FRM FreeMind NewConnect · quarterly · publ. August 13, 2026

Q2 2026 report

Producent i wydawca gier PC (symulatory casualowe) notowany na NewConnect, kontrolowany przez PlayWay S.A. (51,44% akcji) -- część większego ekosystemu producentów gier PlayWaya.

Sentiment

Positive No guidance change

Website

FRM Q2 2026 report

Revenue

1.49 m PLN

— YoY

Net income

454.76 k PLN

— YoY

EBITDA

449.02 k PLN

— YoY

FCF

172.7 k PLN

— YoY

Summary

Investment thesis

Przychody rosną dynamicznie r/r (+42,5% w Q2, +40,5% narastająco) dzięki serii wydań DLC i nowych tytułów (Aquarist DLC, Junkyard Simulator, Mr Toilet EA, House Builder DLC).
Zysk netto wzrósł skokowo (+585% r/r w kwartale) częściowo dzięki jednorazowym 'innym przychodom finansowym' (127,9 tys. zł narastająco) obok organicznej poprawy marż operacyjnych.
Spółka nie ma zadłużenia oprocentowanego, jest silnie płynna (current ratio 7,42x) i wypłaciła w czerwcu 2026 dywidendę 0,50 zł/akcję (553,5 tys. zł) z zysku za 2025 rok.
Bardzo mała skala działalności (1 etat na umowę o pracę, suma bilansowa ok. 4 mln zł) i wysoka koncentracja właścicielska -- typowe ryzyko małego producenta gier z grupy PlayWay.

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Financials

BETA

Q2 2026

FRM · Q2 2026

Metric	Q2 2026	Q2 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	1,490.38	—	—	2,972.76	—	reported	—	1.00
EBITDA	449.02	—	—	712.72	—	derived	—	0.90
EBIT	444.04	—	—	706.63	—	reported	—	1.00
Net income	454.76	—	—	771.37	—	reported	—	1.00
EPS (basic) (PLN)	0.41	—	—	0.7	—	derived	—	0.80
D&A	4.98	—	—	6.1	—	reported	—	1.00
Interest expense	0	—	—	0	—	reported	—	1.00
Income tax	8.94	—	—	61.75	—	reported	—	1.00
Shares (basic) (m units)	1.11	—	—	—	—	reported	—	1.00

EBITDA margin	30.13%	—	—	23.98%	—	reported	—	0.90
EBIT margin	29.8%	—	—	23.77%	—	reported	—	1.00
Net margin	30.52%	—	—	25.95%	—	reported	—	1.00

Cash	1,037.62	—	—	—	—	reported	—	1.00
Total debt	0	—	—	—	—	reported	—	0.90
Net debt	-1,037.62	—	—	—	—	reported	—	0.90
Equity	3,364.15	—	—	—	—	reported	—	1.00
Total assets	3,975.59	—	—	—	—	reported	—	1.00
Working capital	3,322.42	—	—	—	—	reported	—	1.00
Current assets	3,840.02	—	—	—	—	reported	—	1.00
Current liabilities	517.6	—	—	—	—	reported	—	1.00
Non-current liabilities	0	—	—	—	—	reported	—	1.00
Inventory	1,841.1	—	—	—	—	reported	—	1.00
Trade receivables	958.26	—	—	—	—	reported	—	1.00

CFO	265.31	—	—	749.9	—	reported	—	1.00
CapEx	92.61	—	—	92.61	—	reported	—	1.00
FCF	172.7	—	—	657.29	—	reported	—	1.00
CFO conversion	—	—	—	105.22%	—	reported	—	0.85
Dividends paid	—	—	—	553.5	—	reported	—	1.00
Buybacks	—	—	—	0	—	reported	—	1.00

Current ratio	7.42x	—	—	—	—	reported	—	1.00
Quick ratio	3.86x	—	—	—	—	reported	—	1.00
Cash ratio	2x	—	—	—	—	reported	—	1.00

Debt / equity	0x	—	—	—	—	reported	—	0.90
Debt / assets	0x	—	—	—	—	reported	—	0.90
Net debt / equity	-0.31x	—	—	—	—	reported	—	0.85

Revenue growth (YoY)	42.46%	—	—	40.54%	—	reported	—	1.00
Revenue growth (QoQ)	0.54%	—	—	—	—	reported	—	0.80
EBITDA growth (YoY)	165.9%	—	—	36.3%	—	reported	—	0.85
EBIT growth (YoY)	163.09%	—	—	35.21%	—	reported	—	1.00
Net income growth (YoY)	584.99%	—	—	120.83%	—	reported	—	1.00
EBIT margin Δ (YoY)	13.66 pp	—	—	-0.94 pp	—	reported	—	1.00
Net margin Δ (YoY)	24.17 pp	—	—	9.44 pp	—	reported	—	1.00

Q2 2026 · Δ YoY

Revenue

1,490.38 —

Q2 2025: —
YTD 2026: 2,972.76
Δ YoY: —

EBITDA

449.02 —

Q2 2025: —
YTD 2026: 712.72
Δ YoY: —

EBIT

444.04 —

Q2 2025: —
YTD 2026: 706.63
Δ YoY: —

Net income

454.76 —

Q2 2025: —
YTD 2026: 771.37
Δ YoY: —

EPS (basic) (PLN)

0.41 —

Q2 2025: —
YTD 2026: 0.7
Δ YoY: —

D&A

4.98 —

Q2 2025: —
YTD 2026: 6.1
Δ YoY: —

Interest expense

0 —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

Income tax

8.94 —

Q2 2025: —
YTD 2026: 61.75
Δ YoY: —

Shares (basic) (m units)

1.11 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin

30.13% —

Q2 2025: —
YTD 2026: 23.98%
Δ YoY: —

EBIT margin

29.8% —

Q2 2025: —
YTD 2026: 23.77%
Δ YoY: —

Net margin

30.52% —

Q2 2025: —
YTD 2026: 25.95%
Δ YoY: —

Cash

1,037.62 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total debt

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt

-1,037.62 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

3,364.15 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

3,975.59 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

3,322.42 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

3,840.02 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

517.6 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

1,841.1 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

958.26 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

265.31 —

Q2 2025: —
YTD 2026: 749.9
Δ YoY: —

CapEx

92.61 —

Q2 2025: —
YTD 2026: 92.61
Δ YoY: —

FCF

172.7 —

Q2 2025: —
YTD 2026: 657.29
Δ YoY: —

CFO conversion

— —

Q2 2025: —
YTD 2026: 105.22%
Δ YoY: —

Dividends paid

— —

Q2 2025: —
YTD 2026: 553.5
Δ YoY: —

Buybacks

— —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

Current ratio

7.42x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

3.86x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

2x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.31x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

42.46% —

Q2 2025: —
YTD 2026: 40.54%
Δ YoY: —

Revenue growth (QoQ)

0.54% —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA growth (YoY)

165.9% —

Q2 2025: —
YTD 2026: 36.3%
Δ YoY: —

EBIT growth (YoY)

163.09% —

Q2 2025: —
YTD 2026: 35.21%
Δ YoY: —

Net income growth (YoY)

584.99% —

Q2 2025: —
YTD 2026: 120.83%
Δ YoY: —

EBIT margin Δ (YoY)

13.66 pp —

Q2 2025: —
YTD 2026: -0.94 pp
Δ YoY: —

Net margin Δ (YoY)

24.17 pp —

Q2 2025: —
YTD 2026: 9.44 pp
Δ YoY: —