Interim report January – March 2026
FIRST QUARTER
Revenues amounted to MSEK 431.1 (MSEK 463.6), a decrease of 7% compared to the same period last year.
Operating profit amounted to MSEK 100.8 (MSEK 146.6), a decrease of 31%.
Profit after financial items amounted to MSEK 105.8 (MSEK 153.9), and profit after tax amounted to MSEK 86.2 (MSEK 123.7).
Cash flow from operating activities amounted to MSEK 308.7 (MSEK 266.2), and cash flow from investing activities amounted to MSEK -122.4 (MSEK -217.3).
At the end of the period, cash and cash equivalents amounted to MSEK 1,554.6 (MSEK 1,501.5).
Earnings per share before dilution amounted to SEK 0.82 (SEK 1.17) and after dilution to SEK 0.82 (SEK 1.17).
Revenues for the quarter are primarily attributable to Age of Wonders 4, Cities: Skylines, Cities: Skylines II, Crusader Kings III, Europa Universalis V, Hearts of Iron IV, Stellaris, Vampire: The Masquerade – Bloodlines 2, and Victoria 3.
SIGNIFICANT EVENTS IN THE FIRST QUARTER
New downloadable content was released for games during the period: Rise from Ruin to Age of Wonders 4, Office Evolution and City Stations to Cities: Skylines II, Race Day, Iconic Brutalism and Renewed History to Cities: Skylines, and Warships of the Pacific to Hearts of Iron IV.
The Board of Directors of Paradox Interactive AB has applied for admission to trading of the Company’s shares on Nasdaq Stockholm Main Market. A listing on Nasdaq Stockholm is subject to the exchange’s approval of the Company’s application. If the application is approved, the Company intends to complete the change of listing during 2026. Paradox will provide further information once Nasdaq Stockholm has announced its decision.
COMMENTS BY THE CEO
After one of our most intense quarters ever at the end of last year, we entered 2026 with a more balanced first quarter, as is tradition. The results are stable, with a strong cash flow from operating activities that provides us with space to invest in our future.
What truly matters right now is happening beneath the surface. A clear example is the work on Cities: Skylines II, where Iceflake Studios, since the turn of the year, has delivered a series of improvements based on player feedback. It’s starting to have an effect. During the quarter, the game reached “Mostly Positive” in the last 30 days of reviews for the first time, an important milestone. It’s also proof of our conviction: a long-term approach, close dialogue with players, and structured improvement efforts pay off. We are far from finished, but the direction is right, and we have strong confidence in the plan ahead.
PRESENTATION OF REPORT
Today, 30 April at 12:00 PM CEST, Fredrik Wester, CEO, and Alexander Bricca, CFO, will host a livestream on Paradox’s YouTube channel to present the interim report and answer questions related to the report and the company’s financial performance: https://www.youtube.com/paradoxinteractive.
Questions may be submitted in advance by e-mailing them to ir@paradoxinteractive.com. It will be possible to e-mail questions during the presentation.
If you are unable to attend the presentation, it will be posted on Paradox’s YouTube channel at a later time.
This disclosure contains information that Paradox Interactive AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 30-04-2026 08:00 CET.