How Bloodlines 2 Affected Paradox Interactive's Business

From January to December 2025, Paradox Interactive generated sales of MSEK 2,191.9 (~€207.4m), which is a slight decrease compared to the previous year (MSEK 2,200.9). However, operating profit fell by 80% to MSEK 146 (€13.8m), mainly due to the underperformance of Vampire: The Masquerade – Bloodlines 2, which significantly missed expectations. Amortisation and write-downs in connection with Bloodlines 2, amounting to MSEK 345.7 (~€32.7m) and MSEK 355.3 (~€33.6m) respectively, weighed heavily on operating profit. Profit after financial items amounted to MSEK 167.4 (~€15.8m) and profit after tax to MSEK 125.5 (~€11.9m).

The Swedish publisher had a strong pipeline, particularly in the fourth quarter (October to December). Aside from the unsuccessful Bloodlines 2, Europa Universalis V and a remaster of Surviving Mars were released, along with DLCs for almost every other game, from Age of Wonders 4 to Cities: Skylines II and Victoria 3. CEO Fredrik Wester emphasised the strength of the core business - strategy games - and said that they want to invest more in areas where they have the greatest expertise and long-term potential. This means no more experiments with role-playing games or other genres far removed from their core strategy games.

Fredrik Wester, CEO: "We closed the year with our most intense quarter in company history. With two new game releases, one remaster, and DLCs for most titles, we held a pace that truly demonstrates the strength of our organisation and our portfolio. The core business delivered strong performance with high revenues and solid cash flow. However, the results for the period were impacted by currency headwinds and the write-down of Vampire: The Masquerade - Bloodlines 2, as the game did not meet our commercial expectations. At the same time, this marks an important turning point: we are now strengthening our strategic focus, reallocating resources, and creating even better conditions for future investments where we have our greatest expertise and long-term potential."

"The major highlight of both the quarter and the year was the launch of Europa Universalis V, a game that brings the franchise into a new era. Few game series have been as central to Paradox as Europa Universalis. What began as a niche title 25 years ago is today a textbook example of how we build long-lasting games with highly engaged communities. With this latest installment, we have taken significant steps forward and laid a very strong foundation for the future."