DGE DRAGO ENTERTAINMENT Giełda Papierów Wartościowych w Warszawie · quarterly · publ. June 01, 2026

Q1 2026 report

Operating leverage inflection: EBIT grew 242% YoY and EBITDA grew 194% YoY despite a 6.2% revenue decline, lifting the EBITDA margin to ~37%

Sentiment

Neutral No guidance change

Website

DGE Q1 2026 report

Revenue

2.85 m PLN

— YoY

Net income

1.01 m PLN

— YoY

EBITDA

1.04 m PLN

— YoY

FCF

0.07 m PLN

— YoY

Summary

Investment thesis

Diversified 2026 content pipeline (Roadhouse Simulator, Road Diner Simulator, Airport Contraband) extends beyond the core Gas Station Simulator universe
Flagship Gas Station Simulator franchise keeps generating recurring DLC revenue across PC and console (Car Junkyard DLC launched on Xbox/PlayStation in February 2026)
Capitalised game-development costs booked as inventory (PLN 15.7m, 81% of total assets) carry subjective NRV-testing risk based on Steam wishlist and community engagement signals
Conservative balance sheet with no long-term debt, but a thin cash buffer (PLN 0.43m) relative to the production/marketing spend implied by three planned 2026 launches

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Financials

BETA

Q1 2026

DGE · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue standalone	2.85	—	—	reported	standalone	1.00
EBITDA standalone	1.04	—	—	reported	standalone	1.00
EBIT standalone	1.04	—	—	reported	standalone	1.00
EBT standalone	1.09	—	—	reported	standalone	1.00
Net income standalone	1.01	—	—	reported	standalone	1.00
EPS (basic) (PLN) standalone	0.93	—	—	reported	standalone	1.00
D&A standalone	0.01	—	—	reported	standalone	1.00
Interest expense standalone	0.01	—	—	reported	standalone	1.00

EBITDA margin standalone	36.59%	—	—	derived	standalone	0.90
EBIT margin standalone	36.37%	—	—	derived	standalone	0.90
Net margin standalone	35.55%	—	—	derived	standalone	0.90

Cash standalone	0.43	—	—	reported	standalone	1.00
Total debt standalone	0.56	—	—	reported	standalone	1.00
Net debt standalone	0.14	—	—	derived	standalone	0.90
Equity standalone	16.22	—	—	reported	standalone	1.00
Total assets standalone	19.45	—	—	reported	standalone	1.00
Current assets standalone	18.58	—	—	reported	standalone	1.00
Current liabilities standalone	1.71	—	—	reported	standalone	1.00

CFO standalone	0.07	—	—	reported	standalone	1.00
CapEx standalone	0	—	—	reported	standalone	1.00
FCF standalone	0.07	—	—	derived	standalone	0.90

Current ratio standalone	10.88x	—	—	derived	standalone	0.90
Quick ratio standalone	1.69x	—	—	derived	standalone	0.90
Cash ratio standalone	0.25x	—	—	derived	standalone	0.90
Interest coverage standalone	194.3x	—	—	derived	standalone	0.90

Debt / equity standalone	0.03x	—	—	derived	standalone	0.90
Net debt / equity standalone	0.01x	—	—	derived	standalone	0.90

Revenue growth (YoY) standalone	-6.24%	—	—	derived	standalone	0.90
EBITDA growth (YoY) standalone	194.25%	—	—	derived	standalone	0.90
EBIT growth (YoY) standalone	242.02%	—	—	derived	standalone	0.90
Net income growth (YoY) standalone	333.75%	—	—	derived	standalone	0.90
EPS growth (YoY) standalone	342.86%	—	—	derived	standalone	0.90

Q1 2026 · Δ YoY

Revenue

standalone

2.85 —

Q1 2025: —

EBITDA

standalone

1.04 —

Q1 2025: —

EBIT

standalone

1.04 —

Q1 2025: —

EBT

standalone

1.09 —

Q1 2025: —

Net income

standalone

1.01 —

Q1 2025: —

EPS (basic) (PLN)

standalone

0.93 —

Q1 2025: —

D&A

standalone

0.01 —

Q1 2025: —

Interest expense

standalone

0.01 —

Q1 2025: —

EBITDA margin

standalone

36.59% —

Q1 2025: —

EBIT margin

standalone

36.37% —

Q1 2025: —

Net margin

standalone

35.55% —

Q1 2025: —

Cash

standalone

0.43 —

Q1 2025: —

Total debt

standalone

0.56 —

Q1 2025: —

Net debt

standalone

0.14 —

Q1 2025: —

Equity

standalone

16.22 —

Q1 2025: —

Total assets

standalone

19.45 —

Q1 2025: —

Current assets

standalone

18.58 —

Q1 2025: —

Current liabilities

standalone

1.71 —

Q1 2025: —

CFO

standalone

0.07 —

Q1 2025: —

CapEx

standalone

0 —

Q1 2025: —

FCF

standalone

0.07 —

Q1 2025: —

Current ratio

standalone

10.88x —

Q1 2025: —

Quick ratio

standalone

1.69x —

Q1 2025: —

Cash ratio

standalone

0.25x —

Q1 2025: —

Interest coverage

standalone

194.3x —

Q1 2025: —

Debt / equity

standalone

0.03x —

Q1 2025: —

Net debt / equity

standalone

0.01x —

Q1 2025: —

Revenue growth (YoY)

standalone

-6.24% —

Q1 2025: —

EBITDA growth (YoY)

standalone

194.25% —

Q1 2025: —

EBIT growth (YoY)

standalone

242.02% —

Q1 2025: —

Net income growth (YoY)

standalone

333.75% —

Q1 2025: —

EPS growth (YoY)

standalone

342.86% —

Q1 2025: —