Artifex Mundi Sa · GPW:ART
Artifex Mundi Sa — H1 2026 Earnings Presentation
30 slides from Artifex Mundi Sa's earnings presentation, Sep 8, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION Warsaw, 8 September 2026
Slide 2: Artifex Mundi at a glance
Artifex Mundi at a glance PROFILE SELECTED MARKET DATA Video game developer and publisher ISIN PLARTFX00011 20 years of experience in the games market Number of shares 11,887,599 135 employees and regular contractors Market cap.(2) PLN 259m Price/earnings(2) 12.4 SHAREHOLDING STRUCTURE (by votes at
Slide 3: Key developments
ARTIFEX MUNDI Key developments
Slide 4: H1 2026 at a glance
H1 2026 at a glance MARKET CONDITIONS AND TACTICAL DECISIONS AFFECT RESULTS Lower sales reflect persistently challenging market and macroeconomic conditions, and the related business decisions to focus on long-term profitability. 44.2 PLN m METAGAME GOES GOLD, ROLLOUT UNDER WAY REVENUE Work on the l
Slide 5: Adventure Studio
Grn Decoration Name 2 AN » < “4 a . oe ‘ # ANNIVERSARY ARTIFEX MUNDI Adventure Studio
Slide 6: Adventure Studio at a glance
Adventure Studio at a glance REVENUE 62 (PLN M) ADVENTURE STUDIO: EMPLOYEES Business profile – development and AND COLLABORATORS commercialisation of free-to-play HOPA 49,7 41,9 games 22.9 Main focus – development of Unsolved million H1 2025 H1 2026 UNSOLVED LIFETIME UNSOLVED INSTALLS A unique adven
Slide 7: Unsolved – commercial performance
Unsolved – commercial performance UNSOLVED. MONTHLY REVENUE (PLN M) 8,8 8,7 9,0 8,6 8,6 8,5 8,0 7,9 7,9 7,9 7,8 7,6 8,1 8,1 7,8 7,6 7,7 7,7 7,1 7,1 7,3 6,9 7,3 7,4 7,2 6,8 6,9 7,1 6,6 6,9 6,8 6,8 6,5 6,4 6,2 6,0 5,1 5,3 5,6 5,5 5,3 5,1 3,9 3,3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Slide 8: Unsolved – commercial performance (revenue less UA costs)
Unsolved – commercial performance UNSOLVED. REVENUE LESS UA COSTS (PLN M) 4,1 4,0 4,1 4,0 4,0 3,9 3,7 3,6 3,7 3,8 3,8 3,8 3,8 3,7 3,4 3,5 3,4 3,4 3,5 3,5 3,5 3,5 3,4 3,4 3,5 3,3 3,1 3,1 3,1 3,2 3,1 3,3 3,2 3,0 2,7 2,4 2,4 2,2 2,2 2,0 1,7 1,6 1,5 1,1 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ja
Slide 9: Unsolved metagame – key project milestones
Unsolved metagame – key project milestones GOLD MS 1.0 MS 1.5 ALPHA BETA Rollout begins Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 • Decorating – the full • Iterations on MS 1.0 features • Core loop • Iteration on alpha features • Localisation experience • meta progression • Finalise FTUE • Ana
Slide 10: Unsolved metagame in-game offers screen
1195 to go Make any purchase to unlock all adventures. NEW! Basic offer Basic offer Deer family More 4d 23h 6d 23h 6d 23h Offers Decorations Coins Energy Hints Gems ARTIFEXMUNDI.COM | 10
Slide 11: Unsolved metagame screen
1195 to go Size ARTIFEXMUNDI.COM | 11
Slide 12: Max. level!
Max. level! 6d 22h 6d 22h ARTIFEXMUNDI.COM | 12
Slide 13: Unsolved – game plan for H2 2026
Unsolved – game plan for H2 2026 Jul 2026 Aug 2026 Aug/Sep 2026 Sep 2026 Technical rollout A/B tests with Gradual worldwide metagame hidden from metagame visible rollout Full rollout players 3 T3 markets T1 + T2 + T3 ROLLOUT – PLANS AND GOALS NEXT STEPS – AFTER FULL ROLLOUT ✓ Technical checks (with
Slide 14: Unsolved – metagame launches as an MVP
Unsolved – metagame launches as an MVP MVP – INITIAL ASSUMPTIONS AND WHAT WE ARE TESTING Metagame and adventures Store Economy balance We are calibrating the link between A like-for-like range of offers, with no We calibrate using A/B test data; we progress in HOPA adventures and in additional or sp
Slide 15: RPG Studio
20 ANNIVERSARY ARTIFEX MUNDI RPG Studio
Slide 16: RPG Studio at a glance
RPG Studio at a glance 54 RPG STUDIO Business profile – development and commercialisation of EMPLOYEES AND COLLABORATORS free-to-play RPGs Main focus – development of Void Hunters 60 VOID HUNTERS PLN m A turn-based hero collector RPG Aiming to be a AAA mobile title INVESTED IN VOID HUNTERS DEVELOPME
Slide 17: Void Hunters – pillars
Void Hunters – pillars DARK PC/CONSOLE PREMIUM MEMORABLE DEEP MEANINGFUL FANTASY VIBE QUALITY CHARACTERS SYSTEMS GAMEPLAY ARTIFEXMUNDI.COM | 17
Slide 18: Void Hunters – competitive landscape
Void Hunters – competitive landscape ARTIFEXMUNDI.COM | 18
Slide 19: Void Hunters – production schedule
Void Hunters – production schedule Conception VS TSL MVP Alpha Launch 2021 2022 2023 2024 2025 2026 Prealpha 1 Prealpha 2 Prealpha 3 Alpha 3 Q1 2025 Q2 2025 Q4 2025 February 2026 PvP arena World systems Gacha Polish Boss fights HG update Smaller features Red Dot Expeditions HUB Progress Challenges S
Slide 20: Void Hunters marketing launch
Void Hunters marketing launch 26 Feb 2026 12 Mar 2026 26 Mar 2026 Closed Open Reveal Alpha Alpha Discord, approx. 150–200 Up to 10 content creators 15–30 content creators people Website 1–3 influencers (>100k subscribers) Build (iOS, Android, PC) Newsletter Discord opens (2k members) Social media Aw
Slide 21: Alpha in numbers
Alpha in numbers 14k+ 1k+ ~20k players peak players members of the in game VH Discord server 250+ 400k+ 40k+ YouTube videos social media video views Steam wishlists about VH (trailer and content creator videos) ARTIFEXMUNDI.COM | 21
Slide 22: Void Hunters – engagement
Void Hunters – engagement Retention The best retention in the studio’s history. A truly engaging mobile RPG? 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Void Hunters ARTIFEXMUNDI.COM | 22
Slide 23: What's next? Open Beta
What’s next? The marketing success of Open Alpha… Q2/Q3 2026 Q4 2026 Q1 2027 Open Soft Hard Beta launch Launch Full game: iOS, Android, PC Full game: iOS, Android, PC Full game: iOS, Android, PC ~5k players T2 and T3 countries T1 + T2/T3 from soft launch ARTIFEXMUNDI.COM | 23
Slide 24: What's next? Playtests and Beta
What’s next? … led us to revise the pre-launch plans for Void Hunters Q3 2026 Q4 2026 Q4 ’26–Q1 ’27 Q1 2027 Community updates & trials Playtests Beta Global Discord activities focused on engaging Tests focused, among other things, on Full game (iOS, Android, PC) Launch the community and maintaining
Slide 25: Financial results
20 ANNIVERSARY ARTIFEX MUNDI Financial results
Slide 26: Selected financial data
Selected financial data Financial results 6 months 6 months PLN thousand Change 2026 2025 Lower revenue due to market conditions 1 Revenue 44,160 52,784 (16%) 1 (advertising rates), macroeconomic factors (a lower average USD/PLN exchange rate) and the Adventure 41,948 49,692 (16%) decision to focus
Slide 27: Outlook
Outlook
Slide 28: Outlook for 2026
Outlook for 2026 Unsolved revenue under pressure from macroeconomic and advertising Artifex Mundi revenue market conditions, among other factors; limited revenue impact from the new metagame and Void Hunters soft launch Limited UA investment in the current version of Unsolved, with a significant Pla
Slide 29: Outlook for 2027+
Outlook for 2027+ Artifex Mundi revenue We deliver on our production goals. The metagame proves its potential. Player acquisition spending We turn the reception and feedback EBIT from the VH alpha into the full game. If the world is not turned upside down Game development expenditure for any reason,
Slide 30: Get in touch
Get in touch [email protected] Błażej Dowgielski [email protected] +48 692 823 744