THIRD QUARTER, OCTOBER-DECEMBER 2025 (COMPARED TO OCTOBER-DECEMBER 2024)
> Net sales decreased by -25% (-14% organic growth in constant currencies) to SEK 293 million (389).
> EBIT amounted to SEK 51 million (180), an EBIT margin of 17% (46%).
> Items affecting comparability (IAC) related to the listing project amounted to SEK -33 million (0) .
> Cash EBIT amounted to SEK 146 million (217), a Cash EBIT margin of 50% (56%)
> Adjusted EBIT amounted to SEK 123 million (224), an Adjusted EBIT margin of 42% (58%).
> Cash flow from operating activities amounted to SEK 70 million (240). Net investments in intangible assets amounted to SEK -42 million (-54). Free cash flow after changes in working capital amounted to SEK 27 million (181).
CEO COMMENTS
Strong performance driven by releases and core portfolio strength
Our Q3 result reflected successful releases and a resilient underlying performance.
Our core portfolio* continued to perform well, supported by launches in Satisfactory and Goat Simulator, with a clear contribution to net sales and Cash EBIT. The console launch of Satisfactory expanded the game’s audience and further confirmed its position as a long-term franchise. Player reception on both PlayStation and Xbox has been strong and reinforces our confidence in how the game can be developed and supported going forward.
A weaker USD to SEK movement had a negative impact on our performance in the quarter. Since a majority of our net sales are generated in USD and only a limited share of our costs are, movements in the dollar have a direct effect on our reported results.
Game portfolio
Our focus remains on building further on what already works. We see additional value to unlock in our existing core games, supported by proven communities, long lifecycles and clear economics. Most development and commercial efforts are therefore directed toward extending these games through updates, new content, business opportunities and selective platform expansion. New initiatives continue to be evaluated carefully and with patience.
During the quarter, the early access multiplayer game Fellowship was integrated into the Group following the transfer from Embracer Group on 30 November 2025. Fellowship is a live service game that requires further investment, and we are working closely with the developer on improvements and tuning. A larger update, scheduled for late February 2026, will act as a key milestone to assess player engagement and guide further development.
Operating as a listed company
The spin-off from Embracer and the transition to an independent listed company mark an important step for Coffee Stain.
The listing has not changed how we run the business. We remain focused on making great, profitable games with disciplined investment. What has changed is the level of transparency expected of us as a public company. Through our capital markets event and this first quarterly report, we have established a clearer structure for communicating our business and strategy.
How we think about monetization
We are often asked how we think about monetization and whether we could monetize more. Our monetization decisions are made in relation to where each game is in its lifecycle. Game quality and player trust remain central, and increasing prices or paid content does not, by itself, improve outcomes.
There is no single model that fits all our titles. Each game is assessed on its own terms. More mature franchises such as Goat Simulator, with broad platform coverage, are suited for additional content and platform-related opportunities. Other core IPs, including Satisfactory, are still evolving. In those cases, the priority is to build long-term value together with the community before broader monetization decisions are made. Based on our experience, this approach supports more stable revenues and stronger cash generation over time.
Coffee Stain Group has a strong foundation to continue delivering strong results and create long-term value for its shareholders, without compromising the mindset that has shaped the group from the start.
Anton Westbergh
Co-founder and CEO
* Satisfactory, Goat Simulator, Deep Rock Galactic, Welcome to Bloxburg, Teardown and Valheim
Presentation of the interim report
Today at 10:00 A livestream presentation will be held where CEO Anton Westbergh and CFO Erik Sunnerdahl will present the interim results and answer questions.
Questions can be submitted in advance by email to ir@coffeestaingroup.com and during the presentation.
– The presentation will be streamed live on Coffee Stain Group’s Youtube channel.
– Interim report and presentation material will be available on Coffee Stain Group’s website.
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