Games Workshop Group (GAW) H2 2025 earnings summary

Executive summary

• Achieved record financial results with revenue of £617.5m, up 17.5% year-over-year, and profit before tax of £262.8m, up 29.5% compared to the previous year.

• Core business and licensing both delivered strong growth, with licensing revenue up 69.4% to £52.5m, driven by successful video game launches.

• Expanded global presence with 570 retail stores in 24 countries and over 8,100 independent retailers.

• Promoted to the FTSE 100, reflecting long-term strategic focus and operational excellence.

Financial highlights

• Core revenue rose 14.2% to £565.0m; licensing revenue increased to £52.5m from £31.0m year-over-year.

• Core operating profit grew 21.2% to £211.8m; licensing operating profit rose 83.3% to £49.5m.

• Net cash generated from operations was £257.2m; cash and cash equivalents at year-end were £132.6m.

• Earnings per share increased to 594.9p from 458.8p; dividends per share declared and paid were 520p, up from 420p.

• Return on capital employed (ROCE) for the core business increased to 191% from 176%.

Outlook and guidance

• Plans to open approximately 35 new stores in North America, Continental Europe, and Asia in 2025/26.

• Focus remains on delivering further sales growth, maintaining core operating profit margin, and investing in product quality and manufacturing innovation.

• Tariffs and supply chain risks may impact gross margin, with a detailed plan to offset a c.2% margin shortfall through efficiencies.

• Ongoing investment in IT systems, with completion expected by 2028/29.