Starbreeze (STAR) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 were SEK 41.1 million, down 11.3% year-over-year; full-year net sales rose 18.9% to SEK 221.0 million.

• PAYDAY 2 sales grew to SEK 14.8 million in Q4 and SEK 50.1 million for the year; PAYDAY 3 contributed SEK 8.0 million in Q4 and SEK 76.5 million for the year.

• EBITDA for Q4 was SEK -12.0 million, a sharp decline from SEK 19.7 million last year; full-year EBITDA was SEK 29.0 million, down from SEK 97.6 million.

• The company focused on stabilizing operations, enhancing the PAYDAY franchise, and organizational renewal.

Financial highlights

• Q4 profit/loss before tax was SEK -61.9 million (improved from SEK -167.6 million); full-year loss before tax was SEK -402.7 million (worse than SEK -317.7 million prior year).

• Basic and diluted EPS for Q4 was SEK -0.04 (vs. -0.11); full-year EPS was SEK -0.25 (vs. -0.22).

• Cash flow from operating activities was SEK -3.4 million in Q4 and SEK 45.8 million for the year.

• Cash and cash equivalents at year-end were SEK 102.6 million, down from SEK 191.9 million.

• Depreciation, amortization, and impairment for the year totaled SEK 429.9 million, including a SEK 261.9 million impairment on Project Baxter.

Outlook and guidance

• The company aims to build on PAYDAY as a growth platform, with new collaborations (e.g., PAYDAY in PUBG) and expansion on platforms like Roblox.

• 2026 is positioned as a year of moving from promises to progress, with a focus on financial resilience and value creation.