Games Workshop Shares Soar Once Again as Warhammer 40,000 Company Flags Big Profits Despite Expected Space Marine 2 Royalties Slowdown

Games Workshop is erstwhile again expecting large profits contempt an expected slowdown successful licensing gross from blockbuster video crippled Warhammer 40,000: Space Marine 2.

Games Workshop’s main concern is the merchantability of miniatures fans assemble and overgarment for usage successful tabletop wargames, specified arsenic Warhammer 40,000. But it is progressively an IP business, with immense gross from smash deed video games specified arsenic 2024's Warhammer 40,000: Space Marine 2, and animations, specified arsenic Amazon’s Warhammer 40,000 Secret Level episode. Last year, Games Workshop and Amazon finalized a woody for Henry Cavill's Warhammer 40,000 Cinematic Universe, which volition impact the instauration of films and tv series. Space Marine 3 is besides successful development.

In a trading update, the Nottingham, UK-based tabletop wargame institution said it present expects revenues of astatine slightest £310 cardinal for the six months to the extremity of November 2025, which would magnitude to a 15% emergence from the aforesaid play past year. Pre-tax nett is expected to beryllium astir £135 cardinal for the fractional year, up from £126.8 cardinal past year. Shares successful Games Workshop were up 12.8% connected the quality this morning.

That’s contempt expected licensing gross of astatine slightest £16 million, which would beryllium down from the £30.1 cardinal reported during the aforesaid play past year.

Space Marine 2 whitethorn good beryllium the astir palmy Warhammer 40,000 video crippled ever made. It sold implicit 7 cardinal copies little than a twelvemonth aft going connected sale, and, according to Saber Interactive exec Tim Willits, changed everything for the studio. Even Games Workshop itself has talked astir the wealth it’s made from Space Marine 2, and protagonist Titus is present starring the complaint connected the adjacent communicative enlargement of the Warhammer 40,000 setting.

In January, Games Workshop said it was connected the hunt for the adjacent blockbuster Warhammer video game, but CEO Kevin Rountree besides expressed a grade of caution connected imaginable aboriginal video crippled success, admitting hits similar Space Marine 2 are fewer and acold between. “We recognise that successes similar these for Warhammer are not a fixed successful the satellite of video games,” Rountree said astatine the time. “Clearly we are looking for the adjacent one. We stay cautious erstwhile forecasting royalty income.”

Meanwhile, Games Workshop had warned that Donald Trump’s tariff plans could harm its profits by up to £12 million, but it seems the interaction has yet to importantly dull fiscal performance.

Games Workshop’s superior concern is of people the merchantability of tabletop wargames and their miniatures, with an expansive bricks and mortar retail concern providing a instauration for the hobby. In July, Games Workshop said that a “cute looking pipistrelle bat” was “delaying our enactment connected our caller impermanent car park.” Yes, really.

Photo by Uli Deck/picture confederation via Getty Images.

Wesley is Director, News astatine IGN. Find him connected Twitter astatine @wyp100. You tin scope Wesley astatine [email protected] oregon confidentially astatine [email protected].