FY25 H1 Results: Frontier Developments

Frontier Developments plc reported a robust turnaround in its first half of FY25, with revenue of £47.3 million nearly matching the £47.7 million recorded in H1 FY24. Adjusted EBITDA swung from a loss of £4.9 million to a profit of £4.4 million, driven by a £9 million improvement in operating costs following an organisational review and the closure of Frontier Foundry. IFRS operating profit also reversed to £4.5 million from a loss of £33.3 million, largely due to reduced intangible amortisation and restructuring charges.

The portfolio’s performance was anchored by the launch of Planet Coaster 2, which captured 22% of total revenue and sold over 400,000 base units across PC, PS5, and Xbox within two months. Back‑catalogue CMS titles—Planet Zoo, Jurassic World Evolution 2, and the original Planet Coaster—contributed £24.6 million (52% of revenue) with a 97% sustain rate. Elite Dangerous saw increased PDLC sales, and F1® Manager 2024 added a new Create A Team mode. Paid downloadable content accounted for 31% of revenue, up from 29% in H1 FY24.

Cash reserves rose to £27.2 million at period end, climbing to £30.5 million by 31 December after the Planet Coaster 2 launch, supporting a positive cash‑flow outlook. The company projects FY25 revenue and profitability in line with expectations, citing continued growth from CMS titles and planned releases such as a third Jurassic World game in FY26.