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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.
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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