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Interim results September 2026
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2FY 2026 Interim Results Introduction & operating review Mikkel Weider Group Chief Executive Officer
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3FY 2026 Interim Results H1 2026: Strategic progress ahead of record H2 releases Introduction H1 as expected H1 revenues of £67m and aEBITDA1 of £9m Resilient back catalogue 6 new games released H1 performance reflects expected H2 weighting, featuring major releases Full year materially ahead H2 new release sales ahead of expectations Record sales for Hell Let Loose: Vietnam & Wardogs More releases still to come Strategic progress Expanded first-party IP pipeline Several reorganisations rolled out Attracting excellent new talent Cash £57m cash balance 1.1p interim dividend 1Adjusted EBITDA excludes acquisition-related costs and adjustments, amortisation and impairment of acquired intangible assets recognised as a result of business combinations, share -based compensation and one -off restructuring costs, but include development cost amortisation and impairments
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4FY 2026 Interim Results T eam17: Gearing up for an outstanding H2 Operating review – Team17 -16% Revenues -5% Back catalogue revenues 27% First party IPs as a % sales 4 New games launched • Team17 revenues decreased 16% to £41.1 million • Four new titles were released Lumentale: Memories of Trey, Sintopia, Wardrum and Rogue Point (in EA) • Back catalogue showed resilience, down just 5% • New platform expansions: • Worms W.M.D launched on Amazon GameNight • Overcooked! All You Can Eat on Netflix • The Survivalists and Nice Day for Fishing on Epic • Team17 named Indie Publisher of the Year at the MCV/DEVELOP Awards • Outlook: very strong growth expected in H2 • Outstanding sales from Hell Let Loose: Vietnam and Wardogs, already released in August & September • Additional new releases in Q4: Silver Pines, What Goes Up, Hokko Spaces
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5FY 2026 Interim Results StoryToys: Excellent growth across the portfolio Operating review - StoryToys • Excellent revenue growth, up 43% year-on-year to £15.9 million • Total downloads in the half exceeded 18 million, with active subscribers up 22% year-on-year to 408k • 394 app updates released across multiple titles • LEGO® Bluey won Best Mobile Game at the Kidscreen Awards 2026 & Best Licensed Video Game Project at the Bologna Licensing Awards • The Bluey Apple Arcade "Ultimate Playdate" campaign brought Bluey colouring content to Disney Coloring World+ on Apple Arcade • My Very Hungry Caterpillar+ released on Apple Arcade • My Very Hungry Caterpillar now live on Netflix Playground, along with additional play packs for LEGO® DUPLO® World Netflix • Outlook: new content already released in H2: • School play pack for LEGO® Bluey • Tracks & Ramps for LEGO® DUPLO® World • “George Gets a Hearing Aid” for LEGO® DUPLO® Peppa Pig +43% Revenues 394 App updates 408k Active subscribers 18m Total downloads © Disney. BLUEY and BLUEY character logos & ©Ludo Studio Pty Ltd 2018 © 2026 The LEGO GROUP © Ludo Studio
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6FY 2026 Interim Results Astragon: Refocused on core IP franchises Operating review - Astragon -6% Revenues1 96% First-party IP as % revenues 2 New games launched 8 First-party brands in portfolio • Revenues decreased 20% to £9.7 million • Excluding the impact of physical distribution, sales fell 6% • The back catalogue delivered the majority of sales, supported by five paid-for DLCs, special editions and the release of Police Simulator: Patrol Officers on Nintendo Switch 2 • Two new titles were released • New IP Ranger’s Path: National Park Simulator (PC Early Access) • Underground Garage on PC • Outlook: a solid performance expected • Bus Simulator 27 contributing well • Full release of Seafarer: The Ship Sim in September • EA release of Construction Simulator: Evolution • The next instalment of Police Simulator announced for 2027 1Excluding physical distribution revenues
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7FY 2026 Interim Results Financial review Rashid Varachia Chief Financial Officer & Chief Operating Officer
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8FY 2026 Interim Results H1 2026 Financial review •Group revenuesdecreased8% to £66.9 million •ExcludingAstragonphysicaldistribution,underlyingrevenuesfell 5% •Digitalrevenuedeclineswerepredominantlydue to lowerrevenuesfrom newreleases •Strongdouble-digitrevenuegrowthis anticipatedforH2 2026 • Team17 revenues declined 16%, with a firmer performance from the back catalogue offset by lower new release revenues on the back of the strong performance in H1 2025 and Hell Let Loose: Vietnam moved to August • StoryToys revenues increased 43%, supported by the performance from LEGO® Bluey launched last year and their Netflix partnership • Astragon sales fell 20%, or 6% excluding physical distribution £80.6 £72.4 £66.9 62%14% 24% Team17 Astragon StoryToys £15.9m £9.7m £41.3m Group revenues£m Divisional breakdown 202620252024
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9FY 2026 Interim Results H1 2026 Financial review •Back catalogue delivered a resilient performance, up 1% to £64.3 million •Strong contributors included the Overcooked!franchise, Hell Let Loose, Dredge, Disney Coloring World, LEGO® Blueyand Police Simulator: Police Patrol •New release revenues were lower at £2.7 million (H1 2025: £8.9 million), reflecting: • The tough comparator from H1 2025 due to the success of Date Everything! • The phasing of Group's major FY 2026 releases in H2, including the delay of Hell Let Loose: Vietnam • The softer performance from Astragon new releases •First-party IP revenues declined 18%, linked to platform deals in H1 2025 and the focus on new first- party content in H2 2026 •First-party IP still comprised 31% of Group sales, with solid contributions from the original Hell Let Loose, along with Golf With Your Friendsand Police Simulator: Patrol Officers •Total third-party revenues were broadly stable at £46.4 million (H1 2025: £47.2 million), supported by strong contributions from Overcooked!, Dredge, Disney ColoringWorld and LEGO® DUPLO® World Title revenue split IP revenue split 31% 69% First-party Third-party £20.5m £46.4m 4% 96% New release Back catalogue £2.7m £64.3m
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10FY 2026 Interim Results H1 2026 Financial review •Gross profit decreased 29% to £23.9 million, reflecting lower sales and reduced gross margin •Gross margin fell 10.9% to 35.7% due to: •Higher amortisation costs •A £1.9m title impairment (H1 2025: nil) •Lower margin back catalogue revenues linked to lower first- party revenues, platform deals in H1 2025 and the timing of royalty payments •Capitaliseddevelopment cost amortisationincreased to £9.7 million (H1 2025: £7.1 million), related primarily to titles released over the last 12 months •Expensed development costs increased by 3% sales, reflecting continued investment in back catalogue content and expenditure associated with the StoryToysNetflix partnership •Royalty payments reduced modestly by 1% sales to 29.5% £32.9 £33.7 £23.9 40.8% 46.5% Gross profit and margin £m Cost of sales breakdown1 2024 2025 2026 30.5% 29.5% 5% 8% 10% 14% 3% 8% 9% 2025 2026 Other Title impairments Dev cost amortisation Expensed dev costs Royalties 35.7% 1percentages show % sales
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11FY 2026 Interim Results H1 2026 Financial review •Lower gross profit led to material operating deleverage in H1 •Administrative costs also rose 9% to £22.3 million, reflecting: • Higher marketing investment ahead of major new title launches in H2 • Higher staff costs associated with strengthening and centralisation of certain Group functions •Acquisition-related costs and adjustments rose by £0.5 million to £6.2 million, due to IP acquisitions in FY 2025 •As a result, adjusted EBITDA decreased 53% to £9.2 million, with margin down 12.8% to 13.7% •FY 2026 adjusted EBITDA margins are expected to return to broadly FY 2025 levels •Net finance income was £0.1 million (H1 2025: £ 1.1million) •Adjusted profit before tax fell 55% to £8.8 million •Tax charge for the year was £2.2 million (H1 2025: £3.7 million), which includes a £1.3 million adjustment of a prior year item •As result, the Group posted a modest reported loss after tax of £0.6 million (H1 2025: £10.6 million profit) •Adjusted profit after tax was £5.3 million (H1 2025: £15.1 million) •Adjusted EPS decreased 65% to 3.7 pence £19.4 £19.2 £9.2 Adjusted EBITDA1 and margin £m Adjusted EPS1 pence 2024 2025 2026 10.1 10.5 3.7 2024 2025 2026 1Adjusted earnings excludes acquisition-related costs and adjustments,amortisationand impairment of acquired intangible assets recognised as a result of business combinations,share-based compensation and one-off restructuringcosts, but include development cost amortisationand impairments 13.8% 26.5%24.1%
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12FY 2026 Interim Results H1 2026 Financial review •Capitalised development costs increased 14% to £16.4 million •Development expenditure was spread across 20% more titles than in H1 2025 •First-party IP represented 65% of capitalised development spend, up from 59% in H1 2025 •Net Book Value of capitalised development costs on the balance sheet at the half year was £65.3 million (H1 2025: £48.6 million) •For FY 2026, capitalised development costs are expected to be within a range of £35-40 million, with first-party IP accounting for around two thirds of expenditure •Operating cash conversion was 128% (H1 2025: 94%) •Cash balance at the end of the half year was down modestly on H1 2025 at £57.1 million, due to lower aEBITDA, higher dividend payments (£2.7 million) and higher capex, offset by lower acquisition-related expenditure £5.4 £7.7 £11.1 £4.7 £4.9 £4.7 £1.5 £1.7 £0.8 Team17 Astragon StoryToys Capitalised dev costs £m Cash & cash equivalents £m 2024 2025 2026 £54.3 £59.4 £57.1 2024 2025 2026 £16.4 £14.3 £11.6
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13FY 2026 Interim Results Strategic update Mikkel Weider Group Chief Executive Officer
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t FY 2026 Interim Results 14 Strategic pillar updates Strategic progress Building long- term first-party IP roadmaps Discover & nurture innovative new third-party games Disciplined cost control Driving organic & inorganic growth • xx • xx• xx • xx
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t FY 2026 Interim Results 15 Strategic pillar updates Strategic progress Progress in H1 2026 Building long- term first-party IP roadmaps Discover & nurture innovative new third-party games Disciplined cost control Driving organic & inorganic growth • 1 small new first-party title in H1 • 2 larger titles already launched in H2 • 4 additional titles announced • Higher capex in H1, supporting a highly visible pipeline • Focusing capex on games which we are confident will make superior returns
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t FY 2026 Interim Results 16 Strategic pillar updates Strategic progress Progress in H1 2026 Building long- term first-party IP roadmaps Discover & nurture innovative new third-party games Disciplined cost control Driving organic & inorganic growth • 1 small new first-party title in H1 • 2 larger titles already announced in H2 • 4 additional titles announced • Higher capex in H1, supporting a highly visible pipeline • Focusing capex on games which we are confident will make superior returns • Lumentale: Memories of Trey an H1 highlight • Overcooked! A.Y.C.E. released on Netflix • Wardogs off to a record start • Strengthening the organization • Boosting central functions to increase efficiencies • New team17 pillar structure • Increased stake in SMG
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t FY 2026 Interim Results 17 Strategic pillar updates Strategic progress Progress in H1 2026 Building long- term first-party IP roadmaps Discover & nurture innovative new third-party games Disciplined cost control Driving organic & inorganic growth • 1 small new first-party title in H1 • 2 larger titles already launched in in H2 • 4 additional titles announced • Higher capex in H1, supporting a healthy pipeline • Capex focused on games where we are confident in making superior returns • Lumentale: Memories of Trey an H1 highlight • Overcooked! A.Y.C.E. released on Netflix • Wardogs of to a strong start • Strengthening the organization • Boosting central functions to increase efficiencies • New team17 pillar structure • Increased stake in SMG
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t FY 2026 Interim Results 18 Disciplined investment to underpin near and medium-term delivery Strategic progress ROI charts show aggregate cumulative ROI for all titles released across the Group between FY 2020-25, plus GWYF & Hell Let Loose ROI = Revenues to date, less capex, royalties & directly attributable marketing to date / Capex to date Year 1 Year 2 Year 3 Year 4 Year 5 1st-party 3rd-party Cumulative ROI of new title releases Cumulative ROI of first- vs third-party titles Superior returns from first- party titles • Around two thirds of FY 2026 cap dev to be on first-party titles • Proven franchises with established communities • First-party titles have consistently delivered higher ROI from year 2 Higher capex • Expected to be in the range of £35 - 40m in FY 2026 and in a similar range for FY 2027, versus £30m average for the FY23-FY25 period • Reflects larger pipeline of new games, +15% in FY 2026 versus FY25 • Average spend per title is broadly flat on FY25, driven by first-party IPs Consistent ROI track record • Exceed breakeven within year 1 • Achieve multiple return on our investment within 3 years Capex per title FY23-FY26F Year 1 Year 2 Year 3 Year 4 Year 5 FY23 FY24 FY25 FY26F
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t FY 2026 Interim Results 19 Strategic pillar updates Strategic progress Progress in H1 2026 Building long- term first-party IP roadmaps Discover & nurture innovative new third-party games Disciplined cost control Driving organic & inorganic growth • 1 small new first-party title in H1 • 2 larger titles already launched in H2 • 4 additional titles announced • Higher capex in H1, supporting a healthy pipeline • Capex focused on games where we are confident will make superior returns • Lumentale: Memories of Trey an H1 highlight • Overcooked! A.Y.C.E. released on Netflix • Wardogs of to a strong start • Delivery of larger organic titles • Strengthened the organisation • Increased stake in Super Media Group to 28%
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20FY 2026 Interim Results Outlook Mikkel Weider Group Chief Executive Officer
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t FY 2026 Interim Results 21 H2 title releases underpin confidence in full year outlook Outlook ➢ Record first day and first month sales ➢ #1 Steam global top seller ➢ >65,000 peak concurrent users ➢ 9 million matches played since launch ➢ 78 metacritic score ➢ Positive moment in Steam score since launch ➢ Second record-selling title for everplay this year ➢ Over 1 million wishlists on launch ➢ Over 1 million copies sold in day 1 ➢ 1 Steam global top seller ➢ >400,000 peak CCUs ➢ 80% positive reviews on Steam
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t FY 2026 Interim Results 22 Even more content to come in H2 and FY 2027 Outlook ? First-party Third-party
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t FY 2026 Interim Results 23 FY26 expected to be materially ahead of expectations, with momentum into FY27 Outlook FY 2027 • Strong pipeline of games building for FY 2027 • New releases to include major first-party IPs, including Golf With Your Friends 2, Police Simulator and Worms • New release performance in H2 2026 to date bodes well for robust back catalogue sales in FY 2027 and beyond • Leverage strong balance sheet and strengthened organisation to explore M&A opportunities that accelerate the Group’s strategy 1Adjusted EBITDA reflects the EBITDA of the Group, without the impact of acquisition-related costs which vary year on year based on acquisition activity. In addition, it includes the impact of amortisation and impairment of development costs, publishing rights and IP licences, as this reflects the primary costs incurred by the Group in generating revenue. Full disclosures on earnings adjustments can be found in the Alternative Performance Measures section of the Group Financial Review 2Company-compiled consensus shows FY26 revenues of £175.2 million and adjusted EBITDA of £50.7 million. FY 2026 • Strong start to H2 2026 trading, supported by record sales generated from Hell Let Loose: Vietnam and Wardogs • Continued resilience from the Group’s back catalogue • Further new title releases expected in H2 2026 • Adjusted EBITDA margin broadly in line with FY 2025 • Capitalised development expenditure in a range of £35-40 million Full year 2026 revenues and adjusted EBITDA1 expected to be materially ahead of current market expectations2
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Thank you
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25FY 2026 Interim Results Appendix
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t FY 2026 Interim Results 26 Alternative Performance Measures H1 26 H1 25 H1 26 H1 25 £'000 £'000 £'000 £'000 Profit before Tax 1,589 14,310 1,589 14,310 Development cost amortisation eliminated through FV adjustments (193) (432) (193) (432) Share based compensation 797 106 797 106 Restructuring costs 383 - 383 - Acquisition related costs & adjustments Amortisation of acquired intangible 1 assets 6,206 5,565 6,206 5,565 Acquisition-related costs 4 - 4 - Earn out fair value 0 119 - 119 Adjusted profit before tax 8,785 19,668 8,785 19,668 Finance income and costs net of acquisition related costs and adjustments (142) (1,142) n/a n/a Depreciation and loss on disposal of tangible assets and software 487 602 n/a n/a Amortisation of other intangible assets 50 67 n/a n/a Adjusted EBITDA 9,180 19,195 Taxation (net of impacts on adjustments) (3,472) (4,615) Adjusted profit after tax 5,314 15,053 Adjusted basic EPS (p) 3.7 10.5 Adjusted EBITDA Adjusted Profit After Tax
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t FY 2026 Interim Results 27 P&L Unaudited Unaudited Six months ended Six months ended 30 June 30 June 2026 2025 £’000 £’000 Revenue 66,915 72,357 Cost of sales (43,059) (38,694) Gross profit 23,856 33,663 Gross profit % 35.7% 46.5% Administrative expenses (22,259) (20,385) Other income 76 135 Operating profit 1,673 13,413 Share of net (loss) of associates accounted for using the equity method (226) (245) Finance income 725 1,236 Finance cost (583) (94) Profit before tax 1,589 14,310 Taxation (2,172) (3,681) (Loss)/Profit for the period (583) 10,629 Basic (loss)/earnings per share (0.4) pence 7.4 pence Diluted (loss)/earnings per share (0.4) pence 7.4 pence Basic adjusted earnings per share 3.7 pence 10.5 pence Diluted adjusted earnings per share 3.7 pence 10.4 pence
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t FY 2026 Interim Results 28 Balance sheet Unaudited Unaudited Audited Unaudited Unaudited Audited 30-Jun (Restated) 30 June 31 December 30-Jun (Restated) 30 June 31 December 2026 2025 2025 2026 2025 2025 £’000 £’000 £’000 £’000 £’000 £’000 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Investments in associates 3,405 788 3,195 Share capital 1,458 1,458 1,458 Intangible fixed assets 223,445 213,325 227,897 Share premium 137,572 137,572 137,572 Property, plant and equipment 996 1,116 1,035 Merger reserve (153,822) (153,822) (153,822) Right of use assets 1,617 2,205 1,737 Currency translation reserve 4,196 3,022 5,653 Deferred tax assets 1,352 430 733 Other reserves 159,296 159,296 159,296 230,815 217,864 234,597 Retained earnings 137,940 129,198 140,798 Current assets Total equity 286,640 276,724 290,955 Trade and other receivables 32,225 34,128 44,295 Non-current liabilities Current tax assets 1,967 2,116 1,673 Lease liabilities 1,055 1,861 1,449 Inventories 374 1,457 478 Provisions 111 145 104 Cash and cash equivalents 57,086 59,445 51,870 Deferred tax liabilities 4,748 6,373 5,563 91,652 97,146 98,316 Total non-current liabilities 5,914 8,379 7,116 Total assets 322,467 315,010 332,913 Current liabilities Trade and other payables 28,604 28,850 34,191 Current tax liabilities 540 292 - Lease liabilities 769 765 651 Total current liabilities 29,913 29,907 34,842 Total liabilities 35,827 38,286 41,958 Total equity and liabilities 322,467 315,010 332,913
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t FY 2026 Interim Results 29 Cash flow Unaudited Unaudited Unaudited Unaudited Six months ended Six months ended Six months ended Six months ended 30 June 2026 30 June 2025 (Restated) 30 June 2026 30 June 2025 (Restated) £’000 £’000 £’000 £’000 Operating activities Cash flow from investing activities Profit before tax 1,589 14,310 Purchase of property, plant and equipment (141) (303) Adjustments for: Purchase of Intellectual Property - (6,000) Depreciation of property, plant and equipment 181 274 Purchase of other intangibles - (2,238) Depreciation of right-of-use assets 306 328 Proceeds from sale of intangible assets 969 - Amortisation of intangible fixed assets 17,633 13,819 Capitalisation of development costs (16,368) (14,345) Impairment of intangible fixed assets 1,863 - Interest received 725 843 (Profit)/loss on disposal of intangible assets (507) (1) Net cash outflow from investing activities (14,815) (22,043) Share of loss of associates (80) 245 Cash flow from financing activities Fair value adjustment to derivatives 234 - Interest paid (800) (94) Share-based compensation 783 119 Payments for purchase of own shares (437) - Finance income (725) (1,236) Dividends paid (2,738) - Financial expenses 289 94 Repayment of lease liabilities (460) (333) Decrease in trade and other receivables 12,015 9,343 Net cash outflow from financing activities (4,435) (427) (Decrease) in trade and other payables (5,900) (11,026) Decrease/(increase) in inventory 99 (334) Net (decrease)/increase in cash and cash equivalents 5,240 (3,675) Increase in provisions 8 18 Cash and cash equivalents at beginning of period 51,870 62,877 Cash generated from operating activities 27,788 25,953 Effect of exchange rates on cash and cash equivalents (24) 243 Tax paid (3,298) (7,158) Cash and cash equivalents at end of period 57,086 59,445 Net cash inflow from operating activities 24,490 18,795