Winking Studios Limited (LSE:WKS) said it expects a strong FY2025 performance, forecasting revenue growth of at least 40% from US$31.9m in FY2024, coming in slightly ahead of market expectations. The uplift is being driven primarily by the acquisition of Shanghai Mineloader Digital Technology, alongside mid-to-high single-digit organic growth across its existing studios. Adjusted EBITDA is projected to rise by 7–13% year on year, reflecting continued investment in expansion initiatives, including further M&A activity, additional production capacity in Southeast Asia and the development of Vertic Studios as a premium, high-end art brand. The group is also pushing to strengthen its commercial footprint in Western markets.
Visibility remains strong, with indicative artist bookings of at least US$48.6m secured over the next 24 months. Of this total, around US$34.6m is expected to be recognised as FY2026 revenue, highlighting a robust forward pipeline and reinforcing the company’s role as a key outsourcing partner for leading global video game publishers.
More about Winking Studios Limited
Winking Studios Limited is headquartered in Singapore and is dual-listed on the London and Singapore stock exchanges. It is one of Asia’s largest AAA game art outsourcing specialists and an established game development group, with more than 25 years of industry experience. The company delivers end-to-end art outsourcing, game development and publishing support services through three core business segments. It operates 13 studios across Greater China and Malaysia, employs over 1,400 staff and works with 22 of the world’s top 25 game publishers.
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