Q3 Financial Update: Record Revenue in Q3 Backed by Solid Fundamentals

Highlights:

Q3
Revenue was DKK 40.2m, a 62% YoY increase.
EBITDA was DKK 7.7m, a 57% YoY increase.
EBT was DKK 4.9m, a 5.3m YoY increase*.
Total installs were 10.2m, a 68% YoY increase.
Unique paying users (UPU) were 250,764, a 92% YoY increase.
Total payments were 643,539, a 94% YoY increase.

YTD
Revenue was DKK 85.5m, a 22% YoY increase.
EBITDA was DKK 17.3m, a 1% YoY decrease.
EBT was DKK 8.9m, a 17% YoY increase.
Total installs were 27.1m, a 94% YoY increase.
Unique paying users (UPU) were 437,140, a 51% YoY increase.
Total payments were 1,282,109, a 48% YoY increase.

* Percentage change not calculated due to turnaround from negative to positive result.

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 outperformance 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 2025 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.