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VARSAV Game Studios S.A. (WSE:VAR)
Poland flag Poland · Delayed Price · Currency is PLN
1.030
+0.195 (23.35%)
At close: Aug 19, 2026

VARSAV Game Studios Financials Overview

Millions PLN. Fiscal year is Jan - Dec.

Revenue & Profits
Chart
Fiscal YearTTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingJun '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Revenue
2.021.671.49-1.010.86
Revenue Growth
64.22%12.18%--17.36%87.03%
Gross Profit
5.094.133.87-4.34.97
Operating Income
1.050.770.64-1.18-0.54
Net Income
-0.92-1.270.48--2.5-1.86
Earnings Per Share
--0.050.02--0.12-0.09
EPS Growth
------

Revenue by Geography
Chart
Fiscal YearFY 2025FY 2024
Period EndingDec '25 Dec '24
Export
00.67
Poland
1.670.82
Total
1.671.49

Cash & Debt
Chart
Fiscal YearCurrentFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingJun '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Cash & Investments
0.750.891.481.31.365.8
Total Debt
0.021.291.31.891.180.28
Net Cash (Debt)
0.72-0.40.18-0.590.185.52
Net Cash Growth
22.87%----96.68%-31.09%
Net Cash Per Share
--0.020.01-0.030.010.28

Cash Flow & CapEx
Chart
Fiscal YearTTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingJun '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Operating Cash Flow
-3.49-4.33-0.34-2.34-2.37-3.46
Capital Expenditures
------
Free Cash Flow
-3.49-4.33-0.34-2.34-2.37-3.46
Free Cash Flow Growth
------

Margins
Chart
Fiscal YearTTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingJun '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Gross Margin
252.51%247.18%260.29%-424.65%576.09%
Operating Margin
52.26%46.40%43.31%-116.69%-62.42%
Pretax Margin
-76.09%-112.59%65.51%--273.03%-150.92%
Profit Margin
-45.43%-76.11%32.51%--247.03%-215.73%
FCF Margin
-172.81%-259.51%-22.57%--234.05%-400.91%

Valuation
Chart
Fiscal YearCurrentFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingAug '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
PE Ratio
--19.60---
PS Ratio
12.795.146.37-11.3326.04