CIG
CI GAMES SPÓŁKA EUROPEJSKA
Giełda Papierów Wartościowych w Warszawie · Semiannual · publ. September 30, 2026
H1 2026 report
Stary hit „Lords of the Fallen” nadal generuje 73% przychodów, ale przychody spadają (−7,5% r/r), bo gra jest trzeci rok na rynku.
Sentiment
Neutral
No guidance change
CIG
H1 2026 report
Revenue
38.1 m PLN
— YoY
Net income
8.3 m PLN
— YoY
EBITDA
24.93 m PLN
— YoY
Gross margin
63.78%
— YoY
Summary
Investment thesis
- EBIT wzrósł o 37% do 11,2 mln zł głównie dzięki niższej amortyzacji; EBITDA spadła o 12%, więc poprawa jest w dużej mierze księgowa.
- Działalność operacyjna spaliła 15,2 mln zł (spłata zaliczek Epic Games), a wydatki inwestycyjne na nowe gry wyniosły 42,4 mln zł — całość sfinansowała emisja akcji serii M (68,3 mln zł) i kredyty.
- 85% aktywów to wartości niematerialne (zaktywowane produkcje gier), a cały dług (61,1 mln zł) jest krótkoterminowy.
- O wartości spółki zdecyduje premiera „Lords of the Fallen II”, przesunięta na I kwartał 2027 r.
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Financials
BETA
CIG · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38,096 | 73,782 | −48.4% | 38,096 | −48.4% | reported | — | 1.00 |
| Gross profit | 24,297 | 33,675 | −27.8% | 24,297 | −27.8% | reported | — | 1.00 |
| EBITDA | 24,933 | 33,999 | −26.7% | 24,933 | −26.7% | derived | — | 0.70 |
| EBIT | 11,225 | 1,785 | +528.9% | 11,225 | +528.9% | reported | — | 1.00 |
| EBT | 9,166 | 4,427 | +107% | 9,166 | +107% | reported | — | 1.00 |
| Net income | 8,299 | 3,418 | +142.8% | 8,299 | +142.8% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.04 | 0.02 | — | 0.04 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.04 | 0.02 | — | 0.04 | — | reported | — | 1.00 |
| D&A | 10,734 | 32,214 | −66.7% | 10,734 | −66.7% | reported | — | 1.00 |
| Interest expense | 2,323 | 1,533 | +51.5% | 2,323 | +51.5% | reported | — | 0.90 |
| Income tax | 600 | -744 | +180.6% | 600 | +180.6% | reported | — | 1.00 |
| Shares (basic) (m units) | 197.63 | 190.83 | — | 197.63 | — | reported | — | 1.00 |
| Gross margin | 63.78% | 45640000% | −45639936.2 pp | 63.78% | −45639936.2 pp | derived | — | 0.70 |
| EBITDA margin | 57.64% | 46080000% | −46079942.4 pp | 57.64% | −46079942.4 pp | derived | — | 0.70 |
| EBIT margin | 29.47% | 2420000% | −2419970.5 pp | 29.47% | −2419970.5 pp | derived | — | 0.70 |
| EBT margin | 24.06% | 6000000% | −5999975.9 pp | 24.06% | −5999975.9 pp | derived | — | 0.70 |
| Net margin | 21.78% | 4630000% | −4629978.2 pp | 21.78% | −4629978.2 pp | derived | — | 0.70 |
| Cash | 21,486 | 2,033 | +956.9% | — | — | reported | — | 1.00 |
| Total debt | 61,085 | 52,423 | +16.5% | — | — | reported | — | 0.90 |
| Net debt | 39,599 | 50,390 | −21.4% | — | — | derived | — | 0.70 |
| Equity | 237,818 | 160,687 | +48% | — | — | reported | — | 1.00 |
| Total assets | 322,828 | 281,912 | +14.5% | — | — | reported | — | 1.00 |
| Working capital | -43,251 | -79,603 | +45.7% | — | — | derived | — | 0.70 |
| Current assets | 36,319 | 30,620 | +18.6% | — | — | reported | — | 1.00 |
| Current liabilities | 79,570 | 110,223 | −27.8% | — | — | reported | — | 1.00 |
| Non-current liabilities | 5,440 | 11,002 | −50.6% | — | — | reported | — | 1.00 |
| Inventory | 28 | 184 | −84.8% | — | — | reported | — | 1.00 |
| Trade receivables | 13,666 | 17,023 | −19.7% | — | — | reported | — | 0.90 |
| Trade payables | 16,611 | 6,400 | +159.5% | — | — | reported | — | 0.90 |
| Goodwill | 274,373 | 241,784 | +13.5% | — | — | reported | — | 0.80 |
| CFO | -15,188 | 46,050 | −133% | -15,188 | −133% | reported | — | 1.00 |
| CapEx | 42,444 | 86,357 | −50.9% | 42,444 | −50.9% | reported | — | 1.00 |
| FCF | -57,632 | -40,307 | −43% | -57,632 | −43% | derived | — | 0.70 |
| Current ratio | 0.46x | 280000x | −279999.54x | — | — | derived | — | 0.70 |
| Quick ratio | 0.46x | 280000x | −279999.54x | — | — | derived | — | 0.70 |
| Cash ratio | 0.27x | 20000x | −19999.73x | — | — | derived | — | 0.70 |
| Interest coverage | 4.83x | 1160000x | −1159995.17x | 4.83x | −1159995.17x | derived | — | 0.70 |
| Debt / equity | 0.26x | 330000x | −329999.74x | — | — | derived | — | 0.70 |
| Debt / assets | 0.19x | 190000x | −189999.81x | — | — | derived | — | 0.70 |
| Net debt / equity | 0.17x | 310000x | −309999.83x | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -7.46% | -8670000% | — | -7.46% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | -11.93% | -22190000% | — | -11.93% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 37.14% | 145500000% | — | 37.14% | — | derived | — | 0.70 |
| Net income growth (YoY) | -16.79% | 149370000% | — | -16.79% | — | derived | — | 0.70 |
| EPS growth (YoY) | -20% | — | — | -20% | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | 15.44 pp | 17840000 pp | — | 15.44 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 9.59 pp | 7280000 pp | — | 9.59 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
38,096
−48.4%
38,096
−48.4%
- H1 2025
- 73,782
- YTD 2026
- 38,096
- Δ YoY
- −48.4%
Gross profit
24,297
−27.8%
24,297
−27.8%
- H1 2025
- 33,675
- YTD 2026
- 24,297
- Δ YoY
- −27.8%
EBITDA
24,933
−26.7%
24,933
−26.7%
- H1 2025
- 33,999
- YTD 2026
- 24,933
- Δ YoY
- −26.7%
EBIT
11,225
+528.9%
11,225
+528.9%
- H1 2025
- 1,785
- YTD 2026
- 11,225
- Δ YoY
- +528.9%
EBT
9,166
+107%
9,166
+107%
- H1 2025
- 4,427
- YTD 2026
- 9,166
- Δ YoY
- +107%
Net income
8,299
+142.8%
8,299
+142.8%
- H1 2025
- 3,418
- YTD 2026
- 8,299
- Δ YoY
- +142.8%
EPS (basic)
(PLN)
0.04
—
0.04
—
- H1 2025
- 0.02
- YTD 2026
- 0.04
- Δ YoY
- —
EPS (diluted)
(PLN)
0.04
—
0.04
—
- H1 2025
- 0.02
- YTD 2026
- 0.04
- Δ YoY
- —
D&A
10,734
−66.7%
10,734
−66.7%
- H1 2025
- 32,214
- YTD 2026
- 10,734
- Δ YoY
- −66.7%
Interest expense
2,323
+51.5%
2,323
+51.5%
- H1 2025
- 1,533
- YTD 2026
- 2,323
- Δ YoY
- +51.5%
Income tax
600
+180.6%
600
+180.6%
- H1 2025
- -744
- YTD 2026
- 600
- Δ YoY
- +180.6%
Shares (basic)
(m units)
197.63
—
197.63
—
- H1 2025
- 190.83
- YTD 2026
- 197.63
- Δ YoY
- —
Gross margin
63.78%
−45639936.2 pp
63.78%
−45639936.2 pp
- H1 2025
- 45640000%
- YTD 2026
- 63.78%
- Δ YoY
- −45639936.2 pp
EBITDA margin
57.64%
−46079942.4 pp
57.64%
−46079942.4 pp
- H1 2025
- 46080000%
- YTD 2026
- 57.64%
- Δ YoY
- −46079942.4 pp
EBIT margin
29.47%
−2419970.5 pp
29.47%
−2419970.5 pp
- H1 2025
- 2420000%
- YTD 2026
- 29.47%
- Δ YoY
- −2419970.5 pp
EBT margin
24.06%
−5999975.9 pp
24.06%
−5999975.9 pp
- H1 2025
- 6000000%
- YTD 2026
- 24.06%
- Δ YoY
- −5999975.9 pp
Net margin
21.78%
−4629978.2 pp
21.78%
−4629978.2 pp
- H1 2025
- 4630000%
- YTD 2026
- 21.78%
- Δ YoY
- −4629978.2 pp
Cash
21,486
+956.9%
21,486
+956.9%
- H1 2025
- 2,033
- YTD 2026
- —
- Δ YoY
- —
Total debt
61,085
+16.5%
61,085
+16.5%
- H1 2025
- 52,423
- YTD 2026
- —
- Δ YoY
- —
Net debt
39,599
−21.4%
39,599
−21.4%
- H1 2025
- 50,390
- YTD 2026
- —
- Δ YoY
- —
Equity
237,818
+48%
237,818
+48%
- H1 2025
- 160,687
- YTD 2026
- —
- Δ YoY
- —
Total assets
322,828
+14.5%
322,828
+14.5%
- H1 2025
- 281,912
- YTD 2026
- —
- Δ YoY
- —
Working capital
-43,251
+45.7%
-43,251
+45.7%
- H1 2025
- -79,603
- YTD 2026
- —
- Δ YoY
- —
Current assets
36,319
+18.6%
36,319
+18.6%
- H1 2025
- 30,620
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
79,570
−27.8%
79,570
−27.8%
- H1 2025
- 110,223
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
5,440
−50.6%
5,440
−50.6%
- H1 2025
- 11,002
- YTD 2026
- —
- Δ YoY
- —
Inventory
28
−84.8%
28
−84.8%
- H1 2025
- 184
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
13,666
−19.7%
13,666
−19.7%
- H1 2025
- 17,023
- YTD 2026
- —
- Δ YoY
- —
Trade payables
16,611
+159.5%
16,611
+159.5%
- H1 2025
- 6,400
- YTD 2026
- —
- Δ YoY
- —
Goodwill
274,373
+13.5%
274,373
+13.5%
- H1 2025
- 241,784
- YTD 2026
- —
- Δ YoY
- —
CFO
-15,188
−133%
-15,188
−133%
- H1 2025
- 46,050
- YTD 2026
- -15,188
- Δ YoY
- −133%
CapEx
42,444
−50.9%
42,444
−50.9%
- H1 2025
- 86,357
- YTD 2026
- 42,444
- Δ YoY
- −50.9%
FCF
-57,632
−43%
-57,632
−43%
- H1 2025
- -40,307
- YTD 2026
- -57,632
- Δ YoY
- −43%
Current ratio
0.46x
−279999.54x
0.46x
−279999.54x
- H1 2025
- 280000x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.46x
−279999.54x
0.46x
−279999.54x
- H1 2025
- 280000x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.27x
−19999.73x
0.27x
−19999.73x
- H1 2025
- 20000x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
4.83x
−1159995.17x
4.83x
−1159995.17x
- H1 2025
- 1160000x
- YTD 2026
- 4.83x
- Δ YoY
- −1159995.17x
Debt / equity
0.26x
−329999.74x
0.26x
−329999.74x
- H1 2025
- 330000x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.19x
−189999.81x
0.19x
−189999.81x
- H1 2025
- 190000x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.17x
−309999.83x
0.17x
−309999.83x
- H1 2025
- 310000x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-7.46%
—
-7.46%
—
- H1 2025
- -8670000%
- YTD 2026
- -7.46%
- Δ YoY
- —
EBITDA growth (YoY)
-11.93%
—
-11.93%
—
- H1 2025
- -22190000%
- YTD 2026
- -11.93%
- Δ YoY
- —
EBIT growth (YoY)
37.14%
—
37.14%
—
- H1 2025
- 145500000%
- YTD 2026
- 37.14%
- Δ YoY
- —
Net income growth (YoY)
-16.79%
—
-16.79%
—
- H1 2025
- 149370000%
- YTD 2026
- -16.79%
- Δ YoY
- —
EPS growth (YoY)
-20%
—
-20%
—
- H1 2025
- —
- YTD 2026
- -20%
- Δ YoY
- —
Gross margin Δ (YoY)
15.44 pp
—
15.44 pp
—
- H1 2025
- 17840000 pp
- YTD 2026
- 15.44 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
9.59 pp
—
9.59 pp
—
- H1 2025
- 7280000 pp
- YTD 2026
- 9.59 pp
- Δ YoY
- —