Qiiwi Games (QIIWI) Q4 2025 earnings summary

Executive summary

• Stable Q4 2025 with a strategic shift toward innovation and new games, highlighted by significant progress in new game development and Backpacker® Go! achieving new IAP sales records.

• Portfolio delivered stable performance, with sequential revenue growth driven by Backpacker® Go!

• Revenue for Q4 2025 was 3,618 TSEK, down from 3,958 TSEK in Q4 2024; full-year revenue was 15,273 TSEK, down from 19,859 TSEK year-over-year.

• EBITDA for Q4 2025 was -602 TSEK, an improvement from -4,769 TSEK for the full year; EBIT for Q4 was -970 TSEK.

• Major cost savings implemented in 2025, with full effect expected from Q1 2026.

Financial highlights

• Q4 2025 revenue was 3.6 MSEK, down 9% year-over-year, but up 4% sequentially from Q3 2025.

• EBITDA for Q4 2025 was -0.6 MSEK, improving from -0.8 MSEK in Q3 2025 and marking the best result in 2025.

• EBIT for Q4 2025 was -0.97 MSEK, compared to -0.35 MSEK in Q4 2024.

• Net result after tax for Q4 2025 was -0.92 MSEK, compared to 0.80 MSEK in Q4 2024.

• Cash and short-term investments at year-end totaled 13.2 MSEK.

Outlook and guidance

• Well positioned to reach break-even levels, with cost savings to have full effect in Q1 2026.

• Focus remains on developing scalable, profitable new games and maintaining Live Operations performance.

• Marketing investments expected to remain stable until a new game justifies higher spend.

• Continued focus on leveraging AI tools for faster prototyping and testing.