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.