TROPHY GAMES Development (TGAMES) Investor Day 2025 presentation summary

Financial performance and guidance

• Revenue for H1 2025 was DKK 45.3M, nearly flat year-over-year, with EBITDA at DKK 9.7M, down 23%, and EBT at DKK 4.0M, down 50%.

• Unique paying users and user payments grew by 17% and 20% YoY, respectively, despite lower profitability.

• 2025 guidance projects revenue of DKK 96–108M, EBITDA of DKK 16–20M, and EBT of DKK 6–9M, with The Ranchers not included in forecasts.

• Cash position remains strong at DKK 23.4M, with no interest-bearing debt and a recent share buyback.

• One-off tax credit repayment had a DKK 4.7M cash impact and DKK 990K in interest and surcharges.

Business and product updates

• Truck Manager and Farm Manager are the main growth drivers, with Truck Manager focusing on long-term retention and monetization, and Farm Manager expanding end-game features.

• The Ranchers is in early access, prioritizing onboarding and performance optimization.

• Over 80% of revenue is generated by the Transport Series, with cross-promotion and shared codebase accelerating new game launches.

• A proprietary map server and data-driven culture provide competitive advantages and operational efficiencies.

• Roadmap includes upgrades to Truck Manager, Farm Manager, Train Manager, and the launch of Goldmine Manager in 2026.

Market and strategic context

• Gaming investment activity in H1 2025 hit a five-year low, with deal value down 77% versus late 2024.

• Seasonality and platform fees impact revenue and EBITDA, with Q1 affected by Google Play fees and Q4 by UA pauses.

• Risks include new game performance, user acquisition volatility, regulatory changes, and currency fluctuations.

• Focus remains on increasing user lifetime value and leveraging intangible assets like translation, data warehousing, and live ops.