Record Growth - Trophy Games Annual Report 2024

Highlights
Growth in every parameter:

• Group revenue in 2024 was DKK 90.1m (+66% YoY)
• EBITDA 2024 was DKK 24.7m (+119% YoY)
• EBT 2024 was DKK 9.1m (+194% YoY)
• Unique paying users in total 2024 was 356,996 (+101% YoY)
• Total installs in 2024 were 23.5m (+150% YoY)

2024 has been a truly remarkable year for Trophy Games. Following
record-high revenue in 2023, we have continued to grow while
remaining profitable, achieving our highest revenue growth rate ever at 66% year
over year. Normally, a year comes with its share of disappointments, but 2024 was
the year when everything exceeded our expectations.

At the same time, we took the opportunity to fine-tune our organisation, with a
laser-sharp focus on capital allocation and cost control. As part of this process,
we made difficult decisions including closing our Lithuanian subsidiary with five
employees, discontinuing the production of Airport Tycoon (PC Premium), and
unfortunately saying goodbye to all five employees. As a result, we are entering
2025 with a slightly smaller workforce than last year — but with a stronger and
more focused team.

While an annual report typically reflects on the past, I’d like to take this opportunity
to look ahead. Our two biggest titles to date — both in terms of production and
potential market impact — are set to scale and launch in 2025: Truck Manager and
Farm Manager. I can’t wait to see how they perform. Additionally, Ranchers is finally
approaching early access with 356.000 wishlists already under the belt.

In 2025, we will focus more on enhancing our existing games, dedicating additional
resources to improve our current portfolio. As a result, a relatively smaller portion of our
development costs will be capitalised compared to previous years, as capitalisation
primarily applies to new title development. While this shift in approach will influence
EBITDA, it aligns with our long-term sustainable and profitable growth strategy.

Last but not least, we have been preparing our organisation to make bigger
acquisitions than what we have historically done and we feel well-equipped for
this challenge and are actively exploring exciting opportunities in a market where
valuations have become more reasonable. But we are in no hurry to close any deals.

Best Regards,
Søren Gleie