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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.
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Q4 2025 earnings summary19 Feb, 2026

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.

PAYDAY 3 revenue growth outlook
Work-for-hire business strategy
PUBG/Roblox IP expansion value
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