CI Games (CIG) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was 41,168k PLN, down from 58,333k PLN in H1 2024, reflecting no major game releases in 2025 and seasonality in the business.

• Net profit rose to 10,849k PLN in H1 2025 from 2,660k PLN in H1 2024, driven by lower costs and a tax credit.

• The group continues to focus on game development, with no new releases planned for 2025, and expects lower revenues for the year.

Financial highlights

• Gross margin improved to 48% in H1 2025 (19,899k PLN gross profit on 41,168k PLN revenue) from 29% in H1 2024.

• Operating profit increased to 8,185k PLN from 3,129k PLN year-over-year.

• Net cash from operating activities was 36,510k PLN, up from 28,681k PLN in H1 2024.

• Cash and equivalents at period end were 8,506k PLN, up from 6,287k PLN at 2024 year-end.

• Total assets grew to 259,694k PLN from 233,958k PLN at 2024 year-end.

Outlook and guidance

• No major game releases are planned for 2025, leading to expected lower revenues compared to 2024.

• The group plans to finance operations through operating cash flow, bank loans, and advances from Epic Games for the next game in the "Lords of the Fallen" series.