Frontier Developments, a leading video games developer, has followed up its 29 May announcement with a more comprehensive trading update for the year to 31 May 2025. Adjusted EBITDA is expected to be £8m-£9m, strongly ahead of our recently upgraded £5.6m forecast, and net cash (ex. leases) was £42.5m at 31 May 2025, significantly ahead of our £32.3m estimate. The statement shows a strong performance from its own-IP creative management simulation (CMS) games, which improves the margin mix, and a ....
