Starbreeze Entertainment FY2025 Q2 Earnings Release
Download PDFOrg.nr: 556551 – 8932 Q2 Interim Report April – June 2025 1
CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
.5
Q 2
Interim Report
April – June 202 5
Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 2
CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Second quarter 202 5
• Net sales amounted to SEK 53.8 million (40.2).
PAYDAY 2 accounted for SEK 8.0 million (9.2).
PAYDAY 3 accounted for SEK 17.7 million (22.0).
Third – party publishing accounted for SEK 6.7 million (8.8).
Work – for – hire accounted for SEK 19.6 million (0) .
• EBITDA* amounted to SEK 5.9 million (8.1). Taking into account
items affecting comparability for the current period, EBITDA
amounted to SEK 13.3 million.
• Cash flow from operating activities amounted to SEK 39.2
million (2.7).
• Depreciation, amortization and impairment amounted to SEK
30.8 million (78.9).
• Profit/loss before taxes amounted to SEK – 25.4 million ( – 70.6).
• Basic and diluted earn ings per share amounted to – 0.02 SEK
( – 0.05).
The period January – June 2025
• Net sales amounted to SEK 121.5 million (96.8).
PA YDAY 2 accounted for SEK 20.4 million (20.1).
PAYDAY 3 accounted for SEK 50.8 million (45.3).
Third – party publishing accounted for SEK 10.1 million (26.2).
Work – for – hire accounted for SEK 37.2 million (0) .
• EBITDA* amounted to SEK 21.6 million (56.6). Taking into
account items affecting comparability for the current period
and the comparative period, EBITDA amounted to SEK 42.5
million ( 36.7) .
• Cash flow from operating activities amounted to SEK 27.4
million (81.1).
• Depreciation, amortization and impairment amounted to SEK
75.3 million (150.7).
• Profit/loss before tax amounted to SEK – 54.9 million ( – 91.5).
• Basic and diluted earnings per share amounted to – 0.03 SEK
( – 0.06).
• Cash and cash equivalents amounted to SEK 156.4 million
(334.6).
Significant events during and after the quarter
• On May 6, Starbreeze entered into an agreement for the publishing rights
for PAYDAY ™ 3 and carried out a private placement.
• On May 15, the Starbreeze Annual General Meeting 2025 was held.
• On May 22, ‘Out of Sight’ launched on PC, console and VR platforms
• On May 26, ‘Party Powder’ was launched for PAYDAY ™ 3, a DLC with a new
heist, content, functionality and improvements.
• On May 27, Roboquest launched on PlayStation® 5 and 4.
• On June 25, ‘Smash & Grab’ was launched for PAYDAY ™ 3, a DLC with new
game mode, content, functionality and improvements.
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Q2 Interim Report April – June 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 Q2 Interim Report April – June 2025 4
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
CEO’s message
Sharper Focus,
Stronger Future
During the second quarter we have
taken important steps and achieved
continued progress on our journey to
strengthen Starbreeze. Our strategic
focus on the PAYDAY franchise,
proactive organizational changes,
and emphasis on sustainable growth
have started bearing fruit, guiding us
on our path towards becoming an
agile, profitable, and a proven leader
in building and sustaining world – class
IP.
FINANCIAL PERFORMANCE
Our revenue in the quarter was
robust, driven by strategic
promotional activities and increased
player engagement with the PAYDAY
franchise. Combined with our work –
for – hire – collaboration with KRAFTON
to bring PAYDAY to PUBG, this
contributed to revenue gro wth and
demonstrated the enduring appeal of
our core franchise. Notably, our
focused approach on enhancing
player experience in PAYDAY 3
continues to show incremental
improvements in both player numbers
and community sentiment – vital
indicators for long – t erm franchise
growth.
STREAMLINING OUR FOCUS
During the quarter, we published two
significant titles within our third – party
publishing division: Roboquest on
PlayStation®4 & 5 and Out of Sight
across multiple platforms including
Steam, Nintendo Switch, and VR. The
global games market is more
competit ive than ever, with
thousands of new releases each year.
Third – party publishing demands
substantial resources but delivers
limited impact compared to our core
franchises.
With the global games market
becoming increasingly crowded,
successfully reaching and resonating
with the intended audience requires a
blend of expertise, timing, and often a
degree of luck. Crucially, it highlights
the tremendous value of having an
establ ished and beloved IP like
PAYDAY to consistently break through
the noise. And it invariably takes a lot
of time and resources. Going forward,
we have decided to refocus our
ambitions on PAYDAY , our own internal
projects and work – for – hire,
sharpening operat ional clarity and
ensuring optimal use of our internal
resources.
CULTURE, PEOPLE &
ORGANIZATION
This quarter marked significant steps
in simplifying our organizational
structure, enhancing transparency,
and empowering faster decision –
making. Core studio functions now
report directly to the CEO, aimed to
streamline operations and align our
internal pr ocesses closely with
strategic priorities. We have
established three dedicated teams
running PAYDAY, our work – for – hire
projects, and Baxter. These are now
fully accountable for their respective
financial performance, fosterin g a
culture of ownership, agility, and
creativity throughout the
organization.
Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 5
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
ELEVATING PAYDAY
We remain deeply committed to the
continuous improvement and
evolution of PAYDAY 3. The recent
introduction of the game mode
“Smash & Grab” exemplifies our
approach of reducing complexity in
onboarding while enhancing gameplay
dynamics for all players. Our
community has responded positively.
To continue to drive both the
franchise and PAYDAY 3’s
transformation, we have hired a new
franchise lead who joined us in August
and are expanding the PAYDAY 3
development team. This strategic
addition reinforces our ambitions for
the franchise; emphasizi ng
meaningful content, increasing
replayability, and major improvements
to onboarding, progression, and game
systems will be our focus for the
remainder of the year. By prioritizing
player feedback, we aim to
significantly increase engagement
and ensure PA YDAY continues to
deliver exceptional value.
PARTNERSHIPS & BRAND
EXTENSION
Leveraging the full potential of the
PAYDAY IP continues to be a key
strategic priority. Our PUBG project
continues to perform ahead of
expectations and stands as a
testament to the strength of our
internal development capabilities.
During the quarter, it was our single
largest revenue contributor,
demonstrating both commercial
viability and production excellence.
With a seasoned team in place and
strong operational execution, it
showcases our ability to deliver high –
quality o riginal content alongside our
flagship franchises.
PROJECT BAXTER
Creative development on Baxter took
an exciting step forward this quarter
with the launch of our “Game
Masters” program. These small – group
tests are helping us explore player
agency and validate the unique
gameplay dynamics that set Baxter
apart. By incorp orating structured
feedback loops directly into
development, we’re building
momentum toward a distinctive and
compelling fantasy co – op experience.
Early reactions are promising and
reaffirm our commitment to
delivering something truly specia l – in
a space where we see a clear market
gap for a game like ours.
CLOSING REMARKS
This quarter's steps represent
deliberate choices to enhance
efficiency, focus, and profitability.
Our refined organizational structure,
clear strategic priorities, and
commitment to delivering engaging
gaming experiences position us
strongly for sustainab le success. I
remain confident in our direction and
deeply appreciative of the team's
relentless passion, creativity, and
determination.
Together, we’re building a Starbreeze
poised for long – term success, growth
and sustainability.
ADOLF KRISTJANSSON , CEO
Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 6
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
Significant events
during the quarter
Starbreeze enters into an agreement on
publishing rights for PAYDAY ™ 3 and carries out a
private placement of Class B shares for SEK 33
million
Starbreeze has entered into an agreement with PLAION,
allowing Starbreeze to fully acquire the publishing rights
for PAYDAY 3 from PLAION. In connection with this and
within the framework of the authorization from the Annual
General Meeting on May 15, 2024 , Starbreeze's Board of
Directors has decided to carry out a private placement of
147,676,204 Class B shares, c orresponding to
approximately SEK 33 million. The subscription price for the
Private Placement was set at SEK 0.2235 per share. The
Private Placement has been subscribed for by PLAION's
parent company Embracer Group AB (publ). Read more
here .
Annual General Meeting 2025
On May 15, the Starbreeze Annual General Meeting 2025
was held. Among other things, Jürgen Goeldner was re –
elected as chairman, and Michael Hjorth, Stefano Salbe
and Cecilia Tosting were newly elected. Read more here .
“Out of Sight” was launched
On May 22, 'Out of Sight' was launched on PC, console and
VR platforms. Read more here .
“Party Powder” DLC was launched to PAYDAY ™ 3.
On May 26, 'Party Powder' was launched for PAYDAY ™ 3, a
DLC with a new heist, content, functionality and
improvements. Read more here .
Roboquest was launched on PlayStation® 5 and
4
On May 27, Roboquest launched on PlayStation® 5 and 4.
Read more here .
“Smash & Grab” DLC was launched for PAYDAY ™ 3
On June 25, 'Smash & Grab' was launched for PAYDAY ™ 3, a
DLC with new game mode, content, functionality and
improvements. Read more here .
Significant events after the
quarter
No significant events after the quarter .
Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 7
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
Net sales and earnings 02
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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.
Second quarter 202 5
Net sales
Net sales for the quarter amounted to SEK 53.8 million
(40.2). Game sales amounted to SEK 26.1 million (31.4),
Third – party publishing amounted to SEK 6.7 million (8.8) and
Licensing deals to SEK 1.4 million (0.0). Other revenue
amounted to SEK 19.6 million (0.0) and relates to work – for –
hire.
Starbreeze's reported revenue attributable to PAYDAY 3
amounted to SEK 17.7 million (22.0). 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 ba se game, license versions,
and sales of DLC.
PAYDAY 2 sales amounted to SEK 8.0 million (9.2) and relate
to sales via Steam, Epic Games Store, and console
platforms.
Costs
Direct costs amounted to SEK 49.7 million (82.8) and
consist of costs related to game production and game
development. Direct costs include amortization of
intangible assets of SEK 27.2 million (74.1), server costs of
SEK 2.2 million (4.8) and revenue sharing linked to third –
party publishing of SEK 3.3 million (4.0). Costs related to
Work – for – hire amount to SEK 7.3 million (0).
Capitalized development expenditure reduced direct
costs by SEK 39.8 million (50.7) and relates to the games
PAYDAY 3, Baxter, and development of new IPs.
Sales and marketing costs amounted to SEK 12.9 million
(9.3) and relate to market activities and personnel costs.
Administrative expenses during the quarter amounted to
SEK 16.5 million (16.7) 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.
Administrative expenses include depreciation of SEK 3.6
million (4.7). Capitalized development expenditure reduced
administrative expenses by SEK 8.3 million (10.0) and
relates to the games PAYDAY 3, Baxter, and other IPs.
Other revenue amounted to SEK 1.8 million ( – 2.1).
Other costs amounted to SEK 1.3 million (0) and relate to
exchange rate effects relating to the revaluation of
assets and liabilities in foreign currency. In the
comparative period, the company had positive currency
effects and they are recorded under othe r income.
Earnings
Operating profit before depreciation, amortization and
impairment, (EBITDA), amounted to SEK 5.9 million (8.1).
Net sales and earnings
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CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Taking into account items affecting comparability for the
current period, EBITDA amounted to SEK 13.3 million.
Net financial income/expense
Net financial income/expense amounted to SEK – 0.6 million
(0.3).
During the quarter, interest expenses on lease liabilities of
SEK – 0.6 million ( – 0.6) were charged to net financial
income/expense.
Profit/loss before taxes and profit/loss for the
quarter
Profit/loss before taxes amounted to SEK – 25.4 million
( – 70.6).
Profit/loss amounted to SEK – 26.0 million ( – 70.7).
Basic and diluted earnings per share amounted to
– 0.02 SEK ( – 0.05).
The period January – June 2025
Net sales
Net sales for the period amounted to SEK 121.5 million
(96.8). Game sales amounted to SEK 71.6 million (65.7),
Third – party publishing amounted to SEK 10.1 million (26.2)
and Licensing deals to SEK 2.5 million (0.5). Other revenue
amounted to SEK 37.2 million (4.4) and relates to work – for –
hire.
Starbreeze’s reported sales attributable to PAYDAY 3
amounted to SEK 50.8 million (45.3). In February, PAYDAY 3
was game of the month on PlayStation Plus, which partly
explains the increase in revenue. All revenue is related to
the platforms Steam, Xbox Ga me 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 20.4 million (20.1) and
relate to sales via Steam, Epic Games Store, and console
platforms.
Costs
Direct costs amounted to SEK 94.9 million (169.3) and
consist of costs linked to game production and game
development. Direct costs include amortization of
intangible assets of SEK 51.2 million (142.0), server costs of
SEK 5.8 million (11.3) and revenue sharing linked to third –
party publishing of SEK 5.1 million (14.3). Expenses related
to Work – for – hire amounted to 15.1 (0).
Capitalized development expenditure has reduced direct
costs by SEK 76,6 million (86.0) and relates to the games
PAYDAY 3, Baxter, and development of new IPs.
Sales and marketing costs amounted to SEK 21,3 million
(16.8) and relate to market activities and personnel costs.
Administrative expenses during the period amounted to
SEK 45.6 million (12 .0 ) . A djusted for items affecting
comparability , the administrative expense for the
corresponding period last year amounted to 29.7 ,
Administrative expenses for the corresponding period of
the preceding year amounted to SEK 29.7 million . The costs
relate in part to costs linked to offices, salaries to
personnel not working in game production or marketing, as
well as other external costs. The increased costs are
mainly due to increased depreciation of SEK 1 5 . 4 million
relating to the company’s previous office, for which the
contract was terminated during the period .
Administrative expenses include depreciation of SEK 24,1
million (8.7). Capitalized development expenditure reduced
administrative expenses by SEK 17,0 million (19.4) and
relates to the games PAYDAY 3, Baxter, and other IP.
Other revenue amounted to SEK 1.8 million (7.1).
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 costs amounted to SEK – 15.2 million ( 0 ) 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 21.6 million (56.6).
Taking into account items affecting comparability for the
current period and the comparison period, EBITDA
amounted to SEK 42.5 million (36.7).
Net financial income/expense
Net financial income/expense amounted to SEK 1.2 million
(2.6).
During the period, interest expenses on lease liabilities of
SEK 1.2 million ( – 0.6) were charged to net financial
income/expense.
Profit before tax and net profit
Profit/loss before tax amounted to SEK – 54.9 million ( – 91.5).
Profit/loss amounted to SEK – 52.4 million ( – 91.7).
Basic and diluted earnings per share amounted to
– 0.03 SEK ( – 0.06).
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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.
Second quarter 202 5
Cash flow
Cash flow from operating activities before changes in
working capital amounted to SEK 4.8 million
( – 13.6) with negative operating profit amounting to SEK
– 24.8 million ( – 70.8) and adjustments for items not
included in cash flow amounting to SEK 30.6 million
(57.3). Adjustments for items not included in cash flow
consist of the depreciation of assets of SEK 30.8 million
(78.9) and exchange rate effects of SE K – 0.1 million (0.4).
Cash flow from operating activities after changes in
working capital amounted to SEK 39.2 million (2.7).
Working capital is positively affected by settled
receivables linked to PAYDAY 3.
Cash flow from investing activities amounted to
SEK – 51.6 million ( – 68.1), of which investments in
proprietary game development accounted for SEK – 48.6
million ( – 65.1). During the period, the Group’s
investments in property, plant and equipment
amounted to SEK – 2.4 million ( – 0.5).
Cash flow from financing activities amounted to SEK
38.6 million (12.8) and is a result of the game financing
received for the development of DLC for PAYDAY 3 of
SEK 11.2 million (17.5 ). Outstanding accounts receivable
linked to PAYDAY 3 amount to SEK 17.9 (12.4) million.
Leasing expenses amounted to SEK – 5.6 million ( – 4.7).
During the quarter, the company conducted a directed
new share issue, which generated proceeds of SEK 33
million.
Total cash flow for the quarter was SEK 26.2 million
( – 52.6). Cash and cash equivalents at the end of the
quarter amounted to SEK 156.4 million (334.6).
Cash and cash equivalents as of June 3 0
202 5
SEK 1 56 . 4 m
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CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
The period January – June 2025
Cash flow
Cash flow from operating activities before changes in
working capital amounted to SEK 21.1 million (26.8) with
negative operating profit amounting to SEK – 53.7 million
( – 94.2) and adjustments for items not included in cash
flow amounting to SEK 75.1 million (119.7). Adjustments
for items not included in cash flow consist of the
depreciation of assets of SEK 75.8 million (150.7) and
exchange rate effects of S EK – 0.1 million ( – 4.7).
Cash flow from operating activities after changes in
working capital amounted to SEK 27.4 million (81.1).
Working capital is positively affected by settled
receivables linked to PAYDAY 3.
Cash flow from investing activities amounted to SEK
– 105.0 million ( – 117.1), of which investments in
proprietary game development amounted to SEK – 94.6
million ( – 115.0). During the period, the Group’s
investments in property, plant and equipment
amounted to SEK – 7.2 million ( – 3.0).
Cash flow from financing activities amounted to SEK
42.2 million (22.7) and is a result of the game financing
received for the development of DLC for PAYDAY 3 of
SEK 20.7 million (31.2). Outstanding accounts receivable
linked to PAYDAY 3 amount to SEK 17.9 (12.4) million.
Leasing expenses amount to SEK – 11.5 million ( – 8.6).
During the second quarter, the company carried out a
private placement, which generated SEK 33 million in
cash.
Total cash flow for the period was SEK – 35.3 million
( – 13.3). Cash and cash equivalents at the end of the
period amounted to SEK 156.4 million (334.6).
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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 amount to SEK 21.8 million (11.1) and
consist of rights to use IP rights.
Intangible assets, consisting mainly of IP rights,
amounted to SEK 46.1 million (152.6).
Capitalized expenditure for proprietary game and
technology development amounted to SEK 342.3 million
(325.2).
Investments in publishing projects amounted to SEK 5.9
million (8.4).
Amortization and impairment relating to intangible
assets amounted to SEK 51.3 million (142.1) during the
period.
Financial fixed assets amount to SEK 7.3 million (7.4).
Tangible fixed assets amount to SEK 50.2 million (117.3)
and relate to right – of – use buildings as well as IT
equipment and other inventory.
Current assets
Accounts receivable and other receivables amounted
to SEK 32.7 million (33.7), of which accounts receivable
for PAYDAY 3 amounted to SEK 17.9 (12.4) million.
Starbreeze receives cash only after Plaion receives
cash, and Starbreeze has issued an invoice for the
share to which Starbreeze is entitled per agreement.
Prepaid expenses and accrued income at the end of
the period amounted to SEK 44.6 million (72.3), of which
SEK 21.9 million (34.0) relates to receivables for sales of
PAYDAY 2 and PAYDAY 3.
Cash and cash equivalents amounted to SEK 156.4
million (334.6).
Equity
Group equity at the balance sheet date amounted to
SEK 567.6 million (800.6). During the period, the company
has carried out a direct share issue of Class B shares of
SEK 33 million.
Non – current liabilities
Non – current liabilities amounted to SEK 68.0 million
(133.2). The non – current portion of lease liabilities
amounted to SEK 32.7 million (89.8). Other non – current
liabilities amounted to SEK 35.3 million (42.1) and
deferred tax liability amounted to SEK 0 million (1.3).
Current liabilities
Current liabilities amounted to SEK 72.2 million (173.1).
Accounts payable – trade, and other liabilities at the
end of the period amounted to SEK 24.9 million (43.9).
Current liabilities for lease contracts amounted to SEK
16.3 million (21.5) and relate t o leasing costs for the
current office in Stockholm. Accrued expenses and
deferred income at the end of the period was SEK 31.0
million (66.2).
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 142,26 1 , 919 class A shares
(142,303,908) and 1, 482 , 176 , 325 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 59
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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 by the parent company Starbreeze AB
(publ), the subsidiaries Starbreeze Production AB,
Starbreeze Studios AB, Starbreeze Publishing AB, New
Starbreeze Publishing PD IP AB, Starbreeze VR AB,
Starbreeze Barcelona SL, Starbreeze Paris SAS, New
Starbreeze Studios AB, New Starbreeze Publishing AB,
Enterspace AB, Starbreeze IP AB and Starbreeze Studios
UK Ltd.
The net sales by the parent company during the quarter
amounted to SEK 9.5 million (10.9) and for the period SEK
14.7 million (7.8). Sales mainly relate to the allocation of
management fees.
Profit before and after tax for the quarter was SEK – 7.7
million ( – 2.9) and for the period SEK – 14.3 million (4.8).
At the end of the period, cash and cash equivalents
amounted to SEK 60.3 million (128.1) and the parent
company's equity was SEK 503.4 million (741.6). During
the period, the company has carried out a direct share
issue 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 has not been reviewed by the
company’s audito r.
Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 16
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
The Board of Directors and CEO declare that this interim
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, August 1 9 , 202 5
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 Q2 Interim Report April – June 2025 17
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
Financial reports 04
Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 18
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
Consolidated statement of comprehensive income
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Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 19
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
Consolidated statement of financial posi tion, Group
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Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 21
CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Consolidated statement of changes in equity
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Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 22
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
Consolidated statement of cash flows, Group
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Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 23
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
Performance measures , Group
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Org.nr: 556551 – 8932 Q2 Interim Report April – June 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 Q2 Interim Report April – June 2025 25
CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Reconciliation of alternative performance measures
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Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 26
CEO's message | Net sales and earnings | Other financial information | Financial reports | Other information
Parent company income statement
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Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 27
CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Parent company balance sheet
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-KL01O45SST3LO088TL8O +’%:%&< 9)9:%)< +'':?O>!!”-! 9%&:%)& ,:%,,:%’; 9&&:’;’
Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 28
CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Parent company balance sheet (cont. )
!”#A B&BDE&)E*& B&B+E&)E*& B&B+EIBE*I
!”#AB&DE)*D+AEIA+ABA!-
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-.L0NDOL3QRLSD TU9:;Y UY9=T= UY9=T=
-.L0ND30N>Q?>D0N@N0AN U9==B9:U= U9=UB9TCY U9=UB9TCY
aNRLQbNcDNL0bQbd@ eU9fCg9gCf eg9;gY9g=T eg9;gY9g=T
)NRD30hiQRDMeSh@@NDih0DR.ND3N0Qhc eg:9T:g :9CYC eU=U9fgC
-KL0NO3Q5SLT D&*U+&* 9+IUDD: +:+U9++
‘#EE)*%+,$-.$,$%$)/
B0LcND3LlLmSN@ U9BT= =TC g9=B:
+QLmQSQRQN@DRhDd0h?3DOh>3LbQN@ TfU9U=Y :=g9=Y= Tf:9:gC
nR.N0DSQLmQSQRQN@ T9fUg T9Ugf g9YgU
EOO0?NcDNo3Nb@N@DLbcDcNiN00NcDQbOh>N ;9Y:U g:9T=Y C9Y=;
-KL0NO;5YY3=LONS0>SNSLS3? *I)U:D9 +)@U9&I *IDU:DI
-A-BCO”abc-GOBeIOCcBJcCc-c”! :B&UB)& IUBIIUBD@ :&&UD@D
Org.nr: 556551 – 8932 Q2 Interim Report April – June 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 5 years, where depreciation is applied at 2/3 year 1, 33
percent month 1 and 33 percent month 2 – 12, 15 percent year 2 and 6 percent
each year 3 – 5.
Note 2 Pledged assets
As of June 30 2025 , the Company has no pledged assets.
!”#$ %&%’E&)E*& %&%+E&)E*& %&%+E,%E*,
!”#$%#$&'((#)( * +,-.-/0 +,-.-/0
Org.nr: 556551 – 8932 Q2 Interim Report April – June 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
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;”11&*<+D*,+-DA="(&* 5S9S 5S98 5BS9
23Q5ST5?3;Q=g5Q=3>T5>UT=?:5=;?9>QT3@T=>Q5>K=iS9T5MM9QM J!dB!#c JdAB!!c J#kBbbA JkA!Bkkd JbecB#dk
23Q5STU9:;9T5>UT5?3;Q=g5Q=3>T5>UT=?:5=;?9>Q Jb”Bddf JdfBfec Jd#B!e” Jk#”Bdkb JAkdBb#f
2023 – 04 – 04 Q2 Interim Report April – June 2025 31
CEO’s message | Net sales and earnings | Other financial information | Financial reports | Other information
Other information 05
Org.nr: 556551 – 8932 Q2 Interim Report April – June 2025 32
For more information
Mats Juhl , CFO
Tel: +46 (0)8 – 209 229
ir@starbreeze.com
Financial calendar
Interim Report Q 3 2025 Nov 1 1 , 2025
Year – end Report Q4 2025 Feb 1 9 , 202 6
Presentation
The company will hold a webcast at 10 AM, August 22 , 202 5 . To join
the presentation – click here .
About Starbreeze
Starbreeze is an independent developer, publisher, and
distributor of PC and consoles targeting the global market,
with studios in Stockholm, Barcelona, Paris and London.
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
and the Swedish Securities Marke t Act . The information was
submitted for publication, via the contact persons set out
above, at 6:45 am CE S T on August 1 9 , 202 5 .
2023 – 04 – 04 Q2 Interim Report April – June 2025 33
