3RG 3R GAMES Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 28, 2026

H1 2026 report

Mikrospółka VR-owa z przychodami 4,4 mln zł (+78% r/r) i zyskiem netto 1,75 mln zł (+177%) – marża netto ok. 40%, co jest efektem lekkiej struktury kosztów (głównie usługi obce) i wysokiej marżowości wydawanych gier.

Sentiment

Positive No guidance change

Website

3RG H1 2026 report

Revenue

4.42 m PLN

— YoY

Net income

1.75 m PLN

— YoY

EBITDA

1.95 m PLN

— YoY

FCF

1.48 m PLN

— YoY

Summary

Investment thesis

Wynik zależy od kilku tytułów: przychody koncentrują się wokół premier i okresów udziału w subskrypcji Meta Horizon+, więc kwartały będą bardzo nierówne.
Bilans jest bezdługowy, ale wartość firmy (15,6 mln zł) to 76% aktywów; łącznie z pracami rozwojowymi aktywa niematerialne to 90% sumy bilansowej.
CFO 2,4 mln zł przewyższa zysk netto, a zysk oczyszczony o odpis (1,99 mln zł) potwierdza jakość wyniku; dywidenda 3,25 mln zł (0,04 zł/akcję) była pierwsza w historii i wyczerpała zysk 2025.
Kluczowe katalizatory: czwarty kwartał (historycznie najlepszy), dodatki do Cave Crave, PICO oraz debiut Punch Lunch na konsolach – ale terminy premier Thief Simulator VR: Heist Crew i Punch Lunch przesunięto.

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Financials

BETA

H1 2026

3RG · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	4,422	7,668	−42.3%	4,422	−42.3%	reported	—	1.00
EBITDA	1,954	3,253	−39.9%	1,954	−39.9%	reported	—	1.00
EBIT	1,720	3,253	−47.1%	1,720	−47.1%	reported	—	1.00
EBT	1,769	3,206	−44.8%	1,769	−44.8%	reported	—	1.00
Net income	1,752	3,014	−41.9%	1,752	−41.9%	reported	—	1.00
EPS (basic) (PLN)	0.02	0.04	—	0.02	—	reported	—	1.00
D&A	234	0	—	234	—	reported	—	1.00
Income tax	17	192	−91.1%	17	−91.1%	reported	—	1.00

EBITDA margin	44.19%	0.04%	+44.1 pp	44.19%	+44.1 pp	derived	—	0.70
EBIT margin	38.9%	0.04%	+38.9 pp	38.9%	+38.9 pp	derived	—	0.70
EBT margin	40%	41.81%	−1.8 pp	40%	−1.8 pp	derived	—	0.70
Net margin	39.62%	0.04%	+39.6 pp	39.62%	+39.6 pp	derived	—	0.70
D&A margin	5.29%	—	—	5.29%	—	derived	—	0.70

Cash	775	2,346	−67%	—	—	reported	—	1.00
Total debt	0	0	—	—	—	reported	—	1.00
Net debt	-775	-2,346	+67%	—	—	derived	—	0.90
Equity	19,745	21,042	−6.2%	—	—	reported	—	1.00
Total assets	20,535	21,980	−6.6%	—	—	reported	—	1.00
Working capital	1,136	5,390	−78.9%	—	—	derived	—	0.70
Current assets	1,753	6,163	−71.6%	—	—	reported	—	1.00
Current liabilities	617	773	−20.2%	—	—	reported	—	1.00
Non-current liabilities	173	165	+4.8%	—	—	reported	—	1.00
Inventory	21	2,517	−99.2%	—	—	reported	—	1.00
Trade receivables	609	1,189	−48.8%	—	—	reported	—	1.00
Trade payables	325	432	−24.8%	—	—	reported	—	1.00
Goodwill	18,578	15,602	+19.1%	—	—	reported	—	1.00
Tangible equity	1,167	5,440	−78.5%	—	—	derived	—	0.70

CFO	2,428	1,373	+76.8%	2,428	+76.8%	reported	—	1.00
CapEx	949	0	—	949	—	reported	—	1.00
FCF	1,479	1,373	+7.7%	1,479	+7.7%	derived	—	0.70
FCF conversion	75.69%	0.04%	+75.6 pp	75.69%	+75.6 pp	derived	—	0.70
CFO conversion	124.26%	0.04%	+124.2 pp	124.26%	+124.2 pp	derived	—	0.70
Dividends paid	3,250	—	—	3,250	—	reported	—	1.00

Current ratio	2.84x	0.01x	+2.83x	—	—	derived	—	0.70
Quick ratio	2.81x	4.72x	−1.91x	—	—	derived	—	0.70
Cash ratio	1.26x	3.03x	−1.77x	—	—	derived	—	0.70

Debt / equity	0x	0x	+0x	—	—	derived	—	0.90
Debt / assets	0x	0x	+0x	—	—	derived	—	0.90
Net debt / equity	-0.04x	-0.11x	+0.07x	—	—	derived	—	0.90

Revenue growth (YoY)	78.45%	0.22%	—	78.45%	—	derived	—	0.70
EBITDA growth (YoY)	158.47%	—	—	158.47%	—	derived	—	0.70
EBIT growth (YoY)	162.2%	—	—	162.2%	—	derived	—	0.70
Net income growth (YoY)	177.22%	—	—	177.22%	—	derived	—	0.70
EBITDA margin Δ (YoY)	13.68 pp	—	—	13.68 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	12.43 pp	69.54 pp	—	12.43 pp	—	derived	—	0.70
Net margin Δ (YoY)	14.12 pp	65.23 pp	—	14.12 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

4,422 −42.3%

H1 2025: 7,668
YTD 2026: 4,422
Δ YoY: −42.3%

EBITDA

1,954 −39.9%

H1 2025: 3,253
YTD 2026: 1,954
Δ YoY: −39.9%

EBIT

1,720 −47.1%

H1 2025: 3,253
YTD 2026: 1,720
Δ YoY: −47.1%

EBT

1,769 −44.8%

H1 2025: 3,206
YTD 2026: 1,769
Δ YoY: −44.8%

Net income

1,752 −41.9%

H1 2025: 3,014
YTD 2026: 1,752
Δ YoY: −41.9%

EPS (basic) (PLN)

0.02 —

H1 2025: 0.04
YTD 2026: 0.02
Δ YoY: —

D&A

234 —

H1 2025: 0
YTD 2026: 234
Δ YoY: —

Income tax

17 −91.1%

H1 2025: 192
YTD 2026: 17
Δ YoY: −91.1%

EBITDA margin

44.19% +44.1 pp

H1 2025: 0.04%
YTD 2026: 44.19%
Δ YoY: +44.1 pp

EBIT margin

38.9% +38.9 pp

H1 2025: 0.04%
YTD 2026: 38.9%
Δ YoY: +38.9 pp

EBT margin

40% −1.8 pp

H1 2025: 41.81%
YTD 2026: 40%
Δ YoY: −1.8 pp

Net margin

39.62% +39.6 pp

H1 2025: 0.04%
YTD 2026: 39.62%
Δ YoY: +39.6 pp

D&A margin

5.29% —

H1 2025: —
YTD 2026: 5.29%
Δ YoY: —

Cash

775 −67%

H1 2025: 2,346
YTD 2026: —
Δ YoY: —

Total debt

0 —

H1 2025: 0
YTD 2026: —
Δ YoY: —

Net debt

-775 +67%

H1 2025: -2,346
YTD 2026: —
Δ YoY: —

Equity

19,745 −6.2%

H1 2025: 21,042
YTD 2026: —
Δ YoY: —

Total assets

20,535 −6.6%

H1 2025: 21,980
YTD 2026: —
Δ YoY: —

Working capital

1,136 −78.9%

H1 2025: 5,390
YTD 2026: —
Δ YoY: —

Current assets

1,753 −71.6%

H1 2025: 6,163
YTD 2026: —
Δ YoY: —

Current liabilities

617 −20.2%

H1 2025: 773
YTD 2026: —
Δ YoY: —

Non-current liabilities

173 +4.8%

H1 2025: 165
YTD 2026: —
Δ YoY: —

Inventory

21 −99.2%

H1 2025: 2,517
YTD 2026: —
Δ YoY: —

Trade receivables

609 −48.8%

H1 2025: 1,189
YTD 2026: —
Δ YoY: —

Trade payables

325 −24.8%

H1 2025: 432
YTD 2026: —
Δ YoY: —

Goodwill

18,578 +19.1%

H1 2025: 15,602
YTD 2026: —
Δ YoY: —

Tangible equity

1,167 −78.5%

H1 2025: 5,440
YTD 2026: —
Δ YoY: —

CFO

2,428 +76.8%

H1 2025: 1,373
YTD 2026: 2,428
Δ YoY: +76.8%

CapEx

949 —

H1 2025: 0
YTD 2026: 949
Δ YoY: —

FCF

1,479 +7.7%

H1 2025: 1,373
YTD 2026: 1,479
Δ YoY: +7.7%

FCF conversion

75.69% +75.6 pp

H1 2025: 0.04%
YTD 2026: 75.69%
Δ YoY: +75.6 pp

CFO conversion

124.26% +124.2 pp

H1 2025: 0.04%
YTD 2026: 124.26%
Δ YoY: +124.2 pp

Dividends paid

3,250 —

H1 2025: —
YTD 2026: 3,250
Δ YoY: —

Current ratio

2.84x +2.83x

H1 2025: 0.01x
YTD 2026: —
Δ YoY: —

Quick ratio

2.81x −1.91x

H1 2025: 4.72x
YTD 2026: —
Δ YoY: —

Cash ratio

1.26x −1.77x

H1 2025: 3.03x
YTD 2026: —
Δ YoY: —

Debt / equity

0x +0x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Debt / assets

0x +0x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.04x +0.07x

H1 2025: -0.11x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

78.45% —

H1 2025: 0.22%
YTD 2026: 78.45%
Δ YoY: —

EBITDA growth (YoY)

158.47% —

H1 2025: —
YTD 2026: 158.47%
Δ YoY: —

EBIT growth (YoY)

162.2% —

H1 2025: —
YTD 2026: 162.2%
Δ YoY: —

Net income growth (YoY)

177.22% —

H1 2025: —
YTD 2026: 177.22%
Δ YoY: —

EBITDA margin Δ (YoY)

13.68 pp —

H1 2025: —
YTD 2026: 13.68 pp
Δ YoY: —

EBIT margin Δ (YoY)

12.43 pp —

H1 2025: 69.54 pp
YTD 2026: 12.43 pp
Δ YoY: —

Net margin Δ (YoY)

14.12 pp —

H1 2025: 65.23 pp
YTD 2026: 14.12 pp
Δ YoY: —