Artifex Mundi Sa · GPW:ART
Artifex Mundi Sa — H1 2025 Earnings Presentation
27 slides from Artifex Mundi Sa's earnings presentation, Sep 16, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION WARSAW, 09/16/2025
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) 182 million PLN Price/earning
Slide 4: Key events
Key events
Slide 5: H1 2025 in brief
H1 2025 in brief REVENUE STABILIZATION Revenue growth in the F2P segment despite less favorable macro conditions (weaker dollar); lower sales of premium games. PLN 52.8 META UNSOLVED IS GETTING EVER CLOSER TO THE FINISH LINE million The metagame project is progressing on schedule, and the plan to im
Slide 6: F2P segment
Ai artirex MUNDI F2P segment
Slide 7: Free-to-play in H1 2025
Free-to-play in H1 2025. F2P REVENUE ACROSS OUR PORTFOLIO (MILLION PLN) Σ 47,7 Σ 50,0 SALES RESULTS 49,7 PLN 50 million - segment revenue 47,4 (increase of 5%) H1 OF '24 H1 OF '25 PLN 29.8 million - player acquisition costs Unsolved Other Projects (16% YoY increase) FIRST MARGIN OF THE SEGMENT * (MI
Slide 8: Commercialization of Unsolved
Commercialization of Unsolved UNSOLVED. MONTHLY REVENUES AND PLAYER ACQUISITION COSTS (MILLION PLN) 8,8 8,7 9,0 8,6 8,6 8,5 8,0 7,9 7,8 7,9 7,9 7,6 7,7 7,8 7,6 7,7 7,3 7,4 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 3,7 3,5 3,5 Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24
Slide 9: Commercialization of Unsolved
Commercialization of Unsolved UNSOLVED. MONTHLY REVENUES AND PLAYER ACQUISITION COSTS (MILLION PLN) 8,8 8,6 9,0 8,7 8,6 8,5 8,0 7,9 7,8 7,7 7,9 7,9 7,8 7,6 7,7 7,6 7,3 7,4 6,9 5,6 5,4 5,2 4,9 4,5 4,5 4,6 4,6 4,2 4,4 4,2 4,2 3,9 3,9 3,7 3,5 3,5 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25
Slide 10: Unsolved in H1 2025
Unsolved in H1 2025 REVENUE STRUCTURE FOR UNSOLVED KEY EVENTS (PLN MIL.) Continuation of the Unsolved metagame project, work is proceeding according to plan, 3,9 3,9 Expansion of content by 4 adventures, to a total of 54; 4,9 4,6 4,1 4,6 We implemented localizations for 18 new languages, Implemented
Slide 11: Unsolved metagame
Unsolved metagame METAGAME DEVELOPMENT PLAN Q3/Q4 2025 – completion of work on the Alpha version; Beginning of 2026 – completion of work on the Beta version; First half of 2026 – release, optimization of KPIs, and further development of the metagame. WWW.ARTIFEXMUNDI.COM 11
Slide 12: WWW.ARTIFEXMUNDI.COM
WWW.ARTIFEXMUNDI.COM 12
Slide 13: New RPG
New RPG Alpha Beta Soft Launch Hard-Launch PROJECT SCHEDULE AND ITS IMPLEMENTATION First half of 2025 - continuation of work on the game's Alpha version Second half of 2025 – work on subsequent milestones of the game; Early 2026 – completion of the game’s alpha version, title reveal, commencement of
Slide 14: HOPA segment
bh Ge és j PA segment
Slide 15: HOPA in H1 2025
HOPA in H1 2025. KEY EVENTS SEGMENT SALES BY PLATFORM (MILLION PLN) Commercialization on a zero-investment basis; Lower sales are a consequence, among other factors, of the life cycle of games available for sale and the lack of new game releases. Σ 4,3 1,7 Σ 2,7 0,8 1,5 1,0 1,1 0,9 I PÓŁ. 2024 R. I
Slide 16: HOPA Segment in H1 2025
HOPA Segment in H1 2025. KEY EVENTS HOPA SEGMENT SALES BY PLATFORM (MILLION PLN) Zero-Capex Commercialization Continued operations and monetization executed without additional capital expenditure, maintaining financial discipline and operational efficiency. Σ 4,3 Sales Performance Lower sales levels
Slide 17: Financial results
FiaRTIFEX MUNDI Financial results
Slide 18: Selected financial data
Selected financial data First half of First half of Financial results thousand PLN 2025. 2024. Change Sales revenue: 52 784 52 149 1% F2P GROWTH 1 Increasing revenues in the free-to-play segment under less favorable external 1 Free-to-play 50 026 47 749 5% conditions (strengthening of the Polish zlo
Slide 19: Perspectives for H2 2025
JL ARTIFEX MUNDI Perspectives for H2 2025
Slide 20: Sales in July–August 2025
ARTIFEX MUNDI Sales in July–August 2025 (MLN PLN) KEY EVENTS 15,6 17,7 14,8 Optimized User Acquisition Spend 7,5 7,6 6,6 Reduction in expenditure on player acquisition, VII-VIII 2023 VII-VIII 2024 VII-VIII 2025 associated with the seasonal decline in interest in Revenue First Margin online entertain
Slide 21: Outlook for H2 2025
Outlook for H2 2025. Unsolved commercialization revenue at 2024 levels (among other things, Artifex Mundi revenue due to USD weakness); lower revenue from the commercialization of the remaining titles Expected increase in investment during the autumn period, offsetting Player acquisition expenditure
Slide 22: Feel free to contact us
Feel free to contact us ir@artifexmundi.com Błażej Dowgielski b.dowgielski@makmedia.pl +48 692 823 744
Slide 23: Additional slides
Fi artirex MUNDI Additional slides
Slide 24: Investments in the player base
Investments in the player base MODEL COMMERCIALIZATION OF UNSOLVED IN AN ISOLATED PLAYER COHORT (EXAMPLE DATA) UA – HOW DOES IT WORK FOR US? We acquire users based on predictive models; We optimize ROAS, i.e., the LTV-to-CPI ratio; Target ROAS remains unchanged—we adjust the campaign scale to the cu
Slide 25: Investments in the player base
Investments in the player base DISTRIBUTION OF REVENUES FOR A SINGLE MONTH REVENUE AGE DISTRIBUTION BY MONTH OF COHORT ACQUISITION (EXAMPLE DATA) Current-month revenue comprises cohorts of 30% players acquired over a period of more than two years; 25% In a sample month, 50-60% of revenue may 20% com
Slide 26: Investments in the player base
Investments in the player base INCREASING COST OF PLAYER ACQUISITION The unit cost of player acquisition increases as the scale of UA grows. To scale up, improving LTV is essential. We maximize scale at any point in time given the LTV. WWW.ARTIFEXMUNDI.COM 26
Slide 27: Unsolved – where are we?
Unsolved – where are we? Idea Soft Launch Scaling Revenue peak Maturity Low-cost mode REVENUE USER ACQUISITION WWW.ARTIFEXMUNDI.COM 27