TROPHY GAMES Development (TGAMES) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 results with revenue up 9% year-over-year to DKK 21.7m, driven by strong organic installs and new game launches.

• EBITDA increased 25% year-over-year to DKK 6.1m, and EBT rose 31% to DKK 4.0m, reflecting improved profitability and operational leverage.

• Truck Manager emerged as a key growth driver, nearly becoming the second-largest game by revenue and leading in daily active users.

• Strategic expansion through the acquisition of Tivola games contributed to revenue diversification.

Financial highlights

• Revenue grew 9% year-over-year to DKK 21.7m; gross profit up 13% to DKK 12.1m.

• EBITDA margin improved to 28% from 25% in Q1 2024; EBT margin rose to 18% from 15%.

• Cash and cash equivalents reached DKK 29.9m at quarter-end, with no interest-bearing debt.

• Positive operating cash flow of DKK 7.4m supported CAPEX of DKK 2.9m.

Outlook and guidance

• Truck Manager marketing to begin in Q2, expected to surpass other titles in revenue.

• Farm Manager release planned for July 2025; The Ranchers Early Access build targeted for Q3 2025.

• Management remains confident in delivering strong results for the second half of 2025 despite global uncertainties.