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Games Workshop Group (GAW) investor relations material
Games Workshop Group Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading Update summary20 Nov, 2025
Revenue performance
Core revenue for the six months ended 30 November 2025 is estimated at not less than £310 million, up from £269.4 million in the prior year.
Licensing revenue is expected to be at least £16 million, compared to £30.1 million in the previous period.
Profitability
Profit before tax is estimated at not less than £135 million, an increase from £126.8 million in the prior year.
Outlook
Further details will be provided in the half yearly report scheduled for release on 13 January 2026.
Explain the significant licensing revenue decline
Reconcile PBT growth with licensing revenue drop
Identify key drivers of core revenue growth
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Next Games Workshop Group earnings date
H1 202613 Jan, 2026
Next Games Workshop Group earnings date
H1 202613 Jan, 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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