Games Workshop, the maker of Warhammer, is pleased to announce that for the 52 weeks ending 1 June 2025, we estimate the Group’s core revenue to be not less than £560 million (2023/24: £494.7 million) and licensing revenue of c.£50 million (2023/24: £31.0 million). Core operating profit is estimated at not less than £210 million (2023/24: £174.8 million) and licensing operating profit of c.£45 million (2023/24: £27.0 million). The Group’s profit before taxation (“PBT”) is estimated to be not less than £255 million (2023/24: £203.0 million).

Licensing revenue in the period is at a record level and we are not expecting this to be repeated in 2025/26. Licensing remains a significant area of focus.

As in the prior year, in recognition of our staff’s contribution to these results, and included in arriving at the PBT estimate above, we will have paid during the year Group Profit Share cash payments amounting to c.£20 million (2023/24: £18 million). These are paid in cash on an equal basis to each member of staff. Dividends declared and paid in the year were £171.4 million, 520p per share (2023/24: £138.3 million, 420p per share).

We intend to publish our 2025 Annual Report for the 52 weeks ended 1 June 2025 on the 29th July 2025.

Games Workshop has received a notification of a change in a major shareholding. This can be downloaded as a pdf here.

At the General Meeting held today, both resolutions, as set out in the notice of meeting, were duly passed by the shareholders. Details of the proxy votes received in respect of each resolution are detailed here.

The Board welcomes the majority support from shareholders in passing these resolutions and takes the outcome of shareholder votes very seriously, noting the more than 20% who voted against. As previously announced, since the AGM in September 2024, the Remuneration Committee has carried out a comprehensive consultation exercise with the Company’s major shareholders (who, in aggregate, hold over 56% of the Ordinary Shares in issue) via a series of meetings to understand their views on the Company’s remuneration practices and policy. Given this recent comprehensive exercise, which resulted in the passing of the resolutions today, the Company is not proposing to undertake such an extensive consultation in respect of the outcome of this recent vote, but the Company will continue to engage and have dialogue with shareholders in respect of the Company’s remuneration practices going forward.

In accordance with Listing Rule 9.6.2, copies of the resolutions passed as special business of the meeting will be uploaded to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

Games Workshop has released a director share dealing notification. This can be downloaded as a pdf.

As at the date of this announcement the Company had 32,971,713 issued ordinary shares of 5 pence each admitted to trading. Each ordinary share carries the right to one vote in relation to all circumstances at general meetings of the Company. The Company does not hold any ordinary shares in Treasury.

The above figure may be used by shareholders and others with notification obligations as their denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

Games Workshop announces that it has today published a circular and notice convening a General Meeting seeking shareholder approval of a revised directors’ remuneration policy and a new share awards plan (the "Notice").

The Notice contains further details on the background to, and the reasons for, the proposals within the Notice. The Notice convenes a General Meeting of the Company to be held at Willow Road, Lenton, Nottingham, NG7 2WS on 15 May 2025 at 4pm. A summary of the resolutions to be proposed at the General Meeting is set out below.

Resolution 1 concerns the adoption of the proposed new directors' remuneration policy (the “Policy”). Resolution 2 concerns the proposed Games Workshop Group PLC 2025 Share Awards Plan (the "Plan"). The resolutions will be proposed as ordinary resolutions and seek shareholder approval of the Policy and the Plan.

Games Workshop shareholders will shortly receive a copy of the Notice. Games Workshop shareholders who have elected to receive electronic communications from the Company will shortly receive a notification of availability of the Notice on the Company's website investor.games-workshop.com.

In addition, the Notice will be available for inspection during normal business hours on any business day at Willow Road, Lenton, Nottingham, NG7 2WS. Copies of the Notice, the accompanying Form of Proxy and the full draft rules of the Plan have also been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

As at the date of this announcement the Company had 32,971,583 issued ordinary shares of 5 pence each admitted to trading. Each ordinary share carries the right to one vote in relation to all circumstances at general meetings of the Company. The Company does not hold any ordinary shares in Treasury.

The above figure may be used by shareholders and others with notification obligations as their denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

On 22 March 2025, Kevin Rountree, Chief Executive Officer of Games Workshop, entered into an irrevocable undertaking to automatically reinvest the full amount of every dividend received by him to purchase fully paid up ordinary shares of 5 pence each (“Ordinary Shares”) in the Company under the Company's dividend reinvestment plan, during the period beginning on the date of the irrevocable undertaking, and ending on the earlier of:

(i) 12 months from the date of the undertaking; or

(ii) any date on which Kevin Rountree’s employment with the Company ceases.

All future purchases of Ordinary Shares made by Kevin Rountree pursuant to this undertaking shall be announced accordingly.

In addition, on 22 March 2025, Mark Lam, Non-Executive Chair of Games Workshop, entered into an irrevocable undertaking to automatically reinvest the full amount of every dividend received by him to purchase fully paid up Ordinary Shares in the Company under the Company's dividend reinvestment plan, during the period beginning on the date of the irrevocable undertaking, and ending on the earlier of:

(i) 12 months from the date of the undertaking; or

(ii) any date on which Mark Lam’s appointment as a director of the Company ceases.

All future purchases of Ordinary Shares made by Mark Lam pursuant to this undertaking shall be announced accordingly.

The Board has today declared a dividend of £1.00 per share taking dividends declared so far in 2024/25 to £5.20 per share (2023/24: £4.20 per share). This is in line with the Company's policy to distribute truly surplus cash. This will be paid on 7 May 2025 for shareholders on the register on 28 March 2025, with an ex-dividend date of 27 March 2025. The last date for elections for the dividend re-investment plan is 11 April 2025.

The dividend reinvestment plan is provided by Equiniti Financial Services Limited. More information can be found at www.shareview.co.uk/info/drip

Games Workshop has received a notification of a change in a major shareholding. This can be downloaded as a pdf here.