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TROPHY GAMES Development (TGAMES) investor relations material
TROPHY GAMES Development Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Financial performance and guidance
Revenue for H1 2025 was DKK 45.3M, nearly flat year-over-year, with EBITDA at DKK 9.7M, down 23%, and EBT at DKK 4.0M, down 50%.
Unique paying users and user payments grew by 17% and 20% YoY, respectively, despite lower profitability.
2025 guidance projects revenue of DKK 96–108M, EBITDA of DKK 16–20M, and EBT of DKK 6–9M, with The Ranchers not included in forecasts.
Cash position remains strong at DKK 23.4M, with no interest-bearing debt and a recent share buyback.
One-off tax credit repayment had a DKK 4.7M cash impact and DKK 990K in interest and surcharges.
Business and product updates
Truck Manager and Farm Manager are the main growth drivers, with Truck Manager focusing on long-term retention and monetization, and Farm Manager expanding end-game features.
The Ranchers is in early access, prioritizing onboarding and performance optimization.
Over 80% of revenue is generated by the Transport Series, with cross-promotion and shared codebase accelerating new game launches.
A proprietary map server and data-driven culture provide competitive advantages and operational efficiencies.
Roadmap includes upgrades to Truck Manager, Farm Manager, Train Manager, and the launch of Goldmine Manager in 2026.
Market and strategic context
Gaming investment activity in H1 2025 hit a five-year low, with deal value down 77% versus late 2024.
Seasonality and platform fees impact revenue and EBITDA, with Q1 affected by Google Play fees and Q4 by UA pauses.
Risks include new game performance, user acquisition volatility, regulatory changes, and currency fluctuations.
Focus remains on increasing user lifetime value and leveraging intangible assets like translation, data warehousing, and live ops.
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