H1 2026 report
Model biznesowy oparty na własnym IP (Frostpunk, The Alters, Moonlighter) z długoterminową monetyzacją katalogu (game-as-a-platform) plus dywersyfikacja przez segment wydawniczy (XDEV, m.in. Crop, Trainwatch).
Sentiment
●●●●●●
11B
H1 2026 report
Revenue
45.07 m PLN
— YoY
Net income
-1 m PLN
— YoY
EBITDA
15.67 m PLN
— YoY
FCF
0.04 m PLN
— YoY
Summary
Investment thesis
- Bilans praktycznie bez długu netto (ok. 88 mln PLN gotówki i aktywów finansowych przy 3,9 mln PLN zadłużenia odsetkowego) daje pełną swobodę finansowania wieloletniego cyklu produkcyjnego pięciu zapowiedzianych tytułów (P11-P15) bez emisji akcji czy nowego długu.
- Strata H1 2026 to głównie efekt trudnego zestawienia rok do roku (H1 2025 miało premierę The Alters) oraz skoku amortyzacji (+82,6% r/r) — Q2 2026 samodzielnie wrócił na zysk operacyjny i netto.
- Najbliższy istotny katalizator to pełna premiera Moonlighter 2 (2 września 2026) wspierana włączeniem do Game Pass Day One, ale jednocześnie aktywująca pełną amortyzację kosztów produkcji tego tytułu.
- Ekspozycja na ryzyko kursowe (USD/EUR w przychodach vs PLN w kosztach) i typową dla branży nieprzewidywalność popytu na nowe premiery pozostają kluczowymi czynnikami niepewności wyniku.
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Financials
BETA
11B · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25.26 | — | — | 45.07 | — | reported | — | 1.00 |
| EBITDA | 9.78 | — | — | 15.67 | — | derived | — | 0.90 |
| EBIT | 1.15 | — | — | -4.32 | — | reported | — | 1.00 |
| Net income | 1.79 | — | — | -1 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.74 | — | — | -0.41 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.74 | — | — | -0.41 | — | reported | — | 1.00 |
| D&A | 8.63 | — | — | 19.99 | — | reported | — | 1.00 |
| Income tax | 0.32 | — | — | -0.06 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 2.42 | — | — | 2.42 | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 2.42 | — | — | 2.42 | — | reported | — | 1.00 |
| EBITDA margin | 38.72% | — | — | 34.77% | — | reported | — | 0.90 |
| EBIT margin | 4.57% | — | — | -9.6% | — | reported | — | 1.00 |
| Net margin | 7.08% | — | — | -2.21% | — | reported | — | 1.00 |
| D&A margin | 34.16% | — | — | 44.36% | — | reported | — | 1.00 |
| Cash | 37.22 | — | — | — | — | reported | — | 1.00 |
| Total debt | 3.91 | — | — | — | — | derived | — | 1.00 |
| Net debt | -33.31 | — | — | — | — | derived | — | 1.00 |
| Equity | 235.75 | — | — | — | — | reported | — | 1.00 |
| Total assets | 258.26 | — | — | — | — | reported | — | 1.00 |
| Working capital | 50.13 | — | — | — | — | reported | — | 1.00 |
| Current assets | 69.98 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 19.85 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 2.66 | — | — | — | — | reported | — | 1.00 |
| Inventory | 0.04 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 12.73 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 3.85 | — | — | — | — | reported | — | 1.00 |
| CFO | 21.52 | — | — | 21.52 | — | reported | — | 1.00 |
| CapEx | 21.48 | — | — | 21.48 | — | reported | — | 1.00 |
| FCF | 0.04 | — | — | 0.04 | — | derived | — | 1.00 |
| FCF conversion | 0.23% | — | — | 0.23% | — | reported | — | 1.00 |
| CFO conversion | 137.34% | — | — | 137.34% | — | reported | — | 1.00 |
| Current ratio | 3.53x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 3.52x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 1.88x | — | — | — | — | reported | — | 1.00 |
| Debt / equity | 0.02x | — | — | — | — | reported | — | 1.00 |
| Debt / assets | 0.02x | — | — | — | — | reported | — | 1.00 |
| Net debt / equity | -0.14x | — | — | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -36.42% | — | — | -21.27% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -46% | — | — | -46% | — | reported | — | 1.00 |
| EBIT growth (YoY) | -123.94% | — | — | -123.94% | — | reported | — | 1.00 |
| Net income growth (YoY) | -111.73% | — | — | -111.73% | — | reported | — | 1.00 |
| EPS growth (YoY) | -111.68% | — | — | -111.68% | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | -15.93 pp | — | — | -15.93 pp | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -41.16 pp | — | — | -41.16 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -17.03 pp | — | — | -17.03 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
25.26
—
25.26
—
- H1 2025
- —
- YTD 2026
- 45.07
- Δ YoY
- —
EBITDA
9.78
—
9.78
—
- H1 2025
- —
- YTD 2026
- 15.67
- Δ YoY
- —
EBIT
1.15
—
1.15
—
- H1 2025
- —
- YTD 2026
- -4.32
- Δ YoY
- —
Net income
1.79
—
1.79
—
- H1 2025
- —
- YTD 2026
- -1
- Δ YoY
- —
EPS (basic)
(PLN)
0.74
—
0.74
—
- H1 2025
- —
- YTD 2026
- -0.41
- Δ YoY
- —
EPS (diluted)
(PLN)
0.74
—
0.74
—
- H1 2025
- —
- YTD 2026
- -0.41
- Δ YoY
- —
D&A
8.63
—
8.63
—
- H1 2025
- —
- YTD 2026
- 19.99
- Δ YoY
- —
Income tax
0.32
—
0.32
—
- H1 2025
- —
- YTD 2026
- -0.06
- Δ YoY
- —
Shares (basic)
(m units)
2.42
—
2.42
—
- H1 2025
- —
- YTD 2026
- 2.42
- Δ YoY
- —
Shares (diluted)
(m units)
2.42
—
2.42
—
- H1 2025
- —
- YTD 2026
- 2.42
- Δ YoY
- —
EBITDA margin
38.72%
—
38.72%
—
- H1 2025
- —
- YTD 2026
- 34.77%
- Δ YoY
- —
EBIT margin
4.57%
—
4.57%
—
- H1 2025
- —
- YTD 2026
- -9.6%
- Δ YoY
- —
Net margin
7.08%
—
7.08%
—
- H1 2025
- —
- YTD 2026
- -2.21%
- Δ YoY
- —
D&A margin
34.16%
—
34.16%
—
- H1 2025
- —
- YTD 2026
- 44.36%
- Δ YoY
- —
Cash
37.22
—
37.22
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
3.91
—
3.91
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-33.31
—
-33.31
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
235.75
—
235.75
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
258.26
—
258.26
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
50.13
—
50.13
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
69.98
—
69.98
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
19.85
—
19.85
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
2.66
—
2.66
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
12.73
—
12.73
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
3.85
—
3.85
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
21.52
—
21.52
—
- H1 2025
- —
- YTD 2026
- 21.52
- Δ YoY
- —
CapEx
21.48
—
21.48
—
- H1 2025
- —
- YTD 2026
- 21.48
- Δ YoY
- —
FCF
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
FCF conversion
0.23%
—
0.23%
—
- H1 2025
- —
- YTD 2026
- 0.23%
- Δ YoY
- —
CFO conversion
137.34%
—
137.34%
—
- H1 2025
- —
- YTD 2026
- 137.34%
- Δ YoY
- —
Current ratio
3.53x
—
3.53x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
3.52x
—
3.52x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
1.88x
—
1.88x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.14x
—
-0.14x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-36.42%
—
-36.42%
—
- H1 2025
- —
- YTD 2026
- -21.27%
- Δ YoY
- —
EBITDA growth (YoY)
-46%
—
-46%
—
- H1 2025
- —
- YTD 2026
- -46%
- Δ YoY
- —
EBIT growth (YoY)
-123.94%
—
-123.94%
—
- H1 2025
- —
- YTD 2026
- -123.94%
- Δ YoY
- —
Net income growth (YoY)
-111.73%
—
-111.73%
—
- H1 2025
- —
- YTD 2026
- -111.73%
- Δ YoY
- —
EPS growth (YoY)
-111.68%
—
-111.68%
—
- H1 2025
- —
- YTD 2026
- -111.68%
- Δ YoY
- —
EBITDA margin Δ (YoY)
-15.93 pp
—
-15.93 pp
—
- H1 2025
- —
- YTD 2026
- -15.93 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-41.16 pp
—
-41.16 pp
—
- H1 2025
- —
- YTD 2026
- -41.16 pp
- Δ YoY
- —
Net margin Δ (YoY)
-17.03 pp
—
-17.03 pp
—
- H1 2025
- —
- YTD 2026
- -17.03 pp
- Δ YoY
- —