CIG
CI GAMES SPÓŁKA EUROPEJSKA
Giełda Papierów Wartościowych w Warszawie · quarterly · publ. May 28, 2026
Q1 2026 report
Revenue is currently carried almost entirely by the aging 'Lords of the Fallen' (2023) and Sniper franchises, while the group spends ~PLN 20m/quarter developing 'Lords of the Fallen II', due in 2026
Sentiment
Cautious
No guidance change
CIG
Q1 2026 report
Revenue
13.65 m PLN
— YoY
Net income
-1.57 m PLN
— YoY
EBITDA
6.94 m PLN
— YoY
Gross margin
51.47%
— YoY
Summary
Investment thesis
- Q1 2026 EBIT and gross margin improved sharply YoY as amortisation of the current LOTF title declines, but a PLN 2.8m net FX loss pulled the group to a net loss for the quarter
- The PLN 70m Series M share issue (registered with the court 18.05.2026, after quarter-end) meaningfully de-risks near-term financing for the 2026 pipeline and closes the negative-working-capital gap seen at quarter-end
- The balance sheet carries no acquisition goodwill but PLN 257m of capitalised game-development intangibles — tangible book value is negative, so equity value rests almost entirely on future game performance
- No formal guidance is published; the investment case hinges on the commercial reception of 'Lords of the Fallen II' later in 2026
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Financials
BETA
CIG · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 13.65 | — | — | reported | — | 1.00 |
| Gross profit | 7.03 | — | — | reported | — | 1.00 |
| EBITDA | 6.94 | — | — | reported | — | 1.00 |
| EBIT | 1.66 | — | — | reported | — | 1.00 |
| EBT | -1.48 | — | — | reported | — | 1.00 |
| Net income | -1.57 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.01 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.01 | — | — | reported | — | 1.00 |
| D&A | 5.38 | — | — | reported | — | 1.00 |
| Interest expense | 0.28 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 190.83 | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 190.83 | — | — | reported | — | 1.00 |
| Gross margin | 51.47% | — | — | reported | — | 0.90 |
| EBITDA margin | 50.87% | — | — | reported | — | 0.90 |
| EBIT margin | 12.13% | — | — | reported | — | 0.90 |
| EBT margin | -10.83% | — | — | reported | — | 0.90 |
| Net margin | -11.53% | — | — | reported | — | 0.90 |
| D&A margin | 39.39% | — | — | reported | — | 0.90 |
| Cash | 7.04 | — | — | reported | — | 1.00 |
| Total debt | 56.77 | — | — | reported | — | 0.90 |
| Net debt | 49.73 | — | — | reported | — | 0.85 |
| Equity | 223.47 | — | — | reported | — | 1.00 |
| Total assets | 366.92 | — | — | reported | — | 1.00 |
| Working capital | -31.61 | — | — | reported | — | 0.90 |
| Current assets | 101.01 | — | — | reported | — | 1.00 |
| Current liabilities | 132.62 | — | — | reported | — | 1.00 |
| Goodwill | 257.46 | — | — | reported | — | 0.85 |
| Tangible equity | -33.99 | — | — | reported | — | 0.80 |
| CFO | 21.6 | — | — | reported | — | 1.00 |
| CapEx | 20.65 | — | — | reported | — | 1.00 |
| FCF | 0.95 | — | — | reported | — | 0.90 |
| FCF conversion | 13.67% | — | — | reported | — | 0.85 |
| CFO conversion | 311.14% | — | — | reported | — | 0.85 |
| Current ratio | 0.76x | — | — | reported | — | 0.90 |
| Quick ratio | 0.76x | — | — | reported | — | 0.85 |
| Cash ratio | 0.05x | — | — | reported | — | 0.90 |
| Interest coverage | 5.93x | — | — | reported | — | 0.85 |
| Debt / equity | 0.25x | — | — | reported | — | 0.85 |
| Debt / assets | 0.16x | — | — | reported | — | 0.85 |
| Net debt / equity | 0.22x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | -16.06% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -12.13% | — | — | reported | — | 0.85 |
| EBIT growth (YoY) | 277.58% | — | — | reported | — | 0.75 |
| Net income growth (YoY) | -257.24% | — | — | reported | — | 0.60 |
| FCF growth (YoY) | 123.19% | — | — | reported | — | 0.60 |
| Gross margin Δ (YoY) | 18.35 pp | — | — | reported | — | 0.85 |
| EBITDA margin Δ (YoY) | 2.28 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | 17.86 pp | — | — | reported | — | 0.85 |
| Net margin Δ (YoY) | -17.69 pp | — | — | reported | — | 0.85 |
Q1 2026 · Δ YoY
Revenue
13.65
—
13.65
—
- Q1 2025
- —
Gross profit
7.03
—
7.03
—
- Q1 2025
- —
EBITDA
6.94
—
6.94
—
- Q1 2025
- —
EBIT
1.66
—
1.66
—
- Q1 2025
- —
EBT
-1.48
—
-1.48
—
- Q1 2025
- —
Net income
-1.57
—
-1.57
—
- Q1 2025
- —
EPS (basic)
(PLN)
-0.01
—
-0.01
—
- Q1 2025
- —
EPS (diluted)
(PLN)
-0.01
—
-0.01
—
- Q1 2025
- —
D&A
5.38
—
5.38
—
- Q1 2025
- —
Interest expense
0.28
—
0.28
—
- Q1 2025
- —
Shares (basic)
(m units)
190.83
—
190.83
—
- Q1 2025
- —
Shares (diluted)
(m units)
190.83
—
190.83
—
- Q1 2025
- —
Gross margin
51.47%
—
51.47%
—
- Q1 2025
- —
EBITDA margin
50.87%
—
50.87%
—
- Q1 2025
- —
EBIT margin
12.13%
—
12.13%
—
- Q1 2025
- —
EBT margin
-10.83%
—
-10.83%
—
- Q1 2025
- —
Net margin
-11.53%
—
-11.53%
—
- Q1 2025
- —
D&A margin
39.39%
—
39.39%
—
- Q1 2025
- —
Cash
7.04
—
7.04
—
- Q1 2025
- —
Total debt
56.77
—
56.77
—
- Q1 2025
- —
Net debt
49.73
—
49.73
—
- Q1 2025
- —
Equity
223.47
—
223.47
—
- Q1 2025
- —
Total assets
366.92
—
366.92
—
- Q1 2025
- —
Working capital
-31.61
—
-31.61
—
- Q1 2025
- —
Current assets
101.01
—
101.01
—
- Q1 2025
- —
Current liabilities
132.62
—
132.62
—
- Q1 2025
- —
Goodwill
257.46
—
257.46
—
- Q1 2025
- —
Tangible equity
-33.99
—
-33.99
—
- Q1 2025
- —
CFO
21.6
—
21.6
—
- Q1 2025
- —
CapEx
20.65
—
20.65
—
- Q1 2025
- —
FCF
0.95
—
0.95
—
- Q1 2025
- —
FCF conversion
13.67%
—
13.67%
—
- Q1 2025
- —
CFO conversion
311.14%
—
311.14%
—
- Q1 2025
- —
Current ratio
0.76x
—
0.76x
—
- Q1 2025
- —
Quick ratio
0.76x
—
0.76x
—
- Q1 2025
- —
Cash ratio
0.05x
—
0.05x
—
- Q1 2025
- —
Interest coverage
5.93x
—
5.93x
—
- Q1 2025
- —
Debt / equity
0.25x
—
0.25x
—
- Q1 2025
- —
Debt / assets
0.16x
—
0.16x
—
- Q1 2025
- —
Net debt / equity
0.22x
—
0.22x
—
- Q1 2025
- —
Revenue growth (YoY)
-16.06%
—
-16.06%
—
- Q1 2025
- —
EBITDA growth (YoY)
-12.13%
—
-12.13%
—
- Q1 2025
- —
EBIT growth (YoY)
277.58%
—
277.58%
—
- Q1 2025
- —
Net income growth (YoY)
-257.24%
—
-257.24%
—
- Q1 2025
- —
FCF growth (YoY)
123.19%
—
123.19%
—
- Q1 2025
- —
Gross margin Δ (YoY)
18.35 pp
—
18.35 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
2.28 pp
—
2.28 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
17.86 pp
—
17.86 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-17.69 pp
—
-17.69 pp
—
- Q1 2025
- —