Nasdaq CopenhagenIFRS · DKK

5TH PLANET GAMES A/S

5TH PLANET GAMES A/S is a Danish game developer and publisher focused on self-developed digital games and related licensing. Its business spans online game sales, in-app purchases, physical product sales, and license income, with commercial activity across Denmark and international markets.

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Revenue3.6m DKK
−71.6 %y/y
Operating profit (EBIT)-4.6m DKK
+33.0 %y/y
EBIT margin-129.7%
−74.7 ppy/y
Net income-1.4m DKK
+72.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20-1001020m DKK2020: 2.8 m DKK2020: EBIT -5.6 m DKK20202021: 4.8 m DKK2021: EBIT -15 m DKK20212022: 11 m DKK2022: EBIT -0.74 m DKK20222023: 9.8 m DKK2023: EBIT -0.14 m DKK20232024: 13 m DKK2024: EBIT -6.9 m DKK20242025: 3.6 m DKK2025: EBIT -4.6 m DKK20253.6-4.6
RevenueOperating profit (EBIT)
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Business

Share of revenue
Digital game monetization14 %

Sales of games and in-app purchases on online platforms.

License income54 %

Licensing of self-developed games and related intellectual property.

Physical products32 %

Sales of physical game-related products.

Customers

The company sells to consumers through digital game platforms and online marketplaces, where players pay for games, content, or in-app purchases. It also earns license income from counterparties that commercialize or distribute its game-related intellectual property. Physical product sales suggest additional retail or channel partners, but the core customer is still the end user buying game content through digital channels.

Digital players

End users who buy games and in-app content through online platforms.

Licensing partners

Counterparties that pay for rights to use or distribute self-developed game IP.

Physical product buyers

Customers or channel partners purchasing physical game-related products.

Strategy

The company’s commercial model depends on creating and monetizing self-developed games through a mix of direct sales, platform distribution, and licensing. Its strategic position is tied to the performance of individual titles, the ability to convert game IP into recurring license income, and maintaining access to major digital channels. Investment and valuation disclosures indicate that title performance, launch acceptance, and platform economics are central to strategy execution.

Commercialize self-developed titlesShort term

The business depends on converting in-house game development into sales, in-app spend, and license income.

Expand IP monetization routesMedium term

Licensing and distribution can monetize a title beyond direct sales and reduce reliance on a single channel.

Improve portfolio qualityLong term

Game-specific hit risk makes portfolio selection and development discipline critical to long-term value creation.

Geography

The company reports revenue across Denmark and a broad set of export markets, with sales concentrated in international gaming channels rather than one domestic market. In the latest disclosed split, the United States, Sweden, Ireland, and Malta were meaningful revenue contributors alongside Denmark and several European countries. This mix means performance depends on platform reach, licensing partners, and the geographic spread of player demand.

Risks

The main business risk is title concentration: game demand, launch timing, and player acceptance can swing revenue materially because each project has its own commercial profile. The company also faces valuation and impairment risk on development assets and financial investments, while platform dependence and foreign-currency exposure can affect both sales realization and reported results. Like other game developers, it is exposed to certification, monetization, and market-acceptance uncertainty.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Title concentration and demand volatility1Launch and market-acceptance risk2Impairment of development and financial assets3Foreign exchange and cross-border exposure4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Title concentration and demand volatilityImpact: HighLikelihood: High

    Revenue depends on a limited number of self-developed games, so one title's performance can dominate results.

    ExposureGame salesIn-app purchasesLicensing
  2. Launch and market-acceptance riskImpact: HighLikelihood: High

    Game commercialization depends on player uptake, platform exposure, and certification milestones.

    Exposure: New releases and monetization timing

  3. Impairment of development and financial assetsImpact: HighLikelihood: Medium

    Capitalized game projects and fair-valued investments require assumptions that can change quickly if title prospects weaken.

    Exposure: Development projects and other financial assets

  4. Foreign exchange and cross-border exposureImpact: MediumLikelihood: High

    Revenue and investments are spread across several countries and currencies, creating translation and transaction risk.

    Exposure: International sales and investment holdings

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Accounting

Judgemental items
Fair value measurement of game-related investments

The company values investments and royalty-related assets using DCF models with unobservable assumptions.

Impact: Changes in projected units, prices, or discount rates can materially move profit and carrying values.

Capitalized development projects

Game development spending may be recognized as an asset until commercialization assumptions change.

Impact: Impairment or write-downs can occur if title economics weaken.

Deferred tax assets

Recognized tax benefits depend on future taxable income against which losses can be used.

Impact: Large valuation allowances can reverse or increase reported tax expense.

Derivative financial instruments

Fair value changes on derivatives affect financial income and expense.

Impact: Volatility in finance line items can obscure operating performance.

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Last updated: 24/10/2026