CI Games 2025: back in the black with PLN 5.2 m profit - and a Lords of the Fallen II launch year with a PLN 160 m budget

CI Games 2025: back in the black with PLN 5.2 m profit, 44.1% EBITDA margin - and a Lords of the Fallen II launch year

CI Games SE - headquartered at Rondo Daszyńskiego 2B in Warsaw (postcode 00-843, Mazowieckie voivodeship), registered in the KRS under number 0000282076 - closed 2025 with consolidated revenue of PLN 73.8 m, EBITDA of PLN 32.5 m (margin 44.1%) and net profit of PLN 5.2 m. It is the first positive bottom line in two years (2024 closed with a PLN -6.6 m loss). The high EBITDA margin shows the underlying business - back-catalogue sales of already-released titles - remains strongly profitable operationally, even though total revenue fell about 9% versus 2024 (PLN 80.8 m).

The 2025 operating fundament was Lords of the Fallen (released 2023), which by early 2026 crossed 2.5 m units sold and reached break-even (covered all production + marketing costs). The title accounts for 61% of 2025 revenue; behind it: Sniper Ghost Warrior Contracts 2 (14%) and the United Label portfolio (14%, including Tails of Iron 2 - 8%). Such heavy concentration on a single IP is both an asset (brand scaling) and a risk (Lords of the Fallen path dependency).

The most important 2026 catalyst is the Lords of the Fallen II launch developed by Hexworks in Barcelona. The sequel has a budget of around PLN 160 m (production + marketing) - the largest in the company's history - and is announced for 2026 (PC/PS5/Xbox Series X|S). The gameplay reveal took place at The Game Awards 2025; intensive testing began in January 2026. To finance the pipeline, the company raised about PLN 70 m gross in March 2026 via an ABB (accelerated book-build) of Series M shares - diluting current shareholders but providing liquidity to finish the project and fund marketing.

CI Games

WARSZAWA · KRS 0000282076 · SPÓŁKA AKCYJNA

Revenue

n/a

Rondo Daszyńskiego 2B: founder Tymiński with 29% of total voting rights, European SE structure, Hexworks studio in Barcelona

The address Rondo Daszyńskiego 2B, 00-843 Warsaw places CI Games' seat in the office strip of Warsaw's Wola district - among Warsaw offices of multinational corporations and funds. The company has operated in its current corporate form since 1 June 2007 (S.A.); in 2024 it was converted into CI Games SE (Societas Europaea - European public limited-liability company) - a formal status simplifying operations across EU member states. It has been listed on the Warsaw Stock Exchange since 2007. It belongs to the sWIG80.

Governance: leadership concentrated on the founder - Marek Tymiński as CEO. Cap table: Tymiński holds 29.40% of total voting rights (53.00% present at the EGM of 13 February 2026, 56.1 m shares); other shareholders are institutional (OFE pension funds, TFI investment funds). After the March ABB the cap-table structure is more diluted, but Tymiński remains the largest shareholder with effective operating control.

Group structure includes:

• Warsaw (HQ) - finance, IR, publishing, a small share of production.
• Hexworks (Barcelona) - flagship development studio for Lords of the Fallen and Lords of the Fallen II; about 100+ developers.
• CI Games IP sp. z o.o. - subsidiary managing intellectual-property rights.
• United Label - publishing arm with an indie portfolio (Tails of Iron, other titles).

The company has the contact e-mail info@cigames.com and the website cigames.com. PKD codes are not explicitly defined in the KRS database for SE entities - typical for European-form companies.

Polish gaming sector on the WSE: CI Games as the only Polish SE in the games segment

The Polish game-developer sector listed on the Warsaw exchange has strong representation in 2026 - CI Games stands out among competitors with its European public-limited-company (SE) status and the unique two-studio (PL + ES) configuration:

• 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).
• Bloober Team (Kraków) - horror / psychological thriller, Konami partnership (Silent Hill 2 Remake).
• CI Games (Warsaw, sWIG80, SE) - ARPG/RPG/FPS, two hub studios (PL+ES), Lords of the Fallen as the flagship IP.
• Ten Square Games (Wrocław, mWIG40) - mobile gaming.
• Creepy Jar, PlayWay, Huuuge Games - smaller players in different segments.

Three structural features of the CI Games model that explain the 2024–2026 results cycle:

• Hit-driven model = swings between launch year and gap years - in a major release year (like 2023 - LotF) revenue and margins jump; in „in-between" years (like 2024 - loss) the company lives on the back-catalogue and smaller projects. It is a structural feature of gaming, identical at CD Projekt, 11 bit, Bloober. CI Games is smaller than competitors, so cyclicality is sharper.
• Lords of the Fallen as a sequel platform = strategic stability - the first LotF built a loyal player base and sales data that justify the PLN 160 m sequel budget. It is the largest single investment in the company's history but also the lowest product risk - the sequel has a proven template. Marketing acquisition cost per new player will be lower than for the original LotF.
• Hexworks (Barcelona) as a geographical advantage - the Barcelona studio gives CI Games access to Spanish development talent (significantly cheaper than US while preserving quality) plus „western" branding compatible with marketing in English-speaking markets. It is a rarity in the Polish gaming sector (CD Projekt and 11 bit operate exclusively in Poland).

Implication for the investment profile: back to profit, key 2026 launch, dividend depends on LotF II scale

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

“Is a 2026 launch realistic? Yes, absolutely. We are deeply convinced that 2026 will be the year of the Lords of the Fallen II launch. We expect significantly higher revenue than from the first part.”

Three possible consequences of the 2025 results and pipeline for CI Games' investment profile in 2026:

• Return to profit in 2025 = a signal of operating discipline, but the scale remains small - PLN 5.2 m of profit on PLN 73.8 m of revenue is a ~7% net margin, well below industry highs (CD Projekt achieved ~30% net margin after the Witcher 3 success). For CI Games this is the foundation on which the next launch cycle is built. If LotF II repeats or exceeds the first LotF (>2.5 m units), 2026 should bring a multi-fold revenue increase and a much higher net margin.
• LotF II launch = a single valuation catalyst - positive or negative - historically AAA sequels generate 1.5-2x the sales of the original at a similar budget if the first instalment built a loyal base. Positive data (>4-5 m units in the first year) = significant valuation re-rating up. Negative or delayed = a short-term shock. Any slip from 2026 to 2027 would be perceived as a production-problem signal.
• Dividend conditional on LotF II scale - the CEO does not exclude future payouts but conditions them on the scale of the sequel's success. In practice this means the first CI Games dividend can be expected at the earliest in 2027 (after the 2026 launch year and profit accumulation). Dividend investors have no 2026 exposure.

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

• LotF II launch in 2026 = unguaranteed timing - the gameplay reveal and intensive testing do not exclude a slip to 2027; any slip is a negative signal for the valuation.
• Product concentration - LotF as 61% of 2025 revenue makes the company dependent on a single brand.
• ABB dilution - the March 2026 PLN 70 m gross raise reduces existing shareholders' stakes.
• AAA souls-like competition in 2026–2027 - Elden Ring DLC, FromSoftware new IP, Lies of P 2 may intensify segment competition for LotF II.
• SE status - conversion into a European limited-liability company does not change operating risk but simplifies tax and legal structures across the EU.

What you'll find in the CI Games SE profile

The CI Games SE profile in our database carries the full picture of the company: leadership composition (with founder-CEO Marek Tymiński), the KRS registration history from 1 June 2007 (conversion into SE in 2024), the registered address at Rondo Daszyńskiego 2B in Warsaw, the website cigames.com, the e-mail info@cigames.com, and financial and product history. The profile is also available in English - important for international gaming-fund investors, since CI Games is the only Polish SE in the games segment with an active foreign studio (Hexworks in Barcelona) and the flagship IP Lords of the Fallen.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000282076); CI Games SE - current report on 2025 results (April 2026); Bankier ESPI - CI Games 2025 results report; Inwestycje.pl - analysis of CI Games 2025 net profit and EBITDA; cigames.com/news - communication on Lords of the Fallen crossing 2.5 m units (2026); Strefa Inwestorów - communications on the LotF II and Project Survive pipeline; CI Games IR communication 8/2026 - list of shareholders holding at least 5% of voting rights at the EGM of 13 February 2026; sectoral classification: computer-games producer; company history - incorporated 1 June 2007 as S.A., WSE IPO 2007, conversion into SE in 2024, as of 2026-05-02.