CI Games Capital Group Annual Report 2025

Key insights

6 takeaways

01
CI Games returned to profitability in 2025 with a net profit of PLN 5.2 million, reversing previous losses.See it on page 20
02
The Lords of the Fallen franchise reached its break-even point and surpassed 2.5 million units sold by early 2026.See it on page 9
03
The company secured significant liquidity through PLN 70 million in new capital via Series M shares and over PLN 40 million plus EUR 4.3 million in new credit facilities.See it on page 41
04
Digital sales now account for 92% of total annual revenue, reflecting a shift toward global PC and console market dominance.See it on page 7
05
Management is transitioning to an annual release cadence starting in 2026, supported by an Unreal Engine 5 development pipeline that includes Lords of the Fallen II, Project H, and Sniper Ghost Warrior Evolved.See it on page 2
06
All 2025 profits are being allocated to cover prior losses rather than shareholder dividends to prioritize long-term solvency.See it on page 15

Summary

CI Games Capital Group successfully transitioned to profitability in 2025, reporting a net profit of PLN 5.2 million and reversing the previous year’s losses. This financial recovery was primarily fueled by the sustained performance of the Lords of the Fallen franchise, which surpassed 2.5 million units sold by early 2026 and reached its total investment break-even point. With digital sales accounting for 92% of annual revenue, the company has solidified its position within the global PC and console markets, leveraging a "players-first" strategy to stabilize its balance sheet despite rising liabilities from production-related debt.

The company’s strategic outlook centers on an ambitious development pipeline, including Lords of the Fallen II, Project H, and Sniper Ghost Warrior Evolved. By utilizing Unreal Engine 5 and transitioning toward an annual release cadence starting in 2026, management aims to mitigate the cyclical revenue volatility inherent in the gaming industry. To support these development efforts, the group secured over PLN 40 million and EUR 4.3 million in credit facilities and successfully raised PLN 70 million through a 2026 capital increase involving the issuance of 28 million Series M shares.

Operational governance remains focused on risk management and fiscal discipline, overseen by an independent Audit Committee and statutory audits by Grant Thornton Polska. While the company faces inherent industry risks—including revenue concentration, development delays, and currency volatility—it maintains a stable operational foundation. Management has prioritized long-term solvency over shareholder dividends, opting to allocate 2025 profits toward covering prior losses. Although the company maintains a "comply or explain" approach to certain ESG and diversity governance standards, it remains committed to rigorous internal controls and the protection of its core intellectual property to ensure sustained growth in an evolving global market.