Games Workshop Group — FY25 compounded a strong FY24

FY25 was a great year for Games Workshop Group (GAW) as the core business performed at the top end of management’s expectations and licensing revenue reached an all-time high. Following two consecutive years in which new editions of its two main intellectual properties were released, growth in FY26 is dependent on a number of smaller releases as well as follow-on sales from the FY24 and FY25 new editions. There are a number of headwinds to growth in FY26, including the strong performance by high-margin licensing in FY25, which management believes will be difficult to match in FY26, sterling’s strength and a potential negative impact of US tariffs, which management has quantified. Our forecasts are under review.