TROPHY GAMES Development (TGAMES) H1 2024 earnings summary

Executive summary

• Achieved record growth in H1 2024, with revenue up 80% year-over-year to DKK 45.5m, driven by strong marketing and the successful launch of Energy Manager.

• EBITDA rose 207% year-over-year to DKK 12.6m, and net profit reached DKK 10.2m, reflecting effective cost management and operational excellence.

• User engagement surged, with installs up 67% and unique paying users up 114% year-over-year.

• Strategic acquisition of over 20 games from Tivola Games GmbH expanded the portfolio and market presence.

• Maintained a strong financial position with DKK 21.8m in cash and no debt at period end.

Financial highlights

• Revenue for H1 2024: DKK 45.5m (+80% YoY); Q2 revenue: DKK 25.5m (+83% YoY).

• EBITDA for H1 2024: DKK 12.6m (+207% YoY); Q2 EBITDA: DKK 7.7m (+247% YoY).

• Net profit for H1 2024: DKK 10.2m (vs. DKK 1.0m in H1 2023).

• Cash flow from operating activities: DKK 9.6m; cash and cash equivalents: DKK 21.8m.

• Equity increased to DKK 62.1m from DKK 52.9m a year earlier.

Outlook and guidance

• Upgraded 2024 guidance: revenue DKK 72–80m (previously DKK 59–68m), EBITDA DKK 17–21m (previously DKK 11–15m), EBT DKK 7–10m.

• H2 focus on sustaining Energy Manager momentum, effective marketing, and launching Truck Manager, The Ranchers, and Airport Tycoon.

• Q4 marketing pause expected to lower revenue but improve bottom line.