Everplay 2025 financial results summary
Everplay Group plc (formerly Team17 Group plc) reported flat year-over-year revenue of £166.0 million for 2025, compared to £166.6 million in 2024. Despite the stagnant top-line, gross profit increased 10% to £76.3 million, with gross margins rising to 46.0%. Adjusted EBITDA grew 11% to £48.5 million (a 29.2% margin), and profit before tax jumped 44% to £36.6 million. This growth was driven by a strategic shift toward higher-margin digital sales and first-party IP. The Board increased the total dividend to 2.9 pence per share and cited a strong 2026 pipeline.
Everplay 10% gross profit increase in 2025 explained
The 10% rise in gross profit was primarily due to improved profit margins resulting from a “quality-over-quantity” strategy. Everplay boosted its margin from 41.6% to 46.0% by exiting Astragon’s low-margin physical distribution business. This move shifted the sales mix toward higher-margin digital content. Additionally, an 80% year-over-year increase in revenue from new digital releases helped offset legacy declines, allowing the company to generate more profit from a similar revenue base.
Everplay revenue in 2025 and why it was flat year over year
Total revenue was nearly unchanged at £166.0 million. This was an intentional result of exiting the Astragon physical retail segment; excluding this discontinued business, underlying revenue actually grew by approximately 5%. While back-catalog revenue declined 13% from the record levels seen in 2024, it remained higher than in 2023. A massive 80% surge in new release revenue filled the gap left by the strategic exit and the moderation of legacy sales.
Everplay profit before tax in 2025 and year-over-year change
Profit before tax (PBT) reached £36.6 million, a 44% increase from £25.3 million in 2024. This growth stemmed from higher gross earnings, operating leverage, and the absence of one-off impairment and acquisition costs that had impacted the previous year. On an adjusted basis, PBT rose 12% to £48.5 million. The PBT margin improved from 15% to 22%, and adjusted EPS grew 7% to 25.7p, establishing a new record profit level for the group.
Everplay adjusted EBITDA growth in 2025 and margin improvement
Adjusted EBITDA rose 11% to £48.5 million, with the margin expanding by 3.1 percentage points to 29.2%. This reflects the core profitability of publishing and development while excluding one-time acquisition costs. The company maintained a high operating cash conversion of 89%. Though the year-end cash balance decreased to £51.9 million from £62.9 million due to game development and acquisition spending, the robust EBITDA demonstrates strong internal funding capabilities.
Everplay business segments breakdown: Team17, StoryToys, astragon (what to know)
- Team17: The indie games label and largest division, contributing £106 million (64% of revenue), up 8% YoY.
- astragon: The simulation division (Construction/Bus Simulator) saw revenue fall 33% to £29–30 million (18% of revenue) due to the exit of physical distribution and some underperforming titles.
- StoryToys: The educational kids’ app division (Disney/LEGO) grew 25% to £30.4 million (18% of revenue). The LEGO Bluey app was a major success, reaching #1 in 117 countries.
Team17 performance in 2025 and how it contributed to Everplay results
Team17 acted as the group’s primary growth engine, reaching a record £106 million in revenue and selling over 20 million units. The label launched six new games, resulting in a 700% increase in new release revenue. Key titles included Date Everything!, which reached 750,000 players, and SWORN, which launched on multiple platforms including Game Pass. The division also expanded its presence through 16 DLC packs and partnerships with Netflix, Apple Arcade, and Amazon Luna.
Everplay games portfolio highlights and new releases in 2025
The group released 11 new titles in 2025, contributing to an 80% rise in new release revenue. Highlights included the sandbox dating sim Date Everything!, the co-op roguelike SWORN, and Firefighting Simulator: Ignite. LEGO Bluey was a breakout mobile hit with over 1 million downloads in its first month. Everplay also expanded its reach by porting existing IP to Netflix Games and preparing content for the upcoming Nintendo Switch 2.
Everplay back-catalog revenue trends in 2025
Back-catalog sales remained the company’s foundation, representing 75% of total revenue (roughly £125 million). While these sales were 13% lower than the exceptional peak of 2024, they were still 10% higher than 2023 levels. Established franchises like Worms, Overcooked!, and Hell Let Loose provided stable cash flow and acted as a financial safety net, even as the company increased its focus on refreshing the portfolio with new titles.
Everplay acquisitions and IP deals in 2025 (including publishing rights)
In 2025, Everplay focused on strategic “bolt-on” acquisitions of content and intellectual property rather than entire companies. Key moves included:
- Minority stake in Super Media Group: Everplay took a minority equity stake in the parent company of Bulkhead Interactive. This creates a strategic partnership to strengthen Everplay’s presence in the first-person shooter (FPS) genre, specifically involving the co-development of the upcoming title Wardogs with Team17.
- Acquisition of the Hammerwatch franchise and other IPs: Everplay purchased the rights to the Hammerwatch pixel-art action-adventure series and other IP assets from Crackshell/BlitWorks (referred to as “Bearded Brothers”). This allows Everplay to develop sequels and remasters while earning directly from all future sales.
- Securing publishing rights to existing titles: The company acquired long-term publishing and distribution rights for seven previously released indie hits, including Operation: Tango, Heavenly Bodies, and Spiritfall. This provides immediate revenue streams and bolsters the back-catalog with proven titles.
These deals were funded via cash and aimed at building a diverse, high-quality portfolio with higher margins by reducing royalty and licensing fees.
Everplay dividend for 2025 and what shareholders received
Everplay declared a final dividend of 1.9 pence per share, bringing the total dividend for FY2025 to 2.9 pence per share. This represents a 7% increase over the 2.7p total paid in 2024. Based on a share price of approximately 224 pence, the dividend yield is roughly 1.3%. The gradual increase in payouts reflects management’s confidence in the group’s cash generation and profitability, even as they continue to prioritize reinvestment into game development and IP acquisitions.
Why Everplay shares fell despite higher profit in 2025
On March 24, 2026, Everplay’s shares dropped approximately 13% to 224 pence. Despite record profits, investors were concerned by the 0% revenue growth, fearing the company might be hitting a growth ceiling. Other factors included:
- Guidance: The 2026 revenue guidance of £173.6m (approx. 5% growth) was considered “in line” with expectations rather than an acceleration.
- Profit-taking: Some investors sold shares following the stock’s pre-results rise.
- Back-catalog Reliance: Analysts expressed concern over the fact that 75% of revenue comes from older titles.
Short-term market sentiment focused on the “flat revenue” narrative despite management’s explanation that the stagnation was a strategic result of exiting low-margin businesses.
Everplay 2026 pipeline and management outlook after 2025 results
Management expressed optimism for 2026, planning to launch at least 15 new games and apps, including five first-party IPs. Key titles include:
- Hell Let Loose: Vietnam: A major new installment in the realistic shooter series.
- Golf With Your Friends 2: A sequel to the popular casual party game.
- Astragon Simulations: New installments including a new Bus Simulator and the acquired IP Storage Hunter Simulator.
- Wardogs: A squad-based FPS developed with Bulkhead.
Financial guidance for 2026 forecasts approximately £173.6 million in revenue and £50.5 million in adjusted EBITDA. Performance is expected to be heavily weighted toward the second half of the year (H2) due to the timing of major releases, introducing some execution risk in the first half.
Key risks for Everplay and Team17 after the 2025 results
- Execution risk on the 2026 release slate: Launching 15+ titles requires significant marketing, QA, and development resources. Delays or poor quality could impact margins and reputation.
- Astragon turnaround uncertainty: There is a risk that new simulation titles may not perform as expected, potentially leading to further revenue drag or future asset impairments.
- Reliance on back-catalog: Growth depends on new releases becoming “evergreen” hits to replenish the library as older titles naturally decline.
- ROI of acquisitions: Investments in the Hammerwatch IP and publishing rights must be effectively monetized to justify the capital spent.
- Platform concentration: Everplay is highly dependent on third-party storefronts, with Steam representing 30% of revenue, and significant portions coming from PlayStation (16%), Nintendo (11%), Xbox (9%), and Apple (14%).
- Competitive and market risks: The indie market is crowded, and macro factors like global recessions or currency fluctuations (GBP vs USD/EUR) could impact sales.
- Talent and leadership transition: New CEO Mikkel Weider must maintain the company culture following the transition from co-founder Debbie Bestwick.
Frequently Asked Questions (FAQs)
- What is Everplay Group and how is it related to Team17?
Everplay Group plc is the corporate name for the parent company formerly known as Team17 Group plc. The rebrand occurred in early 2025. Team17 now functions as a specific division within the Everplay Group alongside Astragon and StoryToys. - Why was Everplay’s revenue flat in 2025?
This was a strategic choice. Everplay exited Astragon’s low-margin physical retail distribution business. While this resulted in 0% total revenue growth, underlying digital revenue actually grew by about 5%. - How did Everplay increase its profits in 2025 despite flat revenue?
Profit grew through margin expansion. By cutting low-margin activities, gross margins rose from 42% to 46%. Additionally, the company benefited from cost controls and the absence of one-off 2024 expenses. - How did the Team17 division perform in 2025?
Team17 reached record revenue of £106 million (up 8%), selling over 20 million units. New release revenue for the label surged by over 700% thanks to titles like Date Everything! and SWORN. - How did Everplay’s other segments (Astragon and StoryToys) fare in 2025?
Astragon’s revenue fell 33% (18% on an underlying basis) due to the exit of physical distribution and underperforming sims. StoryToys revenue grew 25% to £30.4 million, driven by the LEGO Bluey app. - What new games did Everplay launch in 2025?
The company launched 11 titles, including Date Everything!, SWORN, Firefighting Simulator: Ignite, and the LEGO Bluey mobile app. These drove an 80% year-over-year increase in new release revenue. - Did Everplay make any acquisitions or IP deals in 2025?
Yes. They bought the Hammerwatch franchise, a minority stake in Bulkhead’s parent company (Super Media), and the publishing rights to seven indie games, including Operation: Tango and Heavenly Bodies. - Why did Everplay’s share price fall after the 2025 results?
Shares fell 13% because investors were “spooked” by flat revenue growth and “in line” future guidance, despite the record profits and improved margins. - What is Everplay’s outlook for 2026?
Management expects a return to top-line growth with a pipeline of 15+ games. Revenue is guided at roughly £174 million with £50.5 million in adjusted EBITDA, with performance weighted toward the second half of the year. - What are PixelHair and The View Keeper, and are they related to Everplay?
These are independent 3D development tools created by Yelzkizi. PixelHair is a 3D hair asset collection for Blender/Unreal, and The View Keeper is a Blender camera management add-on. They are not owned by or directly related to Everplay Group.
Conclusion
Everplay’s 2025 performance highlighted a strategic shift toward high-quality, high-margin revenue. While the transition resulted in flat top-line sales, it delivered a 44% surge in pre-tax profit and a healthier financial foundation. The company enters 2026 with a rebranded identity, an ambitious release slate of 15+ titles, and a focus on owned IP and platform partnerships. Success in the coming year will depend on the effective execution of its pipeline and the turnaround of the Astragon division to satisfy market demands for renewed revenue growth.
Sources
- https://www.londonstockexchange.com/news-article/EPLY/everplay-group-plc-2025-unaudited-full-year-results/16400000
Everplay Group plc – 2025 Unaudited Full-Year Results (RNS) – Official regulatory release detailing Everplay’s FY2025 financial performance and strategic highlights - https://www.sharecast.com/news/news-and-announcements/everplay-reports-higher-profit-but-flat-revenue–16600000.html
Sharecast News (24 Mar 2026) – “Everplay reports higher profit but flat revenue” – Summary of 0% revenue growth, profit rise, margin expansion, and market reaction - https://joshuathompsonanalysis.com/2026/03/everplay-fy-2025-profit-surge-strategic-growth
Joshua Thompson Analysis (Mar 2026) – “Everplay FY 2025 profit surge amid strategic growth” – Independent analysis of divisional performance, catalog trends, and risk factors - https://marketplace.superhive.com/products/pixelhair
Superhive Marketplace – PixelHair Product Page – PixelHair 3D hair asset collection by Yelzkizi for Blender and Unreal (realistic grooms, customization, MetaHuman support) - https://marketplace.superhive.com/products/the-view-keeper
Superhive Marketplace – The View Keeper Add-on Page – Blender camera management plugin by Yelzkizi for saving views and improving rendering workflows - https://www.team17.com/news/sworn-1-0-launches-on-steam-xbox-playstation-5/
Team17 Press Release (Sep 2025) – “SWORN 1.0 Launches on Steam, Xbox and PlayStation 5” – Official announcement confirming full release across platforms
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