Starbreeze Ab Class A · OMXSTO:STAR_A
Starbreeze Ab Class A — Q3 2025 Earnings Presentation
19 slides from Starbreeze Ab Class A's earnings presentation, Nov 11, 2025
Slide 1: Third Quarter 2025 Presentation
starbreeze.com Third Quarter 2025 Presentation 2025-11-11
Slide 2: Introduction
STARBREEZE 932025 Introduction
Slide 3: Third Quarter – Key Highlights
Q3 2025 Third Quarter – Key Highlights Strategic refocus: PAYDAY at the core – Project Baxter discontinued. Updated strategy launched – expanding the heisting genre. Strong operating cash flow. PAYDAY 3 team expanding and live-engagement model progressing. Partnership for PAYDAY 2 secures its longev
Slide 4: Starbreeze Strategy Update
Q3 2025 Starbreeze Strategy Update 02 4
Slide 5: PAYDAY – Platform for Growth
Q3 2025 PAYDAY – Platform for Growth • PAYDAY is our core franchise and growth engine. • Expanding the PAYDAY universe into new formats and platforms • Select premium projects and strategic partnerships that broaden reach and diversify revenues. • Strategic focus aligns with global IP trend: concent
Slide 6: Industry Context & Strategic Positioning
Q3 2025 Industry Context & Strategic Positioning • Across the industry, major studios are refocusing on their strongest franchises and most loyal communities. • Starbreeze is already there — with clarity of purpose, owning one of the most recognizable global IPs in gaming, and a clear path to discip
Slide 7: PAYDAY 3: Live & Evolving
Q3 2025 PAYDAY 3: Live & Evolving • Expanded team and new General Manager driving rebuild of live- engagement model. • Continuous updates to gameplay, onboarding, and technical stack. • All subsequent updates and patches look to improve retention and sentiment. • Roadmap focused on consistent conten
Slide 8: PAYDAY 2 Partnership
Q3 2025 PAYDAY 2 Partnership • Long-term support secured through partnership with Sidetrack Games. • Team is deeply rooted in the PAYDAY community and engine expertise. • Ensures continued support and updates for millions of fans of PAYDAY 2. • Allowing Starbreeze to focus internal resources on PAYD
Slide 9: Focused & Aligned Organization
Q3 2025 Focused & Aligned Organization We have aligned the organization around clarity and accountability. • Simplified structure enables faster decision-making. • Empowered teams to deliver creatively with clear P&L ownership. • Renewed focus on cross-functional collaboration and studio synergy. We
Slide 10: Looking Ahead – Executing with Focus
Q3 2025 Looking Ahead – Executing with Focus • Continue to strengthen PAYDAY 3 live operations and player retention. • Expand the PAYDAY universe to new platforms (UEFN, Roblox, and beyond). • Deepen strategic partnerships to diversify revenues and broaden reach. • Maintain cash discipline and opera
Slide 11: A stronger Starbreeze — built on focus, creativity, and resilience.
Q3 2025 A stronger Starbreeze — built on focus, creativity, and resilience.
Slide 12: Group financials
Q3 2025 Group financials 03 12
Slide 13: Financial update, Q3 2025
Q3 2025 Financial update, Q3 2025 NET SALES, SEKm DEPRECIATION, AMORTIZATION & IMPAIRMENT, SEKm 58.4 (42.7) 304.7 (76.5) EBITDA, SEKm PROFIT/LOSS BEFORE TAX, SEKm 19.3 (21.4) -285.9 (-58.5) CASHFLOW FROM OPERATING ACTIVITIES, SEKm CASH AND CASH EQUIVALENTS, SEKm 21.8 (-15.9) 135.1 (249.3) 13
Slide 14: Financial update, Jan-Sep 2025
Q3 2025 Financial update, Jan-Sep 2025 NET SALES, SEKm DEPRECIATION, AMORTIZATION & IMPAIRMENT, SEKm 179.9 (139.5) 380.0 (227.2) EBITDA, SEKm PROFIT/LOSS AFTER TAX, SEKm 40.9 (78.0) -337.3 (-150.1) CASHFLOW FROM OPERATING ACTIVITIES, SEKm CASH AND CASH EQUIVALENTS, SEKm 49.2 (65.2) 135.1 (249.3) 14
Slide 15: Cashflow development
Q3 2025 Cashflow development SEKm YTD 2025 1. 1 Operating activities after changes in working capital, 348 SEK 49.2m 2. 2 Investing activities, SEK -141.9m (-130.8m 49 game development) 192 3 3. Financing activities, SEK 36.1m 157 129 36 135 (financing for game 108 development 20.7m, -142 and financ
Slide 16: Operating expenses
Q3 2025 Operating expenses Cost base development SEKm NOTE Q3’25 Q3’24 2024 A Direct costs amounted to SEK 320.8 million (80.6) and consist of costs linked to game production and game development. Direct costs include amortization and impairment of intangible assets of SEK 301.0 million (70.3), of w
Slide 17: Balance sheet
Q3 2025 Balance sheet Assets Liabilities As per Sept 31, 2025 As per December 31, 2024 • Intangible assets amounted • Non-current liabilities SEKm SEKm to SEK 151m and consist of IP amounted to SEK 64m, rights SEK 37m, capitalized including Current Current costs for own game and – Lease SEK 29m and
Slide 18: Third Quarter – Key Highlights
Q3 2025 Third Quarter – Key Highlights Strategic refocus: PAYDAY at the core – Project Baxter discontinued. Updated strategy launched – expanding the heisting genre. Strong operating cash. PAYDAY 3 team expanding and live-engagement model progressing. Partnership for PAYDAY 2 secures its longevity 2
Slide 19: Thank you
STARBREEZE 932025 | te