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Starbreeze (STAR) investor relations material
Starbreeze Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 focused on stabilizing operations and laying groundwork for sustainable growth, with PAYDAY franchise as the main driver.
PAYDAY 2 outperformed expectations, while PAYDAY 3 maintained stable performance with ongoing updates and improvements.
Strategic emphasis on expanding PAYDAY as a platform, including collaborations with PUBG and growth on Roblox via Notoriety.
Organizational streamlining and cost discipline measures implemented, especially in work-for-hire segment.
Financial highlights
Q4 2025 net revenue: 41.1 MSEK (down from 46.4 MSEK YoY); full year 2025: 221.0 MSEK (up from 185.9 MSEK YoY).
Q4 EBITDA: -12.0 MSEK (19.7 MSEK YoY); full year EBITDA: 29.0 MSEK (97.6 MSEK YoY).
Q4 pre-tax result: -61.9 MSEK (-167.6 MSEK YoY); full year pre-tax result: -402.7 MSEK (-317.7 MSEK YoY).
Q4 EPS: -0.04 SEK (-0.11 SEK YoY); full year EPS: -0.25 SEK (-0.22 SEK YoY).
Year-end cash: 102.6 MSEK (191.9 MSEK YoY).
Outlook and guidance
2026 will focus on delivering tangible progress, with a streamlined organization and continued development of the PAYDAY franchise.
PAYDAY experience to launch in PUBG in H1 2026, aiming to expand global reach.
- Q2 2024 net sales reached SEK 40.2m, with strong cash reserves despite a SEK 70.6m loss.STAR
Q2 202423 Jan 2026 - Revenue and profit dropped sharply year-over-year, but cash and new projects support future growth.STAR
Q3 202414 Jan 2026 - Q4 revenue fell, but EBITDA and cash remain strong as cost controls and new releases drive growth.STAR
Q4 202424 Dec 2025 - PAYDAY focus and major impairment drive quarterly loss despite strong sales growth.STAR
Q3 202515 Dec 2025 - Q1 sales up 19.5%, PAYDAY 3 rights regained, and new launches planned despite margin drop.STAR
Q1 202525 Nov 2025 - Net sales up 33.8% as PAYDAY focus, work-for-hire, and full franchise rights drive growth.STAR
Q2 202523 Nov 2025
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