Paradox Interactive AB (STU:ETA)
€ 11.88 -0.050 (-0.42%) Market Cap: 1.25 Bil Enterprise Value: 1.13 Bil PE Ratio: 158.43 PB Ratio: 5.36 GF Score: 83/100

Q3 2025 Paradox Interactive AB (publ) Earnings Call Transcript

Oct 23, 2025 / 10:00 AM GMT
Release Date Price: €16.19 (+5.20%)

Key Points

Positve
  • Paradox Interactive AB (PRXXF) is preparing for a highly active Q4 with two new base game releases, a remaster, seven DLCs, four ports, and seven content creator packs.
  • H1 is 4 and Victoria 3 have shown very positive player numbers, retention, and sales, indicating strong ongoing engagement.
  • The company is building capabilities in the management games segment, with new games expected next year.
  • Age of Wonders and Victoria 3 have established themselves as long-term revenue contributors with strong profit margins.
  • The company has a strong cash flow and a robust pipeline of games, positioning it well for future growth.
Negative
  • Q3 revenues decreased by 9% compared to the same quarter last year, primarily due to fewer releases and unfavorable currency movements.
  • Operating profits fell from 143 million last year to 112 million this year, reflecting the revenue decline.
  • The equity asset ratio decreased slightly due to the extension of the office lease contract, impacting the balance sheet.
  • The cost of goods sold remains high, with significant amortization of capitalized game development costs.
  • Non-capitalized development and tech costs increased, partly due to a reorganization that shifted some functions to a non-capitalized structure.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PDXI.ST - Paradox Interactive AB (publ)
Q3 2025 Paradox Interactive AB (publ) Earnings Call
Oct 23, 2025 / 10:00AM GMT

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Presentation
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Unidentified_1 [1]
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Hello everyone and welcome to the Paradox Interactive quarter 3 of 2025 live stream with me. My name is Fred, and.

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Unidentified_2 [2]
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And I'm Alex. I'm the CFO. Welcome everyone.

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Unidentified_1 [3]
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Great. So as you can see, I'm not in the office today, so I'm on the road, but we will get this going anyways, and I hope you'll enjoy what you see. So let's
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