Paradox Interactive AB (publ)

Hello and welcome to the Q2 Stream 2026 for Paradox Interactive with me, Fred Wester.

And I'm Alex Brycka, the CFO. Welcome, everyone.

Welcome. Good to have you back. So we start rushing through this with my name. That's me. And starting by saying that this is a solid first half of 2026. No big surprises, no big things that are upsetting in any way. It's been sort of a typical quarter. We release content for... We release nine pieces of content for seven of our franchises. The only exclusion is Cities Skylines. But however, we see a very positive trend for Cities Skylines 2 since Iceflake Studios took over by New Year's. So we see Cities Skylines actually having the best sales quarter since release without releasing any new content. So that gives us a lot of reason to look forward to the future when we're going to release a lot more content for Cities Skylines 2 and for Cities Skylines 1 for that matter. Crusader Cane 3 and Stellaris launched new expansion passes, and Hard Surviving 4 and Age of Wonders 4 were both at the end of their expansion passes, so they're going to recharge, as we say now, and starting over with new expansion passes. We entered the main list of the Nasdaq Stock Exchange in Stockholm, marking a new milestone for the company, giving us new opportunities to do new things, like a share buyback program that we announced last night, just after our board meeting. And it's going to take place as soon as we can, right? Yeah. So, and as we said in my words from the CEO that we point out in the quarterly report, we have a very exciting Gamescom coming up in three weeks' time, so we might just as well ask you to follow us on Gamescom as well for more news on, because we're getting a lot of questions on future releases, but we can't say anything in these streams. We have to keep it in a certain marketing schedule as well. So the releases, the key releases, as you can see here, for all franchises, like I said, almost, Stellaris HL1S4, Victoria 3, Hearts of Iron 4, Europa 5, and the last two pieces of content for Bloodlines 2 before we close that chapter of development. And that was very quick actually. I think that's it. I don't get any more attention this time. But I think it was a good summary of what we've done so far on the product side. But I'll probably interfere with your... It wasn't lethal. I'll interfere with your numbers instead.

Sure. Let's go through them. So revenues for the second quarter came in at 524 million SEK, which is 14% up compared to the same quarter of last year when we did 459. Let's look into the drivers a bit. You that follow us know that there are mainly two things that impact the revenues. One is quite often the currency changes when we compare quarter to quarter. It's negative for us this quarter as well, but not that much. It's roughly 2% negative on the revenue side. it has been much higher the latest quarters we have been through. So now it has been fairly stable. So despite some 2% headwind on FX we are still increasing 14% and that of course has to do with the main driver and that is what we release in the quarter. And if you look a bit franchise by franchise, one of the biggest changes for Heart of Iron IV, where we had a big release in the quarter last year, we had that one in Q1 instead. So therefore Q2 versus Q2 comes with a substantial increase for Heart of Iron IV. We released on Stellaris Nomads, but there we had a big release last year as well. So we did a lot of revenue this year for Stellaris, but we did actually even more last year.

And what's worth mentioning on the product side for Hearts of Iron is the piece for our time that was released in Q2 is also made with one of our modding teams, which also emphasizes our push for more user generated content. So we have a lot of talented community members among our six million gamers, and some of them are making a lot of quality content for our games as well. And this is one example of that. Yeah, you're right.

We had two releases on Hearts of Iron 4 in the quarter.

Correct.

Crusader Kings 3 released, as Fred mentioned, a smaller release. Last year we had a massive release on CK3, so therefore the revenues on Crusader Kings 3 is down, if you just compare quarters.

Last year was Khans of the Steppe, which was the major in that one. I don't remember what was the name of the release this year.

Songs of the Realm?

Songs of the Realm, yeah. It was a smaller release.

And as you mentioned, Fred, this is a bit strange for us. So, Cities didn't have any release, but still made huge revenue because normally we push this message that if we don't have releases, we don't do much revenues, but this didn't apply for Cities. And of course, it has to do with the fact that we have a lot of players that have bought Cities Skylines 1 and are fans of the franchise that now, little by little, are starting to buy Cities Skylines 2.

Yeah, and you can see the sales climbing, for sure.

Age of Wonders 4, Victoria 3 had releases this year's Q2, but they had releases last year's Q2 as well, so not much movement there. And then of course, if you compare quarter to quarter, or year to year, it's Europa Initialis was higher this year because we have Europa Initialis 5, and also Vampire the Masquerade, Bloodlines 2, had some revenues in Q2 this year. As you mentioned, Fred, we released the two final DLCs for Bloodlines 2 in the quarter. I think it was April and June, right? Top Revenue Contributors, the same ones as always CIT is one and two, CK3, Hartz IV and IV, Stellaris, Europa and Charles V, Victoria III and Age of Wonders IV and Bloodlines II. No surprises there. Let's move to operating profit. 182 million SEK this year compared to 133 last year. So that's up almost 50 million SEK or 37%. And that comes with the revenue increase of course. Profit after financial items or profit before tax. 188 million SEK compared to 139. And the profit margin 36% this year compared to 30%. But we think we can do better, right?

We think so, yeah. On the margin side, we can probably be a bit over 40%. At least that's the long-term sort of strategy for us.

Even though it's of course very strong with 36%. Equity through asset ratio 76% compared to 81%. Very solid company and balance sheet. The reason to the decrease is that we prolonged the office lease agreement here in Stockholm for several years and that is according to the accounting rules put on the balance sheet. So it increases asset and it increases debt. So therefore the solidity goes down. Employees, number of colleagues to us during the quarter average 695 so that's up significantly I would say from 640 last year. The main growth is in our studios. Iceflake presented twice makes the biggest of course taking over cities during this year so naturally they are increasing but we've increased in home amount that are working on, they have one live game, Surviving Mars, and they're working on other things as well. Paradox Development Studios in Stockholm have increased, they have several projects going on, and some increases on publishing as well, but most in the studios. Let's move to the next page. Let's see this chart. So it shows revenues and our three main costs, cost of goods sold, selling expenses and admin expenses. Cost of goods revenue we have discussed 424 compared to 459 last year. Cost of goods sold is up from 232 to 259. We will look into that in detail on the next page. So let's save that. Selling expenses is very similar to last year 53 million SEK compared to 54 million SEK Q2 2025 so almost the same movements within each game depending on what has been released of course and what's about to be released so last year we had significant spending on EU5 and Bloodlines even though they weren't released but we were starting to prepare This year it's up on Hoy since we released and also on an unannounced game which sooner or later will be announced. So the marketing costs we need to take in advance before we actually release a game and some of them even before we announce a game. Admin expenses slightly higher than usually this quarter, 33 million compared to 27 million last year. Half of that increase roughly is due to this list change we had that came with significant one-off costs. We don't see any major cost increases from being on this list, but it came with extra cost to do the list change. So roughly 3 million in Q2 was due to that. And then, so that means that it's up 3 million. Small changes between each quarter. So this year we had a summer party for all employees here in Stockholm in June. Last year we had it in... I wasn't even there. No, you were invited.

I was invited, but I wasn't there. So it was not my fault, part of the cost there.

No, it was good. But last year we had it in September when we had the big staff conference. Right. So that means that... Moving costs around a bit. And then so admin expenses normally stays quite flat. But with an increase of staff in general and an increase of the business, admin expenses comes up a little bit. So let's dig into COGS, which is the biggest cost we have, 259 million up from 232 million last year. It's made up of seven cost items, or that's how we describe them. the ones that is often the biggest one is amortization of capitalized development so that came in at 103 million this year Q2 compared to 79 million last year so it's a 24 million increase and that is more than 24 million is due to Europa and Charlize 5 and Bloodlines so only those two projects came with the higher amortization in Q2 that then makes up this difference so that means that the rest is down and especially Crusader Kings 3 that is down they had a huge release last Q2 which has been almost fully amortized by now also Millenia had significant amounts last year, but not this year. write-downs, zero this year, zero last year, which is of course good. Then we have amortizations of licenses, trademarks and similar rights. This is down from 19 million SEK to 8 million SEK. So the 8 million SEK, it refers to the acquisitions of Heimimont and the game Stranded Alien Dawn, which we didn't have Well, we didn't have full of it last year. So what we do is when we acquire companies like Hemimont or assets like Sranda Daily and Dawn, we prefer to put as much of the investment cost onto assets that we amortize. It pushes down the profit in short and mid-term, but it's a prudent way to do it and it helps us in the long term.

Yeah, it keeps the balance sheet clean from all goodwill items and stuff like that. I think our total goodwill now is under 20 million SEK.

Yes, it's somewhere around there. That's right.

So it keeps it clean for sure.

And of course, so take Heimimont for example, we expect the value of Heimimont to actually increase over the years as being part of Paradox. But that's not how we account for it. We account as a value actually disappears over, I think it's fully after five years. So it's a very prudent way to handle it. And why is it down? Well, last year we had the amortizations of Plerion that we acquired back in 2020 and five years has gone and then all amortizations have gone.

Therefore, we have zero amortizations left to do there.

Depreciations, seven million, same as last year, slightly, slightly down. And this is how you account for the rent pretty much for all the studios. Then we have non-capitalized development costs. So this is a spending on game development project that we don't capitalize for different reasons. It can be high risk, it can be early stages. For example, we released, as we mentioned, two DLCs on Bloodlines 2 in the quarter. We have taken the full cost of that development in this quarter. as they come yeah and the significant part of the development came in this quarter so therefore that is high we have all the profit share which is company-wise it's 6.5% of the quarterly profit that is taken as cost in the same quarter and most of it ends up here because most of our employees are within the studios that are part of the cost of goods sold and then we have some of the publishing costs as well for game development related matters ends up here. Development support operation maintenance of games so it's tech pretty much the tech cost we have within the publishing unit they do the launcher mods multiplayer functionality forums it's up to 30 million SEC this Q2 it was 24 million Q2 of last year this it fluctuates a little bit from quarter to quarter and it also increases or decreases with the business so when the business if we do more project if we hire more people this goes up a little bit royalties the final item here or sub item 28 million SEC in this year's second quarter and 26 last year second quarter Two things that drives our royalties, or historically it has been two things. It's the revenues on Cities Skylines and Age of Wonders 4. Yeah, they earn out from Age of Wonders 4 purchase. And that is fully paid now. So that means in Q2 we had much less, and in Q3 we won't have anything. On Triumph Studios and other games, yeah. Correct. So we can expect royalties to slightly go down, or it should go down. in average. Let's move on to the next slide. Yes, let's go. So below our three main cost items, we have other income and other expenses, net 4 million this year and net last year minus 13 million and this is mainly currency movements within the quarter and last year's q2 if you remember the dollar weakened significantly which impacted us negatively in that quarter this year it hasn't moved much it has actually gone up a little bit during the quarter So therefore it's much less negative.

Fairly stable. Financial income is interest rate basically on money in the bank.

Exactly. And that's stable. It's down very similar as last year. Six million last year. I think it was very much the same. Yeah, it was rounded off to six million last year as well. So slightly changes in interest rate and the amount of money we have on the bank account. Sounds good.

Let's move on.

Rolling 12 months profit, this is to give you a better sensation of the trends and you can of course see that over a longer period of time the growth trend of the revenue is very solid. There are ups and downs if you look at shorter periods of time but over time there has been a very stable increase. and it varies with the releases profit is down a lot since Q4 profit of course also depends on the releases but also if we release bad games or projects that comes with write downs and we had one in 23 we had one in 24 and we had one in 25 the 25 one was Bloodlines 2 so that will still push down the rolling 12 months until Q4 yeah so next quarter it will still look like this but then it will bump up again and I think we said it on the last stream we have had three big negative projects they are all gone now so Well, we have slightly little amortization left on bloodlines, but in terms of what we have in the development pipeline, we don't have any big high-risk projects like these ones. So that's very good. That's very good.

Yes. Very good news as well. Yeah. Next? Yes, let's go to next.

Let's go. Cash flow in the quarter. If we look at cash flow from operating activities, it was 105 million SEK this year, but that includes a 185 million SEK payment for the publishing rights to the game that we're co-publishing. so without those 185 million it would be significantly higher and I don't know exactly when we have if we have said when the game is no we haven't said exactly when the game is going to come but when it comes it's basically for publishing rights for games yes 185 million in this quarter which

Would have made it 290 if those were left out, but it's money that hopefully is coming back and hopefully quite soon.

Yes, good point. So very strong cash flow. Very strong cash flow. Cash flow from investing activities, 166 million compared to 161, so very similar to last year. And if you follow us, you know that This number, it fluctuates between the quarters. I think it was like 122 or 124 in Q1. So it differs a bit depending on when we get the invoices for the different projects. Right. I think that was it. Is that it? Yeah.

Yes. Let's move over to the Q&A.

Yes. We have received several questions during the morning and also during the stream, I think. First one, I think it's for you, Fred. Do you see potential in working with third-party owned IPs?

That's a good question. I mean, we prefer, as Paradox we always have, to own our own IPs and work with our own games, our own trademarks, intellectual properties, all of it. If we see an opportunity, though, with something that matches our philosophy, matches our target audience, matches what we do, and we can come in at the reasonable price with a good deal for both us and the partner, we're not alien to doing that deal. So... We're getting, I mean, the way the market looks right now, it's been a bit volatile out there. I think Paradox is still very stable. I think we're having a good growth path forward. I think we have a great strategy, great team. But it also gives us a lot of opportunity to work together with talented teams that are looking for either a publishing partner or funding or other things. So we can provide a lot of stability for a lot of gaming companies out there. So opportunities will come up for sure. That was a very long answer, but I think it was actually fulfilling to whoever asked the question. So, Alex, can you quantify the non-recurring main market listing costs in FX?

Yeah, I think I did. The main marking listing cost was 3 million SEK roughly in this Q2. It's roughly the same in Q1. And we expect it to be close to zero in Q3. Yeah, and I also touched upon the admin cost in general. FX, I said we had roughly 2% headwind and now these are estimates and it's difficult to be exact for us when we talk about the FX because we can of course see how much the different currencies have changed between the quarters. and we can weigh that change with the currency mix we see from our products when we look at steam for example and that gives us in this quarter 2% if we look at the average Q2 and compared to averaging of Q2 last year but FX actually impacts us when the payments are happening. So it depends when are Steam getting the payments from the players and when are we getting the payments from Steam. And that timing differs from when we recognize the revenues in our income statement for example due to expansion passes we got the payments for the HO1 there's expansion pass already last year but some of it comes up now in the revenue so therefore You can't just take this 2% and multiply it with 459 million SEK, which I think was the revenue from last year's quarter, and just say that that is the impact.

But over time, it kind of balances out. So that's the point as well, because the expansion passes sell at different times as well. Yes, exactly. So every day, you know, for the whole period of the expansion pass. It's more complex than just saying 2%. That's the thing. But it balances out over time.

Right. Here's one for you Fred. Could you give an update on Prison Architect 2 and any other games in the pipeline? Follow-up question on that. Can we expect something at Gamescom? Can you comment on rumors circulating about future management games?

Three questions in one. Let's start with Prison Architect 2. I played some Prison Architect 2 yesterday. The new planning mode is absolutely brilliant. You can build plans that are transparent and then you can say push play when you have the money in the bank. It's really good. It's getting there. We're going to come out with news during fall. That was Prison Architect2. Can we expect something at Gamescom? Yes, you can. It's going to be quite big for us this year. So, and we already said in this stream, and I think I say that in the words from the CEO in the quarterly report as well. So we really hope that you follow our, you know, What we do with Gamescom basically and the releases that we have because it's going to be a lot of fun. And can you comment on rumors circulating and a future management game? No, I can't. I'm sorry. You have to wait until we do official releases because if we comment on all the rumors out there, it's going to be, you know, a completely separate stream about that. So not today, but hopefully we can iron out some details in a couple of weeks from now. So, Alex, given the quieter Q3 content schedule, how should we think about the sequential EBIT, considering the higher headcount and ongoing amortization from EU5 and Bloodlines 2?

Right, so... Good question. Yes. What will EBIT be in Q3? Exactly.

Plus minus two percent.

Yes. You know, we don't give any guidance on EBITDA and other financials. But as the question points out, Q3 tends to be slower compared to Q2 if we count releases. And it's likely going to be like that this Q3 as well. Now, so that of course impacts EBIT. Almost all Q3s are lower than the Q2s. It's quite common for us as well at least. Considering the higher headcount, Yeah, we've had significant headcount increase compared to last year. Most of that is in the studios. So that means that it's for developing, which means that it's being capitalized and goes into the balance sheet. So that doesn't impact the short-term profit. It will impact the quarter when we release a game. But the plan is that that game is going to come with more revenues than amortizations, of course. so it won't impact Q3 that much and also when we speak about Q3 personnel costs tend to be significantly lower than other quarters because we have a lot of vacation and that has an impact on the P&L Yeah, there was also like a three-part question. Amortizations from Europa Universalis and Bloodlands. Yes, good point. That is coming down. We released both games in Q4 last year, and we have the aggressive amortization model, which means that we take much more in the beginning. Now we are coming in in the kind of final period where we have amortized the vast majority of both games. So that is going to come down. Right. Next one is for you, Fred. Is the team in Iceflake still working on a console version for Cities Skylines 2? And can you give any additional color on a possible release? Short answer is yes.

Any color on release? No. Because, like I said, we're going out with official releases whenever we are ready. But the progress is looking good. And we... I don't actually know when we're releasing more info on this, but I think it's fairly soon. So we're in a good place with Cities Skylines 2 on console. Alex, is 200 million the entire amount up until the AGM? If so, why is that considering a billion of cash posts after dividend payment and the payment of the publisher contract?

So 200 million refers to the share buyback program? I guess so.

It sounds like the round number that we agreed upon in the board meeting yesterday.

Yes, and that we announced later.

And why is it only 200 million is the question?

Yes. Well, the entire amount of what yes it's a full amount that the board decided on yesterday yes so that's a total amount but the board made this decision based on the mandate that was given on the AGM that we had in May and that mandate is bigger so the board has only used a part of that mandate and Technically, there's nothing hindering the board to take a new decision later on.

I mean, if I understand correctly, we can buy back almost 10% of the total shares, and that just takes a new board decision. But this board decision has the mandate of 200 million. That decision was 200 million, correct.

Why isn't it more? Well, so the buyback program is 200 million. Back in May, we distributed a little more than 500 million in dividends. So it's 700 million this year. If we complete the buyback program, a little more than 700 million as shareholder distribution. Sure, we have more cash, but we think this is a good capital allocation for this year. As always, our main priority is to invest our cash in game development, and if the opportunity arises, acquisitions, like we have done in the past. What is not needed for that should of course be distributed to the shareholders. We have during the last years increased that distribution. It's not many years ago that we did 100 million second distribution and then we increased it to 200 and then to 3 and then to 500 and now with the complete buyback it's at 700 so we are increasing it. Fred, when you think about releasing content more frequently across your main games, what's actually holding you back the most? Is it how much your teams can produce, how much players are willing to pay for, or something else entirely?

I would say it's all of the above to different degrees. But first and foremost, the ceiling is quality. I mean, we've had uneven quality on some of our titles, some titles that do only things that get super reviews and some that are a bit up and down. But we need to be able to provide a strong player fantasy with quality content every time we release something. That's our goal. So I wouldn't say there is one like dominant factor holding us back, but we strive to produce as much quality content as we can for our gamers. So there's nothing we don't hold back for other reasons than that, I would say. I mean, you could always argue we could have parallel teams and stuff like that, but it also increases complexity. But we have I would say that our live teams work really hard to provide the content that we come out with every year, and I think we've found a good model with the season passes. We might do some adjustments to that in the future, but I think we've found a good model. I mean, if we're describing the Paradox, if you want to call it flywheel, which is very popular to describe it as that, what we need to do now, partly, is finding more games to fit the Paradox model that already is working. As you can see, No new releases this year, still stable. We can see that our portfolio can still grow the company. It's just adding new gains on top of that is going to be icing on the cake, or maybe more than icing, maybe a fully new cake. You never know. I have really long answers today. I don't know. I just feel, you know, sort of inspired. So regarding the 30 million guaranteed to an external dev, how are the advances recouped and margins and revenue sharing economics from an investment standpoint and what protections exist if the project is delayed or underperforms? Okay, so several questions.

Right, so to start, we can't comment on the particular contracts, but we are happy to explain our standard procedure. So when we publish games developed by other studios, The normal setup is that we as a publisher, we finance the full project. So we pay the full development costs. Sometimes with the markup, sometimes just as cost basis. And then upon release of the game, We take often the full revenue from day one. And then once we have reached a certain threshold, normally it's related to when our investment is recouped. Sometimes it can be more than that. Then we start to share the revenue with the development partner.

It depends on when we come into the equation as well. If we start the funding from the beginning, the terms are in our favor. Mostly and it might be more balanced if we come in late and can evaluate the product.

Yeah.

So it depends a bit on that as well. Yeah.

And in this project we came in quite late.

We actually have a couple of projects that we can't really, you know, something we can't talk about. Sure.

But as you say, when we come in late, a lot of the risk is already taken. And that's of course very beneficial for us that the risk is smaller. And normally that is something that you need to pay for through the terms. So if you take less risk, it's likely that you get equally less upside. So with less risk, you could... a bit roughly expect slightly less margins.

Yeah. But also you have to remember that this is... When you make a completely new product, it's quite high risk. When you come in later, the risk is significantly lower as well.

So it's always... And then there was a sub question in it. What protection exists if the project is delayed or underperformed? Yeah, I think... The best way to handle the risk is, of course, to come in late.

That reduces the risk the most.

And another equally important thing is to work with studios that have a good track record, work with projects that have, is it a sequel that takes down the risk because it's a recognized brand, it has a player base already. So those things impact the risk much more than the contractual terms, I would say.

Also a sequel to a previous game is a lower risk than a fully new game. If you have a lot of overlap with the Paradox current portfolio, it's a lower risk for us because we know the target audience. So there are a lot of factors that come into account when you make the decisions on what to publish.

Fred, given how the EU5 launch has gone, including the issues along the way, has it changed how you think about Paradox's focus on grand strategy games?

No, not really. Grand Strategy Games is still our core and it's also our deepest expertise and we will continue to invest and expand that. We will continue to experiment a bit on what is considered grand strategy and maybe trying to reach certain new target audiences without leaving behind the core audience that we already have because I think that's a mistake a lot of people do. But it means when we're looking at existing games and new titles, grand strategy is still at the core of what we do, even if we experiment with other things around it that fits the gaming formula and also the business formula of Paradox. Alex, how should we think about the net royalty cost trajectory given the expiry of Age of Wonders 4 earn out, but higher royalties from Strongest Cities Skylines and Cities 2 sales?

Good point. Short answer, it should decrease over time. As we already mentioned, we have two main drivers as the questions suggest. Revenues from Cities Skylines and HO1-4. We already said that HO1-4 is from now on royalty free, you could say. And Cities, yes. Revenues have increased over the last quarters, but there we pay royalties on the sales of content developed by Colossal Order. And now when we, and especially iSREC, have taken over the development, it means that Revenue and sales on content that is produced by us, we don't pay any royalties on. So over time, the ratio of the revenue will likely swing towards on produced content. So that will decrease royalty rates as well, even if the total revenue, as we hope for, will increase. More questions. This one is for you, Fred. Why the choice to work with external developers? If I'm not mistaken, Paradox shifted its strategy more towards in-house development. Does this studio have a strong proven track record? Which measures are in place to evaluate the developer's progress?

Well, I think we explained it previously, but It's not a shift of focus. I would say, so in 2021, we had, I think, nine or 10 external developments, and we pretty much closed all of them. And we've re-evaluated who we work with and why we work with external developers. and I've explained it before it has to meet the paradox criteria for what a good game is or how we see games also have a good overlap with how paradox does business and what we value including for example modding and and other things that are important both to drive revenue but also to drive you know player interest and make people more engaged in the game and basically drive player value so All the studios that we work with have a strong proven track record. It typically works with franchises that has been either proven before or has seen some sort of first touch with the market. So we have a couple of studios that we work with right now on the games that we will co-publish. And we think that's an excellent way to figure out You know, ways to find new partners to work with over longer periods of time and sort of expand the Paradox universe for our gamers and for ourselves as well at the limited risk. So, Which measures are in place to evaluate developer progress? Well, we monitor everything closely from a milestone schedule, just like we do with our internal games. So, I mean, we do have more than a quarter of a century experience in making games, even if we fail from time to time as well, which is inevitable in the entertainment industry. I would say that we monitor all developments that we're a part of because we're invested in them. Good. Monthly active users in Q2. What is your reasoning behind no longer reporting these figures in the quarterly report?

Six million. Six million in Q2. It's in the report, but unfortunately, the reader has missed it. So we have done several formal changes to the report. One is that we have... brought forward and increased the KPI sheet that we used to have. So we have more KPIs in it. That has replaced the slide or the page where Mao was previously set out. Now you can find Mao in the company description in the report.

We have a page that talks about Paradox. There you will find Mao.

Fred, I was wondering if you could break down your thoughts slash rationale behind Transport Fever 3 in both qualitative fit in the context of Paradox portfolio more broadly, and then how you think about ROI when you consider total sales of Transport Fever 2 so far? Several questions again, Ingvar.

I think we've kind of answered this in a lot of different ways, but you know what, I'll give it a new stab. First of all, I think the portfolio fit for this game is great, and we've done an extensive analysis on, for example, wishlist overlap in between this game, the Cities Skylines series, Crusader Kings, and a lot of other games in our portfolio, and come to the conclusion that there are very few games out there that has more Paradox DNA than specifically the Transport Fever series. The game looks great. We've all played it. We got the opportunity to play it when we signed it. And that was actually one factor that got us to sign it, is actually trying out the game's quality. Just like I have with Prison Architect 2, it's much easier if you sit down with the game and actually play it yourself. It gives a totally different sort of feeling to Is this game a good game? Can this game actually sell? Can it reach the audience it's supposed to reach? This is a great game. It's exactly what this type of gamer wants, according at least to our own internal and to some extent external user research tests as well has indicated. So that's obviously, it's a competent developer. They've done games before that is virtually the same thing. And it has everything we want. Depth replayability, engaged player base, modding scene. So pretty much this is what we do. It's just made in a different location than in a Paradox office. So we never share details of contracts or partnerships like that because we've never done before, but... Yeah, we think this is a good opportunity for us to find a new good partner. All in all. Good. No more questions. And with that long sort of explanation on Transport Fever 3, the Q&A session is over for this time. So thank you, Alex.

Thank you. Thank you for watching. And if we missed to answer any questions, email us and we will answer them by email.

We will. And don't miss the Paradox announcements at Gamescom. It's going to be a lot of fun. Of course. And see you at latest at the Q3 report. Yes. Perfect. Bye.

Have a good day. Bye.