CI Games — Q126 solid, but all eyes on H2

CI Games (WSE: CIG)

Last close As at 05/08/2026

PLN2.58

0.00 (−0.19%)

Market capitalisation

PLN472m

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Research: TMT

CI Games — Q126 solid, but all eyes on H2

Q126 was always going to be a relatively quiet period for the group, with investor attention growing as the year progresses. Q2 is traditionally a busier time for industry events and announcements, but the focal point for CI Games will be the reveal of the 2026 launch date for the much-anticipated Lords of the Fallen 2 (LOTF2).

Written by

Dan Ridsdale

Head of Technology

Software and comp services

Q126 results


2 June 2026

Price PLN2.96
Market cap PLN542m

Net cash/(debt) at end March 2026

PLN(49.7)m

Shares in issue

190.8m
Free float 61.0%
Code CIG
Primary exchange WSE
Secondary exchange N/A
Price Performance

Business description

Founded in 2002, CI Games is a Warsaw-based developer and publisher of AAA multi-platform video games for a global audience. It specialises in first-person shooter and action-driven titles and owns IP including the Sniper Ghost Warrior and Lords of the Fallen franchises.

Analysts

Dan Ridsdale
+44 (0)20 3077 5700
Ross Jobber
+44 (0)20 3077 5700

CI Games is a research client of Edison Investment Research Limited

Source: LSEG Data & Analytics. Note: Consensus estimates; not Edison forecasts. EBITDA and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Year end Revenue (PLNm) EBITDA (PLNm) EPS (PLN) P/E (x) EV/EBITDA (x)
12/24 80.8 42.5 (0.03) N/A 13.9
12/25 73.8 34.0 0.02 N/A 17.4
12/26e 255.4 144.5 0.31 9.5 4.1
12/27e 214.3 135.4 0.21 14.1 4.4

Q126 revenues fell 17% to PLN13.6m (Q125: PLN16.3m), reflecting the group’s games release cycle. Lords of the Fallen (LOTF) accounted for 63% of total revenues with Sniper Ghost Warrior Contracts 2 and Sniper Ghost Warrior Contracts together generating 19% of Q126 revenues. Games from the United Label portfolio accounted for 7% sales in the period. Production costs decreased by 39.1% y-o-y to PLN4.3m. Key contributing factors included lower amortisation costs related to LOTF and lower costs associated with use of third-party engines. Q126 selling costs fell by 26.4% y-o-y driven primarily by a reduction in publishing and marketing as well as the absence of Q125 recruitment costs.

Reported EBITDA in Q126 was PLN6.9m, giving a margin of 50.9% (Q125: PLN7.9m, 48.6% margin). Operating profit was PLN1.7m (12.1% margin), compared to a Q125 operating loss of PLN0.9m. Q126 net loss was PLN1.5m after net foreign exchange losses amounting to PLN2.8m.

In Q126, operating cash flow was PLN21.6m (Q125: PLN16.3m). Cash flow from investing activities was PLN20.4m as investment in Project 3 and Project H continued. March 2026 cash balances were PLN7.0m (December 2025: PLN2.0m).

Q126 was a relatively quiet marketing period, especially given the group’s Steam sale in December 2025. March 2026 did see a 72-hour midweek LOTF (2023) placement – the first ever at under €10, and this was followed in April by the appearance of LOTF (2023) in the 50m+ user PS+ Essential subscription service – the first title for CI Games since Tails of Iron in April 2023.

Q2 is a busier period from an industry perspective with a number of events (eg Summer Games Fest, Xbox Showcase and PlayStation State of Play) being held in June. We expect a series of announcements from industry players as they negotiate their way around the Grand Theft Auto VI launch in November.

The focus for CI Games remains H226 and the (as yet unannounced) launch date of LOTF2. With the PC exclusivity agreement with EPIC now dissolved, management can add other platforms to truly maximise the impact of this key launch. In the longer term, Sniper Ghost Warrior Evolve continues in development, introducing elements of the earlier Project Survive initiative into the highly successful Sniper Ghost Warrior franchise. In addition, Project H builds on the group’s LOTF expertise to create a mediaeval dark fantasy action role-playing game.

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