Trophy Games Delivers 90% Revenue & EBIT Growth in H1 2026

Trophy Games Development A/S ("Trophy Games" or the "Company") today publishes its Interim Report for the period January 1 - June 30, 2026.

Revenue increased by 90% to DKK 86.0m, driven by the continued expansion of the Transport Series and a step change in advertising monetisation. EBITDA rose 67% to DKK 16.1m and EBIT rose 90% to DKK 9.6m, despite a substantial increase in user acquisition investments. Following the directed share issue completed in June, the Company exited the period with DKK 66.7m in cash and no interest-bearing debt.

Highlights H1 2026

• Revenue of DKK 86.0m, up 90%
• EBITDA of DKK 16.1m, up 67%
• EBIT of DKK 9.6m, up 90%

"We committed to a path of aggressive, data-driven scaling, and we are delivering exactly what we set out to do. We grew revenue by 90% while improving both EBITDA and EBIT, even as we invested heavily in user acquisition and in the next generation of titles. We enter the second half of 2026 well-funded and with the strongest product pipeline in our history," says Søren Gleie, CEO and founder of Trophy Games.

Marketing Spend as Investment in Future Earnings
Marketing investments increased to DKK 32.2m in H1 2026 from DKK 13.6m in H1 2025, of which DKK 32.0m was allocated to the Transport Series. This reflects a deliberate allocation of capital to growth, not a structural change in the Company's cost base.

User acquisition spend is expensed in full in the period in which it is incurred, whereas the revenue generated by the acquired player cohorts accrues over their lifetime in the games. Trophy Games typically operates with a six-month break-even period on user acquisition, meaning that cohorts acquired during the first half of 2026 are expected to recover their acquisition cost around the turn of the year and to contribute to earnings from that point onwards. The EBITDA-margin of 19% for the period (H1 2025: 21%) therefore reflects a timing difference between the recognition of cost and the recognition of the associated revenue, rather than a deterioration in the underlying unit economics of the portfolio.

Capital is allocated and adjusted on the basis of measured returns at title level, with Truck Manager - which generates the highest level of organic user inflow in the portfolio - designated the primary focus for growth investment. Because the Company's titles are engineered for long-term retention, acquired cohorts monetise over an extended period, which improves the return on each acquisition. Management therefore expects a significant part of the return on the H1 2026 investments to be realised in 2026 and 2027, and the earnings guidance for 2026 remains unchanged while the revenue guidance has been raised.

The full Interim Report is attached to this announcement and available at trophy-games.com. The interim report has not been audited or reviewed by the Company's auditor. The next scheduled report is the Quarterly Update for Q3 2026 on October 29, 2026.

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