Edison Investment Research - CI Games SA (CIA) CI Games - Pivitol milestone achieved

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Edison Investment Research

Richard Williamson

CI Games - Pivitol milestone achieved

CI Games is a leading global video games developer and publisher focused on premium multi-platform titles, with two flagship franchises – the first-person shooter Sniper: Ghost Warrior and fantasy action role-playing game Lords of the Fallen (LotF). Over the years the group has become a global player with offices in Poland (headquarters), the UK, the United States, Spain and Romania, and its games selling worldwide.

21/11/2023 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

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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 - Back on track following headline launch

CI Games is a European video game developer and publisher known for AAA franchises Sniper Ghost Warrior and Lords of the Fallen (LotF). In October, the company launched the latest LotF iteration, its largest title to date, which we expect to drive scalable growth. Despite some initial issues relating to gamers’ legacy hardware, post-launch fixes have driven sales of 1.2m units by end-November. LotF is the first of CI Games’ strategic pillars aimed at increasing new intellectual property and release frequency. In the near term, maintaining LotF’s momentum and generating cash are key. In the lon...

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CI Games - Strong momentum following LotF launch

CI Games has completed a key milestone with its Lords of the Fallen (LotF) launch on 13 October, achieving 1.2m unit sales by end-November. Q3 performance benefited from pre-launch sales of LotF, although marketing costs affected profitability. LotF is one of the first games to use the Unreal Engine 5 platform for cutting-edge graphics, which caused some initial compatibility issues that have since been addressed. Sentiment is positive across all demographics and the game has since received accolades that provide momentum for Black Friday and Christmas sales.

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CI Games - Pivitol milestone achieved

CI Games - Back on track following headline launch

CI Games - Strong momentum following LotF launch

Record - AUME momentum and a sharper focus

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

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