Speaker #1: You've got my lips in your eyes, and you've got my lips in your eyes, and so high. You've got my lips in your eyes, and so high.
Speaker #1: You've got my lips in your eyes, and don't want to come down, come down. Don't want to come down, come down. Don't want to come down, come down.
Speaker #1: Don't want to come down. You've got my lips in your eyes, and so high. You've got my lips in your eyes, and hey, hey.
Speaker #1: You've got my lips in your eyes, and so high. You've got my lips in your eyes, and don't want to come down, come down.
Speaker #1: Don't want to come down, come down. Don't want to come down, come down. Don't want to come down, come down. Don't want to come down, come down.
Speaker #1: Don't want to come down, come down. Hey, hey. You've got my lips in your eyes, and hey, hey. You've got my lips in your eyes, and hey, hey.
Speaker #1: You've got my lips in your eyes, and hey, hey. You've got my lips in your eyes, and hey. Don't want to come down, come down.
Speaker #1: Don't want to come down, come down. Don't want to come down, come down. Don't want to come down, come down. So high, so high, so high, so, so, so high, so high, so high, hey, hey.
Speaker #1: So high, so high, so high, so, so, so high, so high, so high, hey, hey. So high, so high, so high, so, so, so high, so high, so high, hey, hey.
Speaker #1: So high, so high, so high, so, so, so high, so high, so high, hey, hey. You've got my lips in your eyes, and you've got my lips in your eyes, and lips in your.
Speaker #1: You've got my lips in your eyes, and so high. You've got my lips in your eyes, and.
Speaker #2: Baby, don't you go, go, go. Baby, don't you go, don't you go, go. Baby, don't. Baby, don't you. Baby, don't you go, go, go, go.
Speaker #1: You bring me joy, baby, don't you go, go, go. You bring me joy, baby, don't you go, don't you go, go. You bring me joy, baby, don't you go, go.
Speaker #1: Baby, don't you. You bring me joy, baby, don't you go, go, go, go. Don't you, don't you, don't you, don't you go, go, go, go.
Speaker #1: Don't you, don't you, don't you go, go, go, go. Don't you, don't you, don't you, don't you go, go, go, go. Don't you, don't you, don't you go, go, go, go.
Speaker #2: You bring me joy, baby, don't you go, go, go, go, go. Baby, don't you go, go, go, go. You bring me joy, baby, don't you go, don't you go, go, go, go.
Speaker #2: Baby, don't you go, don't you go, go, go.
Speaker #1: Baby, don't you go, go, go, go. Baby, don't you go, go, go. You bring me joy, baby, don't you go. Baby, don't you go, don't you go.
Speaker #1: Baby, don't you go, don't you go, go, go. Baby, don't you go, don't you go, go. Baby, don't you go, don't you go.
Speaker #2: I know you're lonely, with your back to the wall. It seems like forever since we let things go. But sometimes, baby, when I look in your eyes, I can still see the young girl I.
Speaker #3: So we're live. This is the Q3, 2026, report stream with me, Fred, and.
Speaker #4: I'm Alex Bricca, the CFO. Welcome, everyone.
Speaker #3: Welcome. So we're going to take you through the numbers and the releases of the third quarter of Paradox Interactive. So that is me, as always.
Speaker #3: I will start. To summarize, the third quarter, I think we have to go back to 2021 to find a quarter where it asked you releases, as we had in this quarter.
Speaker #3: So it's safe to say that it was a back catalog that was carrying most of the revenue and the profit in this quarter. There were, like I said, three releases.
Speaker #3: Two of them were in the two last days of the quarter, and all of them were in September, which was the last month of the quarter.
Speaker #3: Transport Q3, which is co-publishing deal together with the Swiss developer Urban Games, released on September 30. Worth mentioning, new cooperation there. Another thing that happened in the quarter was our Gamescom reveals and announcements.
Speaker #3: So we announced and later on also released, obviously, Transport TV3, the announcement date was revealed on Gamescom. But we also announced our first original IP from Paradox Interactive in 10 years after World, which is a post-apocalyptic grand strategy game from one of our internal teams.
Speaker #3: We also announced LEGO Skylines, which is a new city-building game, in cooperation with the Danish company LEGO. And developed by Iceflake Studios, also an internal studio in Tampere, in Finland.
Speaker #3: So it's very well in line with our strategy and what we're good at. So we have really high hopes for the games to do well.
Speaker #3: We also during the quarter in order to focus more on our key business and our key platforms, we sold the mobile game studio Plarium to Danish company Trophy Games.
Speaker #3: And that led to a one-time revenue of 40 million SEK in the quarter. On the other hand, we have been riding off Plarium for a five-year period as well.
Speaker #3: So previously, it has impacted our EBIT and our negatively. So it's a positive it didn't affect revenue, though, only.
Speaker #4: Other income.
Speaker #3: Other income, okay. So that was it. So as I said, very slow quarter. Transport Fever 3, second last day of September. Crusader Kings 3 by God Alone, the last day of September, the last day of the quarter.
Speaker #3: And Feeding the Future, a content pack for surviving Mars 3, launched that was also released in September and had two, three weeks of sales before the quarter was ended.
Speaker #3: So we want to look at Q4. We have a bit more things going. A new expansion pass for Rage of Wonders 4. A new expansion pass for City Skylines 2.
Speaker #3: A big and releases for both games in that quarter. It's the first paid content that Iceflake Studios is creating for the game City Skylines 2.
Speaker #3: And we also have content for Europa 5, Crusader Kings 3, and Stellaris. And some stuff for consoles, including Switch 2. Worth mentioning is that we actually released City Skylines 1 on Switch 2 just yesterday.
Speaker #3: So if you haven't tried it, now is the time. And with that, I leave.
Speaker #4: All right. Thank you. So as always, let's go through the numbers a bit more in detail. We did 456 million on top line. This year's Q3, it's 15% better compared to last year's Q3 when we did 395 million SEK.
Speaker #4: The drivers, it's what we releases. And quite often, it's foreign exchanges as well. So currency movements. This Q3, compared to last year's Q3, it hasn't happened much.
Speaker #4: I know the dollar has gone up 1%, maybe a little bit more. The euro has been flat. So not much of the revenue difference comes from currencies.
Speaker #4: But in terms of releases, all the change and some comes from Transport Fever 3. So we released that, as you said, at the very last day of September.
Speaker #4: But it managed to generate substantial revenues. So that created the increase compared to last year. If we look at DLCs for our existing franchises, there we released less this Q3 compared to last year.
Speaker #4: Last year, we released on Stellaris. We released on Age of Wonders. Wiki 3. Small one on Crusader Kings 3. And Cities 1. I think we had a couple of content creator packs and radio stations.
Speaker #4: And as Fred mentioned, this year, we only released core expansion on Crusader Kings 3, the very last day of September, in the quarter. And smaller DLC on Surviving Mars.
Speaker #3: Yes. Also in September.
Speaker #4: Yes. So that means so Crusader Kings 3 is up revenue-wise compared to last year. Stellaris, Age of Wonders, Victoria 3 are down since we haven't released anything.
Speaker #4: The thing that stands out, this quarter again, I think, is Cities because so Cities, we released on the franchise Q3 last year. But not this quarter.
Speaker #4: But we are still doing better revenues this Q3 compared to last year.
Speaker #3: Which is a great trend.
Speaker #4: It is a great trend. And if we look at the top revenue contributors, it's Age of Wonders, Cities 1 and 2, Crusader Kings 3, Hearts of Iron 4, Transport Fever 3, Stellaris, and Victoria 3.
Speaker #4: Europa Universalis and Bloodlines are just outside of this top list. But on the franchise level, Cities Skylines is the top grossing franchise in the quarter.
Speaker #4: Despite not releasing anything. So Cities is after the takeover of Iceflake Studios, has turned into a great state. And now we have full expansion pass to look forward to as well.
Speaker #4: So that's exciting. Operating profit for the third quarter of this year, 142 million SEK compared to 112 million SEK last year. So that's up 27%.
Speaker #4: And as you mentioned, Fred, we sold the mobile game studio Plarium during the quarter. That had a positive impact on the operating profit of 40 million SEK.
Speaker #4: We required the studio six years ago. And just as you've said, we have amortized the full acquisition cost over five years. So each quarter for five years, that has held back the profit.
Speaker #4: And now when we sell the studio, the profit shows up in the quarter where we sell it. Profit after financial items, comes in at 146 million.
Speaker #4: Compared to 116 million last year. So that's this up as well. And the reason why we have higher profit after financial items than operating profit is because we don't have any debt.
Speaker #4: But we have positive cash balances. So we make an interest on that. Profit after financial items, margin is 32% Q3 this year compared to 29% this year.
Speaker #4: So that's good. If we would remove Plarium, we would be lower than last year. And the reason to that is that it's the revenue mix so this year we have a substantial part of the revenues coming in from Transport Fever 3.
Speaker #4: And we don't have the same high margins on Transport Fever 3 that we have on our core titles like Stellaris, Hearts of Iron, and Crusader Kings.
Speaker #4: Equity through asset ratio. 77%. Very similar to last year's Q3 when we had 73%. Sorry, 78%. And number of FTEs. So full-time employees in average throughout the quarter was 707.
Speaker #4: So that's up compared to 654 last year. And the increase is mainly in the studios. Of course, Iceflake has increased a lot since they took on Cities.
Speaker #4: But also bringing Lego Skylines into full swing. We have, of course, our Paradox Development Studio here in Stockholm. With, for example, Afterworld, coming to a later and later stages.
Speaker #4: Meaning more employees. Triumph has increased a bit as well. And also a bit on our central publishing. So we are prepared for next year to release everything.
Speaker #4: Plarium is still here. With 30 FTEs. So we sold the studio in on the very last day of the quarter.
Speaker #3: So October 1st is the first.
Speaker #4: Yes.
Speaker #3: Day outside of.
Speaker #4: So and we had 30 FTEs as average during the third quarter. So that means when we do this report in a quarter from now, we will be 30 FTEs less, plus minus any other changes, of course, in the rest of the organization.
Speaker #4: So let's move to the next slide. So this chart shows our main costs and the revenue as well. Cost of goods sold, selling expenses, and admin expenses.
Speaker #4: Revenue we have discussed up from 395 to 456. The green line. Now our biggest cost item, cost of goods sold, is up from 203 million to 269.
Speaker #4: We will go through that when we come to the next slide. But first, let's touch a bit on selling expenses. So 59 million SEK in Q3 this year compared to 50 million SEK in the same quarter last year.
Speaker #4: And the increase is driven by our marketing campaigns that we have for Transport Fever 3, Afterworld, and Lego, especially.
Speaker #3: So a lot of games come cost.
Speaker #4: A lot of games come cost, yes, for sure. And administrative expenses tends to stay fairly flat. So 29 million this year compared to 29 million last year's Q3 as well.
Speaker #4: And admin expenses, that's everything that is not cost of goods sold or selling expenses. Let's move on and make a little bit of a deep dive into the cost of goods sold.
Speaker #4: So we have seven kind of subcategories. The biggest one is amortizations of released games. There we went from 71 million SEK in Q3 last year to 94 million SEK Q3 this year.
Speaker #4: So it's an increase of 23 million SEK. And that's mainly driven by releases that we did last year. So in Q4 last year, we released Surviving Mars relaunch.
Speaker #4: It opened on Charlie's 5. And Bloodlines 2. So those and, of course, Q3 last year, we didn't have any of those games. So we still have some.
Speaker #4: Amortizations that we do on those. So that is the main explanation why it's higher. Then there are movements within each franchise. Crusader Kings 3 is higher since we released.
Speaker #4: Core expansion this year. Last year it was a smaller release on Crusader Kings. And then it's up and down with other franchises. Write-downs zero this year, zero last year.
Speaker #4: In Q3, which is good. Then we take 8 million SEK as cost for amortizations of our acquired businesses and assets. So it was 9 million SEK last year and it's 8 million SEK Q3 this year.
Speaker #4: And this is the acquisitions of Haemimont, the studio that we acquired a year and a half ago. And the game Stranded Alien Dawn that actually Haemimont has developed.
Speaker #4: But it was owned by another publisher. So we have acquired that studio and that game. And we are amortizing the acquisition costs like we do with Plarium over the years.
Speaker #4: So we let that hold back our result quarter by quarter. And of course, our expectation and hope is that, for example, Haemimont is going to not decrease in value for us but increase in value.
Speaker #4: But this is a very prudent way to handle it, I think. Depreciation so that's especially the rent for all our studios that we do to accounting rules.
Speaker #4: Take as depreciation, 7 million both years. Then we have non-capitalized development costs. So these costs regards so development costs for games that we consider slightly higher risk than others.
Speaker #4: So we start capitalizing in later stages. But it also regards some development costs on the lower risk projects where we just don't capitalize it.
Speaker #4: So that can be producers and business owners that work on these games. It's profit share. It's managers' time and so on. Now it's some AI cost that ends up here as well.
Speaker #4: That has increased compared to last year. But all in all, it's very similar. It was 68 million SEK last year. It's 66 million this year.
Speaker #4: Then we have development support, operation and maintenance of games. So this is the tech cost we have in our publishing department. So they work with launcher, mods, forums, not game specific things.
Speaker #4: We had 27 million of cost this year compared to 24 million of cost last year. So very similar. Then we have the final item where we have had a big movement.
Speaker #4: And that is royalties. So up until this quarter, our royalties have been driven by Cities: Skylines and Age of Wonders 4. But now with Transport Fever 3, we are recognizing quite a lot of royalties on this subro because so what we did when we acquired the publishing rights for Transport Fever 3, we talked about this a quarter ago when we did the Q2 presentation.
Speaker #4: We put that amount on the balance sheet as a prepaid expense. And it sits there until we release the game. And then upon release of the game, we start to take these costs over the P&L.
Speaker #4: As a cost. And the cost item it shows up under is royalties. So royalties have gone from 23 million in Q3 last year to 67 million this year.
Speaker #4: And if it hadn't been for Transport Fever 3, we would have been gone down from 23 million. Because Age of Wonders 4, there we have stopped paying royalties or earn-out for the acquisition of the studio.
Speaker #4: We did that in Q2. Cities is more sales on Cities this year. So it's slightly higher royalties on Cities. But all in all, the royalties except Transport Fever has gone down year over year.
Speaker #4: But then we released Transport Fever and we take a proportion of these costs all these prepaid costs we take a proportion of that based on the sales of the quarter.
Speaker #4: So we have made a sales projection for the game. And as long as we follow that sales projection, we take a certain percentage every quarter based on that sales.
Speaker #4: As a recognition of these prepaid expenses.
Speaker #1: Right. Next slide.
Speaker #4: Yeah. Yes. Below EBIT, we have no, it's actually above other income, other expenses above EBIT. So normally other income and other expenses is currency movements within the quarter.
Speaker #4: And especially the US dollar movements. Last year it was minus one. This year it's plus 43 million. But that's not all effects. 40 million of that is the impact from the Plarium sale.
Speaker #1: Yeah.
Speaker #4: So effects movement hasn't been that much this quarter, you could say, as it was not that either last quarter. Last year's Q3. Financial income, that is below EBIT.
Speaker #4: So that is mainly interest on our bank accounts. I think we have one or two more slides. Yeah. So this is to show you the trend.
Speaker #4: This shows revenue and profit rolling 12 months. So like a full year. And what it shows is that revenue and profit swings with releases, amount of releases, and how successful they are.
Speaker #4: It also shows that especially if you look at the revenue, it's a very solid trend upwards. If you just look at three, four, five quarters, it can move in either direction.
Speaker #4: But if you look at it over a longer period, it's a healthy upwards going trend. The profit line in yellow doesn't really show the same pattern.
Speaker #4: And that is because in '23, '24, and '25, the profit has been held back due to write-downs on three very high-risk projects that we had.
Speaker #1: Yeah.
Speaker #4: And the last one was Bloodlines in Q4 last year. And that keeps holding down the rolling 12-month profit up until this quarter. So next quarter, we will see a nice relief on our 12 profit.
Speaker #1: We're going to see a yellow line going up again.
Speaker #4: Yes. Exactly. So that, of course, we're looking forward to. But also, now with all those three projects released, we don't have any more projects of that magnitude and risk on the balance sheet.
Speaker #4: So we have a very good foundation to create a growth in terms of both revenue and profits going forward.
Speaker #1: And a healthy margin as well.
Speaker #4: Yes.
Speaker #1: Even if we're going to have Transport Fever 3 as a 10-year contract, it's not going to be the same margin on Transport Fever 3.
Speaker #1: But it's also going to be a small part of the portfolio. It was an opportunity-based deal that I think is actually a good deal with a good developer.
Speaker #4: I agree. There is one more, I think. Yes.
Speaker #1: One more. Cash flow. Yeah.
Speaker #4: So cash flow from operating activities Q3, 197 million. So almost 200 million. Very close to last year. It was 195 million in Q3 last year.
Speaker #4: So very similar. Cash flow from investments in capitalized development, 166 million this year's Q3 compared to 182 million Q3 last year. So we are down a bit.
Speaker #4: I know last year we had some of the final base game development of Bloodlines coming in in Q3. So that pushed up the cash flow from capitalized development investments.
Speaker #1: I think those were all the slides.
Speaker #4: That's all.
Speaker #1: Let's move over to the Q&A. We've had a couple of questions come in. So let's answer those.
Speaker #4: The first one is to you, Fredrik. Given your comment in the report that and then there is a quote. "A great deal of work remains before the games are ready for release, regarding LEGO Skylines and Afterworld.
Speaker #4: Would you say that the window between announcement to full release is different compared to historical patterns?" Follow-up. Given the community feedback post-game reveals, have you confidence in the games increased/decreased or being neutral compared to your view pre-game reveals?
Speaker #4: All right. It was a.
Speaker #1: No, there's a lot of questions in that question. So let's start with I wrote in the CEO word that a great deal of work remains before the games are ready for release.
Speaker #1: It should not be interpreted as a long period of time because what I mean basically is that the easy part is always announcing the game.
Speaker #1: The hard part is always releasing a good game. That's always going to be the hard part in our industry. And so I mean, historically, we've had, I think, longer periods of announcements before release.
Speaker #1: We are trying to keep it a bit shorter. Game development is not an exact science. So that's why we have refrained from actually giving an exact date or a quarter release quarter.
Speaker #1: But we aim, at least, to be having closer than historically between the announcement and the release date. And the last one there, have my confidence in the game increased or decreased?
Speaker #1: I mean, I had high expectations for the games both of them, both Afterworld and LEGO Skylines. And I think both of them met the expectations that I had.
Speaker #1: I especially LEGO Skylines has had a lot of interest from our console partners, which is very positive, I think, for us. We have never seen that before with any of our games, which is it's a new experience.
Speaker #1: That was on the very positive side. But apart from that, high expectations that I think were met in the games come announcements. And the following feedback as well.
Speaker #1: So Alex, could you help us understand how much of the recognized 6 to 7 million Sick in Q3 royalties was related to Transport Fever 3?
Speaker #1: Also, how should we think about the expense recognition over the coming quarters relative to recoupment and whether the royalty rate or margin profile changes once the advance has been fully recouped?
Speaker #1: Should we expect Transport Fever 3 to carry a structurally lower gross margin internally developed games even after the advance has been fully recouped?
Speaker #4: OK.
Speaker #1: That's a lot of questions in one question as well.
Speaker #4: Yeah. You have to write again if I forget one of the sub-questions. So I'll start with the last one. Should we expect Transport Fever 3 to carry a structurally lower gross margin than internally developed games?
Speaker #4: Yes.
Speaker #1: Yeah, a bit. Yeah, yeah, yeah.
Speaker #4: Yeah. Because on our on games that we have developed on our own, that have several years on them, like Stellaris, Horchoviron, Crusader Kings, and so on, the margins are very, very high.
Speaker #4: Transport Fever 3 is a deal we made with an established developer. It was a sequel. And we came in very late in the process.
Speaker #4: So the game was almost done. So that means, of course, that a big part of the risk has gone. Both in terms of production risk, but also in terms of market risk because it's a sequel and the players are already there.
Speaker #4: To some extent, and of course, you have to pay for that risk. And the way you pay for that risk is that you get lower margins.
Speaker #1: Yes. And how much of the recognized 6 to 7 million in royalties are Tier 3? It's the vast majority, right?
Speaker #4: Yes. It's the vast majority. So the in Q3 last year, we had what did I say? 24 million, I think, right? And if it hadn't been for Transport Fever 3, we would have been lower than 24 million decent amount lower.
Speaker #1: Yeah. So it's a quite big amount.
Speaker #4: It's a quite big amount. Yeah. Also, how should we think about the expense recognition of the coming quarters relative to the recoupment and whether the royalty rate or margin profile changes once advance has been fully recouped?
Speaker #4: Well, I touched upon it a bit during the presentation. But so what we have done is that we have made a forecast on how much this game is going to generate in terms of revenue.
Speaker #4: And we have made a forecast in terms of how much regarding how much we're going to pay in this fixed prepayment and in royalties.
Speaker #4: And then we have spread out the recognition of all that royalties and prepayments so it follows the sales curve. But then the sales curve might change.
Speaker #4: So therefore, also the margin might change. So if the sale is a sales coming lower than we expected, then we're going to need to push up the recognition rate to not end up with too big balance sheet item.
Speaker #4: But if the sales are better than our forecast, then we will recognize a higher percentage as.
Speaker #1: Up until recoup. And it's worth noting as well that this goes in line with or just above our expectations that we used as a calculation when we signed the deal as well.
Speaker #1: So we're pretty much in line or slightly over. It's worth noting as well. Should we go on to the next question?
Speaker #4: Yeah. I think so. Fred. The first buyback was rather small. Since the buyback has now been completed, we are surprised that you have not announced another one yet.
Speaker #1: Yeah. Small or big, it's obviously in the eye of the beholder. We had a dividend of five Sick in May and now we completed a buyback of 200 million.
Speaker #1: It was our first buyback program as well. So we think it's worked well. And it's also a good tool for us to distribute back value to the shareholders.
Speaker #1: I agree. So we will continue evaluating at the board of directors the share price and how to, with the cash that we have, how we are going to deliver maximum value to the shareholders, pretty much.
Speaker #1: So that's going to be on an ongoing basis. And that's.
Speaker #4: I think the best answer I can give I think is worth mentioning that I think five years ago, we had dividends of 100 million.
Speaker #4: Then the following year, we increased it to 200 million. Then 300 million. Then 500 million. And this year, we have 500 million plus 200 million.
Speaker #1: 200 million in buybacks.
Speaker #4: It has been a constant increase. So if we can continue to increase it in that pace, that's, of course, a great but we'll see.
Speaker #1: So it's under constant scrutiny.
Speaker #4: And as you mentioned, it also depends on what opportunities comes up can be M&A, it can be other things as well, of course.
Speaker #1: Yeah. A lot of things are happening in our market right now. So it's interesting times. So Alex, could you elaborate on why you think that capital relating to Transport Fever 3 will only be tied up for a short period of time?
Speaker #1: Based on the press release, it is not obvious that revenue from this game was very high. How short is short?
Speaker #4: Yeah. So normally, our game development, it takes us five years often to develop games.
Speaker #1: Yeah.
Speaker #4: So from the first Seck we put in until we get something back, it's five years.
Speaker #1: Yeah.
Speaker #4: And in this case, we invested our first money in was it March? No, it was Q2. I think it was Q2.
Speaker #1: March or April, I think. Yeah.
Speaker #4: OK. Yeah. So it was earlier this spring. And the first money we received now.
Speaker #1: So we received now end of October, right? So it's half a year pretty much.
Speaker #4: Yes. Exactly. So that is what we mean with not tying up capital for a long time.
Speaker #1: Yeah. And obviously, not all of it has come back. But we're still looking at compared to a lot of the development cycles that we're looking at.
Speaker #1: It's not a very long period to tie up capital. And based on the press release, it's not obvious that revenue was very high. I don't know.
Speaker #1: Maybe we were too negative in our press release because it goes like I said before, it goes in line with our expectations. So we're it's not that we're dissatisfied with the release in any way.
Speaker #4: No. And we don't give any projections on how much we're going to make on the game. But I know that some of the analysts, they have estimated that, OK, we think that it's going to take you one and a half to two years to pay back this.
Speaker #4: And if that is the case, that means that the payback time is two years, two to two and a half years then.
Speaker #1: Yeah.
Speaker #4: Which is fairly short compared to other our cycles.
Speaker #1: Yeah.
Speaker #4: Fred, what are your expectations on Cities: Skylines on Switch? Should we see it as more experimental or could it have decent contribution in Q4?
Speaker #4: Would be interesting to hear your thoughts on your potential for games on Switch in general as well.
Speaker #1: Right. This was kind of a bit unexpected, to be honest. But OK, let's do it. First of all, we've already this might be completely wrong.
Speaker #1: But I think we already have Cities: Skylines 1 on Switch. Switch 1. So this is the Switch 2 release, which is the next generation of the Nintendo Switch.
Speaker #1: This is not a huge platform for us for any game that we have. So just to be open with that. We can't guarantee any miracles in the numbers.
Speaker #1: I think it's going to do OK. It's not going to be changing anything or move the needle in Q4, I don't think. It's my honest take on it.
Speaker #1: However, the coming LEGO Skylines game has gotten a lot of interest from all console manufacturers, including Nintendo. So I hope that is a game I think that is a game that can do really well on the Switch.
Speaker #1: Because of the overlap of target audience in between the LEGO audience and the Nintendo audience. So we're going to see I have higher expectations for LEGO to do well than I have for Cities: Skylines 1.
Speaker #1: That being said, games on Switch in general is probably the thing I know the least about, except for mobile games. In the games industry.
Speaker #1: So my take is as good as the next guys. But I think Switch is an interesting platform. I play Switch games from one time to another.
Speaker #1: But we haven't seen any major revenue there. So far. So we'll see about the LEGO release. But for Cities 1, Switch 2, not moving the needle, still performing OK, I think.
Speaker #1: Am I too negative now or what is it?
Speaker #4: No. I think it's correct to be prudent.
Speaker #1: Hope for the best and plan for the worst.
Speaker #4: Yes.
Speaker #1: Are the words that will live by. So that's great. So yeah.
Speaker #4: We haven't received any more questions. No.
Speaker #1: That is a shame. I like actually answering these questions. So but anyways.
Speaker #4: We are available throughout the afternoon. And of course, tomorrow following week, if you have questions on the report or the presentations or anything else, you have the address.
Speaker #4: Send us an email and we will answer it.
Speaker #1: Yeah. And we have quite busy Q4, not super busy. Hopefully, a very busy 27. And a lot of more quarterly reports to look forward to.
Speaker #1: So until then, thank you very much. And see you next time.
