CIG CI Games SE Giełda Papierów Wartościowych w Warszawie · annual · publ. April 29, 2026

FY 2025 report

Przychody 73,8 mln zł (−8,7%), ale marża brutto 45,6% (+17,8 pp) dzięki niższej amortyzacji skapitalizowanych prac rozwojowych.

Sentiment

Neutral No guidance change

Website

CIG FY 2025 report

Revenue

73.78 m PLN

— YoY

Net income

3.42 m PLN

— YoY

EBITDA

34 m PLN

— YoY

Gross margin

45.64%

— YoY

Summary

Investment thesis

Powrót do zysku: EBIT 1,8 mln zł, zysk netto 5,2 mln zł (3,4 mln zł dla akcjonariuszy jednostki dominującej, EPS 0,02 zł) — w dużej mierze dzięki pozycjom jednorazowym (ulga podatkowa 2,6 mln zł, zyski kursowe 4,1 mln zł, rozwiązanie rezerwy podatkowej 5,5 mln zł).
CAPEX 86,4 mln zł (2,7x amortyzacji) i FCF ok. −40,3 mln zł; 242 mln zł aktywów niematerialnych to 86% sumy bilansowej.
Płynność napięta (wskaźnik bieżący 0,28, gotówka 2,0 mln zł, kredyty krótkoterminowe 48,4 mln zł, zaliczki 51,5 mln zł) — ratunkiem jest emisja 70 mln zł z marca 2026.
Dalszy rozwój zależy od premiery „Lords of the Fallen II” (umowa z Plaion z 25.02.2026) i zwrotu z poprzednich tytułów.

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Financials

BETA

FY 2025

CIG · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	73.78	—	—	reported	—	1.00
Gross profit	33.68	—	—	reported	—	1.00
EBITDA	34	—	—	derived	—	0.70
EBIT	1.79	—	—	reported	—	1.00
EBT	4.43	—	—	reported	—	1.00
Net income	3.42	—	—	reported	—	1.00
EPS (basic) (PLN)	0.02	—	—	reported	—	1.00
EPS (diluted) (PLN)	0.02	—	—	reported	—	1.00
D&A	32.21	—	—	reported	—	1.00
Interest expense	1.53	—	—	reported	—	0.90
Income tax	-0.74	—	—	reported	—	1.00
Shares (basic) (m units)	190.83	—	—	reported	—	1.00

Gross margin	45.64%	—	—	reported	—	0.70
EBITDA margin	46.08%	—	—	reported	—	0.70
EBIT margin	2.42%	—	—	reported	—	0.70
EBT margin	6%	—	—	reported	—	0.70
Net margin	4.63%	—	—	reported	—	0.70
D&A margin	43.66%	—	—	reported	—	0.70

Cash	2.03	—	—	reported	—	1.00
Total debt	52.42	—	—	derived	—	0.90
Net debt	50.39	—	—	derived	—	0.70
Equity	160.69	—	—	reported	—	1.00
Total assets	281.91	—	—	reported	—	1.00
Working capital (m PLN mln)	-79.6	—	—	reported	—	0.70
Current assets	30.62	—	—	reported	—	1.00
Current liabilities	110.22	—	—	reported	—	1.00
Non-current liabilities	11	—	—	reported	—	1.00
Inventory	0.18	—	—	reported	—	1.00
Trade receivables	17.02	—	—	reported	—	0.90
Trade payables	6.4	—	—	reported	—	1.00
Goodwill	241.78	—	—	reported	—	1.00
Tangible equity (m PLN mln)	-81.1	—	—	reported	—	0.70

CFO	46.05	—	—	reported	—	1.00
CapEx	86.36	—	—	reported	—	1.00
FCF	-40.31	—	—	derived	—	0.70
FCF conversion	-118.55%	—	—	reported	—	0.70
CFO conversion	135.45%	—	—	reported	—	0.70

ROE	2.16%	—	—	reported	—	0.70
ROA	1.33%	—	—	reported	—	0.70
ROCE	1.04%	—	—	reported	—	0.70

Current ratio	0.28x	—	—	reported	—	0.70
Quick ratio	0.28x	—	—	reported	—	0.70
Cash ratio	0.02x	—	—	reported	—	0.70
Interest coverage	1.16x	—	—	reported	—	0.70

Net debt / EBITDA	1.48x	—	—	reported	—	0.70
Debt / equity	0.33x	—	—	reported	—	0.70
Debt / assets	0.19x	—	—	reported	—	0.70
Net debt / equity	0.31x	—	—	reported	—	0.70

Revenue growth (YoY)	-8.67%	—	—	reported	—	1.00
EBITDA growth (YoY)	-22.19%	—	—	reported	—	0.70
EBIT growth (YoY)	145.5%	—	—	reported	—	1.00
Net income growth (YoY)	149.37%	—	—	reported	—	1.00
FCF growth (YoY)	-289.15%	—	—	reported	—	0.70
Gross margin Δ (YoY)	17.84 pp	—	—	reported	—	0.70
EBITDA margin Δ (YoY)	-8.01 pp	—	—	reported	—	0.70
EBIT margin Δ (YoY)	7.28 pp	—	—	reported	—	0.70
Net margin Δ (YoY)	13.2 pp	—	—	reported	—	0.70

FY 2025 · Δ YoY

Revenue

73.78 —

FY 2024: —

Gross profit

33.68 —

FY 2024: —

EBITDA

34 —

FY 2024: —

EBIT

1.79 —

FY 2024: —

EBT

4.43 —

FY 2024: —

Net income

3.42 —

FY 2024: —

EPS (basic) (PLN)

0.02 —

FY 2024: —

EPS (diluted) (PLN)

0.02 —

FY 2024: —

D&A

32.21 —

FY 2024: —

Interest expense

1.53 —

FY 2024: —

Income tax

-0.74 —

FY 2024: —

Shares (basic) (m units)

190.83 —

FY 2024: —

Gross margin

45.64% —

FY 2024: —

EBITDA margin

46.08% —

FY 2024: —

EBIT margin

2.42% —

FY 2024: —

EBT margin

6% —

FY 2024: —

Net margin

4.63% —

FY 2024: —

D&A margin

43.66% —

FY 2024: —

Cash

2.03 —

FY 2024: —

Total debt

52.42 —

FY 2024: —

Net debt

50.39 —

FY 2024: —

Equity

160.69 —

FY 2024: —

Total assets

281.91 —

FY 2024: —

Working capital (m PLN mln)

-79.6 —

FY 2024: —

Current assets

30.62 —

FY 2024: —

Current liabilities

110.22 —

FY 2024: —

Non-current liabilities

11 —

FY 2024: —

Inventory

0.18 —

FY 2024: —

Trade receivables

17.02 —

FY 2024: —

Trade payables

6.4 —

FY 2024: —

Goodwill

241.78 —

FY 2024: —

Tangible equity (m PLN mln)

-81.1 —

FY 2024: —

CFO

46.05 —

FY 2024: —

CapEx

86.36 —

FY 2024: —

FCF

-40.31 —

FY 2024: —

FCF conversion

-118.55% —

FY 2024: —

CFO conversion

135.45% —

FY 2024: —

ROE

2.16% —

FY 2024: —

ROA

1.33% —

FY 2024: —

ROCE

1.04% —

FY 2024: —

Current ratio

0.28x —

FY 2024: —

Quick ratio

0.28x —

FY 2024: —

Cash ratio

0.02x —

FY 2024: —

Interest coverage

1.16x —

FY 2024: —

Net debt / EBITDA

1.48x —

FY 2024: —

Debt / equity

0.33x —

FY 2024: —

Debt / assets

0.19x —

FY 2024: —

Net debt / equity

0.31x —

FY 2024: —

Revenue growth (YoY)

-8.67% —

FY 2024: —

EBITDA growth (YoY)

-22.19% —

FY 2024: —

EBIT growth (YoY)

145.5% —

FY 2024: —

Net income growth (YoY)

149.37% —

FY 2024: —

FCF growth (YoY)

-289.15% —

FY 2024: —

Gross margin Δ (YoY)

17.84 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-8.01 pp —

FY 2024: —

EBIT margin Δ (YoY)

7.28 pp —

FY 2024: —

Net margin Δ (YoY)

13.2 pp —

FY 2024: —