TROPHY GAMES Development (TGAMES) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 revenue of DKK 40.2m, up 62% year-over-year, driven by strong performance in the Transport game series and successful new title launches.

• Farm Manager, launched end of June, set a company record for single-month revenue and quickly became the largest game by daily active users.

• Airline Manager and Truck Manager also delivered record revenues, each exceeding 100,000 daily active users.

• Expanded marketing investments and diversified ad networks supported user acquisition and revenue growth.

Financial highlights

• Q3 2025 revenue: DKK 40.2m (+62% YoY); YTD revenue: DKK 85.5m (+22% YoY).

• Q3 EBITDA: DKK 7.7m (+57% YoY); YTD EBITDA: DKK 17.3m (-1% YoY).

• Q3 EBT: DKK 4.9m (positive turnaround from loss in Q3 2024); YTD EBT: DKK 8.9m (+17% YoY).

• Gross profit for Q3: DKK 13.2m (gross margin 33%, down from 42% YoY due to higher marketing spend).

• Cash and cash equivalents at quarter-end: DKK 25.5m, with no interest-bearing debt.

Outlook and guidance

• Raised 2025 guidance: revenue DKK 106–112m, EBITDA DKK 19–22m, EBT DKK 9–12m.

• Q4 2025 and Q1 2026 expected to provide a clearer baseline as new features and optimizations roll out.

• Pre-production started on a new Train Manager title, targeting high user engagement.