H1 2026 report
Creepy Jar to producent gier Premium Indie (Green Hell, StarRupture) działający w modelu self-publishing, finansujący własne produkcje bez zewnętrznego wydawcy
Sentiment
●●●●●●
CRJ
H1 2026 report
Revenue
52.32 m PLN
— YoY
Net income
34.88 m PLN
— YoY
EBITDA
43.27 m PLN
— YoY
FCF
36.41 m PLN
— YoY
Summary
Investment thesis
- Udany debiut StarRupture w Early Access (6 stycznia 2026 r., 905 tys. sprzedanych kopii w I półroczu) wywindował przychody o 273% r/r do 52,3 mln PLN
- Rentowność eksplodowała: marża EBIT 71%, EBITDA 83%, netto 67% — przy praktycznie zerowym zadłużeniu bankowym i OCF przewyższającym zysk netto
- Skrajna koncentracja kanału dystrybucji (Valve/Steam = 88,5% przychodów I półrocza 2026, trzy platformy = 96%) i waluty (94,7% przychodów w USD) to strukturalne ryzyko modelu biznesowego
- Spółka wypłaciła niemal całość zysku za 2025 r. plus część kapitału rezerwowego jako dywidendę (30,0 mln PLN, 41,77 zł/akcję) we wrześniu 2026 r., przy jednoczesnym utrzymaniu silnej pozycji gotówkowej (109,2 mln PLN inwestycji krótkoterminowych) na finansowanie kolejnych produkcji
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Financials
BETA
CRJ · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 52.32 | — | — | 52.32 | — | reported | — | 1.00 |
| EBITDA | 43.27 | — | — | 43.27 | — | reported | — | 1.00 |
| EBIT | 37.22 | — | — | 37.22 | — | reported | — | 1.00 |
| EBT | 39.35 | — | — | 39.35 | — | reported | — | 1.00 |
| Net income | 34.88 | — | — | 34.88 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 49.89 | — | — | 49.89 | — | derived | — | 0.90 |
| EPS (diluted) (PLN) | 48.58 | — | — | 48.58 | — | derived | — | 0.90 |
| D&A | 6.04 | — | — | 6.04 | — | reported | — | 1.00 |
| Interest expense | 0.02 | — | — | 0.02 | — | reported | — | 0.90 |
| Income tax | 4.47 | — | — | 4.47 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 0.7 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 0.72 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 82.69% | — | — | 82.69% | — | reported | — | 1.00 |
| EBIT margin | 71.15% | — | — | 71.15% | — | reported | — | 1.00 |
| EBT margin | 75.21% | — | — | 75.21% | — | reported | — | 1.00 |
| Net margin | 66.67% | — | — | 66.67% | — | reported | — | 1.00 |
| Cash | 34.62 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0.5 | — | — | — | — | reported | — | 1.00 |
| Net debt | -34.11 | — | — | — | — | reported | — | 1.00 |
| Equity | 123.59 | — | — | — | — | reported | — | 1.00 |
| Total assets | 171.32 | — | — | — | — | reported | — | 1.00 |
| Working capital | 75.72 | — | — | — | — | reported | — | 1.00 |
| Current assets | 116.86 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 41.14 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 0.24 | — | — | — | — | reported | — | 1.00 |
| Inventory | 0.1 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 4.79 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 1.53 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 43.78 | — | — | — | — | reported | — | 1.00 |
| CFO | 45.6 | — | — | 45.6 | — | reported | — | 1.00 |
| CapEx | 9.2 | — | — | 9.2 | — | reported | — | 1.00 |
| FCF | 36.41 | — | — | 36.41 | — | reported | — | 1.00 |
| Dividends paid | 0 | — | — | 0 | — | reported | — | 1.00 |
| Current ratio | 2.84x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 2.84x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.84x | — | — | — | — | reported | — | 1.00 |
| Interest coverage | 1678.75x | — | — | 1678.75x | — | reported | — | 0.60 |
| Debt / equity | 0x | — | — | — | — | reported | — | 1.00 |
| Debt / assets | 0x | — | — | — | — | reported | — | 1.00 |
| Net debt / equity | -0.28x | — | — | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 272.68% | — | — | 272.68% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 432.35% | — | — | 432.35% | — | reported | — | 1.00 |
| EBIT growth (YoY) | 389.24% | — | — | 389.24% | — | reported | — | 1.00 |
| Net income growth (YoY) | 318.9% | — | — | 318.9% | — | reported | — | 1.00 |
| EPS growth (YoY) | 318.9% | — | — | 318.9% | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | 24.8 pp | — | — | 24.8 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 7.36 pp | — | — | 7.36 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
52.32
—
52.32
—
- H1 2025
- —
- YTD 2026
- 52.32
- Δ YoY
- —
EBITDA
43.27
—
43.27
—
- H1 2025
- —
- YTD 2026
- 43.27
- Δ YoY
- —
EBIT
37.22
—
37.22
—
- H1 2025
- —
- YTD 2026
- 37.22
- Δ YoY
- —
EBT
39.35
—
39.35
—
- H1 2025
- —
- YTD 2026
- 39.35
- Δ YoY
- —
Net income
34.88
—
34.88
—
- H1 2025
- —
- YTD 2026
- 34.88
- Δ YoY
- —
EPS (basic)
(PLN)
49.89
—
49.89
—
- H1 2025
- —
- YTD 2026
- 49.89
- Δ YoY
- —
EPS (diluted)
(PLN)
48.58
—
48.58
—
- H1 2025
- —
- YTD 2026
- 48.58
- Δ YoY
- —
D&A
6.04
—
6.04
—
- H1 2025
- —
- YTD 2026
- 6.04
- Δ YoY
- —
Interest expense
0.02
—
0.02
—
- H1 2025
- —
- YTD 2026
- 0.02
- Δ YoY
- —
Income tax
4.47
—
4.47
—
- H1 2025
- —
- YTD 2026
- 4.47
- Δ YoY
- —
Shares (basic)
(m units)
0.7
—
0.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
0.72
—
0.72
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
82.69%
—
82.69%
—
- H1 2025
- —
- YTD 2026
- 82.69%
- Δ YoY
- —
EBIT margin
71.15%
—
71.15%
—
- H1 2025
- —
- YTD 2026
- 71.15%
- Δ YoY
- —
EBT margin
75.21%
—
75.21%
—
- H1 2025
- —
- YTD 2026
- 75.21%
- Δ YoY
- —
Net margin
66.67%
—
66.67%
—
- H1 2025
- —
- YTD 2026
- 66.67%
- Δ YoY
- —
Cash
34.62
—
34.62
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0.5
—
0.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-34.11
—
-34.11
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
123.59
—
123.59
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
171.32
—
171.32
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
75.72
—
75.72
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
116.86
—
116.86
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
41.14
—
41.14
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0.24
—
0.24
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0.1
—
0.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
4.79
—
4.79
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
1.53
—
1.53
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
43.78
—
43.78
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
45.6
—
45.6
—
- H1 2025
- —
- YTD 2026
- 45.6
- Δ YoY
- —
CapEx
9.2
—
9.2
—
- H1 2025
- —
- YTD 2026
- 9.2
- Δ YoY
- —
FCF
36.41
—
36.41
—
- H1 2025
- —
- YTD 2026
- 36.41
- Δ YoY
- —
Dividends paid
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Current ratio
2.84x
—
2.84x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.84x
—
2.84x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.84x
—
0.84x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1678.75x
—
1678.75x
—
- H1 2025
- —
- YTD 2026
- 1678.75x
- Δ YoY
- —
Debt / equity
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.28x
—
-0.28x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
272.68%
—
272.68%
—
- H1 2025
- —
- YTD 2026
- 272.68%
- Δ YoY
- —
EBITDA growth (YoY)
432.35%
—
432.35%
—
- H1 2025
- —
- YTD 2026
- 432.35%
- Δ YoY
- —
EBIT growth (YoY)
389.24%
—
389.24%
—
- H1 2025
- —
- YTD 2026
- 389.24%
- Δ YoY
- —
Net income growth (YoY)
318.9%
—
318.9%
—
- H1 2025
- —
- YTD 2026
- 318.9%
- Δ YoY
- —
EPS growth (YoY)
318.9%
—
318.9%
—
- H1 2025
- —
- YTD 2026
- 318.9%
- Δ YoY
- —
EBITDA margin Δ (YoY)
24.8 pp
—
24.8 pp
—
- H1 2025
- —
- YTD 2026
- 24.8 pp
- Δ YoY
- —
Net margin Δ (YoY)
7.36 pp
—
7.36 pp
—
- H1 2025
- —
- YTD 2026
- 7.36 pp
- Δ YoY
- —