BCS BIG CHEESE STUDIO Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

Przychody półrocza wzrosły o 59% r/r do 4,8 mln zł dzięki premierze Cooking Simulator 2, ale premiera zawiodła oczekiwania zarządu i nie udźwignęła kapitalizowanych kosztów produkcji.

Sentiment

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Website

BCS H1 2026 report

Revenue

4.77 m PLN

— YoY

Net income

-10.45 m PLN

— YoY

EBITDA

-10.35 m PLN

— YoY

FCF

-663 k PLN

— YoY

Summary

Investment thesis

Odpis 9,5 mln zł na zapasy (wartość gry CS2) zamienił wynik z niewielkiej straty w stratę netto 10,4 mln zł i zmniejszył kapitał własny o połowę, do 11,1 mln zł.
Bilans pozostaje bezpieczny formalnie — brak długu odsetkowego poza leasingiem, kapitał własny dodatni — lecz gotówka spadła do 0,7 mln zł, a większość aktywów obrotowych to zapasy (8,7 mln zł) zależne od dalszej sprzedaży gier.
Spółka ma jedną franczyzę (Cooking Simulator) i jednego głównego kanału dystrybucji (Steam/konsole); po odpisie kluczowe jest, czy CS2 wygeneruje wyceniane 6,3 mln zł zwrotu.
Zmiana zarządu (odwołanie prezesa 4.09.2026), redukcja zatrudnienia i kosztów oraz brak audytowej opinii (tylko przegląd) wymagają ostrożności — to scenariusz „czyszczenia przedpola” i restrukturyzacji.

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Financials

BETA

H1 2026

BCS · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	4,771	6,612	−27.8%	4,771	−27.8%	reported	—	1.00
EBITDA	-10,348	1,529	−776.8%	-10,348	−776.8%	reported	—	1.00
EBIT	-10,536	1,153	−1013.8%	-10,536	−1013.8%	reported	—	1.00
EBT	-10,546	630	−1774%	-10,546	−1774%	reported	—	1.00
Net income	-10,447	625	−1771.5%	-10,447	−1771.5%	reported	—	1.00
EPS (basic) (PLN)	-2.53	0.15	—	-2.53	—	reported	—	1.00
EPS (diluted) (PLN)	-2.53	0.15	—	-2.53	—	reported	—	1.00
D&A	188	—	—	188	—	reported	—	1.00
Interest expense	21	—	—	21	—	reported	—	0.90
Income tax	-99	5	−2080%	-99	−2080%	reported	—	1.00
Shares (basic) (m units)	4.14	4.14	—	4.14	—	reported	—	1.00

EBITDA margin	-216.9%	23.12%	−240 pp	-216.9%	−240 pp	derived	—	0.70
EBIT margin	-220.83%	17.44%	−238.3 pp	-220.83%	−238.3 pp	derived	—	0.70
EBT margin	-221.04%	—	—	-221.04%	—	derived	—	0.70
Net margin	-218.97%	9.45%	−228.4 pp	-218.97%	−228.4 pp	derived	—	0.70
D&A margin	3.94%	—	—	3.94%	—	derived	—	0.70

Cash	676	1,493	−54.7%	—	—	reported	—	1.00
Total debt	439	554	−20.8%	—	—	reported	—	0.90
Net debt	-237	-939	+74.8%	—	—	derived	—	0.90
Equity	11,137	21,585	−48.4%	—	—	reported	—	1.00
Total assets	13,225	24,243	−45.4%	—	—	reported	—	1.00
Working capital	10,115	20,954	−51.7%	—	—	derived	—	0.70
Current assets	12,051	22,999	−47.6%	—	—	reported	—	1.00
Current liabilities	1,936	2,045	−5.3%	—	—	reported	—	1.00
Non-current liabilities	152	614	−75.2%	—	—	reported	—	1.00
Inventory	8,719	18,685	−53.3%	—	—	reported	—	1.00
Trade receivables	2,582	2,820	−8.4%	—	—	reported	—	0.90
Trade payables	1,402	1,599	−12.3%	—	—	reported	—	0.90

CFO	-663	-4,769	+86.1%	-663	+86.1%	reported	—	1.00
FCF	-663	—	—	-663	—	derived	—	0.70

Current ratio	6.22x	11.25x	−5.03x	—	—	derived	—	0.70
Quick ratio	1.72x	2.11x	−0.39x	—	—	derived	—	0.70
Cash ratio	0.35x	0.73x	−0.38x	—	—	derived	—	0.70

Debt / equity	0.04x	0.03x	+0.01x	—	—	derived	—	0.70
Debt / assets	0.03x	—	—	—	—	derived	—	0.70
Net debt / equity	-0.02x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	58.72%	-41.6%	—	58.72%	—	derived	—	0.70
EBITDA growth (YoY)	-1954.48%	-79.67%	—	-1954.48%	—	derived	—	0.60
EBIT growth (YoY)	-2932.26%	-83.73%	—	-2932.26%	—	derived	—	0.60
Net income growth (YoY)	-7309.22%	-90.89%	—	-7309.22%	—	derived	—	0.60
EBITDA margin Δ (YoY)	-235.46 pp	—	—	-235.46 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-233.2 pp	-45.18 pp	—	-233.2 pp	—	derived	—	0.70
Net margin Δ (YoY)	-214.28 pp	-51.15 pp	—	-214.28 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

4,771 −27.8%

H1 2025: 6,612
YTD 2026: 4,771
Δ YoY: −27.8%

EBITDA

-10,348 −776.8%

H1 2025: 1,529
YTD 2026: -10,348
Δ YoY: −776.8%

EBIT

-10,536 −1013.8%

H1 2025: 1,153
YTD 2026: -10,536
Δ YoY: −1013.8%

EBT

-10,546 −1774%

H1 2025: 630
YTD 2026: -10,546
Δ YoY: −1774%

Net income

-10,447 −1771.5%

H1 2025: 625
YTD 2026: -10,447
Δ YoY: −1771.5%

EPS (basic) (PLN)

-2.53 —

H1 2025: 0.15
YTD 2026: -2.53
Δ YoY: —

EPS (diluted) (PLN)

-2.53 —

H1 2025: 0.15
YTD 2026: -2.53
Δ YoY: —

D&A

188 —

H1 2025: —
YTD 2026: 188
Δ YoY: —

Interest expense

21 —

H1 2025: —
YTD 2026: 21
Δ YoY: —

Income tax

-99 −2080%

H1 2025: 5
YTD 2026: -99
Δ YoY: −2080%

Shares (basic) (m units)

4.14 —

H1 2025: 4.14
YTD 2026: 4.14
Δ YoY: —

EBITDA margin

-216.9% −240 pp

H1 2025: 23.12%
YTD 2026: -216.9%
Δ YoY: −240 pp

EBIT margin

-220.83% −238.3 pp

H1 2025: 17.44%
YTD 2026: -220.83%
Δ YoY: −238.3 pp

EBT margin

-221.04% —

H1 2025: —
YTD 2026: -221.04%
Δ YoY: —

Net margin

-218.97% −228.4 pp

H1 2025: 9.45%
YTD 2026: -218.97%
Δ YoY: −228.4 pp

D&A margin

3.94% —

H1 2025: —
YTD 2026: 3.94%
Δ YoY: —

Cash

676 −54.7%

H1 2025: 1,493
YTD 2026: —
Δ YoY: —

Total debt

439 −20.8%

H1 2025: 554
YTD 2026: —
Δ YoY: —

Net debt

-237 +74.8%

H1 2025: -939
YTD 2026: —
Δ YoY: —

Equity

11,137 −48.4%

H1 2025: 21,585
YTD 2026: —
Δ YoY: —

Total assets

13,225 −45.4%

H1 2025: 24,243
YTD 2026: —
Δ YoY: —

Working capital

10,115 −51.7%

H1 2025: 20,954
YTD 2026: —
Δ YoY: —

Current assets

12,051 −47.6%

H1 2025: 22,999
YTD 2026: —
Δ YoY: —

Current liabilities

1,936 −5.3%

H1 2025: 2,045
YTD 2026: —
Δ YoY: —

Non-current liabilities

152 −75.2%

H1 2025: 614
YTD 2026: —
Δ YoY: —

Inventory

8,719 −53.3%

H1 2025: 18,685
YTD 2026: —
Δ YoY: —

Trade receivables

2,582 −8.4%

H1 2025: 2,820
YTD 2026: —
Δ YoY: —

Trade payables

1,402 −12.3%

H1 2025: 1,599
YTD 2026: —
Δ YoY: —

CFO

-663 +86.1%

H1 2025: -4,769
YTD 2026: -663
Δ YoY: +86.1%

FCF

-663 —

H1 2025: —
YTD 2026: -663
Δ YoY: —

Current ratio

6.22x −5.03x

H1 2025: 11.25x
YTD 2026: —
Δ YoY: —

Quick ratio

1.72x −0.39x

H1 2025: 2.11x
YTD 2026: —
Δ YoY: —

Cash ratio

0.35x −0.38x

H1 2025: 0.73x
YTD 2026: —
Δ YoY: —

Debt / equity

0.04x +0.01x

H1 2025: 0.03x
YTD 2026: —
Δ YoY: —

Debt / assets

0.03x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.02x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

58.72% —

H1 2025: -41.6%
YTD 2026: 58.72%
Δ YoY: —

EBITDA growth (YoY)

-1954.48% —

H1 2025: -79.67%
YTD 2026: -1954.48%
Δ YoY: —

EBIT growth (YoY)

-2932.26% —

H1 2025: -83.73%
YTD 2026: -2932.26%
Δ YoY: —

Net income growth (YoY)

-7309.22% —

H1 2025: -90.89%
YTD 2026: -7309.22%
Δ YoY: —

EBITDA margin Δ (YoY)

-235.46 pp —

H1 2025: —
YTD 2026: -235.46 pp
Δ YoY: —

EBIT margin Δ (YoY)

-233.2 pp —

H1 2025: -45.18 pp
YTD 2026: -233.2 pp
Δ YoY: —

Net margin Δ (YoY)

-214.28 pp —

H1 2025: -51.15 pp
YTD 2026: -214.28 pp
Δ YoY: —