Declared Dividend • May 28
Dividend increased to zł1.00 Dividend of zł1.00 is 100% higher than last year. Ex-date: 30th July 2026 Payment date: 10th August 2026 Dividend yield will be 6.8%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but not covered by cash flows (138% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 54% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.4% EPS decline seen over the last 5 years. Announcement • May 26
Ultimate Games S.A. announces Annual dividend, payable on August 10, 2026 Ultimate Games S.A. announced Annual dividend of PLN 1.0000 per share payable on August 10, 2026, ex-date on July 30, 2026 and record date on July 31, 2026. New Risk • May 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 52% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Dividend is not well covered by cash flows (138% cash payout ratio). Market cap is less than US$100m (zł78.7m market cap, or US$21.6m). Announcement • May 21
Ultimate Games S.A., Annual General Meeting, Jun 15, 2026 Ultimate Games S.A., Annual General Meeting, Jun 15, 2026, at 14:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł14.70, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 12x in the Entertainment industry in Poland. Total returns to shareholders of 1.5% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: zł0.57 (vs zł0.16 in 3Q 2024) Third quarter 2025 results: EPS: zł0.57 (up from zł0.16 in 3Q 2024). Revenue: zł12.6m (up 97% from 3Q 2024). Net income: zł3.00m (up 270% from 3Q 2024). Profit margin: 24% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Nov 06
Ultimate Games S.A. to Report Q3, 2025 Results on Nov 06, 2025 Ultimate Games S.A. announced that they will report Q3, 2025 results on Nov 06, 2025 Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł13.60, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 15x in the Entertainment industry in Poland. Total loss to shareholders of 2.9% over the past three years. Reported Earnings • Sep 14
Second quarter 2025 earnings released: EPS: zł0.30 (vs zł0.08 in 2Q 2024) Second quarter 2025 results: EPS: zł0.30 (up from zł0.08 in 2Q 2024). Revenue: zł8.94m (up 68% from 2Q 2024). Net income: zł1.53m (up 265% from 2Q 2024). Profit margin: 17% (up from 7.9% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Aug 21
Ultimate Games S.A. to Report First Half, 2025 Results on Sep 12, 2025 Ultimate Games S.A. announced that they will report first half, 2025 results on Sep 12, 2025 Upcoming Dividend • Jul 18
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 25 July 2025. Payment date: 08 August 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Polish dividend payers (7.1%). Higher than average of industry peers (1.5%). Announcement • Jun 24
Ultimate Games S.A. announces Annual dividend, payable on August 08, 2025 Ultimate Games S.A. announced Annual dividend of PLN 0.5000 per share payable on August 08, 2025, ex-date on July 25, 2025 and record date on July 28, 2025. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: zł0.31 (vs zł0.27 in 1Q 2024) First quarter 2025 results: EPS: zł0.31 (up from zł0.27 in 1Q 2024). Revenue: zł7.44m (up 32% from 1Q 2024). Net income: zł1.64m (up 18% from 1Q 2024). Profit margin: 22% (down from 25% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 22% per year. New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (zł47.2m market cap, or US$11.7m). New Risk • Jan 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (zł42.8m market cap, or US$10.3m). New Risk • Dec 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł39.7m (US$9.76m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 45% per year over the past 5 years. Market cap is less than US$10m (zł39.7m market cap, or US$9.76m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: zł0.16 (vs zł0.12 in 3Q 2023) Third quarter 2024 results: EPS: zł0.16 (up from zł0.12 in 3Q 2023). Revenue: zł6.43m (up 11% from 3Q 2023). Net income: zł811.0k (up 28% from 3Q 2023). Profit margin: 13% (up from 11% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 13
Second quarter 2024 earnings released: EPS: zł0.082 (vs zł0.081 in 2Q 2023) Second quarter 2024 results: EPS: zł0.082. Revenue: zł5.33m (down 9.0% from 2Q 2023). Net income: zł420.0k (down 1.4% from 2Q 2023). Profit margin: 7.9% (up from 7.3% in 2Q 2023). Upcoming Dividend • Aug 12
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 19 August 2024. Payment date: 30 August 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 4.5%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (1.8%). Upcoming Dividend • Jun 07
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 28 June 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 4.4%. Lower than top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (2.1%). Reported Earnings • May 20
First quarter 2024 earnings released: EPS: zł0.27 (vs zł0.36 in 1Q 2023) First quarter 2024 results: EPS: zł0.27 (down from zł0.36 in 1Q 2023). Revenue: zł5.64m (down 9.1% from 1Q 2023). Net income: zł1.39m (down 26% from 1Q 2023). Profit margin: 25% (down from 30% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • May 18
Ultimate Games S.A., Annual General Meeting, Jun 11, 2024 Ultimate Games S.A., Annual General Meeting, Jun 11, 2024. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: zł0.12 (vs zł0.34 in 3Q 2022) Third quarter 2023 results: EPS: zł0.12 (down from zł0.34 in 3Q 2022). Revenue: zł5.78m (down 33% from 3Q 2022). Net income: zł633.0k (down 60% from 3Q 2022). Profit margin: 11% (down from 18% in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł5.86m (down 13% from 2Q 2022). Net income: zł426.0k (down 61% from 2Q 2022). Profit margin: 7.3% (down from 16% in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 09
Upcoming dividend of zł0.50 per share at 3.7% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 30 June 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Polish dividend payers (7.3%). Higher than average of industry peers (2.0%). Announcement • May 17
Ultimate Games S.A., Annual General Meeting, Jun 13, 2023 Ultimate Games S.A., Annual General Meeting, Jun 13, 2023, at 09:30 Central European Standard Time. Reported Earnings • May 15
First quarter 2023 earnings released: EPS: zł0.36 (vs zł0.37 in 1Q 2022) First quarter 2023 results: EPS: zł0.36 (down from zł0.37 in 1Q 2022). Revenue: zł6.20m (up 5.3% from 1Q 2022). Net income: zł1.88m (down 2.7% from 1Q 2022). Profit margin: 30% (down from 33% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Buying Opportunity • Apr 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be zł17.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 15
Full year 2022 earnings released: zł1.67 loss per share (vs zł1.22 profit in FY 2021) Full year 2022 results: zł1.67 loss per share (down from zł1.22 profit in FY 2021). Revenue: zł27.2m (up 20% from FY 2021). Net loss: zł7.95m (down 224% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Buying Opportunity • Mar 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.4%. The fair value is estimated to be zł17.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has grown by 10.0%. Buying Opportunity • Dec 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be zł20.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has grown by 16%. Reported Earnings • Sep 18
Second quarter 2022 earnings released: EPS: zł0.18 (vs zł0.36 in 2Q 2021) Second quarter 2022 results: EPS: zł0.18 (down from zł0.36 in 2Q 2021). Revenue: zł6.70m (down 2.4% from 2Q 2021). Net income: zł1.10m (down 42% from 2Q 2021). Profit margin: 16% (down from 28% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 07
Upcoming dividend of zł1.50 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 27 June 2022. Trailing yield: 7.0%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (2.2%). Buying Opportunity • May 31
Now 21% undervalued Over the last 90 days, the stock is up 6.2%. The fair value is estimated to be zł26.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Earnings per share has grown by 51%. Reported Earnings • May 19
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł5.89m (up 20% from 1Q 2021). Net income: zł1.93m (down 23% from 1Q 2021). Profit margin: 33% (down from 51% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.8%. The fair value is estimated to be zł26.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Earnings per share has grown by 72%. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS zł0.21 (vs zł0.42 in 3Q 2020) Third quarter 2021 results: Net income: zł1.12m (down 49% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 25
Second quarter 2021 earnings released: EPS zł0.36 (vs zł0.60 in 2Q 2020) Second quarter 2021 results: Net income: zł1.89m (down 40% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 02
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 21 June 2021. Trailing yield: 6.3%. Within top quartile of Polish dividend payers (6.0%). Higher than average of industry peers (2.9%). Is New 90 Day High Low • Feb 23
New 90-day low: zł29.30 The company is down 11% from its price of zł32.90 on 25 November 2020. The Polish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 23% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: zł34.35 The company is up 17% from its price of zł29.30 on 27 October 2020. The Polish market is also up 17% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Entertainment industry, which is down 22% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: zł32.90 The company is up 9.0% from its price of zł30.25 on 25 August 2020. The Polish market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is down 6.0% over the same period. Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 16% share price gain to zł30.10, the stock is trading at a trailing P/E ratio of 23.1x, up from the previous P/E ratio of 19.9x. This compares to an average P/E of 30x in the Entertainment industry in Poland. Total returns to shareholders over the past year are 64%. Is New 90 Day High Low • Sep 25
New 90-day low: zł25.80 The company is down 19% from its price of zł32.00 on 26 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is flat over the same period. Reported Earnings • Sep 18
First half earnings released Over the last 12 months the company has reported total profits of zł6.81m, up 107% from the prior year. Total revenue was zł11.1m over the last 12 months, up 112% from the prior year.