adminVampire: The Masquerade Bloodlines 2 missed Paradox Interactive’s commercial expectations, prompting a SEK 355.3 million ($40.1 million) write-down and contributing to a sharp fall in the publisher’s operating profit. The company still recorded higher revenue in the fourth quarter of 2025, helped by the launch of Europa Universalis V.
Image credit: Paradox Interactive
Vampire: The Masquerade Bloodlines 2 and Paradox’s quarterly results
For the three months ending December 31, 2025, Paradox reported revenue of SEK 874.8 million ($98.7 million), up 23% year on year. Its operating result, however, was a loss of SEK 245.4 million ($27.7 million), representing a 162% decrease compared with the same period a year earlier.
The write-down of the game’s costs was a major factor in the quarterly loss. CEO Fred Wester said the title had not achieved the company’s commercial expectations. Currency headwinds also affected the period, according to the company.
- Fourth-quarter revenue: SEK 874.8 million ($98.7 million), up 23% year on year.
- Fourth-quarter operating result: -SEK 245.4 million (-$27.7 million), down 162% year on year.
- Bloodlines 2 write-down: SEK 355.3 million ($40.1 million).
Europa Universalis V supports quarterly revenue
Despite the Bloodlines 2 write-down, Paradox’s fourth-quarter revenue increased. Wester attributed much of that growth to Europa Universalis V, the grand strategy game released on November 4 and developed by the company’s Tinto studio. For readers comparing the quarterly figures with the annual report, note that one covers three months while the other includes the full financial year.
Across 2025, Paradox reported sales of SEK 2.2 billion ($248.3 million), a 0.4% year-on-year decrease, described as broadly level. Full-year operating profit was SEK 146 million ($16.5 million), down 80% from the previous year.
Paradox plans to refocus its resources
Wester described the fourth quarter as the most intense in the company’s history, citing two new game releases, one remaster and downloadable content for most titles. He said Paradox would sharpen its strategic focus and redirect resources toward areas where it has the strongest expertise and long-term potential.
He also identified Europa Universalis V as a major highlight of the quarter and year, saying the latest instalment builds on a franchise that has been central to Paradox for 25 years. The company said the launch provided a strong foundation for the series’ future.
Development history of Bloodlines 2
Vampire: The Masquerade – Bloodlines 2 began development at Hardsuit Labs after Paradox acquired White Wolf, owner of the World of Darkness intellectual property, in 2015. Paradox announced in 2021 that Hardsuit Labs was no longer working on the project. UK developer The Chinese Room took over development in 2023.
What the results mean for Vampire: The Masquerade Bloodlines 2
The figures show how the game’s underperformance affected Paradox’s quarterly operating result, even as revenue rose with the release of Europa Universalis V. The company’s annual sales remained broadly stable, but its full-year operating profit fell substantially. For investors and players following Vampire: The Masquerade Bloodlines 2, the write-down and Paradox’s planned resource shift are the key developments to watch in future company updates.
