Edison Investment Research - CI Games SA (CIA) CI Games - Strategic roadmap to 2028

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Edison Investment Research

Richard Williamson

CI Games - Strategic roadmap to 2028

CI Games outlined its updated strategy to 2028 at its H124 results. The strategy focuses on greater efficiencies to produce higher-quality games, while growing its audience base, and includes three major releases, two of which build on existing intellectual property (IP) franchises Lords of the Fallen (LotF) and Sniper Ghost Warrior (SGW). Centralised project management should result in greater efficiencies realised through cross-studio talent sharing and a more player-first focus. The interim results showed the positive contribution from the LotF 2023 release, with 162% revenue growth and a swing back to profitability with an EBITDA margin of 65% (H123: negative 1%). We believe key milestones will be partnership announcements, like the Epic Games deal for Project III, alongside game development updates.

08/10/2024 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 - Strategic roadmap to 2028

CI Games - Back on track following headline launch

CI Games - Strong momentum following LotF launch

OPAP - Winning strategy

Patria Private Equity Trust - High liquidity and solid long-term track record

MoneyHero - Emphasis on driving margin

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