Updated Mar 21, 2026 by Frontier Developments
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Published by Frontier Developments
ANNUAL REPORT AND ACCOUNTS 2024 30 YEARS OF HEADLINES CONTENTS CREATIVITY, STRATEGIC REPORT See a summary of the headlines for FY24, 01 Headlines INNOVATION AND ...
ABOUT FRONTIER 30 YEARS OF HEADLINES CONTENTS CREATIVITY, STRATEGIC REPORT See a summary of the headlines for FY24, 01 Headlines INNOVATION AND including our financial performance and strategic 02 30 years of Frontier highlights, together with our latest news and 04 Frontier today – our success stories outlook statement 05 Frontier future – our CMS roadmap AUTHENTICITY PAGE 01 06 Chairman’s statement 07 Chief Executive Officer’s statement 09 Financial review CELEBRATING 30 YEARS 12 Key performance indicators 13 Key performance indicators – non-statutory measures Frontier is a leading independent developer and publisher of video games for PC Find out about Frontier’s history in the games 14 Our business model and portfolio strategy and console, creating immersive and fun gameplay, with unparalleled artistic quality. industry since its foundation in 1994 17 Our people At Frontier, we specialise in creating endless possibilities in playful, fun and creative PAGE 02 18 Our people strategy 19 Our impact – environmental, social and governance worlds. From some of the world’s biggest licensed entertainment and sporting 20 Principal risks and uncertainties franchises, to intricately crafted worlds where players can explore and make their 27 Section 172 statement mark, our games are all underpinned by our unwavering passion for creating OUR BUSINESS MODEL AND CORPORATE GOVERNANCE compelling and innovative experiences that continue to inspire and delight PORTFOLIO STRATEGY 30 Board of Directors our players.
can explore and make their 27 Section 172 statement mark, our games are all underpinned by our unwavering passion for creating OUR BUSINESS MODEL AND CORPORATE GOVERNANCE compelling and innovative experiences that continue to inspire and delight PORTFOLIO STRATEGY 30 Board of Directors our players. 31 Report of the Directors We have created games that have defined genres, been critically acclaimed, Read about how we achieve repeatable success to 37 Corporate governance report and reached many millions of players. With a rich history spanning over 30 years, deliver long-term sustainable growth in a 42 Remuneration report we are best known for our creative management simulation games, including our challenging industry through our Select, Develop, FINANCIAL STATEMENTS Planet Coaster Franchise, Planet Zoo, and our Jurassic World Evolution Franchise. Launch & Nurture approach to creating and 44 Independent Auditor’s report Our portfolio also includes critically acclaimed titles in alternative genres, such as publishing our genre-leading games 51 Consolidated income statement Elite Dangerous, our F1® Manager Franchise, and our games incorporating two of PAGE 14 51 Consolidated statement of comprehensive income Games Workshop’s Warhammer IPs. 52 Consolidated statement of financial position Our talented team of diverse individuals is brought together to nurture our existing OUR PEOPLE 53 Consolidated statement of changes in equity portfolio and develop our exciting future roadmap.
t of comprehensive income Games Workshop’s Warhammer IPs. 52 Consolidated statement of financial position Our talented team of diverse individuals is brought together to nurture our existing OUR PEOPLE 53 Consolidated statement of changes in equity portfolio and develop our exciting future roadmap. Our people are passionate about 54 Consolidated statement of cashflows creating innovative, genre-leading games and authentic worlds for our extensive Discover how we reward, develop, and engage with 55 Notes to the consolidated financial statements player communities. our talented people 79 Company statement of financial position We are dedicated to attracting the best talent across our two studios. PAGE 17 80 Company statement of changes in equity Our headquarters is a large modern studio, in the renowned technology cluster 81 Notes to the Company financial statements and historical city of Cambridge, UK. Our second studio hosts our Complex Games 85 Notice of Annual General Meeting team, located in Winnipeg, the capital and largest city of Manitoba, Canada. 90 Advisors and Company information 90 Five-year summary This year, we are celebrating 30 years in the games industry and we look to the future with renewed confidence following our strategic reset in FY24.
FRONTIER DEVELOPMENTS PLC ANNUAL REPORT AND ACCOUNTS 2024 01 HEADLINES RESET AND BACK ON TRACK FY24: RESET, REFOCUSED AND RESHAPED FINANCIAL SUMMARY • Strategic reset in H1 FY24 to focus on our core • Adjusted EBITDA** profit of £0.9 million for FY24, Revenue IFRS operating loss strength in creative management simulation including the gain from the sale of the RCT3 £89.3M (£28.4M) (CMS) games. publishing rights. • Organisational Review during H2 FY24 supported • IFRS operating loss of £28.4 million (FY23: loss our strategic reset, reshaping our teams of £26.6 million) due to non-cash impairment and reducing our annual operating costs by charges for underperforming non-CMS games approximately 20%. and restructuring costs. EBITDA* Adjusted EBITDA** • Strong CMS back catalogue performance in H2 • The strong H2 trading performance, cost £26.8M £0.9M delivered FY24 revenue ahead of expectations at reductions, sale of the RCT3 publishing rights, £89.3 million (FY23: £104.6 million). and tax cash credits resulted in an increase in cash • These factors delivered a return to profitability during H2 of over £12 million, to £29.5 million at in H2 on an Adjusted EBITDA** basis, before 31 May 2024 (30 November 2023: £17.1 million; the £4.9 million gain from the sale of the 31 May 2023: £28.3 million). Cash RollerCoaster Tycoon 3 (RCT3) publishing rights. £29.5M FY25 AND BEYOND: A STRONG PIPELINE FULL FINANCIAL REVIEW ON PAGES 09 TO 11 FULL FINA
n Adjusted EBITDA** basis, before 31 May 2024 (30 November 2023: £17.1 million; the £4.9 million gain from the sale of the 31 May 2023: £28.3 million). Cash RollerCoaster Tycoon 3 (RCT3) publishing rights. £29.5M FY25 AND BEYOND: A STRONG PIPELINE FULL FINANCIAL REVIEW ON PAGES 09 TO 11 FULL FINA • Encouraging start for FY25, through the ongoing • Development is on track for a third Jurassic performance of the CMS-led back catalogue. World game coming in FY26, in collaboration with • F1® Manager 2024 released as planned on Universal Products & Experiences, alongside the I 23 July 2024. promotional support of Universal Pictures and • Planet Coaster 2 was announced in July 2024 Amblin Entertainment’s all-new film, Jurassic and the reaction and engagement from the World Rebirth, currently scheduled for release Planet Coaster community and beyond has been • on 2 July 2025. encouraging ahead of its release in autumn 2024. Another currently unannounced CMS game is in development for release in FY27. • The Board remains confident of delivering profit in FY25 as the next step to improved financial performance and sustainable growth. * Earnings before interest, tax, depreciation, and amortisation. **Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation and impairment charges related to game developments and game technology, less investments in game developments and game technology, and excluding restructuring costs, share-based payment charges and other non-cash items.
*Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation and impairment charges related to game developments and game technology, less investments in game developments and game technology, and excluding restructuring costs, share-based payment charges and other non-cash items. REPORT STRATEGIC
Frontier Developments plc reported unaudited interim results for the six months to 30 November 2025, showing a 26 % increase in revenue to £59.6 million and a 76 % rise in adjusted operating profit to £9.7 million compared with the same period in 2024. The growth was driven primarily by the launch of Jurassic World Evolution 3, which contributed 90 % of total revenue in H1 FY26 and earned nominations at the Game Awards 2025 and BAFTA Games Awards 2026. Other titles such as Planet Zoo, Planet Coaster 2 and Elite Dangerous also performed strongly, with Planet Zoo becoming the Group’s highest‑grossing individual game. Cash profitability improved markedly; adjusted operating profit, which excludes non‑cash development capitalisation and includes tax and R&D credits, grew to £9.7 million from £5.5 million year‑on‑year. IFRS operating profit rose 73 % to £7.8 million. Gross margin fell to 64 % from 70 %, reflecting higher royalty‑bearing IP revenue. The Group’s cash balance increased to £40.1 million, up 47 % from the prior year, after a £10 million share buy‑back that raised earnings per share to 21.4 p. The Board upgraded FY26 guidance, now targeting revenue of approximately £100 million and adjusted operating profit of around £11 million, citing strong seasonal sales momentum. CEO Jonny Watts stepped down on 1 January 2026, succeeded by Jo Cooke, with Watts remaining as Executive Director until 31 May 2026 to ensure a smooth transition. The Group remains debt‑free, with no significant liabilities beyond lease obligations, and maintains a robust pipeline of CMS titles slated for release in FY27–FY28.
The release schedule for “Moonlighter 2: The Endless Vault” has been updated. 11 bit studios S.A. announced that the PC version will enter Early Access on November 19, 2025, with distribution through Steam and the Windows Store. The company indicated that console releases for Xbox X/S and PlayStation 5 will occur at a later, unspecified date. This change follows the earlier announcement in Report No. 16/2025 dated August 19, 2025, which set the initial release framework. The update is issued under Article 17.1 of MAR, classifying it as inside information that must be disclosed to the market. The announcement is signed by Przemysław Marszał, President of the Management Board, and Marek Ziemak, a board member. No additional data on sales projections, market impact, or development milestones are provided in the brief communication. The scope is limited to the PC Early Access launch, with no geographic restrictions noted beyond the global availability of digital distribution platforms. The report serves to inform investors and stakeholders of the revised launch timeline, ensuring compliance with regulatory disclosure requirements.
ANNUAL REPORT AND ACCOUNTS 2025 ANNUAL REPORT AND ACCOUNTS 2025 Frontier is a leading independent developer and CONTENTS publisher of video games for PC and consoles, HEADLINES STRATEGIC REPORT creating immersive and fun gameplay with high See a summary of the headlines for FY25, 01 Headlines production values.
Embracer Group’s FY 2023/24 ESG Fact Sheet outlines the company’s sustainability framework, titled Smarter Business, which focuses on three core pillars: Great People, Solid Work, and Our Planet. Operating across more than 40 countries with 139 internal studios, the organization aims to integrate ethical governance and long-term value creation into its global operations. The company’s sustainability strategy is supported by 16 group policies and 12 guidelines, with oversight provided by the Audit and Sustainability Committee and an internal Ambassador Group. Key performance indicators for the 2022/23 financial year highlight both progress and areas for development. Within the Great People pillar, the company reported a 26% female representation rate and an employee satisfaction score (eNPS) of +29. To foster leadership diversity, the board has committed to doubling the number of female managing directors and studio heads by 2025. Regarding environmental impact, the company has conducted a comprehensive greenhouse gas inventory, reporting total emissions of 687,102 tCO2e. The firm has aligned its climate strategy with the Paris Agreement, targeting a 45% reduction in carbon emissions by 2030 compared to a 2021/22 baseline. The company utilizes a structured methodology for tracking progress, including annual global employee surveys and standardized sustainability due diligence during acquisitions. Furthermore, the organization actively participates in industry-wide initiatives such as the UN Global Compact, Women in Games, and PlayCreateGreen. By integrating these partnerships with internal training programs on privacy and ethics, the company seeks to manage operational risks while promoting digital well-being and accessibility across its portfolio of over 900 franchises.