Edison Investment Research - CI Games SA (CIA) CI Games - Encouraging lead indicators and a robust Q1

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Edison Investment Research

Richard Williamson

CI Games - Encouraging lead indicators and a robust Q1

CI Games’ Q123 results were robust, given that revenue continues to be driven by its back catalogue as we await the release of its next headline game, Lords of the Fallen (LotF), which has now been confirmed for 13 October 2023. The group continues to generate positive EBITDA, despite a significant increase in marketing costs related to LotF and other operating expenses tied to its strategic pillars. Lead indicators are encouraging for LotF and momentum could continue to build with five to six major marketing beats planned before its launch. The group’s cash runway remains well supported following a PLN15.6m debt increase in the quarter.

06/06/2023 1 EN

Underlying

CI Games SA

CI Games SA, formerly City Interactive SA, is a Poland-based company engaged in the computer games industry. It specializes in the production and distribution of various computer and console games. The Company is a publisher and representative of foreign producers as well. The Company's product portfolio includes such games as logical, adventure, sport, car races, shooters and simulators, as well as games for women. The Company operates through ten branches located domestically and abroad. The Company operates a number of subsidiaries, including City Interactive Germany GmbH, City Interactive USA Inc, Business Area Sp z o o, among others. On September 2, 2014, the Company received approval from the Ministry of Finance in Canada to liquidate the Company's subsidiary, City Interactive Canada Inc.

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PLCTINT00018 Warsaw Stock Exchange Poland

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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CI Games - Encouraging lead indicators and a robust Q1

CI Games - Strategic roadmap to 2028

CI Games - Back on track following headline launch

CI Games - Strong momentum following LotF launch

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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