Regulatory press release

Starbreeze AB (publ) Interim Report January-March 2026

First quarter 2026

Net sales amounted to SEK 26.6 million (67.7).
PAYDAY 2 accounted for SEK 11.4 million (12.4).
PAYDAY 3 accounted for SEK 9.9 million (33.0).
Third-party publishing accounted for SEK -1.1 million (3.4).
Work-for-hire accounted for SEK 6.1 million (17,6)
EBITDA* amounted to SEK -3.6 million (15.7). Taking into account items affecting comparability for the current period, EBITDA amounted to SEK 5.5 million.
Cash flow from operating activities amounted to SEK 2.0 million (-11.7).
Depreciation, amortization and impairment amounted to SEK -52.2 million (-44.5).
Profit/loss before taxes amounted to SEK -56.3 million (-29.4).
Earnings per stock unit, before and after dilution, amounted to SEK -0.03 (-0.02).
Liquid funds amounted to SEK 74.5 million (130.1).

Significant events during and after the quarter

On January 13, “Shopping Spree Heist” was released for PAYDAY 3. Read more here.
On March 18, it was announced that Starbreeze has entered into a partnership with VICE Studios to develop film/television adaptations of PAYDAY®. Read more here.
On March 24, Starbreeze and Fast Travel Games announced an officially licensed VR game — PAYDAY®: Aces High. Read more here.

CEO’s message
Expanding PAYDAY®, Delivering with Focus

The first quarter of 2026 was a period of continued execution for Starbreeze. Our direction remains clear: to keep improving PAYDAY 3, continue building the wider PAYDAY franchise, and expand the IP in thoughtful ways together with best-in-class partners. During the quarter, we saw early proof points that this strategy is starting to take shape, both in player engagement as well as in sentiment for the game.

FINANCIAL RESULTS AND POSITION

The first quarter was financially mixed but showed the right underlying signals. Revenue was lower than in the same period last year, against a very tough comparable quarter where revenue was driven by PAYDAY 3’s inclusion in PlayStation Plus in the first quarter of 2025. At the same time, PAYDAY 2 remained in a positive trend, and the quarter reflected continued discipline in a more focused business. Operating cash flow was positive, and adjusted for expenses related to restructuring EBITDA was positive for the period. The work to make Starbreeze more cost efficient continued during the quarter and we see decreasing expenses and improvement in cash flow going forward with full effect from implemented changes in third quarter this year.
Our focus remains: disciplined execution, continued investment in the areas that strengthen PAYDAY, and a long-term ambition to build a stronger and more resilient company. My ambitions are partly summarized in this video: StarbreezeVideo.

PAYDAY FRANCHISE

In PAYDAY 3, we continued to deliver on the monthly update cadence established during the second half of 2025. The team’s work during the quarter was not defined by one single release, but by continued progress across the game. Our development team keeps delivering high quality updates and our publishing team is supporting each release and promoting the content updates to our current player base, as well as driving player acquisition into the game
Shopping Spree was an important addition, but the broader story was the steady work to improve the PAYDAY 3 experience. During the quarter, we delivered further quality-of-life improvements, continued technical improvements, and took early steps in expanding the game through features such as peer-to-peer, events, and questline-style content. We also continued to prepare for the next set of improvements to mission clarity and heist reworks.

These are not always the most visible updates, but they are important. They show a different rhythm for PAYDAY 3, and a stronger focus on delivering the work needed to improve the game over time. The direction is clear, the pace is monthly updates, and more exciting things are ahead that will continue to drive player engagement and by that also improving revenue.
PAYDAY 2 also continues to perform very well. It remains an important part of the PAYDAY franchise and continues to deliver strong value for its audience. Through our external development partnership, the game remains actively supported, and we have ambitious plans for what comes next in the form of expanding and further improve the game.

STRATEGY & PLATFORM EXPANSION

The quarter also showed tangible progress in our broader PAYDAY platform strategy.
In March, we announced a partnership with VICE Studios to develop film and television adaptations based on PAYDAY. We also announced PAYDAY: Aces High, an officially licensed VR game developed by Fast Travel Games. Together with the upcoming PAYDAY collaboration in PUBG launching in the second quarter of this year, these are strong examples of how we are expanding the franchise with carefully selected partners while staying focused on our core intellectual property.
This is how we want to grow PAYDAY: by working with best-in-class partners and by bringing the franchise into formats and platforms that can reach new audiences while staying true to the identity that makes PAYDAY distinct.
At the same time, our presence on Roblox continues to grow through Notoriety. Beyond its commercial contribution, it also gives us useful insight into platform-native ecosystems and how Gen Z and Gen Alpha players discover and engage with games. That learning matters as we continue to grow PAYDAY as both a franchise and a broader platform opportunity.

CLOSING REMARKS

The first quarter of 2026 was about continued execution in the core business, together with early proof points that our broader PAYDAY strategy is working. We are continuing to improve PAYDAY 3, PAYDAY 2 remains strong, and the franchise is expanding in ways that support both reach and long-term value.
There is still a lot of work ahead, and we remain focused on execution. But the direction is clear. We are building PAYDAY as a platform, strengthening the core games, and expanding the franchise with discipline and ambition. I want to express my sincere thanks to our shareholders for their trust, to our players for their passion and loyalty, and to our employees for their hard work and commitment.
It is through your combined support and effort that we continue to develop, improve, and create value for the future.

ADOLF KRISTJANSSON, CEO