Safe Lane Gaming (SLG) Q4 2025 earnings summary

Executive summary

• 2025 marked a year of restructuring, with a focus on stabilizing operations, strengthening the balance sheet, and setting the stage for future growth.

• Sale of Raketspel and financial measures resulted in a debt-free position entering 2026.

• Battle Camp remains the core revenue driver, showing stable longtail performance and cash flow.

• Organization streamlined for cost efficiency and operational control.

• Vanguard Studio reactivated to support future growth and portfolio diversification.

Financial highlights

• Net revenue for 2025 was 17.7 MSEK, down from 24.0 MSEK in 2024.

• EBITDA for 2025 reached 44.8 MSEK, significantly impacted by accounting effects from restructuring and write-downs.

• Result after financial items improved to -21.5 MSEK from -53.5 MSEK year-over-year.

• Q4 2025 net revenue was 2.9 MSEK, compared to 5.5 MSEK in Q4 2024.

• Cash at year-end was 0.6 MSEK, down from 1.6 MSEK at the end of 2024.

Outlook and guidance

• Entering 2026 debt-free, with ambitions for growth through selective acquisitions and value-creating development of existing assets.

• Focus on improving daily cash flow, cost discipline, and selective marketing.

• Continued development of Battle Camp universe with new titles and crossplay-inspired projects.