Starbreeze (STAR) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 were SEK 25.6 million, down 52.5% year-over-year, mainly due to the wind-down of third-party publishing and work-for-hire activities.

• PAYDAY 2 sales grew to SEK 13.7 million (from SEK 8.0 million), while PAYDAY 3 sales declined to SEK 11.0 million (from SEK 17.7 million).

• EBITDA remained positive at SEK 3.4 million, reflecting strong cost control despite lower revenues.

• Player sentiment for PAYDAY 3 improved significantly, with recent Steam reviews turning Mostly Positive.

Financial highlights

• Q2 2026 net sales: SEK 25.6 million (Q2 2025: SEK 53.8 million); H1 2026: SEK 52.1 million (H1 2025: SEK 121.5 million).

• EBITDA Q2 2026: SEK 3.4 million (Q2 2025: SEK 5.9 million); H1 2026: SEK -0.2 million (H1 2025: SEK 21.6 million).

• Profit/loss before tax Q2 2026: SEK -36.8 million (Q2 2025: SEK -25.4 million); H1 2026: SEK -93.0 million (H1 2025: SEK -54.9 million).

• Cash flow from operating activities Q2 2026: SEK 6.6 million (Q2 2025: SEK 39.2 million); H1 2026: SEK 8.6 million (H1 2025: SEK 27.4 million).

• Cash and cash equivalents at period end: SEK 52.1 million (Q2 2025: SEK 156.4 million).

Outlook and guidance

• Management remains focused on cost control and incremental revenue growth across the PAYDAY franchise to return to sustained profitability.

• Continued monthly content updates and platform expansion are expected to drive player engagement and revenue.