TROPHY GAMES Development (TGAMES) H2 2025 earnings summary

Executive summary

• Achieved record revenue of DKK 126.5m in 2025, up 40% year-over-year, driven by the scaling of the Transport Series and successful launches of Truck Manager and Farm Manager.

• EBITDA rose 26% to DKK 31.1m, with EBT up 109% to DKK 19.0m, reflecting strong operational leverage and improved monetization.

• Strategic focus on simulation and management games, leveraging data-driven frameworks for scalability and high retention.

• Four upward revisions to financial guidance during the year, with actuals surpassing initial expectations.

• Ended the year with a robust balance sheet, 78% solvency ratio, and no interest-bearing debt.

Financial highlights

• Revenue: DKK 126.5m (2024: DKK 90.1m), +40% year-over-year.

• EBITDA: DKK 31.1m (2024: DKK 24.7m), +26% year-over-year; EBITDA margin 25%.

• EBT: DKK 19.0m (2024: DKK 9.1m), +109% year-over-year; EBT margin 15%.

• Net profit: DKK 12.5m (2024: DKK 7.5m).

• Q4 2025 was the strongest quarter ever, with revenue up 106% to DKK 41.0m and EBT up 574% to DKK 10.1m.

Outlook and guidance

• 2026 revenue guidance: DKK 130–153m (+3% to +21%), EBITDA DKK 28–36m, EBT DKK 18–24m.

• Growth to be driven by continued scaling of Truck Manager and Farm Manager, new releases (Train Manager 2, Space Manager), and enhanced ad monetization.

• Marketing budget to increase to DKK 45–50m, with ad revenue projected at DKK 22–27m.