Bloober Team 2025: record net profit of PLN 52.6 m (+150% YoY) driven by Cronos launch and Silent Hill 2 Remake royalties

Bloober Team 2025: record net profit of PLN 52.6 m (+150% YoY) driven by Cronos launch and Silent Hill 2 Remake royalties

Bloober Team S.A. - headquartered at Aleja Pokoju 18B in Kraków (postcode 31-564, Małopolskie voivodeship), registered in the KRS under number 0000380757 - closed 2025 with revenue of PLN 149 m (+67% YoY), operating profit of PLN 66 m (+188%), net profit of PLN 52.6 m (+150%) and record EBITDA of PLN 89.5 m. It is the strongest year in the company's history, driven by two parallel catalysts: the launch of its own game Cronos: The New Dawn (5 September 2025, PC/PS5/Xbox Series X|S/Switch 2) and royalties from Silent Hill 2 Remake developed in cooperation with Konami (October 2024 launch).

The scale of both productions matters for interpretation. Cronos sold over 200 k units in the launch weekend and surpassed 500 k players in three months at 88% positive reviews on Steam - typically a strong start for a mid-scale studio. Silent Hill 2 Remake crossed 5 m units sold by March 2026 and accounts for 25% of the entire Silent Hill brand's sales (10 m). Bloober collects milestones plus a profit share from the contract - it does not own the IP, but participates in Konami's cash flows.

An important dividend context: the board did not recommend a dividend out of 2025 in the communication of 21 April 2026. Earlier, out of 2024, the board recommended covering accumulated losses (PLN 2.8 m) and reserve capital (PLN 20.41 m). All operating capital will go to seven projects in the pipeline, including a remake of the original Silent Hill for Konami and new original IPs. The final decision on 2025 profit allocation rests with the AGM.

Bloober TEAM

KRAKÓW · KRS 0000380757 · SPÓŁKA AKCYJNA

Revenue

149.3 M PLN

Aleja Pokoju 18B: Babieno's 3-member board, Tencent control of 20.10%, Konami partnership without capital

The address Al. Pokoju 18B, 31-564 Kraków places Bloober Team's seat in the eastern-Kraków office cluster - the same avenue that hosts Answear.com, forming an informal cluster of WSE-listed new-economy companies in Kraków. The company has operated in its current corporate form (Bloober Team S.A., KRS 0000380757) since 16 March 2011 and has been listed on the Warsaw Stock Exchange since 2020 - after migrating from NewConnect to the Main Market. It belongs to the sWIG80.

Governance: a three-member management board - CEO Piotr Babieno (founder), Vice-President and one board member. Studio strategic leadership was expanded in 2025 with Thaine Lyman (Head of Studio, an industry veteran with EA experience), Michał Gembicki (Head of Publishing) and Katya Baukova (Director of Business Development).

The shareholder base has an international profile. The largest shareholder is Tencent (through Serene Century) with 20.10% of capital - the Chinese gaming giant strategically investing in the Polish studio. The second-largest stake belongs to the P.M. Babieno Family Foundation with 14.17% (Babieno transferred a substantial part of his shares into the family-foundation structure in 2024). Esaliens TFI holds 5.05%; free float is 60.68%. Konami does not own Bloober shares - the Silent Hill 2 Remake partnership and subsequent projects are contractual, not capital-based.

Under Polish PKD codes the principal activity is 62.10.A (computer-games programming) - directly sectoral. The company has a registered electronic-delivery address (AE:PL-64654-43040-DHHBA-17), the e-mail biuro@blooberteam.com and the website blooberteam.com.

Polish gaming sector on the WSE: Bloober Team as the horror player with the strongest foreign partnership

The Polish game-developer sector listed on the Warsaw exchange has clear segmentation in 2026:

• CD Projekt (Warsaw, WIG20) - market leader, Witcher/Cyberpunk, the largest capitalisation.
• 11 bit studios (Warsaw, mWIG40) - strategy-narrative IPs (Frostpunk, This War of Mine, The Alters).
• Ten Square Games (Wrocław, mWIG40) - mobile gaming, Fishing Clash.
• Bloober Team (Kraków) - niche horror / psychological thriller, reinforced by the Konami partnership.
• Creepy Jar, PlayWay, CI Games, Huuuge Games - smaller players in different segments.

Three structural features of the Bloober model that explain the 2025 record:

• Genre specialisation as a marketing moat - Bloober has built a brand in a single genre (horror / psychological thriller) for over a decade, creating a loyal player base that anticipates each next launch. Layers of Fear, Observer, Blair Witch and The Medium built that base before the major breakthrough - Silent Hill 2 Remake. Specialisation limits the addressable market (horror is ~5–8% of the global games market), but guarantees recognition within the segment.
• The Konami partnership as a game-changer - Silent Hill 2 Remake gave Bloober access to a global AAA IP. Five million units sold by March 2026 places the title among the best-selling AAA remakes of recent years. A second joint project (the remake of the original Silent Hill, „Projekt G") signals that Konami treats the cooperation as strategic rather than one-off - structurally raising Bloober's valuation.
• Tencent as a strategic shareholder - the Chinese giant's 20.10% stake gives Bloober access to Asian distribution chains (Steam Deck builds, mobile ports, integration with Tencent platforms), but at the same time exposes the company to EU/US regulatory risk targeting Chinese investors in the technology sector. It is a two-way dependency whose significance depends on US-China policy across multi-year cycles.

Implication for the investment profile: record after a hit, dividend still deferred, pipeline is critical

The interpretation is speculative - the conclusions below are scenarios, not certainties:

“In my view, 2025 was something more than another successful period. Our goal remains to become a global leader in the horror genre.”

Three possible consequences of the 2025 record results for Bloober's investment profile in 2026:

• Cronos and Silent Hill 2 are completed catalysts; the future depends on the pipeline - most of the PLN 52.6 m 2025 profit was earned on already-released products. The 2026 effect depends on subsequent launches: Star Trek: Infection (VR, 11 December 2025 - minor impact), Projekt M (Nintendo Switch 2 exclusive, 2026), Projekt F (Broken Mirror Games, 2026), the remake of the original Silent Hill for Konami („Projekt G"). Each subsequent launch may repeat the Cronos scale, but typical gaming cycles say not every hit converts equally.
• No dividend = full capital allocation to the pipeline - a typical profile for a mid-scale studio in expansion. Capital flows into new IP development, acquisitions (e.g. Broken Mirror Games), cross-media (the Layers of Fear novel, soundtracks via Warner Music). Dividend investors must accept the growth-stage profile; the first dividend cycle can be expected only once the pipeline stabilises EBITDA above PLN 100 m a year.
• Tencent as both a stabiliser and a regulatory risk - the 20.10% stake held by the Chinese giant provides operational and financial support, but in case of escalating EU/US capital-control measures targeting Chinese tech investors, Tencent may be forced to exit the cap table - putting short-term pressure on the share price.

Main company-specific risks across the 2026–2027 cycle:

• Hit cyclicality - typical for the gaming industry; revenues fall between major releases; income is low in gap years.
• Pipeline exposure - seven parallel projects require rigorous production discipline; any missed deadline or quality miss hits the valuation.
• Tencent (20.10%) - possible cap-table change in case of regulatory pressure on Chinese capital in the gaming sector.
• Konami dependency - the partnership is contractual, not capital-based; any change in Konami's strategy (e.g. internalising future remakes) could compress future royalties.
• 2026–2027 AAA-horror competition - Resident Evil 9 (Capcom, autumn 2025), other classic-horror remakes from major publishers may intensify competition.

What you'll find in the Bloober Team S.A. profile

The Bloober Team S.A. profile in our database carries the full picture of the company: composition of the three-member management board (with founder-CEO Piotr Babieno), the KRS registration history from 16 March 2011, the registered address at Al. Pokoju 18B in Kraków, e-delivery status (AE:PL-64654-43040-DHHBA-17), the website blooberteam.com, the e-mail biuro@blooberteam.com, and the assigned PKD code 62.10.A (computer-games programming). The profile is also available in English - important for international gaming-fund investors, since Bloober is the only Polish game studio with a strategic Konami partnership and Tencent on the cap table.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000380757); Bloober Team S.A. - current report on 2025 results (21 April 2026, ir.blooberteam.com); Bloober Team IR - communication on Cronos success (26 November 2025); Eurogamer - Silent Hill 2 Remake sales analysis (March 2026); Bloober Team IR - release calendar (9 October 2025); ir.blooberteam.com/akcjonariat - shareholder structure (February 2026); Inwestycje.pl - recommendation to skip 2024 dividend; PKD 62.10.A classification (computer-games programming); company history - incorporated 16 March 2011 as S.A., Main Market WSE migration 2020 (from NewConnect), as of 2026-05-02.