Earnings release
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Trophy Games Development A/S, Mikkel Bryggers Gade 4, 2nd floor, 1460 Copenhagen K, Denmark CVR No 29240299. Accounting period: 1 July - 30 September 2025 Record Revenue in Q3 Backed by Solid Fundamentals UPDATE 2025 Q3
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Cash and cash equivalents: DKK 25.5m & no interest-bearing debt as of 30 September 2025 * Percentage change not calculated due to turnaround from negative to positive result. 752.730 own shares held (2.73% of outstanding shares) as of 30 September 2025 BUSINESS HIGHLIGHTS MESSAGE FROM THE CEO FINANCIAL REVIEW “Truck Manager hit top gear in Q3 - delivering record revenue and accelerating our Transport portfolio growth.” Q3 2025 YTD 2025 +62% YoY +22% YoY 40.2 85.5 Revenue (m DKK) Q3 2025 YTD 2025 +68% YoY +94% YoY 10,209,132 27,147,444 Installs Q3 2025 YTD 2025 +57% YoY -1% YoY 7.7 17.3 EBITDA (m DKK) Q3 2025 YTD 2025 +92% YoY +51% YoY 250,764 437,140 Unique Paying users Q3 2025 YTD 2025 N/A* YoY +17% YoY 4.9 8.9 EBT (m DKK) Q3 2025 YTD 2025 +94% YoY +48% YoY 643,539 1,282,109 Payments BUSINESS KPI’s TROPHY GAMES Q3 Update 2025 2
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BUSINESS HIGHLIGHTS MESSAGE FROM THE CEO FINANCIAL REVIEW Revenue Marketing EBITDA EBT DKK 85.5m DKK 30.7m DKK 17.3m DKK 8.9m Revenue Marketing EBITDA EBT DKK 40.2m DKK 17.1m DKK 7.7m DKK 4.9m Transport Game Series k DKK Airline Manager Shipping Manager Train Manager Energy Manager Truck Manager Farm Manager Other Transport Other Titles HQ Total YTD 2025 Transport Game Series k DKK Airline Manager Shipping Manager Train Manager Energy Manager Farm Manager Truck Manager Other Transport Other Titles HQ Total Q3 2025 YTD 2025 YTD 2024 Var. YTD 2025 YTD 2024 Var. YTD 2025 YTD 2024 Var. YTD 2025 YTD 2024 Var. 71,049 54,894 16,155 30,670 20,494 10,176 14,326 11,713 2,613 7,760 2,427 5,333 27,539 22,980 4,559 11,839 6,686 5,153 7,215 8,764 (1,549) 6,557 7,957 (1,400) 6,176 10,803 (4,627) 1,795 5,378 (3,583) 2,140 1,070 1,070 173 (927) 1,100 2,979 5,455 (2,476) 1,504 2,414 (910) 329 614 (285) (323) 146 (469) 3,985 10,216 (6,231) 1,400 5,043 (3,643) 737 1,712 (975) 318 1,543 (1,225) 16,190 2 16,188 7,340 (673) 8,013 2,312 (2,316) 4,628 996 (2,316) 3,312 10,310 - 10,310 6,792 - 6,792 (32) (40) 8 (140) (40) (100) 3,870 5,439 (1,569) - 1,647 (1,647) 1,625 1,909 (284) 179 (3,936) 4,115 14,440 15,252 (812) 23 12 11 7,631 9,042 (1,411) 6,696 8,583 (1,887) - - - - 38 (38) (4,629) (3,245) (1,384) (5,564) (3,443) (2,121) 85,489 70,146 15,343 30,693 20,544 10,149 17,328 17,511 (183) 8,892 7,567 1,325 Q3 2025 Q3 2024 Var. Q3 2025 Q3 2024 Var. Q3 2025 Q3 2024 Var. Q3 2025 Q3 2024 Var. 35,656 19,795 15,861 17,083 8,849 8,234 6,653 3,063 3,590 4,183 (2,374) 6,557 11,412 7,843 3,569 5,105 2,853 2,252 2,882 2,441 441 2,529 2,184 345 1,611 2,645 (1,034) 234 718 (484) 727 1,067 (340) 71 412 (341) 728 1,388 (660) 186 805 (619) 236 6 230 19 (217) 236 669 6,333 (5,664) - 3,591 (3,591) 186 731 (545) 1 650 (649) 9,670 2 9,668 5,205 (673) 5,878 1,142 (1,617) 2,759 698 (1,617) 2,315 10,191 - 10,191 6,353 - 6,353 758 (40) 798 650 (40) 690 1,375 1,583 (208) 1,555 (1,555) 722 475 247 215 (3,746) 3,961 4,531 4,898 (367) - 38 (38) 2,441 2,846 (405) 2,083 3,038 (955) - - - - 0 (0) (1,422) (997) (425) (1,402) (1,059) (343) 40,187 24,694 15,493 17,083 8,887 8,196 7,672 4,913 2,759 4,864 (396) 5,260 GAME BREAKDOWN TROPHY GAMES Q3 Update 2025 3
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BUSINESS HIGHLIGHTS MESSAGE FROM THE CEO FINANCIAL REVIEW RECORD REVENUE IN Q3 BACKED BY SOLID FUNDAMENTALS What a quarter! As of writing, Farm Manager - which just launched - is our biggest game. Airline Manager is hitting new records six years after release, and Truck Manager is looking really hot. Each of these games has more than 100,000 daily active users, with plenty of gameplay potential still untapped. We’re also rolling out several major features in Q4 for both Farm Manager and Truck Manager. Marketing & Momentum Q3 confirms the strength of our strategy and execution. During the quarter we increased marketing investments by DKK 8.2m year over year. Truck Manager, Farm Manager, and Airline Manager have all had larger marketing budgets. We also expanded the number of profitable ad networks for marketing from two to three, diversifying our acquisition model and strengthening scalability - great for scale and lower risk. While part of the Q3 out-performance may reflect the early boost from new titles and marketing ramp-up, our record growth is without doubt backed by solid fundamentals. Q4 2025 and Q1 2026 will give us a clearer baseline as we continue to optimise retention, monetisation and user acquisition. Expanding our Publishing Portfolio with “The Ranchers” The Ranchers has finished its demo build, and we’re finalising plans for the first public showcase. The sequence is: demo release, Steam Next Fest, then Early Access. The Early Access release is where most of the revenue will come in. For a premium PC title, day-one quality is critical - there’s no room for a soft launch - so polish and player testing are non-negotiable. Q4 2025 Outlook With three titles now performing better than our biggest title from a year ago, Trophy Games heads into the final months of 2025 with strong momentum. Truck Manager and Farm Manager both have big features landing, and we’re optimising the ad revenue setup, already unlocking substantially more revenue. Ad revenue for Q3 was DKK 4.3m, compared to DKK 2.4m last year, driven by improved ad setup and broader player engagement. This performance supported our decision to raise 2025 guidance in September to revenue of DKK 106–112m, EBITDA of DKK 19–22m, and EBT of DKK 9–12m. Pre-production has also started on a new Train Manager, targeting another top title with 100,000+ daily active users and a serious contender for our biggest revenue generator. None of what we achieved this quarter would have been possible without our talented team and our dedicated players. Thank you to everyone at Trophy Games for your hard work and commitment - and to our community for the passion and engagement that keep our games alive. Søren Gleie CEO & Founder, Trophy Games Development A/S TROPHY GAMES Q3 Update 2025 4
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BUSINESS HIGHLIGHTS MESSAGE FROM THE CEO FINANCIAL REVIEW Our financial highlights reflect the consolidated performance of Trophy Games Development A/S, Trophy Games Publishing ApS, Xombat ApS, Trophy Games Canada Inc., and PIU-PIU LT, UAB (in liquidation) for the period July to September 2025. Revenue Revenue for Q3 2025 reached DKK 40.2m, up 62% (Q3 2024: DKK 24.7m), marking a new company record. The Transport series accounted for 89% of total revenue, the highest share in company history. Growth was driven by Airline Manager, Truck Manager, and Farm Manager, all achieving record monthly revenues during the quarter. Notably, Farm Manager, launched at the end of June, set a company record for single-month revenue of DKK 4.3m, underlining the success of Trophy Games’ 2025 scaling strategy for both our new titles. In contrast, Energy Manager delivered a more modest performance, stabilising at expected levels after a strong start after launch last year. As the title is currently operating with a no marketing budget, results remain steady, though below the scaling trajectory seen in the top-performing Transport titles. Costs and Gross Profit Direct costs increased to DKK 10.4m (Q3 2024: DKK 6.3m), in line with the strong revenue growth and platform fee structures linked to in-app purchases (15-30% fees). The rise is proportional to topline performance and consistent with expectations. Other external costs amounted to DKK 18.8m (Q3 2024: DKK 10.5m), reflecting a higher marketing spend of DKK 17.1m (up from DKK 8.9m in Q3 2024). This doubling of marketing investment was concentrated around key titles in the Transport series, particularly Truck Manager and Farm Manager, to support long-term audience scaling. SOLID PERFORMANCE k DKK Q3 2025 Q3 2024 YTD 2025 YTD 2024 Revenue 40,112 24,694 85,414 69,238 Other operating income 75 - 75 908 Work on own account recognised in assets 2,289 2,507 7,073 7,950 Direct costs (10,393) (6,299) (21,209) (16,801) Other external costs (18,835) (10,489) (36,339) (26,569) Gross Profit 13,248 10,413 35,014 34,726 Staff costs (5,576) (5,500) (17,686) (17,215) EBITDA 7,672 4,913 17,328 17,511 Depreciation, amortisation and impairment (2,680) (5,325) (7,318) (9,427) Other operating expenses - - - (94) Financial income/expenses (128) 16 (1,118) (423) Profit before tax (EBT) 4,864 (396) 8,892 7,567 Tax on income for the period (945) (2,385) (4,122) (163) Profit for the period 3,919 (2,781) 4,770 7,404 Key figures Revenue growth 62% 56% 23% 71% Marketing spent percentage 43% 36% 36% 29% Staff costs percentage 14% 22% 21% 25% Gross profit margin 33% 42% 41% 50% EBITDA margin 19% 20% 20% 25% EBT margin 12% -2% 10% 11% TROPHY GAMES Q3 Update 2025 5
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BUSINESS HIGHLIGHTS MESSAGE FROM THE CEO FINANCIAL REVIEW Gross profit came in at DKK 13.2m (Q3 2024: DKK 10.4m), resulting in a gross margin of 33%. The margin decline compared to last year’s 42% reflects the company’s strategic increase in marketing investments to accelerate growth across key Transport titles. Despite this, profitability remained strong, underlining the scalability of the portfolio and the solid return on ads spent (ROAS) achieved through targeted user acquisition campaigns. The result demonstrates that Trophy Games’ scaling strategy continues to drive top-line growth while maintaining healthy operational efficiency. Staff costs amounted to DKK 5.6m (Q3 2024: DKK 5.5m), representing 14% of revenue (Q3 2024: 22%). During the quarter, one new employee joined the company, and further recruitments are underway as part of Trophy Games’ ongoing growth journey. The company continues to attract and invest in skilled developers and creative talents to strengthen its capacity across both existing titles and new game projects in development. EBITDA and EBT EBITDA for the quarter amounted to DKK 7.7m, up DKK 2.8m or 56% year-on-year. The improvement reflects both higher revenue and controlled cost growth outside of marketing. Notably, several of the Transport titles - particularly Airline Manager, Truck Manager, and Farm Manager - delivered significant profitability improvements, offsetting weaker results in Shipping Manager and Energy Manager. Other Titles generated an EBITDA of DKK 2.4m underscoring a solid base of recurring income from legacy titles. EBT for Q3 2025 amounted to DKK 4.9 m, a significant improvement compared to a loss of DKK 0.4 m in Q3 2024. The strong result reflects record revenues across the Transport portfolio, particularly from Airline Manager, Truck Manager, and Farm Manager, all of which delivered strong profitability during the quarter. The improvement was driven by higher operating leverage from scaled titles, efficient cost management outside marketing. Despite increased marketing spend, margins strengthened as new campaigns demonstrated high return on investment and improved monetisation efficiency in our titles. “Our solid performance in Q3 reflects both strong engagement across our portfolio and continued efficiency in execution.” TROPHY GAMES Q3 Update 2025 6
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BUSINESS HIGHLIGHTS MESSAGE FROM THE CEO FINANCIAL REVIEW Cash Flow and Cash Position Q3 2025 ended with a cash position of DKK 25.5m, compared to DKK 23.4m at the end of Q2 2025 and DKK 21.0m at the end of Q3 2024. The increase reflects the continued improvement in operational performance and the strong revenue generated during summer. A notable portion of the cash inflow from this record revenue will be received in Q4, as platform settlement cycles mean that proceeds from in-app purchases are typically paid out up to 5 weeks after the sales are recognised as incomes. Accordingly, the record revenue was recognised as income in Q3, while the corresponding cash proceeds will largely be reflected in the cash flow of October and November. At the same time, the company’s marketing expenses were elevated in Q3, and as marketing payments are settled at the beginning of the following month, these costs impacted cash flow shortly after quarter-end. Despite this timing effect, Trophy Games maintains a strong liquidity position, well- suited to fund ongoing marketing initiatives, new game development, and the share buyback programme, which was re-initiated in late September following the period of increased marketing investment earlier in the year. “Airline Manager Q3 revenue up 46% YoY - proving that long- term titles can still climb to new altitudes.” Aran Taghizadeh CFO, Trophy Games Development A/S TROPHY GAMES Q3 Update 2025 7
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Released August 2025 100,000 Daily Users 20,000 Daily Installs FOLLOW TROPHY GAMESCHECK OUT OUR LATEST GAME MESSAGE FROM THE CEO TROPHY GAMES DEVELOPMENT A/S Mikkel Bryggers Gade 4, 2nd floor 1460 Copenhagen K, Denmark Facebook Instagram LinkedIn X (Twitter) Youtube trophy-games.com