Everplay Group, the game holding company that owns publishers like Team17, announced its half-year results today and said Hell Let Loose: Vietnam and Wardogs are performing above expectations.
Everplay said its first-half (for six months ended June 30) revenue reflected resilient performance ahead of its major launches in the second half, including the two big first-person shooter titles.
As a result, the fiscal year 2026 results are expected to be materially ahead of current market expectations.
Mikkel Weider, group CEO of Everplay, said in a statement, “It is a pleasure for me to present everplay’s half year results. Our back catalogue posted another resilient performance in a half in which there were no major new releases, underpinning the solid foundations upon which everplay is built.”
I will be interviewing Weider next week in a fireside chat at the Nexus Games Summit in Dublin, Ireland.
He added, “At the same time, the teams have been laser focused on preparing for our key releases in the second half. We have entered the period with real momentum, and feel confident in materially exceeding market expectations for the full year. I am pleased to share that our major new releases, including Hell Let Loose: Vietnam and Wardogs, are performing well ahead of our expectations, breaking many sales and player number records.”
He said that Everplay has exercised its option to increase its shareholding in Super Media Group, owners of Bulkhead — the team behind Wardogs. Everplay now owns 28%.
“We have long admired this team, and we are thrilled to further strengthen our relationship and support them on their journey, he said.
Weider also said, “I’d really like to thank everyone at everplay and our partners for their hard work and dedication so far this year, and welcome everyone who has joined the Group, including Jon Rissik as Chief Growth Officer. With a strong balance sheet, resilient catalogue, growing portfolio of first-party IP and innovative third-party games, we are well positioned to deliver accelerated growth.”
The results:
- Group revenue was £66.9 million, down 8% (H1 2025: £72.4 million), or 5% excluding the impact of the strategic exit from Astragon’s low-margin physical distribution activities, reflecting the phasing of major FY 2026 releases into H2.
- Back catalogue revenues remained robust, rising modestly to £64.3 million (H1 2025: £63.5 million), with contributions from more than 150 titles, demonstrating the breadth and longevity of the Group’s portfolio, underpinning the strong foundations of the Group
- Adjusted EBITDA of £9.2 million (H1 2025: £19.2 million), reflecting lower revenues and investment ahead of the major H2 release programme.
- Increased investment in the pipeline, with capitalised development expenditure up 14% to £16.4 million (H1 2025 £14.3 million), across 20% more titles than the prior period, of which 65% related to first-party IP (H1 2025: 59%).
- Strong balance sheet maintained, with £57.1m of cash and cash equivalents at the period end (H1 2025: £59.5 million), providing capacity to fund organic growth initiatives and selective M&A.
Operational summary
- Team17 delivered a resilient back catalogue performance, alongside four new titles launched, including Lumentale: Memories of Trey, Sintopia, Wardrum and Rogue Point. Team17 was also named Indie Publisher of the Year at the MCV/DEVELOP Awards.
- StoryToys revenues grew by 43%, with active subscribers up 22% to 408k, and total downloads of over 18 million. 394 app updates were released across multiple titles, including LEGO Bluey, LEGO DUPLO Disney, LEGO DUPLO World and Disney Coloring World. LEGO Bluey delivered a strong performance, includingwinning Best Mobile Game at the Kidscreen Awards 2026 and Best Licensed Video Game Project at the Bologna Licensing Awards.
- Astragon released two smaller new titles: Ranger’s Path: National Park Simulator into PC Early Access and Underground Garage. Efforts continue to improve performance, with operationsrefocused on its core IPs.
- Rissik joined everplay as Chief Growth Officer, overseeing new growth opportunities across the Group. Most recently serving as CEO of Dovetail Games, Jon brings more than 25 years’ experience in gaming franchise and lifecycle management.
- Since the period end the Group has exercised its option to increase its stake in Super Media Group, owners of Wardogs developer Bulkhead, to 28%, further strengthening their partnership within the exciting first-person shooter genre.
Outlook
- Strong start to H2 2026 trading, supported by record sales generated from Hell Let Loose: Vietnam and Wardogs, alongside continued resilience from the Group’s back catalogue.
- Further new title releases expected in H2 2026, providing additional opportunities to drive growth through the remainder of the year.
- The board now expects FY 2026 revenue and adjusted EBITDA to be materially ahead of current market expectations3, with adjusted EBITDA margin expected to be broadly in line with FY 2025.
- Capitalized development expenditure for FY 2026 in a range of £35-40 million (FY 2025: £33.2 million), reflecting a 15% increase in the number of titles in development, and in a similar range for FY 2027. Approximately two-thirds of this expenditure relates to first-party IP.