Year-end report January – December 2025
FOURTH QUARTER
Revenues amounted to MSEK 874.8 (MSEK 709.1), an increase of 23% compared to the same period last year.
Operating profit amounted to MSEK -245.4 (MSEK 395.3), a decrease of 162%. The operating profit includes amortisation and write-downs of Vampire: The Masquerade – Bloodlines 2, amounting to MSEK 345.7 (MSEK 0.0) and MSEK 355.3 (MSEK 0.0), respectively.
Profit after financial items amounted to MSEK -241.7 (MSEK 404.3), and profit after tax amounted to MSEK -201.4 (MSEK 310.8).
Cash flow from operating activities amounted to MSEK 513.2 (MSEK 441.8), and cash flow from investing activities amounted to MSEK –145.5 (MSEK -158.9). Cash flow from financing activities amounted to MSEK -9.8 (MSEK -9.7).
At the end of the period, cash and cash equivalents amounted to MSEK 1,375.3 (MSEK 1,469.4).
Earnings per share before dilution amounted to SEK -1.91 (SEK 2.94) and after dilution to SEK -1.91 (SEK 2.94).
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.
IMPORTANT EVENTS IN THE FOURTH QUARTER
The new game Europa Universalis V, developed by Paradox Tinto, was released to PC.
The new game Vampire: The Masquerade – Bloodlines 2, developed by The Chinese Room, was released to PC and console.
New downloadable content was released for games during the period: All Under Heaven to Crusader Kings III, No Compromise, No Surrender to Hearts of Iron IV, Bridges & Ports, Supply Chains and Skyscrapers to Cities: Skylines II, Thrones of Blood to Age of Wonders 4, Necropolis of the Damned to Across the Obelisk, Infernals to Stellaris and Iberian Twilight to Victoria 3.
New ports of downloadable content were released during the period: Legends of the Dead to Crusader Kings III and The Machine Age to Stellaris.
A remaster of the game Surviving Mars, developed by Haemimont Games, was released during the period.
Steam Winter Sale and Steam Autumn Sale took place during the period.
The Board proposes an ordinary dividend of SEK 5.00 (SEK 3.00) per share, and a special dividend of SEK 0.00 (SEK 2.00) per share.
FULL YEAR
Sales amounted to MSEK 2,191,9 (MSEK 2,200.9), a decrease of 0% from the previous year.
Operating profit amounted to MSEK 146.0 (MSEK 721.4), a decrease of 80%.
Profit after financial items amounted to MSEK 167.4 (MSEK 757.3), and profit after tax amounted to MSEK 125.5 (MSEK 584.6).
Earnings per share before dilution amounted to SEK 1.19 (SEK 5.54) and after dilution to SEK 1.18 (SEK 5.53).
COMMENTS BY THE CEO
We closed the year with our most intense quarter in company history. With two new game releases, one remaster, and DLCs for most titles, we held a pace that truly demonstrates the strength of our organisation and our portfolio. The core business delivered strong performance with high revenues and solid cash flow. However, the results for the period were impacted by currency headwinds and the write-down of Vampire: The Masquerade – Bloodlines 2, as the game did not meet our commercial expectations. At the same time, this marks an important turning point: we are now strengthening our strategic focus, reallocating resources, and creating even better conditions for future investments where we have our greatest expertise and long-term potential.
The major highlight of both the quarter and the year was the launch of Europa Universalis V, a game that brings the franchise into a new era. Few game series have been as central to Paradox as Europa Universalis. What began as a niche title 25 years ago is today a textbook example of how we build long-lasting games with highly engaged communities. With this latest installment, we have taken significant steps forward and laid a very strong foundation for the future.
PRESENTATION OF REPORT
Today, 29 January, 12:00 PM CET Fredrik Wester, CEO, and Alexander Bricca, CFO, will host a livestream on Paradox’s YouTube channel to present the year-end 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 via our forum or by e-mailing them to ir@paradoxinteractive.com. It will be possible to e-mail questions to ir@paradoxinteractive.com during the presentation.
If you miss 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 29-01-2026 08:00 CET.