Frontier Developments (FDEV) Trading Update summary

Financial performance and trading highlights

• Revenue rose to £90.6 million, with CMS games revenue up 25% year-on-year.

• Adjusted EBITDA expected between £8–9 million, up from £0.9 million, aided by higher margins and a £3.5 million gain from publishing rights sale.

• Cash position increased by £13 million to £42.5 million, reflecting strong trading and asset sales.

• Share buyback of up to £10 million planned, pending shareholder approval.

Franchise and operational updates

• CMS franchises (Planet Coaster, Planet Zoo, Jurassic World Evolution) contributed 77% of total revenue.

• Planet Coaster revenue surged nearly 200% after Planet Coaster 2 launch; Planet Zoo revenue grew 2%.

• Jurassic World Evolution revenue held at 96% of prior year; Jurassic World Evolution 3 set for October 2025 release.

• Elite Dangerous revenue increased 76% due to new content and engagement.

Strategic and governance developments

• Executive Board established to enhance operational efficiency and decision-making.

• COO James Dixon now chairs the Executive Board and steps down from the main Board.

• From FY26, financial reporting will shift from Adjusted EBITDA to Adjusted Operating Profit for better performance representation.

• FY25 Adjusted Operating Profit expected at £11–12 million, up from £4.1 million.