Slides
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starbreeze.com Third Quarter 2025 Presentation2025-11-11
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Introduction Q3 2025 01
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Third Quarter – Key Highlights 3 Q3 2025 Strategic refocus: PAYDAY at the core – Project Baxter discontinued. Updated strategy launched – expanding the heisting genre. Strong operating cash flow. Partnership for PAYDAY 2 secures its longevity PAYDAY 3 team expanding and live-engagement model progressing.
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Starbreeze Strategy Update4 02 Q3 2025
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PAYDAY – Platform for Growth•PAYDAY is our core franchise and growth engine.•Expanding the PAYDAY universe into new formats and platforms•Select premium projects and strategic partnerships that broaden reach and diversify revenues.•Strategic focus aligns with global IP trend: concentration on proven franchises. Thisfocusedmodeldeepensplayerengagement, strengthensbrand equity, and createsa scalablefoundationfor sustainablevaluecreation. Q3 2025
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Industry Context & Strategic Positioning•Across the industry, major studios are refocusing on their strongest franchises and most loyal communities.•Starbreeze is already there — with clarity of purpose, owning one of the most recognizable global IPs in gaming, and a clear path to disciplined growth.•By channeling our resources into PAYDAY and selected strategic initiatives, we reduce complexity, improve predictability, and enhance returns. Q3 2025
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•Expanded team and new General Manager driving rebuild of live-engagement model.•Continuous updates to gameplay, onboarding, and technical stack.•All subsequent updates and patches look to improve retention and sentiment.•Roadmap focused on consistent content cadence and community connection. Our goal remains clear — to deliver PAYDAY experiences that are rewarding, dynamic, and connected like never before. PAYDAY 3: Live & EvolvingQ3 2025
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PAYDAY 2 Partnership•Long-term support secured through partnership with Sidetrack Games.•Team is deeply rooted in the PAYDAY community and engine expertise.•Ensures continued support and updates for millions of fans of PAYDAY 2.•Allowing Starbreeze to focus internal resources on PAYDAY 3 and future experiences. Q3 2025
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Focused & Aligned OrganizationQ3 2025 We have aligned the organization around clarity and accountability.•Simplified structure enables faster decision-making.•Empowered teams to deliver creatively with clear P&L ownership.•Renewed focus on cross-functional collaboration and studio synergy. We are bringing the company closer together — fostering creativity, accountability and sustainable delivery.
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Looking Ahead – Executing with Focus•Continue to strengthen PAYDAY 3 live operations and player retention.•Expand the PAYDAY universe to new platforms (UEFN, Roblox, and beyond).•Deepen strategic partnerships to diversify revenues and broaden reach.•Maintain cash discipline and operational efficiency. Q3 2025
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Q3 2025 A stronger Starbreeze — built on focus, creativity, and resilience.
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Groupfinancials12 03 Q3 2025
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13 Q3 2025 NET SALES, SEKm 58.4 (42.7)EBITDA, SEKm 19.3 (21.4)CASHFLOW FROM OPERATING ACTIVITIES, SEKm 21.8 (-15.9) DEPRECIATION, AMORTIZATION & IMPAIRMENT, SEKm 304.7 (76.5) Financial update, Q3 2025 PROFIT/LOSS BEFORE TAX, SEKm -285.9 (-58.5)CASH AND CASH EQUIVALENTS, SEKm 135.1 (249.3)
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14 Q3 2025 NET SALES, SEKm 179.9 (139.5)EBITDA, SEKm 40.9 (78.0)CASHFLOW FROM OPERATING ACTIVITIES, SEKm 49.2 (65.2) DEPRECIATION, AMORTIZATION & IMPAIRMENT, SEKm 380.0 (227.2) Financial update, Jan-Sep 2025 PROFIT/LOSS AFTER TAX, SEKm -337.3 (-150.1)CASH AND CASH EQUIVALENTS, SEKm 135.1 (249.3)
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Cashflow development Q3 2025 SEKm *Cash and cash equivalents 1.Operating activities after changes in working capital, SEK 49.2m2.Investing activities, SEK -141.9m (-130.8m game development)3.Financing activities, SEK 36.1m(financing for game development 20.7m, and financial lease -17.6m. Outstanding trade receivables linked to PAYDAY 3 financing amounted to 17.9m). During the second quarter, the company carried out a private placement, which generated SEK 33 million in cash. 1 2 3 YTD 2025 17 157 348 192 129 108 49 -142 36 135 Year-end 2020* Year-end 2021* Year-end 2022* Year-end 2023* Year-end-2024* 1 2 3 End Q3 2025
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Operating expensesQ3 2025 Direct costs amounted to SEK 320.8 million (80.6) and consist of costs linked to game production and game development. Direct costs include amortization and impairment of intangible assets of SEK 301.0 million (70.3), of which the impairment of Baxter amounted to SEK 261.9 million. Revenue sharing related to third-party publishing amounted to SEK 2.5 million (3.6) and costs related to work-for-hire amounted to SEK 10.5 million (0).Selling and marketing costs amounted to SEK 5.9 million (6.7) and relate to market activities and personnel costs. Administrative expenses during the quarter amounted to SEK 14.3 million (7.1) and relate to, among other things, expenses linked to offices, salaries to personnel who do not work in game production or marketing, and other external costs. The lower cost In the corresponding period is explained by the add-back of previously expensed personnel costs relating to the company's long-term incentive program that was completedin Q3 2024.Other expenses amounted to SEK 2.9m (0) and consists of exchange rate effects relating to the revaluation of assets and liabilities denominated in foreign currencies. We have made some organizational changes impacting number of employees both in France and in Sweden. We do at the same time continue to hire specific skills for each project while streamlining and adapting the organization to our needs while ensuring long-term competitiveness and skill development. Cost base development SEKmNOTEQ3’25Q3’242024Direct costs-320.8-80.6-448.8Selling and marketing costs-5.9-6.7-30.2Administrative expenses-14.3-7.1-29.0Other expenses-2.9--6.4Number of employees at the end of the period156191186Average number of employees156191 189Source: Company information. A B C D A B C D 18 E E
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As per December 31, 2024SEKm Balance sheetAssets•Intangible assets amounted to SEK 151m and consist of IP rights SEK 37m, capitalized costs for own game and technology development SEK 109m, publishing and licenses SEK 5m •PPE (property, plant and equipment) relates to right of use assets of SEK 34m and IT and other equipment of SEK 14m•Financial assets of SEK 9m, consists of long-term deposit•Current assets consists of–Cash and equivalents of SEK 135m –Prepaid expenses and accrued income of SEK 45m–Trades and other receivables of SEK 16m Liabilities•Non-current liabilities amounted to SEK 64m, including–Lease SEK 29m and other non-current liabilities of SEK 35m•Current liabilities amounted to SEK 56m, including–Trade and other payables of SEK 17m –Accrued expenses and deferred income SEK 25m–Lease contracts SEK 14m As per Sept 31, 2025SEKm 151 283 0 9 64 47 56 135 60Current assets PPEFinancial assets Intangible assets Cash & equivalents Current liabilities Non-current liabilities Equity Q3 2025 372 587 0 4 44 26 81 192 117Current assets PPEFinancial assets Intangible assets Cash & equivalents Current liabilitiesNon-current liabilities Equity
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Third Quarter – Key Highlights 20 Q3 2025 Strategic refocus: PAYDAY at the core – Project Baxter discontinued. Updated strategy launched – expanding the heisting genre. Strong operating cash. Partnership for PAYDAY 2 secures its longevity PAYDAY 3 team expanding and live-engagement model progressing.
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Thank you22 Q3 2025