RND Render Cube Giełda Papierów Wartościowych w Warszawie · annual · publ. April 24, 2026

FY 2025 report

Spółka to studio jednej gry: niemal całość przychodów (16,98 mln zł) pochodzi z Medieval Dynasty, sprzedawanej przez wydawcę Toplitz Productions, który jest podmiotem powiązanym.

Sentiment

Positive No guidance change

Website

RND FY 2025 report

Revenue

16.98 m PLN

— YoY

Net income

7.71 m PLN

— YoY

EBITDA

12.78 m PLN

— YoY

Gross margin

66.25%

— YoY

Summary

Investment thesis

Rentowność jest wybitna (marża EBIT 48%, netto 45%, ROE ok. 21%), ale przychody po raz pierwszy lekko spadły (-1,2% r/r), a EBIT spadł o 14%.
Bilans jest twierdzą: gotówka 17,5 mln zł, brak długu, zobowiązania 0,6 mln zł; jednocześnie spółka wypłaciła 14,5 mln zł dywidendy (13,50 zł na akcję), więc gotówka spadła o 8 mln zł.
Zasoby przesunięto na nowy, jeszcze niezapowiedziany tytuł (Unreal Engine 5, pre-produkcja do grudnia 2025, Vertical Slice w 2026); zapasy produkcji w toku wzrosły do 4,8 mln zł.
Tezę wystawiają na próbę: wygasanie efektu Medieval Dynasty (5 lat na rynku, maksymalne przeceny 50%) oraz brak potwierdzonej daty i wydawcy nowego tytułu.

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Financials

BETA

FY 2025

RND · FY 2025

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

Revenue	16.98	—	—	reported	—	1.00
Gross profit	11.25	—	—	reported	—	1.00
EBITDA	12.78	—	—	reported	—	0.90
EBIT	8.14	—	—	reported	—	1.00
EBT	8.14	—	—	reported	—	1.00
Net income	7.71	—	—	reported	—	1.00
EPS (basic) (PLN)	7.16	—	—	derived	—	0.70
D&A	4.64	—	—	reported	—	1.00
Income tax	0.43	—	—	reported	—	1.00
Shares (basic) (m units)	1.08	—	—	reported	—	0.90

Gross margin	66.25%	—	—	derived	—	0.70
EBITDA margin	75.3%	—	—	derived	—	0.70
EBIT margin	47.96%	—	—	derived	—	0.70
EBT margin	47.97%	—	—	derived	—	0.70
Net margin	45.42%	—	—	derived	—	0.70
D&A margin	27.34%	—	—	derived	—	0.70

Cash	17.54	—	—	reported	—	1.00
Total debt	0	—	—	reported	—	0.90
Net debt	-17.54	—	—	derived	—	0.70
Equity	33.81	—	—	reported	—	1.00
Total assets	35.14	—	—	reported	—	1.00
Working capital	24.81	—	—	derived	—	0.70
Current assets	25.43	—	—	reported	—	1.00
Current liabilities	0.62	—	—	reported	—	1.00
Inventory	4.77	—	—	reported	—	1.00
Trade receivables	2.44	—	—	reported	—	0.95
Trade payables	0.57	—	—	reported	—	1.00
Goodwill	7.95	—	—	reported	—	1.00
Tangible equity	25.86	—	—	derived	—	0.70

CFO	5.79	—	—	reported	—	1.00
CapEx	0.35	—	—	reported	—	1.00
FCF	5.45	—	—	reported	—	0.80
FCF conversion	42.63%	—	—	derived	—	0.70
CFO conversion	45.32%	—	—	derived	—	0.70
Dividends paid	14.54	—	—	reported	—	1.00

ROE	20.71%	—	—	derived	—	0.70
ROA	19.88%	—	—	derived	—	0.70
ROCE	23.79%	—	—	derived	—	0.70

Current ratio	41.38x	—	—	derived	—	0.70
Quick ratio	33.62x	—	—	derived	—	0.70
Cash ratio	28.55x	—	—	derived	—	0.70

Net debt / EBITDA	-1.37x	—	—	derived	—	0.70
Debt / equity	0x	—	—	derived	—	0.70
Debt / assets	0x	—	—	derived	—	0.70
Net debt / equity	-0.52x	—	—	derived	—	0.70

Revenue growth (YoY)	-1.19%	—	—	derived	—	0.70
EBIT growth (YoY)	-14%	—	—	derived	—	0.70
Net income growth (YoY)	7.81%	—	—	derived	—	0.70
EBIT margin Δ (YoY)	-7.15 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	3.8 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

16.98 —

FY 2024: —

Gross profit

11.25 —

FY 2024: —

EBITDA

12.78 —

FY 2024: —

EBIT

8.14 —

FY 2024: —

EBT

8.14 —

FY 2024: —

Net income

7.71 —

FY 2024: —

EPS (basic) (PLN)

7.16 —

FY 2024: —

D&A

4.64 —

FY 2024: —

Income tax

0.43 —

FY 2024: —

Shares (basic) (m units)

1.08 —

FY 2024: —

Gross margin

66.25% —

FY 2024: —

EBITDA margin

75.3% —

FY 2024: —

EBIT margin

47.96% —

FY 2024: —

EBT margin

47.97% —

FY 2024: —

Net margin

45.42% —

FY 2024: —

D&A margin

27.34% —

FY 2024: —

Cash

17.54 —

FY 2024: —

Total debt

0 —

FY 2024: —

Net debt

-17.54 —

FY 2024: —

Equity

33.81 —

FY 2024: —

Total assets

35.14 —

FY 2024: —

Working capital

24.81 —

FY 2024: —

Current assets

25.43 —

FY 2024: —

Current liabilities

0.62 —

FY 2024: —

Inventory

4.77 —

FY 2024: —

Trade receivables

2.44 —

FY 2024: —

Trade payables

0.57 —

FY 2024: —

Goodwill

7.95 —

FY 2024: —

Tangible equity

25.86 —

FY 2024: —

CFO

5.79 —

FY 2024: —

CapEx

0.35 —

FY 2024: —

FCF

5.45 —

FY 2024: —

FCF conversion

42.63% —

FY 2024: —

CFO conversion

45.32% —

FY 2024: —

Dividends paid

14.54 —

FY 2024: —

ROE

20.71% —

FY 2024: —

ROA

19.88% —

FY 2024: —

ROCE

23.79% —

FY 2024: —

Current ratio

41.38x —

FY 2024: —

Quick ratio

33.62x —

FY 2024: —

Cash ratio

28.55x —

FY 2024: —

Net debt / EBITDA

-1.37x —

FY 2024: —

Debt / equity

0x —

FY 2024: —

Debt / assets

0x —

FY 2024: —

Net debt / equity

-0.52x —

FY 2024: —

Revenue growth (YoY)

-1.19% —

FY 2024: —

EBIT growth (YoY)

-14% —

FY 2024: —

Net income growth (YoY)

7.81% —

FY 2024: —

EBIT margin Δ (YoY)

-7.15 pp —

FY 2024: —

Net margin Δ (YoY)

3.8 pp —

FY 2024: —