Games Workshop gives updates on its upcoming projects, using AI, and the wait for Henry Cavill’s new Warhammer TV series
Nottingham-based Games Workshop has published its half-yearly results for the 26 week period ended 30 November 2025.
The group reported strong results on the back of a 40%-plus surge in shares seen over the last 12 months. This included core revenue growth (+17.3%) continues across Trade (+25.2%), Retail (+5.4%) and Online (+4.0%).
Key metrics include:
- Core operating profit is up £28 million to £126.1 million and core operating profit to sales ratio is up 3.5% to 39.9%.
- Licensing revenue has decreased by £14.1 million to £16.0 million, due to a reduction in earned income during the period, the prior period included the royalty income earned on the launch of Space Marine 2.
- Licensing operating profit has reduced by £13.7 million to £14.3 million.
- Core operating expenses are up £9.6 million to £93.4 million. Staff costs have increased reflecting pay reviews and the investment in new roles.
New projects
Notably, the group confirmed that it has signed off on a new capital project to open a Warhammer World format location in North America.
It also confirmed that the several new videogames and media tie-ins are in development including Mechanicus 2, Warhammer Survivors, Dawn of War IV, and Total War: Warhammer 40,000.
“We continue to work on some exciting projects that will bring Warhammer to screens like never before,” the group said.
“Our live action endeavour is still in development with our partners: Amazon MGM Studios, Henry Cavill and Vertigo. It is the nature of these things to take several years, and while we wish we could tie down a release the way we can with our core business, the reality is that, as with any licensing deal, delivery is not in our control. We leave it to our partners to manage their own businesses.
“After a successful collaboration with Amazon MGM Studios and Blur for Secret Level (a high-end animated anthology show), we are now meeting with writers to determine our next step to continue the momentum gained from that episode.”
In the meantime, the group confirmed that work is almost complete on a standalone Warhammer Age of Sigmar episode. Again, for Amazon’s Prime Video.
“We will update you further when we have more significant milestones to share. If you’d like to see how our IP looks in digital form, you can watch our brand trailers, Warhammer+ content (requires a value for money subscription) or check out episode five of Secret Level over on Prime Video.”
On using AI
The report is also notable in that it mentions how Games Workshop is dealing with the topic of AI.
“(It’s) 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,” said Kevin Rountree, CEO of Games Workshop.
“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.”
Rountree said that the group was 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.”
