CI Games (CIG) Q3 2025 earnings summary

Executive summary

• Net revenue for the nine months ended 30.09.2025 was PLN 51.9 million, down from PLN 68.9 million year-over-year, mainly due to the post-release sales cycle of "Lords of the Fallen" and no major new releases in 2025.

• Net profit for the period was PLN 912 thousand, compared to PLN 615 thousand in the prior year, with a reported EBITDA of PLN 21.8 million.

• "Lords of the Fallen" contributed 58% of total revenues, while "Sniper Ghost Warrior Contracts" titles and United Label S.A. games contributed 20% and 16% respectively.

Financial highlights

• Gross margin improved to 41.4% from 32.2% year-over-year, driven by lower production costs and amortization.

• Operating margin was negative at -3.2% versus 2.8% in the prior year.

• Net margin increased to 1.8% from 0.9% year-over-year.

• Net cash flow from operating activities was PLN 43.4 million, with significant outflows for game development (PLN 65.1 million) and inflows from new bank loans (PLN 22.3 million).

• Total assets increased by 15% to PLN 268.3 million as of 30.09.2025, mainly due to higher capitalized development costs.

Outlook and guidance

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

• Financing for ongoing operations is planned through operating cash flow, bank loans, and advances from Epic Games for the next "Lords of the Fallen" installment.

• The company is considering additional publishing agreements and potential increases in debt.