Hello, and a very, very warm welcome to Coffee Stain Group's Capital Markets Event 2025. I'm Oscar Erixon. I'm the Head of Investor Relations at Embracer Group, and I will be your moderator today, taking you through some key insights from some key people at Coffee Stain Group. Very pleased to be here together with Coffee Stain's CEO and co-founder, and Chair of the Board, Jacob Jonmyren. Thank you. We will shortly have a brief discussion about the start of Coffee Stain and the time at Embracer, and look at what's ahead a little bit. Before that, let us take a quick look at today's agenda and speakers. After the discussion with Anton and Jacob, we'll head right into an introduction to Coffee Stain with Anton, followed by a look at the gaming market dynamics, then going into Coffee Stain Group's game studios and game portfolio, followed by a look at the financial profile of the group with CFO Erik Sunnerdahl and growth avenues for years ahead, as well, of course, as a conclusion and a Q&A session. One note here is that the presentations by management will be pre-recorded, and the Q&A session will be live here today. Looking at today's speakers very briefly, start with Anton and Jacob, then heading in to hear from five of the heads and CEOs of core studios within Coffee Stain Group, including Sebastian, Robert, Søren, Marcus, and Matt, who is with us from the U.S. today, actually. Followed finally then by the CFO, Erik, who takes us through that section. With that said, I think let's have a discussion together with Anton and Jacob. I wanted to talk a little bit with you both on the background to the spinoff and a few other topics. Starting with you, Jacob, for some history. I mean, Embracer obviously acquired Coffee Stain now almost seven years ago. How have you seen Coffee Stain develop during these years? What value, do you believe, Embracer has given Coffee Stain? Thank you for that question. For me, Coffee Stain is a company that is very close to my heart. It was actually the first company that Embracer acquired after I joined the board back in May 2018. We have had a shared history at Embracer, almost a long tenure, both of us. I have been part of half of the journey you have had with Coffee Stain, and it has been really exciting. I am truly impressed with what Anton and the team have built at Coffee Stain. When I think about this from an Embracer perspective, this is a hallmark acquisition, I would say. It is a perfect showcase of the decentralized operating model that Embracer has pioneered. Anton and the team have embarked on an ambitious growth journey, and that journey has been empowered by Embracer and supported by Embracer. The company has generated a significant amount of free cash flow. Most of that cash has actually been reinvested back into the business: new game development projects, more content on existing franchises, acquisitions. We have taken the company from two decent-sized IPs to six larger core IPs, a number of new studios. I mean, this is a much more scaled company now than it was seven years ago. We managed to keep this unique business culture that was Coffee Stain already back then, and it is still a very important building block for the future, I think. Great. Thank you, Jacob. Now, I mean, looking at the spinoff, what is the rationale for the spinoff, and how does this benefit Coffee Stain looking forward, do you think? Sorry for being a guy in a suit, but the main objective is, of course, to create shareholder value in the long term. Both of these companies will be able to execute on their core strategies. By doing that, we will have a better chance of success. I also think that these two companies will attract different types of shareholders. In the long run, the shareholder base for what is today Embracer will be broadened, and that will provide new strategic opportunities, more strategic flexibility. For Coffee Stain, they will be able to build their own unique positioning and utilize the fact that they're a separate public-listed company with their own management, their own balance sheet, their own board of directors. I mean, we had recently our first board meeting, and you can notice we spent a lot of time talking about the future of Coffee Stain, whereas before it was only a portion of the time you can spend on how to make Coffee Stain an integrated company. Yeah, very interesting. Thank you. Turning to Anton, in recent years, I would say the gaming market and the market for developers and publishers has at least partly been challenging. Why do you think Coffee Stain has still performed well, and what do you see ahead? Oh, that's a good question. It's been very turbulent years, I guess, for the whole industry. I think that the success of Coffee Stain mostly comes from things we will go through today in the presentations, and it boils back to how we work. A very important thing is that most people that run Coffee Stain and work in Coffee Stain are super passionate about making great games. I think that a large portion of the problems in the market might have come from large companies that have been struggling a bit with all the changes that we've seen, where everything has changed basically since we started Coffee Stain. We were, I guess, a bit lucky coming in when the marketing focus started to shift away from traditional marketing, becoming more important to be able to show your games through streamers and social media. Also, how digital distribution has just kind of completely, not completely taken over, but it is by far the most important. When we started Coffee Stain, we were already saying that this is what we are going to focus on. I guess that was a good bet, and it has played out well. Throughout the years, it has just been the way we have been operating, with a very high focus on quality, making sure that our teams are very engaged, a lot of ownership throughout the organization. That has been really good. I think also one of the reasons why we did join Embracer was that we really liked the decentralized model because that is something that we are operating, and I think we are doing it pretty well. Yeah. Indeed, I would tend to agree. I mean, what does it entail in your mind for Coffee Stain to spin off and be a separately listed company? I mean, anything like shared services you would miss out on, or what are your thoughts on that? I think that it's a very interesting situation to be in. If you asked me a couple of years ago, I would probably not have said that this is what's going to happen. One of the reasons we did join Embracer, looking back, was that we wanted to have a good owner, and we wanted to be part of something bigger. At the same time, we have matured a lot as a company over these years since we became part of Embracer. I think now we are way more ready to take that step. I also hope that, I mean, hopefully not too much should change with Coffee Stain. I think it's one of the very important things for me and the rest of the management is to kind of ensure that we maintain the culture that we do have in Coffee Stain. Because that's the culture and the way we're doing things is the key to the success. Yeah, it's going to be different. We look forward to it. I think it's like the third iteration of Coffee Stain. It's like we had the startup phase, we had the phase coming into Embracer, now we're taking the leap towards the next phase. I think throughout all of this phase, historically, it's always been interesting things happening. That's something that we look forward to and see. It's exciting. Exciting times, indeed. Thank you, Anton. A few questions more for you, Jacob, while I think Anton prepares for the next part of this presentation. Jacob, from your perspective, why is Coffee Stain interesting as a standalone company? First and foremost, it's about great people. Anton described the culture, and I couldn't underline that more. There are a lot of great people at Coffee Stain, not only the central team with Anton and Erik, the studio heads that you'll meet here later today, but across all functions in the group, there are very talented game developers. That is key. It's a unique business in that sense. The operating model, I find very attractive. It's a diversified portfolio of core IPs and nimble, creative teams creating new content, creating a very interesting combination. If I think about it, this provides an attractive risk-reward profile with a fairly limited downside due to the stability of the core franchises and the potential for outsized returns on the upside if successful with new games. We all know from this industry that success is far from guaranteed. When you work with great people and people with a relentless focus on product, product quality, making great games that are fun to play for a long time, and it is people that have done it before, the chance for success, I think, increases. I find that very attractive and exciting. I think that as a standalone company, Coffee Stain has become an even more natural partner for other up-and-coming indie developers. Today, it is very hard to say exactly how such partnerships will look, how things will pan out. The fact that you have here now established Coffee Stain as a separate entity, I think, will open new opportunities. For me, I am humbled and honored to be part of this third iteration that Anton mentioned earlier. I am really excited about what I believe is a bright future for Coffee Stain. Fantastic. Thank you, Jacob. Thank you very much. Now, I'll say, without further ado, let's leave it over to Anton for an introduction to Coffee Stain Group. All right. Hey, everyone, and very welcome. Today, I'm going to go through an introduction here. I have been CEO since we started the company, so it's been quite a ride. Almost hard to believe at times that we've been doing this for 15 years. I'm a passionate gamer. It's always been, for me, a very big privilege to work with something that I really, really like. I don't think that's maybe something everyone is allowed to do. I think that's something that we try to also get through in the whole Coffee Stain Group is that it has to be fun because if you have fun, you make great games. That said, we are going to hopefully give you a little bit more insight into how Coffee Stain works. Small teams making big games for huge audiences. This, I think, catches what we're doing. Coffee Stain today consists of about 250 people. We are quite a lot of people, but most of the teams are small, and we work with many different titles. The games are quite successful. We will talk more about them later in the presentation. Last year's financials, we made about SEK 1 billion in sales, and we have a very healthy 44% cash EBIT margin. Another thing with Coffee Stain is that we have a strong following. This number is a combination of taking followers across our different games because the community is something that is super important for Coffee Stain and something we will talk more about. The group today, as I said, is about 250 people, quite a bit from where we started when we were only nine. These people are spread across 13 different development studios that range from, I would say, five to 30-ish people. Then we have two publishing entities, which Coffee Stain Publishing is one of them, and then Ghost Ship has their own. Ultimately, there is a small mother company. Mostly developers and then some publishing people as well. One thing to already say here is that even though we have publishing entities, a goal for Coffee Stain is to operate as a decentralized organization where we try to push down a lot of the publishing work even through our studios. Hopefully, you will understand more as we have went a bit into the presentation. Today, we will go into a deep dive on a number of our games, the core games or core franchises. We have more than these, but we only have so much time for today's presentation. Let's focus on the big ones. I think one first big takeaway here is that if you look at last year's finances, these six titles or franchises together accounted for 90% of the net sales. That's an important thing when you think about Coffee Stain. We have a very stable platform that we stand on. Another thing here with these titles is that they are all rather mature. They have been around for years. None of them are new. A lot of stable revenues are coming from these titles. They also are extremely well received from the players. As you can see on these numbers, these are Steam reviews, and they are typically very high. That is a result of, obviously, how we put the game quality first when we make our games, but also a lot from how the process works, where we try to involve community and really make sure that we build something that works well with the intended audiences. First, let's take a few steps back. Just to give you, you might not know the whole story. I'm not going to go through all of it. As I said, we started in 2010. The company has been around for 15 years. Back then, it was me and eight co-founders. We were nine students when we started the company with not that much of a plan, to be honest. We had one common goal, and that was to make great games. I think that has been true throughout this journey. The early years of Coffee Stain, we launched a couple of titles, Sanctum 1, Sanctum 2. The break for the company actually came in 2014 with. [audio distortion] Resources and capital that we could actually start to grow the company. With that excess money that we got from Goat Simulator, we wanted to make more. That led to the decision to start a publishing business and also starting to lay down the foundation of the strategy that we still operate today. Some of the examples here is we took the minority investment in Ghost Ship Games together with the publishing arrangement. We started Lavap otion. There were a lot of things happening here. Ultimately, all those things came together in 2018, which was the big next step for the company when we sold Coffee Stain to Embracer Group or THQ Nordic, as it was called at that time. You could ask, why did we do that? We were nine founders. I think we had been running the company together for many years. It was great years. We had a really good group of founders. You are young. I think some people wanted to do something else. For us, it just became very important to find a good new home for Coffee Stain. I think Embracer was perfect for us. It has been a great home for Coffee Stain. Going into Embracer, though, I did not expect or it was very hard to think that we would be as big as we are today because Coffee Stain has grown a lot since becoming part of Embracer. [audio distortion] I think for Coffee Stain, it was very nice. We seem to have a technical issue. We'll be back in just a moment. [audio distortion] Then we went into Satisfactory, which is way more of a serious game, although it still keeps a lot of the fun and the creativity and the things that are important for Coffee Stain. They are our biggest games. Next big thing is obviously Valheim, launched in 2021, a game that we will also talk more about. Been crazy successful, coming from a tiny studio. Actually, when we started working with this game, it was only one developer, Richard Svensson, in Skövde, the same city as we started Coffee Stain. We're very happy to be co-owner and publisher of Valheim. In 2022, Coffee Stain released the sequel to Goat Simulator, named Goat Simulator 3. Has also been very successful for us. It is very nice to see that a game that potentially you could think about being just fun or like it would die out, it's just some joke game, actually has a lot of staying power. Goat Simulator is one of the biggest and most important franchises for the group today. You also have Bloxburg. Welcome to Bloxburg, which is a Roblox game that we acquired in 2022. That game, similar to other games here, was initially made by a tiny team, also Swedish developed. We bought that and have since formed a whole company around Welcome to Bloxburg. We now have a team operating that title. Finally, this year, we are very happy that we are integrating Tuxedo Labs with their cool game, Teardown, which is a very unique game that builds upon its own technology, which allows them to do things that are very special. Next up, obviously, this year is a big year for Coffee Stain. We are again taking the steps to become our own company and with the spin off from Embracer Group. It's been some great years. Now we're looking just forward to what the future holds. Let's dive into and talk about the key focus areas for how we operate within Coffee Stain. Trying to break it down very high level, we do focus primarily on game development. Most of our organization is dev studios. Then they are supported by these publishing entities and the small mothership. Together, these components create the long-term value or the success of Coffee Stain. Let's dive into it. The actual development can be broken down into these four different areas. It has actually been a little bit of a challenge for us because in the past, we have been very based on gut feeling and just making great games. Kind of maturing as a company, we have realized that there are a lot of things that we just do. It has been in the walls. Gameplay first, super important. We have our lean, usually very small teams that develop the games, creativity, and then ultimately community, which is an important thing for our game development. Let's start off talking about gameplay first. What does that actually mean? When we approach new game ideas or even through our publishing or when we meet with potential partners, I think we spend maybe more time than what people or developers are used to talking about the games. For us, it's always about the game and what's fun, how is this going to become something? Because we really want to make games that ultimately become successful. It's very fun to kind of get that payoff that people really enjoy what you've been working on. For making games takes a very long time. You invest years into making games. It's a very complex process. We want to put the gameplay and the product first. This goes into basically everything in all our different processes. Another thing is that we usually try to focus on finding things that have a possibility to build a certain amount of depth. Most of our games have a lot of depth, which means that you can invest a lot of time in them as a player. When players invest their time, that leads to retention and ultimately loyalty in the players. For us, it's just one of those components that helps make them successful over time. Even a game like Goat Simulator, players spend a lot of time in it. We think that's just very nice to see. Finally, this kind of gameplay first, it also goes down to how we prioritize the resources generally, where I would say that in other fields of, or especially if you look at larger studios, they tend to put more resources towards marketing and perhaps specifically paid advertisement and marketing budgets, where Coffee Stain historically has been very selective. We run very lean marketing budgets, mostly focusing on the community and building the games more iteratively over time. We think that is basically better ROI on the investment into the games as opposed to buying banners or ads. We focus on the game content first. That even goes into kind of when we design the games, we try to think about how to avoid pitfalls because certain technical decisions when you design a game can lead to them becoming more expensive. We try to keep it gameplay first, focus on that. The second thing with the development process is the lean teams. It does not say small here. I mean, they are usually small. The whole point is that we believe a lot in what small groups of people together can do. A lot of that boils back to the kind of creative process. I think a friend of mine has said to me, it's like playing in a rock band where making a game is so similar. If you have a bad drummer, that's just not going to work. I think that very well paints the picture of how it is to make games. If you have the right people, ideally a small group of people, you can become more agile and work faster. It's easier to kind of have direct communication and not build up these layers of hierarchy that we are always trying to avoid. Teams usually start very small. We grow them over time as the game kind of matures or when we find validation through community feedback or ultimately when we actually launch the games, which most often has been through early access or these kind of you launch a game that is not fully developed but with the intention to keep working on it for the long term. When we are at that point, the teams can usually, they can be, ideally, they are a little bit bigger at that point. Like the Satisfactory team, for example, is roughly 30 people now. It kind of makes more sense. This whole way allows us to balance the risk in a way because we have small teams. Initially, the investment does not become too big. It is easier to kill the projects early as well if we are on the wrong track. Then we have the creativity aspect, which I think is so important. One thing that we, even from when we started Coffee Stain, we were always making sure that we tried to innovate in some sense. I think that one of the main challenges in this industry is that there is a lot of content. There are so many games out there that many games that come out seem to be very similar to things that already exist. Making something stand out is super important. I think obviously Goat Simulator is a great example of that. Even Satisfactory, for that sake, where we took the kind of hardcore factory simulation and making it in first person was unique. That helps it stand out. Also, I think it is a reminder that we need to kind of stay curious and innovate. Creativity is super important for Coffee Stain. Yes, it says here on the slide, sometimes when you do things, you open up new niches. The game market is so big today that if you do something really well and if you do it in a new niche, it's often enough players there to kind of make it possible to run a business around it. That's the way we think about it. Finally, we have the community aspect, which is super critical to Coffee Stain. We usually, or almost always, try to involve the players early. What that means is that we try to keep our development as open as we can. We let players in, and then we interact with them. This is part of the process even before a new release or anything. That helps us both kind of guide and direct our development and make sure that we're on track. It also helps us with the marketing because if you release a game that already has an active community, you're setting your stage. It's much easier for the game to be working out well as opposed to just coming out of nowhere. I think there's a lot of numbers on this slide, so let's not go into all of them in detail. The main takeaway here is that all the core games of Coffee Stain's portfolio have pretty big communities following them across various channels. That's something that we continuously work with through our development teams, community managers, talking directly with the players. The other part of Coffee Stain. Talked about the development here, but we also have the publishing and partnerships, which we call it. The reason why we do not just simply call it publishing is that we have, since even before we joined Embracer, decided that for the titles that we were going to work with, we would really like to be sitting in the same boat with the developers. As an example, when we started working with Ghost Ship, we decided that we were going to invest. We bought 30% in that case in the company. What that allows us to do is basically be in it for the long run and really kind of say, no, we are doing this together. It is like helping to balance the relationship where you kind of get aligned incentives for the long run. That's something that we really like to do and something that I hope that we will be able to do in the future as well. I think that it's a natural way of our process when we approach new games and teams, basically, that we always talk about that because ultimately, we believe that there's a lot of value in kind of getting these great developers into a group and sharing knowledge and everything. These partnerships can lead to, as it did in Ghost Ship's case, that we actually acquired a full company at a later point. It is a long process. I think it's a very good process because it also allows us to kind of reduce the risks on what around acquisitions can be quite tough otherwise. Obviously, we have the more kind of traditional publishing where we use that as partly just making sure that we can get our games out on all the platforms and do great business. It is also a way for us to evaluate new potential titles through pitches that we get in through the publishing teams. They ultimately can also lead to future cool opportunities for the group. Together, the development and the publishing and partnerships, that is the combined model. We have seen over these years that it has actually been working out very well and has been able to deliver very long-term growth and also less volatility as opposed to perhaps what you can see in other companies. This graph just shows that our games have grown. I think that they still have room to grow. That's one of the things you see today in the games market is that games tend to stay. It becomes more and more important to have really good games and then keep on building upon them because, yeah, if you look at the top sellers today, they might have been there 10, 20 years ago. We're in it for the long run. That wraps up the first section. Now I'm going to head into talking a little bit about the gaming market dynamics. I think first off, let's just state what perhaps is pretty obvious, but today, almost half the world's population plays games in some shape or form. It's a huge industry. Games are everywhere. I think just in my lifetime, I mean, it's changed so much. When I grew up, it was more of an early thing, maybe not the coolest to play games. Today, with the young kids growing up, it's more natural. It's very well integrated. I think it's just going to keep growing because ultimately, compared to other forms of entertainment, the interesting thing is the interactivity, obviously, that you're participating. It's also the social aspect, which I think is very strong in games. Games, huge market, the biggest as part of the global entertainment industry, quite impressive. I think going back some years with the COVID hitting the world, there was this expectance that perhaps gaming would kind of contract after that growth period. What we've seen is actually that it kept growing. I think that COVID potentially introduced even more players to the market, and they are staying around. That was great. It's impressive. It's just worth mentioning that the games market keeps growing. Particularly, we've seen that PC and consoles have been growing and are expected to grow in the coming years. At the same time, mobile has been a little bit more flat. Our focus is mostly on PC and console. As I mentioned on the slide, important on post-launch content for engagement kind of builds back to the whole thing where games tend to stay around for a long time. With all our games, we have various ways of keeping them fresh and keep selling, but also to try to find ways to monetize them over time. Some other broader things that we see the last years or right now, it's that consoles are becoming more and more similar to PCs. What does that mean? If you go back 10, 20 years, consoles were quite complex. They were very specifically built, different hardware compared to PCs. It was hard to approach both from a kind of technical development perspective, but also from the distribution point of view, whereas today, they are more or less very similar as a PC. I would say that now it's more like the expectancy when you buy a console is maybe that it's going to work straight off the bat. You don't expect things to crash on a console. Overall, they are becoming more and more like PCs. You have cloud gaming, which has been around for some time now. I think a lot of us were quite skeptical about it because it has a lot of challenges that it's hard to basically be able to give a good game experience with the latency and stuff like that. We finally start to see it kind of start to grow. It's interesting where it's, and the most interesting thing with it is that it lowers the barriers of entry where people who might not have access to hardware at all, they just have a TV or a tablet or whatever, any device basically could serve as a gateway to play high-end games through cloud streaming. What we see here is that we would like to be geographical expansion. The hope is obviously that those players who might get introduced through these new platforms might later point also become kind of more core gamers. Obviously, you have AI. We had to mention it during the presentation. Otherwise, it might be strange. It is very interesting to follow how AI is impacting everything right now. I think for game development generally, it opens up a lot of potential for making tools are becoming so much better. Ultimately, I think this plays well with how we do things at Coffee Stain, where we are usually small teams. We just look at it, and we are very curious and keen on how to kind of utilize this as a tool in our portfolio. That said, all is not maybe just great with how the gaming market is. It is obviously growing, but it is also very competitive. The last years, you just see it is more and more games. It is becoming quite saturated. There has probably been more games failing lately because of that. There's been a lot of investment going into the games the last years. Tools are making it easier. Today, you can just sit in your basement and build games with these great engines. The amount of content that gets out is just massive. For us as a publisher and supplier of content to the gamers, the challenge is obviously how to kind of break through in this huge mass of releases that also compete with the older games. On this graph, you can see that there's a clear trend where there's more games released, but also fewer of them that actually get. This is reviews on Steam, which is one of the things that we use to kind of measure engagement to some extent, but also other things. It's just interesting to see how that has been actually going down. That said, I think we think that we have a very good model which has historically at least worked very well. Luckily, through this kind of approach where we have these teams working tightly with the communities and putting the focus on the games first with the quality, that has helped us to get these high review scores. That, especially on platforms like Steam, which is basically completely algorithmically driven today, helps our games to actually stand out. I think it puts us in a good spot. Luckily, I think most other platforms as well are kind of moving in that direction where, obviously, on mobile, for example, it's been a huge problem where you basically have to pay to get users. That's just a weird thing where I think luckily where we are focusing, it's more about kind of putting out great products and then making sure that we are receptive to feedback and iterating and just improving our games. That's cool. All right. That wraps up the introduction of this. Now we're going to head into the perhaps most fun and interesting, the games and the portfolio. It's time for me to come back here just briefly. We'll go right into the most exciting part very soon. First, I just wanted to ask you a question on the market and how you see it. Obviously, mobile, huge part of the market today and historically. How do you view your position there and what do you see ahead for Embracer Group? As we are primarily focusing on PC and console, that boils back a lot to how we work with the games. I think a very big difference in the mobile market is it's become very hard to actually get any visibility. You rely more on user acquisition, perhaps, than organic or just what we do with our communities. That is, I think, the main reason why we focus so much on PC and console. It's because we think that our strategy works very well. That said, we do mobile games as well. Most of our games are, especially the bigger ones, we try to get them out there in some shape or form. The way we look at it is more as a way to just get more exposure to them. It's not necessarily where we drive the business. We pay attention. Who knows? It's not like we're ignoring it, but it's not the main prioritization for us. Okay. Now looking at the next section, tell us why these six IPs and studios that we'll dive deeper into today. These games that we will talk more about now are obviously key IPs for Coffee Stain. As I mentioned before, they make out about 90% of last year's sales, and they are pillars to our business. We will go into each one of them individually, and you will have the chance to meet the studio heads or the ones that lead these teams. They will give you a very more thorough rundown of them all. Just briefly, obviously, we're going to start with Goat Simulator, the game that kind of started it all, followed by Satisfactory, our amazing factory simulation game. We're going to take a look at Deep Rock Galactic made by our friends down in Copenhagen, followed by Teardown, which recently became part of the group, which I'm very happy about, which are doing their things a bit differently with their own technology, which is really cool, allowing them to do things that is very tough for other developers generally, I would say. We're looking at Welcome to Bloxburg, maybe standing out a little bit in the Coffee Stain portfolio, but shares a lot of similarities. It's actually one of the biggest games that we have in terms of users. Lastly, I'm going to give you a rundown of Valheim. It's key IPs. Let's dive into it. Should we welcome Sebastian Eriksson to the stage? Yes. Sebastian has been part of Coffee Stain for a long time now, over 10 years, head of Coffee Stain North. Yeah, very happy to have you here. Thank you so much. Okay. Hello, everyone. My name is Sebastian, and I am the CEO of Coffee Stain North. We are based in Stockholm, and we are most known as the wranglers of the Goat Simulator IP and the creators of Goat Simulator 3. Our studio was founded 12 years ago as Goat North Games. Within a year or so, we started to work with Coffee Stain on the Goat Simulator franchise. Obviously, Goat Simulator is the game that started as a joke and ended up being a global phenomenon. Our team has always felt a very good connection and kinship with the good people at Coffee Stain. When we decided to rebrand and become a sister studio, it felt very natural to us. Today, I'm standing here as the proud first member of what became the Coffee Stain Group that we are presenting for all of you today. Ever since, our mission as a game developer has been to create unique, fun, and unpredictable experiences that stand out in an increasingly populated industry of great games. Let's talk a little bit more about Goat Simulator. You would expect that a game with a name like that would be only about goats. The reason that people stay is that we provide a physics sandbox that has no fail states, no game overs, and almost no rules. We really try not to limit what the players can do in this game. In turn, they break this game in the most hilarious ways possible. The chaos that this all results in is what our players enjoy the most. This is obvious by our great review scores on Steam and on other consoles as well. Since 2014, when the first game was released, the Goat Sim franchise has garnered SEK 1.4 billion in net sales. We have reached millions of players on a myriad of platforms, everything from PC, console, mobile, to subscription services. Managing this type of global franchise and success usually takes a lot of people. We have managed to keep our team really small and the overhead reasonably sized. Part of this is due to the close partnerships that we have formed during the years with several other studios where we can temporarily scale our team when we, for example, need to launch the game on a new platform while also letting the core team focus on what they do best, which is creating great content for the game. Speaking of content, if you've lived under a stone or if your algorithm has deprived you of goat memes in general or Goat Simulator in particular, here's a little tease of what you have missed. [audio distortion] The game you just saw is the second game in the Goat Simulator franchise, Goat Simulator 3. It's our latest game, and it launched in late 2022, eight years after the original Goat Simulator game. Since then, we have delivered a lot of content, both free and paid. I'm happy to say that last year was our most successful to date in terms of organic sales. The premise of Goat Simulator is pretty simple. What happens if you take a pretty normal real-world situation and then you add a goat to that? Since then, we have started to explore new worlds and things on top of that, visiting high fantasy, space exploration, to zombie apocalypse. This same winning concept is going to continue with Goat Simulator 3. Last year, we released its first expansion called The Multiverse of Nonsense. In it, no parallel universe is left untouched. We shrink the player down to fit inside of a cat mara to rage war on his kidneys. That's just one example of what our players have come to expect from our games this year. At the end of this year or last year, we also experimented a little bit with smaller DLCs with much shorter dev cycles. That resulted in us releasing two DLC packs called the Super Duper Pack and the Office Focus Pack. They were both very well received and commercial successes. That has given us a lot more flexibility when planning new content ahead. Talking about what is ahead of us, I want to touch on some key areas of focus for us. First off, we've already talked a bunch about DLCs, but I want to really hit on how important that has been for the long-term success of the series of the game. It has not only served the existing player base, giving them a new opportunity to support the new content, but we also attract new players. We will stop here and move over to another computer. Sorry for the disturbance. It also helps the game stay relevant, and it increases the value of every platform that we decide to bring the game to in the future. Speaking of platforms, we're always open to exploring new ones. Any platform where we feel like we could find a new or extended audience for the Goat Simulator franchise. It could be hardware. It could be a subscription service. It could be a streaming platform. It really does not matter. Last year, we actually debuted the game on several new platforms, such as Steam, Nintendo Switch, the PS4, and Xbox One. Last month, in October, Goat Simulator 3 was the game of the month on the PlayStation Plus service. We continue to do really well on Xbox Game Pass. Naturally, we are always in talks with partners about bringing the game to their services and platforms in the future. Over the years, the Goat Sim franchise, or the experiment that was Goat Sim, has actually grown into a full-fledged franchise. It now has a name recognition that transcends both age groups and media preferences. We see a lot of opportunities to build that brand even further. Last year, while celebrating more than 10 years of Goat Simulator, we launched several such pilot initiatives with everything from new merchandise to a physical card game to a digital pinball table. You could also see Pilgor the Goat being featured in other big franchises like Fortnite and Catan of board game fame. Finally, we feel that Goat Simulator is the proof of what can happen when you dare to think differently. Coffee Stain North will continue to drive experimental game design forward, be it through adding content to existing games, future Goat Simulator projects, or another game that nobody asked for. Let's take it back a little bit to the near term again. We always try to embrace the chaos and the playfulness that the franchise has become synonymous with. We try to let that guide everything that we do with the IP, be it anything from telling players that they should probably spend their hard-earned cash on a real goat instead to getting away with naming the second game in the series, Goat Simulator 3. We feel like the track record shows that creativity, humor, and community engagement can drive long-term success without following the traditional industry models. We are ending this year strong with another DLC coming for Goat Simulator 3, just in time for the holidays. In just a couple of days, actually, sand will go everywhere when we launch Badlands: Furry Road on November 19th. This DLC lets Pilgrim visit the end of the world in the most post-apocalyptic Goat Simulator DLC yet. Before we close this presentation, and I hand off to Robert from Coffee Stain Studios, and we kick off another decade of Goat Simulator, I want to show you a small tidbit from Badlands: Furry Road. Thank you, Sebastian, for the introduction. I'm super excited to be here and be part of all of this. My name is Robert Lazić, and I am the Studio Manager over at Coffee Stain Studios. We're located in Skövde, kind of stuck in the middle of Stockholm and Gothenburg. That is the place where everything started 15 years ago, where Coffee Stain was founded. Over the years, we have released multiple titles, but today, I'm here to talk more about our latest success that is Satisfactory. What is Satisfactory? At the core of it, it's a first-person factory-building game. As a player, you land on a foreign planet. You get to explore it, mine for minerals, refine them, and build complex machineries and factories, all connected by miles of conveyor belts. We released it into early access back in 2019 on PC, and it really has been a huge success for the studio since. I am extremely proud of our very high rating of reviews, specifically on Steam. We have a 97% positive rating, and that comes from more than 200,000 gamers. Our average playtime is close to 96 hours, which is just truly amazing. All of this was accomplished by a team that is reasonably small. Currently, we're 31 developers allocated to the project. Instead of just me talking, how about we have a look at the trailer to get an even better idea of what the game is about? [audio distortion] All right. What you just saw was the trailer for version 1.0 that we released last fall. I really hope it gives a better idea of how crazy you can build your factories in our game. It gives a much better idea than just me talking about it, I hope. Since the launch into early access, we have released constant major updates to the game. Each of them has built and added upon the strong foundation that is Satisfactory. We have added content, creatures, new features, quality of life stuff, everything just to make the game better than it was before. That really has been the key to retention of players over the years. We see old players returning with every update, and we see new players joining with every update. Recently, we also released on console, and we have made sure to put significant time and effort into that version, making it as good as it possibly can be. We think it's really amazing. It really shows in the reviews coming in right now. They are as high as they were on PC when releasing there. It really has opened up the game to a totally new audience. All of this has amounted to extremely strong player engagement. We saw our peak concurrent players at the release of 1.0 last fall at 185,000 players concurrently. We still see strong engagement on a daily basis. Looking at the chart, you can actually see that this engagement after 1.0 is higher than before. Just as a side note to the chart, this is PC only, Steam only. This does not include the console version. We do not have those numbers yet. How was all of this made? I think Satisfactory kind of embodies how we work with development, with the community at Coffee Stain. We start in-house with a core concept, a strong idea. We iterate upon it over time. When we are ready, we release it into the wild through early access. During the early access phase, up until the release of 1.0, we do constant updates, and we release into experimental releases on PC. That way, the community can give their feedback to us before we do actual updates. That means we get feedback on play testing. We get feedback on bugs, what works, what does not work, what is fun, and what is not fun. The community has even helped us translate the game into multiple languages. This is a process that continues over the time of the early access up until the 1.0 release. All this amounts to a very community-driven way of developing games with a huge crowd. I said it earlier, we have more than 240,000 Steam reviews. At the core of it all is, of course, our amazing team in Skövde. I really can't speak highly enough of them. They are a very skilled, highly passionate group of people. They truly do care about Satisfactory, the game, what goes in the game, and they also really care about the community. Speaking of the community, I have to mention our community managers. They kind of act like the bridge between the development team and the community, giving feedback in both directions. Basically, they let the team know what the community wants, and then they communicate back to the community. They have a very transparent way of doing this. They talk about all the upsides, but also the challenges we face within the development. All of this has, over the years, led to a game with an extremely deep gameplay experience and endless possibilities. We have players who have played this game for more than 1,000 hours. It really is just amazing. Where do we go from here then? As I mentioned, we released into early access and then into 1.0 last year. Since then, we've actually already did one update in 1.1. We are now working on the next update, of course, which has been announced. Over time, we will continue doing these updates and utilizing the experimental branches that we can on PC. I also mentioned that we just released on console, and we will, of course, support the console version the same way we have supported the PC version. We're constantly looking for new venues, new possibilities, and opportunities, and whatever platform makes sense for us, we should look at. Of course, we're also working on other things that are even further down the road that will only strengthen Satisfactory. As I see it, when we went into 1.0, that was not really the end of anything. It really was us just moving into a new phase. I still think there is so much more to do to grow the game and to grow the audience over the years. I'm super excited to be part of it. With that, I'd like to hand it over to Søren Lundgaard from Ghost Ship Games. Thank you. Thank you very much, Robert. Hi, everyone. My name is Søren. I'm the CEO and co-founder of Ghost Ship Games, based in Copenhagen, Denmark. About nine years ago, I went together with five other very experienced game developers, and we wanted to create something new and fresh. We wanted to combine the cave exploration from a game like Minecraft with the cooperative shooter, like Left 4 Dead. That resulted in Deep Rock Galactic. The premise for Deep Rock Galactic is pretty simple. It's four space-mining dwarves drilling for gold on an alien planet. We thought this was really cool, though it took a while until the rest of the world caught on to this. Back in 2018, when we released Deep Rock Galactic into early access, it didn't really blow up like a major game release. Over the years, it has slowly sold more and more units, reached more and more players, and has now generated more than SEK 1.2 billion in revenue and reached more than 11 million units sold. The players, they keep coming back for this game. They really love the game. They leave positive reviews. They see the game as like a lifestyle, a hobby, even an identity. Maybe we should just take a look at the game before I continue. [audio distortion] That was a game in action. We wanted to create a great game, but we also wanted to create a great company. Ghost Ship Games was founded in 2016, and we set out some rules for ourselves to make sure that we could navigate the coming future. These rules were like, never be more than 20 people, do not be perfect, and make happy decisions. Now, don't be perfect. I saw one of the earlier slides from Anton that our fans, they call our game perfect. So maybe by not being perfect, you will create perfection. As you can see in the slide here, we are now 47 FTEs at Ghost Ship, clearly more than the 20 people that we tried to stay under. The success of Deep Rock Galactic simply demanded us to grow. Because of this rule, we have been very careful about the growth. We've been thinking really hard about who to bring in and make sure that we always have the culture in control, the culture that means so much in the Coffee Stain Group. The make happy decisions basically means, of course, you always want to make good business deals, but we really want to work together with people we like and love and that we admire or get inspiration from. With Ghost Ship collaborating with Coffee Stain, that's definitely what happened. In Denmark, we are kind of envious on the extreme success of the Swedish game industry. I really wanted to figure out what is this secret sauce that is happening in Sweden? What are you drinking here? What we realized, or I realized, was that one of the many components to this is that in Sweden, you keep investing back into the industry. The success goes back into the newcomers. Inspired by this, we at Ghost Ship have been investing heavily back into the Danish game industry and still helping other developers reach success. We have also been part of forming an actual association for the Danish game industry. Back in 2016, when we started working on the game, co-op games were not as big as they are today. We realized there was probably a demand in the market here, and we just really wanted to make the best co-op game, the best co-op shooter ever. To help us do that, we coined the term co-op first, which, of course, means that we focus on collaborative gameplay in the game itself, but also between the team members and between us and the community. We really wanted to build a community alongside this game. We wanted to try open development, which to us means not having any secrets or very few secrets, being very transparent, and involve the community as much as possible. Back then, we did not really know how critical that would actually be to our success. The community aspect is definitely what has brought Deep Rock to the high level of success it has today. This community not only helps with bugs and suggestions and feedback, but they are also our greatest ambassadors. They are bringing in other players, basically. As long as we see our players play the game, we know that we will bring in friends, and we will sell more units and grow our business. Today, Deep Rock Galactic is as much owned by the community as it is by us. We really respect that. Now, to tie the community and the game together and this cooperative aspect, we knew we needed to create something that would help our fans recognize each other out in the wild, but of course, also communicate inside the game. We invented this simple emote called Rock and Stone, where you bring up your pickaxe in a salute to other players. Depending on the context of when this happens in the game, it can mean many different things. This saying of Rock and Stone has transcended the game now. If you go into any kind of social media forum and you type Rock and Stone, you will see Deep Rock fans coming out and replying to you in kind and saying, "Rock and Stone." The tribe kind of finds itself there, recognizes each other. It is a really, really strong way for our players to feel identity with the game and their hobby. This culminated recently when the real-life heavy metal band, power metal band Windrose out of Italy, they reached out to us and wanted to make a tribute to Deep Rock Galactic and to the Rock and Stone emote. They made a song about the Rock and Stone emote. They are touring the world now with this song, even gave a visit to our office and gave an acoustic concert, as you can see in the picture on the right here. This has been like an amazing experience for us to see how our little game is now impacting lots of players, but also lots of fans of a band like Windrose. Seeing them chanting "Rock and Stone" at a concert is just surreal. Now, we released Rock and Stone, we released Deep Rock Galactic back in 2020. The full release was on Steam and Xbox. We were far from done. We wanted to add much more into the game. We did updates after updates. Coming to update 35, we realized that's maybe not the most sexy way to sell that. We looked at live service games out there, the successful ones, and realized that we could do a season, we could do a battle pass, but in a very consumer-friendly way, the way that we're treating our fans and our players. We released season one to great success. It surpassed our initial launches, both in player numbers and revenue. A year and a half ago, we released season five. It once again, as you can see on the graph, broke all our records. With season five, we also had to tell our fans that we needed some time to work on spin offs for Deep Rock Galactic. They took it very nicely. They've been very patient. As you can see on the graph as well, of course, player numbers slowly go down. The good news is that we just announced that we're returning to Deep Rock as well with season six in full development. It will release in early 2026. It's being developed in collaboration with another Danish game studio, Invisible Walls. It's also part of the Coffee Stain Group. We're very excited to see everyone coming back to their favorite franchise. Now, speaking of franchise, this is how we see Deep Rock now. It's not only a game anymore. We can do so much with this universe that just keeps inspiring for more ideas and more games to make. This started out with an adaptation to a board game, which we've done in collaboration with Mood Publishing from Copenhagen. There, we did a Kickstarter that reached almost 20,000 backers and EUR 2.5 million, still making it one of the biggest Kickstarters in Scandinavia. About three years ago, we got this slightly crazy idea to combine Deep Rock Galactic with the emerging genre of survival-likes. This was popularized by Vampire Survivor. We got in contact with Fun Forge Games from Denmark, and they developed Deep Rock Galactic Survivor that launched in early access last year and 1.0 this year. Its early access launch quickly surpassed anything we did with the launch of Deep Rock, once again proving our players really crave more content in our Deep Rock Galactic universe. Now we are bringing Deep Rock Galactic Survivor to more platforms. Recently, Xbox, last week, it was mobile. We will look to more platforms in the future as well. Internally at Ghost Ship Games, we are cooking on our own spin-off called Deep Rock Galactic Rogue Core. This is a slightly more hardcore take on Deep Rock, where we demand more of the players. It's more deep, you can say, in terms of what happens during the missions. We expect to release this in early access in the first half of 2026. It's already very popular among our fans. We're running playtests and only letting in a small select amount of people. We're very, very excited to release this game next year. With Rogue Core coming up, season six coming even before that, and Deep Rock Galactic Survivor being brought to more platforms and merchandise in the pipeline, we are truly committed to the Deep Rock Galactic franchise for years to come. That was all for me. I'll go back into the mines and mine some more gold, and I'll leave the stage to Marcus to talk about Teardown. Thank you, Søren. Hello, everyone. My name is Marcus, and I'm the CEO of Tuxedo Labs, the creators of Teardown. What is Teardown? Teardown is a fully destructible, physics-based sandbox game with a voxel art style. What does it really mean? To begin with, the art style is voxel-based, which means that the entire world is built of small cubes similar to another Swedish hit game. I think the similarity stops there because we are a physics-driven game with a fully destructible environment, which gives a very immersive experience. For instance, in this image, you can take the crane, lift the shipping container, and smash it through the wall of the building. That will make a big hole in the wall. Who would not want to do those kinds of things? Teardown was created by Dennis, our CTO, who is also the founder of Tuxedo Labs. It was released on Steam in 2020, so it is five years old. It has been praised by fans and media alike. It has been very popular, and we have seen great success with it. Sales have risen year- over- year as well. I would like to show the game to you. Let us run the trailer. [audio distortion] I hope you liked what you saw in the trailer. Who are Tuxedo Labs? Tuxedo Labs is a small team of 15 people in the heart of Malmö. Our main focus is technology. We like to build games from scratch, which means that we do not use any commercial game engines. We build everything from the ground up with C++ as a foundation. With having full control of the entire code stack, we can do changes and modifications that are not really possible in traditional game engines. We can do things that stand out in a specific way. I think that is a big plus. We also have our philosophy that we want to focus on tech first, which means, for example, if we were to do a Spider-Man game, we would have to figure out how to shoot Spider-Web. Instead, we think, look at this cool tech we have created. What kind of cool game can we wrap around this? I think this mindset helps us to stay truly innovative and make games that stick out. I think that is a big advantage in the current games market. I think Teardown is the perfect example of this. The destructibility and the chaos that comes from it is hard to pull off in any traditional game engines. That proves that creating our own tech can alter different game styles than other games. Teardown, you can play with the main campaign, where you perform heists for shady characters throughout the storyline. It is actually very fun to do heists in this destructible game, where you can be very creative on how to pull off the heist in the best way possible. You can see on YouTube enormous ways that people have been creative in solving these heists. You can just play around in the game and play around with the physics and the destructibility, which is also very fun. You can play any of the DLC campaigns that we have released. I would like to speak a little bit about the art style as well. I really like the contrast between the blocky voxels and the realistic lighting. The lighting itself is very special. We use something called ray tracing. Most games these days use ray tracing for visual effects and reflections. We use ray tracing for creating the entire scene, which gives us a very high quality in the visuals and the lighting and the visuals overall. Ray tracing is, from the beginning, a non-real-time technology that is used in movies. A movie can put a few hours into creating one image because it is not real-time. Games are real-time on the other side. We need to create 60 images per second. I feel like it is really great that we can use this ray tracing technology to get as high quality as possible on our visuals. It is also another example on how we build our own tech. We can do something that is traditionally not done by everyone else. Let's talk a little bit about mods as well. Mods are user-created modifications to the game, where they can change or add features of the game. Other users can download these modifications and play them in their game. Teardown has over 10,000 mods created by our amazing community, and the number is still growing fast. We have characters. We have full games within Teardown, other games that are created as mods. We have tools, a lot of different tools and weapons. We have almost any imaginable vehicle you can think of. We have maps as well. In this image, for example, we have the medieval fantasy castle here, which is a modded map. It is very different from the main game of Teardown. That proves how you can transform the game into anything you want and play it the way you want to play it. Since the launch, we have done a lot of updates. For example, the modding support that I've just talked about, that was added as an update to the game after the launch. We have added PS5 support. We have added Xbox support. We've actually doubled the main campaign when we released campaign part two. We've added characters, animations, visual effects, and free DLCs as well. We are not finished yet because soon we are releasing multiplayer. Multiplayer, you can play Teardown together with your friends or with strangers. The interesting part about multiplayer is we have tied this very tightly to the modding support, which means that the multiplayer experience can be experienced in modded content, which means that you could technically play Capture the Flag in the medieval fantasy map that I showed earlier. Another thing that's also interesting here is that our gameplay support is tied, multiplayer gameplay support is tied into the modding support as well. If we do not create the perfect gameplay experience in multiplayer, someone in the modding community might do that. I know that actually there are a few modders already that have started to work on multiplayer game modes before we have even launched this. I think multiplayer will give us enormous potential to having fun together. Tuxedo Labs is one of the newest additions to Coffee Stain and feels like we have finally come home. Coffee Stain understands the importance of creating great games. They understand that it takes a lean team to be truly creative. They understand the importance of the community, something that Tuxedo Labs also think is very important. Going forward, we always listen to the community, so we drive the game in the right direction. I think multiplayer will open up a lot of new possibilities for the game. I cannot wait to show you all the other things we have brewing in the lab. Thank you so much for listening. Now, handing over to Matt at Coffee Stain Gothenburg. Thank you, Marcus, for handing it over to me here in the United States today. Hey, everyone. I'm Matt, the studio manager of Coffee Stain Gothenburg. I'm thrilled to introduce you to, or should I say welcome you to, our game, Welcome to Bloxburg, and share more about our journey, the team behind it all, and our strategy. Welcome to Bloxburg, or Bloxburg for short, is a long-standing and beloved life simulation and role-playing game on the Roblox platform. Players immerse themselves in our open virtual world, where they can create their own homes, stories, and experiences. Bloxburg is what's considered a LiveO ps title, meaning that it's continually evolving. We deliver regular updates year-round, including new furniture, gameplay features, locations, and themed seasonal content to keep our players engaged and inspired. Here's a brief video showcasing our virtual world of Bloxburg. The video you just saw highlights our new map released earlier this year, something our community had been eagerly waiting for. With this update, we wanted to give Bloxburg a fresh look while keeping that cozy small-town charm and a few familiar spots from our old map. It also built the foundation for future content, events, and new ways for players to be inspired with all of the new scenery. Our community thrives on creativity, whether it's building and decorating their homes, role-playing with friends, or submitting creations such as their short films in our community competition. For those who love building and designing, we provide an extensive suite of creative tools and a growing catalog of nearly 4,000 in-game items. Players can build and furnish everything from cozy homes to grand hotels, using intuitive tools to place structures like walls, floors, and roofs, and apply custom colors and materials to achieve the look they desire. Advanced features also give builders greater precision, flexibility, and scale, allowing for more ambitious projects and creative expression. The creations our players make and the virtual world that they build them in serve as the foundation for Bloxburg's role-playing community. Players bring these spaces to life in ways such as running virtual restaurants, forming families in their neighborhood homes, or hosting friendly sports matches in their custom-built arenas, just to name a few. Our interactive items and animations turn role-play into shared storytelling, helping our players connect and create together. We also offer player-hosted neighborhood servers, where they can host their events, role-play businesses, and other gatherings. These servers help connect and engage like-minded players all around the world. As our players continue creating and shaping their own stories within Bloxburg, our journey as developers has grown right alongside theirs. It's incredible to see how far we've come together. Let's take a moment to look back at the game's journey over the years. Bloxburg began with humble beginnings that grew into a global success, built on creativity, community, and passion. The project started in 2014 with a solo developer and launched publicly into a paid access beta in August of 2016. I joined the team in 2017, and as momentum accelerated, our two-person team set out to expand Bloxburg into something greater. As players' virtual homes grew in scale, so did our community. They dedicated countless hours to building, role-playing, sharing ideas, and helping shape the game into what it is today. Over time, we recognized the need for additional support to meet our growing community's expectations. In August 2022, we joined the Coffee Stain family and established a new studio in Gothenburg, Sweden, which now has evolved into a team of 17. While larger than those early days, we continue to embody the mindset of a small and passionate team making a big impact. This expansion has allowed us to scale up the content we're providing our players, streamline our production processes, and strengthen our connection with players while staying true to our player-driven foundation. Nearly a decade after launch, Welcome to Bloxburg remains one of Roblox's most recognized and enduring titles, now nearing 10 billion play sessions, which Roblox names visits. Today, we engage around 10 million players per month and nearly 1 million daily active users. Roblox as a platform allows our users to connect cross-platform on iOS and Android phones and tablets, PC, and the PlayStation and Xbox consoles. Over the many years we've been around, Bloxburg has received multiple Roblox platform awards, now known as their annual innovation awards. Some of the awards include Best Role-Playing Game, Favorite Updated Game, Most Returning, and Best International Hit, reflecting the game's quality, immersion, and connected community. Now I'd like to walk you through how our game is built to give players a great experience while also functioning as a sustainable business. Approaching 10 years after our initial release, we're proud to still rank among the top-earning games on the Roblox platform, with lifetime net sales of SEK 1.35 billion. While those results are something we're proud of, what matters most to us is the mindset that we're taking towards our monetization. We've always focused on keeping Bloxburg fair and non-pay-to-win, making sure that our players can enjoy a balanced and rewarding experience. The in-game economy revolves around currencies, which players can earn through various jobs, such as working at our fast food restaurant or teaching at our high school. They can spend those earnings on their creations, or if they'd rather skip the grind and get back to that building, they can choose to purchase the currencies in various packages. Players are also rewarded through login streaks and special events, sometimes earning our premium currency, which is used for exclusive items or other special features. We also offer monthly subscriptions that provide recurring currency packages or server ownership and one-time unlocks for advanced editing tools and convenience perks, such as increased job wages. What is just as important as what we offer is also what we do not. From the start, we have strayed away from random mechanics like loot boxes, which is something we take a lot of pride in. Like any long-running game, though, our revenue story has changed over time. Let's take a look at how those trends have evolved and what they tell us about our players, the platform, and our priorities moving forward. While we've had many accomplishments to celebrate, it's no secret that Bloxburg has seen a decline in both player activity and revenue in recent years, and we want to be transparent about the main reasons why. Now in its ninth year, Bloxburg operates in a vastly more competitive ecosystem. Both the Roblox platform and the role-playing genre have grown significantly since the game's early days, with new trends and experiences constantly emerging and capturing players' attention. For years, Bloxburg was paid access, which limited visibility and new player acquisition as Roblox shifted focus towards free-to-play games. This led us to transition to free-to-play ourselves in June of 2024. We've also seen major shifts in player expectations. Today's audiences expect faster progression and more frequent content. What resonated with players years ago does not always align with what newer generations are wanting today. Finally, one of the most difficult factors to acknowledge. Last year, some of our features and economy changes were not well received. Those updates negatively impacted players' trust and confidence in our team. Last fall, we did revert those changes, and we have been working to rebuild our connection with our community since then. While the last few years have brought their challenges, we have seen them as valuable lessons that have shaped how we move forward, and they have given us a better understanding of our players, their expectations, and how we can better serve them. Next, I want to share what that looks like with our strategy for the future and how we are planning to bring fresh energy and momentum back into Bloxburg. We're taking meaningful steps to better position Bloxburg for long-term success by strengthening our ability to serve players, stabilize revenue, and reestablish the game as a leading title on Roblox. Our first focus is on our people. Last year, I stepped into the Studio Manager role, which has allowed me to use my long-term understanding of both the game and the Roblox platform, as well as a long-standing relationship with our players to drive our planning and decision-making. This has also included expanding our team strategically. We've also partnered with external developers to accelerate key features, allowing us to deliver more content while balancing our resources. Rebuilding player trust also remains a top priority. This year, we released two of the most highly requested features, with our team delivering the brand new map that you saw earlier and a high school featuring immersive gameplay developed by one of our external partners, both long-awaited since the early days. On the communications front, we are placing greater focus on our transparency and player engagement and have seen great results so far on our social channels. We are also working to create more ways for players to share their feedback to better align ourselves with what content they would like to see and what issues they might be facing in our game. We are also focusing on our content and production processes to deliver content more efficiently, maintain quality, and better align with player expectations. We are approaching this thoughtfully and sustainably, taking careful steps to ensure that both our team and community can adapt to this at a healthy pace. Lastly, I touched on some of these elements throughout today's overview, but we are also focusing on modernization. We are refreshing our core gameplay systems to better connect with today's audiences, including user interfaces, audio, and our progression systems, just to name a few. Guided by creativity and our passionate community, we are shaping a bold new chapter for Bloxburg. We are proud of everything that the game has achieved and so excited for what is next. Thank you for listening today. Now I will hand it back over to Anton to share more about Valheim. Thank you, Matt, so much. Let's now talk about the last game in the core portfolio, Valheim. Last but not least, I would say, it is actually the biggest game in terms of how well it has been going. It is a crazy successful title. Valheim is one of the games that we publish. It's not a game that Coffee Stain owns the IP of. It's owned by the development studio, Iron Gate Studios, which is a small studio coming out of Skövde, the same city as Coffee Stain started. Valheim has, I think most of you probably know it, but it was this little Viking game launched in 2021, and it really took Steam by storm when it launched. It had a crazy initial launch. This was in the midst of COVID, and at its peak, we had 500,000 concurrent players in the game, which is just mind-boggling. Since then, the game has total sold now over 16 million copies, and it's still in early access. Similarly to the other Coffee Stain titles, it also holds extremely positive reviews, which we are very happy about, and also a very high engagement with impressive game time where people spend on average 66 hours, which I think is pretty crazy. Let's take a look at the trailer for those who have not seen Valheim yet. [audio distortion] All right, that was Valheim. I think it is a very interesting game. It looks so cool, and there is something about the art style in this game and just the setting, the coziness that it has a very special vibe. I think you need to kind of try it to get a feel for it. I think that Iron Gate and Richard, the creator of the game, have really made something magical here. To give you a little bit more context there, when we started to work with Iron Gate on Valheim, it was actually only Richard. One guy who had made basically the entire game himself, which I think is also so cool to see that that is possible in this industry. We found a way to work together, and we agreed that Iron Gate would get a few more people into the company, and then we worked together with them on iterating and polishing it up to the release. I guess the rest is kind of history now, but it is funny to say the game has had so many awards even though it is really not complete yet. Still the 1.0 to come in the future. Just to lift out one of the awards here, very prestigious and we're very proud, obviously, like Game of the Year from PC Gamer felt pretty cool. Ultimately, it's not about awards, and I think that ultimately it's about reaching a lot of players and just delivering an awesome experience. I think that's something that Iron Gate has truly done here. We're very happy to have it in the Coffee Stain portfolio of games. Also, similarly as the other Coffee Stain titles, Valheim has had many updates, big and small, since its release in early access. One of the more important ones, I would say, is that we have already added it to Xbox and Windows Store. That allowed us to start working on the technology platform for the game, enabling cross-play. I think this is a quite good feature to have for the long term of the title, where people on Xbox can now play with PC players. In the future, we intend to also keep this kind of cross-play support. That is something that hopefully a lot of the players will enjoy. It is actually the only game that we have that currently does that across all platforms. That is very impressive. It is like all this is done together with a very small team. You can also say that just as with the other Coffee Stain titles, Iron Gate do use some external consultants to help us on these technological things that we push. This game is by no means, it is not an easy game. It is very complex and impressive. It's big in terms of the world, it's very big, and there's a lot of things to kind of get together to make this all work. Over these years, we've added more biomes, and you've seen the kind of player activity go up during these updates. If you look now by the end of where we are today, the activity is very strong and kind of keeps it going, which is so nice to see. I think we're very excited about the future of Valheim. The team is working now hard on the 1.0, and there's also the already announced launch on PlayStation that will happen next year. I can't wait to see how that goes. Also, when it comes to Valheim, this is another example of this partnership model that I've already mentioned earlier. It's a case where Coffee Stain went in with a small investment into the company at the early stage. We own 30%, where the company itself keeps the IP and all the creative control. We work together on shaping the future of the game. I think this is like a very nice way for us to kind of be able to work with a game like Valheim. If we had went in with a more traditional publishing model, I'm not sure that that would have been appealing to Richard and Iron Gate. I think that's something that we are very cautious about. It also shows how it's important to have flexibility when we go into new partnerships. Ultimately, it's about making sure that the development teams feel that they are in control, they are driving their games, and they drive the vision. Hopefully we can, as an organization, help them around it and make it as successful as possible. That actually wraps up the portfolio section. We have now touched upon the bigger games in Coffee Stain. It's pretty impressive to see having so many high-performing titles in one portfolio. All of them have generated this amount, but also obviously the high reviews, the activity, the engagement, and also again, pushing that they have been around for so long. I think it's a testament to their quality. Also, we show that we can keep improving them and working with them for the long term. Aside from that, we also have a couple of announced upcoming releases. We are shortly going to launch the next big update to Goat Simulator 3, which is going to be very interesting to follow. Then we obviously have Deep Rock Galactic Rogue Core coming in the near future, as well as you heard from Marcus, Teardown, the multiplayer additions, and Valheim for PlayStation 5. That is not all. Coffee Stain obviously has more games, and I wish we had time to talk about all of them today. This presentation would be a little bit too long, perhaps. These other smaller games that we have are by no means less important for us. I think it is very important to highlight that our model builds upon supporting studios and developers we believe in over the long term. Not even Coffee Stain were successful directly. It took us a couple of attempts. It was actually Goat Simulator that kind of really pivoted Coffee Stain to the next level. Some of our smaller studios might be on their first or maybe they're working on their second game. I think that for us, it's unclear for the future. It could very likely be that one of these smaller teams comes up with the next big hit. Ultimately, it's about creating an ecosystem where we can have great developers thriving and having a great daily life, just making games and being passionate. That's, I think, the strength of the whole Coffee Stain Group. That pretty much sums up the game part of this presentation. Thank you, Anton. I'll join you very briefly here before heading to the next section. I wanted to ask you just one question that's been on my mind on the core portfolio of games that I think others would be interested in as well. I mean, Satisfactory, obviously a big IP for you guys, has been successful over the past year, I would say. It now came out finally on console on the 4th of November, I believe. Two weeks ago, roughly. Can you say something about the reception and performance, but primarily the reception initially? Yeah, as you say, it's like obviously one of the most important games of the portfolio. We are very happy to finally have it out on consoles. I'm also very happy to see that so far the reception from players, the reviews have been very good. It seems to be stable. Can't comment so much on the financial performance so far, but in terms of the player reception, it's been very positive. I was actually personally a little bit worried going into launching Satisfactory on consoles because of how complex the game is. It's a huge game that is very resource intensive. We are just super pleased to see that the team together with Fishlabs, the studio that we work with on these ports, have managed to pull it off in such a good way. I think we are setting the stage for a nice future of just expanding Satisfactory to more platforms. Yeah, it looks good. Fantastic. Great to hear. I think with that, I think we're ready to head into the next section, the financial profile of Coffee Stain Group. Without further ado, please welcome on stage CFO Erik Sunnerdahl. Thank you very much, Oscar. It's really inspiring listening to our studios talking about the games today. Because they've shown that if you have the dedication, creativity, and talent needed, you don't need a huge army to be successful within gaming. That is really at the heart of Coffee Stain's success. Today, I will give you a proof of concept that these small teams creating these big games also can translate into great financial returns that is built to last. I will cover three main topics. That is where we came from, where we are today, and how we think about allocating our capital. First, I would like to give you some context and the way how we look at our business, explaining some of the key dynamics in our financial reporting. The first thing is our focus on cash EBIT. We use cash EBIT as our key metric because we think it reflects the real economics of making a game, and it both considers expense cost and capitalized cost. The second thing is about launches and game releases. Our business is definitely release-driven, where results move a lot between both quarters and years. To better understand the underlying performance, we divide our net sales into two different categories, where we have the baseline net sales, which is the recurring part of the back catalog of already released games and smaller updates. Then you have the game launch uplift effect, which is short peaks we get from releases of new content and new games within a 60-day window from that release. With this split, you get a good view of the long-term trend and where we are heading. Of course, we want the baseline to grow over time through the new releases we get. That is a very simple goal, but it is definitely not easy. The last one on our dynamics is about our costs. We think that instead of having a 150-person studio making one huge bet over several years, we like to start small and instead scale with success to improve our odds. We keep a low fixed cost base with minimum overhead, where we want the ownership in studios to be very high. That keeps us agile and it reduces risk. We also take help from external partners, bringing us temporary muscles to bridge project peaks in development, and we only add people when we see the long-term need is there. With these three dynamics in mind, let us dive into some facts, looking at our recent performance. As per September 2025, we have delivered a solid performance in line with the two recent years, where we managed to generate SEK 1 billion, and 20% of that comes from the game launch uplift effect. As you know now, 90% of that comes from our core games presented today, and roughly 20% comes from the game launch uplift effect from new releases and platform described in the previous slide. Our gross margin is strong, where we have our digital model and the high degree of IP ownership, making it possible to have an 89% gross profit. Looking at cost base, we have a total of SEK 505 million spent during these last 12 months. 80% of that goes into the core games we talked about today for future investments, and 20% go into new games, where the majority is inside our own studios. We want to keep our overhead very low, and our SEK 228 million on other operating costs you see there, that is mainly support we got from external studios in development peaks of our core games. On marketing, we want to keep that spending as low as possible, where we think the best marketing is the game itself, and if it's good enough, it will get the visibility. To add up, we have a strong gross profit, a lean cost base that manages us to generate SEK 401 million in cash EBIT during this period, with a high cash EBIT margin. That gives us options, and that I will go through later in the presentation. First, let's zoom out a bit and talk about Coffee Stain's performance over a longer period of time. This graph is truly impressive and tells you the story of Coffee Stain's game and of Coffee Stain history, where growth is built over time and not just through the temporary spikes from the releases. It isn't a straight line, and it shouldn't be in the nature of gaming, but we managed to build and raise our recurring baseline over time to provide long-term growth. Looking at fiscal year 2020-2021, we have, through the releases within Deep Rock Galactic, Satisfactory, and Valheim, managed to enable us to fund more projects and also add new friends, where we in 2022-2023 acquired Loxberg with Coffee Stain Gothenburg and Teardown through Tuxedo Labs. Those add to both talent and possibilities, but also to our baseline generation. Looking at the two recent years, we have performed stable, but it didn't come easy, and we always stay humble because success must be earned again, and we need to be on our toes going forward. This is a more recent performance, looking at detail per quarter, where you can see that the quarter-to-quarter swings are quite obvious and natural. We know that a quarter does not make a year, and a year does not make a company, where we can absorb these swings good over time, and it is really dependent on when we release content and how that content performs. If we look closer on the current year, Q1 was a quiet one with very low launch activity continued from the quarter before, where we in Q2 had some launches of new games and content, and that new effect flows pretty much straight into profits that quarter. If we look on the last 12 months trend, we see that we have performed consistently. We see a slight decline, and that reflects the importance of having new game releases that also make success. Where our cost base has stayed steady, those get a really big impact. Some titles have slowed down or are in a temporary phase with less content, while others grow, showing the strength of having a diverse portfolio. We also want you to be aware that over 90% of our net sales are related to U.S. dollar, and the costs are mainly in SEK and Danish krone. A U.S. dollar move makes a visible difference, and that's reflected in Q2 2025-2026, where the U.S. dollar year- over- year is down 5%, and that explains roughly half of the 8% decrease in net sales. To sum it up, the quarterly noise is temporary, but we focus on the long-term trend, where new content plays an important role for additional cash generation. Now, let's see how this performance turns into actual cash. As you can see, in these comparison periods, our cash flow has been consistently strong, and I want to highlight a couple of details to explain more. If we look at the row for tax paid, that is temporarily lower than we normally can expect due to the group contribution we made to Embracer historically, seen on the row for transactions with owners. That is a positive effect now, and that will normalize post-spinoff. Also, I want to highlight the change in working capital row, which is also higher than what you normally can expect, and that is mainly due to three reasons. The timing on working capital is dependent on three things. You have the 50-day window from the day you sell a game to when you collect the cash from the platform. You also have the platform deals we made, where revenue recognized does not always align with when you get the payments. You also have the royalties we paid to external studios, like Iron Gate for Valheim, which is done when we collect the cash from the platforms. To conclude and normalize, if we do adjustments for these temporary effects, we are still having a very strong cash flow, roughly over SEK 350 million on the last 12-month basis. That gives us options, where in our dividend policy stated that we will reinvest for growth if we find a good opportunity. Otherwise, we will return the capital to our shareholders. Now let's look also at our financial position. As you can see in this table, the cash and cash equivalents are not really representative since we have done transactions with owners historically. Although per Q2, we have a proforma cash position of SEK 500 million with a debt-free basis, and additional cash flow after Q2 is directed to Coffee Stain, where our balance sheet is strong with a prudent level of capitalization and a solid headroom in our goodwill impairment test. Altogether, this setup is in a very good position going further. Now let's wrap this section up with repeating the key messages here, even though I think you already got it. We are profitable, lean, and built to last. We have shown that our model works through our proven track record, where we can create long-lived returns. We scale our business only when it makes sense and when the long-term need is there, where we want our teams to be independent with full ownership, but with a Coffee Stain mindset. We have strong cash generation, a good balance sheet, and a good cash position, which gives us flexibility to either invest or return capital to our shareholders. Coffee Stain's proven that these small teams creating these big games also can create great financial returns. With that said, the financial section is now done. Thank you, Erik. I do have just one question before we head over to the next section. Looking at what you said here, you obviously have a dividend policy, but no other financial targets. Can you elaborate a little bit on how you think about the coming years? Yeah, having financial targets in the gaming industry is really hard. We have a game first, where we want the quality of the games to be as best as possible. It is hard to predict exactly when the games are done and the cadence of that development phases. We are more into really, really sticking to our proven model, which through our track record shows that we can create and mitigate swings in a good way. We are investing quite significantly to growth and to expand our IPs and provide new content, making sure that we can have the long-term growth. Very good. Thank you, Erik. With that, I think we'll head straight into the next section, which is the growth avenues. Welcome back on stage, Anton. Thank you, Oscar. Let's talk more about growth. I have been asked many times, like, but what about future growth? How will Coffee Stain grow? What can you do in the future? I think this is a relevant question, but I also think it's very important to first take a couple of steps back and look at how Coffee Stain has been doing the last years. We have been growing a lot over the last years, which has been a result of how we do things. It boils back to the way Coffee Stain operates, and that's much how we look at growth. For the future, we will keep growing, of course, but we will not change the way we operate in any significant way. We will keep doing the thing we do. We will keep making new great games. We will keep working on those we already have. I'm pretty sure that there's still room to make those games even more successful. It's worth pointing out again that last year, 90% of our revenues came from only these six core IPs. They are still not the biggest in the industry by any means. Also, many of today's most successful game companies actually rely on just one or a handful of games. I think that's what we are thinking about a lot. It's like we believe that strong quality games, they are there to stay for the long run. As long as we keep kind of catering to them and nurturing them, I'm not so worried about growth. It's also important to stress that growing as a company is not always easy, especially when it's like a creative industry like making games, because it usually means bringing on more people. For us, the culture, as you've heard now many times, is so important. It's like ultimately these people have to enjoy working together. They have to trust each other. They have to have the same, they have to align well, and they have to kind of work towards these common goals and visions. It has to be done at a steady pace. We can't really push it. We can't enforce it. Slow and steady, growing with the games. You can break it down. Develop the existing IPs, I would say, is the highest priority for Coffee Stain. We obviously always want to find ways to create new games as well. The hope is obviously that potentially these new games could become even bigger successes and add additional kind of pillars for the company to rest on. Finally, we always have the M&A opportunities that we have done in the past as well. The way Coffee Stain has been doing it might not have been full acquisitions most of the time, but we have it in how we operate. Just to give a little bit more context on developing the existing IPs, that is the whole spectrum of things that we do with the games: new content, DLC, spinoffs. There could be other initiatives like Ghost Ship. We have the board game for Deep Rock Galactic. We have a board game for Goat Simulator. We have all these things. Ultimately, I think that most of those things are often great ways to expand the IPs over time. There is still room to grow them. Obviously, bringing them to new platforms has been a very important factor to the continued success. I think that games like Goat Simulator, for example, today it's like it's doing well because it's on so many platforms. We do it slowly and steadily, and we do it in a controlled way. Obviously, creating the new IPs is something that is integrated into the whole process. When a team has worked on a game for a long time, then it becomes natural to start to think about new things. This is something that is ongoing all the time, but it also takes a long time to make games. Once we are ready to talk about new games, those will be communicated through the actual development teams themselves. There will be new games, obviously also from the publishing, where we continuously look at new things that we can potentially integrate. Finally, the M&A, of course. Like Coffee Stain is, I would say I have a little bit of a double feeling towards this, and that comes from buying full companies, I think is pretty tough in the gaming industry. To some extent, you can kind of underestimate how complex it is to integrate and make that actually work. I'm not ruling out doing full acquisitions by any way, but we would only do it if we see that there's a clear synergy that we could see that we could actually draw some additional benefits out of it. Also always make sure that there are long-term incentives for both us and the people who are coming through the acquisition, because ultimately buying games is, I would say it's more about actually getting more people into the group and hopefully having them there for a long time. Then also obviously the minority way of doing investments, I think, has been a very successful way for us to operate through the partnership initiatives that we do with the publishing. That is something that I'm very looking forward to, hopefully have more time to look into in the future as well. We will. That is the way we think about growth. That actually leads us to the conclusions of today. We have talked a lot, and you've had the chance now to hear from more than me, some of our great people from the studios. Hopefully you've gotten an understanding of how Coffee Stain is. We are a lot of different studios, but we have a lot of similarities in the way we operate with our lean teams and the decentralized model. We really want to build a lean organization. We really believe in empowering our people and allowing for creativity. We think that this ultimately will lead to finding new great games. We talked a lot about engaged communities, which are so important for us. That work is something that we are going to keep just focusing on for the future. I think we also talked a little bit about the growth, and hopefully you agree that there's room to do more with these games. It is tricky to kind of, when you think about growth, because it's always I prefer to not overpromise. We have always been more like we focus on what we're doing. Let's look at the results later. That said, I think the way we approach this, hopefully we will see positive things in the future. And finally, obviously the financial stability of Coffee Stain, I think is something to really put an extra focus on, where we are not standing on one or two games here. It's like we have many successful titles. It is a very diversified and stable foundation as a company and one that we continuously work on and improve. We're never done. It's like it's a continuous work. Thank you very much. Thank you, Anton. It has been a full day of presentations. I have really enjoyed all the presentations. It has been great to learn more about Coffee Stain Group. I hope everyone who listened in enjoyed as much as I did. Thank you, Anton. Thank you, the team. And thank you, everyone, for listening in. That is it for today of the presentations. Now let's head into the Q&A. All right, welcome back, everyone, for the Q&A session. I'm joined here by Erik, Anton, and Jacob, who will have some questions and answers with you very soon. First of all, I would like to just apologize quickly for the technical issues here during the presentations. Very unfortunate. Hopefully the tech works better now for the live Q&A session. Also wanted to let you know that the on-demand recording will, of course, be available in high definition after this presentation. Of course, also the presentation will be available on Embracer's website after this Q&A session. Also, if you would like to ask a question, participants on the telco are able to ask questions by dialing pound key five on your telephone keypad. You can also ask written questions in the webcast. Before we open the line for questions, I will start just with a few quick ones. I'll start with you, Anton. We've been through many great presentations from your studios. Now, obviously, all of them are based in Scandinavia. How important is that? Would you consider expanding outside of Scandinavia at some point? I think the fact that we are very focused around Scandinavia mostly comes from convenience and that it's we prefer to the way we work in Coffee Stain, it's so personal with the engagement and all the teams. We kind of put like being together, it's very important for us as a group. That said, I mean, it's very convenient if you have companies that are close by, it's easier to kind of keep that close relationship. There's a lot of good developers in Sweden, in all over, I guess, more of Scandinavia as well. We might say, I mean, we're not closed to doing anything outside of it, but I think we have been pretty busy with everything that we've found. Just even look at the city like Skövde, the city where we started. There are so many good small teams that come up all the time. Yeah. Indeed, indeed. I think a natural sort of lead into my next question, actually. I mean, there have been some hugely successful minor studios all over the world, basically creating major success in the past one, two years, and some just developed in a few weeks or months. How do you view the future direction of the industry and what is your approach? Will we see larger budgets ahead for you guys or smaller budgets really and more iterating? What do you see ahead? I think, I mean, one takeaway of last year's, I mean, there are so many examples of very, very successful games from tiny teams. I think Coffee Stain as well, we have our history of also a lot of our successes come from very small teams. I think that just speaks for the fact that today with the tools available, with the right people, you can create a lot with very limited resources. I think we will see more of that in general in the industry. I guess it's especially for larger companies where you have huge teams, it's a lot of people scratch themselves in the head and think, what is going on? Why this success? I think we're going to see more. For us within Coffee Stain, it's actually what our strategy builds upon, these small teams. It's kind of we might even be a little bit more experimental in the future and try more things because it's quite clear that the right idea executed fast can deliver very high results. Yeah. Interesting stuff. Thank you, Anton. With that, I think we're ready to officially have the line open. We'll start here. Our first question today will come from Erik Larsson with SEB. Your line is now or very soon open. Hello, can you hear me? Yes, we can. Okay, great. Good afternoon. Thanks for the presentation. I have a bunch of questions, but I'll try to limit myself here. I can start on Oscar's angle there with a lot of indie game successes recently, especially in Sweden. Some of these games or teams are really small. From what I understand, a lot of these are also more or less self-published. My question is really, is the role of a publisher the same as it used to be, or has that changed in some capacity? Do you see a risk there in any sense, if you understand my question? Yeah, I can take that. I think the role of publishers is definitely at question to some extent. This is partly why our strategy has not been a traditional publishing strategy, even from when we started Coffee Stain Publishing. We wanted to work more as a kind of a partner to help, most of the priority on actually the more helping on the creative and getting the product to a state where it can be released and not so much on the traditional, maybe the marketing and stuff like that. I think it's more important to make sure that you have the right idea and you get it out there. It is tough. You can definitely see that change. Today, the need for a publisher is not as clear. Obviously, many people still need funding. There are other synergies that, for example, Coffee Stain can provide, such as just being part of a great group of people. It is a good ecosystem. I think we can leverage other values than the kind of traditional publishing model. It is an interesting time for sure. Yeah, we will probably see more of those successes. I guess the longer-term question becomes when you have something that is very successful, if you are to build that into something sustainable over time, that might require more. I think that in some cases, the small teams, they might not really have, I mean, some of them are not even interested in that. I think that our hopes is that potentially we can step in there and we try to kind of encourage that creativity and we can do some crazy ideas, but then also take care of it over time and make it into a business. I mean, Goat Simulator was one of those games where you could probably have just made something else, but we were very focused on keep to deliver more content and to kind of build that into a franchise over time. Okay, thank you for that color. I had a question on platform deals, just the typical structure, how much are you getting paid generally, and is it like an upfront payment or is it based on certain KPIs or metrics or any color you could give there? All the platform deals are different, but for a lot of them, I would say that if it's more of a subscription deal, it usually comes with some kind of fixed fee that they pay to get basically to get the rights to supply the content over a set time period. There's a range on this. There's not one model here, but I would say that's the most typical way. It's more like a flat fee that you get for a certain amount of time. For us, the big question mark that we need to ask ourselves is obviously whether we think it's worth it because there's always some risk to the, I guess, some cannibalization, for example, if you go into a subscription platform, you give the game away for free to a lot of people. Typically what we have seen is that there's a lift because of the awareness that you get. Okay, perfect. A final question on financials. I fully understand why you do not have your targets, but I will try anyways here. Do you see any type of floor on the margin? I mean, you have your revenue base, you are pretty cautious on the cost side. Do you think you can sustain this margin around this level or say 40% plus cash EBIT? Yeah, as we showed on the presentation here, we think the cost base is quite solid between the quarters and also in the recent years. Of course, it very much depends on the releases. For example, the previous years, you had very strong Q2, Q3 with Satisfactory 1.0 and also the Goat platform deals. That launch effect gave immediate impact on the cash EBIT generation. For this year, even though we have a quiet Q1, quiet Q2, and also the FX headwind, we still remained quite solid margins. To reach the higher levels, you need to either grow the baseline or through the releases we have, get the higher return. All right, thanks. Thanks for your question. I'll take it. I'll go back in the queue. Thank you. Thank you very much, Erik. I think the next questions will come from Thomas Nilsson at Nordea. Your line is now open. Thank you for taking my question. Satisfactory's console release is a major milestone for a game that has arrived on PC. What percentage of your portfolio do you envision becoming multi-platform? I think we generally always want to put our games on as many platforms as possible. It always comes with we have to kind of think about whether the product fits or because ultimately you want to have a great version of the game. Generally, that's the way we operate. We start typically on PC and then we branch out from there. Most of our games are already on many platforms and I think it boils down back to the development model that we use. It's more likely that Coffee Stain releases a game in early access on PC first and then go out to more platforms as opposed to sim shipping. There's examples with Goat Simulator 3, for example, we did actually sim ship on consoles. When you do the SIM ship, what that does for the whole development is that you kind of put the development cost becomes much higher because you have to do a lot of things in order to kind of make the product ready for consoles. That increases the risk, obviously. It is always a balance. Since we like to use this kind of agile development style with the community, PC is very good to start off because that platform is very easy to work with around with the communities. Was that an answer to your question? Yes, it was. Perhaps a final question, if I may. Where do you see AI providing the most value in your development process? How do you ensure AI remains a tool rather than a replacement for the human creativity that defines your games? It is a very interesting question. I think currently every game developer is using AI to some extent all across the industry. Personally, I think that programming is getting a very high boost by AI in the sense that you can potentially do more and you can tap into areas faster that previously took more time because now you can, I mean, I'm a programmer myself. My background, I started programming. When I do some programming on the side, just for fun, I just realized that with the help of AI, you can start doing things that were not, the barrier was too high before because you had to read up on these things and it was not so natural. I think that we will see on the programming side, but then obviously, obviously on art production or different types of content production can also be kind of leveraged. That said, as you say, it's a very, now the question is obviously the creativity and how that people might be concerned about how AI is kind of going into that and taking away from what people do themselves. I also think I'm not that worried about it. I think that as long as you have kind of an open-minded approach and use it as a tool, it will most likely just empower our developers to do more and just deliver more better experiences. Okay, thank you very much. Thank you. Thank you, Thomas. Our next questions will come from Martin Arnell with DNB Carnegie. Please go ahead, Martin. Thank you, Oscar. And good afternoon, everyone. I hope you can hear me. Our first question would be, when we look at this, it looks like it will be tough to evaluate your growth in the near term and that we must look at sort of three-year periods or more. If you look ahead, if you would perform in line with your plan, your own base case, would you then be outperforming the overall gaming market, do you think? For reference, Martin, I'll add here to your question, perhaps the gaming market growth is estimated at maybe 3% over the coming sort of three years, I would say. Yeah, I think that we are not going to give any guidance and we are pretty cautious about promising things. I think if you look at the historic success of Coffee Stain, we have performed higher than that. Our historic results are tied to how we work and the model that we hopefully have given some clarity to around during the presentation. I think that might give at least some kind of idea of how we think about it. Yeah, also if two of these six titles get a boost, that can get significant impact quite quickly on both sides. It is not easy to compare to market growth in general. Of course, it is good to let the market grow, more players, but I think you should evaluate it more on a title-by-title basis. Also new titles, how they perform. Okay. Thank you for that color. If you look at the, if you would look at the release cadence that you have in the plan right now, how would you compare it to historical cadence? I think that our release cadence is, it's been quite stable, I would say. I mean, we have been working on Satisfactory for a very long time. So there's never been a very huge amount of games coming out from every individual team in Coffee Stain. That said, we are actively working on all our portfolio on an ongoing basis. We are keeping a quite good tempo, I think, which we are quite happy with. All right. Thanks. Final question on the growth outlook here. I'm not sure you're going to answer it, but I'll ask it anyway. In the, let's say, next three-year period, do you think that you will be able to generate the leading seventh franchise next to those six that you presented today? I think we can't really give any, that's one would hope so, but it's nothing that we can give any comments on at this point. Okay. Fair enough. That was all from me for now. Thank you. Thank you. Thank you. Thank you, Martin. Our next questions will come from Rasmus Engberg at Kepler Cheuvreux. Please go ahead, Rasmus. Yes, hi. Hi. Hope you can hear me. It seems that Bloxburg has had a kind of a negative impact on your revenues in the last 12 months. Has that stabilized? And has it impacted both EBIT and revenues, or have you scaled down costs as well? Yeah, I think from the presentation today, you can, as you say, clearly see that there have been decreases in net sales on a trailing 12-month basis. In terms of how it affects, of course, both EBIT and net sales and EBIT and the team have been similarly and the cost basis similar. It is still profitable. It is a small team. I think that is what we can say. I think we can also say that to some extent during the last year, we have actually had a little bit higher costs maybe. We actually increased our investments into the game because we did see that the performance was going in the wrong direction. We took the decisions to actually invest more into certain things that we were hoping to kind of move this. These investments are still going on with the hope, obviously, to kind of stabilize it. It is super hard. Roblox is a very, it's a different platform than Steam that we are maybe mostly focused on. We are working hard on Welcome to Bloxburg. We will see, hopefully, that will give us results. If it's not, then we will obviously adjust that cost base. It's not like we're just going to keep investing without reflecting. We are always, but at this point, we are investing into the franchise. As you said, Erik, it's still a very profitable game for Coffee Stain. Right. Thank you. Thank you for that. Just for our understanding of this, if it's possible, Satisfactory on console, the full release of Valheim or the release of Rogue Core, which one is the most important? All of them are very important for us. I don't think we can give any, no, any comparison. They're comparable, you would say, or? They mean very much for us. They're very important, all of them. Okay. Thank you so much. Thank you, Rasmus. The next questions will come from Jesper Stugemo with Handelsbanken. Please go ahead, Jesper. Yes. Hello, guys. Thank you for taking my questions. I'll start with one here on the updates and the DLCs on the core games here. How many do you target each year? Should we expect one DLC and one major update, or what's the frequency there? I think the frequency is very game-dependent. It's not going to be the same across our portfolio. Generally speaking, once we have a title that is mature and when we are in the post-launch phase, we try to get new content out on as good kind of pace as we can. We usually do both free updates and paid content because we have seen that that is a very nice way to making the community stay happy. It is not unreasonable to say we would like to see a yearly update on most of the big games. That is what I can say. Yeah. Could you comment anything more on the coming 12-month pipeline? You gave us some details here on the core titles here, but how many unannounced game projects do you have in the mix between internal versus partnerships, etc.? If they are unannounced, they are unannounced for a reason. We will announce them as we are ready, of course. No, I do not think we can give any. I think in the short term, we now know that Rogue Core is slated next fiscal year and that they also announced that Season 6 is planned this fiscal year and this fiscal year. That is what we can say in the short term. Yeah. All right. Thank you, guys. Thank you. Thank you, Jesper. Our next question will come from Viktor Lindström with SB1 Markets. Please go ahead, Viktor. Yes, thank you. Hope you can hear me. I will follow up on the DLCs here. On average, what attach rate do you have? Can you share any figure on your core games? I do not think we have shared any numbers on that. What I can say is that usually you can say that if you have a great game and a very loyal community, the attach rate, I think, will be higher. I think in the past, we have had pretty good attach rates. We also look at it more as a kind of franchise. When we think about if we're investing now, we're going to launch a big new DLC for Goat Simulator 3, for example, it's not so much about that specific DLC because we also always look at the total revenue generation from the game combined with the DLC. It is quite hard to isolate the revenue specifically to the DLC in question. Every time we do one of those updates or DLC drops, what we typically see is that the revenue for the base game also increases quite a lot. It is obviously tied with how we market it. It gives us a good window to get a lot of eyeballs on the game. Right. Thank you. With regards to the externally developed games, I mean, how are those structured? Are you entitled to recoup your investment first, or will it be some kind of revenue-sharing structure directly up on the table, or? I would say that typically when we do external developed games, it's typically a recoup model. We fund the development and we fund if it's any type of marketing activities or anything around it, basically. We are the financer of the project as a whole. Then we typically recoup the investments before we do a royalty split with the IP holder or the developer in that case. That's how it's usually working. It is always flexible. It's not a one model for every project, but that's how it typically works. All right. Thanks. Lastly, you talk much about the importance of the culture across the organization. How do you both, I mean, attract and retain key employees? I mean, I think for one's sake to just have a very, like a culture where we allow for people to do and work on great games and just have good developers working together is probably the best way of retaining them. It's like as long as people feel that they work on something that they are passionate about, that leads to retention. I think it's a very creative industry, and it mostly is about making sure that people actually do things that they are passionate about. It's not easy, but as long as we keep focusing on doing great games, I'm pretty sure that people will like it. Yeah. Super. Thank you. Thank you, Viktor. The next question will come from Jacob Edler with Danske Bank. Please go ahead, Jacob. Thank you so much for taking my questions. I have two to start with. The first one is just on the kind of DLC pricing strategy. And how do you assess your kind of price elasticity among your user base for DLC and other paid content? Would you say that down the line, there is potential to kind of hike prices, or what can you say there? I think pricing is very complex. Typically, we have been pretty cautious with overpricing our games because it is also the higher price you put, then you also increase kind of the expectancy from the customers. It is always a balance. That said, I think we have seen that some of our games, usually like with Satisfactory, for example, we actually increased the price with the 1.0. Over time, we always can, this is an ongoing discussion, but it is a balance and it's super tough. I mean, I think Valheim is one of those examples where it was like you could argue that the game is pretty cheap at $20, but I think that's one of the reasons why it sold so many copies. We often prioritize getting a huge amount of users and having that community around the games partly drives further sales. That said, it's nice to see that, I think, especially if you have something very established, I think you can charge a little bit more over time for DLC and additional content. As I said, it's a delicate balance. Perfect. This is my second question. On the spinoffs you've done and Deep Rock and also Rogue Core being slated for release here in the next 12 months, do you think there's potential to do a similar thing in some of the other core games? Also, second on that question, how do you kind of evaluate doing these spinoffs over evaluating sequels down the line for the core games? Yeah, I think it's definitely something that is possible. Ultimately, it usually depends on finding the right developers to work with. I think when Ghost Ship made the Deep Rock Galactic Survivor, for example, they got a great pitch from a friend company and then they set off to do it. For us, it's a lot about we need to find if we're doing spinoffs, it's very important for us to make sure that it helps the IP and makes it to kind of retain the quality because it's quite easy to go out. If I would just go out and ask, "Okay, we want a request for proposal on spinoffs on Satisfactory," we would probably get a lot of applications, but it would be pretty tough. It's also like going back to the small teams that we have. We have also found that when you do these kinds of spinoffs, it actually takes quite a lot of time from the core teams. For Ghost Ship as well, they were very involved in the making of the Deep Rock Galactic Survivor. That's partly, I think, one of the large reasons why it turned out so good. If they were not paying that attention, it could have become not as good. With the small teams, it puts certain limitations on how much we can focus on. We are quite keen on maintaining the focus and not kind of fragmenting us too much. Great. Thank you so much for your answers. Thank you, Jacob. Our next question will come from Amar Galijasevic from DNB Carnegie. Please go ahead, Amar. Good afternoon, everyone. I hope you can hear me well. Just a couple of questions from my side on, I guess, the part which is more in your control. I'm thinking on CapEx here and costs. Should we look at the past two years as representative for the cost and CapEx levels going forward, or has that changed either up or down? Yeah, I can take that. As you say, the past two recent years, it's a good way of looking at it on a total cost basis in terms of capitalization, not capitalization. It can differ. It depends on the project and where we are in that. I think you should look at it as a total cost base where we don't expect any big deviations going forward. Okay. Maybe a follow-up. If you look at your budgets for the games on average, just roughly or ballpark, how big are your game budgets on average? How do you split that between, let's say, budget up to early access and then budget up to 1.0 release? I don't think we have a fixed specified number for it, but you could probably say that they are pretty small. If I were to go out, especially, let's say in publishing, for example, we might look at games in the range up to maybe $5 million. I think that's where it starts to become uncomfortable and preferably smaller. Ideally, we start as small as possible because, I mean, we touched upon here even in this discussion before, a lot of the really successful games these days might be made by a team of one, two, three people and maybe not a lot of capital. I think we are keen on experimenting and trying things with very small budgets as opposed to kind of going in with a larger thing at the get-go, if that kind of gives you a sense. I think then over time, once a production has kind of passed the pre-production phase or the concept phase, then they can obviously grow if you think it's worth it. We try to keep them quite limited and controlled. Okay, great. That's clear. Just a final one. When you look at potential, let's say, M&A targets or partners initially, are there any specific genres or KPIs which you're looking out for or any regions? Is it solely the Nordics? I would say that we typically look for, if it were to be a target for us, I think it would be a very great game that we really look at and say, "Wow, that's a great game." It usually would have high reviews, an active community, and a development team that we kind of can have a good cultural match with. Those are maybe not so easy to kind of, but that's what we would look at mostly, I would say, since it would have to be something that we were able to kind of integrate well into the Coffee Stain ecosystem. Yeah, great games. Okay. Thank you. That's all for me. Thank you. Thank you very much for that, Amar. Currently, I see no further questions from the telco, but feel free to get back in line again, I guess, is the clear word in there. Until we get more questions there, let's dive into some written questions in the chat box as well. I have a very long and very interesting question here from Ed James at Cantor Fitzgerald, which I'll read here. With Steam preparing to enter the console space, how do you see this influencing Coffee Stain's growth potential, both in terms of reach and sales, as it could narrow the gap between PC and the console ecosystems? Additionally, could this shift change the competitive landscape or open opportunities for exclusive partnerships with Steam? Do you expect it to make porting PC titles to console more streamlined and cost-efficient? Anton. Yes. I can just say that first, I am very excited about all the steps that Valve is taking in this direction. For us, obviously, we really like the Steam platform. Mostly based on how they operate with the algorithm-driven platform, it is very kind of player-focused. It is only about delivering a better kind of service to the gamers. I think that with them growing, it is just expanding our potential reach in the future. It is just great. I mean, you've seen Steam has grown a lot in the last years. I think that's also one of the reasons why if you look at a small game being successful today, it's much bigger than it was 10 years ago. I think we are just going to see Steam is going to keep growing. Yes, that adds to the potential future potential for our titles. That's great. On the other thing here with exclusive partnerships, I would probably say no. Based on how Valve operates, I would be pretty surprised if they went that route. They are very focused on building a platform that just is great for serving the best content, and the content is judged based on the quality, which usually requires it to be surfaced towards the customers. They see how it kind of gets received, and that builds up the so kind of going into exclusivities or stuff like that, I would be surprised if they went down that route. On the final thing on the question here, yes, we see this shift where, and that's not maybe only coming from Steam, but just that the technology these days with the engines, everything is kind of consolidating. I think I mentioned that in the presentation as well, where the consoles are becoming more like a PC. This is just great for us as game developers because it makes it easier and less expensive, basically, to reach more customers in the end or more players. That sounds good. I like that. Thank you, Anton. We have another question here on AI. What is your position about the implementation of AI tools in game development and also in terms of future investments in AI? Obviously, Anton, you answered this partly before. I do not know if you have anything to add on what you will invest into AI. I can just invest into AI. I mean, we are a game developer. We are investing into making great games. We see it mostly as a tool to help us make better games. Just as with any kind of tools, we are optimistic to try to kind of optimize how we work with our tools. Ultimately, you want to make better games. Yeah, we take kind of a curious approach to AI. We do not have an enforced model or anything. Since we are a decentralized organization, it's up to all the kind of teams within Coffee Stain to kind of take their own stance on how they want to work with AI. But there's so much you can do with it. And it's interesting. It's going to be cool to see. Very good. One more question here. Do you think that the separation from Embracer will help amongst indie developers who might not have been looking to make deals with large game companies? Yeah, potentially. Yeah, I think so. It's more clear maybe if we were to approach someone to become potentially part of Coffee Stain Group. I hope that that could be attractive. So yeah. Yep. Very good. I mean, we have obviously the Chair of the Board, Jacob, here as well. Since you haven't got any questions yet, I will ask you a question. You can feel free to answer, Anton as well, of course, and Erik. I want to ask, obviously, this morning, Embracer sent out a press release stating that Coffee Stain will come to the stock market from a net cash position of SEK 500 million. They have a dividend policy from before as well. Could you talk a little bit about the reasoning from Coffee Stain regarding the balance sheet, potential M&A, dividend in the future? Just elaborate a little bit on that. Of course. Thank you for the question. There was a bit of debate, of course, on the Embracer board on how to allocate capital between what remains with Fellowship Entertainment, how much will go with Coffee Stain, and also how much will be returned to shareholders. Embracer, as you know, did a share buyback ahead of the separation of Coffee Stain. I think the conclusion is that the SEK 500 million net cash position gives a very solid balance sheet to Coffee Stain. It will give Erik and Anton and the board the capacity to look at pretty much all the deals that I think are feasible for Coffee Stain to look at. Whether or not that will, in the end, turn out to be any M&A transactions, that's a later story. We heard some of the prerequisites that Anton put up. It has to be a great game. It has to be a cultural fit. It has to be something where Coffee Stain could add value and, in that sense, create a synergy. If we don't find M&A targets, at least my position is that we, over time, probably will not build a huge cash pile. At some point, we get to a situation where all this excess capital will be returned to shareholders. Exactly what that number is, I think the board needs to get back to at the end of this year and then at future years. What we really want to support is, of course, the organic growth engine, trying new things, all of these things that Anton talked about earlier here with supporting nimble teams, trying out things, perhaps having a shorter cadence before you actually have an idea to test it in the market, pricing, perhaps starting with smaller price points, working your way up. A lot of these things we find very exciting. Maybe that's not going to cost so much money, but that's where we start. We start with the organic story and how to build a company. But we have the capacity to do things inorganically as well if we want to. Makes sense. Thank you, Jacob. I think we have another question here from the chat, a question on Goat Simulator. What are the big improvements in Goat Simulator you think are needed for a huge success? Mr. Westbergh? Thank you. Interesting question. We continuously try to make new stuff for Goat Simulator. I think it's already quite successful. Yeah, we'll see. There's a new DLC dropping shortly. We have to pay attention to that and see how it goes. I think it's a franchise that has also surprised even us very much over these years, being one of the most resilient and recurring franchises in terms of both player activity, but just how it's performing as a product as well over time. We're going to keep working on Goat Simulator. Yeah, who knows? It's a very quirky game franchise. You can probably expect pretty much anything from Goat Simulator, I would say. Yeah. Quirky, crazy game, and Furry Road DLC coming up soon. Excited about that. I believe we do have a few more questions from the telco. Let's open up the line back up again for Rasmus Engberg with Kepler Cheuvreux. Your line is hopefully now open. Yes. Hi. Just coming back to your comment, Jacob, on what to do with this cash. Is there opportunity to buy further stakes in associated companies or buy out minorities? Is that why the cash position is so disproportionate? Maybe I can give some comments on that. I think on buying, I mean, there's a couple of companies within the Coffee Stain Group where we don't own 100%. I also think that that often works quite well. I do not think it is something that we are actively looking into at this point to kind of buy that out because it serves as a nice long-term kind of mechanic for those who own the minorities in those companies. For me, it is not like a main priority. I am probably more keen on potentially looking into doing more if we do something more in the future where we do not have to own all of it. I think it is always very good to sit in the same boat together with strong entrepreneurs. Okay. Thanks. Thank you, Rasmus. We have another question or a few questions from Vincent Edholm with Pareto Securities. Please go ahead, Vincent. All right. Thanks a lot for the presentations this afternoon. I was wondering, a question for you, Anton. In regards to post-launch monetization of Valheim and Satisfactory in particular, how far would you say you have come in terms of post-launch monetization of those two games? Because to me, when I look at the different timelines that you displayed during presentations today, it seems like there is still a lot to achieve in terms of post-launch monetization of those two games. Yeah. To my knowledge, neither of them have any real post-launch monetization at this point. From that point of view, I guess we are quite early. We will have to see how those strategies will look for both titles where we have not communicated anything yet. I think what you can say is about a game like Satisfactory, we recently now put it out on consoles. It was also not that long ago that it was going to the 1.0, considering how long it had been in early access. It is a massive game. Now we look into the future of the game. I would say that it is a game that we will keep supporting for a long time. That is what I can say. On Valheim, it is worth pointing out that the IP ownership and kind of the creative control, which also obviously says what we can do in terms of any content after the 1.0 that the team is working on right now, that is something that the Iron Gate team will set the course on. All right. In terms of paid DLCs for Satisfactory, for example, would you be able to give us some additional comments on when to expect the release cadence and potentially also paid additional content for that game to be released in the future? What I can say is that since we have not communicated anything, I think that the team would communicate if and when there would be a DLC for Satisfactory. I cannot say anything at this point about that. All right. Fair enough. Thanks a lot. Thank you. Thank you, Vincent. We have one more question from the chat here. What would be the line where you would feel the need to drop a game that is in early access? Or will you see through any game you launch until the end, regardless of performance? This is an interesting question and a tough one. I guess every time you put a game out in Early Access, you do not really know how it is going to do. There could come situations where the game does not perform great. That said, I think that we look at it like launching a game, we always evaluate over time. If we keep working on it, it would either be because we think that we could, based from where we are at that point, we could actually make some investments that would make sense over time. We also obviously have the reputation that we are keen on protecting. It is unlikely that we would just drop something just because it did not deliver on the financial results as long as we are happy with the product. I would say that it's hard to give an exact line where we're drawing the line on kind of if we were to kind of just take something down. Also, going back to the way we develop games is when we release them, we are typically pretty happy about what we're releasing. Otherwise, we wouldn't put them out there in the first place. If that gives a bit of color on that. Absolutely. Yes. Very, very good. I'll take one question in between here. I think we have some questions coming in by the chat as well. Just Erik, looking at this financial year, we talked a little bit about it already. Deep Rock Galactic Rogue Core seems to have been shifted now, coming out in the next financial year in calendar Q2, I guess we can call it, from my read, as seen from Ghost Ship Games last week. Could you talk us through a little bit? What releases do you have in the second half of the year? And how would you compare it to the second half of the year, last financial year? Yeah. I think to start with, we can start with previous year. It was very strong Q2, Q3, where we have Satisfactory 1.0 and also the platform deals on Goat that have the game launch effect that year was roughly SEK 200 million. So far this year, Q1 was very quiet. We had no big releases. Q2, there was some minor release within Deep Rock Galactic Survivor. And then now we then have Q3, Satisfactory Console. We have a Goat DLC. If we just talk the biggest releases, then we also have the Season 6 now planned for Q4 this fiscal year. That will give you some kind of understanding of this year will not be as good as previous year, obviously, due to we have fewer releases or not as strong. Also, the U.S. dollar headwind is 10% year- over- year. That 10% is straight on to both net sales and to our profit, like 90% exposure since we have cost in SEK and the Danish crowns mostly. That is affecting the baseline also. In total, that's hard to then go up to previous years this year. Okay. Very good. Obviously looking forward to Deep Rock Season 6 in Q4 and not least the spinoff of Rogue Core in early next year. Looking forward to that. Very good. I think we have some more questions here from the chat. Yes, here is one. Do your platform expansion plans also include expanding some of your core IPs into Roblox, given Coffee Stain North, sorry, given your expertise in that area? Secondly, let's take that one first. Yeah, we can take that. It's an interesting one. I think one of the learnings with Welcome to Bloxburg is that it's a very different way of developing games. The whole, it's a totally different game engine. It's not super easy to just kind of move something there. It's a very different system. Going back to the similar with spinoffs, if we were to do it, it would still be kind of an overhead for the teams that actually already work on these key IPs. It is nothing that we are maybe looking into super much right now. It is interesting. I mean, we are obviously reflecting on how platforms like Roblox and now even with Unreal, UEFN, how those platforms are, they are attracting a lot of players and activity. We have to kind of keep an eye on it. I mean, who knows? Currently, there are no big plans for it. As with all our other releases and DLCs and stuff, it would be announced through the development teams that are actually working on it when ready, if we have more to say about it. Makes sense. As potential new revenue streams, but maybe mostly as promotion for the core games, Goats, Satisfactory, Valheim, all have knockoff games published on the platform. I guess that was actually a question tied to the first one. So I guess we do not have to. Yeah, for sure. I mean, the reason why we made Goat Simulator initially on mobile was actually because of the knockoffs and the clones. And we thought, wow, these games are doing great. We should probably do it. That turned out to be a good thing. Who knows? Yeah. All right. I think, let's see if there are any more questions here. Transmedia. I think there was one up there. Okay. We have one more question here. As I see it from afar, there is huge potential in Teardown. Is it planned as a mod game, basically besides the main missions, that there will be moderate incentives, like possibilities to get rewards in-game or money awards, in-game DLC, mod marketplace or so? Roblox did something like this, I guess. I think Marcus gave some color on how they think about their modding. To my knowledge, there's no such incentives planned. I think right now they are mostly focused on making sure that they're working on the multiplayer update, of course, for Teardown, and making sure that the mod support is going to be really good for Teardown with the multiplayer. We will see how that does and take steps based on it. I think generally, it's always good to find ways to kind of incentivize modding. I also think that just promoting the big mods and making nice systems for the players is the first steps that we would likely take with it. The modding is super important for Teardown. It's getting focused. They have some cool stuff going on there in the studio. One question that I missed before, question from Martin Arnell again. What is your view when it comes to transmedia potential for your key franchises, which has been an increasing part of Embracer's strategy in the last few years? I would say that I'm a little bit allergic to the word and how it's sometimes used. It's not really something that we think too much about. I think we want to focus on making great games. We think that then we can always look for fun things around it. It's not like a big strategy to make all these other spinoff things. Because again, going back to the focus, it's a lot of distraction. We have small teams. Just think about it. We have 30 people working on Satisfactory. If we were to start these five different projects on the side, different directions, that would probably take up a big amount of our time. It would really have to be worth it. It is not like a key area for us to do. I would say that once games become, the bigger they become, the more easier it is to motivate it. If you have something that is super successful, your teams grow even further, then I think those steps would make more sense. With our small teams and the kind of more agile, risk-focused approach, it is not a natural kind of first thing we think about. Yeah. It is not a denial that there is a Goat Simulator movie in the works here. Who knows? We are not paying for it. We will not pay for it. Very good. Please bring us the pitch. Message for everyone listening in here. I think that was really it in terms of questions. Thank you, Erik, Anton, and Jacob. Thank you, everyone, for listening in and for all the questions. Much appreciated. That is it for today. Thank you very much. Thank you. Thank you.