Paradox Interactive grew revenue 4% year-over-year to SEK 955 million ($100.6 million) in the first half of 2026, and returned to profit growth after three consecutive quarters of operating profit decline.

The Swedish publisher's semi-annual report shows operating profit edged up 1% to SEK 283 million ($29.8 million), with the recovery concentrated in the second quarter. From April to June, operating profit rose sharply by 37% to SEK 182 million ($19.2 million), breaking a slump that had stretched across the previous three quarters. The operating margin for the half-year held steady at 30%.

PC remains the backbone of the business, generating SEK 811 million ($85.4 million) — 85% of total revenue. Console is the growth channel: its share climbed from 9.44% in the first half of 2025 to 12.25%, equal to SEK 117 million ($12.3 million). Mobile contributed a further 2.1%, or SEK 20 million ($2.1 million).

Geographically, the United States accounted for 85.1% of revenue, or SEK 813 million ($85.6 million), underscoring how dependent the company remains on a single market.

Which titles drove the quarter?

Paradox did not disclose top-grossing games for the full half-year, but named the strongest performers in Q2: Cities: Skylines II, Hearts of Iron IV, Europa Universalism V — recorded in the report as Europa Universalis V — Vampire: The Masquerade – Bloodlines 2, and five additional titles.

Not every flagship performed. Revenue from Crusader Kings III declined: the Songs of the Realm expansion, released in April 2026, underperformed compared with Khans of the Steppe, which launched in April 2025. That comparison signals softer demand for the grand strategy title's premium DLC cadence — a mechanic that has historically carried the game's post-launch monetization.

What does the listing change mean?

On June 9, Paradox moved its shares from Nasdaq First North Growth Market to Nasdaq Stockholm's main list. The switch typically broadens access to institutional investors and index funds that restrict holdings to main-market listings, which matters for a mid-cap publisher seeking deeper liquidity.

What to watch

The open question for the second half is whether the Q2 profit rebound holds. Watch the performance of the fall release slate and the next Crusader Kings III expansion — a weak follow-up to Songs of the Realm would confirm a decelerating DLC cycle for one of the company's core franchises.