Starbreeze (STAR) Q4 2025 earnings summary

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.