Today’s pre-close trading update for FY25 shows a strong second half, with Devolver meeting its guidance of at least $100m revenue for FY25 and achieving “double-digit millions” adjusted EBITDA (pre-impairments), up from $9.6m in FY24 and ahead of our $8.9m estimate. The Group had successful new releases in FY25 and extended its major franchises with paid downloadable content (PDLC). We increase forecast FY25 adjusted EBITDA pre-impairments by 18% to $10.5m and net cash (ex. leases) by 17% to $3 ....
