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Games Workshop Group
Games Workshop Group (GAW) investor relations material
Games Workshop Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary13 Jan, 2026
Executive summary
Achieved record half-year performance with total revenue up 10.9% to £332.1m and core revenue up 17.3% to £316.1m compared to the same period last year.
Core operating profit rose 28.6% to £126.1m, and profit before tax increased 11.1% to £140.8m.
Earnings per share increased to 319.9p from 288.9p year-over-year.
Dividends per share declared and paid in the period rose to 225p from 185p.
Financial highlights
Core gross margin improved from 67.5% to 69.4%, driven by efficiencies, price increases, and lower stock write-offs.
Licensing revenue declined by £14.1m to £16.0m, reflecting lower royalty income after a strong prior period.
Cash generated from operations increased by £36.9m to £169.4m; cash and cash equivalents at period end were £171.1m.
Inventories rose to £39.9m, but inventory provisions as a percentage of gross stock fell to 11.9% from 17.7%.
Outlook and guidance
December 2025 core sales slightly ahead of December 2024.
Management remains focused on long-term growth, efficiency, and international expansion.
No share buybacks or acquisitions planned; focus remains on organic growth and regular dividends.
Licensing revenue outlook post-Space Marine 2?
Sustained margin benefits from tariff mitigation?
Address like-for-like decline in established retail?
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Next Games Workshop Group earnings date
H2 202628 Jul, 2026
Games Workshop Group
Next Games Workshop Group earnings date
H2 202628 Jul, 2026
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Frequently asked questions
The go-to manufacturer of miniature wargames
Games Workshop is the go-to manufacturer of miniature wargames, with products such as:
Warhammer Age of Sigmar
Warhammer 40,000
The Hobbit
Scenery, painting, and modeling
Books and digital products
Some of the company’s competitors include Hasbro, Mattel, and JAKKS Pacific.
Not a retailer
It’s a common belief that Games Workshop is a retailer when, in fact, they are a manufacturer and proudly state, “We make things”. They have outlets in different retail locations that show customers how to engage with the hobby of collecting, painting, and playing with their miniatures and games, which also helps recruit new customers through a sparked interest when visiting these stores.
Warhammer 40,000
Warhammer 40,000 is the most popular game produced by Games Workshop, and its popularity has played a key role in the company's path to their current market cap of $2.8 billion. The tabletop game is set in a dystopian universe, introduced to a new group of players with fuel from COVID-19.
The game requires quite a bit of arithmetic, and the costs add up fast when acquiring all the necessary components to play the game; a new player has to spend upwards of $400 to have a proper experience.
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