Coffee Stain (COFFEE) Q2 26/27 earnings summary

Executive summary

• Q2 net sales rose 19% YoY to SEK 267m, driven by Valheim 1.0 and console launches; Cash EBIT was SEK 75m.

• EBIT declined to SEK 8m from SEK 44m; the Big Break Showcase featured portfolio content and pipeline announcements.

Financial highlights

• Organic net sales grew 18% at constant currency; game-launch uplift was SEK 96m versus SEK 37m a year earlier, more than offsetting lower baseline sales.

• Baseline net sales were SEK 171m versus SEK 186m, mainly reflecting lower Deep Rock Galactic and Welcome to Bloxburg sales.

• Free cash flow after working capital was SEK 68m versus SEK 78m; LTM free cash flow was SEK 305m versus SEK 301m for the prior FY.

• Q2 net profit was SEK 9m versus SEK 19m; adjusted EPS was SEK 0.15 versus SEK 0.25.

• LTM net sales were SEK 1,073m, up 6% reported; LTM Cash EBIT was SEK 397m at a 37% margin.

Outlook and guidance

• Historical release cadence remains the best guide for FY 2027/28; studios remain busy on core IP and smaller titles, with no major tempo change indicated.

• Lower third-party costs are expected from Q3 FY 26/27, reflecting Fellowship team reductions, more in-house work and fewer consultants.

• Deep Rock Galactic plans two free seasons before its first paid expansion in summer 2027; Goat Simulator 3: Ticket to Dizzyworld was scheduled for November 19, 2026.

• Satisfactory: Core Values is in development with timing TBA; DarkSwarm Early Access was planned for early 2027 and Into The Unwell for 2027.