Trophy Games Development A/s · OMXCOP:TGAMES
Trophy Games Development A/s — Trophy Games — Investor Day (2025)
31 slides from Trophy Games Development A/s's investor day presentation, 2025
Slide 1: Trophy Games Investor Day 2025
Trophy Games Investor Day 2025
Slide 2: Slide 2
Slide 3: Agenda
Agenda 16:00 16:10 16:15 16:45 17S 17:30 17:45 18:00 18:30 19:00 Welcome Opening Remarks Half-Year Report Q&A Session Truck Manager Farm Manager The Ranchers Strategy Snacks & Drinks Wrap Up Mingling Introduction by Jan Lehrmann, Chairmann of the board Presented by Aran Taghizadeh, CFO Q8A session o
Slide 4: Team & Speakers
Team & Speakers Sgren Gleie » } Daniel Luun CEO, TG Development ye 4 CEO, TG Publishing Jan Dal Lehrmann Chair of the Board ect CFO CMO Head of R&D rie 40+ employees 9 Aran Taghizadeh Frederik Vig __ Sigurd Andersen Se, NN
Slide 5: Half-Year Report 2025
Half-Year Report 2025 Trophy Games Organization (in DKk) Revenue EBITDA EBT Q2 23.6M_ -7.5% YoY © Q2 3.5M = -54.5% YoY Q2 0.0M~= -99.1% YoY Hl 45.3M -0.4% YoY IR Hi 97M _— -23.0% YoY Hl 40M -50.0% YoY Installs Unique Paying Users User Payments C2 3M) Sez VOW HH ] Q2 137.5K 17.6% YoY r © 5\ Q2 347.3K
Slide 6: Installs per Game
Installs per Game f= Farm Truck © Energy ® Train ® Shipping Artie KPI Development Quarterly Difference 3000000 2000000 Transport Series: Revenue Unique Paying Users per Game 5 Farm sm Truck © Energy = Train © Shipping = Alrine Date
Slide 7: H1 Breakdown
H1 Breakdown Game Series (k DKk) Transport Airline Manager Shipping Manager Train Manager Energy Manager Truck Manager Other Transport Total Revenue Marketing EBITDA EBT DKK DKK DKK DKK 45.3m 13.6m 9.7m 4.0m H1 2025 H1 2024 Var. H1 2025 H1 2024 Var. H1 2025 H1 2024 Var. H1 2025 H1 2024 Var. 35,392 3
Slide 8: Financial Statement
Financial Statement Trophy Games Organization (k DKk) Profit And Loss Accounts Revenue Income from operating activities EBITDA Net financials EBT Profit for the period Balance Sheet Total assets Total equity and minority H1 2025 45.301 5.018 9.656 (990) 4.028 851 70.107 58.487 H1 2024 45.453 8.402 1
Slide 9: One-Off Tax Credit Repayment
One-Off Tax Credit Repayment Trophy Games Organization - H1 2025 6 6 ARTIKLER Skattekreditten er reelt afskaffet: Danmarks They asked SKAT* to fremtid som softwareudviklende er pa spil! fertilize Danish startups for them to bloom. They brought round up instead” Michael Heiberg, CEO Ocean.io Advarsel
Slide 10: One-Off Tax Credit Repayment
One-Off Tax Credit Repayment Trophy Games Organization - H1 2025 Trophy Games Cash impact Tax loss carryforward repaid tax credits immediate partly used in 2024 Q-— ~ 2. wa Cash impact DKK 4.7M short term Cost impact Dkk 990K in interest & surcharges
Slide 11: Seasonality
Seasonality Trophy Games Organization 2 (al Q! Q2+3 (4) Q4 -15% fees on first $1M earned on Fees normalized & full UA spend UA pause before a Q5 restart > Google Play Midsummer spending fatique ae
Slide 12: Business Update
Business Update
Slide 13: User Life Time Value
User Life Time Value The Key To Future Growth @ Transport Series | @ Football Manager Titles Genre Challenges Y Short Term Retention Y Long Term Retention w Conv. to Paying (e) Life Time Value (LTV) ® Payment Longevity LTV % per user “The solution”|hopefully will be launched with Farm Manager and Tr
Slide 14: Truck Manager
MANAGER ®@ 9,98: oo. 8 BI 243,435,490 (3) Company Name $10.35 ‘i LER . Active Contracts 13/32 Open Tender © ontrack Designed from start to handle long term payment y Open For Bids challenges of the Transport Series. Re a © competed [2 covenmsen _[B] (SB ar 04m Goodwill . B Aarhus 3 GI Cargo ou=====
Slide 15: Farm Manager
FARM MANAGER Released August 2025 Our biggest gameljalready. Current focus Steam release and expand on end game features like Staff, Marketing, GMO & Animal Shows. Yourare a visionary. ferossing 5M+ scon Farm Manager Cinematic Trailer
Slide 16: Farm Manager
FARM GooglePlay ao play.google.com 6 MANAGER ue e Google Play Qa © @ Released August 2025 D Windows Phone Tablet ARPPU (incl. VAT etc.) Now available Create your farm empire uso$ Form Install Top charts Top free Top grossing Top paid My Talking Tom Friends 2 2 s 9 1 New + Casual 4q ; i un24 Au 46% A
Slide 17: The Ranchers
BRgnchers New beginning Positive Steam reviews are vital|for a game's success which makes the play experience highest priority. Optimization of onboarding and performance. 1 Public demo 2 Next Fest 3 Early Access
Slide 18: Guidance 2025
Guidance 2025 What's To Come (in DKk) @ Revenue @EBITDA @EBT 2025 Avg. Est. Guidance Guidance New Original ¥ 120 a Revenue DKK 96-108M 85-106 M zoe EBITDA DKK 16-20 M 16-20 M EB DKK 6-9M 6-9M 80 60 40 The Ranchers is not included : 20 ©.) US Dollar performance ng gg eg Risks « New game performance *
Slide 19: Slide 19
Slide 20: Market Status
Market Status Navigating The Industry Gaming investments plunge in H1-2025, hitting lowest activity levels in five years PANDEMIC BOOST POST-PANDEMIC RECENT ACTIVITY 201 r 152 $0.8b: 126 131 135424 Sn 104 i 1-25 DEAL VALUE os a et Rt a (77%) 07 $36 $34 en J 22 24 $25 16 $24 | ror & 8 im Early Stage
Slide 21: Trophy Games
Trophy Games Simulating Real Life Our portfolio holds 40+ titles, but our flagship titles are within the Manager Games Series.| These are games around real-world interests | to immerse players in their passion online. 10M+ installs first 6 months TRUCK FARM MANAGER = MANAGER AIRLINE SHIPPING TRAIN F
Slide 22: Strategy Matrix
Strategy Matrix Future Growth Plane Sim Simulation Sky Haven Transit King eee Tycoon F Possit Plane Casual Tiny Rails Casual Idle Mostly M&A Airline Shipping Train Energy Truck Farm Space Gold Mine co) € Fishir Manager Mostly organic
Slide 23: How We Create Value
How We Create Value Future Growth ee Unique Code 20% Reusable Codebase The transport games share up 80%lof the codebase. This allows us to create games fast and try niche concepts. HTMLS stack|allow for faster development and easy recruitment. Shared Code 80%
Slide 24: How We Create Value
How We Create Value Future Growth Map Server Moat We have our own map server] This is a technical difficult and time-consuming task to set up and will be a big moat to competitors, perhaps not making it worth for them to do. Real-life fields In Farm Manager Map server road driving features also open
Slide 25: Vector Maps
Vector Maps ‘Drop a pin on google maps and share the’ location with this app. You will start approximately on the nearest road. 40.779658, -73.957871 OPEN GOOGLE MAPS USE CURRENT LOCATION Truck Sim Early Tests
Slide 26: Data Driven Culture
Data Driven Culture The Foundation For Our Decisions Split Testing Successful tests for a single Transport game can be implemented across all Transport titles. Data driven tests are done for all aspects of our games like: e Features e Structures ¢ App Store e User Acquisition and more SHIPPING MANAG
Slide 27: Intangible Assets
Intangible Assets Increasing Chances Of Success From Title To Title Games op. Pea ee Ge a a } A oe ae Other Intangibles Al translation Datawarehouse Weather systems Map servers Shop codes bf AQ Os Live ops
Slide 28: How We Create Value
How We Create Value Future Growth Crosspromotion Keeping pl in the ti t seri tem| UR as MANACERED eeping players in the transport series ecosystem MANAGER -_ MANAGER “ increases user acquisition margins significantly. TRAIN KK JISCORD MANAGER! MANAGER hs 70 K+ Transport Series Discord users MANAGER
Slide 29: Risks
Risks Future Considerations é OW) Platforms Digital Marketing Privacy Currency VAT Fairness Act Platforms 90% of our revenue
Slide 30: Roadmap
Roadmap What's to come + TRAIN TRUCK pm BAT Le ew beans MANAGER EE MANAGERI Upgrade MANAGER ERéinchers Prod. start
Slide 31: Thank you
Thank you Nasdag CPH: Questions? Oo} Oo} soren@trophy-games.com as Linkedin.com/in/gleie i: