PRE President Studio NewConnect · quarterly · publ. August 12, 2026

Q2 2026 report

President Studio to rentowne, praktycznie bezdłużne studio gier (produkty Crime Scene Cleaner, Celestial Empire, I Am Your President) kontrolowane w 67,5% przez PlayWay S.A.

Sentiment

Neutral No guidance change

Website

PRE Q2 2026 report

Revenue

4.63 m PLN

— YoY

Net income

3.45 m PLN

— YoY

EBITDA

3.49 m PLN

— YoY

Summary

Investment thesis

Przychody i zysk spadły odpowiednio o 42,7% i 49,0% r/r w H1 2026, ale to efekt naturalnego wygasania sprzedaży po udanym launchu Crime Scene Cleaner w 2024/2025, a nie utraty pozycji rynkowej.
Bilans jest wyjątkowo mocny: 25,58 mln zł gotówki i zobowiązania rzędu zaledwie 0,32 mln zł przy sumie bilansowej 32,79 mln zł.
Pipeline czterech tytułów (Celestial Empire pełna wersja 2027, DLC Biohazard do Crime Scene Cleaner IV kw. 2026/I kw. 2027, Ship Builder i Viking City Builder bez ustalonej daty) niesie ryzyko dalszych przesunięć harmonogramu.
Spółka wypłaciła niemal cały zysk za 2025 rok jako dywidendę (17,73 mln zł, 17,00 zł/akcję) tuż po zakończeniu II kwartału, co obniży stan gotówki w III kwartale 2026.

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Financials

BETA

Q2 2026

PRE · Q2 2026

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

Revenue	4.63	—	—	9.22	—	reported	—	1.00
EBITDA	3.49	—	—	6.93	—	derived	—	0.70
EBIT	3.49	—	—	6.93	—	reported	—	1.00
EBT	—	—	—	7.23	—	reported	—	1.00
Net income	3.45	—	—	6.78	—	reported	—	1.00
EPS (basic) (PLN)	3.31	—	—	6.5	—	derived	—	0.70
D&A	—	—	—	0	—	reported	—	1.00
Income tax	—	—	—	0.44	—	reported	—	1.00
Shares (basic) (m units)	1.04	—	—	—	—	reported	—	1.00

EBITDA margin	—	—	—	75.18%	—	derived	—	0.70
EBIT margin	75.45%	—	—	75.18%	—	derived	—	0.70
Net margin	74.63%	—	—	73.58%	—	derived	—	0.70

Cash	25.59	—	—	—	—	reported	—	1.00
Equity	32.46	—	—	—	—	reported	—	1.00
Total assets	32.79	—	—	—	—	reported	—	1.00
Working capital	32.45	—	—	—	—	derived	—	0.70
Current assets	32.77	—	—	—	—	reported	—	1.00
Current liabilities	0.32	—	—	—	—	reported	—	1.00
Non-current liabilities	0	—	—	—	—	reported	—	1.00
Inventory	2.29	—	—	—	—	reported	—	1.00
Trade receivables	4.88	—	—	—	—	reported	—	1.00
Goodwill	0	—	—	—	—	reported	—	1.00
Tangible equity	32.46	—	—	—	—	derived	—	0.70

CFO	—	—	—	7.39	—	reported	—	1.00
CapEx	—	—	—	0.01	—	reported	—	1.00
FCF	—	—	—	7.39	—	derived	—	0.70

Current ratio	101.66x	—	—	—	—	derived	—	0.70
Quick ratio	94.55x	—	—	—	—	derived	—	0.70
Cash ratio	79.38x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	—	—	—	-42.67%	—	derived	—	0.90
EBITDA growth (YoY)	—	—	—	-51.1%	—	derived	—	0.80
EBIT growth (YoY)	—	—	—	-51.1%	—	derived	—	0.80
Net income growth (YoY)	—	—	—	-49%	—	derived	—	0.90

Q2 2026 · Δ YoY

Revenue

4.63 —

Q2 2025: —
YTD 2026: 9.22
Δ YoY: —

EBITDA

3.49 —

Q2 2025: —
YTD 2026: 6.93
Δ YoY: —

EBIT

3.49 —

Q2 2025: —
YTD 2026: 6.93
Δ YoY: —

EBT

— —

Q2 2025: —
YTD 2026: 7.23
Δ YoY: —

Net income

3.45 —

Q2 2025: —
YTD 2026: 6.78
Δ YoY: —

EPS (basic) (PLN)

3.31 —

Q2 2025: —
YTD 2026: 6.5
Δ YoY: —

D&A

— —

Q2 2025: —
YTD 2026: 0
Δ YoY: —

Income tax

— —

Q2 2025: —
YTD 2026: 0.44
Δ YoY: —

Shares (basic) (m units)

1.04 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

EBITDA margin

— —

Q2 2025: —
YTD 2026: 75.18%
Δ YoY: —

EBIT margin

75.45% —

Q2 2025: —
YTD 2026: 75.18%
Δ YoY: —

Net margin

74.63% —

Q2 2025: —
YTD 2026: 73.58%
Δ YoY: —

Cash

25.59 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Equity

32.46 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Total assets

32.79 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Working capital

32.45 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current assets

32.77 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

0.32 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Inventory

2.29 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

4.88 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

0 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

32.46 —

Q2 2025: —
YTD 2026: —
Δ YoY: —

CFO

— —

Q2 2025: —
YTD 2026: 7.39
Δ YoY: —

CapEx

— —

Q2 2025: —
YTD 2026: 0.01
Δ YoY: —

FCF

— —

Q2 2025: —
YTD 2026: 7.39
Δ YoY: —

Current ratio

101.66x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

94.55x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

79.38x —

Q2 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

— —

Q2 2025: —
YTD 2026: -42.67%
Δ YoY: —

EBITDA growth (YoY)

— —

Q2 2025: —
YTD 2026: -51.1%
Δ YoY: —

EBIT growth (YoY)

— —

Q2 2025: —
YTD 2026: -51.1%
Δ YoY: —

Net income growth (YoY)

— —

Q2 2025: —
YTD 2026: -49%
Δ YoY: —