COPENHAGEN, DENMARK / ACCESS Newswire / August 19, 2025 / Trophy Games Development (CPH:TGAMES)
Company Announcement no. 25/2025 (August 19, 2025)
Highlights:
H1
Revenue was DKK 45.3m, a 0.4% YoY decrease.
EBITDA was DKK 9.7m, a 23% YoY decrease.
EBT was DKK 4.0m, a 50% YoY decrease.
Unique paying users (UPU) were 222,158, a 17% YoY increase.
Total transactions were 638,570, a 20% YoY increase.
Total installs were 16.9m, a 114% YoY increase.
Q2
Revenue was DKK 23.6m, a 7.5% YoY decrease.
EBITDA was DKK 3.5m, a 55% YoY decrease.
EBT was DKK 0.03m, a 99% YoY decrease.
Unique paying users (UPU) were 137,457, a 18% YoY increase.
Total transactions were 347,268, a 17% YoY increase.
Total installs were 7.8m, a 60% YoY increase.
Building Momentum
The second quarter of 2025 was marked by strong operational focus, delivering results in line with expectations while laying the groundwork for accelerated growth in the second half of the year. Activities intensified from mid-May, with the scale-up of Truck Manager, followed by the late-June release of Farm Manager. While these milestones had only a limited direct impact on Q2 Financials, they have already had a clear effect on top-funnel KPIs creating a clear shift in momentum.
July 2025 thus marked a historic milestone with revenue of DKK 10.7 million - the highest in company history. The early scaling of both titles is already exceeding expectations, building powerful momentum and positioning Trophy Games for a record-breaking second half of the year.
Temporary Pressures for Long-Term Gains
In Q2, we invested DKK 2 million more in marketing compared to last year, primarily to launch campaigns for Truck Manager and Farm Manager. As these campaigns began late in the quarter, the cost impact was immediate, while the revenue benefit will materialise in Q3 and beyond.
It's worth noting that Q2 2024 benefited from an exceptional - but temporary - boost in iOS marketing payback, with campaigns performing three times above normal levels. This one-off advantage makes year-on-year comparisons less straightforward.
In addition, a weakened USD - down nearly 15% since January - impacted both our revenue and operating profit as more than half of our sales are directly or indirectly influenced by movements in the USD.
We also faced a one-time financial expense of DKK 990 thousand in tax interest payments, due to the Danish Tax Authority's retrospective withdrawal of the Tax Credit Scheme (Skattekreditordningen) for software development. This ruling impacted thousands of Danish IT companies. For Trophy Games, the impact is a short-term liquidity drain, but we expect to offset this through tax loss carryforward already in the 2025 income year.
The combination of these factors, along with our ability to scale marketing faster than initially projected, led to a temporary pause of the share buyback program in Q2. With marketing campaigns typically breaking even within six months, even modest monthly increases in spend can significantly influence liquidity in the short term.
Stronger Outlook Driven by Early Success
Our focus on Truck Manager and Farm Manager is already reshaping our KPIs. From installs to active engagement and paying user numbers, these two titles have delivered a notable uplift. Updated figures including July clearly show a stronger Q3 outlook compared to Q2. This acceleration in topline growth is why we chose to revise our guidance early and share preliminary figures that include July and early August.
The Ranchers
Our French studio partner Redpilz is working intensively to complete the first public demo of The Ranchers. Once ready, the sequence will be: demo release, participation in Steam's Next Fest, followed by an Early Access launch.
For a premium PC title, day-one quality is critical - there is no margin for a "soft" launch. That's why polishing and player testing are non-negotiable. The demo is arriving later than planned, introducing uncertainty around the release date. To safeguard quality, we have removed The Ranchers from our current guidance. The release is approaching, but we will not compromise on delivering a first-class player experience.
Positioned for a Record-Breaking H2 2025
With two high-potential titles scaling rapidly, KPIs moving sharply upward, and July already delivering a company-record revenue, Trophy Games enters the second half of 2025 with an exciting outlook. While short-term liquidity has been impacted by targeted investments in development, marketing and one-off expenses, these actions are designed to secure sustainable, scalable growth.
Our strategy remains focused: invest decisively in our most promising titles, ensure quality in all releases, and build long-term shareholder value. As these initiatives bear fruit, we see compelling upside ahead - both for our games and for our investors.
Thank you for your continued support.
Sincerely,
Søren Gleie
CEO, Trophy Games
Contacts
Trophy Games Development A/S
Søren Gleie, CEO
Office (+45) 7172 7573
Email: soren@trophy-games.com
Mikkel Bryggers Gade 4, 2. sal, 1460 Copenhagen K, Denmark
Certified Adviser
Norden CEF
John Norden
Email: jn@nordencef.dk
A/S Kongevejen 365, 2840 Holte, Denmark
About Us
Trophy Games is a data- and business-driven game company with a no-bullshit mentality. We build games around real-world interests to immerse players in their passion online!
Attachments
TG H1 Report 2025 FINAL
SOURCE: Trophy Games Development
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/computers-technology-and-internet/h1-financial-report-results-align-with-expectations-setting-stage-1062798
