Supercell's Revenue Dip Masks Strong Profitability and Growing Player Base

Finnish mobile game developer Supercell, owned by Tencent, has released its 2025 financial results showing a mixed performance with declining revenue but improved profitability. The company reported revenue of €2.65 billion, down 4% year-over-year, while its earnings before interest, taxes, and amortization (EBITA) grew by 6% to reach €932 million.

Despite the revenue decline, Supercell demonstrated strong operational efficiency. The company's EBITA margin improved significantly, indicating better cost management and operational leverage. This performance stands in contrast to many other gaming companies that have struggled with profitability in recent years.

Supercell's player base continues to expand, with monthly active users reaching 290 million globally. This represents sustained engagement across the company's portfolio of games, which includes popular titles like Clash of Clans, Clash Royale, Brawl Stars, and Boom Beach. The company's ability to maintain and grow its user base while optimizing operations suggests a maturing business model that prioritizes sustainable growth over aggressive expansion.

The company also reported significant growth in its workforce, with headcount increasing by 30% to reach 890 employees globally. This expansion comes alongside a substantial contribution to the Finnish economy, with Supercell contributing €220 million in 2025. The company's continued investment in talent and its economic impact highlight its importance to Finland's technology sector.

Supercell's performance reflects broader trends in the mobile gaming industry, where established players are focusing on operational efficiency and player retention rather than rapid user acquisition. The company's ability to grow profitability while managing a slight revenue decline demonstrates the potential for sustainable business models in the competitive mobile gaming market.

The results come at a time when Tencent is facing increased scrutiny over its gaming investments globally, making Supercell's strong financial performance particularly noteworthy for the Chinese conglomerate's portfolio.