Slides
Page 1
Warsaw, 27 AUGUST 2026 PRESENTATION OF RESULTS FOR H1 2026
Page 2
we create relatable games this is 11 bit studios unique & easily understandable with a message and strong gameplay that wide groups of players will love to play games that are & will be market relevant games that are & will become hits
Page 3
11 bit: THE BIG PICTURE OPERATIONAL WORK & REORGANISATION H1 2026 was a period of intense operational focus, reorganisation, balancing the long-tail monetization of our heavy hitters with setting up & scaling production for our next wave of games & IPs We are building a more mature, multi-dimensional ecosystem around our own IPs and curated publishing projects Our focus is constantly shifting from individual launches to building a diversified portfolio of long-lived entertainment assets
Page 4
H1 2026 KEY DETAILS MONETIZING OUR IP. EXPANDING THE PORTFOLIO. BUILDING FOR THE LONG TERM. MONETIZE Frostpunk 2 > 1 m copies sold The Alters > 656 k copies sold New DLCs driving continued engagement EXPAND Moonlighter 2 ready for Full Release Crop 160 k + wishlists Trainwatch - new publishing partnership BUILD Frostpunk 1886 in full scale development P12 and P13 in prototyping phase P14 - pitch and R&D phase P15 - concept phase
Page 5
FINANCIAL RESULTS & OPERATIONAL SUMMARY H1 2026
Page 6
FINANCIAL RESULTS (PLNm) SOLID RESULTS IN A TRANSITIONAL YEAR H1 2026 H1 2025 % change Q2 2026 Q2 2025 % change REVENUE 45.1 57.2 (21.2%) 25.3 39.7 (36.3%) TOTAL OPERATING EXPENSES INCL. (50.6) (40.3) 25.6% (25.3) (19.3) 31.1% Depreciation (20.0) (10.9) 83.5% (8.6) (6.4) 34.4% External services (18.9) (18.7) 1.1% (10.3) (8.3) 24.1% Staff costs (8.0) (7.7) 3.9% (4.1) (3.1) 32.3% OPERATING PROFIT (4.3) 18.1 nd 1.2 20.4 (94.1%) EBITDA 15.7 29.0 (45.9%) 9.8 26.8 (63.4%) NET PROFIT (1.0) 8.5 (111.8%) 1.8 14.9 (87.9%) • Normalizing revenue and profit against a high base established by the premiere of The Alters in June 2025 • Generating revenue primarily through back-catalogue monetization, successful promo events (e.g., Frostpunk Franchise Sale), and the release of the Frostpunk 2: Breach of Trust DLC on June 23, 2026 • Reflecting significantly higher yoy D&A cost driven mainly by the accounting profile of Frostpunk 2 and The Alters • Sustaining stable staff costs through effective team management, despite running multiple projects across various development phases
Page 7
REVENUE (PLNm) MAXIMIZING LIFETIME VALUE H1 2026 H1 2025 Frostpunk 2 13.0 13.2 Frostpunk 6.0 7.9 Death Howl 4.9 - The Alters 4.8 20.4 Indika 2.7 1.8 Others 13.6 13.9 TOTAL 45.0 57.3 ▪ Strong sales of Frostpunk and Frostpunk 2 driven by the Franchise Sale ▪ Solid revenue from Death Howl following its Q4 2025 launch ▪ Yoy normalization for The Alters sales after its Q2 2025 release peak ▪ Solid performance of INDIKA boosted by the Humble Choice promo
Page 8
OUR DEV TEAM / END OF H1 FLEXIBLY REALLOCATE TALENT AS PRODUCTION NEEDS EVOLVE The number of employees of a given project in the last month of the reporting period to which they devoted more than 50% of their time 41 48 27 17 254 The Alters Frostpunk 2 Frostpunk 1886 P12 Shared Services and XDEVP14 JUNE 2026 4 P13
Page 9
INTERNAL DEVELOPMENT BUILDING LONG TERM VALUE FROSTPUNK IP ▪ Frostpunk 2: long-term support for FP2 through 2 already released DLCs ▪ Breach of Trust launched in June ▪ strong promotional performance during the Frostpunk Franchise Sale on Steam ▪ final announced DLC planned for end of 2026 ▪ Frostpunk 1886: platform long term ambition ▪ full rebuild on Unreal Engine, new visuals, mechanics and content ▪ planned for 2027/28 ▪ P13: the next chapter of our flagship IP ▪ exploration of a new genre within the universe ▪ final stage of the prototyping phase THE ALTERS ▪ paid DLC launched in July with very positive player reception P12 ▪ final stage of the prototyping phase P14 ▪ pitch and R&D phase P15 ▪ design and R&D phase
Page 10
XDEV: PUBLISHING EXPANDING OUR PORTFOLIO OF HIGH-POTENTIAL TITLES ▪ Moonlighter 2: Full Release on September 2, 2026 ▪ leaves Early Access for a full 1.0 release ▪ launching on Xbox, PlayStation and Nintendo ▪ community-driven development and iteration ▪ a major evolution of a proven IP ▪ Crop: 160K+ wishlists by mid-July ▪ announced at Triple-i Initiative in April ▪ blends farming and thriller ▪ developed by Norway-based Carbonara Games ▪ Trainwatch: new publishing partnership announced in August ▪ narrative thriller by Harvester Games ▪ distinctive concept and strong authorial vision ▪ expands our publishing portfolio with another highly differentiated IP ▪ New unannounced game - announcement this year
Page 11
▪ Moonlighter 2 – version 1.0 showcased ahead of the September 2 full release, marking the transition from Early Access to a major multi-platform launch ▪ Crop – first public hands-on, building on strong early market traction with 150k+ Steam wishlists and its selection for the Indie Arena Booth at Gamescom ▪ Trainwatch – first public hands-on following its August announcement, adding a new, lean publishing title targeting 2027 to the pipeline Gamescom brought multiple stages of our publishing cycle together - supporting near-term monetization, validating demand for upcoming titles and building visibility around the next wave of projects GAMESCOM SHOWCASING THE DEPTH OF THE PUBLISHING PIPELINE
Page 12
PROSPECTS FOR 2026-2027
Page 13
2026-2027: INVESTING IN THE NEXT WAVE A TRANSITION YEAR WITH FOCUS ON SCALING THE NEW PRODUCTION CYCLE Frostpunk 2 DLC 3: further planned expansion of the universe – end of 2026 The Alters Post-launch monetization & long-tail updates Last Variable DLC - released July 2026 Further commercial opportunities ahead P12, P13, P14 Key internal projects moving from pre-production into full production Platform games Frostpunk 1886 - finalising production P15 / TWOM reimagined - from design to full production External Development / Publishing Moonlighter 2: Full Release and global multi-platform launch – September 2, 2026 New project: announcement and launch preparation Crop: 2027 Trainwatch: 2027 2024/2025 portfolio support Continued active support of released titles
Page 14
THE PIPELINE WHERE ARE WE GOING 2026-2031 2026 Moonlighter 2 (Full Release), FP2 DLC 3) 2027/2028 Crop Trainwatch Unannounced XDev project FP 1886 2028/2029 P13 (Expanding the FP universe into new genre), P15 (TWOM reimagined) 2029/2031 Massive new IPs (Project P12 and Project P14) full production & releases
Page 15
WHY 11 bit studios? Meaningful IPs We create meaningful, relatable games that - in an attention economy - build player engagement and long-term IP value Discipline and ambition We invest for growth while maintaining strict cost and cash discipline Diversified revenue streams New releases, DLC and our back catalogue create multiple opportunities to monetize our IP over time Flexible production model Multiple projects at different stages allow us to flexibly allocate talent and capital as production needs evolve Moonlighter 2 | Crop | Trainwatch | 1886 | P12 | P13 | P14 | P15
Page 16
THANK YOU … Want to amore? Contact us! monika.banasiak@11bitstudios.com