Everplay Lifts Bulkhead Stake to 28% as FY26 Outlook Tops Expectations

Everplay Group plc reported unaudited results for the six months ended 2026년 6월 30일 on 2026년 9월 15일, declaring an interim dividend of 1.1 pence per share and confirming it has exercised its option to raise its stake in Super Media Group, the owner of Wardogs developer Bulkhead, from 20% to 28% for £2 million.

First-Half Financials

Group revenue fell 8% to £66.9 million, from £72.4 million in the first half of 2025, a decline of 5% once the exited Astragon physical distribution activities are excluded. The company said the softer half reflected the phasing of its major FY 2026 releases into the second half of the year.

Gross profit decreased to £23.9 million from £33.7 million, with gross margin of 35.7% against 46.5% a year earlier. Adjusted EBITDA was £9.2 million, down from £19.2 million, while profit before tax was £1.6 million against £14.3 million. The period produced a loss after tax of £0.6 million, compared with a £10.6 million profit in H1 2025, and a basic loss per share of 0.4 pence against earnings of 7.4 pence.

Back catalogue revenue rose to £64.3 million from £63.5 million, with contributions from more than 150 titles, while new-release revenue fell to £2.7 million from £8.9 million. Cash and cash equivalents stood at £57.1 million at the period end, with operating cash conversion of 128% and net cash inflow from operations of £27.8 million.

The Board declared an interim ordinary dividend of 1.1 pence per share, payable on 2026년 10월 23일 to shareholders on the register as of 2026년 9월 25일. The ex-dividend date is 2026년 9월 24일.

Bulkhead Stake and Second-Half Releases

Since the period end, Everplay exercised an option whose terms were agreed at the time of its first subscription to increase its holding in Super Media Group, owners of first-person shooter specialist Bulkhead, to 28% from 20% for £2 million. Wardogs, Team17’s first title with Bulkhead, sold more than one million copies on its first day in Early Access in 2026년 9월, with peak concurrent users since launch above 400,000, according to the company.

“We have long admired this team, and we are thrilled to further strengthen our relationship and support them on their journey,” said Mikkel Weider, Group Chief Executive Officer.

The company said Wardogs broke a group record set a month earlier by Hell Let Loose: Vietnam, whose full 2026년 8월 release generated record month-one sales for the group, peak concurrent users above 65,000 and the number one position on Steam’s global best-sellers chart, despite technical issues affecting early review scores. Astragon’s Bus Simulator 27 also launched in 2026년 9월, set in the Mediterranean and featuring the Solaris brand for the first time.

The Board now expects FY 2026 revenue and adjusted EBITDA to be materially ahead of current market expectations, with the adjusted EBITDA margin broadly in line with FY 2025. Company-compiled consensus shows FY26 revenue of £175.2 million and adjusted EBITDA of £50.7 million. At least four further new titles are expected in the second half, with Silver Pines, What Goes Up and Hokko Spaces still to come.

Divisional Results and Development Investment

Team17 revenues declined 16% to £41.1 million from £49.3 million, with four titles launched in the half: Lumentale: Memories of Trey, plus Sintopia, Wardrum and Rogue Point in Early Access. Team17 was named Indie Publisher of the Year at the MCV/DEVELOP Awards. In 2026년 8월, the Overcooked! franchise marked its tenth anniversary and has now attracted more than 100 million players across Steam, Xbox, PlayStation, Nintendo Switch and Netflix Games, the company said. Worms Galactic Tactics, the latest instalment in the Worms franchise, was announced at Gamescom in 2026년 8월 and is expected in 2027.

StoryToys revenues grew 43% to £15.9 million from £11.1 million. Active subscribers rose 22% to 408,000, total downloads exceeded 18 million, monthly average users peaked at 9.3 million, and the division shipped 394 app updates across multiple titles. LEGO Bluey won Best Mobile Game at the Kidscreen Awards 2026 and Best Licensed Video Game Project at the Bologna Licensing Awards.

Astragon revenues fell 20% to £9.7 million from £12.0 million, a 6% decline excluding physical distribution. The company said Ranger’s Path: National Park Simulator, released into PC Early Access, and Underground Garage did not reach internal sales expectations, and that reorganisation initiatives were completed during the half. Construction Simulator joined Xbox Game Pass in the period, and Police Simulator: Patrol Officers was released on Nintendo Switch 2.

Capitalised development expenditure rose 14% to £16.4 million from £14.3 million, spread across 20% more titles than the prior period, with 65% relating to first-party IP against 59% a year earlier. The period included a £1.9 million title impairment charge and a £1.3 million prior-year tax adjustment relating to an item originating in FY 2021.

For FY 2026, the company guided capitalised development expenditure of £35 million to £40 million, compared with £33.2 million in FY 2025, covering a 15% increase in titles in development with roughly two-thirds on first-party IP, and it expects a similar range for FY 2027.

Jon Rissik joined Everplay as Chief Growth Officer, having most recently served as CEO of Dovetail Games, with senior leadership roles at Electronic Arts and Codemasters and more than 25 years of experience across media, publishing and games.

An analyst and institutional investor presentation was scheduled for 8:30 a.m. BST on 2026년 9월 15일, with a retail investor webcast scheduled for 10:00 a.m. BST the same day. The interim statements were approved for issue on 2026년 9월 15일.