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Investor Relations14 Oct 2025
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Paradox Interactive (PDX) investor relations material
Paradox Interactive Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
The quarter was described as uneventful, focused on future releases and testing new game ideas, with no major events.
Revenue for Q2 2025 was MSEK 458.6, down 20% year-over-year, mainly due to fewer major releases and currency effects.
Operating profit rose to MSEK 133.0, up 360% year-over-year, as last year included significant write-downs.
Key releases included expansions for Age of Wonders 4, Crusader Kings III, Stellaris, Victoria 3, and new games Darfall and Escape the Mad Empire.
Announced Europa Universalis V and prepared for the launch of Vampire: The Masquerade – Bloodlines 2.
Financial highlights
Q2 revenue: MSEK 458.6 (down 20% YoY); H1 revenue: MSEK 922.2 (down 13% YoY).
Q2 operating profit: MSEK 133.0 (up 360% YoY); H1 operating profit: MSEK 279.6 (up 53% YoY).
Q2 profit margin: 30%; H1 profit margin: 32%.
Profit after financial items was SEK 139 million, compared to SEK 37 million last year.
Earnings per share before/after dilution in Q2: SEK 1.04 (vs. SEK 0.26 YoY).
Outlook and guidance
Focus remains on investing in expansions, sequels, and new games, with priority on long-term profitability.
Anticipates an intense fall with several important releases, including Europa Universalis V and Vampire: The Masquerade – Bloodlines 2.
Anticipated releases of major titles expected to reduce capitalized development assets in the coming year.
Maintains confidence in long-term profitability and stable finances, supported by a strong product lineup.
Strategy includes early cancellation of underperforming projects to avoid large write-downs.
Explain Victoria 3's expansion success.
Assess Vampire: The Masquerade Bloodlines 2.
Detail Haemimont Games integration progress.
How will Paradox avoid future write-downs?
Assess the impact of Haemimont acquisition.
Elaborate on Victoria 3's updated roadmap.
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Next Paradox Interactive earnings date
Q3 202523 Oct, 2025
Next Paradox Interactive earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
An Umbrella of Video Game Studios
Paradox Interactive is a Swedish video game publisher that develops and distributes games. The company has several different studios under its umbrella, including its flagship Paradox Development Studio. The company publishes games in a variety of genres but is best known for its expertise in grand strategy games. Some of its most recognized IPs are Crusader Kings, Hearts of Iron, and Europa Universalis. The company is headquartered in Stockholm, Sweden, and its shares are traded on OMX Stockholm.
Target Games
Paradox Interactive's origins can be traced back to the 1980s with the Swedish board games company Target Games. Paradox was initially set up to produce various video game adaptations of the board games produced by the parent company, and when Target Games went under, the video game division lived on. Paradox released the first games in the IPs that would later go on to establish them as one of the most respected studios in terms of grand strategy games.
Paradox Development Studio
The company operates Paradox Development Studio as its internal development wing. This studio specializes in creating grand strategy and management games, a genre characterized by extensive strategic planning and resource management. The games produced by the studio have garnered a dedicated following for their depth, historical accuracy, and complex gameplay mechanics. The studio's approach often involves combining detailed historical settings with intricate game systems, allowing players to experience and influence different historical scenarios.
Work as a Publisher
As a publisher, Paradox Interactive plays a critical role in the video game industry by facilitating the development and distribution of games created by various studios. Their work extends beyond their own Paradox Development Studio to include supporting independent game developers. This support encompasses financial backing, marketing, distribution, and guidance in game development processes. While it in many ways operates similarly to names like Take-Two Interactive, Activision Blizzard, and Electronic Arts (EA), Paradox Interactive is a much smaller company in comparison to the giants of the industry.
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