TROPHY GAMES Development (TGAMES) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 19% YoY to DKK 47.5m; EBITDA increased 31% to DKK 10.0m and EBIT rose 44% to DKK 7.2m, with both margins improving.

• Full-year 2026 revenue guidance was raised to DKK 170–180m; EBITDA guidance is DKK 29–35m and EBIT guidance remains DKK 18–24m.

• Playrion acquisition closed on September 30; its results will be consolidated from Q4 2026.

Financial highlights

• Q3 revenue was DKK 47.5m vs DKK 40.1m; YTD revenue was DKK 133.5m vs DKK 85.4m, up 56%.

• Q3 EBITDA was DKK 10.0m vs DKK 7.7m; EBIT was DKK 7.2m vs DKK 5.0m. YTD EBITDA reached DKK 26.1m and EBIT DKK 16.7m.

• Q3 profit for the period was DKK 3.3m vs DKK 3.9m; YTD profit more than doubled to DKK 11.1m from DKK 4.8m.

• Q3 gross profit rose to DKK 16.3m from DKK 13.2m; gross margin increased to 34% from 33%.

Outlook and guidance

• 2026 guidance: revenue DKK 170–180m, EBITDA DKK 29–35m and EBIT DKK 18–24m; revenue guidance rose from DKK 150–167m.

• After nine months, revenue, EBITDA and EBIT represented 76%, 82% and 80% of their respective full-year guidance midpoints.

• Q4 includes the first full quarter of Playrion; The Ranchers is expected to contribute less than in Q3, and marketing spend is expected to decline.