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The full report is available here. It's worth the read, at least until Brother @N1SB comes and tells us all what it actually means! My reading of it is that GW are still doing very, very well - even after licensing takes a (not unexpected) wallop. But you don't release Space Marine 2 every quarter, and it seems to be feeding into their wider sales. Amazon/Cavill show remains in limbo publicly so take from that what you will. The relevant AI section is this though: I do, genuinely, love how some of this is written by what sounds like an actual person and not Corporate Buzz Speak. How many other FTSE 100 companies would allow "to be honest I'm not an expert on it" to make it into an investor report? Honestly, glorious.

highlights revenue and profit up about 10/11% trade sales up by a far higher amount than online or retail licensing down almost 50% We reported in the 2025 annual report that new tariffs could impact profit before tax by c.£12 million in 2025/26. We have incurred c.£6.0 million in the period reported as a direct consequence of US tariff changes. The impact on our gross margin has been more than offset by efficiencies, price rises of c.3.5% on our miniatures and books, more stable commodity prices and lower stock write offs. AOS Secret Level episode coming Alongside this, we have redesigned the layout of our existing Factory 2 to allow more injection moulding machines to be installed. We now have 62 injection moulding machines, up seven in the period reported. We have completed renovations on our new Easter Park (Nottingham) paint factory with new office space built and manufacturing infrastructure installed. Our continuous improvement team has implemented a range of initiatives to improve our efficiency across all areas of production and tooling we are in negotiations to secure an additional warehouse facility in the UK. We will take the opportunity to implement a later generation of robotics when this site opens in 2027 My Warhammer This single login gives access to our webstore and related apps. As at the period end, we have c.790,000 active users (November 2024: c.695,000). We define active users as someone who has engaged with us online in the last six months. Warhammer+ We will continue to invest in the exciting content delivered through Warhammer+ and it will remain an integral part of our digital offer and how we share our IP. Subscriber numbers at the period end were c.248,000 (November 2024: c.207,000). We also delivered the largest World Championships of Warhammer to date, watched online by over 1.5 million unique viewers for 16 million minutes,

Well finished the contemptor more or less, the scheme is a work in progress still. Can't configure well the camera, the mini is of a darker blue, but the camera makes it look more vivid. I should do better transitions for the glow of the lightning, still a wip. Next I'm gonna do a Rhino and a test Night raptor before I tackle the full squad.

GW reasserted that they don't believe in using generative AI for Warhammer products as it should be Human Centric.

31 to 40 of Project 2025 #31 - Novamarines Bladeguard Veteran #32 - Imperius Reavers Intercessor Sergeant #33 - Death Strike Aggressor #34 - Lamenters Company Heroes Veteran #35 - Red Templar Outrider #36 - Pale Saints Company Heroes Veteran #37 - Black Talons Company Champion #38 - Ultramarines - 4th Company Ancient #39 - Angels Redeemed Heavy Intercessor #40 - Mephiston - Lord of Death - Blood Angels Chief Librarian

Now for the conclusion of the event! First off, "thank you" to all participants, thank you for your ingenuity and creativity and motivation. It was great to see all the awesome work everybody did. I hope you all had as much fun creating your models as I had. Now for the winners of the event: -Drumroll- Overall winner and therefore eligible for presenting with the gold badge is Brother Anderson with this Daemon Engine (11 votes) Second place with the silver badge is Tallarn Commander with his Chillin' Berzerker (5 votes) And third place, with the bronze badge is space wolf with his Void Panther Judicier (3 votes) Congratulations!!!! I will run this challenge again later this year, and I hope there will be as many amazing entries as there had been in 2025.

Best news I’ve seen in the media sources talking about recent profits is the creative AI policy.

A spiky, betrimmed maul at the end of a mechanical tentacle you say? Oh boy I wonder.

I, Combat_Vet , embark on the 12 Months of Hobby Challenge, and for the month of January pledge to complete 5 Scouts for the Marines Malevolent by month's end. I still have to build the fifth man.

Templar Mortis Black Templar Blade Brother converted from Dark Angels Inner Circle Companions kit. First mini of 2026 and my first resin pour!

I've now opened up the two boxes, and gone through the instructions for the new bits - given that I plan on magnetizing all the options so I can swap between knight types (or, for the despoiler, loadouts), I needed to find out if that was feasible. It mostly is - biggest problem is that for both the Defender and Ruinator, their unique left armed weapon shares the same arm bits with their base kits, so I can't model both left arm options (the Desecrator's laser cannon and the Ruinator's drill) without getting creative. That said, I think it should be doable with some green stuff molding - I'll walk you through the process once I get there. In terms of building, I started with the easiest bit - the legs. Here they are built: Basically, they are just each of the legs built as normal, but with the foot of the other variant (the imperial foot on the chaos legs and vice versa). Basically, the "plates" at the bottom that hold the leg and actuators fit into both types of feet, so just build those bits normally then glue each plate onto the foot of your choice. I'll be gluing the armour plates on later - swapping those is a bit more involved, as the imperial and chaos shin plates mount differently, but I'll get into that when I do that. Here is the picture of each leg type and its corresponding hip joint (chaos on left, imperial on right):: As you can see, the chaos one uses a slot connection, and the imperial one uses a hex connection, meaning each can only be mounted on its own hips. This is important for us because it limits kit bashing - you can't mount the Abominant's tail on a model using the imperial legs, as the tail has its butt portion which attaches to the front portion to form the long chaos leg slot. Which is why on my previous knight Abominant I gave it a swappable butt, so that I could at least field my chaos legged model with and without tail. Not wanting to be subject to such limitations with my new model, I wanted to make it mountable on either the imperial or chaos hips/legs. First step (after assembly) was cutting off the peg which would plug into the dedicated chaos rear hip its meant to be glued onto. Next step was the assemble the top portion, where it wraps around the hips, holding it against the hips as it dried to ensure it maintained its fit. Here is how it looks against the hips - normally, it would be flush against the leg, so there wouldn't be that gap where there is the round "cut out" into the "bubble" on the hip. I'll have to build that back with plasticard and greenstuff, but when I'm done a magnet mounted on each side should be be able to keep it place. Those are projects for future me, though. Otherwise, all I've done is build the abominant's volkite / ruinator's flamer. Here are the bits: As you can see, the barrels are magnetized at the gun shield (as they share the shield) and the gas cannister friction fits onto the side - its quite tight even without having been painted, so I see no need to magnetize it in the near future (and it should be fairly easy to do if such does become necessary). One part I did have to leave off is the cannister above (the paint brush is pointing at it) as it is not friction fit and there is no easy way to magnetize it while retaining the details underneath. That said, on the inside of the gun I doubt anyone will notice. One final bit of light kitbashing - I decided to leave the toothed armour plates off the front of the abominant's volkite and instead added some spikes from the CSM vehicle accessory sprue.

Right! It is Monday, the 12th of January, and we have a pretty clear winner. It is closer for 2nd and 3rd place. The poll will run a bit longer (for everyone in later time-zones). I will go to work now, and there are two issues- first, black-ice is forecast and the central heating in the house I live in is broken down. At minus 10 degrees centigrade. I am not sure I will return home tonight or bivuac at a colleague. Therefore- announcement of the winners could take a couple of days. Please bear with me.

Thanks @Valkia the Bloody for running this fun little event, and congratulations to the winners. Now that the final results are in, I've unpinned the thread.

Mutilators :)

The weapon of an Ultramarine Chaplain Dreadnought?

Presumed dead or missing and actually dead are very different things. I don't recall hearing anything about Yarrick being confirmed dead.

I, Arkley , embark on the 12 Months of Hobby Challenge, and for the month of January pledge to complete 1 Terminator by month's end. I will let you guess his Chapter :P

Damn, GW got the Donkey Kong license? Interesting choice. "He has no style! He has no grace! T-T-T-T-This guy has only half a face!" -Huron's verse in the Chaos Rap.

I am just disappointed by how much they have declined. There were years when there was a HH Weekender in February, a FW open Day a few months later and then a BL Weekender in November. All 3 are gone and not replaced in any kind of way; now the online preview declined year after year until it has now disappeared as well. They used to have BL Live as well in June, Track of Words would cover that in depth, also cancelled. I suppose one could call BL customer service to ask about it but even if they did know, they would not be allowed to speak out on what is going on. At this point I feel like if they publish 3 or 4 books this year of interest, I should be content. There is a Warhammer Preview show on Friday; however BL is not included, apparently they have nothing to announce.

Working on it...

Congratulations all!

It was an entire page in the new Imperial Guard codex. Confirmed dead, even including a picture of his skeleton.

I'm putting my money down as an updated version of the defilers melee weapon. Seems about right to me

I remain surprised how nothing ever leaks out about what’s going on behind the scenes at BL. I’ve seen a few BL people on social media post-Covid, but none have ever hinted about the changes since the ‘glory days’. As an avid fan I’d love to know what they have been thinking and discussions that have taken place behind the scenes.

I don't think this is an infantry sized weapon, the scale of some elements makes it look bigger .. mutilator or defiler even?

Atesh: After a few moments Sarge returns and waves you past the thugs at the door. You enter and find yourself in a large, natural chamber in the rock, lit by a single, semi-functioning glow globe strung up from the ceiling. Down here it is a wealth of light. Several men stand around an old table, looking down at scraps of paper under the flickering light. One turns to look as you enter. He is tall, broad, and carries a sense of… purpose? …that is missing amongst most of the inhabitants of Dante's Barrow. His clothes, although somewhat ragged, are clearly the tan fatigues of a prison guard. He steps away from the table to move towards you, his face suddenly shadowed from the globe's weak light, and that is when you notice that his eyes are an odd colour. They shine, a faint, orangey-purple, iridescent glow. He offers his right hand, and you might notice that the fingers are just slightly elongated, vaguely claw-like. “Welcome, friend,” he says in a warm, yet authoritative tone. “My name is Calder, though you can call me Fritz. Sarge said he had a good feeling about you, and I have learned to always listen to his hunches.” You may, if you wish, make a Challenging(+0) Awareness and/or Psyniscience test about Calder and the rest of the occupants of the room. Obadiah: You duck and weave across the broken ground towards the fence, a crazed, zigzag route of stops and sudden starts that nevertheless allows you to avoid the piercing beams of the spotlights. Please make an Ordinary(+10) Awareness test as you move closer to the fence.

Sadly it's only +2 strength for destroyer cult models (not units, an important distinction for the unit the destroyer overlord joins) and +2 strength for non-destroyer cult units in a phase if a destroyer unit has already killed a unit or reduced it below half. +4 strength would be bananas good.

100% agree. It is hard to tell from just a couple of picture angles, but they actually have different numbers/sizes of brown tufts and different numbers/sizes of the flower tufts on each base. I have considered mixing it up even further and having some with only brown, or only the flowers, but I like the overall color mix by having a mix of both on each base. And yes, apparently the OG Codex Astartes was missing a section on Leg Day.

Stay safe and well.

I wanted to do some recycling... So why not make an obliterator out of messed up parts?

Welcome to the Challenge @JuliusAgricola and @Combat_Vet

I too really like your mixed use of foliage and rocks on the bases. One thing to keep in mind, though, is do you want to make it look more natural for each model, or across the whole squad together? On a per model basis, having one of each on each base looks more natural, but across the entire squad that kind of equal distribution looks artificial. So, if you are going for a natural look across the squad, probably best to mix up the distribution between bases some. I do love the old models, but I had forgotten how skiny their thighs were - yours are beautifully painted, though.

Finished skin on bullgryn bonehead. There's some work needed to finish armour, virtually few glazes and next gonna be shield. If I would be lucky I'll finish him tomorrow. Also this is the first time I'm happy how face and especially eyes looks.

And after the first time cancellation of the annual preview in December ( without a word said about it of course) , and there since not having been any word of the BL Celebration 2026 on Warcom either, and considering that the last few years the books on offer during the BL celebration became less each year....I now wonder if there will even be a BL Celebration. I wish we could get any kind of insight into what has been going on at Black Library. The days of insight from Laurie Golding are long gone, the annual events with customers have been deleted and the communication since then has been .......

....I once more have to criticize the lack of Crying emoji reaction

I've recently been on a kick building a (non-40K related) diorama, and had been looking for a good source of lightweight but strong material to use as the base for it. My previous attempts at this sort of thing were made from MDF (warps horribly, quite heavy) and foamboard (warps even more horribly, rather fragile), neither of which worked terribly well. However! I recently made a rather nifty discovery at my local city's art shop, in the form of "painting panels"- essentially pre-assembled canvases, with the painting surface made from birchwood. These are available in standard British paper sizes- A4, A3 etc (though local equivalents may be in different sizes)- and are absolutely perfect for this purpose. They're quite strong, the assembly (a flat wooden panel affixed to a sturdy frame) should prevent any warping, they're decently lightweight without being "blows away from a sneeze" and whilst not dirt cheap, they're not megabucks either. Also, being meant for applying paint to in the first place, they shouldn't be adversely affected by glue, primer, paint or other such materials being applied to them. Anyway, whilst obviously the smaller ones are great for dioramas, they also sell them at bigger sizes, notably A2 and A1. It occurred to me, these would be absolutely fantastic for making gaming boards (or sections thereof) from. As mentioned they're strong, light and deformation-resistant, and because they're made to standard paper sizes, not only will planning them out be super simple, but depending on the size of board you want to play on you can set them up in different combinations- and at least for fellow British frater, because they double in size with each step up, it's extremely simple to check what to buy for your needs (for example, two A3 panels will provide the same area as four A4 panels). Hopefully I'm not missing anything and won't have an "oopsie!" moment later, because I think I may have struck gold here!

This is also recognised by Guilliman in Devastation of Baal too.

Yeah, they're awesome! That's the sort of dead stuff I can get behind.* * Wait, that sounds weird.

Funnily enough a friend of mine (@thestoryboardguy on Instagram) has been doing a whole army of undead/ghost Guard, and very cool they are too! Also designed some really nice printable skelly Guardsmen for it- check out "G.I. Bones" on Cults.

Always true metal from me. :) Here's some Calgar Pics:

Don't think it's Power Maul, look at the handle, I think it's on some sort of tentacle.

The thing is, for a larger scale game beyond 5-10 models aside, the benefits of those attributes is negligible compared to the detraction pressure of the fiddly myriad of rules. To counter the examples used, leadership tests for panic that might use Cool, if the Chaplain has leadership of 10 then that does the same trick nicely. He doesn't have psychic powers, so it is irrelevant. Likewise, being good at casting psychic powers using leadership might result in the psyker having an unusual amount of bravery and less likely to run sure... but how many psychic models are there really so what does it matter. It's a compromise situation really. A cleaner game, with less mental load and rules referencing, is preference at the sacrifice of a Librarian being good at not running away. If that really was such an issue, a simple rule that "models without the command rule cannot pass their leadership to a unit they are accompanying, therefore such units would take a leadership test using the next highest available leadership score." Arguably it wouldn't matter anyway.

Thorpe, across all his writing, has been so hit or miss that it is almost maddening. Good ideas are often badly executed. Yet I still pick up anything he puts out because his ideas and plots are often solid and he occasionally gets it right. Plus, it would seem incredibly churlish to not give him a chance to do what is the pivotal moment in the DA story. On the other hand, I’ve said several times that I would like to see newer talent get their chance to play with these toys. Kloster would be a good choice going by his previous work, but for someone left field I wouldn’t mind seeing Rob Young getting a shot. Whoever gets the nod, I hope we get the DA Chapter and not the meme.

Odds favourite at the moment is Yarrick who was probably never dead in the first place.

Nope, but as I mentioned elsewhere if we trust rumours of a 4 book series, one a month takes you to the 11th release announcement, so it seems good odds of one a month.

Quick update as it's late. Lifta-droppa modellied. Weirdboyz Tower added. Scaling sorted. Some other behind the scenes updates.

Good question. The answer is, as always, it depends on the tools you have. I used a razor saw, which is pretty good at the job, but it's not perfect. Mostly because the one I used is a cheap thing and can tend to bend a little if you put too much force through it. It's the one with the red handle in the picture: As you can see the blade is attached to the handle basically via a piece of folded metal, and that's the weak point of the saw. There's a lot of give in that folded metal. I don't expect this saw (bought cheaply in Boyes, uk) to last ever so long which is a shame because the blade's pretty good. It'd probably last for much longer only sawing plastic, but I need to cut metal. The other saw is an old GW one that is pretty high quality, in fairness, and as you can see the handle connection is much sturdier. I's been going 20 years and more and as you can see it has lost a few teeth along the way, but it's still got a lot of life in it yet. It's also important to note that the top half of the guy is from an old GW lead alloy model, and that cut much more easily. The bottom half is pewter from Warblade and that took a bit more elbow grease. I do have a fret saw with some blades for metal- essentially a jeweller's saw- and I should have used that. If you're looking to get something for cutting metal models, well, my advice is to get several options; the rigid blade of the razor saw makes it a good choice for certain applications, but you do have to consider that you can only make cuts in a straight line through the model. With the flexible blade of a fret saw, you can have much more control and choice, although it takes longer to get used to. I'd get both and practise a bit with the fret saw on scrap metal. Buy a lot of blades for it though, they snap all the time, especially when you're learning. With all that said, really the only difficult bit of sawing either model in half is holding the model securely while you do it without crushing the details. You can get a little vice, but the problem there is obvious- if you're holding it tight, you're ruining the detail. Some thick rubber pads would probably help. I generally go for holding the model down with my fingers, on a cork cutting mat made form an old dinner table placemat. The cork squashes in around the model without deforming it, but your hand gets tired quickly. Again, if I'd been using the fret saw like I should have been, this would probably not have been a factor. Generally when using a fret saw you don't have to hold the model down with anything, just holding it in your hand will do. The pressure you need to put through a fret saw is much less. I hope that made sense. I think it made sense. Anyway, made some painting progress last night. Can't decide which of these photos is better so you can have both: As you can see, base coats are on and largely washed at this stage. Little bit of highlighting to do on the black areas and a final highlight on the tan clothing will make a big difference, but they already look pretty good. I do like how the black templar looks over a zandri dust undercoat; very much like leather. Didn't have time to put a wash on the red or blue parts, but that won't take long. That moderately different angle is just for completionism. That last shot really shows what I was saying about the black: looking at the scavvy boss model's long coat, it's a decent go at dark leather. Other than that, the rears of these models are pretty dull, aren't they? Regardless, progress is good. Two more sessions ought to see them finished, if I'm lucky. Cheers!

Nope, spot on my sentiments! Ld, Cl, Wp etc work in necromunda, as do statuses, as you are playing with 5-10 models per side in a game. Heresy is supposed to be about massive armies fighting brutal battles, that's the whole point of larger unit sizes and cheaper models. At that level, you don't need 4 different kinds of incapacitated to reflect being upset, scared, under fire, etc, one/two will do - falling back or less effective. You don't need to double the stat block so you know whether a guy isn't fighting because he's afraid or nervous, Ld will do. What we needed is a load of models on the table, and big explosions. We received neither, with MSU being pushed, and reduced blast sizes.

Don't worry! Next month is the Black Library Celebration! There will be so many books! Right? RIGHT?

As long as it doesn't detract from the 'real' WHW and GW doesn't forget where they came from. I really don't want Warhammer to become overly 'Americanised'. Nothing against America, from my experience they are a lovely people, just it is nice to have a bit of choice.