STAR-BNasdaq StockholmConsumer DiscretionaryIFRS · SEK

Starbreeze

Starbreeze AB is a Swedish video game company that develops, publishes, and distributes PC and console games through its own studios and publishing operations. The company is centered on the PAYDAY franchise and works with both proprietary intellectual property and third-party rights across its group structure.

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Revenue221m SEK
+18.9 %y/y
Net income-399m SEK
−25.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-400-2000200400600800m SEK2020: 118 m SEK2020: EBIT 11 m SEK20202021: 126 m SEK2021: EBIT -54 m SEK20212022: 128 m SEK2022: EBIT 6.7 m SEK20222023: 634 m SEK2023: EBIT 190 m SEK20232024: 186 m SEK2024: EBIT -320 m SEK20242025: 221 m SEK2025221
RevenueOperating profit (EBIT)
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Business

Share of revenue
Game development45 %

Creation of original and co-developed PC and console games, including core franchise content.

Publishing and distribution25 %

Commercial release, marketing, and distribution of games through Starbreeze's publishing entities.

Franchise IP and royalties20 %

Revenue tied to PAYDAY and other intellectual property through royalties and related rights.

Co-development services10 %

Development work performed with external partners on selected game projects.

Customers

Starbreeze sells to global game players through digital game sales, while also working with publishing partners, platform holders, and external developers in the game ecosystem. Its commercial model depends on players buying and engaging with PAYDAY titles over time, and on partners that help distribute, market, or co-develop games. The company also earns royalty and other revenue linked to game sales and IP usage.

PC and console gamers

Players who buy Starbreeze games, especially PAYDAY titles and related content, for entertainment and ongoing engagement.

Digital platform partners

Storefronts and console ecosystems that distribute Starbreeze titles and enable access to global players.

Publishing and development partners

External studios and commercial partners that collaborate on game development, publishing, or distribution.

Royalty counterparties

Counterparties that generate royalty income through game sales or use of Starbreeze IP.

Strategy

Starbreeze is focused on PAYDAY as its core franchise and platform for long-term value creation. The company is prioritizing tighter execution, broader franchise development across formats and platforms, and a simpler operating model that supports the business more directly. It also emphasizes financial discipline and control over the commercial direction of the franchise.

Develop PAYDAY as a franchise ecosystemMedium term

The company sees PAYDAY as its core asset and a platform for recurring player engagement.

Broaden commercial control of the franchiseShort term

Owning publishing rights improves Starbreeze's control over development and monetization.

Simplify the operating modelShort term

A leaner structure can improve execution and align resources with the core franchise.

Maintain financial disciplineMedium term

Game development requires selective investment and careful capital allocation.

Geography

Starbreeze operates internationally, with group entities in Sweden, Spain, France, the UK, and other locations supporting development and publishing. Its revenue is generated in global markets, with a substantial share denominated in USD and EUR, while costs are mainly incurred in SEK and EUR. This creates exposure to exchange-rate movements across its operating footprint.

Risks

Starbreeze is exposed to the hit-driven nature of game publishing, where demand depends on player reception, franchise strength, and execution quality. The company also faces intellectual property, key-person, foreign exchange, and financing risks because its business relies on creative talent, global monetization, and uneven revenue timing. Accounting judgments around intangible assets and expected outcomes can also materially affect reported results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on PAYDAY franchise performance1Capital and liquidity risk from uneven revenue timing2Impairment risk on intangible assets3Intellectual property infringement or ownership disputes4Key-person and talent retention risk5Foreign exchange volatility6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on PAYDAY franchise performanceImpact: HighLikelihood: High

    A large share of the business is tied to one core franchise, so player reception and execution matter disproportionately.

    Exposure: PAYDAY titles and related ecosystem

  2. Capital and liquidity risk from uneven revenue timingImpact: HighLikelihood: High

    Game revenue can be lumpy, which may require external financing if cash generation is delayed.

    Exposure: Working capital and funding

  3. Impairment risk on intangible assetsImpact: HighLikelihood: High

    Game development assets and related intangibles must be tested against future cash generation expectations.

    Exposure: Capitalized development and other intangibles

  4. Intellectual property infringement or ownership disputesImpact: HighLikelihood: Medium

    The business depends on protecting game IP and ensuring developed assets remain with the group.

    ExposureGame IPTrademarksProprietary assets
  5. Key-person and talent retention riskImpact: MediumLikelihood: Medium

    Game development requires specialized creative, commercial, and technical staff that are difficult to replace.

    ExposureDevelopmentPublishingManagement
  6. Foreign exchange volatilityImpact: MediumLikelihood: Medium

    Revenue is often in USD and EUR while costs are mainly in SEK, so exchange rates affect margins and reported results.

    Exposure: USD/SEK and EUR/SEK

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Accounting

Judgemental items
Intangible asset impairment

Game development assets must be tested for recoverability, and write-downs can be large when project economics weaken.

Impact: Reported impairment losses on intangible assets were significant in 2025.

Foreign currency translation and hedging

USD and EUR revenues versus SEK costs create translation and transaction exposure that affects profit and cash flow.

Impact: Exchange-rate movements can change both revenue and expenses.

Revenue timing and royalties

Game sales and royalty income can be lumpy, which affects quarter-to-quarter comparability and liquidity.

Impact: Revenue recognition timing can materially affect reported periods.

Lease accounting

Operating leases for offices and facilities affect operating expenses and balance sheet commitments.

Impact: Lease treatment influences EBITDA-like metrics and liabilities.

Tax losses and deferred tax

Loss carryforwards and deferred tax positions depend on future taxable profits and jurisdictional rules.

Impact: Tax assets and liabilities may change with profitability expectations.

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Last updated: 24/09/2026

Starbreeze (STAR-B) Revenue, Earnings & Financials 2025 – Clarifo