TROPHY GAMES Development (TGAMES) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was DKK 45.3m, nearly flat year-over-year, with EBITDA at DKK 9.7m and EBT at DKK 4.0m, reflecting increased marketing investments and a one-off tax expense.

• Major launches of Truck Manager and Farm Manager in late Q2 drove record installs and engagement, with July revenue reaching an all-time high of DKK 10.7m.

• Short-term earnings were pressured by upfront marketing spend and a DKK 990k tax interest payment, but these are expected to drive long-term growth.

Financial highlights

• Q2 2025 revenue was DKK 23.6m, down 7.5% YoY; H1 revenue was DKK 45.3m, down 0.4% YoY.

• EBITDA for Q2 was DKK 3.5m (-54.5% YoY); H1 EBITDA was DKK 9.7m (-23% YoY).

• EBT for Q2 was DKK 0.0m (-99.1% YoY); H1 EBT was DKK 4.0m (-50% YoY).

• Cash at period end was DKK 23.4m, with no interest-bearing debt.

• Operating cash flow for H1 was DKK 4.2m, impacted by a DKK 4.7m tax credit repayment.

Outlook and guidance

• 2025 revenue guidance was raised to DKK 96m–108m, with EBITDA of DKK 16m–20m and EBT of DKK 6m–9m, excluding The Ranchers due to release uncertainty.

• Transport Series is expected to remain the main growth driver, with Farm Manager and Truck Manager scaling rapidly.

• The Ranchers PC title was removed from guidance to ensure quality at launch.