Trophy Games Widens Margins as Playrion Joins the Portfolio

Trophy Games entered the fourth quarter with faster growth, wider margins and its largest acquisition now closed. The Copenhagen-listed game developer reported third-quarter revenue of DKK 47.5 million, up 19% from DKK 40.1 million a year earlier, while operating profit grew considerably faster.

EBITDA rose 31% to DKK 10.0 million, lifting the margin to 21% from 19%. EBIT increased 44% to DKK 7.2 million, and the EBIT margin reached 15% from 12%. The spread between revenue and profit growth suggests that the company converted more of each krone of sales into operating earnings during the quarter.

Truck Manager remained the main engine. Revenue from the title increased 45% to DKK 14.1 million from DKK 9.7 million. For the first nine months of 2026, group revenue reached DKK 133.5 million, 56% above the comparable period, while EBITDA rose 51% to DKK 26.1 million and EBIT increased 67% to DKK 16.7 million.

The balance sheet provides room for the next phase. Trophy Games ended September with DKK 49.9 million of cash and no interest-bearing debt after paying for Playrion. On September 30, it acquired 100% of the Paris-based studio from Paradox Interactive. The upfront cash consideration was EUR 2.25 million, or about DKK 16.8 million, for a business that generates roughly EUR 4 million, or DKK 30 million, of annual revenue.

That comparison makes the purchase price look modest relative to Playrion's reported sales, but it is not a valuation conclusion. The announcement did not provide Playrion's profit, cash flow, user retention or contingent consideration. The acquired studio, known for Airlines Manager and Airport Simulator: First Class, will be consolidated from October 1.

Management maintained the 2026 guidance it raised when announcing the transaction. The forecast includes Playrion for the fourth quarter, assumes a smaller contribution from The Ranchers than in the third quarter, and reflects lower marketing spending because advertising returns typically weaken around Black Friday and Christmas.

The investment case now turns from closing the deal to integrating it. Trophy Games has strong organic momentum and a debt-free balance sheet, but investors still need evidence that Playrion's users and economics can sustain the margin improvement rather than merely add revenue.