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

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

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

The operating foundation of 2025 was Lords of the Fallen (released in 2023), which by early 2026 had passed 2.5m units sold and reached break-even, covering all production and marketing costs. The title accounts for 61% of 2025 revenue, followed by Sniper Ghost Warrior Contracts 2 (14%) and the United Label portfolio (14%, including Tails of Iron 2 at 8%). Such heavy concentration on a single IP is both an asset (brand scaling) and a risk (dependence on the Lords of the Fallen trajectory).

The most important catalyst for 2026 is the launch of Lords of the Fallen II, developed by the Hexworks studio in Barcelona. The sequel carries a budget of around PLN 160m covering production and marketing – the largest in CI Games' history – and is announced for 2026 on PC, PS5 and Xbox Series X|S. The gameplay reveal took place at The Game Awards 2025, and intensive testing began in January 2026. To fund the pipeline, the company raised about PLN 70m gross in March 2026 through an accelerated book-build (ABB) of Series M shares – diluting current shareholders but providing the 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 the votes, a European SE structure, the 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 the local offices of multinational corporations and funds. The company has operated in its current corporate form since 1 June 2007 as a joint-stock company; in 2024 it converted into CI Games SE (Societas Europaea – a European public limited company), a status that simplifies operations across EU member states. It has been listed on the Warsaw Stock Exchange since 2007 and belongs to the sWIG80 index.

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

The group is organised around:

• Warsaw (headquarters) – finance, investor relations, publishing and a small share of production.
• Hexworks (Barcelona) – the flagship studio developing Lords of the Fallen and its sequel; over 100 developers.
• CI Games IP sp. z o.o. – a subsidiary managing intellectual-property rights.
• United Label – the publishing arm with an indie portfolio (Tails of Iron and other titles).

The company can be reached at info@cigames.com and through the website cigames.com. PKD codes are not explicitly defined in the KRS database for SE entities – typical for that legal form.

The Polish gaming sector on the WSE: CI Games as the only Polish SE among game developers

The Polish game-developer sector listed in Warsaw is strongly represented in 2026, and CI Games stands out for its European public-limited-company (SE) status and its unusual two-studio configuration spanning Poland and Spain:

• CD Projekt (Warsaw, WIG20) – the market leader, with the Witcher and Cyberpunk franchises and the largest capitalisation.
• 11 bit studios (Warsaw, mWIG40) – strategy and narrative IP (Frostpunk, This War of Mine, The Alters).
• Bloober Team (Kraków) – horror and psychological thrillers, with a Konami partnership (Silent Hill 2 Remake).
• CI Games (Warsaw, sWIG80, SE) – ARPG, RPG and FPS titles, two studios (Poland and Spain), Lords of the Fallen as the flagship IP.
• Ten Square Games (Wrocław, mWIG40) – mobile gaming.
• Creepy Jar, PlayWay and Huuuge Games – smaller players across different segments.

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

• A hit-driven model means swings between launch years and gap years – in a major release year (2023, with Lords of the Fallen) revenue and margins jump; in the in-between years (2024, a loss) the company lives on its back catalogue and smaller projects. It is a structural feature of the industry, identical at CD Projekt, 11 bit studios and Bloober Team. CI Games is smaller than its peers, so the cyclicality bites harder.
• Lords of the Fallen as a sequel platform brings strategic stability – the first instalment built a loyal player base and sales data that justify the PLN 160m sequel budget. It is the largest single investment in the company's history but also the lowest product risk, since the sequel builds on a proven template. Marketing acquisition cost per new player should be lower than for the original.
• Hexworks in Barcelona as a geographic advantage – the Spanish studio gives CI Games access to local development talent (significantly cheaper than US hires while preserving quality) plus a Western brand identity that fits marketing in English-speaking markets. That is a rarity in Polish gaming, where CD Projekt and 11 bit studios operate exclusively in Poland.

What this means for the investment profile: back to profit, a pivotal 2026 launch, a dividend contingent on LotF II

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 the release pipeline for CI Games' 2026 investment profile:

• The 2025 return to profit signals operating discipline, but the scale remains small – PLN 5.2m of profit on PLN 73.8m of revenue is a net margin of about 7%, well below industry highs (CD Projekt reached roughly 30% after the success of The Witcher 3). For CI Games it is the foundation for the next release cycle. If Lords of the Fallen II matches or beats the first instalment's 2.5m-plus units, 2026 should bring a multi-fold revenue increase and a much higher net margin.
• The LotF II launch is a single valuation catalyst – in either direction – AAA sequels have historically sold 1.5 to 2 times as well as the original on a similar budget, provided the first instalment built a loyal base. Strong data (over 4–5m units in the first year) would mean a significant upward re-rating. Weak data or a delay would mean a short-term shock, and any slip from 2026 to 2027 would be read as a sign of production problems.
• The dividend is contingent on LotF II's scale – the CEO does not rule out future payouts but ties them to the sequel's success. In practice, a first CI Games dividend can be expected in 2027 at the earliest, after the launch year and some profit accumulation. Income investors have no exposure in 2026.

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

• The LotF II launch date is not guaranteed – the gameplay reveal and intensive testing do not rule out a slip to 2027, and any slip is a negative signal for the valuation.
• Product concentration – Lords of the Fallen at 61% of 2025 revenue leaves the company dependent on a single brand.
• ABB dilution – the PLN 70m gross raise in March 2026 reduces existing shareholders' stakes.
• Souls-like competition in 2026–2027 – Elden Ring DLC, a new FromSoftware IP and Lies of P 2 could intensify competition in the segment.
• SE status – conversion into a European public limited 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: the leadership line-up (with founder-CEO Marek Tymiński), the KRS registration history since 1 June 2007 (including the 2024 conversion into an SE), the registered address at Rondo Daszyńskiego 2B in Warsaw, the website cigames.com, the e-mail info@cigames.com, and its financial and product history. The profile is also available in English – relevant for international gaming-fund investors, since CI Games is the only Polish SE among listed game developers, with an active foreign studio (Hexworks in Barcelona) and the flagship Lords of the Fallen IP.

This material is for information purposes only 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 – announcement that Lords of the Fallen passed 2.5m units (2026); Strefa Inwestorów – reports on the LotF II and Project Survive pipeline; CI Games IR release 8/2026 – list of shareholders holding at least 5% of voting rights at the EGM of 13 February 2026; sector classification: computer-games developer; company history – incorporated 1 June 2007 as an S.A., WSE debut 2007, conversion into an SE in 2024, as of 2026-05-02.