Games Workshop Company Research (GAW)

Games Workshop Group's FY26 trading update indicates another year of strong growth, beating our prior estimates. To have exceeded FY25's profit with a much lower contribution from high-margin licensing in FY26 is a great performance on the back of the strong performances in FY24 and FY25, which benefited from the launches of new editions of Warhammer 40K (40K) and Warhammer Age of Sigmar, respectively. The coming financial year will see the launch of the 11th edition of 40K, keeping to the recent three-year cycle for new releases, so investors will be eagerly watching to see how well this is received by hobbyists.