CI Games - Ready for a transformational journey

CI Games’ H123 results were reasonably robust, underpinned by continued strong back catalogue performance, especially Sniper Ghost Warrior (released in 2021) and releases from United Label. We are expecting a substantial revenue and profit uplift following the launch of Lords of the Fallen (LotF) on 13 October, with lead indicators continuing to look positive. Borrowings increased to invest in the development and commercialisation of new releases including LotF, Project Scorpio and the group’s new Survival title. Its current pipeline shows management’s efforts to expand its IP portfolio, entering the increasingly popular survival genre as indicated by strong comparable sales. We expect LotF profits to return CI Games to a strong net cash position by year-end, and we will update our forecasts shortly following the release.