Games Workshop Group — Fifth dividend of FY25 declared

Games Workshop Group (GAW) has declared its fifth dividend of FY25. We believe this reflects enhanced cash generation as a result of the success of the video game Space Marine 2, which has passed through its minimum guarantee income, on top of the strong growth provided by the FY25 launch of the latest edition of Age of Sigmar. GAW’s strong free cash flow growth in FY25 is evidenced by the relative step-up in the dividend versus profit growth from FY24 and when comparing the changes for profit and dividend in FY24 from FY23. We make no changes to our estimates beyond increasing the FY25 dividend to £5.20/share.