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Qiiwi Games (QIIWI) investor relations material

Qiiwi Games Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary13 Nov, 2025

Executive summary

  • Revenue for Q3 2025 was 3.49 MSEK, down 21% year-over-year but up 6% sequentially, with Backpacker® Go! contributing 51% of Q3 revenue and driving overall performance.

  • EBITDA for Q3 was -0.84 MSEK, improving sequentially but lower than -0.35 MSEK in Q3 2024.

  • Net result after tax was -1.58 MSEK, compared to -1.07 MSEK year-over-year.

  • Strategic shift towards 'Intellectual Feelgood' and board game-inspired mobile entertainment, refining the New Games strategy.

  • On track to achieve positive cash flow, with optimism for break-even in 2026 if current trends continue.

Financial highlights

  • Q3 2025 revenue: 3.49 MSEK (Q3 2024: 4.43 MSEK); 9M 2025 revenue: 11.66 MSEK (9M 2024: 15.90 MSEK).

  • Q3 EBITDA: -0.84 MSEK (Q3 2024: -0.35 MSEK); 9M EBITDA: -4.17 MSEK (9M 2024: -5.24 MSEK).

  • Q3 EBIT: -1.61 MSEK (Q3 2024: -0.99 MSEK); 9M EBIT: -6.86 MSEK (9M 2024: -7.91 MSEK).

  • Q3 EPS: -0.17 SEK (Q3 2024: -0.11 SEK); 9M EPS: -0.76 SEK (9M 2024: -0.85 SEK).

  • Cash and short-term investments at period end: 13.5 MSEK.

Outlook and guidance

  • Continued focus on new game development and live operations to drive future growth.

  • Management is optimistic about reaching break-even and positive cash flow if current trends for Backpacker® Go! continue.

  • Cost savings are expected to have full effect by year-end.

Backpacker Go! offset older titles' decline?
New game strategy's path to market?
What drives Qiiwi's break-even target?
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Frequently asked questions

Qiiwi Games develops, publishes and distributes games for mobile platforms. It also develops other entertainment applications for platforms on the Internet and mobile communication networks. The company's current operations started in 2012 and is based in Stockholm.

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