SECOND QUARTER, JULY-SEPTEMBER 2026 (COMPARED TO JULY-SEPTEMBER 2025)
> Net sales increased by 19% (18% organic growth in constant currencies) to SEK 267 million (224).
> EBIT amounted to SEK 8 million (44), an EBIT margin of 3% (20%).
> Cash EBIT amounted to SEK 75 million (69), a Cash EBIT margin of 28% (31%).
> Cash flow from operating activities amounted to SEK 98 million (129). Net investments in intangible assets amounted to SEK -27 million (-46). Free cash flow after working capital amounted to SEK 68 million (78).
> Adjusted earnings per share amounted to SEK 0.15 (0.25).
| Key performance indicators* SEK m | Jul-Sep 2026 | Jul-Sep 2025 | Apr-Sep 2026 | Apr-Sep 2025 | Apr 2025- Mar 2026 |
| Net sales | 267 | 224 | 519 | 408 | 961 |
| EBIT | 8 | 44 | 23 | 46 | 55 |
| Cash EBIT | 75 | 69 | 170 | 106 | 333 |
| Cash EBIT, margin | 28% | 31% | 33% | 26% | 35% |
| Adjusted EBIT | 37 | 83 | 91 | 126 | 288 |
| Adjusted EBIT margin | 14% | 37% | 17% | 31% | 30% |
| Cash flow from operating activities | 98 | 129 | 231 | 261 | 453 |
| Headcount | 252 | 246 | 252 | 246 | 243 |
CEO COMMENTS
Valheim drove growth in the quarter
Net sales increased by 19% to SEK 267 million (224) in the second quarter, driven by Valheim's 1.0 release and its launch on PlayStation 5 and Nintendo Switch 2 in September. After years in Early Access, the full release was an important milestone for us, Iron Gate and the players who have supported the game. The additional platforms also brought Valheim to new audiences.
Cash EBIT amounted to SEK 75 million (69), with a margin of 28% (31%). The lower margin reflects a higher share of sales from Valheim, where we share revenue with Iron Gate. Free cash flow after working capital amounted to SEK 68 million (78).
Baseline net sales slightly declined, mainly due to lower sales from Deep Rock Galactic and Welcome to Bloxburg. These games are important to our business, and returning them to growth is a priority. The teams are developing new content and adjusting their update plans based on player feedback and engagement and we hope to see that work translate into stronger performance.
Game portfolio
On September 29, we held The Big Break Showcase, sharing upcoming content for Satisfactory, Deep Rock Galactic and Goat Simulator 3, alongside new games from our studios and publishing partners..
One of the highlights was Core Values, Satisfactory's upcoming paid expansion, which It takes factory building underground. We are building a substantial addition to the game with a clear goal: to make it worth our players' time and money. It was fun to see the community show great response to the reveal, which bodes well for the future release.
Ghost Ship Games presented plans for the Deep Rock Galactic franchise and upcoming publishing titles. The original game will receive two new free seasons and its first paid DLC expansion, planned for summer 2027. Together, these give players more reasons to return and are an important part of our work to bring the franchise back to growth.
Goat Simulator remains one of our largest contributors, more than a decade after the original release. New content, broad platform availability and commercial partnerships have helped extend the franchise's life. A platform agreement contributed to sales this quarter, and Goat Simulator 3's next major DLC, Ticket to Dizzyworld, is scheduled for November 19.
Looking ahead
There's a lot of things going on right now in Coffee Stain Group. New technology is changing how games can be made and I am excited about what it can do for our small teams. Used well, these tools can help us do things that were previously out of reach and give us more time for work that calls for creativity and judgment.
I see further potential in our established games and the new ideas our teams are developing. Realising it means taking considered risks and giving our teams room to create. We will be honest about the results, change course when something is not working and back the ideas that show promise.
Anton Westbergh
Co-founder and CEO
Presentation of the interim report
Livestream presentation will be held today att 10:00 CEST.
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.
This information is information that Coffee Stain is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-11-05 08:00 CET.
