Slide 1: Second Quarter 2025 Presentation
starbreeze.com Second Quarter 2025 Presentation 2025-08-22
Slide 2: Introduction
STARBREEZE Introduction 01
Slide 3: Second Quarter – Key Highlights
Q2 2025 Second Quarter – Key Highlights Strategic focus on the PAYDAY® franchise Improved community sentiment around PAYDAY®3 New organization structure in place – securing agility, transparency, and alignment Critical new hires in place Our third pillar work-for-hire strategy delivering record reve
Slide 4: Strategic Focus – PAYDAY at the Core
Q2 2025 Strategic Focus – PAYDAY® at the Core 02 4
Slide 5: Strategic Focus – PAYDAY at the Core
Q2 2025 Strategic Focus – PAYDAY® at the Core • Regained all publishing rights to PAYDAY®3 – and by extension the full franchise – in May 2025 • Future focus put into PAYDAY® franchise • Refocused organization, improved content pipeline across both PAYDAY®2 and PAYDAY®3. • Pursuing transmedia PAYDAY
Slide 6: The Future of PAYDAY
Q2 2025 The Future of PAYDAY® Our goal is to establish PAYDAY as the core of the company and reinforce our position as the definitive leader in the co-op heist genre. LEGENDARY CORE PARTNERSHIPS LORE & LICENSING PAYDAY The Heist PAYDAY 3 PAYDAY Notoriety Graphical Novels PAYDAY 2 FUTURE PROJECTS PAY
Slide 7: Supported by Organizational Transformation
Q2 2025 Supported by Organizational Transformation • Our key objective is to transform Starbreeze into a thriving, and sustainable business. • New matrix structure, with clear P&L responsibility. • Streamlined business, increase ownership, and accelerate speed to market. • Three product teams: PAYDA
Slide 8: PAYDAY 3 – Community & Product Evolution
Q2 2025 PAYDAY®3 – Community & Product Evolution • PAYDAY franchise strategy and content pipeline to be communicated over the next couple of months. • The objective is to rework PAYDAY®3 from the ground up. • PAYDAY General Manager started August with full P&L responsibility. • Community sentiment i
Slide 9: Partnership Highlight – PUBG x PAYDAY
Q2 2025 Partnership Highlight – PUBG x PAYDAY • Establishes the studio as a high-quality work-for-hire partner • Great collaboration between KRAFTON and Starbreeze • Strong revenue performance for the project • The project has helped us to develop our talent pool • Reinforces IP value and licensing
Slide 10: Project Baxter – Player-Led Development
Q2 2025 Project Baxter – Player-Led Development • Goal to release Baxter in 2026 remains. • Positioned to fill a market gap in fantasy co-op games • Key industry partners are interested in the product • Vertical slice was well received by potential partners • Favorable feedback from external playtes
Slide 11: What to Expect in Coming Months
Q2 2025 What to Expect in Coming Months • Starbreeze strategy update • PAYDAY franchise strategy, and content update • Baxter development, and release plans
Slide 12: Group financials
Q2 2025 Group financials 03 12
Slide 13: Financial update, Q2 2025
Q2 2025 Financial update, Q2 2025 NET SALES, SEKm DEPRECIATION, AMORTIZATION & IMPAIRMENT, SEKm 53.8 (40.2) 30.8 (78.9) EBITDA, SEKm PROFIT/LOSS BEFORE TAX, SEKm 5.9 (8.1) -25.4 (-70.6) CASHFLOW FROM OPERATING ACTIVITIES, SEKm CASH AND CASH EQUIVALENTS, SEKm 39.2 (2.7) 156.4 (334.6) 13
Slide 14: Financial update, Jan-Jun 2025
Q2 2025 Financial update, Jan-Jun 2025 NET SALES, SEKm DEPRECIATION, AMORTIZATION & IMPAIRMENT, SEKm 121.5 (96.8) 75.3 (150.7) EBITDA, SEKm PROFIT/LOSS AFTER TAX, SEKm 21.6 (56.6) -54.9 (-91.5) CASHFLOW FROM OPERATING ACTIVITIES, SEKm CASH AND CASH EQUIVALENTS, SEKm 27.4 (81.1) 156.4 (334.6) 14
Slide 15: Cashflow development
Q2 2025 Cashflow development SEKm YTD 2025 1. 1 Operating activities after changes in working capital, 348 SEK 27.4m 2. 2 Investing activities, SEK -105.0m (-94.6m game development) 27 192 3 3. Financing activities, SEK 42.2m 157 42 156 (financing for game 129 108 development 20.7m, - 105 and financ
Slide 16: Operating expenses
Q2 2025 Operating expenses Cost base development SEKm NOTE Q2’25 Q2’24 2024 A Direct costs for Q2’25 amounted to SEK 49.7m (82.8m) and consists of costs related to game development, depreciations of IP:n, royalty payments and non-activatable personnel expenses. The decrease from Q2’24 mainly comes D
Slide 17: Balance sheet
Q2 2025 Balance sheet Assets Liabilities As per June 30, 2025 As per December 31, 2024 • Intangible assets amounted • Non-current liabilities SEKm SEKm to SEK 416m and consist of IP amounted to SEK 68m, rights SEK 46m, capitalized including Current Current costs for own game and – Lease SEK 33m and
Slide 18: Second Quarter – Key Highlights
Q2 2025 Second Quarter – Key Highlights Strategic focus on the PAYDAY® franchise Improved community sentiment around PAYDAY®3 New organization structure in place – securing agility, transparency, and alignment Critical new hires in place Our third pillar work-for-hire strategy delivering record reve
Slide 19: Thank you
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