Trophy Games

What Trophy Games does

Trophy Games is a Copenhagen-based developer and publisher of mobile and PC management and simulation games, founded in 2006 and listed on Nasdaq First North Growth Market Denmark under the ticker TGAMES. The company operates a portfolio of 17 titles organized into two main sub-brands: the Transport Series (Airline Manager, Truck Manager, Farm Manager, Shipping Manager, Train Manager, Energy Manager) and the Football/Soccer Management Series (Trophy Manager, Football Management Ultra, Pro 11, Women's Soccer Manager), supplemented by acquired brands including Tiny Rails, Transit King Tycoon, and the Tivola Games portfolio of pet and animal simulation titles. Trophy Games builds its games on a shared technology platform and codebase that enables efficient cross-title development, cross-promotion, and data-driven optimization across the portfolio.

The company's core technology emphasizes shared infrastructure, realistic simulation engines (e.g., Space Manager's orbital mechanics engine), and repeat franchise development around niche real-world interests. Distribution is global through Apple App Store, Google Play Store, Steam, Microsoft Store, and web browsers, with cumulative installs exceeding 100 million. Trophy Games employs 46 people across 21 nationalities as of 2025, with engineering and product capabilities spanning Denmark, Canada, and Lithuania through wholly owned subsidiaries including Xombat ApS, Trophy Games Canada Inc., and PIU-PIU LT, UAB.

Trophy Games generates revenue primarily through in-app purchases in freemium mobile games (DKK 126.5m in 2025), supplemented by in-app advertising (DKK 18.5m, up 100% YoY following a September 2025 optimization program) and premium PC game sales via Steam Early Access. The customer base is a global long tail of consumer gamers, with 605,014 unique paying users in 2025. Beyond first-party development, Trophy Games operates a publishing arm (Trophy Games Publishing ApS) that co-develops and publishes titles from partner studios such as RedPilz Studio (The Ranchers) and Tivola Games (horse management mobile title). Revenue grew 40% YoY in 2025, with 2026 guidance of DKK 130-153m and EBITDA of DKK 28-36m.

Name

Trophy Games

Legal name

Trophy Games Development A/S

Website

https://trophy-games.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Trophy Games is a Copenhagen-based mobile and PC game studio developing and publishing 17 management and simulation titles (including Airline Manager, Truck Manager, Farm Manager) across transport, agriculture, football, and life-simulation genres, serving a global consumer audience of 100M+ installs.

Ownership category

akta.pro rank

Product category

Mobile and PC Simulation Games

SIC

Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Strategy/4X/Management Game Studios (MPAFAAAK)

akta.pro secondary industry

Sports/Racing Game Studios (MPAFAAAJ)

Keywords

• Mobile simulation games
• Management games
• Free-to-play gaming
• Mobile game development
• Game publishing

Headquarters

HQ city

Copenhagen

HQ country

Denmark

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. In-App Purchases (IAP): Primary revenue stream from free-to-play games monetized through in-app purchases. Players make optional purchases to enhance gameplay progress. Revenue reached DKK 126.5m in 2025 with strong growth from new titles like Farm Manager (DKK 22m in first 6 months) and Truck Manager (DKK 25.2m in first full year).
2. In-App Advertising (IAA): Non-intrusive ads within games, primarily rewarded video ads where players watch ads to earn in-game rewards. Ad revenue surged 100% to DKK 18.5m in 2025 following strategic optimization program launched in September 2025.
3. Premium Game Sales: Revenue from premium game sales for PC titles such as The Ranchers, sold at fixed price point with Early Access release model on Steam.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

Trophy Games develops and publishes free-to-play mobile and PC management and simulation games organized around real-world interests including transport/logistics, farming, football/soccer management, and life simulation. The company operates a portfolio of 17 games monetized primarily through in-app purchases and non-intrusive (rewarded video) advertising, with select premium PC titles sold at fixed prices via Steam. It also acts as publisher and co-developer for external studios (e.g., RedPilz for The Ranchers, Tivola Games for a horse management title).

Product overview

Trophy Games is a Copenhagen-based mobile and PC game studio founded in 2006, operating a multi-title portfolio of management and simulation games. The company develops and publishes games built around real-world interests (transport/logistics, football/soccer, farming, life simulation), applying a repeatable development approach across a shared technology platform. The portfolio consists of two main sub-brands: (1) the Transport Series including Airline Manager, Truck Manager, Farm Manager, Shipping Manager, Train Manager, and Energy Manager; and (2) the Football/Soccer Management Series including Trophy Manager, Football Management Ultra, Pro 11, and Women's Soccer Manager. The company also acquired titles including Tiny Rails, Kung Fu Z, Transit King Tycoon, and the Tivola Games portfolio (Horse World: Show Jumping, Pet World: My Animal Hospital, Cat Rescue Story). Premium publishing titles include The Ranchers (open-world country-life sim) and Space Manager (aerospace simulation). Games are distributed on Apple App Store, Google Play Store, Steam, and Microsoft Store. The company listed 17 games and achieved over 100 million installs as of 2024.

Differentiator

Problem solved

Functional benefit

Brands

• Trophy Games Development: Primary development entity for Trophy Games titles
• Xombat
• Trophy Games - Football Manager makers
• Trophy Games - Tiny Rails Train Cargo Simulator

Products and services

• Airline Manager Free-to-play airline management simulation where players build and manage airline empires, control routes, and compete on global leaderboards.
• Truck Manager Road transport empire management game where players place cargo terminals and build worldwide networks of cargo trucks to dominate transportation.
• Farm Manager Farm management simulation where players strategise, expand lands, breed prize-worthy animals, and grow farming operations from small business to global industrial empire.
• Shipping Manager Shipping empire management game where players set up operations to transport cargo globally, buy and sell ships, maintain fleets, and expand shipping businesses.
• Train Manager Railroad empire management game where players build and manage railroads from nothing to worldwide route ownership, deploying trains from steam engines to high-speed bullet trains.
• Energy Manager Energy provider management simulation where players invest in and build world-spanning energy infrastructure using real-life power sources such as coal, water, wind, and geothermal.
• The Ranchers Open-world country-life simulation game for 1-4 players featuring raising animals, growing crops, crafting machines, building dream houses, and exploring open worlds with mines and monsters.
• Transit King Tycoon Infrastructure tycoon game combining city building and transport management, where players build cities, optimise logistics, and construct seaports and road networks.
• Tiny Rails Casual train exploration game featuring a relaxing train management adventure across an immersive pixel-art world with collectible carriages.
• Trophy Manager The original football management simulation game where players control internet-based football clubs, managing finances, tactics, scouting players, and competing for national and Champions League titles.
• Football Management Ultra Football manager game where players hand-pick the top eleven players to create ultimate online football teams and compete against managers worldwide for Champions League glory.
• Pro 11 Football management multiplayer game where players coach clubs, manage exchanges, conduct training sessions, negotiate sponsorship deals, and compete in national leagues and Champions League.
• Women's Soccer Manager Women's football management game where players choose clubs from real soccer leagues, build teams, devise tactics, train players, scout young talents, and negotiate sponsorship contracts.
• Kung Fu Z Hack'n'slash sidescroller where players battle a zombie apocalypse using martial arts (Power Punch, Hurricane Kick, Headbutt) and harness Dragon powers to defeat Dr. Z.
• Horse World: Show Jumping Horse management and equestrian showjumping game where players train, ride, and compete in showjumping tournaments across major cities with challenging courses.
• Pet World: My Animal Hospital Veterinarian simulation game where players manage animal hospitals, treat pets and exotic animals (dogs, monkeys, alpacas, pandas) for various conditions, and develop treatments.
• Cat Rescue Story Cat rescue simulation where players take in stray cats, care for and feed them, treat conditions, find new pet lovers, and renovate an old house.
• Space Manager Aerospace simulation merging authentic orbital mechanics (solar system simulation, gravity turn guidance, multi-stage rockets) with strategic mission planning and a programmable guidance computer.

Quantifiable outcome

• 100M+ cumulative installs across portfolio
• +7 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Tivola Games GmbH (Jumpgate AB subsidiary)coreStrategic or Co-development Partner · 9 March 2026Co-development and publishing agreement for a horse management mobile game with DKK 13.2m total budget. Development began mid-March 2026 for 15 months. Trophy Games contributes DKK 7.3m; DKK 5.9m funded by German federal game financing program. Tivola develops; Trophy Games publishes. Prior to this, Trophy acquired Tivola's mobile portfolio (20+ titles) in May 2024 for €700,000.
• RedPilz StudiocoreStrategic or Co-development Partner · 21 January 2026Publishing partnership for The Ranchers, an open-world country-life simulation game for PC. The Ranchers was showcased during Steam Next Fest February 2026 and launched Early Access on July 30, 2026. RedPilz Studio handles development while Trophy Games publishes globally on Steam.
• Tivola GamescoreStrategic or Co-development Partner · 3 May 2024Acquired mobile games portfolio of over 20 animal-focused simulation mobile titles for €700,000 in an all-cash transaction in May 2024. Portfolio included titles such as Horse World: Show Jumping, Pet World: My Animal Hospital, and Cat Rescue Story. The acquisition diversified Trophy Games' portfolio beyond existing titles.
• Tiny Titan StudioscoreStrategic or Co-development Partner · 14 December 2021Acquired Canadian game developer Tiny Titan Studios in December 2021. Added popular mobile titles including Tiny Rails to Trophy Games' portfolio. The acquisition generated significant revenue in 2021.
• PwCminorOthersReappointed as state-authorised public accountant at the April 2026 AGM. Provides audited annual financial statements for the company.

Scale indicators13 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Tactile Games: Copenhagen-based mobile game studio with similar size and profile, focused on free-to-play puzzle and match-3 titles. Tactile's founder Asbjørn Malte Søndergaard now sits on Trophy Games' board, indicating direct industry comparability.
• Sports Interactive: Developer of Football Manager, the dominant football management simulation franchise. Directly competes with Trophy Games' Trophy Manager, Football Management Ultra, Pro 11, and Women's Soccer Manager in the same football management vertical.
• astragon Entertainment: Developer/publisher of Transport Simulator series and other logistics simulation games. Directly competes with Trophy Games' Truck Manager, Shipping Manager, and Train Manager in the transport management genre.

Broad incumbents

• Playrix: One of the largest mobile game developers globally (Homescapes, Township, Fishdom), with strong overlap in management/simulation casual mobile genres. Larger scale and broader portfolio make it a key competitive benchmark for monetization and UA.
• Frontier Developments: UK-based developer of Planet Coaster, Jurassic World Evolution, and F1 Manager—management/simulation titles with similar thematic depth. Larger and PC/console-focused, but overlaps in management simulation DNA and audience.
• Outfit7: Slovenia-based mobile game studio (Talking Tom Gold Run, My Talking Tom Friends) owned by Chinese giant Unizon. Comparable European mobile gaming footprint with established global franchises and broad casual portfolio.

Emerging players

• Two Point Studios: Developer of Two Point Hospital and Two Point Campus, niche management/simulation games with depth. Smaller studio with similar focus on accessible yet deep management sim gameplay targeting enthusiast audiences.
• Vivid Games: Polish mobile game developer with titles in simulation and management genres (Real Car Driving, Mayhem Combat, Gravity Rider). Comparable scale and European mobile-first orientation with similar genre focus.
• Playgendary: Mobile game developer/publisher with titles like Tanks A Lot and Hatch Dragons. Similar mid-sized European mobile studio profile with portfolio approach to F2P publishing.

Others

• Tilting Point: Mobile games publisher specializing in live-ops and user acquisition for free-to-play titles. Relevant as Trophy Games itself operates as publisher (Trophy Games Publishing ApS) and increasingly engages in co-development deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/TrophyGamesDK
• YouTubeyoutube.com/@trophygames3491
• Facebookfacebook.com/trophygamescompany
• Instagraminstagram.com/trophygamesofficial

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trophy Games