Paradox Interactive AB (publ) PDX
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Full analysis: 6 Apr 2026
Latest news check: 7 Aug 2026
General analysis — not personal advice.
NEUTRAL
7/10
Confidence
Wait for Q1 earnings; consider adding 10–20% if normalized profitability is confirmed.
Strong core DLC business and cash flow but continued high execution risk from historical delays warrant the review signal after the Q2 report.
Market sentiment
7/10
→
Trend: Stable
Sentiment remains cautiously positive after the report, supported by the buyback program and back-catalog sales offsetting lower margins.
Price context
The share price at SEK 146 has absorbed the initial post-report drop and shows a 4.4 % weekly gain, finding support from the buyback program.
Risk assessment
7/10
Dilution:
Low
Net cash and strong operating cash flow
Jurisdiction:
Low
Sweden/EU, low political risk
Execution:
High
History of delays and large impairments
Cash flow:
24 mo
Recent changes
- Report shows normalized profitability driven by DLC sales and catalog revenue.
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Show all changes (3) — follow the company freeAbout the company
Paradox Interactive develops and publishes primarily PC strategy and management games with long lifecycles driven by DLC and expansions. The core business generates recurring revenue from established franchises, but recent results were hit by large one-off impairments tied to external projects (notably Bloodlines 2). Management has shifted focus toward fewer, more core-competency internal projects.
Sector:
Game development and publishing (PC strategy/management)
Type:
Tech
Next report
29 Oct 2026
Q3
Catalysts
30 Sep 2026
CK3 expansion By God Alone
Medium
2026
Application for listing transfer to Nasdaq Stockholm Main Market
High
2026
Transport Fever 3 launch
Medium
Horizon:
Bull case
Q2 results show normalized profitability and continued contribution from live games such as Stellaris and CK3.
Bear case
Further pipeline delays and lingering skepticism around Bloodlines 2 may continue to weigh on sentiment.
Signal rationale (informational)
Strong core DLC business and cash flow but continued high execution risk from historical delays warrant the review signal after the Q2 report.
Recent news
- Q2 report released on 6 August with net revenue of SEK 524 million (+14 %). Operating profit SEK 182 million and net income SEK 149 million. Board decided on 5 August to launch a SEK 200 million share buyback program. Cities: Skylines II delivered its strongest sales quarter since launch.
Key figures
Revenue
Q2 2026
SEK 524M
Revenue TTM
H1 2026
SEK 955M
EBITDA
Q2 2026
SEK 182M
Net income
Q2 2026
SEK 149M
Price & valuation
Last close
SEK 135
1 week
-7.3 %
3 months
+2.8 %
12 months
-18.0 %
From 52w high
-26.9 %
From 52w low
+15.8 %
Exchange
Stockholm
Type
Technology
Sector
Game development and publishing (PC strategy/management)
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.