Dependence on PAYDAY franchise performance
A large share of the business is tied to one core franchise, so player reception and execution matter disproportionately.
- Scope
- PAYDAY titles and related ecosystem
- Materiality
- high
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.
137
2.75
2.75
| % | |
|---|---|
| Game development | 45% Creation of original and co-developed PC and console games, including core franchise content. |
| Publishing and distribution | 25% Commercial release, marketing, and distribution of games through Starbreeze's publishing entities. |
| Franchise IP and royalties | 20% Revenue tied to PAYDAY and other intellectual property through royalties and related rights. |
| Co-development services | 10% Development work performed with external partners on selected game projects. |
Starbreeze sells to global game players through digital game sales, while also working with publishing partners,...
- PC and console gamersprimary
Players who buy Starbreeze games, especially PAYDAY titles and related content, for entertainment and ongoing engagement.
- Digital platform partnerssecondary
Storefronts and console ecosystems that distribute Starbreeze titles and enable access to global players.
- Publishing and development partnerssecondary
External studios and commercial partners that collaborate on game development, publishing, or distribution.
- Royalty counterpartiessecondary
Counterparties that generate royalty income through game sales or use of Starbreeze IP.
Starbreeze operates internationally, with group entities in Sweden, Spain, France, the UK, and other locations...
- •Headquartered in Sweden with group operations across Europe
- •Subsidiaries include studios and publishing entities in several countries
- •Revenue is generated in global PC and console markets
- •USD and EUR are important revenue currencies
- •SEK is the main cost currency, creating FX exposure
Starbreeze is focused on PAYDAY as its core franchise and platform for long-term value creation...
01
Develop PAYDAY as a franchise ecosystemmedium-term
The company sees PAYDAY as its core asset and a platform for recurring player engagement.
02
Broaden commercial control of the franchiseshort-term
Owning publishing rights improves Starbreeze's control over development and monetization.
03
Simplify the operating modelshort-term
A leaner structure can improve execution and align resources with the core franchise.
04
Maintain financial disciplinemedium-term
Game development requires selective investment and careful capital allocation.
Starbreeze is exposed to the hit-driven nature of game publishing, where demand depends on player reception, franchise...
Intellectual property infringement or ownership disputes
The business depends on protecting game IP and ensuring developed assets remain with the group.
- Scope
- Game IP, trademarks, proprietary assets
- Materiality
- high
Capital and liquidity risk from uneven revenue timing
Game revenue can be lumpy, which may require external financing if cash generation is delayed.
- Scope
- Working capital and funding
- Materiality
- high
Impairment risk on intangible assets
Game development assets and related intangibles must be tested against future cash generation expectations.
- Scope
- Capitalized development and other intangibles
- Materiality
- high
Key-person and talent retention risk
Game development requires specialized creative, commercial, and technical staff that are difficult to replace.
- Scope
- Development, publishing, management
- Materiality
- high
Foreign exchange volatility
Revenue is often in USD and EUR while costs are mainly in SEK, so exchange rates affect margins and reported results.
- Scope
- USD/SEK and EUR/SEK
- Materiality
- high
Intangible asset impairment
Reported impairment losses on intangible assets were significant in 2025
Foreign currency translation and hedging
Exchange-rate movements can change both revenue and expenses
Revenue timing and royalties
Revenue recognition timing can materially affect reported periods
Lease accounting
Lease treatment influences EBITDA-like metrics and liabilities
Tax losses and deferred tax
Tax assets and liabilities may change with profitability expectations
: 11/08/2026