TROPHY GAMES Development (TGAMES) Q1 2026 earnings summary

Executive summary

• Achieved strong top-line growth in Q1 2026, driven by scaling strategy and rapid portfolio iteration.

• Focused on expanding leadership in niche management and simulation games, especially in transport, logistics, and animal management.

• Strategic reinvestment in marketing for new titles Farm Manager and Truck Manager, prioritizing long-term market share over short-term margins.

• Initiated production of a new horse breeding manager game, expanding into the animal management category.

• Organization operating efficiently, with robust cash position supporting potential M&A activity.

Financial highlights

• Revenue surged 93% year-over-year to DKK 41.96m in Q1 2026.

• EBITDA increased 29% year-over-year to DKK 7.90m; EBITDA margin at 19% (down from 28%).

• Profit before tax (EBT) rose 13% year-over-year to DKK 4.50m.

• Gross margin declined to 35% from 56% due to aggressive marketing investments.

• Marketing spend rose to DKK 16.12m (38% of revenue), up from DKK 5.37m (25%) in Q1 2025.

• Cash position at quarter-end was DKK 38.3m, with no interest-bearing debt.

Outlook and guidance

• Revenue for 2026 expected in the range of DKK 130–153m, representing 3–21% growth.

• EBITDA guidance for 2026 is DKK 28–36m; EBIT expected at DKK 18–24m, with temporary margin impact from scaling investments.

• Continued focus on optimizing existing portfolio and disciplined investment in new titles.