Trufin PLC (STU:29U) Full Year 2025 Earnings Call Highlights: Strong Revenue Growth Amidst ...

This article first appeared on GuruFocus .

Release Date: March 18, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Trufin PLC ( STU:29U ) achieved a 20% increase in revenue, reaching 65.9 million in 2025.

• EBITDA grew by 66% to 12.6 million, demonstrating significant operational leverage.

• PlayStack, a subsidiary, reported a substantial revenue increase of 10.6 million, reaching 55.2 million.

• Oxygen, another subsidiary, experienced predictable growth, adding 1.4 million to its top line.

• The company completed two share buybacks totaling 8 million and announced a further 6 million buyback, indicating strong cash flow and shareholder returns.

Negative Points

• Satago's revenues fell by 1.2 million due to the loss of a tier one bank contract and a decision to stop lending off its own balance sheet.

• The Procurement Act created a significant headwind for Oxygen, increasing the workload for clients and impacting tender volumes.

• Despite revenue growth, the cash balance declined by 2.7 million, ending 2025 with 12.4 million.

• Satago had to undergo significant headcount reductions, cutting staff by 76% due to the loss of a major contract.

• The company's hit ratio for game investments fell from 90% to 85%, indicating some recent games have not yet recouped their investment.

Q & A Highlights

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Q: How does Trufin balance buybacks versus M&A opportunities? A: James Van der Berg, CEO, explained that Trufin prioritizes internal growth and ensures a good capital buffer before considering M&A opportunities. They assess the risks of M&A against the low risk of share buybacks, opting for buybacks when returns are comparable.

Q: Can you elaborate on Satago's pipeline and its impact on profitability? A: James Van der Berg, CEO, stated that growth in software sales at Satago largely contributes to the bottom line. While they may need to increase headcount if the pipeline grows significantly, the current investment is expected to bring the business to profitability.

Q: Are there plans to invest in new companies outside the current platforms? A: James Van der Berg, CEO, confirmed that Trufin is not currently looking to invest in companies outside of their existing platforms, focusing instead on returning capital to shareholders.

Q: How does the anticipation for Mortal Shell 2 compare to the first game? A: James Van der Berg, CEO, noted that Mortal Shell 2 is tracking ahead of the first game due to its established IP, unlike the first game, which was a new title. This has generated more interest and anticipation.