Q1 2026 report
President Studio to spółka z portfela PlayWay (67,5% akcji), notowana na NewConnect, oparta na jednym flagowym tytule — Crime Scene Cleaner — który wciąż napędza sprzedaż mimo podniesienia ceny bazowej.
Sentiment
Neutral
No guidance change
PRE
Q1 2026 report
Revenue
4.59 m PLN
— YoY
Net income
3.33 m PLN
— YoY
EBITDA
3.44 m PLN
— YoY
FCF
3.07 m PLN
— YoY
Summary
Investment thesis
- Bilans niemal wolny od zadłużenia (całość aktywów finansowana kapitałem własnym), z gotówką 21,3 mln zł na koniec kwartału i zerowym CAPEX-em.
- Mimo spadku przychodów o ok. 21% r/r i zysku netto o ok. 29% r/r, jakość zysku pozostaje wysoka — OCF pokrywa ok. 90% wygenerowanego zysku operacyjnego.
- Nowy płatny dodatek „Biohazard” i darmowa aktualizacja „Act 2” podtrzymują zainteresowanie graczy (wishlista >88 tys., rekordowa liczba jednoczesnych graczy >11 tys.), ale spółka nie podaje żadnych dat premier dla kolejnych tytułów (Ship Builder, Viking City Builder, pełna wersja Celestial Empire — wszystkie „TBA”).
- Bardzo wysoka marża operacyjna (~75%) i zerowa kapitalizacja kosztów produkcji sugerują, że istotna część kosztów wytworzenia gier ponoszona jest poza spółką (prawdopodobnie przez PlayWay S.A. jako częściowego wydawcę) — raport nie precyzuje tego podziału.
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Financials
BETA
PRE · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 4.59 | — | — | reported | — | 1.00 |
| EBITDA | 3.44 | — | — | derived | — | 0.90 |
| EBIT | 3.44 | — | — | reported | — | 1.00 |
| EBT | 3.57 | — | — | reported | — | 1.00 |
| Net income | 3.33 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 3.19 | — | — | derived | — | 0.60 |
| D&A | 0 | — | — | reported | — | 1.00 |
| Interest expense | 0 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 1.04 | — | — | reported | — | 0.60 |
| EBITDA margin | 74.92% | — | — | reported | — | 0.90 |
| EBIT margin | 74.92% | — | — | reported | — | 0.90 |
| EBT margin | 77.73% | — | — | reported | — | 0.90 |
| Net margin | 72.52% | — | — | reported | — | 0.90 |
| D&A margin | 0% | — | — | reported | — | 0.90 |
| Cash | 21.27 | — | — | reported | — | 1.00 |
| Total debt | 0 | — | — | reported | — | 0.70 |
| Net debt | -21.27 | — | — | derived | — | 0.70 |
| Equity | 29.01 | — | — | reported | — | 1.00 |
| Total assets | 29.43 | — | — | reported | — | 1.00 |
| Working capital | 28.99 | — | — | derived | — | 0.90 |
| Current assets | 29.41 | — | — | reported | — | 1.00 |
| Current liabilities | 0.41 | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| CFO | 3.07 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 3.07 | — | — | derived | — | 0.90 |
| FCF conversion | 89.28% | — | — | reported | — | 0.85 |
| CFO conversion | 89.28% | — | — | reported | — | 0.85 |
| Current ratio | 70.89x | — | — | reported | — | 0.90 |
| Quick ratio | 65.28x | — | — | reported | — | 0.90 |
| Cash ratio | 51.28x | — | — | reported | — | 0.90 |
| Debt / equity | 0x | — | — | reported | — | 0.70 |
| Debt / assets | 0x | — | — | reported | — | 0.70 |
| Net debt / equity | -0.73x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -21.45% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -30.61% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -30.61% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | -28.6% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -28.6% | — | — | reported | — | 0.50 |
| EBITDA margin Δ (YoY) | -9.89 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -9.89 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -7.27 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
4.59
—
4.59
—
- Q1 2025
- —
EBITDA
3.44
—
3.44
—
- Q1 2025
- —
EBIT
3.44
—
3.44
—
- Q1 2025
- —
EBT
3.57
—
3.57
—
- Q1 2025
- —
Net income
3.33
—
3.33
—
- Q1 2025
- —
EPS (basic)
(PLN)
3.19
—
3.19
—
- Q1 2025
- —
D&A
0
—
0
—
- Q1 2025
- —
Interest expense
0
—
0
—
- Q1 2025
- —
Shares (basic)
(m units)
1.04
—
1.04
—
- Q1 2025
- —
EBITDA margin
74.92%
—
74.92%
—
- Q1 2025
- —
EBIT margin
74.92%
—
74.92%
—
- Q1 2025
- —
EBT margin
77.73%
—
77.73%
—
- Q1 2025
- —
Net margin
72.52%
—
72.52%
—
- Q1 2025
- —
D&A margin
0%
—
0%
—
- Q1 2025
- —
Cash
21.27
—
21.27
—
- Q1 2025
- —
Total debt
0
—
0
—
- Q1 2025
- —
Net debt
-21.27
—
-21.27
—
- Q1 2025
- —
Equity
29.01
—
29.01
—
- Q1 2025
- —
Total assets
29.43
—
29.43
—
- Q1 2025
- —
Working capital
28.99
—
28.99
—
- Q1 2025
- —
Current assets
29.41
—
29.41
—
- Q1 2025
- —
Current liabilities
0.41
—
0.41
—
- Q1 2025
- —
Goodwill
0
—
0
—
- Q1 2025
- —
CFO
3.07
—
3.07
—
- Q1 2025
- —
CapEx
0
—
0
—
- Q1 2025
- —
FCF
3.07
—
3.07
—
- Q1 2025
- —
FCF conversion
89.28%
—
89.28%
—
- Q1 2025
- —
CFO conversion
89.28%
—
89.28%
—
- Q1 2025
- —
Current ratio
70.89x
—
70.89x
—
- Q1 2025
- —
Quick ratio
65.28x
—
65.28x
—
- Q1 2025
- —
Cash ratio
51.28x
—
51.28x
—
- Q1 2025
- —
Debt / equity
0x
—
0x
—
- Q1 2025
- —
Debt / assets
0x
—
0x
—
- Q1 2025
- —
Net debt / equity
-0.73x
—
-0.73x
—
- Q1 2025
- —
Revenue growth (YoY)
-21.45%
—
-21.45%
—
- Q1 2025
- —
EBITDA growth (YoY)
-30.61%
—
-30.61%
—
- Q1 2025
- —
EBIT growth (YoY)
-30.61%
—
-30.61%
—
- Q1 2025
- —
Net income growth (YoY)
-28.6%
—
-28.6%
—
- Q1 2025
- —
EPS growth (YoY)
-28.6%
—
-28.6%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-9.89 pp
—
-9.89 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-9.89 pp
—
-9.89 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
-7.27 pp
—
-7.27 pp
—
- Q1 2025
- —