The the the next area right now is that like we are preparing and working on our next phase. That we announced that this year on the conference and the last year at the conference.

That is that the work that is happening right now, and of course, we are implementing a lot of changes regarding our future strategy. Expanding beyond games, we can say more about that right now, but stay tuned here.

It's like, yeah, transitional. On the one how On the one side, we monetize a lot, we build for new projects, we just finalized a lot of stuff.

There is a shift currently happening at 11 bit studios. About that.

We are talking around that all the time recently. A lot of good operational work and a lot of like starting reorganization, good stuff.

A lot of that is from what we learned from the like past years of the games release. Going a bit deeper regarding H1, you know that like like a lot of things happened like just on that business side of things.

Just to give you the key details, it's like on the on the on the on that side regarding the the games we had, like we we sold more than 1 million copies already of Frostpunk 2, The Alters 600 more than 600,000 copies. New DLCs just released.

They will allow us to sell even more of that of our of those games. We believe we will have a lot of success with those regarding the monetization side of things.

Then we expanding we are expanding. That like Moonlighter 2 will will release in a second.

We'll talk Marek will talk about that more in a second. We'll have CROP, we just announced CROP, we announced Train Watch, etc., etc.

It's a lot is happening here, and more on that. Plus, I already told you around that, like we are like working on starting the production or already start a lot of production for our next phase for five projects, to be honest, internally developed.

Two of those that are that are platform projects and three like those new Excuse me. Sorry.

Okay. Platform projects and two new three new games that we are working on completely new stuff.

Regarding the financial comment on our side, I will reach you like kind of explanation on that on that on that side. In first half of 2026, like you'll see that our revenue amounted to 45 million PLN, and compared to 57 million in the same period of 2025, it's a decrease of 21%.

In the second quarter alone, revenue was 25 versus 39 a year earlier. It's a decline of 36%.

Total operating expenses, including depreciation, rose in H1 to 50 million from 40 million a year earlier. It's an increase of 25%.

In Q2, the costs amounted to 25 million versus 19 million in the same period, an increase of 31%. Within this operating expenses, depreciation and amortization rose most significantly, to 20 million in H1 from 10 million year earlier.

It's an increase of of as much as 83%. In Q2, depreciation and amortization amounted to 8.6 million versus 6.4 million, also an increase of 34%.

External services costs in H1 amounted to almost 19 million versus also almost 19 million a year earlier. It's just an increase of 1%.

In Q2, the costs were 10 million versus 8 million, an increase of 24%. Also, the first half of this year staff costs amounted to 8 million versus 7.7 million a year earlier, an increase of of 3.9%.

In Q2 alone, these costs were like 4.1 million versus 3.1 million, an increase of 32%. As you can see, as a result, operating profit for H1 2026 stood at -4.3 million compared to a profit of 18.1 million a year earlier.

In Q2 alone, operating profit was 1.2 million versus 20 million a year earlier, a decrease of 94.1%. EBITDA in H1 was 15.7 million versus 29 million a year earlier, a decrease of 24 45%, sorry, percent.

In Q2, EBITDA was 9.8 versus 26, a decrease of 63.3%. Net profit for H1 stood at -1 million Polish zloty versus a net profit of 8.5 million a year earlier.

In Q2 alone again, net profit was 1.8 versus 14.9, a decrease of 87%. Some highlights, some things I would like to highlight regarding that slide, is, first, we normalized revenue and profit against a high base established by a premiere of The Alters in June 2025.

Second, we are generating revenue primarily through back-catalog monetization, successful promotional events like Frostpunk franchise sale and the release of Frostpunk 2: Breach of Trust DLC that have just happened in on 21st of June 2026. Third, a significant year-over-year increase in depreciation and amortization costs reflects mainly to accounting profile of Frostpunk 2 and The Alters.

The fourth, we are staying stable staff costs through effective diff management, team management despite running multiple projects. We are doing a lot of work here, guys.

More on that, I think, later on today. In summary, like as I told you, it's a transitional year, but we consider the results solid, especially in the context of the high comparative base from the last year.

That's the numbers. Some additional numbers.

Just regarding revenue, as you can see, the Frostpunk was like Frostpunk 2 was very solid. It's I already told you about it's it it's because of the mostly franchise franchise sale, but also the solid sales along the way.

Frostpunk 1 still very very very strong. It's like this as you can see, this IP is like really strong for us.

Deathhowl, a new new game that appeared with the good numbers. We are really happy around that.

The Alters, here I already told you about that. It's like, as you can see, year-on-year normalization for The Alters sales after the Q2 premiere and the peak that we have back then.

Like we had a really good performance for INDIKA. Also, The Alters accounted for a good numbers, too.

We are happy with the results. Marek, I think your part now.

Yes. Thanks, Przemek.

Okay. To tell you a little bit about our plans, our dev team structure, right here we would like to present a brief summary of the status of our team.

Please note that this is a status as of June 2026, the end of H1. These distributions of developers are different right now, obviously, due to changing production cycles and projects we're focusing on.

By the end of June 2026, our structure looked like that: we had 41 people working on The Alters, mostly the DLC, obviously, the one that was already released; then 48 people working on Frostpunk 2, as well, mostly DLCs for Frostpunk 2; then we had 27 people working and developing Frostpunk 1886; then 17 people on P12; 4 on P13; 4 on P14; and our shared service and ex-dev teams consisted 25 people assigned to these to these subteams. Internal development and what are we up to, what we have been doing.

Frostpunk IP, first of all, Frostpunk 2, we're obviously focusing on long-term support for Frostpunk 2. We've already released two DLCs.

Breach of Trust was launched in June. We had a very strong promotional performance during Frostpunk franchise sale on Steam.

We're very happy with this one. We're in the process of developing the announced last, final DLC that is going to be released by the end of 2026.

Currently, a substantial part of the team is working on that DLC, although the number of developers assigned to this project is lower to what we've seen in the previous slide because we're focusing in developing one single DLC right now. Back in June, we've been still working on two in parallel.

Frostpunk 1886, of course, this is a project that has a very long-term platform ambition. That's where we want to take it.

As announced, we're fully rebuilding Frostpunk on Unreal Engine. We're working on new visuals in many ways.

This is kind of natural since we're changing the engine, plus the technology change throughout the last years was pretty dramatic. Thus, we want to utilize all the new tools and pipelines that are available to us currently to present Frostpunk in its greater form.

Once again, we're also delivering and working on new mechanics and content that will be supplementing this release. This is a project that's planned for 2027-2028 period.

Obviously, well, we're still in the development. The release date precise release date is not confirmed yet as of now.

P13, the next chapter of our flagship IP, this is, as stressed before, an exploration of a totally new genre within the universe. We believe this will bring a pretty, well, dramatic change to how you experience things.

We're currently in the final stage of prototyping. If we pass that stage, which obviously is our focus and target right now, we'll be moving to production with a feeling of having all the basics set and really, truly understanding of what our goals are and where we want to lead that title.

The Alters, a paid DLC has been launched in July with a very positive, player reception. Right now, we're focusing on additional patching and improving the game slowly, mostly based on player feedback, as well as some additional, additional things around surrounding that title.

Obviously, once again, long-term sales here is very important for us, thus we're going to be supporting the project. P12, final stage of prototyping phase.

P14, this is a a transition between a pitch phase and entering an R&D phase during which the prototype is supposed to be created, it's a project that's a little bit earlier in time in comparison to P12 or P13 mentioned above. Then we have P15, which is still in a design and R&D phase.

Speaking of ex-dev and publishing now a little bit, again, right here we're expanding our portfolio of what we consider of a series of high-potential titles. Moonlighter 2 is the first one on the list, obviously, because it's planned for a full release in 2nd of September 2026, very soon.

It's going to be leaving an early access and will be released in a 1.0 version. It's launching on Xbox, PlayStation, and Nintendo after months or a year of community-driven development.

Throughout this period of time, the game has been, well, growing naturally from the early access version to something that's was in stages becoming, well, full release, 1.0 version of the game. We consider Moonlighter 2 to be a major evolution of our proven publishing IP, again, that was very successful for us in the past and that we feel very much connected to.

CROP, another publishing title, 160,000 wishlists as of mid-July. This is a title that has been announced during the Triple-I Initiative in April.

It blends farming and thriller elements. You can read a little bit more about it if you haven't on the Steam page of the project.

For instance, this is one of the series of different, well, places where you can get more info about what CROP is. It's being developed by a Norwegian studio, Carbonara Games.

The cooperation is is going great. We're moving forward with this title.

Train Watch, this is a new publishing partnership, new for our audience because it has been announced recently, in August. It's a narrative thriller by Harvester Games.

It's a really distinctive concept and a very editorial vision, and that's truly what it is. This is a very artistic game with a very, well, tasteful approach.

We think it's a it's a it's a really interesting title, something that matches our publishing portfolio in a good way. We're really hyped about this title seeing how it grows and then promoting it.

It obviously expands our publishing portfolio. There's a new, unannounced game, which we're planning on announcing later this year.

This is also something that we have in our pipeline currently. gamescom.

Now to comment a little bit on what's going on currently as we are having this conference, because gamescom's in progress, we have a pretty massive representation on gamescom, both games-wise, but also team-wise. Again, Moonlighter 2, naturally, because it's getting closer to version 1.0, it's being showcased as of one of the actions that is being taken to promote the full release of the game.

We're also presenting CROP. That's the first public, hands-on demo.

We're building our wishlists here, but also gathering feedback from all the players who will be enjoying the game and hopefully sharing some opinions with us as they play. It's being presented on Indie Arena Booth at gamescom.

Then there's Train Watch. It's also a first public, hands-on following our August announcement.

Again, we're building hype, but also gathering feedback from all the players hopefully enjoying the game on gamescom to better understand what we might still be missing to further improve the title and make it, well, even more successful during the release window. Gamescom is bringing a variety of our games that are in different stages of development and promotional stages because Moonlighter 2 is, well, a few days before the release, while CROP and Train Watch are being presented for the first time.

It's a pretty unique blend, but we're very with with what's going on during that event, and and and we find this blend particularly interesting and handsome. Now what are our prospects for 2026-2027 development-wise?

Again, these are many of the elements that we've been already mentioning. Frostpunk 2, naturally, the third DLC, which we've announced, which is planned to be released by the end of 2026, is on track.

We feel confident with that release date. Then The Alters: post-launch monetization, long tail updates, minor fixes, changes, plus some further commercial opportunities that are ahead of us.

I think by now most of you understand that we're really really really looking for for these kind of opportunities and then are able to invest some of our time and resources to utilize them, let's call it this way. The last variable DLC has been released in July 2026 with a very very nice reception.

We're happy with how people enjoyed it. P12, P13, P14: key, new internal projects.

They're all moving from preproduction into full production, or they will be moving throughout that period of time. They're on the different stages of development.

Each of them is moving forward with P12 leading the way and P13 being not far off. Then our platform games, which we are developing, meaning Frostpunk 1886 and P15, This War of Mine Re-imagined.

Frostpunk 1886, of course, is the one that is most advanced out of these two because it has been started the earliest. It will be finalizing its production in 20 well, during that that period of time that we're currently, well, describing here in that particular slide, with a release scheduled somewhere between '27-'28.

It's not precisely scheduled yet, but that's the that's the window that we're currently having in our minds. Then This War of Mine Re-imagined will be moving from design to full production phase throughout that period of time.

We're currently still designing a lot of elements of the game, obviously, running the development in parallel, but I wouldn't call that call that full production yet. This is a phase that we'll be entering in some time.

External development publishing, once again, I'll be repeating myself, I'll go quickly through that. Moonlighter 2: full release, multiplatform, September the 2nd.

New project announcement, at least one, obviously, but but but most likely more during that period of time. Then CROP planned to be released in 2027.

Same for Train Watch. 2027 is our wide release window.

2024-2025 portfolio support, obviously, we're continuing support, especially where needed, through patches, but also chasing different business opportunities as they come our way. Oops, this one.

The pipeline on a timeline just to, again, understand what the future holds: 2026, full release of Moonlighter 2 and the third DLC for Frostpunk 2; 2027/2028, pretty wide window of time, during that time we will be releasing CROP, Train Watch, a new, unannounced ex-dev project, a publishing one, and Frostpunk 1886; then the window of 2028-2029, this will bring P13 and P15 to all the players; and then the window between 2029-2031, these will be some massive and important releases for us with P12, P14 coming out and being shared with with our players.

Ending our presentation is like I'd love to recall you why we believe 11 bit is the like best dev in the world. Like we definitely have our identity.

We are unique. We know what we want to do.

We have our games with a message. We have our crowd.

We have our players. That's That's the meaningful, relatable games that we make.

That's That's the key for us. We know why we want to make our games and what kind of games we want to do, and we know that players love 11 bit studios, and the players know us like for the games for the games we make.

We definitely have, like you've seen that for years, we have a lot of discipline and ambition like those are those combined. I think the key thing the key element here is like, guys, we will we try every time to to think one step ahead, not here today only.

We see we like really look into the future. We always like plan for the next five years, and we need to be disciplined around that, like how we can arrange our teams, etc., etc.

We have a great experience, of course, in the sales. You've seen that in the in the how we cooperate with our partners.

Like we have a lot of, because of that, diversified revenues streams. Like we do a lot around our games, then we try to match that with the with the players, with the with the platform owners, etc., etc.

That's that's our also a huge benefit of and huge asset of 11 bit studios. We we have a good production model right now, we believe, and it's all connected with our current strategy of those three pillars connected with the production, like how we like what how we change recently.

I believe that will allow us to create what is the the biggest asset of 11 bit studio is our games, like our games made by our devs. We have like a great devs here with a huge experience, great IPs, great aims.

You see at the at the bottom like really a lot of games that is coming in the future years. Like some of though like the the things we have in our heads are still not here on that list, and it's it's so much alone right now.

Thanks for the presentation, and like I think we'll switch to a Q&A right now. We, from what we believe we we received like Sorry, guys, for the report to come out lately last last day, but we already received a lot of questions from you via emails, via internet.

I think we'll start with those, and then we will switch to anything that happens along here live, okay? I we will read through the question and then we will like go for some answers.

First question: "Do you think the relative good sales after all these years from This War of Mine and Frostpunk 1 will trend down when when reimaginations are out?" Like all in all, at the end, we are aiming for a cumulative, strong growth sales like for both of those titles steady over the following years.

That's the goal to like have that revenue, grow that revenue together. Like we imagine reimaginations will definitely take over majority of sales, especially while those will be like like, developed further further on.

We will do a lot of DLCs, expands, updates, etc., etc., for both of those reimaginations. Those will be pushed heavily.

Yet, we don't know like the demand will still tell us what will happen in reality. What we know on that is that This War of Mine and Frostpunk will remain still on Steam as some kind of classics, like for a lot of players.

Like they will be there, but reimaginations, we believe, will take most of the profits from that games. "How many copies of This War of Mine and Frostpunk 1 have been sold until now?"

At the end of the first half of this year, we had around 9 million of Frostpunk 1 and 7 million of This War of Mine. "How much more percentage-wise have Switch sales of Moonlighter 1 outperformed Steam sales?"

How much stronger was the, from what I imagine from the question, those sales of Switch were stronger over the over the Steam sales. We haven't disclosed a platform breakdown for Moonlighter 1.

You you know that. Our IR team just shared that with you.

We can't give you the exact number, but we already told you, guys, that Moonlighter was 1 was very strong on on Switch, and we support that. It was very good game for us on Switch.

This is

The next one is mine, I believe. "Why did employee number drop from 294 in 2024 to 265 in 2025?"

Well, 2024 was decades away from my perspective, first of all, honestly. There were a variety of different events that led to this change.

We all have to understand, and I hope we do, that we're constantly restructuring the organization or changing our organizational structure based on the phases of the projects that we currently in, the development projects that we're leading, and this is a pretty standard procedure. Once something important changes on the production side, our structure and numbers of employees, outsourcers may naturally change.

If a project enters a production phase, we'll be scaling up. If, well, we cancel a project, we might be scaling down at times.

This is one of the events that I believe happened somewhere at the end of 2024, if I'm correct. That was that was, I guess, one of the most important driving forces behind that change.

Now these the numbers that we'll see in 2026, and that we do already see in 2026, will also be a little bit different to the numbers we've seen in 2025 because of the structural changes that we've been announcing months ago and that we've been running throughout the past months to further, well, improve our structure and adjust it to the portfolio composition that we currently have and the targets that we have to reach within the upcoming months and and and quarters. Next question.

"Can we assume the budgets of reimaginations being way lower than the budget of new IPs in development? Is 20 to 25 million zloty for Frostpunk 1886 realistic?"

We don't comment on total project budgets, especially in advance. We only report capitalized development spend to date.

For example, for Frostpunk 1886, which the question is about, to date, we have these developments spends capitalized to 7.1 million as of end of half one of 2026. Obviously, the development is still in progress.

Naturally, since these are the reimaginations, there will be elements of the original games used, which I think it's safe to assume for all of us that this will bring some savings and optimizations throughout the process. That's about it.

That's that's what I can comment on.

The next one. "Do you assume the influence on net profit from your associated company Fool's Theory to be positive in 2026 and '27?"

Like short answer is like like first half of this year saw a positive contribution. It was 1.5 PLN from Fool's Theory.

Like, guys, we don't give forward guidance on this on the on the on that that company results. Sorry for that.

The next one. "Can you already rule out that any of the five games showcased in the pipeline," so all those new games, I assume, P11 till P15, "will debut also on Game Pass?

Could platform games on Game Pass maybe a problem to a long-term monetization plans?" That no platform subscription decision have been disclosed for those titles.

It's always, regarding Game Pass or any subscription model, etc., it's always a title-specific. We sometimes do kind of like a grouped models, etc.

It depends on how we cooperate with those partners. It's always title-specific.

We always evaluate it like for the best outcome. Because like you like I'm will I would probably say that today again, like we are always aiming for the best cumulative results in the long term for any project.

That's how we look at it. What would be the best result for us at the in the long term?

You also saw that, in general, we were always happy with our partners, like regarding those deals. Like we I think in the like looking at the past, we were happy with the with the deals we had with Microsoft, Sony, etc., etc.

We we like those, and we look for those. Of course, we always negotiate, and if we don't see that the numbers are good, we just decline.

We did that a few times. Guys, it's normal for us at the end the result, end result is the the the the key aim we are we are going for.

Like also like there was the question like in in that question was what about the platform games? Like my my short comment, like, again, like look at the platform games.

Those are really long-term deals. Like for for like like Game Pass deals, for example, those are just short short periods.

When you look at the at the whole stuff, it could happen that I believe we could we could sign some deals even for the platform games, which could seem like unreasonable. At the end, when you look at years, that could work out.

"What's your opinion on Fool's Theory considering to develop The Thaumaturge considering them to develop The Thaumaturge 2, given the fact that it's far from recoup and you have an impairment charge on it? Are you considering to be a publisher for this game if developed?"

Like we really like like the Fool's Theory. We like we are in constant contact, etc., etc.

They are doing a lot of stuff right now for the CD PROJEKT. Hi, guys, by the way.

Good stuff with the with the announcements. Like we like the company.

We would love to, in the future, do some games with them if possible, and we are open on that. Regarding the The Thaumaturge 2, first of all, there is nothing that we've been asked around that, like openly, publicly, etc., etc.

No comment on that. Like you see the numbers, we are also seeing the numbers.

Definitely, if we would think about that much, that, at the end, should be a really good business case, as always with every of other projects. Marek, now yours.

Yes. "Service costs increased from 2018 in comparison to 2025 by 178.5%, and revenue just 71.8%.

Service costs made up not 20% anymore, instead they were at 32%. Can we expect this trend to reverse at some point?"

I can see the observation. I haven't checked the numbers.

I assume they're they're correct. Although, I don't think there's an easy trend that this really highlights.

There have been massive changes to what was happening between 2018 and 2025. Naturally, of course, some costs are getting more expensive.

Also, the nature of the games that we've been developing and the nature of the development of these particular games have changed a lot. For instance, we had bigger vocalization costs, voiceovers for The Alters, which are pretty big chunk of the development budget, which haven't been a case before because we haven't been working with actors in such a scale, and so on.

I don't think there's an easy answer, especially when it comes to service costs. Do producing games gets more expensive?

Yeah. Yes, obviously, because everything is getting more expensive, service, but also wages.

On the other hand, we're changing our development processes, as scaling the teams down, which, well, is going to be working on the of opposite direction and and decreasing the general size of the development budget, or at least trying to compensate for the rising costs. When it comes to services, it's hard to say.

We're not a free-to-play studio that has to assign 30-60% of a of a project budget to marketing and and different tools that allow us to to sell the game. It all depends on the types of the games that we'll be developing when it comes to services, because some will need more external services, some will need less.

Plus, there were considerably bigger expenses for the IT department during that time because of the changes that we've been we've been implementing internally and the changes in the structure of the development team. Sorry, but I think there's no easy answer here.

The easiest one would be yes, costs are rising. Obviously, we're hoping we'll be able to develop games that, well, sell good enough to make up for that and and and generate loads of revenue.

That's naturally our target. We hope that our profit margins will, well, be high enough and very high based on the the scale of the successes that we're trying to build and expecting here.

"Will there already be marketing activities, or will those begin for Frostpunk 1886 this year? How do you evaluate the current wish list in given state of marketing?"

The questioning about the marketing around Frostpunk 1886. Like so the main marketing campaign won't start this year, guys.

We are focusing on communication with community. You can see that showing some of the behind-the-scenes stuff that is being done in development along the way.

By the way, in the next month, we'll have a next milestone for that project. Like we are trying to engage the players with the with the 1886, but it's done really softly currently.

We are like seeing the reactions for the stuff that is happening, what we show, etc., etc. As for the wishlist, there is still still a long way to hit the numbers.

It's not the numbers we are aiming for right now. Like taking into the account what we are still planning to do and and how we see at our marketing campaign ahead of us, we are confident like regarding the wishlists.

We don't worry around that. Keep in mind, guys, that it's still a long time before the release.

Marek already told you when we are planning for that. We need to have like the fuel still for the for the for the final moments for that campaign to happen, especially like looking at currently how the how the marketing looks for the for the for the games that are released.

I probably will have a good question around that and I will explain you more around that in a in a second.

Okay. Next one is mine, I guess.

Sorry, I got distracted. This one.

"Do you expect a new genre for P13 to attract wider audience than strategy survival city builder game?" P13 genre hasn't been announced yet.

I don't want to get in front of our marketing. We can't really compare publicly the audience reach yet.

I can share that, for sure, it's not going to be an unpopular genre, and it's not going to be a niche one. We're not making P13 to decrease the potential, I think you should be rather safe in that regard.

At least, our goals are pretty amazing.

Yep. It's not a small one regarding the genre.

"What factor do you think would be the most crucial when it comes to scaling the company in the long term: building up following of the brand, raising the prices, working on more projects in every wave, monetization, type of monetization, acquisitions?" I think it's like when you looked at the at our last slide, why 11 bit studios, I think it's like unique identity, IPs, like strong internal IPs, that is like key for 11 bit studios, strong internal IPs, growing of growing those, like inventing new strong IPs, that is like crucial, like so unique identity, IPs, great team.

That's That's crazy crazy important, with ambition and good incentives, like really fighting for the ambition and fighting for some results for each of our team members. That that is definitely definitely key.

Of course, we highly believe in the strategy like with those three pillars when we talk about what we want to do in the future. New games with new IPs, sometimes in new genres, like our platform games and the ex-dev.

Really complementary. A lot of stuff happening, and like what also will be will be crucial for 11 bit studios will be like kind of adaptation.

How to adapt our identity, our our creativity to the changes in 11 bit studios. That will to the changes in the market, in the games environment, because a lot of is happening here.

Not like staying in one staying in that place, I don't think will be very beneficial. We will need definitely to adapt, as what we did in the 2 years, almost 2 years ago when we announced that we are switching to three pillars model and like doing a lot around that.

What was great there was that we had IPs. That was that is our strength that we need want love to to like move forward.

"Theoretically, would you prefer stock buybacks or a dividend when you decide to contribute cash to shareholders in the future?" Like so, guys, we haven't there was no announcement on our side regarding the that kind of capital return policy.

Like we are always discussing various scenarios. Like, but I don't have anything to comment here, guys.

That's that's that's all for that question. "Would you take into consideration giving a game of yours Would you take into giving a game of yours away for free to boost sales of a remake?

For example, a free download of Frostpunk to promote Frostpunk 1886?" We are evaluating all of the options.

Like like we have assets here. That one is an interesting idea idea, of course.

It was already discussed. We will at the end Be patient, guys, here.

We will look for the best long-term results, everything is an option. "When do you plan to present the assumptions of new incentive program?"

It's being currently designed, like especially Paweł Feldman and Piotr Bałtraszewicz are doing the heavy work here. We will, I believe, not from far from today, we'll start discussing that more openly.

Like we'll we'll bring you with the details. We are working on that.

It is important for our team, for our people, and for for the yeah, for the directors, etc., etc., at 11 bit studios.

I'll take the next one. "What actions will the company take to boost sales of The Alters?"

We understand where the question comes from. It's true that the sales dynamics of The Alters during the period of time that we're specifically discussing today, the first half of 2026, was below our original assumptions.

Saying this, we are truly confident that this is a a project of an enormous potential. We we always believed in it, and we still believe in it, because it's an amazing game.

This is this is feedback we're constantly being given by the players. We also know what it is, we know the value of that game, don't consider it lost in any anyway.

First half of 2026 was also naturally a time for lower revenue in the sales cycle. It's it's a pretty difficult time in the life cycle of a of a product after it's being released, at least in our calendar usually, because, well, it was still ahead of releasing the DLC, which was released later in the second half of the year.

Also, we haven't entered really deeper promotional activities yet. There weren't really a lot of extra initiatives that were pushing the new waves of players to give this game a a try.

This, as has been changing in the second half of the year, especially because of the DLCs, but also all the other actions that we will be performing to animate the sales of of of this game. We besides the fact that we believe that Alters is an exceptional game, we also believe in our skill in, well, monetizing games in long term and and finding different business opportunities.

I know everyone claims that nowadays, but I think history of our business activities shows and proves, even the recent history, that we're good at finding these initiatives. There's, for sure, a lot in front of The Alters that we will be that that will be happening, that will be happening.

Again, the release of the DLC is one of the meaningful elements that we have to be taking into consideration that will be shaping the future of the project and its sales, and allow us to perform a variety of different marketing and business actions on that product to further increase the sales and and and the popularity of the title. The first half of 2026, in our minds, we knew it's going to be a transitional period for the project between different cycles, the ones that allow us to go into deeper promos and and and have the DLC and the release window.

We know we knew there's going to be a dip. We were expecting this dip to be a little bit smaller, but still, it was it was planned to at least the the the sales curve to have that shape.

We know that there's there are new opportunities and actions that we've already some of those we've already performed that will be changing the situation around The Alters. Those are some of the actions to answer your question.

There's going to be more. Some of them we already identified and and and know.

For a lot of new opportunities, we're constantly, well, looking, and I'm confident we will be finding a huge variety of those. Another question.

I'll take this one as well. "Given the number of projects being developed simultaneously, do you believe the current management resources and capabilities are sufficient to manage production effectively?

Does the company plan plan to strengthen the management team?" I'm confident.

Yes, there's a lot of work. We're here, we're good at it.

Besides that, obviously, well, A, we've been introducing more projects and wanting to make more projects because we we need to be working on more titles in parallel within the current structure to allow ourselves for better ROIs and in general better revenues in comparison to to the costs. We don't want the costs to explode, you know.

This is part of our strategy of of of keeping the costs under control while giving ourselves more opportunities for huge successes. Also, we have been introducing a series of management changes throughout the past months.

Some, yes, also in the board structure in itself in the recent months, but also in the management structure of the projects. Some of you might remember my plan for, well, changing the role of a producer within a project.

I'm considering a a producer at a project a a management role. This this is what it truly is.

We've introduced these producers alongside of game directors as managers leading projects that are currently in development that are currently in development. I believe that that change in the structure and composition of the team, well, prepares us, allows us to run as many projects as we have currently in the portfolio.

Sure, it's not without challenges, but it's definitely much easier now when we have these changes behind us as it was, well, a few years ago where things have been managed in a different way. Yes, it's challenging.

It has to be challenging, because if it was to be easy, it probably would be too expensive. I'm confident that we can we can nail this.

Yeah.

Sorry, I just, like, now were focused on something else. "Have you considering lower lowering the full price of the older titles like This War of Mine and Frostpunk that will allow even more attractive sale events in the future?"

Like those are the greats great assets for us. They are not very pricey already, and they allow still having those asset, they really allow us to have a high-impact events like franchise sale, like really we're very happy with the Frostpunk franchise sales because we have a lot of games around that.

Look at the numbers here. Like then when you see that we have those, This War of Mine and Frostpunk, let's say, classic games already in our portfolio, we can do a lot regarding the actions around that.

It's an ongoing process. We plan that for the coming years.

Right now, it's connected to, of course, the for to reimaginations. It can be an option, as always.

We will look for the best possible scenario. We consider all of the things that will happen when we look at the grander scheme of things and our IPs.

"Does the company already have a preliminary marketing schedule for its new internally developed projects? Should we expect the first more first more meaningful marketing activity only in 2027?

Can we expect," there is a next question, "the first trailer for the Frostpunk 1886 anytime soon, etc.?" Of course, we have a marketing plans for our projects, and it's all synchronized with production.

When we know when kind of quality assets we will have in the in the pipeline, when it will be when so when can we prepare some materials around around our games. What is key here, we are aiming for a shorter and more intense campaigns than what we do in the past.

That is what I told you like few minutes ago. It is becoming a kind of marketing standard nowadays.

What we can confirm is like, this year, we will mostly focus on our publishing branch and the Frostpunk 2 and The Alters DLCs. That will be the key around regarding marketing, publishing stuff and like the portfolio we already released.

That's that's it. I think Marek, then that's yours.

Yeah. I can take this one.

"What percentage of The Alters based base game owners have purchased the DLC so far? Is this broadly in line with the market benchmark of around 20%, or is it higher or lower?"

We are not disclosing specific rates and figures here. What we can say is that the early reception, because still it's kind of early, the reception of the DLC has been very positive.

We're seeing re-engagement. We're seeing players coming back, but also new players flowing into the game.

This is this is about it. We'll be constantly monitoring the performance, but not going into details that would be required to answer this question.

Another one. "When should the savings from the recent headcount reduction start to become visible in the P&Ls, and what scale of cost savings should we expect?

Do we see further room for headcount optimization?" This whole topic is obviously a part of a bigger initiative to adjust our structure, the cost structure, and align them and the resources in general to the current project portfolio.

This is one this is not a one-off cost-cutting program, and we don't want to look at it at this way. Of course, the related cost effect of of of actions that are accompanying these restructuring moves will flow through the P&L over the coming quarters, but then things will stabilize.

I think it's also important noting that, on one hand size, we're changing the structure of our costs, of our services, of our employees to meet the needs of our current portfolio, to optimize things, but, on the other hand, some of our projects are growing and also need, well, specialists and services, sometimes in different areas. It's not a these are, again, two different forces working in a in a different directions, and it's, I think, very important to understand that, which might affect the way, well, this will be reflected in the P&L.

I think we'll end today with the questions. I know we have some some some coming more some more coming, guys.

Please contact Monika and like we will gladly answer all of your questions via email. Thanks for the meeting, guys.

If anyone wants to talk with us more, like also contact us. We can like gladly talk face-to-face if there's a need for on your side.

We can meet together, like remotely or in Poland here in our office. Everyone is invited.

Thanks for the meeting, and see you next time. Bye.

Thank you.