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 52.6m (+150% YoY), driven by the Cronos launch and Silent Hill 2 Remake royalties

Bloober Team S.A. – headquartered at Aleja Pokoju 18B in Kraków (postcode 31-564, Małopolskie voivodeship) and registered in the KRS under number 0000380757 – closed 2025 with revenue of PLN 149m (+67% YoY), operating profit of PLN 66m (+188%), net profit of PLN 52.6m (+150%) and record EBITDA of PLN 89.5m. 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, on PC/PS5/Xbox Series X|S/Switch 2) and royalties from Silent Hill 2 Remake, developed in cooperation with Konami (launched October 2024).

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

Important dividend context: in its 21 April 2026 communication, the board did not recommend a dividend from 2025 profit. Earlier, for 2024, the board recommended covering accumulated losses (PLN 2.8m) and allocating to reserve capital (PLN 20.41m). All operating capital will go to the seven-project 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 three-member board, Tencent's 20.10% stake, a Konami partnership without capital ties

The address Al. Pokoju 18B, 31-564 Kraków, places Bloober Team's head office in the eastern-Kraków office cluster – the same avenue hosts Answear.com, forming an informal Kraków cluster of WSE-listed new-economy companies. 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 index.

Governance: a three-member management board – CEO Piotr Babieno (the founder), a vice-president and one board member. The studio's 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 the capital – the Chinese gaming giant investing strategically 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%; the free float is 60.68%. Konami owns no Bloober shares – the partnership on Silent Hill 2 Remake and subsequent projects is 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 on the WSE: Bloober Team as the horror player with the strongest foreign partnership

The Polish game-developer sector listed on the Warsaw exchange is clearly segmented in 2026:

• CD Projekt (Warsaw, WIG20) – the market leader, with The Witcher and Cyberpunk, and 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 and psychological thrillers, 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 spent more than a decade building a brand in a single genre (horror and psychological thrillers), creating a loyal player base that anticipates each new 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 roughly 5–8% of the global games market), but it guarantees recognition within the segment.
• The Konami partnership as a game-changer – Silent Hill 2 Remake gave Bloober access to a global class-A 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 channels (Steam Deck builds, mobile ports, integration with Tencent platforms), but it also exposes the company to EU/US regulatory risk targeting Chinese investors in the technology sector. It is a two-way dependency whose significance hinges on US–China policy over multi-year cycles.

Implication for the investment profile: a record on the back of hits, dividend still deferred, the 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 record 2025 results for Bloober's investment profile in 2026:

• Cronos and Silent Hill 2 are spent catalysts; the future depends on the pipeline – most of the PLN 52.6m of 2025 profit was earned on products already released. The 2026 result depends on subsequent launches: Star Trek: Infection (VR, 11 December 2025 – minor impact), Projekt M (a Nintendo Switch 2 exclusive, 2026), Projekt F (Broken Mirror Games, 2026), and the remake of the original Silent Hill for Konami ("Projekt G"). Each new launch could repeat the Cronos scale, but typical gaming cycles show that not every title 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) and cross-media projects (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 100m a year.
• Tencent as both stabiliser and regulatory risk – the Chinese giant's 20.10% stake provides operational and financial support, but should EU/US capital controls on Chinese tech investors escalate, Tencent could be forced off the cap table – putting short-term pressure on the share price.

The main company-specific risks across the 2026–2027 cycle:

• Hit cyclicality – typical of the gaming industry; revenues fall between major releases, and income is low in gap years.
• Pipeline exposure – seven parallel projects require rigorous production discipline; any missed deadline or quality failure hits the valuation.
• Tencent (20.10%) – a possible cap-table change if regulatory pressure on Chinese capital in gaming intensifies.
• Konami dependency – the partnership is contractual, not capital-based; any change in Konami's strategy (e.g. bringing future remakes in-house) could compress future royalties.
• AAA-horror competition in 2026–2027 – Resident Evil 9 (Capcom, autumn 2025) and further 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: the 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, the 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 – relevant 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 the 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 the 2024 dividend; PKD 62.10.A classification (computer-games programming); company history – incorporated 16 March 2011 as an S.A., WSE Main Market migration in 2020 (from NewConnect), as of 2026-05-02.