TROPHY GAMES Development (TGAMES) H2 2024 earnings summary

Executive summary

• Achieved record revenue of DKK 90.1m in 2024, up 66% year-over-year, with EBITDA of DKK 24.7m (+119%) and EBT of DKK 9.1m (+194%).

• User base expanded rapidly: installs grew 150% to 23.5m, unique paying users up 101% to 357,000, and transactions up 94% to 1.1m.

• Strategic focus on the Transport Series, with new titles (Truck Manager, Farm Manager) set to drive future growth.

• Organisation streamlined, including closure of Lithuanian subsidiary and discontinuation of underperforming projects.

• Tivola acquisition added 20+ games, contributing to revenue and EBITDA outperformance.

Financial highlights

• Revenue: DKK 90.1m (2023: DKK 54.4m), EBITDA: DKK 24.7m (2023: DKK 11.3m), EBT: DKK 9.1m (2023: DKK 3.1m), Net income: DKK 7.5m (2023: DKK 2.2m).

• Gross profit: DKK 48.0m, up 58% year-over-year.

• Cash at year-end: DKK 25.4m, no debt; positive operating cash flow of DKK 19.3m.

• Impairment costs of DKK 6.4m related to discontinued projects (Airport Tycoon, Sky Haven, Idle Necromancer).

• Solvency ratio: 86%; return on equity: 13%.

Outlook and guidance

• 2025 revenue guidance: DKK 85m–106m; EBITDA: DKK 16m–20m; EBT: DKK 6m–9m.

• Focus on scaling Truck Manager, launching Farm Manager, and enhancing monetisation of existing Transport Series titles.

• Lower capitalisation of development costs expected, impacting EBITDA but not cash flow.

• Exploring larger M&A opportunities, but no deals imminent.