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2021-02-16

Starbreeze AB (publ) Interim report Q4 2020

Fourth quarter 2020

  • Net sales amounted to SEK 32.6 million (51.1). PAYDAY accounted for SEK 30.6 million (50.8).
  • PAYDAY adjusted growth in net sales of 39.7%.
  • EBITDA* amounted to SEK 5.3 million (26.8).
  • Amortization, depreciation and impairments totaled SEK 9.7 million (221.0).
  • Costs related to the reconstruction amounted to SEK 0.5 million (8.6).
  • The loss before tax amounted to SEK -16.4 million (-156.7).
  • Basic and diluted earnings per share were SEK -0.02 (-0.30).
  • Digital distribution platform Steam ran a winter sale, which made a positive contribution to sales during the quarter.

Full year 2020

  • Net sales amounted to SEK 118.0 million (280.0). PAYDAY accounted for SEK 111.5 million (109.4).
  • PAYDAY adjusted growth in net sales of 66.7%.
  • EBITDA* amounted to SEK 49.3 million (-116.5).
  • Amortization, depreciation and impairments totaled SEK 38.4 million (387.9).
  • Costs related to the reconstruction amounted to SEK 9.1 million (36.5).
  • The loss before tax was SEK -130.5 million (-452.4).
  • Basic and diluted earnings per share were SEK -0.28 (-1.22).
  • Cash and cash equivalents totaled SEK 157.4 million (82.8).

Acting CEO Tobias Sjögren remarks on the report: Strong Growth - PAYDAY

The fourth quarter concluded an eventful 2020 for Starbreeze. Our PAYDAY franchise and "games as a service model" really showed their muscles during the year with several successful releases of content for PAYDAY 2. By late December, PAYDAY 2 had become the biggest game community on Steam, with 7.1 million members. We have executed two capital raises during the year and paid off a large proportion of our debts, strengthened our financial position and thus enabling the continued successful development of PAYDAY 3 in 2021 - all key steps in putting Starbreeze back on the map as an industry leader.

I have implemented changes during the quarter to strengthen our organization within marketing and business development and continued to recruit the best developers to our studios and in so doing create the best possible conditions for the company's journey ahead.

Another season of PAYDAY 2 wrapped in the fourth quarter with the launch of Silk Road: Crimson Shore. Work on the next season is moving swiftly and we are looking forward to launching the first part this quarter. Our ambition is to achieve steady growth for PAYDAY 2, not only in terms of games sold but also in daily activity among our gamers. I am incredibly proud to report that we now own the biggest community on Steam - an achievement that demonstrates the strength of the game and our community team and is a fantastic position from which to continue growing.

Sales and underlying earnings showed a positive trend during the year arising from sustained strong demand for PAYDAY 2 and ongoing efficiency improvements.

Through the proven strength of the PAYDAY franchise and a highly dedicated development team we now have a stable platform that supports the continued successful development of PAYDAY 3. We are standing strong and confident in our efforts to close a publishing agreement with a partner that is as passionate about games as a service as Starbreeze is and ready to join us in the successful launch of PAYDAY 3.

We also completed payments to our supplier creditors during the quarter, which was a key milestone in the reconstruction plan and important to us as a company in the effort to strengthen our financial position.

Starbreeze is a much stronger company today than it was one year ago. We are hugely confident, thirsting for revenge and thrilled to be able to focus to the max on developing our IP with PAYDAY front and center. With expanded development capacity and continued good demand for everything PAYDAY, we are in prime position for future growth. I am truly looking forward to continuing the work with Starbreeze and the opportunities that lie before us.

Tobias Sjögren

Acting CEO Starbreeze

For more information, please contact:

Mats Juhl, CFO
Tel: +46(0)8-209 229, email: ir@starbreeze.com

This information is information that Starbreeze AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on February 16, 2021.

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