Artifex Mundi Sa · GPW:ART
Artifex Mundi Sa — Q3 2025 Earnings Presentation
25 slides from Artifex Mundi Sa's earnings presentation, Nov 18, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION WARSAW, 11/18/2025
Slide 2: Introduction
Introduction
Slide 3: Basic information about Artifex Mundi
Basic information about Artifex Mundi COMPANY PROFILE SELECTED MARKET INFORMATION Developer and publisher of video games ISIN PLARTFX00011 19 years of experience in the video game market Number of shares 11.939.992 120 employees and regular subcontractors Market Cap (2) 155 million PLN Price/earning
Slide 4: Key events
Key events
Slide 5: 9M 2025 at a glance
9M 2025 at a glance SALES UNDER PRESSURE FROM EXTERNAL FACTORS Less favorable macro conditions (a weak USD) and market conditions (rising competition in the advertising market) offset the positive impact of growth in Unsolved KPIs on the Company’s results. 74.6 million PLN FINAL STRETCH FOR UNSOLVED
Slide 6: F2P segment
Ai artirex MUNDI F2P segment
Slide 7: Free-to-play in 9M 2025
Free-to-play in 9M 2025. SEGMENT REVENUES BY GAME (MLN PLN) Σ 72,2 Σ 70,7 SALES RESULTS 71,7 70,3 70.7 million PLN segment revenues (a decrease of 2.1%) Q3 2024 Q3 2025 41.2 million PLN player acquisition costs Unsolved Rest (2.5% year-over-year increase.) FIRST SEGMENT MARGIN* 29.5 million PLN firs
Slide 8: Commercialization of Unsolved
Commercialization of Unsolved UNSOLVED - MONTHLY PLAYER ACQUISITION REVENUES AND COSTS (MLN PLN) 8,8 9,0 8,7 8,6 8,6 8,5 8,0 7,9 7,8 7,9 7,9 7,8 7,6 7,7 7,6 7,7 7,3 7,4 6,9 7,1 6,6 6,9 5,6 5,4 4,9 5,2 4,5 4,5 4,6 4,4 4,6 4,2 3,9 4,2 3,9 4,2 4,0 4,2 3,7 3,5 3,5 3,1 Jan-25 Feb-25 Mar-25 Apr-25 May-25
Slide 9: Unsolved in 9M 2025
Unsolved in 9M 2025. KEY EVENTS UNSOLVED REVENUES – STRUCTURE (MILLION PLN) Continued development of the Unsolved project metagame; Expanding the content with 8 new adventures, 3,9 3,9 to a total of 56; 4,9 4,6 4,1 4,6 Localization expanded by 18 new languages, to a total of 39; 3,5 7,3 Implementati
Slide 10: Unsolved Metagame
Unsolved Metagame METAGAME DEVELOPMENT PLAN October 2025 – completion of work on the Alpha version; Q1 2026 – completion of work on the Beta version; Q2 2026 – gradual rollout and A/B tests; Q3 2026 – full rollout of the Unsolved version with the metagame; From Q3 2026 – KPI optimization and further
Slide 11: Unsolved – where are we?
Unsolved – where are we? Idea Soft Launch Scaling Revenue peak Maturity Low-cost mode Revenue User Acquisition WWW.ARTIFEXMUNDI.COM 11
Slide 12: Unsolved's Potential
Unsolved's Potential WHERE DO WE STAND COMPARED TO REFERENCE GAMES Unsolved game is still in the early development stage; No. 5 in its category lifetime (despite not having a metagame layer) with more than a 3x gap in LTV for countries in the Tier 1 group; Strong potential in terms of lifetime insta
Slide 13: New RPG game
New RPG game Alpha Beta Soft Launch Hard-Launch PROJECT SCHEDULE AND ITS EXECUTION 9 months in 2025 – continued work on the game's Alpha version; Early 2026 – completion of the Alpha version, title reveal, start of marketing efforts; First half of 2026 – conduct the final tests of the game; Q4 2026
Slide 14: HOPA segment
bh Ge és j PA segment
Slide 15: HOPA in 9M 2025
HOPA in 9M 2025. KEY EVENTS SEGMENT SALES BY PLATFORM (MLN PLN) Commercialization in zero investment mode; Lower sales are a consequence of, among other things, the life cycle of games currently on sale and the lack of Σ 6,0 new game releases. 2,3 Σ 3,7 1,2 2,1 1,3 1,6 1,2 Q3 2024 Q3 2025 PC Mobile
Slide 16: Financial results
FiaRTIFEX MUNDI Financial results
Slide 17: Selected financial data
Selected financial data Financial results In thousands PLN Q3 2025 Q3 2024 Change Q3 2025 Q3 2024 Change Sales revenue: 21 800 26 176 (17%) 74 585 78 325 (5%) Lower revenues due to market conditions 1 (higher UA costs) and the appreciation of the Polish zloty against the major settlement 1 Free-to-p
Slide 18: Perspectives for Q4 2025
JL ARTIFEX MUNDI Perspectives for O4 2025
Slide 19: Results - October 2025
ARTIFEX MUNDI Results - October 2025. (MLN PLN) 8,2 8,5 7,3 Challenging macroeconomic conditions and the 4,3 4,2 3,6 market environment are negatively affecting the monetization of Unsolved’s commercial potential X 2023 X 2024 X 2025 and the company’s overall results. Revenue from Sales First Margin
Slide 20: Outlook for Q4 2025
Outlook for Q4 2025. Revenue from the commercialization of Unsolved is under pressure due to, Artifex Mundi revenue among other things, macroeconomic factors (including USD weakening); revenues from the commercialization of the other titles are also lower. Probable year-on-year decline in spending,
Slide 21: Please contact us
Please contact us ir@artifexmundi.com Błażej Dowgielski b.dowgielski@makmedia.pl +48 692 823 744
Slide 22: Additional slides
Fi artirex MUNDI Additional slides
Slide 23: Investments in the player base
Investments in the player base MODEL COMMERCIALIZATION OF UNSOLVED IN A SINGLE COHORT OF PLAYERS (SAMPLE DATA) UA – HOW DOES IT WORK FOR US? We acquire users based on predictive models; We optimize ROAS, i.e., the ratio of LTV to CPI; Target ROAS is fixed—we adjust campaign scale to current advertis
Slide 24: Investing in the player base
Investing in the player base DISTRIBUTION OF SINGLE-MONTH REVENUE BY AGE DISTRIBUTION OF REVENUE COHORT ACQUISITION MONTH (SAMPLE DATA) This month’s revenue comes from player cohorts 30% acquired over a period of 2+ years; In the sample month, 50-60% of revenue may 25% come from player cohorts older
Slide 25: Investing in the player base
Investing in the player base RISING COST OF ACQUIRING PLAYERS Per-player acquisition cost increases as UA scales. Improving LTV is essential for scaling. We maximize scale at any given moment for a given LTV. WWW.ARTIFEXMUNDI.COM 25