Everplay's Revenue Fell 8% But Its Shares Rose 5% Anyway

Business

15 September 2026 09:58

Wardogs was a huge success that saved the year.

The half-year numbers to 30 June are down for Everplay, the revenue is 66.9 million pounds, an 8% fall, or 5% excluding the exit from Astragon's low-margin physical distribution. Profit down 29% to 23.9 million.

However following two success stories, Everplay now expects full-year revenue and adjusted EBITDA "materially ahead of current market expectations," against a company-compiled consensus of 175.2 million pounds revenue and 50.7 million adjusted EBITDA. Shares climbed more than 5%.

What changed in ten weeks

Sean Kealy, wrote before Wardogs launched: "Everplay has had a difficult year to date. Hell Let Loose: Vietnam has likely underperformed its potential, and GWYF 2 has been moved to 2027."

He stated that the pre-launch ramp on Wardogs had restored confidence, while cautioning the company still had a lot to deliver in H2.

Wardogs broke the wheel and sold 1.25 million copies in its first 24 hours and peaked above 400,000 concurrent players. Everplay's language on Hell Let Loose: Vietnam has also shifted to performing ahead of expectations.

The stake

Following this Everplay raised its holding in Super Media Group, Bulkhead's parent, to 28%. It first bought 20% for 2 million pounds in January last year, after Tencent sold Bulkhead to a consortium including Everplay, Super Media Group and Hiro Capital.

CEO Mikkel Weider stated "We have long admired this team, and we are thrilled to further strengthen our relationship and support them on their journey."

The only issue is the timing which means Everplay paid a post-Wardogs price rather than a pre-Wardogs one.

The half itself

Back catalogue revenue rose 1.2% to 64.3 million across more than 150 titles, which is the entire story of a half with no major releases. Four small launches this year Lumentale: Memories of Trey, Sintopia, Wardrum and Rogue Point.

StoryToys was the standout, up 43%, with subscribers up 22% to 408,000 and downloads past 18 million. LEGO Bluey won Best Mobile Game at the Kidscreen Awards.

Development investment rose 14% to 16.4 million, funding 20% more titles, with 65% now based on original concepts and first-party IP. Capitalised development spending is guided at 35 to 40 million for 2026 and a similar range for 2027.

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Tags: Everplay WARDOGS

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