Trophy Games Q3 2026: Revenue up 19%, EBIT up 44% and Acquisition of Playrion Completed

Trophy Games Development A/S ("Trophy Games") today publishes its Q3 Update 2026 for the period July 1 to September 30, 2026.

Q3 2026 delivered revenue of DKK 47.5m, EBITDA of DKK 10.0m and EBIT of DKK 7.2m, with both margins improving year-on-year. On September 30, 2026, Trophy Games completed the acquisition of Playrion SASU, the largest acquisition in the company's history. The full-year guidance for 2026, which was raised on September 25, 2026 in connection with the acquisition, is maintained.

Highlights Q3 2026

• Revenue of DKK 47.5m, up 19% (Q3 2025: DKK 40.1m).
• EBITDA of DKK 10.0m, up 31% (Q3 2025: DKK 7.7m), corresponding to an EBITDA margin of 21% (Q3 2025: 19%).
• EBIT of DKK 7.2m, up 44% (Q3 2025: DKK 5.0m), corresponding to an EBIT margin of 15% (Q3 2025: 12%).
• Truck Manager remained the primary growth driver, with revenue up 45% to DKK 14.1m (Q3 2025: DKK 9.7m).
• Cash position of DKK 49.9m as of September 30, 2026 and no interest-bearing debt, following the payment for Playrion.

Highlights Year-to-Date 2026

• Revenue of DKK 133.5m, up 56% (YTD 2025: DKK 85.4m).
• EBITDA of DKK 26.1m, up 51% (YTD 2025: DKK 17.3m).
• EBIT of DKK 16.7m, up 67% (YTD 2025: DKK 10.0m).

Comment from the CEO
"The third quarter was transformational for Trophy Games. We grew revenue by 19% and significantly improved our earnings, and with Playrion we have completed the largest acquisition in our company's history. We are monetising our players significantly better, and we enter the final quarter of 2026 with our strongest product portfolio and pipeline to date," says Søren Gleie, Founder and CEO of Trophy Games.

Acquisition of Playrion SASU
On September 30, 2026, Trophy Games closed the acquisition of 100% of the shares in Paris-based Playrion SASU from Paradox Interactive AB. Playrion is known for the mobile games Airlines Manager and Airport Simulator: First Class and generates annual revenue of ~EUR 4.0m (~DKK 30m). The upfront cash consideration of EUR 2.25m (~DKK 16.8m) was fully funded from existing cash reserves. Playrion is consolidated from October 1, 2026.

Guidance 2026 Maintained
In connection with the acquisition of Playrion, Trophy Games raised its full-year guidance for 2026 on September 25, 2026 (Company Announcement no. 49/2026). The revised guidance, which includes Playrion's results for Q4, is maintained:

Q4 will include the first full quarter of Playrion's results, while The Ranchers is expected to contribute less than in Q3. Marketing spend is expected to be reduced in Q4, as return on ad spend typically weakens around Black Friday and Christmas.
The full Q3 Update 2026 is attached to this announcement and available at Investor · Trophy Games