Starbreeze Ab Class A · OMXSTO:STAR_A
Starbreeze Ab Class A — Q2 2024 Earnings Presentation
28 slides from Starbreeze Ab Class A's earnings presentation, Aug 20, 2024
Slide 1: Building Community by Making Games
starbreeze.com Building Community by Making Games Second Quarter 2024 2024-08-20
Slide 2: Today's presenters
Interim Report Q2 2024 Today’s presenters MATS JUHL Acting CEO CFO
Slide 3: Agenda
Agenda Agenda 1. Starbreeze in Brief 2. Quarter and Period in Brief 3. Our Games 4. Third Party Publishing 5. Group Financials 3
Slide 4: Starbreeze in Brief
STARBREEZE Starbreeze in Brief
Slide 5: Starbreeze in Numbers
Starbreeze in Brief Starbreeze in Numbers FOUNDED IN NET SALES, SEKm (R12) 1998 660.4 INITIAL PUBLIC OFFERING EBITDA, SEKm (R12) 2000 477.8 PERSONNEL CASH & CASH EQUIVALENTS, SEKm 192 334.6 5
Slide 6: About Starbreeze
Starbreeze in Brief About Starbreeze • Independent developer and creator of PC and console games targeting the global market • Develops games based on proprietary and STOCKHOLM (HQ) third-party rights, both in-house and together with external game developers • Executing on a multi-IP, cross-media, a
Slide 7: Starbreeze history timeline
Starbreeze in Brief 1998 It all begins… Founded under the name O3 Games AB 2000 2002 2004 2007 2009 2011 2012 Listed Enclave Knights of the Temple The Darkness Chronicles of PAYDAY: The Heist Syndicate on NASDAQ A medieval, multiplayer-only Gritty, first-person, Riddick – Assult on The original. Co-
Slide 8: Strategy – A Strong Foundation to Deliver and Grow
Starbreeze in Brief Strategy – A Strong Foundation to Deliver and Grow Core focus created …into a broadened IP ...building games, IP and capacity for growth... portfolio… beyond ü PAYDAY 3 launched in • Self-publishing of own titles ü Secure PD3 development and quality September 2023 • Operating sev
Slide 9: We make cooperative multiplayer games with a strong focus on community engagement
Starbreeze in Brief We make cooperative multiplayer games with a strong focus on community engagement, committed to having a long lifetime by updates and support 9
Slide 10: Our Game Cornerstones
Starbreeze in Brief Our Game Cornerstones Experience Lifetime Community “Larger than Life” Together Commitment Engagement Experience • Creating a foundation • Co-creating the • Focus on gameplay and • Cooperative Multiplayer – for engagement to gameplay experience embodying iconic where you really w
Slide 11: Quarter & Period in Brief
Quarter & Period in Brief 02 11
Slide 12: Second Quarter – Key Takeaways
Quarter & Period in Brief Second Quarter – Key Takeaways Continued feature and content updates for PAYDAY 3™ – strong fall lineup Third-party publishing continued to perform Project Baxter – Dungeons & Dragons® – production continues at full speed Cash and short-term receivables at SEK ~347m at June
Slide 13: PAYDAY 3
Starbreeze PAYDAY™ 3 Released DLCs Free content Operation Medic Bag Upcoming releases FEAR AND GREED DLC 04 – SEPTEMBER CHAPTER I: SYNTAX ERROR FREE HEISTS FIVE UPDATES SEVERAL PLANNED LAUNCHED UPDATES CHAPTER II: BOYS IN BLUE (New features, improved matchmaking, new content, revamped progression sy
Slide 14: Project Baxter – Dungeons & Dragons
Project Baxter – Dungeons & Dragons® Status In production Planned release 2026 Next steps Release plan Confidential. All contents of this document are copyright 2020 by Starbreeze Studios AB. Intended for privileged exchanges only.
Slide 15: Financial update, Q2 2024
Quarter & Period in Brief Financial update, Q2 2024 NET SALES, SEKm DEPRECIATION, AMORTIZATION & IMPAIRMENT, SEKm 40.2 (43.2) 78.9 (17.0) EBITDA, SEKm PROFIT/LOSS AFTER TAX, SEKm 8.1 (14.1) -70.6 (24.1) CASHFLOW FROM OPERATING ACTIVITIES, SEKm CASH AND CASH EQUIVALENTS, SEKm 2.7 (20.1) 334.6 (498.8)
Slide 16: Financial update, Jan-June 2024
Quarter & Period in Brief Financial update, Jan-June 2024 NET SALES, SEKm DEPRECIATION, AMORTIZATION & IMPAIRMENT, SEKm 96.8 (69.9) 150.7 (32.7) EBITDA, SEKm PROFIT/LOSS AFTER TAX, SEKm 56.6 (18.1) -91.5 (-0.6) CASHFLOW FROM OPERATING ACTIVITIES, SEKm CASH AND CASH EQUIVALENTS, SEKm 81.1 (40.8) 334.
Slide 17: Our Games
STARBREEZE Our Games
Slide 18: Our Projects
Our Games Our Projects 2026 2027 OWN TITLES STATUS: RELEASED SEPTEMBER 21, 2023 STATUS: RELEASED SEPTEMBER 21, 2023 STATUS: IN PROUDUCTION STATUS: PROOF-OF-CONCEPT/PITCH GENRE: CO-OPERATIVE MULTIPLAYER GENRE: CO-OPERATIVE MULTIPLAYER GENRE: CO-OPERATIVE MULTIPLAYER GENRE: CO-OPERATIVE MULTIPLAYER BU
Slide 19: Group financials
Group financials Group financials 03 19
Slide 20: Financial update, Q2 2024
Quarter & Period in Brief Financial update, Q2 2024 NET SALES, SEKm DEPRECIATION, AMORTIZATION & IMPAIRMENT, SEKm 40.2 (43.2) 78.9 (17.0) EBITDA, SEKm PROFIT/LOSS AFTER TAX, SEKm 8.1 (14.1) -70.6 (24.1) CASHFLOW FROM OPERATING ACTIVITIES, SEKm CASH AND CASH EQUIVALENTS, SEKm 2.7 (20.1) 334.6 (498.8)
Slide 21: Financial update, Jan-June 2024
Quarter & Period in Brief Financial update, Jan-June 2024 NET SALES, SEKm DEPRECIATION, AMORTIZATION & IMPAIRMENT, SEKm 96.8 (69.9) 150.7 (32.7) EBITDA, SEKm PROFIT/LOSS AFTER TAX, SEKm 56.6 (18.1) -91.5 (-0.6) CASHFLOW FROM OPERATING ACTIVITIES, SEKm CASH AND CASH EQUIVALENTS, SEKm 81.1 (40.8) 334.
Slide 22: Revenue development – growth in PAYDAY
Group financials Revenue development – growth in PAYDAY 94% 93% 96% 99% 99% 100% 81% 60% 78% 38.7m 33.6m 26.7m 43.2m 69.2m 56.6m 40.2m • Net sales for Q2 2024 totaled 31.8m 494.4m to SEK 40.2m (43.2m). SEKm • PAYDAY Generated 31.2m out 490,0 6,3 of Net sales (42.7m). 390,0 • Remaining Net Sales main
Slide 23: EBITDA development
Group financials EBITDA development SEKm 500 479,4 483,8 477,7 439,3 • EBITDA in LTM Q2 2024 amounted 400 to SEK 477.7m (61.9m) • PAYDAY 3 release in third quarter 300 2023 200 100 64,6 74,9 62,6 66,5 61,9 55,1 56,4* 56,9 58,2 0 LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM Q1'21 Q2'21 Q3'21 Q
Slide 24: Cashflow development
Group financials Cashflow development SEKm YTD 2024 1. 1 Operating activities after changes in working capital, 81 SEK 81.1m 2. 2 Investing activities, 348 23 335 SEK -117.1m (game development) -117 3 3. Financing activities, SEK 22.7m (financing for game 157 development 31.2m, 129 and financial lea
Slide 25: Operating expenses
Group financials Operating expenses Cost base development SEKm NOTE Q2’24 Q2’23 2023 A Direct costs for Q2’24 amounted to SEK 82.8m (17.5m) and consists of costs related to game development, depreciations of IP:n, royalty payments and non-activatable personnel expenses. Direct costs A -82.8 -17,5. -
Slide 26: Balance sheet
Group financials Balance sheet Assets Liabilities As per June 30, 2024 As per December 31, 2023 • Intangible assets amounted • Non-current liabilities SEKm SEKm to SEK 497m and consist of IP amounted to SEK 92m, rights SEK 104m, capitalized including Current Current costs for own game and – Lease an
Slide 27: Second Quarter – Key Takeaways
Quarter & Period in Brief Second Quarter – Key Takeaways Continued feature and content updates for PAYDAY 3™ – strong fall lineup Third-party publishing continued to perform Project Baxter – Dungeons & Dragons® – production continues at full speed Cash and short-term receivables at SEK ~347m at June
Slide 28: Building Community by Making Games
starbreeze.com Building Community by Making Games 28