
Release date : 8 May 2025
Plat forms : PC
Pri ce: USD 24.50
Description : Darfall is a hero -based RPG city builder where you take on the role of a
hero who must build and defend their home. Grow stronger during the day, find
powerful treasures, master new abilities and take on the undead hordes of the night.
Publisher : Paradox Arc
Developer : SquareNite

ADMINISTRATION REPORT – ANNUAL REPORT 2025 28
ADMINISTRATION REPORT
The Board and the CEO of Paradox Interactive AB (publ), 556667 –
4759, hereby present the annual report for the financial year 2025.
INFORMATION ABOUT THE OPERATIONS
Paradox Interactive is a leading developer and publisher of strategy
and management games for PC and consoles. The company’s games
reach six million players every month worldwide, with its largest
markets in North America, Western Europe and Asia.
The portfolio includes popular game franchises and intellectual
properties such as Age of Wonders, Cities: Skylines, Crusader Kings,
Europa Universalis, Hearts of Iron, Prison Architect, Stellaris, the
Surviving games and Victoria. Paradox Interactive also owns the
intellectual property rights to the World of Darkness universe.
The games are developed by Paradox Development Studio, which
consists of PDS Black, PDS Gold, PDS Green, PDS Teal and PDS
Purple in Stockholm, Paradox Tinto in Barcelona, Haemimont
Games in Sofia, Iceflake Studios in Tampere, Playrion Game Studio
in Paris and Triumph Studios in Delft. In addition, Paradox
collaborates with several external partner studios.
Paradox Interactive’s headquarters is on Södermalm in Stockholm
and is listed on Nasdaq First North Premier Growth Market.
The parent company is based in Stockholm.
SIGNIFICANT EVENTS DURING THE YEAR
New games were released as below:
– Europa Universalis V, developed by Paradox Tinto, was released
for PC.
– Vampire: The Masquerade – Bloodlines 2, developed by The
Chinese Room, was released for PC and console.
– A remaster of Surviving Mars, developed by Haemimont Games,
was released for PC and console.
– Escape the Mad Empire, developed by XperimentalZ Games and
published by Paradox Arc, was released for PC in early access.
– Darfall, developed by SquareNite and published by Paradox
Arc, was released for PC.
Downloadable content was released as below:
– Hearts of Iron IV – Graveyard of Empires, No Compromise, No
Surrender
– Cities: Skylines – Shops of Shibuya and Map Pack 4
– Cities: Skylines 2 – Mediterranean Heritage, Dragon Gate,
Bridges & Port