Devolver released full year results in line with consensus expectations and has reiterated guidance for 2025. We lower our above-consensus estimates to be in line with the average. Devolver offered a solid growth and margin outlook, with significantly more new titles being released in 2025 and a greater share of higher margin, own-IP titles. Also, more of its planned releases are within existing franchises, which are typically lower risk. The company could see potential forecast upside from furt ....
