Record Growth - Trophy Games Annual Report 2024

Company Announcement no. 17/2025 (March 11, 2025)

Highlights
Growth in every parameter:

• Group revenue in 2024 was DKK 90.1m (+66% YoY)

• EBITDA 2024 was DKK 24.7m (+119% YoY)

• EBT 2024 was DKK 9.1m (+194% YoY)

• Unique paying users in total 2024 was 356,996 (+101% YoY)

• Total installs in 2024 were 23.5m (+150% YoY)

2024 has been a truly remarkable year for Trophy Games. Following record-high revenue in 2023, we have continued to grow while remaining profitable, achieving our highest revenue growth rate ever at 66% year over year. Normally, a year comes with its share of disappointments, but 2024 was the year when everything exceeded our expectations.

At the same time, we took the opportunity to fine-tune our organisation, with a laser-sharp focus on capital allocation and cost control. As part of this process, we made difficult decisions including closing our Lithuanian subsidiary with five employees, discontinuing the production of Airport Tycoon (PC Premium), and unfortunately saying goodbye to all five employees. As a result, we are entering 2025 with a slightly smaller workforce than last year - but with a stronger and more focused team.

While an annual report typically reflects on the past, I 'd like to take this opportunity to look ahead. Our two biggest titles to date - both in terms of production and potential market impact - are set to scale and launch in 2025: Truck Manager and Farm Manager. I can 't wait to see how they perform. Additionally, Ranchers is finally approaching early access with 356.000 wishlists already under the belt.

In 2025, we will focus more on enhancing our existing games, dedicating additional resources to improve our current portfolio. As a result, a relatively smaller portion of our development costs will be capitalised compared to previous years, as capitalisation primarily applies to new title development. While this shift in approach will influence EBITDA, it aligns with our long-term sustainable and profitable growth strategy.

Last but not least, we have been preparing our organisation to make bigger acquisitions than what we have historically done and we feel well-equipped for this challenge and are actively exploring exciting opportunities in a market where valuations have become more reasonable. But we are in no hurry to close any deals.

Best Regards,
Søren Gleie

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
Trophy Games Development AS Annual Report 2024