H1 2026 report
Stary hit „Lords of the Fallen” nadal generuje 73% przychodów, ale przychody spadają (−7,5% r/r), bo gra jest trzeci rok na rynku.
Sentiment
●●●●●●
CIG
H1 2026 report
Revenue
38.1 m PLN
— YoY
Net income
8.3 m PLN
— YoY
EBITDA
24.93 m PLN
— YoY
Gross margin
63.78%
— YoY
Summary
Investment thesis
- EBIT wzrósł o 37% do 11,2 mln zł głównie dzięki niższej amortyzacji; EBITDA spadła o 12%, więc poprawa jest w dużej mierze księgowa.
- Działalność operacyjna spaliła 15,2 mln zł (spłata zaliczek Epic Games), a wydatki inwestycyjne na nowe gry wyniosły 42,4 mln zł — całość sfinansowała emisja akcji serii M (68,3 mln zł) i kredyty.
- 85% aktywów to wartości niematerialne (zaktywowane produkcje gier), a cały dług (61,1 mln zł) jest krótkoterminowy.
- O wartości spółki zdecyduje premiera „Lords of the Fallen II”, przesunięta na I kwartał 2027 r.
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Financials
BETA
CIG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38,096 | — | — | 38,096 | — | reported | — | 1.00 |
| Gross profit | 24,297 | — | — | 24,297 | — | reported | — | 1.00 |
| EBITDA | 24,933 | — | — | 24,933 | — | derived | — | 0.70 |
| EBIT | 11,225 | — | — | 11,225 | — | reported | — | 1.00 |
| EBT | 9,166 | — | — | 9,166 | — | reported | — | 1.00 |
| Net income | 8,299 | — | — | 8,299 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.04 | — | — | 0.04 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.04 | — | — | 0.04 | — | reported | — | 1.00 |
| D&A | 10,734 | — | — | 10,734 | — | reported | — | 1.00 |
| Interest expense | 2,323 | — | — | 2,323 | — | reported | — | 0.90 |
| Income tax | 600 | — | — | 600 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 197.63 | — | — | 197.63 | — | reported | — | 1.00 |
| Gross margin | 63.78% | — | — | 63.78% | — | derived | — | 0.70 |
| EBITDA margin | 57.64% | — | — | 57.64% | — | derived | — | 0.70 |
| EBIT margin | 29.47% | — | — | 29.47% | — | derived | — | 0.70 |
| EBT margin | 24.06% | — | — | 24.06% | — | derived | — | 0.70 |
| Net margin | 21.78% | — | — | 21.78% | — | derived | — | 0.70 |
| Cash | 21,486 | — | — | — | — | reported | — | 1.00 |
| Total debt | 61,085 | — | — | — | — | reported | — | 0.90 |
| Net debt | 39,599 | — | — | — | — | derived | — | 0.70 |
| Equity | 237,818 | — | — | — | — | reported | — | 1.00 |
| Total assets | 322,828 | — | — | — | — | reported | — | 1.00 |
| Working capital | -43,251 | — | — | — | — | derived | — | 0.70 |
| Current assets | 36,319 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 79,570 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 5,440 | — | — | — | — | reported | — | 1.00 |
| Inventory | 28 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 13,666 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 16,611 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 274,373 | — | — | — | — | reported | — | 0.80 |
| CFO | -15,188 | — | — | -15,188 | — | reported | — | 1.00 |
| CapEx | 42,444 | — | — | 42,444 | — | reported | — | 1.00 |
| FCF | -57,632 | — | — | -57,632 | — | derived | — | 0.70 |
| Current ratio | 0.46x | — | — | — | — | derived | — | 0.70 |
| Quick ratio | 0.46x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.27x | — | — | — | — | derived | — | 0.70 |
| Interest coverage | 4.83x | — | — | 4.83x | — | derived | — | 0.70 |
| Debt / equity | 0.26x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.19x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | 0.17x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -7.46% | — | — | -7.46% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | -11.93% | — | — | -11.93% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 37.14% | — | — | 37.14% | — | derived | — | 0.70 |
| Net income growth (YoY) | -16.79% | — | — | -16.79% | — | derived | — | 0.70 |
| EPS growth (YoY) | -20% | — | — | -20% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 15.44 pp | — | — | 15.44 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 9.59 pp | — | — | 9.59 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
38,096
—
38,096
—
- H1 2025
- —
- YTD 2026
- 38,096
- Δ YoY
- —
Gross profit
24,297
—
24,297
—
- H1 2025
- —
- YTD 2026
- 24,297
- Δ YoY
- —
EBITDA
24,933
—
24,933
—
- H1 2025
- —
- YTD 2026
- 24,933
- Δ YoY
- —
EBIT
11,225
—
11,225
—
- H1 2025
- —
- YTD 2026
- 11,225
- Δ YoY
- —
EBT
9,166
—
9,166
—
- H1 2025
- —
- YTD 2026
- 9,166
- Δ YoY
- —
Net income
8,299
—
8,299
—
- H1 2025
- —
- YTD 2026
- 8,299
- Δ YoY
- —
EPS (basic)
(PLN)
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
EPS (diluted)
(PLN)
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- 0.04
- Δ YoY
- —
D&A
10,734
—
10,734
—
- H1 2025
- —
- YTD 2026
- 10,734
- Δ YoY
- —
Interest expense
2,323
—
2,323
—
- H1 2025
- —
- YTD 2026
- 2,323
- Δ YoY
- —
Income tax
600
—
600
—
- H1 2025
- —
- YTD 2026
- 600
- Δ YoY
- —
Shares (basic)
(m units)
197.63
—
197.63
—
- H1 2025
- —
- YTD 2026
- 197.63
- Δ YoY
- —
Gross margin
63.78%
—
63.78%
—
- H1 2025
- —
- YTD 2026
- 63.78%
- Δ YoY
- —
EBITDA margin
57.64%
—
57.64%
—
- H1 2025
- —
- YTD 2026
- 57.64%
- Δ YoY
- —
EBIT margin
29.47%
—
29.47%
—
- H1 2025
- —
- YTD 2026
- 29.47%
- Δ YoY
- —
EBT margin
24.06%
—
24.06%
—
- H1 2025
- —
- YTD 2026
- 24.06%
- Δ YoY
- —
Net margin
21.78%
—
21.78%
—
- H1 2025
- —
- YTD 2026
- 21.78%
- Δ YoY
- —
Cash
21,486
—
21,486
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
61,085
—
61,085
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
39,599
—
39,599
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
237,818
—
237,818
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
322,828
—
322,828
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-43,251
—
-43,251
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
36,319
—
36,319
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
79,570
—
79,570
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
5,440
—
5,440
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
28
—
28
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
13,666
—
13,666
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
16,611
—
16,611
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
274,373
—
274,373
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-15,188
—
-15,188
—
- H1 2025
- —
- YTD 2026
- -15,188
- Δ YoY
- —
CapEx
42,444
—
42,444
—
- H1 2025
- —
- YTD 2026
- 42,444
- Δ YoY
- —
FCF
-57,632
—
-57,632
—
- H1 2025
- —
- YTD 2026
- -57,632
- Δ YoY
- —
Current ratio
0.46x
—
0.46x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.46x
—
0.46x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.27x
—
0.27x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
4.83x
—
4.83x
—
- H1 2025
- —
- YTD 2026
- 4.83x
- Δ YoY
- —
Debt / equity
0.26x
—
0.26x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.19x
—
0.19x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.17x
—
0.17x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-7.46%
—
-7.46%
—
- H1 2025
- —
- YTD 2026
- -7.46%
- Δ YoY
- —
EBITDA growth (YoY)
-11.93%
—
-11.93%
—
- H1 2025
- —
- YTD 2026
- -11.93%
- Δ YoY
- —
EBIT growth (YoY)
37.14%
—
37.14%
—
- H1 2025
- —
- YTD 2026
- 37.14%
- Δ YoY
- —
Net income growth (YoY)
-16.79%
—
-16.79%
—
- H1 2025
- —
- YTD 2026
- -16.79%
- Δ YoY
- —
EPS growth (YoY)
-20%
—
-20%
—
- H1 2025
- —
- YTD 2026
- -20%
- Δ YoY
- —
Gross margin Δ (YoY)
15.44 pp
—
15.44 pp
—
- H1 2025
- —
- YTD 2026
- 15.44 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
9.59 pp
—
9.59 pp
—
- H1 2025
- —
- YTD 2026
- 9.59 pp
- Δ YoY
- —