Trufin

Playstack FY24 EBITDA £0.5m was prior-year comparative; Playstack was reported EBITDA profitable in March 2024 results ('two of three now EBITDA profitable').

“It is especially pleasing to note that Playstack achieved its major goal for the year of achieving EBITDA profitability for the first time.”26 Mar 2024 · Final Results

Abiotic Factor had sold 600,000 units by August 2024.

“Playstack's commercial results have gone from strength to strength in 2024, with the survival crafting game Abiotic Factor releasing in May and selling 600,000 units to date”7 Aug 2024 · Playstack announces 2m unit sales for Balatro

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Guidance was raised repeatedly in 2024; FY24 EBITDA came in at £7.6m versus a loss expected earlier.

“TruFin is pleased to announce that its trading performance for the 12 months ended 31 December 2024 is expected to be significantly ahead of market expectations.”13 May 2024 · Trading Statement “Having significantly outperformed market expectations in 2024, including several upgrades to our numbers throughout the year, it is with great pleasure that I can present these exceptional annual results in full.”26 Mar 2025 · Final Results

Playstack EBITDA was £11.3m in 2024 on revenue of £44.6m.

“Playstack is set to deliver positive EBITDA and operating cash generation in 2024 and beyond.”17 Sep 2024 · Half-year Results “Playstack Limited ("Playstack") grew revenue by more than 455% to £44.6m (2023: £8.0m) after releasing two hit games - Balatro and Abiotic Factor. EBITDA increased 2,146% to £11.3m (2023: £0.5m)”26 Mar 2025 · Final Results

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Group EBITDA was positive at £7.6m in 2024, but Satago was still targeting break-even by June 2026.

“Satago's streamlined strategy allows it to achieve break-even by June 2026.”26 Mar 2025 · Final Results “Despite being a stretched target, Satago continues to aim for break-even by June 2026.”17 Sep 2025 · Half-year Results

September 2024 update moved release to November 2024 on PC, console and Netflix; no later release is confirmed.

“Playstack's next major release in November will be Rise of the Golden Idol on PC and Console, and - in partnership with Netflix - on Apple and Google devices.”17 Sep 2024 · Half-year Results

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FY24 adjusted EBITDA was £7.6m.

“Adjusted EBITDA increased £11.1m to £7.6m, versus a £3.5m loss in 2023”26 Mar 2025 · Final Results

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March 2025 results covered Satago generally; DF Capital progress detail is not in the summary.

“Following the successful launch of a partnership with Distribution Finance Capital plc ("DF Capital") earlier this year, Satago has launched its embedded invoice finance solution in Portugal with a leading Tier-1 Bank.”26 Mar 2025 · Final Results

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2025 adjusted EBITDA was £12.6m, up 66%.

18 Mar 2026 · Final Results

FY24 adjusted PBT was already £0.9m, and FY25 adjusted PBT was £8.4m.

“Adjusted Profit Before Tax ("PBT") increased £7.5m to £0.9m, versus a £6.6m Loss Before Tax ("LBT") in 2023”26 Mar 2025 · Final Results “Adjusted Profit Before Tax1 ("PBT") was £8.4m (2024: PBT of £0.9m), an 848% year-on-year improvement”18 Mar 2026 · Final Results

2025 adjusted EBITDA £12.6m (prior £7.6m) and adjusted PBT £8.4m (prior £0.9m).

“Adjusted EBITDA increased 66% to £12.6m and adjusted PBT increased 848% to £8.4m. Cash generation remained robust, further strengthening the balance sheet and providing the Board with increased flexibility in capital allocation decisions.”18 Mar 2026 · Final Results “Once again, every key line item - from revenue to EBITDA, EBIT and dividends received from subsidiaries - has grown.”18 Mar 2026 · Final Results

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Target moved from eight to seven titles, then six in H2; Unbeatable launched in late 2025, final count not stated.

“Playstack, which won Ukie's "Best UK Publisher" award in March 2025, plans to release seven additional titles during 2025”26 Mar 2025 · Final Results “The Board is confident in a strong H2 driven by key scheduled releases including the recent launches of Abiotic Factor in July and Void/Breaker in August; and the highly anticipated music beat-matching game Unbeatable scheduled for later in the year. Playstack has three other games due for release in 2025.”17 Sep 2025 · Half-year Results

The January 2026 announcement says prior 2025 buybacks totalled £8m in aggregate.

“Following completion of two share buyback programmes to repurchase £8 million in aggregate during the course of 2025”23 Jan 2026 · Share Buyback Programme

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H1 2026: Satago EBITDA profitable ahead of schedule but expected loss-making for full year 2026.

“Satago turned EBITDA profitable in June 2026, in line with expectations. Given the current momentum, we now expect Satago to record its first full year of positive EBITDA for 2026, ahead of previous expectations.”17 Sep 2026 · Interim Results and Directorate Change “It is expected to be loss-making for the full year 2026, with a target of achieving full-year profitability in 2027.”17 Sep 2026 · Interim Results and Directorate Change

Raised from £70m to £80m; tender of 40.6m shares at 140p completed and special dividend of £22.5m payable 28 August 2026.

28 Jul 2026 · Special Dividend

Playstack, the main revenue source, was sold in 2026; continuing H1 2026 gross revenue was only £5.9m.

17 Sep 2026 · Interim Results and Directorate Change

Playstack stake sold, expected to complete June 2026; releases no longer TruFin's to deliver.

“Playstack expects to release 8 titles in 2026 including the hotly anticipated Mortal Shell II and Raccoin”18 Mar 2026 · Final Results “TruFin is pleased to announce that it has conditionally agreed to sell its 84.5 per cent. interest in Playstack Limited”21 May 2026 · Proposed disposal of Playstack Limited

Playstack was sold in 2026, so it is reported as discontinued operations.

“Profit from discontinued operations was £74.9m following the sale of Playstack Limited and its subsidiaries ("Playstack") during the period”17 Sep 2026 · Interim Results and Directorate Change

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Playstack was sold in 2026, so the pipeline will not be delivered within TruFin.

“TruFin is pleased to announce that it has conditionally agreed to sell its 84.5 per cent. interest in Playstack Limited”21 May 2026 · Proposed disposal of Playstack Limited

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