Games Workshop Group — Strong core in Q425

Games Workshop Group’s year-end (2025) trading update shows a better Q4 than we expected, notably in its core business with high operational gearing. Licensing revenue and profit are broadly in line with our prior estimates. FY25 has been a great year, helped by the launch of the fourth edition of Age of Sigmar, following a strong FY24 when the tenth edition of 40K was released. All eyes will be on coming products in the next financial year. FY26 will begin to see the full-year impacts of the recent US tariffs but the weak US dollar versus sterling is not helpful for the translation of earnings.