TROPHY GAMES Development (TGAMES) H1 2026 earnings summary

Executive summary

• Achieved 90% year-over-year revenue growth in H1 2026, reaching DKK 86.0m, driven by the Transport Series and strategic scaling of core titles.

• EBITDA increased by 67% to DKK 16.1m and EBIT by 90% to DKK 9.6m, despite higher marketing investments to capture market share.

• Strategic capital raise in June 2026 strengthened the balance sheet, enabling pursuit of M&A opportunities and future growth.

• Upgraded 2026 revenue guidance to DKK 150m–167m, reflecting strong portfolio momentum and enhanced monetisation.

Financial highlights

• Revenue: DKK 86.0m in H1 2026, up 90% year-over-year.

• EBITDA: DKK 16.1m (+67%); EBIT: DKK 9.6m (+90%).

• Net profit: DKK 7.8m (vs. DKK 0.9m in H1 2025).

• Operating cash flow: DKK 21.7m; cash at bank: DKK 66.7m.

• Solvency ratio: 84%; no interest-bearing debt.

Outlook and guidance

• 2026 revenue guidance raised to DKK 150m–167m (previously DKK 130m–153m).

• EBITDA guidance unchanged at DKK 28m–36m; EBIT at DKK 18m–24m.

• Guidance excludes potential upside from The Ranchers and Space Manager releases.

• Focus remains on scaling Truck Manager and Farm Manager, with high-impact updates planned.

• Active evaluation of M&A opportunities, targeting studios and IPs aligned with the data-driven ecosystem.