Q4 Net Revenue and Profitability
Q4 net revenue SEK 437 million; adjusted EBITDA SEK 80 million, representing an 18.2% margin (management also reported a ~4% FX‑neutral revenue decline for Q4).
Full Year Revenue and EBITDA
Full year 2025 net revenue SEK 1.626 billion; adjusted EBITDA SEK 254 million with a 15.6% margin.
Daybreak Strong Local Currency Growth
Daybreak Q4 organic growth of ~11% in local currency; Q4 adjusted EBITDA increased 26% to SEK 33.4 million; Daybreak was the largest net revenue contributor (SEK 195 million in Q4) and live titles (LOTRO, DDO, DC Universe Online) showed renewed growth.
Palia Rapid Growth and Platform Expansion
Palia delivered 146% net revenue growth year-over-year in Q4 and became Daybreak's largest live-game revenue contributor; platform expansion to PlayStation and Xbox drove 70% year-over-year net revenue growth comparing H2 2024 to H2 2025.
Fireshine Transition to Digital and Pipeline
Fireshine net revenue grew ~10% in local currency (1.5% in SEK) in Q4; adjusted EBITDA SEK 16 million; digital revenue grew to GBP 11 million in 2025 from near zero five years prior; pipeline of ~10 titles forecast for 2026 (approx. 50% digital).
Big Blue Bubble Viral Recovery
Big Blue Bubble saw MAU +27% in December with a sequential net revenue increase of +59% from November; monthly net revenue rose from CAD 2.1M (Nov) to CAD 3.3M (Dec) and preliminary CAD 3.1M in Jan, indicating regained momentum after earlier user declines.
All Business Units Cash-Flow Positive & Operational Cash Flow
Management stated all business units are now cash-flow positive; operational cash flow increased to SEK 74 million for the quarter; company held SEK 390 million cash and SEK 43 million net cash at quarter end, with SEK 100 million RCF available.
Strategic Actions to Improve Future Profitability
Board actions include accelerating contingent consideration (improves annual cash generation by USD 1M–3M), relocating development to lower-cost geographies (expected to reduce annual amortization by SEK 120M), and a planned strategic update/Capital Markets Day in Q1 2027.