Latest GW half year report

[Dark Shepherd]

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, 

[The Yncarne]

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

[roryokane]

6 minutes ago, The Yncarne said:

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

Can you explain what this means?

[DemonGSides]

3 minutes ago, roryokane said:

Can you explain what this means?

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

[Vassakov]

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:

 

Quote

AI

 

A very broad topic and to be honest I’m not an expert on it. We do have a few senior managers that are: none are that excited about it yet. We have agreed an internal policy to guide us all, which is currently very cautious e.g. we do not allow AI generated content or AI to be used in our design processes or its unauthorised use outside of GW including in any of our competitions. We also have to monitor and protect ourselves from a data compliance, security and governance perspective, the AI or machine learning engines seem to be automatically included on our phones or laptops whether we like it or not.

 

We are allowing those few senior managers to continue to be inquisitive about the technology. We have also agreed we will be maintaining a strong commitment to protect our intellectual property and respect our human creators. In the period reported, we continued to invest in our Warhammer Studio - hiring more creatives in multiple disciplines from concepting and art to writing and sculpting. Talented and passionate individuals that make Warhammer the rich, evocative IP that our hobbyists and we all love.

 

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. 

[roryokane]

2 hours ago, Vassakov said:

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. 

Slightly disappointed the phrase "abominable artificial intelligence" isn't in there though. :P

Also - since when has there been an in-store sprue recycling scheme in the UK!?

Edited Tuesday at 08:19 PM by roryokane

[Marshal Rohr]

Almost a million people using GW online retail accounts is insane. I never thought I’d live to see a million people buying Warhammer. 

[Waaagh?]

1 hour ago, roryokane said:

Slightly disappointed the phrase "abominable artificial intelligence" isn't in there though. :P

Also - since when has there been an in-store sprue recycling scheme in the UK!?

They've been doing it for just over 2 years. 

[MoriyaSchism]

3 hours ago, Vassakov said:

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. 

That's good. Perhaps they'll rethink their use of external legal contractors who utilize AI to crawl the internet and issue takedown notices. 

[Blissful Brushes]

10 hours ago, MoriyaSchism said:

That's good. Perhaps they'll rethink their use of external legal contractors who utilize AI to crawl the internet and issue takedown notices. 

Doubt it lol, tbh that would probably be one use of AI I actually approve of (not in the context of GW smashing small fry but a genuine technical use-case), rather than the usual (insert 4 letter word) AI gets used for these days.

 

—

As always it’s good to see the hobby doing well and that there’s an increase in active users across various platforms. Unfortunately it won’t make my models cheaper but at least I’m not investing in stuff that’s going to disappear anytime soon. 
 

Space Marine 3 going to end in Calgar dying and Titus rolling around in some nice juicy Terminator armour.

 

[Rusted Boltgun]

You can also recycle used paint pots in-store in the UK, part of the sprue recycling box.

[roryokane]

3 hours ago, Blissful Brushes said:Space Marine 3 going to end in Calgar dying and Titus rolling around in some nice juicy Terminator armour.

 

Don’t you dare joke about that.