Games Workshop got a £7.8M tariff refund — but Iran war and new 10% rate keep the pressure on

Games Workshop CEO Kevin Rountree opened his latest financial report with a wry admission: "I thought this would be drama free, how wrong I was." The Warhammer maker secured a £7.8 million (roughly $10.3M) refund on Trump's tariffs following the U.S. Supreme Court ruling that declared the emergency tariff powers illegal — but the relief is partial at best.

Games Workshop paid £12 million ($15.9M) in new U.S. tariffs during the last financial year. The Supreme Court ruled in February that Trump's use of the International Emergency Economic Powers Act was unconstitutional, which allowed the company to claw back £7.8 million covering the period up to February 2026. However, Trump responded by introducing a new 10% global tariff rate, which Rountree estimates will cost Games Workshop £13 million ($17.2M) in U.S. tariffs this financial year alone — more than the original hit. The company is absorbing the cost through price increases announced last October and ongoing operational efficiency work. Rountree was blunt about the philosophy: "Unlike some companies, we do not consider tariffs as an exceptional item, but rather part of the uncertainty of operating globally."

Beyond tariffs, Rountree flagged broader supply chain risks — specifically "conflicts around the world," with the Iran war cited as a destabilising factor. Higher plastic input costs and energy market volatility add another estimated £2 million hit. Games Workshop manufactures plastic miniatures at scale, so energy prices and raw material costs are a direct pressure on margins. The U.S. remains one of the company's most important markets, making it particularly exposed to American trade policy swings. For context, Games Workshop isn't alone — Nintendo has also sued the U.S. government over the same tariff regime, demanding a refund with interest after charging Switch 2 customers higher prices.

Despite all of it, the Warhammer business is in strong shape. Profit before tax rose 4.9% to a record £275.7 million ($366M) for the fiscal year ended May 31, driven by continued growth across the core Warhammer range. "Games Workshop and the Warhammer hobby are in great shape," Rountree said — even if the geopolitical backdrop is anything but.