Ci Games Ord Company Research (0LSE)

During 2025 (a year with no major releases), CI Games is refining its business model and in the process is also helping to re-define the soulslike genre. We believe that management’s latest player-centric initiative has the potential not only to improve the quantity and quality of future cash flows, but also to take soulslike (dark fantasy) games to another level and unlock the IP potential of the group’s flagship franchise. The current pause in the major release cycle is therefore an ideal opportunity to reassess the group’s longer-term prospects and the resulting investment opportunity.