everplay group FY2025 Unaudited Earnings Release

RNS N um ber : 7 774X
E ve rp la y G ro up p lc
2 4 M arc h 2 026

2 4 M arc h 2 026
eve rp la y g ro up p lc
( ” e ve rp la y” o r t h e ” G ro up”)

U nau dit e d F in al R esu lt s f o r t h e y e ar e n ded 3 1 D ece m ber 2 025

eve rp la y, a l e ad in g g lo bal i n dep en den t ( ” in die “) d eve lo per a n d p ublis h er o f pre m iu m v id eo g a m es, w ork in g
sim ula on g a m es a n d c h ild re n ‘s e d uta in m en t a p ps i s p le ase d t o a n no unce i t s u nau dit e d ﬁ nal r e su lt s f o r t h e y e ar
e n ded 31 D ece m ber 2 025 ( ” F Y 2 025″).

· D ouble -d ig it p ro ﬁ t g ro w th a n d s tro ng m arg in e xp an sio n s u ppo rte d b y g ro w th in n ew r e le ase r e ve n ues
an d s u cce ssfu l p la orm p artn ers h ip s
· C o n nued p ro gre ss a ga in st s tra te gic p rio ri es, in clu din g n ew ﬁ rs t-p arty I P r e le ase s, a n d a cq uis i ons o f
IP a n d b ack c a ta lo gu e p ublis h in g r ig h ts
· N ew r e le ase l in e u p a n d s tre n gth en ed o rg a n is a on t o s u ppo rt F Y 2 026 o utlo ok a n d b eyo nd

FY 2 025 ﬁ nan cia l h ig h lig h ts
U nau dit e d t w elv e
m onth s e n ded
31 D ece m ber 2 025
A udit e d t w elv e
m onth s e n ded
31 D ece m ber 2 024
ch an ge
R eve n ue £166.0 m £166.6 m (0 )%
G ro ss P ro ﬁ t £76.3 m £69.4 m 10%
G ro ss P ro ﬁ t M arg in 4 6.0 % 41.6 % 4.4 p ts
A dju ste d EB IT D A 1 £48.5 m £43.5 m 11%
A dju ste d EB IT D A m arg in 2 9.2 % 26.1 % 3.1 p ts
P ro ﬁ t B efo re T a x £ 36.6 m £25.3 m 44%
A dju ste d P ro ﬁ t B efo re T a x £ 48.5 m £43.4 m 12%
A dju ste d EP S 1 25.7 p 24.1 p 7%
O pera ng C ash C onve rs io n 2 89% 97% (8 )p ts
C ash a n d c a sh e q uiv a le n ts £ 51.9 m £62.9 m (1 7)%

· R eve n ue ﬂ at y e ar o n p rio r y e ar fo llo w in g d ecis io n to e xit a stra go n’s lo w m arg in p hysic a l d is tr ib u on,
co ntr ib u ng to a sig n iﬁ ca n t in cre ase in g ro ss m arg in . Ex clu din g p hysic a l d is tr ib u on, G ro up re ve n ue
in cre ase d b y 5 %
· S tro ng p erfo rm an ce fr om n ew r e le ase s, w it h r e ve n ues u p 8 0%
· W hile t h e b ack c a ta lo gu e p erfo rm an ce d id n o t m atc h t h e e xc e p onally h ig h le ve ls o f FY 2 024, it d eliv e re d
d o uble -d ig it r e ve n ue g ro w th o n F Y 2 023, a n d a cco unte d f o r 7 5% o f to ta l r e ve n ues
· Y e ar-e n d c a sh b ala n ce o f £51.9 m , r e ﬂ ec ng s o lid u nderly in g c a sh g e n era on, o ﬀ se t b y a cq uis i on-r e la te d
sp en d a n d h ig h er d eve lo pm en t c o sts
· T h e B oard h as d ecla re d a ﬁ nal o rd in ary d iv id en d o f 1.9 p en ce p er s h are w hic h , in clu din g t h e 1 .0 p en ce
in te rim d ivi den d, t a ke s t h e t o ta l d ivi den d f o r F Y 2 025 t o 2.9 p en ce p er s h are ( F Y 2 024: 2 .7 p en ce )

F Y 2 025 o pera onal h ig h lig h ts

· 1 1 n ew tle s re le ase d a cro ss m ul ple p la orm s a n d g e n re s, m ost n o ta b ly D ate E v e ry th in g ! , S W ORN ,
Fir e ﬁ gh ng S im ula to r: I g nit e a n d LE G O ® B lu ey™
· N ew p artn ers h ip s e n te re d w it h N e lix G am es, A pple A rc a d e , A m azo n G am e N ig h t a n d N in te n do S w it c h 2
· A cq uis i on o f m in o rit y s ta ke in Su per M ed ia G ro up , in i a ng a s tra te gic p artn ers h ip w it h ﬁ rs t- p ers o n
sh o ote r s p ecia lis ts B ulk h ead
· A cq uis i on o f th e r ig h ts a n d a sse ts o f th e H am merw atc h fr an ch is e a n d s e ve ra l I P s fr om B eard ed B ro th ers
· S e cu re d t h e lo ng-t e rm p ublis h in g r ig h ts t o s e ve n p re vi ously p ublis h ed tle s, in clu din g O pera on: T a ng o ,
H ea ve n ly B od ie s a n d Sp ir i all
· M ik ke l W eid er a p po in te d a s G ro up C hie f Ex ecu ve O ﬃ ce r, f o rm ally j o in in g t h e B oard i n Ja n uary 2 026

Div is io nal h ig h lig h ts
· T e am 17 to ta l s a le s i n cre ase d 8 % , w it h 2 0 m illio n u nit s s o ld , r e ach in g a r e co rd £106 m illio n
o Six n ew g a m es d ro ve a 7 00% -p lu s in cre ase in n ew re le ase re ve n ues, fu rth er s tr e n gth en in g th e
p o r olio
o D ate E v e ry th in g ! la u nch ed s u cce ssfu lly w it h o ve r 7 50k p la ye rs a d ded s in ce l a u nch
o 16 D LC s w ere r e le ase d d urin g t h e y e ar, a lo ng w it h n in e e xis ng g a m es o n n ew p la orm s
· a stra go n re ve n ue d eclin ed 3 3% in p art fo llo w in g th e d ecis io n to e xit lo w -m arg in d ir e ct p hysic a l g a m e
dis tr ib u on. Ex clu din g p hysic a l d is tr ib u on r e ve n ues, a stra go n r e ve n ue d ecre ase d b y 1 8%
o Tw o ne w tle s w ere r e le ase d d urin g t h e y e ar ( F ir e ﬁ gh ng S im ula to r: Ig nit e , a n d n ew ﬁ rs t- p arty
IP b ra n d Se a fa re r: T h e S h ip S im ) , a lo ng w it h tw o e xis ng tle s o n n ew p la orm s a n d 1 1 p aid
D LC s. A lt h o ugh n ew r e le ase s a n d t h e b ack c a ta lo gu e p erfo rm ed b elo w e xp ecta ons, b y a lig n in g
in ve stm en t in n ew c o nte n t, o pera ons a n d ta le n t a ro und a stra go n’s m ost p o pula r a n d s c a la b le
fr an ch is e s, a c o nsid era b ly i m pro ve d p erfo rm an ce i s e xp ecte d f o r F Y 2 026
o Acq uis i on o f new s im ula on I P : S to ra ge H unte r S im ula to r
· S to ry To ys p ro duce d a n o uts ta n din g y e ar, w it h t o ta l r e ve n ues u p 2 5% t o £30.4 m illio n , s u p po rte d b y o ne
new a p p l a u nch a n d 7 40 a p p u pdate s
o LE G O ® B lu ey p asse d o ne m illio n d ow nlo ad s in it s ﬁ rs t m onth a n d b eca m e t h e n um ber o ne K id s
iP ad a p p f o r a w hile i n 1 17 c o untr ie s
o Sto ry To ys h it 3 76k a c ve s u bsc rib ers , w it h p eak m onth ly a c ve u se rs o f 12.9 m , re ach in g 2 86
m illio n l if e m e d ow nlo ad s
o M ajo r n ew N e lix G am es p artn ers h ip , in clu din g re le ase o f LE G O ® D U PLO ® W orld ® N e lix a n d
B arb ie C o lo r C re a ons N e lix , a lo ng w it h t h re e l a u nch es o n A pple A rc a d e G re ats

O utlo ok
· T h e G ro up h as m ad e a g o od s ta rt t o F Y 2 026 a n d h as a n e xc i ng p ip elin e o f at le ast 1 5 n ew g a m es a n d
ap ps e xp ecte d to la u nch d urin g th e y e ar. T h e lin e-u p in clu des a t le ast ﬁ ve ﬁ rs t- p arty IP s, in clu din g th e
m uch -a n cip ate d H ell L e t L o ose : V ie tn a m (c u rre n tly w it h o ve r h alf a m illio n W is h lis ts o n S te am a lo ne)
an d G olf W it h Y o ur F rie n d s 2 , a s w ell a s m ajo r n ew la u nch es fr om a stra go n’s e sta b lis h ed I P p o r olio . T h e
lin e-u p als o fe atu re s a va rie d an d hig h -q ualit y sla te of th ir d -p arty tle s, in clu din g W ard og s , in
c o lla b o ra on w it h ﬁ rs t- p ers o n s h o ote r s p ecia lis ts B ulk h ead
· T h e B oard is c o nﬁ den t t h at t h e G ro up is w ell- p o si oned t o d eliv e r a n o th er y e ar o f pro ﬁ ta b le g ro w th in F Y
2 026, a s w ell a s c o n nued g ro w th o ve r t h e m ed iu m t o lo ng t e rm , a n d e xp ects t h e G ro up t o a ch ie ve F Y
2 026 r e su lt s in lin e w it h c u rre n t m ark e t e xp ecta ons 3. T h e p hasin g o f co sts in H 1 a sso cia te d w it h la rg e r
re le ase s d ue to w ard s th e e n d o f H1 a n d in to H 2 is e xp ecte d to re su lt in a H 2 w eig h ng o f aEB IT D A
deliv e ry

M ik ke l W eid er , G ro up C h ie f E xe cu ve O ﬃ ce r o f e ve rp la y, c o m men te d :

“M y ﬁ rs t t h re e m onth s a t e ve rp la y h ave b een h ugely e xc i ng a nd r e in fo rc e d m y c o n ﬁ den ce in t h e G ro u p’s lo n g-
te rm p ote n al. F Y 2 025 a gain sh ow ed th e b en eﬁ t o f th e G ro u p’s p or olio str a te g y. T h e te a m s h ave w ork e d
exce p on ally h ard to d eliv e r a n im pre ssiv e d ou ble -d ig it p ro ﬁ t g ro w th , a n d I th a nk th em a ll fo r th eir d ed ic a te d
co m mit m en t.

” F Y 2 0 26 h as o n e o f th e b usie st a nd h ig hest q ualit y n ew r e le a se l in e-u ps i n s e ve ra l y e a rs , p ack e d w it h ﬁ rs t- p arty I P
a nd e xc i ng t h ir d -p arty tle s s u ch a s W ard og s. C om bin ed w it h t h e n ew p a rtn ers h ip s a nd a cq uis i on s m ade in t h e
pre vio u s y e a r, I a m c o n ﬁ den t t h at w e a re o n t r a ck f o r a s tr o n g F Y 2 026.”

1 A dju ste d EB IT D A r e ﬂ ects t h e EB IT D A o f th e G ro up, w it h o ut t h e i m pact o f acq uis i on-r e la te d c o sts w hic h v a ry y e ar o n y e ar b ase d o n a cq uis i on a c vi ty . I n
a d di on, i t i n clu des t h e i m pact o f am or sa on a n d i m pair m en t o f deve lo pm en t c o sts , p ublis h in g r ig h ts a n d I P l ic e n ce s, a s t h is r e ﬂ ects t h e p rim ary c o sts
in cu rre d b y t h e G ro up i n g e n era ng r e ve n ue. F u ll d is c lo su re s o n e arn in gs a d ju stm en ts c a n b e f o und i n t h e A lt e rn a ve P e rfo rm an ce M easu re s s e c on o f th e
G ro up F in an cia l R evi ew
2 O pera ng c a sh c o nve rs io n i s d eﬁ ned a s c a sh g e n era te d fr om o pera ng a c vi es a d ju ste d t o a d d b ack p aym en ts m ad e t o s a sfy p re -a cq uis i on l ia b il i es
re co gn is e d u nder I F R S 3 ” B usin ess C om bin a ons” , d ivi ded b y e arn in gs b efo re i n te re st, t a x, d ep re cia on a n d a m or sa on ( ” EB IT D A”)
3 C om pan y-c o m pile d c o nse n su s s h ow s F Y 2 6 r e ve n ues o f £173.6 m illio n a n d a d ju ste d EB IT D A o f £50.5 m illio n .

A naly st a n d i n s tu onal i n ve sto r w eb ca st
A w eb ca st fo r a n aly sts a n d in s tu onal in ve sto rs w ill b e h eld o n T u esd ay, 2 4 M arc h 2 026 a t 8 .3 0 a .m . G M T . T o
re gis te r f o r t h is e ve n t p le ase c o nta ct V ig o C onsu l ng o n eve rp la y@ vigo co nsu l ng.c o m .

R eta il i n ve sto r w eb ca st
A w eb ca st fo r r e ta il in ve sto rs w ill b e h eld o n F rid ay, 2 7 M arc h 2 026 a t 1 .0 0 p .m . G M T . T h e p re se n ta on w ill b e
ho ste d o n th e In ve sto r M eet C om pan y p la orm . Q ues ons ca n b e su bm i ed at an y m e d urin g th e liv e
p re se n ta on. I n ve sto rs c a n s ig n u p vi a t h e f o llo w in g l in k:
h ps:/ /w ww.in ve sto rm eetc o m pan y.c o m /e ve rp la y-g ro up-p lc /re gis te r-in ve sto r

En quir ie s
eve rp la y g ro up p lc
M ik ke l W eid er , C hie f Ex ecu ve O ﬃ ce r
R ash id V ara ch ia , C hie f Fin an cia l O ﬃ ce r a n d C hie f O pera ng O ﬃ ce r
Ja m es T a rg e , G ro up I n ve sto r R ela ons D ir e cto r

ir @ eve rp la yg ro upplc .c o m

Peel H unt ( N om in ate d A dvis o r a n d J o in t C o rp o ra te B ro ke r)
N eil P ate l / B en ja m in C ry e r / K ate B an naty n e

+4 4 ( 0 )2 0 7 418 8 900
Je ﬀ erie s I n te rn a onal L im it e d ( J o in t C o rp o ra te B ro ke r)
P h ilip N oble t / W ill B ro w n

+4 4 ( 0 )2 0 7 029 8 000
V ig o C o nsu l ng ( F in an cia l P u blic R ela ons)
J e re m y G arc ia / F io na H eth erin gto n / S a ﬁ a C ole b ro ok
eve rp la y@ vigo co nsu l ng.c o m
+4 4 ( 0 )2 0 7 390 0 233

A bo ut e ve rp la y g ro up p lc
e ve rp la y g ro up p lc (fo rm erly Te am 17 G ro up p lc ) is a n a w ard -w in nin g a n d le ad in g g lo bal in die ga m es la b el
d eve lo per a n d p ublis h er o f pre m iu m vi deo g a m es a n d a p ps, c o m pris in g t h re e d is nct d ivi sio ns: T e am 17, a stra go n
an d S to ry To ys. T e am 17 is a g a m es d eve lo per, p ublis h er a n d c re a ve p artn er fo r in die d eve lo pers a ro und th e
w orld , k n ow n f o r ic o nic I P s u ch a s H ell L e t L o ose , W orm s a n d O ve rc o oke d !. a stra go n is a le ad in g g a m es p ublis h er,
d eve lo per a n d d is tr ib uto r o f so phis ca te d w ork in g s im ula on g a m es, in clu din g C onstr u c on S im ula to r a n d P o lic e
S im ula to r, t a rg e ng a b ro ad a u die n ce fr om y o ung e n th usia sts t o t e ch nic a l e xp erts a n d c a su al g a m ers . S to ry To ys is
a w orld -c la ss d eve lo per a n d p ublis h er o f ed uca onal e n te rta in m en t a p ps, b rin gin g th e w orld ‘s m ost p o pula r
ch ara cte rs , w orld s a n d s to rie s to lif e fo r c h ild re n u nder th e a ge o f eig h t, w it h a p ps in clu din g D is n ey C olo urin g
W orld a n d L E G O ® B lu ey™ .

Vis it w ww.e ve rp la yg ro upplc .c o m f o r m ore i n fo rm a on o r f o llo w u s o n L in ke d In : eve rp la y g ro up p lc

Stra te gic a n d o pera ng r e vie w
Tw elv e m onth s a go , t h e G ro up s e t o ut a c le ar c o m mit m en t: t o r e tu rn e ve rp la y t o it s r o ots , d eli v e rin g a d iv e rs e
p o r olio o f qualit y g a m es a ga in st a d is c ip lin ed s tra te gy c e n tr e d o n o ur in die h erit a ge . A ga in st t h is , 2 025 w as a
y e ar o f stro ng o pera onal, s tra te gic a n d ﬁ nan cia l p ro gre ss.
T h e G ro up’s s tra te gy r e m ain s f o unded o n f o ur c o re p rin cip le s:
· b uild in g l o ng-t e rm ﬁ rs t- p arty I P r o ad m ap s;
· c o n nuin g t o p artn er w it h t h ir d -p arty d eve lo pers t o d is c o ve r a n d n urtu re i n nova ve n ew g a m es;
· d is c ip lin ed c o st c o ntro l; a n d
· d rivi ng b o th o rg a n ic a n d i n o rg a n ic g ro w th
Th e r e su lt o f th is c le ar s tra te gic f o cu s h as b een a s ig n iﬁ ca n t i m pro ve m en t i n t h e p erfo rm an ce o f new r e le ase s t h is
y e ar, a lo ng w it h th e m ost e xc i ng a n d h ig h -q ualit y n ew re le ase p ip elin e s in ce th e IP O , re aﬃ rm in g e ve rp la y’s
c o m mit m en t t o e xc e lle n ce .
Th e s u cce ssfu l la u nch es o f new tle s fr om a cro ss o ur th re e d ivi sio ns in 2 025 h as b een a p ar cu la r h ig h li g h t,
in clu din g D ate E v e ry th in g ! , L E G O ® B lu ey a n d Fir e ﬁ gh ng S im ula to r: I g nit e , w hic h n o t o nly b ro ad en t h e G ro up’s
p o r olio , b ut a ls o r e in fo rc e it s lo ng-s ta n din g r e p uta on f o r d eliv e rin g o rig in al, e n ga gin g g a m es. T h is s u cce ss h as
re ig n it e d th e p assio n a cro ss th e G ro up’s te am s a n d u nit e d e ach d iﬀ ere n t la b el u nder th e re ce n tly cre ate d
eve rp la y u m bre lla b ra n d. T h e G ro up’s b ack c a ta lo gu e c o n nues t o p erfo rm w ell, w it h o ur t e am s d eve lo pin g n ew
co nte n t t o i n cre ase g a m ers ‘ d elig h t a n d l o ng-t e rm e n ga ge m en t.
F o r F Y 2 025, th e G ro up g e n era te d re ve n ues o f £166.0 m illio n (F Y 2 024: £ 166.6 m illio n ), g ro ss p ro ﬁ t o f £76.3
m illio n (F Y 2 024: £ 69.4 m illio n ) a n d a d ju ste d EB IT D A o f £48.5 m illio n (F Y 2 024: £ 43.5 m illio n ). T h e y e ar c lo se d
w it h a stro ng b ala n ce s h eet, in clu din g £ 51.9 m illio n o f ca sh a n d c a sh e q uiv a le n ts ( 3 1 D ece m ber 2 024 : £ 62.9
m illio n ) h avi ng a cq uir e d t h e H am merw atc h fr a n ch is e , ﬁ ve IP s fr om B eard ed B ro th ers , t a ke n a m in o rit y s ta ke in
S u per M ed ia G ro up ( in i a ng a s tra te gic p artn ers h ip w it h B ulk h ead t o d eve lo p ﬁ rs t- p ers o n s h o ote r g a m es), a n d
acq uir e d p ublis h in g r ig h ts t o s e ve n tle s, s e cu rin g a d di onal b ack-c a ta lo gu e r e ve n ues. T o ge th er t h ese fu lﬁ lle d a
k e y s tra te gic p rio rit y t o c o n nually m i ga te t h e u npre d ic ta b ilit y o f fu tu re n ew g a m es.
T h e G ro up’s ﬁ nan cia l p ro gre ss a ls o re ﬂ ects a s tra te gic fo cu s o n h ig h er-m arg in , m ore s u sta in ab le a c vi es, a n d
th e e xit fr om lo w -m arg in p hysic a l p ack a ge d g o ods d is tr ib u on w it h in a stra go n. T h e G ro up h as s ig n ed m ul ple
p artn ers h ip a gre em en ts w it h a n um ber o f ga m in g p la orm s, in clu din g N e lix a n d A m azo n, e n ab li n g u s t o r e ach
m ore c o nsu m ers g lo bally .
2 025 w as a p iv o ta l y e ar f o r s tr e n gth en in g t h e s k ills e t o f th e o rg a n is a on. T h is o ngo in g f o cu s h as b een s u ppo rte d
b y k e y s e n io r h ir e s w ho b rin g o uts ta n din g c a p ab ilit y a n d d eep g a m es in dustr y e xp erie n ce . In N ove m ber 2 025 ,
M ik ke l W eid er w as a p po in te d a s G ro up C hie f Ex ecu ve O ﬃ ce r, j o in in g f o rm ally in Ja n uary 2 026 . M ik ke l is a h ig h ly
a cco m plis h ed g a m in g e xe cu ve w it h a p ro ve n t ra ck r e co rd in d eliv e rin g b o th o rg a n ic a n d a cq uis i ve g ro w th . In
N ove m ber 2 025 , H arle y H om ew ood r e tu rn ed t o T e am 17 a s G en era l M an age r. W it h o ve r 2 5 y e ars o f le ad ers h ip
a cro ss s a le s, m ark e ng, a n d p ublis h in g, H arle y h as a lr e ad y p la ye d a k e y r o le in d rivi ng in ve stm en t in t h e p o r oli o ,
le ad in g t h e a cq uis i on o f th e H am merw atc h I P a lo ng w it h t h e p ublis h in g r ig h ts o f pre vi ously r e le ase d tle s.
A lo ngsid e t h is , A ndre w M cD onald w as a p po in te d a s G ro up G en era l C ounse l a n d Lo w ri E a stg a te a s G ro up P e o ple
a n d C ult u re D ir e cto r. B oth A ndre w a n d L o w ri h ave stro ng g a m in g b ack g ro unds, h avi ng p re vi ously w ork e d a t
Ja ge x . e ve rp la y n ow h as e xc e p onal g a m in g e xp erie n ce a cro ss b o th th e s e n io r le ad ers h ip te am a n d B oard o f
D ir e cto rs , p ro vi din g t h e f o unda ons t o fu rth er a cce le ra te g ro w th w it h a u niﬁ ed vi sio n a n d c u lt u re .
Th e in die g a m es m ark e t c o n nues t o t h riv e , w it h r e co rd le ve ls o f new tle s r e le ase d in 2 025. T h e g lo bal g a m in g
m ark e t w as e s m ate d a t U S$ 197 b ill io n in 2 02 5 a n d is e s m ate d t o g ro w a fu rth er 1 6% b y 2 028 1. A ga in st t h is
b ack d ro p, th e G ro up’s co m bin a on of new re le ase s an d a re silie n t back ca ta lo gu e re m ain s a pow erfu l
diﬀ ere n ato r. In 2025, th e b ack ca ta lo gu e co ntr ib ute d 75% o f Gro up re ve n ue, sig n iﬁ ca n tly d e-r is k in g o ur
exp o su re t o a n in cre asin gly c ro w ded m ark e tp la ce . T h is s tro ng ﬁ nan cia l b ase e n su re s t h e G ro up’s s u cce ss is n o t
so le ly d ep en den t o n i t s l a te st r e le ase s.
D iv is io nal r e vie w
Te am 17
Te am 17 d eliv e re d a s tro ng o pera onal a n d ﬁ nan cia l p erfo rm an ce in F Y 2 025, s e llin g o ve r 2 0 m illio n u nit s , w it h
to ta l s a le s u p 8 % to £106 m illio n . T h e te am la u nch ed s ix n ew g a m es, a lo ng w it h n in e e xis ng g a m es o n n ew
p la orm s, su ppo r ng a se ve n -fo ld in cre ase in n ew re le ase re ve n ues v e rs u s 2 024. D ate E v e ry th in g ! w as th e
bre ako ut p erfo rm er, a d din g o ve r 7 50k p la ye rs s in ce la u nch . O th er n o ta b le s u cce sse s in clu ded SW ORN , N ic e D ay
fo r F is h in g a n d G ob lin C le a nup . T h e im pro ve m en t in q ualit y o f new r e le ase s w as e vi den ce d b y a n a ve ra ge S te am
p o si ve r e vie w s c o re o f 87% , c o m pare d t o 6 1% f o r n ew r e le ase s in 2 024. R eve n ues w ere s u ppo rte d b y g ro w th in
b o th ﬁ rs t- a n d th ir d -p arty IP , w it h ﬁ rs t- p arty IP c o ntr ib u ng to 3 0% o f to ta l re ve n ues. W hil e b ack c a ta lo gu e
re ve n ue d id n o t m atc h th e e xc e p onally h ig h le ve ls o f 2024, it d eliv e re d o ve r 2 0% g ro w th c o m pare d to 2 023,
w it h ke y co ntr ib uto rs in clu din g H ell Le t Lo ose , th e O ve rc o oke d ! fr an ch is e a n d D re d ge . 1 6 D LC s w ere a ls o
re le ase d d urin g t h e y e ar a s t h e G ro up a c ve ly m an age d t h e b ack c a ta lo gu e.

Th e q ualit y a n d b re ad th o f Te am 17’s IP e n ab le d e xp an sio n to n ew p la orm s a n d d evi ce s in 2 025, ta p pin g in to
n ew a u die n ce s a n d d em ogra p hic s. W orm s A cro ss T h e W orld s la u nch ed o n A pple A rc a d e , a n e xc lu siv e v e rs io n o f
O ve rc o oke d ! 2 la u nch ed o n N in te n do ‘s S w it c h 2 , w hile n ew p artn ers h ip s w it h b o th N e lix a n d A m azo n G am e
Nig h t w ill se e se ve ra l g a m es a va ila b le o n th ese p la orm s in 2 026. T h e b ack c a ta lo gu e w as b o ls te re d b y th e
acq uis i on o f th e H am merw atc h fr an ch is e , a lo ng w it h t h e p ublis h in g r ig h ts fo r s e ve n p re vi ously la u nch ed tle s.
In A ugu st, t h e d eve lo pm en t o f H ell L e t L o ose : V ie tn a m , t h e e xc i ng n ext in sta lm en t o f th e b est- s e llin g fr an ch is e ,
w as a n no unce d a t G am esc o m . T h e la u nch vi deo g e n era te d a ro und 1 7 m illio n vi ew s a n d w as t h e s e ve n th m ost-
w is h lis te d g a m e o f th e c o nve n on. In D ece m ber t h e G ro up a n no unce d t h at T e am 17 w il l p artn er w it h B ulk h ead ,
vi a e ve rp la y’s m in o rit y s ta ke in Su per M ed ia G ro up , t o p ublis h W ard og s – a h ig h -q ualit y , U nre al En gin e 5 A ll O ut
W arfa re m ul pla ye r F P S – p la n ned f o r E a rly A cce ss r e le ase o n P C i n 2 026.
2026 is g e arin g u p t o b e a v e ry e xc i ng y e ar, w it h a t le ast t e n n ew g a m es s c h ed ule d fo r la u nch , a n d w it h la rg e r
tle s w eig h te d t o H 2, in clu din g ﬁ rs t- p arty tle s H ell L e t L o ose : V ie tn a m a n d G olf W it h Y o ur F rie n d s 2 . A s w ell a s
ga m es o n A m azo n G am e N ig h t, 2 026 w ill a ls o se e th e ﬁ rs t Te am 17 g a m es fe atu re s o n N e lix G am es. T h e
p erfo rm an ce o f th e d ivi sio n w ill a ls o b en eﬁ t fr om th e c re a on o f m ore fo cu se d a n d a gile p ubli s h in g s u bunit s ,
e ach d o ublin g d ow n o n c o re s tr e n gth s to b e er s e rv e th eir a u die n ce s, im pro vi ng g o -t o -m ark e t e xe cu on a n d
ga m e p erfo rm an ce .
astra go n
2025 w as a m ore c h alle n gin g y e ar fo r a stra go n, w it h r e ve n ues d ow n 3 3% t o £29.5 m illio n . D urin g t h e y e ar, t h e
G ro up t o ok t h e s tra te gic d ecis io n t o e xit a stra go n’s d ir e ct p hysic a l g a m e d is tr ib u on b usin ess. T h is a c vi ty a d ded
co m ple xit y t o a stra go n’s o pera ons, g e n era te d o nly lo w -m arg in r e ve n ue a n d in tro duce d a n a d di onal e xp o su re
to t h e s u cce ss o f exte rn al tle s. Ex clu din g t h is , a stra go n’s u nderly in g r e ve n ue d eclin e n arro w ed t o 1 8% . T h is w as
a d is a p po in ng p erfo rm an ce , w it h b o th n ew re le ase s a n d th e b ack c a ta lo gu e u nderp erfo rm in g e xp ecta ons.
H ow eve r, b y a lig n in g in ve stm en t in n ew c o nte n t, o pera ons a n d ta le n t a ro und a stra go n’s m ost p o pula r a n d
sc a la b le fr an ch is e s, a c o nsid era b ly i m pro ve d p erfo rm an ce i s e xp ecte d f o r F Y 2 026.
Th e q ualit y of astra go n’s ﬁ rs t- p arty IP p o r olio , w hic h n ow a cco unts fo r 8 3% o f astra go n s a le s (F Y 2 024: 7 0% ),
w as s tr e n gth en ed b y tw o n ew re le ase s, ta kin g th e n um ber o f ﬁrs t- p arty IP s to s e ve n . In S e p te m ber, a stra go n
re le ase d t h e a w ard -w in nin g Fir e ﬁ gh ng S im ula to r: I g nit e – t h e la te st in sta lm en t o f th e h uge ly p o pula r fr an ch is e –
a n d O cto ber sa w th e e arly a cce ss re le ase o f a b ra n d-n ew IP : S e a fa re r: T h e S h ip S im . In a d di on, a stra go n
co n nued t o s u ppo rt it s liv e g a m es, d eliv e rin g m ajo r e xp an sio ns, s e aso n p asse s, a n d r e gu la r c o nte n t u pdate s t o
s u sta in e n ga ge m en t a n d re ve n ue a cro ss th e c a ta lo gu e. T h is in clu ded 1 1 p aid D LC s, th e re le ase o f R ailr o a ds
O nlin e a n d Po lic e S im ula to r: P a tr o l O ﬃ ce rs o n n ew p la orm s a n d v a rio us p la orm a gre em en ts o n P la yS ta on
Plu s a n d Xb ox G am e P ass .
2 026 is s e t t o b e a n e ve n ul y e ar, s u ppo rte d b y m ore n ew IP s, fr an ch is e e vo lu on a n d lo ng-t e rm b ra n d b uild in g.
A b ra n d n ew IP , R ang er’s P a th : N a ona l P a rk S im ula to r w as re le ase d in E a rly A cce ss in M arc h , w it h p la ye rs
e m bark in g o n a p ark r a n ge r jo urn ey. T h e n ext in sta lm en t o f th e p o pula r B us S im ula to r fr an ch is e w ill f o llo w la te r
in t h e y e ar, s e t in t h e M ed it e rra n ean a n d fe atu rin g t h e S o la ris b ra n d fo r t h e ﬁ rs t m e, a lo ng w it h o th er m ajo r
new l a u nch es fr om a stra go n’s e sta b lis h ed I P p o r olio y e t t o b e a n no unce d .
Sto ry To ys
Sto ry To ys h ad a n o th er o uts ta n din g y e ar, w it h to ta l r e ve n ues u p 2 5% to £30.4 m illio n a n d p eak m onth ly a c ve
u se rs o f 12.9 m illio n d urin g th e y e ar. L if e m e d ow nlo ad s re ach ed 2 86 m illio n, w hile fu rth er g ro w th in a c ve
su bsc rib er n um bers ( t o o ve r 3 76,0 00) c o n nues t o in cre ase r e ve n ue vi sib ilit y . I n t o ta l, S to ry To ys r e le ase d 7 40 a p p
u pdate s in F Y 2 025, a n in cre ase o f 40% o n th e p rio r y e ar, a cro ss 1 3 a p ps a n d s e ve n p la orm s, in clu din g th e
in tro duc on o f Sta r W ars a s a l ic e n se i n D is n ey C o lo rin g W orld .
A h ig h lig h t o f th e y e ar w as th e la u nch o f th e b ra n d-n ew a p p LE G O ® B lu ey in A ugu st, b rin gin g to ge th er th e
glo bally ic o nic B lu ey b ra n d w it h S to ry To ys’ ﬁ rs t L E G O ® a p p w it h s y ste m b ric k s, a p pealin g t o a b ro ad er c h il d re n ‘s
a u die n ce . T h e la u nch w as h ig h ly s u cce ssfu l, e xc e ed in g o ne m illio n d ow nlo ad s in it s ﬁ rs t m onth a n d b eco m in g t h e
n um ber o ne K id s iP ad a p p in 1 17 c o untr ie s, a s w ell a s t h e n um ber o ne iP ad a p p o ve ra ll in 2 4 c o untr ie s, in clu din g
th e U S a n d U K . 2 0 25 a ls o s a w t h e d eve lo pm en t o f a s tra te gic p artn ers h ip w it h N e lix G am es, fe atu rin g LE G O ®
DU PLO ® W orld ® N e lix a n d B arb ie ™ Co lo r C re a ons N e lix .
F Y 2 026 h as g o t o ﬀ to a s tro ng s ta rt, w it h lif e m e d ow nlo ad s s u rp assin g th e 3 00 m illio n m ark d urin g th e ﬁ rs t
q uarte r. P le n ty o f exc i ng n ew c o nte n t is p la n ned , in clu din g n ew a p ps a n d a n ew la b el, f o cu sin g o n o ld er k id s a n d
fa m ilie s.

G ro up F in an cia l r e vie w
P erfo rm an ce O ve rv ie w
D esp it e a so er p erfo rm an ce fr om a stra go n, th e G ro up’s re ve n ue p erfo rm an ce a ga in sh ow ed th e b en eﬁ t o f
eve rp la y’s p o r olio s tra te gy. T h e G ro up d eliv e re d m id -s in gle d ig it u nderly in g r e ve n ue g ro w th , d riv e n b y a m ark e d
im pro ve m en t in t h e p erfo rm an ce o f new r e le ase s in a d di on t o n ew lic e n se a gre em en ts w it h p la orm s in clu din g
N e lix G am es a n d A m azo n G am e N ig h t. Im pro ve d g ro ss m arg in s, lo w er im pair m en ts a n d o ngo in g gh t c o st

co ntro ls a ll c o ntr ib ute d to a sig n iﬁ ca n t im pro ve m en t in a d ju ste d EB IT D A m arg in . T h is , a lo ng w it h th e h ig h er
u nderly in g re ve n ues, c o ntr ib ute d to a 4 4% ris e in e arn in gs, w it h p ro ﬁ ts b efo re ta x o f £36.6 m illio n (F Y 2 024:
£25.3 m illio n ).
R eve n ue
G ro up r e ve n ues w ere ﬂ at o n p rio r y e ar l e ve ls a t £ 166.0 m illio n ( F Y 2 024: £ 166.6 m illio n ). Ex clu din g r e ve n ues fr om
astra go n’s p hysic a l d is tr ib u on b usin ess w hic h t h e G ro up e xit e d d urin g t h e y e ar, r e ve n ues in cre ase d 5 % . T e am 17
co ntr ib ute d £106.4 m illio n , u p 8 % o n th e p rio r y e ar (F Y 2 024: £ 98.6 m illio n ), w hils t S to ry To ys h ad a n o th er
o uts ta n din g ye ar, w it h re ve n ues u p 2 5% to £30.4 m illio n (F Y 2 024: £ 24.3 m illio n ). a stra go n fa ce d a m ore
c h alle n gin g y e ar, w it h re ve n ues d ow n 3 3% to £29.5 m illio n (F Y 2 024: £ 43.8 m illio n ). E xc lu din g th e p hysic a l
d is tr ib u on b usin ess, a stra go n’s r e ve n ues f e ll b y 1 8% .
Th e G ro up e n jo ye d a g o od le ve l o f su cce ss w it h it s n ew r e le ase s, w it h r e ve n ues u p 8 0% c o m pare d t o t h e p re vi ous
ye ar a t £ 41.1 m illio n ( F Y 2 024: £ 22.9 m illio n ). T h e s ta n d-o ut s u cce ss o f th e y e ar w as T e am 17’s D ate E v e ry th in g !,
w it h s tro ng p erfo rm an ce s a ls o fr om SW ORN a n d N ic e D ay f o r F is h in g , a s w ell a s L E G O ® B lu ey™ fr om S to ry To ys .
T h e c o m merc ia l s u cce ss o f th ese tle s w as r e ﬂ ecte d i n t h eir r e vi ew s, w hic h a ve ra ge d 8 4 % p o si ve o n S te am .
Th e G ro up’s d ep en dab le b ack c a ta lo gu e e n jo ye d a n o th er s o lid y e ar, a cco un ng fo r 7 5% o f Gro up re ve n ues, in
l in e w it h it s a ve ra ge c o ntr ib u on o ve r t h e la st ﬁ ve y e ars . W hile r e ve n ues d id d eclin e 1 3% t o £124.9 m ill io n v e rs u s
th e p rio r y e ar ( F Y 2 02 4: £ 143.8 m illi o n ), t h is w as o n t h e b ack o f th e e xc e p onally s tro ng 2 7% g ro w th in F Y 2 024.
C om pare d to FY 2023 , th e b ack ca ta lo gu e d eliv e re d d o uble -d ig it gro w th . Stro ng p erfo rm ers in clu ded th e
O ve rc o oke d ! fr an ch is e , H ell L e t L o ose , D re d ge , C o nstr u c on S im ula to r a n d LE G O ® D U PLO ® W orld . T h e s u cce ss
o f new r e le ase s d urin g F Y 2 025 w ill c o n nu e t o s u ppo rt t h e b ack c a ta lo gu e i n t h e c o m in g y e ars .
O ve ra ll, ﬁrs t- p arty IP re ve n ues declin ed 9% to £56.1 m illio n (F Y 2024: £ 61.5 m illio n ) re ﬂ ec ng a so er
p erfo rm an ce a t a stra go n. P e rfo rm an ce a t T e am 17 w as ﬁ rm er, u p 2 % , s u ppo rte d b y H ell L e t L o ose a n d G olf W it h
Y o ur F rie n d s , b o th o f w hic h r e m ain in t h e G ro up’s t o p 1 0 s e llin g tle s. F ir s t- p arty IP r e ve n ues a cco unte d f o r 3 4%
o f re ve n ues, m odestly lo w er t h an t h e 3 7% in F Y 2 024, t h o ugh t h is is e xp ecte d t o r is e in F Y 2 026 d ue t o t h e n ew
re le ase p ip elin e. T h ir d -p arty g a m e re ve n ues g re w 4 % to £109.9 m illio n (F Y 2 024: £ 105.1 m illio n ), le d b y th e
O ve rc o oke d ! fr an ch is e , D ate E v e ry th in g ! , D re d ge a n d LE G O ® D U PLO ® W orld .
G ro ss P ro ﬁ t
G ro ss p ro ﬁ t in t h e y e ar ro se 9 .9 % to £76.3 m illio n (F Y 2 024: £ 69.4 m illio n ). G ro ss m arg in in cre ase d s h arp ly b y
4.4 % t o 4 6.0 % ( F Y 2 024: 4 1.6 % ), p re d o m in an tly d ue t o t h e e xit fr om a stra go n’s p hysic a l d is tr ib u on b usin ess a n d
n o m ate ria l tle im pair m en ts , alo ng w it h lo w er ro ya lt y paym en ts , par ally oﬀ se t by hig h er exp en se d
d eve lo pm en t c o sts .
A s u sua l, a fu ll r e vi ew w as u nderta ke n o f th e v a lu e o f in ta n gib le a sse ts h eld o n t h e b ala n ce s h eet w hic h in clu ded
b o th re le ase d g a m es w it h a re sid ual n et b o ok v a lu e a s w ell a s g a m es in d eve lo pm en t y e t to b e re le ase d . A n
im mate ria l n et tle i m pair m en t c re d it w as t a ke n f o r t h e y e ar, c o m pare d t o a £ 4.7 m illio n c h arg e i n F Y 2 024.
R oya lt y p aym en ts w ere lo w er y e ar o n y e ar, a cco un ng fo r 2 8.6 % o f sa le s (F Y 2 024: 2 9.9 % ), d ue to a m ore
fa vo ura b le s a le s m ix a t T e am 17 a n d a h ig h er w eig h ng o f Sto ry To ys r e ve n ues, w hic h c a rr y l o w er r o ya lt y l e ve ls .
C ap it a lis e d d eve lo pm en t c o sts in th e y e ar in cre ase d to £33.2 m illio n (F Y 2 024: £ 25.0 m illio n ) o f w hic h £17.7
m illio n (F Y 2 024: £ 12.1 m illio n ) re la te d to T e am 17, £ 11.7 m illio n (F Y 2 024: £ 9.6 m illio n ) to a stra go n a n d £3.8
m illio n ( F Y 2 024: £ 3.0 m illio n ) t o S to ry To ys. T h e in cre ase r e ﬂ ects a s ig n iﬁ ca n t in cre ase in in ve stm en t in ﬁ rs t- p arty
IP tle s, in lin e w it h th e G ro up’s c o re stra te gy to in cre ase th e w eig h ng o f ﬁrs t- p arty IP re ve n ues. A er th e
re le ase o f tw o ﬁ rs t- p arty IP tle s in F Y 2 025 ( F ir e ﬁ gh ng S im ula to r: Ig nit e a n d Se a fa re r: T h e S h ip S im ) , 1 0
fu rth er p ro je cts r e m ain u nder d eve lo pm en t. A s a r e su lt o f th e c a p it a lis a on a n d d eve lo pm en t c o st a m or sa on
ch arg e s, c a p it a lis e d d eve lo pm en t c o sts o n t h e b ala n ce s h eet a t t h e e n d o f th e P e rio d s to od a t £ 61.4 m illio n ( F Y
2 024: £ 40.6 m illio n ).
D eve lo pm en t co st a m or sa on ch arg e s w ere £ 14.2 m illi o n fo r th e ye ar (F Y 2 024: £ 13.5 m illi o n ). E xp en se d
d eve lo pm en t c o sts in cre ase d m odestly d urin g t h e y e ar, d riv e n b y t h e la u nch o f tle s o nto n ew p la orm s w it h in
s u bsc rip on s e rvi ce s.
A dm in is tra ve E xp en se s
To ta l a d m in is tra ve e xp en se s in t h e y e ar d ecre ase d 9 % t o £41.6 m illio n (F Y 2 024: £ 45.6 m illio n ). T h e d ecre ase
w as p rim arily d ue t o t h e £ 4.6 m illio n im pair m en t o f go odw ill a n d c u sto m er a n d d eve lo per r e la ons r e la ng t o
t h e U S b usin ess ( T h e L a b el In c. ) ta ke n in F Y 2 024. A cq uis i on-r e la te d a d ju stm en ts , c o sts a n d a m or sa on fe ll
m odestly t o £12.1 m illio n ( F Y 2 024: £ 13.9 m illio n ).
S ta ﬀ c o sts w it h in a d m in is tra ve e xp en se s d ecre ase d 1 1% in t h e y e ar, p re d o m in an tly r e ﬂ ec ng lo w er p aym en ts
fr om t h e e arn -o ut p ro gra m me. D ep re cia on a n d a m or sa on w ere ﬂ at a t £ 13.0 m illio n ( F Y 2 024: £ 12.9 m illio n ).
M ark e ng c o sts w ere a ls o b ro ad ly ﬂ at. O th er c o sts in a g gre ga te s a w m odest in cre ase s a s a p erc e n ta ge o f sa le s
co m pare d w it h t h e p rio r y e ar. T o ta l h ead co unt f o r t h e G ro up a t 3 1 D ece m ber 2 025 w as 3 97 ( 3 1 D ece m ber 2 024 :
344), d ue i n l a rg e p art t o n ew h ir e s a t S to ry To ys t o s u ppo rt n ew a p ps a n d p la orm p artn ers h ip s.
A lt e rn a ve P erfo rm an ce M easu re s ( ” A PM s” )
T h e D ir e cto rs belie ve th at th e re p o rte d APM s pro vi de m ean in gfu l perfo rm an ce in fo rm a on to aid th e
u nders ta n din g o f th e u nderly in g b usin ess tra d in g p erfo rm an ce a n d p ro ﬁ ta b ilit y . A lt h o ugh th ese a re n o t G AAP

measu re s a s d eﬁ ned b y IF R S, th ey h ave b een a p plie d to p ro vi de a n a ccu ra te c o m paris o n a s w ell a s p ro vi de
re ad ers o f th e ﬁ nan cia l s ta te m en ts a c le ar u nders ta n din g o f th e u nderly in g p ro ﬁ ta b ilit y o f th e b usin ess a n d m ore
c o nsis te n t c o m paris o ns o ve r m e. A b re akd ow n o f th e a d ju s ng f a cto rs i s p ro vi ded i n t h e t a b le b elo w :

Adjus ted EBITD A Adjusted Pr oﬁt A er
Ta x
FY25 FY24 FY25 FY24
£’000 £’000 £’000 £’000
(Loss)/Pr oﬁt befor e T ax 36,588 25,323 36,588 25,323
De velopmen t cost amorsa on elimina ted thr ough FV adjus tments (805) (1,469) (805) (1,469)
Goodwill and acquir ed intangible 1 impairmen t 4,563 4,563
Share based c ompensaon 473 1,008 473 1,008
Res tructuring c osts 112 n/a 112 n/a
Acquision r elated c osts & adjus tments
Amorsa on of acquir ed intangible 1 asse ts 11,697 11,529 11,697 11,529
Acquision-r elated c osts 404 2,334 404 2,334
Earn out f air value 84 84
Inter es t & F X on c onng ent consider aon 7 7
Adjus ted pr oﬁt be for e t ax 48,469 43,379 48,469 43,379
Finance inc ome and costs ne t of acquision r elated c osts and adjus tments (1,241) (1,196) n/a n/a
Depr eciaon and g ain/loss on disposal of t angible assets and sow are 1,112 1,276 n/ a n/a
Amorsa on of other in tangible asse ts 136 90 n/a n/a
Adjus ted EBITD A 48,475 43,549
Ta xa on (ne t of impacts on adjus tments) (11,419) (8,747)
Adjus ted pr oﬁt a er t ax 37,050 34,632
Adjus ted basic EPS (p) 25.7 24.1

1A cq uir e d i n ta n gib le s a re d eﬁ ned a s t h o se t h at a ris e d ir e ctly fr om M &A a c vi ty a n d i n clu de t h e a sse t c la sse s B ra n ds, A cq uir e d A pps a n d C usto m er a n d
D eve lo per R ela onsh ip s
A dju ste d EB IT D A re ﬂ ects th e EB IT D A o f th e G ro up in a s te ad y s ta te , w it h o ut th e im pact o f acq uis i on-r e la te d
co sts w hic h v a ry y e ar o n y e ar b ase d o n a cq uis i on a c vi ty . I n a d di on, it in clu des t h e im pact o f am or sa on a n d
im pair m en t o f deve lo pm en t c o sts , p ublis h in g r ig h ts a n d IP lic e n se s, a s t h is r e ﬂ ects t h e p rim ary c o sts in cu rre d b y
th e G ro up in g e n era ng r e ve n ue. R estr u ctu rin g c o sts a re e xc lu ded a s o ne-o ﬀ in n atu re a n d n o t r e ﬂ ec ve o f th e
u nderly in g p erfo rm an ce o f th e G ro up.
A dju ste d p ro ﬁ t b efo re t a x r e ﬂ ects t h e p ro ﬁ ta b ilit y o f th e G ro up, a d ju ste d f o r t h e p re vio usly -o utli n ed a cq uis i on-
re la te d c o sts . I n t h e p rio r y e ar, t h is w as a ls o a d ju ste d f o r t h e g o odw ill im pair m en t w hic h is n o t a r e cu rrin g c o st t o
t h e G ro up.
Sh are -b ase d c o m pen sa on c h arg e s o f £0.5 m illio n ( F Y 2 024: £ 1.0 m illio n ) r e la te t o o p ons t h at w ere g ra n te d t o
t h e Ex ecu ve a n d N on-Ex ecu ve D ir e cto rs , t h e s e n io r le ad ers h ip t e am a n d o th er m em bers o f th e t e am u nder a
v a rie ty o f sc h em es w hic h w ill b e s a sﬁ ed b y s h are s h eld i n t h e Em plo ye e B en eﬁ t T ru st ( ” EB T”).
A cq uis i on-r e la te d a d ju stm en ts c re ate d a n et c o st in t h e p erio d o f £0.4 m illio n ( F Y 2 024: £ 2.4 m illio n ), r e la ng t o
o ne-o ﬀ c o sts d ir e ctly a sso cia te d w it h th e a cq uis i ons m ad e d urin g th e y e ar, p rim aril y th e a cq uis i on o f th e
H am merw atc h IP a n d m in o rit y s ta ke in Su per M ed ia G ro up . F in an ce c o sts r e la ng to c o n nge n t c o nsid era on
w ere n il ( F Y 2 024: £ 0.1 m illio n ).
A dju ste d E B IT D A
Adju ste d EB IT D A, a d ju s ng fo r th e it e m s o utlin ed in th e A PM ta b le a b ove , in cre ase d 1 1.3 % to £48.5 m illio n ,
re ﬂ ec ng t h e s o lid u nderly in g r e ve n ue g ro w th a n d u nderly in g m arg in i m pro ve m en ts .
P ro ﬁ t B efo re T a x
P ro ﬁ t b efo re t a x f o r t h e y e ar w as £ 36.6 m illio n , c o m pare d t o £25.3 m illio n in t h e p rio r y e ar. N et ﬁ nan ce in co m e
was £ 1.2 m illio n , in lin e w it h th e p rio r y e ar (F Y 2 024: £ 1.2 m illio n ), re ﬂ ec ng m ore a c ve c a sh m an age m en t
d esp it e a lo w er y e ar-e n d c a sh p o si on. A dju ste d p ro ﬁ t b efo re t a x, a d ju s ng fo r t h e it e m s o utli n ed in t h e A PM s
ta b le a b ove , in cre ase d 1 1.8 % to £48.5 m illio n (F Y 2 024: £ 43.4 m illio n ). T h e ta x c h arg e fo r th e y e ar w as £ 9.3
m illio n ( F Y 2 024: £ 5.1 m illio n ). T h e e ﬀ ec ve t a x r a te f o r t h e y e ar w as 2 5.5 % ( F Y 2 024: 2 0.3 % ).
E a rn in gs P er S h are ( ” E P S”)
B asic EP S r o se 3 5% t o 18.9 p en ce (F Y 2 024: 1 4.0 p en ce ), r e ﬂ ec ng h ig h er p re -t a x p ro ﬁ ts o ﬀ se t b y a h ig h er t a x
ch arg e . B asic a d ju ste d EP S, r e ﬂ ec ng t h e A PM a d ju stm en ts n o te d a b ove a n d c a lc u la te d u sin g t h e a d ju ste d p ro ﬁ t
a er t a x i n cre ase d 7 % t o 25.7 p en ce ( F Y 2 024: 2 4.1 p en ce ).
S ta te m en t o f F in an cia l P o si on

Th e G ro up r e m ain s ﬁ rm ly c a sh g e n era ve w it h a n o pera ng c a sh c o nve rs io n o f 89% (F Y 2 024: 9 7% ), a n d a n et
in ﬂ ow o f ca sh fr om o pera ons o f £43.8 m illio n ( F Y 2 024: £ 52.7 m illio n ). T h e r e d uc on c o m pare d t o t h e p re vi ous
ye ar r e la te s t o h ig h er c a sh t a x p aym en ts a n d m ove m en ts in n et w ork in g c a p it a l. T h ese g a ve r is e t o a £ 7.9 m illio n
ou lo w in th e p erio d (F Y 2 024: £ 1.6 m illio n ), m ad e u p p rim arily o f a £ 0.8 m illio n in cre ase in tra d e a n d o th er
re ce iv a b le s ( F Y 2 024: £ 8.4 m illio n ), t o ge th er w it h a d ecre ase in t ra d e a n d o th er p aya b le s b ala n ce o f £7.7 m illio n
(F Y 2 024: £ 7.0 m illio n in cre ase ). T h is in cre ase in t ra d in g b ala n ce s is d ue t o m ate ria l lic e n ce r e ve n ue r e co gn is e d in
t h e f o urth q uarte r, t h e r e co gn i on o f pre vi ously d efe rre d r e ve n ue, a n d p aym en ts fr om t h e e arn -o ut p ro gra m me,
o ﬀ se t b y l o w er t h ir d p arty d is tr ib u on s a le s i n t h e ﬁ nal q uarte r c o m pare d t o t h e s a m e p erio d i n t h e p rio r y e ar.
A er th e £ 33.2 m illio n in ve stm en t in c a p it a lis e d d eve lo pm en t c o sts , a cq uis i on-r e la te d e xp en dit u re o f £11.4
m illio n , p ublis h in g rig h ts p u rc h ase s o f £4.0 m illio n , a n d th e c o m men ce m en t o f divi den d p aym en ts in F Y 2 025
(£5.3 m illio n ), t h ere w as a n o ve ra ll n et d ecre ase in c a sh a n d c a sh e q uiv a le n ts to £51.9 m illio n (F Y 2 024: £ 62.9
m illio n ) w hic h i n clu des £ 2.6 m illio n ( F Y 2 024: £ 2.7 m illio n ) h eld i n t h e EB T.
T h e EB T r e m ain s a n im po rta n t fu nd e sta b li s h ed a t IP O t o s u ppo rt e m plo ye e s h are a w ard s a n d in ce n vi se t e am
m em bers a cro ss t h e G ro up. A ll U K a n d EU e m plo ye es a cro ss t h e G ro up c o n nue t o b e a w ard ed s h are o p ons o n
jo in in g, n o ng t h at t h e u se o f th e EB T a vo id s t h e is su e o f new s h are s t o s a sfy t h ese a n d o th er e m plo ye e s h are
a w ard s.
G oodw ill a n d in ta n gib le a sse ts n ow t o ta l £ 227.9 m ill io n ( F Y 2 024: £ 202.3 m ill io n ). A s a t 3 1 D ece m ber 2 025 , t h e
net b o ok v a lu e o f go odw ill w as £ 85.6 m illio n ( F Y 2 02: £ 82.3 m illio n ). T h e v a lu e o f th e G ro up’s b ra n ds n ow s ta n d s
at £ 54.3 m illio n (F Y 2 024: £ 51.4 m illio n ) fo llo w in g th e a cq uis i ons o f th e H am merw atc h IP a n d co lle c on
of IP fr om B eard ed B ro th ers , a n d a cco un ng fo r th e a n nual b ra n d a m or sa on c h arg e . T h e c u rre n t n et b o ok
va lu e o f ca p it a lis e d d eve lo pm en t c o sts a t y e ar e n d s ta n ds a t £ 61.4 m illio n ( F Y 2 024: £ 40.6 m illio n ).
S h are I s su es
A s a t 3 1 D ece m ber 2 025 , t h e G ro up’s is su ed s h are c a p it a l c o m pris e d 1 45,8 48,6 77 o rd in ary s h are s o f £0.0 1 e ach
(F Y 2 024: 1 45,8 48,6 77).
A t o ta l o f 149,8 37 ( F Y 2 024: 3 17,9 70) s h are o p ons w ere is su ed d urin g t h e y e ar t o t h e Ex ecu ve D ir e cto rs w it h a
t h re e-y e ar v e s ng p erio d w it h p erfo rm an ce c rit e ria , 3 49,8 05 (F Y 2 024: 3 17,7 74) s h are o p ons w ere is su ed to
o th er e m plo ye es a cro ss t h e G ro up a ls o w it h a s im ila r t h re e-y e ar v e s ng p erio d a n d p erfo rm an ce c rit e ria , w hil e
8 7,9 57 sh are o p ons w ere is su ed to N on-Ex ecu ve D ir e cto rs a s p art o f a n ew S h are O p on P la n (F Y 2 024:
6 1,6 48).
T h e G ro up h as e xte n ded th e u se o f it s L o ng-T e rm In ce n ve P la n w it h p erfo rm an ce c rit e ria a cro ss it s se n io r
divi sio nal le ad ers h ip t e am . e ve rp la y c o n nues t o a d m in is te r a n A ll- Em plo ye e S h are I n ce n ve P la n ( ” S IP “) w hic h is
a U K e m plo ye e S IP w it h m atc h in g s h are s o pen t o a ll U K e m plo ye es a n d w hic h c o n nues t o b e w ell s u ppo rte d .
O utlo ok
Th e G ro up h as m ad e a g o od s ta rt t o F Y 2 026, s u ppo rte d b y s u sta in ed m om en tu m fr om t h e fe s ve s e aso n a n d
so lid b ack c a ta lo gu e s a le s. S o f a r t h is y e ar, T e am 17 h as la u nch ed R og ue P o in t in E a rly A cc e ss. T h e G ro up h as a n
e xc i ng p ip elin e o f at le ast 1 5 n ew g a m es a n d a p ps e xp ecte d t o a la u nch d urin g t h e y e ar, in clu din g a t le ast ﬁ ve
ﬁ rs t- p arty IP tle s: in clu din g t h e h ig h ly a n cip ate d H ell L e t L o ose : V ie tn a m a n d G olf W it h Y o ur F rie n d s 2 , a s w ell
a s m ajo r n ew la u nch es fr om a stra go n’s e sta b lis h ed IP p o r olio . O th er a n no unce d th ir d -p arty re le ase s in clu de
W ard og s , in c o lla b o ra on w it h ﬁ rs t- p ers o n s h o ote r s p ecia lis ts B ulk h ead , S ilv e r P in es , W ard ru m , S k in w alk e r a n d
Sin to p ia . T h e G ro up is w ell p o si oned t o le ve ra ge t h e n ew p la orm p artn ers h ip s, IP a cq uis i ons a n d p ublis h in g
rig h ts s e cu re d d urin g F Y 2 025. I t w ill a ls o c o n nue t o l e ve ra ge i t s e xc e p onal l if e cy cle m an age m en t c a p ab il i es t o
d riv e a r o bust p erfo rm an ce a cro ss t h e b ack c a ta lo gu e.
T h e B oard is c o nﬁ den t t h at t h e G ro up is w ell- p o si oned t o d eliv e r a n o th er y e ar o f pro ﬁ ta b le g ro w th in F Y 2 026
an d e xp ects t h e G ro up t o a ch ie ve r e su lt s in lin e w it h c u rre n t m ark e t e xp ecta ons 2. A s t h e m ajo rit y o f t h e la rg e r
re le ase s t h is y e ar a re e xp ecte d i n H 2, a EB IT D A d eliv e ry i s e xp ecte d t o b e H 2 w eig h te d .
Th e G ro up re m ain s w ell p o si oned fo r c o n nued g ro w th o ve r th e m ed iu m to lo ng te rm . It w ill m ake fu rth er
p ro gre ss a ga in st it s s tra te gic p rio ri es to a cce le ra te g ro w th a lo ngsid e im pro vi ng p ro ﬁ ta b il it y , w it h a n e le va te d
fo cu s o n it s ﬁ rs t- p arty IP , e ve rg re en fr an ch is e s a n d im pro ve d re tu rn s. T h e G ro up w ill c o n nue to le ve ra ge it s
s tro ng b ala n ce sh eet an d str e n gth en ed o rg a n is a on to exp lo re M &A o ppo rtu ni es th at ca n acce le ra te it s
s tra te gy.

1 N ew zo o f o re ca sts , F e b ru ary 2 026
2 C om pan y-c o m pile d c o nse n su s s h ow s F Y 2 6 r e ve n ues o f £173.6 m illio n a n d a d ju ste d EB IT D A o f £50.5 m illio n .

Unau dit e d C o nso lid ate d S ta te m en t o f P ro ﬁ t o r L o ss
F o r t h e Y e ar En ded 3 1 D ece m ber 2 025

N ote
Y e ar e n ded
3 1 D ece m ber
2 025
£’0 00
Ye ar e n ded 31
D ece m ber
2 024
£’0 00
R eve n ue 4 165,9 95 166,6 24
C ost o f sa le s (8 9,6 73) (9 7,2 50)
G ro ss p ro ﬁ t 76,3 22 69,3 74
O th er i n co m