8 July 2025

Frontier Developments plc

 On-market Share Buyback Programme of £10 million

Frontier Developments plc (AIM: FDEV, 'Frontier', the 'Company' or the 'Group'), a leading developer and publisher of video games based in Cambridge, UK, today announces its intention to launch an on-market share buyback programme for up to a maximum aggregate consideration of £10 million (excluding stamp duty and expenses) (the 'Buyback'). The Buyback will commence with immediate effect, and it is anticipated it will end, subject to market conditions, on 27 June 2026 or, if the general authority for the Company to make market purchases of its own Ordinary Shares is not renewed at the 2025 AGM, at the conclusion of the 2025 AGM.

The purpose of the Buyback is to reduce the Company's share capital with voting rights and, accordingly, any ordinary shares purchased by the Company will be placed into Treasury. The Buyback will return surplus capital to shareholders, improve return on equity and increase earnings per share, while maintaining the financial headroom to invest in the Group's strategy to confidently deliver sustainable growth.

Details of the Buyback and David Braben's participation

Frontier has instructed Peel Heel LLP ('Peel Hunt') and Panmure Liberum Limited ('Panmure Liberum') to execute the Buyback, pursuant to which Peel Hunt and Panmure Liberum will each purchase the Company's ordinary shares of 0.5p each ('Ordinary Shares') for up to a combined maximum consideration of £10 million, each acting severally as riskless principal.

Peel Hunt and Panmure Liberum will make their trading decisions in relation to the Ordinary Shares independently of, and uninfluenced by, the Company, within the terms and pre-set parameters of the Buyback. 

The maximum number of Ordinary Shares that can be purchased is the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's most recent AGM, currently 3,947,854 as authorised at the 2024 AGM.

Any purchase of Ordinary Shares under the Buyback will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volumes. The Buyback will be effected under the general authority to repurchase Ordinary Shares granted by the Company's shareholders at the 2024 AGM and any renewal of that authority at the AGM in 2025 and in accordance with Regulation (EU) No 596/2014 and Commission Delegated Regulation (EU) No 2016/1052 (both as they form part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.

Any purchase of Ordinary Shares pursuant to the Buyback will be announced on the business day following the calendar day on which the purchase occurred.

Concurrent with the Buyback, David Braben, President and Founder, has confirmed to the Company that he intends to sell Ordinary Shares, such that at the completion of the Buyback his and his related parties percentage holding will remain broadly unchanged. Accordingly, Mr Braben has given an irrevocable instruction to Peel Hunt and Panmure Liberum. Mr Braben currently controls 32.7 percent of the voting rights of the Company, including through Ordinary Shares held by his spouse.

The Company will make further announcements in due course following the completion of any repurchases. There is no guarantee that the Buyback will be implemented in full or that any Ordinary Shares will be repurchased by the Company. At the time of this announcement, the Company's share capital comprises 39,478,535 Ordinary Shares with voting rights.

Enquiries:

Frontier Developments                                                                      +44 (0)1223 394 300

Jonny Watts, CEO

Alex Bevis, CFO                                                                                        

Peel Hunt - Nomad and Joint Corporate Broker                              +44 (0)20 7418 8900

Neil Patel / Ben Cryer / Kate Bannatyne                                                         

Panmure Liberum - Joint Corporate Broker                                     +44 (0)20 3100 2000

Max Jones / Nikhil Varghese

Teneo                                                                                                     +44 (0)20 7353 4200

Matt Low / Arthur Rogers

About Frontier Developments plc

Frontier is a leading independent developer and publisher of video games founded in 1994 by David Braben, co-author of the iconic Elite game. Based in Cambridge, Frontier uses its proprietary COBRA game development technology to create innovative genre-leading games, primarily for personal computers and video game consoles.

Frontier's LEI number: 213800B9LGPWUAZ9GX18.

www.frontier.co.uk