11 bit studios S.A. summarizes 9 months of 2025 and announces an intense fourth quarter full of new releases

11 bit studios S.A., the leading Poland-based independent game developer, publishes its financial results for the three quarters of 2025. This period was characterized by effective monetization of recent IPs and intensive preparations for launch and post-launch activities in the end of the year, which lays a solid foundation for further growth.

Key numbers for 9 months 2025:

• Sales revenue amounted to PLN 101.3 million, which is a decrease of 5% compared to the historically record result for 9 months of 2024 (PLN 106.7 million).
• Operating profit amounted to PLN 30.6 million.
• Amortization costs increased nearly fivefold, reaching PLN 24.1 million (compared to PLN 5.0 million a year earlier). This significant increase is the result of starting the depreciation of capital expenditures on proprietary games The Alters and Frostpunk 2 that have been released. The Company changed the method from straight-line to declining balance, spreading this cost over seven years.
• Net profit of PLN 22.0 million was negatively burdened by accounting financial costs resulting from the strengthening of the PLN. Since most of the Company’s revenue is generated in USD and EUR, their conversion into the stronger Polish currency affected the lower final value of the profit.

The last months involved work on implementing new strategic directions that allow us to effectively adjust to the changing needs and preferences of players, while remaining faithful to our values and creating games that are close to people, engaging, and carry a specific message. Last year’s launch of Frostpunk 2 and its complement with the console release, as well as this year’s debut of The Alters, fit into this vision. At the same time, we are not slowing down. We are continuing conceptual work on new IPs, actively building a long-term pipeline. Simultaneously, we are implementing optimized development processes, aiming to increase the efficiency of the production cycle, accelerate the market potential investigation of games, and thus optimize costs – comments Przemysław Marszał, CEO of 11 bit studios S.A.

Hot releases and updates in the fourth quarter

Both the Company’s publishing segment (External Publishing) and Internal Development are heading for an intense end of the year. Marketing activities around updates, expansions, and new games aim not only to popularize individual titles among players but also to support sales, especially during the pre-Christmas period.

On November 19, 2025, Moonlighter 2: The Endless Vault premiered in Early Access formula. It is a sequel to the 2018 hit, combining Action RPG with shop management, which has received positive player reviews in the first hours after its launch.

Today, November 20, 2025, the release date for Death Howl, which will take place later this year, will be announced at the Golden Joystick Awards gala. It is a dark, mature deck-builder set in the world of Norse mythology, combined with an engaging narrative and a strong, emotional message. Early reception on Steam is highly positive (94% – Very Positive).

On December 8, 2025, the first of the expansions announced during the game’s launch, Frostpunk 2: Fractured Utopias (DLC), will be released. This add-on offers players advanced capabilities for creating their own gameplay scenarios based on the extensive systems of the base game. The release will take place simultaneously on PC and consoles.

The first DLC for Frostpunk 2, Fractured Utopias, focuses on further expanding the features of the Utopia Builder Mode – the FP2 sandbox mode that we know the player community values for its variety of customization and high replayability. This is where players can truly choose how they want to play the game without the pressure of a specific story goal – summarizes Michał Drozdowski, Management Board Member, Chief Creative Officer.

Additionally, in December this year, players will receive a free update for The Alters – Free Major Content Update (FMCU). This add-on was created based on reviews and player feedback, whose suggestions were reflected in the expansion.

The Alters is a good synthesis of what we do best – survival games, rich in unique gameplay mechanics, paired with a universal story that stays with the player long after completion. The upcoming December update adds a lot of new content that fans will love. These additions will further enrich the experience, and we can’t wait for players to check it out – explains Michał Drozdowski, Management Board Member, Chief Creative Officer.

In addition, due to the intensity of the end of the year and upcoming launches, the Management Board decided to organize a dedicated online event for players for the first time in the Company’s history: 11 bit studios digital Showcase, scheduled for December 8, 2025. Its goal is to comprehensively present the product offering and the nearest publishing plans until the end of the year, and it strategically coincides with the start of the Publisher Sale on Steam.