Carbon Studio improves operating results. H1 2026 EBITDA up over 50% YoY

Carbon Studio results for H1 2026 in brief: EBITDA of PLN 1.28 million, up nearly 52% year on year. Carbon Studio closed the first half of 2026 with a clear improvement in its operating results. The company increased EBITDA by more than 50% year on year, reduced its net loss, lowered operating costs and improved its cash position.

Carbon Studio results at a glance

• EBITDA (H1): approx. PLN 1.28 million versus approx. PLN 842 thousand — up nearly 52% YoY
• EBITDA (Q2): PLN 590.9 thousand versus PLN 304.5 thousand — up approx. 94% YoY
• Net sales revenue (Q2): PLN 542.9 thousand — up 25.7% YoY
• Operating costs (H1): PLN 2.79 million versus PLN 3.36 million — down approx. 17%
• Net loss (H1): PLN 1.18 million versus PLN 1.78 million — reduced by approx. 34%
• Cash at the end of June 2026: approx. PLN 1.10 million versus PLN 519 thousand a year earlier

In the first six months of 2026, Carbon Studio’s EBITDA amounted to approximately PLN 1.28 million, compared with approximately PLN 842 thousand in the same period last year. This represents an increase of nearly 52% year on year.

An even stronger improvement was visible in the second quarter. Net sales revenue amounted to PLN 542.9 thousand, growing by 25.7% YoY, while EBITDA reached PLN 590.9 thousand compared with PLN 304.5 thousand a year earlier. That is an increase of approximately 94% year on year.

Lower costs and a smaller net loss

One of the key elements behind the improved results was consistent cost optimisation.

Operating costs in the first half of 2026 fell from PLN 3.36 million to PLN 2.79 million, that is by approximately 17%. External services costs decreased even more sharply, amounting to approximately PLN 290 thousand compared with PLN 579 thousand a year earlier.

At the same time, Carbon Studio significantly reduced its net loss. In the first half of the year it amounted to PLN 1.18 million, compared with PLN 1.78 million in the same period of 2025. This means an improvement of more than PLN 600 thousand and a reduction of the loss by approximately 34%.

The impact of amortisation is gradually decreasing

The company’s accounting result is still significantly affected by the amortisation of projects completed in previous years. In the first half of 2026 it amounted to approximately PLN 2.39 million.

At the same time, its level is beginning to fall gradually. In the second quarter, amortisation amounted to approximately PLN 1.16 million compared with PLN 1.23 million in the first quarter.

In June, Carbon Studio completed the amortisation of the Crimen – Mercenary Tales Quest Edition and Metaverse projects, which will reduce the burden of these projects on the result in subsequent periods.

More cash at the end of the half-year

Carbon Studio’s cash position also improved.

At the end of June 2026, the company held approximately PLN 1.10 million in cash, compared with PLN 740 thousand at the end of the first quarter and PLN 519 thousand a year earlier.

Between the end of March and the end of June, the total value of the company’s loans and borrowings also decreased.

New projects build future revenue streams

In parallel, Carbon Studio is developing projects intended to form the basis of future revenue and further growth of the company.

One of the most important is the project code-named “Hermes”, carried out in cooperation with Meta Platforms Technologies LLC. The project is currently in its final phase.

Carbon Studio is also working together with Vivid Games S.A. on the game Real Boxing VR: Road to Riyadh. Carbon Studio’s remuneration for the production work on this project amounts to PLN 1.8 million net.

The company is also continuing the MAGOS research and development project and has begun developing a prototype of the game Wild Roads, for which it obtained PLN 160.6 thousand in funding under the Video Games Support Programme 2026.

Improved efficiency alongside portfolio development

The first half of 2026 shows a clear improvement in Carbon Studio’s operating efficiency. The company is increasing EBITDA, reducing costs, limiting its net loss and strengthening its cash position.

At the same time, Carbon Studio is going through a period in which the impact of amortisation of earlier projects is gradually decreasing, and is developing new ventures intended to support the company’s results in subsequent periods.

Full financial data for the second quarter of 2026 was published by Carbon Studio in periodic report EBI 9/2026 (PDF, Q2 2026 quarterly report).

Frequently asked questions

What was Carbon Studio’s EBITDA in H1 2026?

Carbon Studio’s EBITDA in the first half of 2026 amounted to approximately PLN 1.28 million, compared with approximately PLN 842 thousand in the same period last year. This represents an increase of nearly 52% year on year.

What were Carbon Studio results in the second quarter of 2026?

Net sales revenue in the second quarter of 2026 amounted to PLN 542.9 thousand and grew by 25.7% year on year. EBITDA reached PLN 590.9 thousand compared with PLN 304.5 thousand a year earlier, an increase of approximately 94% year on year.

By how much did Carbon Studio reduce its net loss?

The net loss in the first half of 2026 amounted to PLN 1.18 million, compared with PLN 1.78 million in the same period of 2025. That is an improvement of more than PLN 600 thousand, meaning the loss was reduced by approximately 34%.

Why does amortisation still weigh on Carbon Studio results?

The company’s accounting result is affected by the amortisation of projects completed in previous years. In the first half of 2026 it amounted to approximately PLN 2.39 million, but its level is gradually falling. In June, amortisation of the Crimen – Mercenary Tales Quest Edition and Metaverse projects was completed.

Which projects will support future Carbon Studio results?

The company is developing the project code-named “Hermes” in cooperation with Meta Platforms Technologies LLC, works with Vivid Games S.A. on Real Boxing VR: Road to Riyadh for PLN 1.8 million net, continues the MAGOS research and development project, and has begun developing a prototype of the game Wild Roads.

TL;DR

• H1 2026 EBITDA rose by nearly 52% YoY to approximately PLN 1.28 million, and by approximately 94% YoY in Q2 alone.
• Operating costs fell by approximately 17% and the net loss narrowed by approximately 34%, to PLN 1.18 million.
• Cash at the end of June 2026 amounted to approximately PLN 1.10 million versus PLN 519 thousand a year earlier.
• Future revenue is to be built by the “Hermes”, Real Boxing VR: Road to Riyadh, MAGOS and Wild Roads projects.