Muslim
The gaming industry is currently buzzing with anticipation as Warhorse Studios, the acclaimed developer behind the gritty, historically grounded Kingdom Come: Deliverance series, has officially confirmed it is working on a new, unannounced project. While the studio is currently at the center of a storm of excitement regarding its rumored open-world Lord of the Rings RPG, a separate "adventure" set within the Kingdom Come universe has also been greenlit.
The announcement, which originated from the highest echelons of parent company Embracer Group, has sparked intense speculation regarding the studio’s capacity to juggle multiple high-profile titles. While initial industry jargon—specifically the use of vague terms like "experience" or "adventure"—had some observers questioning whether the project might be a non-gaming media expansion, Embracer Group CEO Phil Rogers has clarified that the project is, unequivocally, a video game.
A Chronology of Growth: From Bohemia to Middle-earth
To understand the significance of this new project, one must look at the trajectory of Warhorse Studios over the last decade. Founded in 2011 by industry veterans in Prague, the studio set out with a singular, ambitious goal: to create a historically accurate, immersive medieval RPG that eschewed traditional fantasy tropes.
- 2018: The release of Kingdom Come: Deliverance shocked the industry. Despite a modest budget and a steep learning curve, the game garnered critical acclaim for its uncompromising approach to historical realism, physics-based combat, and authentic 15th-century Bohemian setting.
- 2020: Embracer Group, through its subsidiary Deep Silver, acquired Warhorse Studios. This provided the studio with the financial backing required to scale its operations significantly.
- 2024: Following years of development, Warhorse formally announced Kingdom Come: Deliverance 2, positioning it as a direct, larger-scale evolution of the original title.
- 2025/2026 Fiscal Year: During the recent Embracer Group annual report, CEO Phil Rogers publicly confirmed that, in addition to the sequel, an entirely new, unannounced "production" is currently in the works.
This timeline demonstrates a studio that has evolved from an indie underdog into a pillar of Embracer’s AAA strategy. The transition from a single-IP studio to a multi-project powerhouse is a significant milestone that places Warhorse in an elite tier of European developers.
The "Unannounced Production": What We Know So Far
In a video presentation accompanying Embracer Group’s latest fiscal report, CEO Phil Rogers addressed the rumors head-on. While he remained tight-lipped regarding the specifics of the gameplay loop or the narrative setting, his comments provided a clear window into the company’s internal expectations.
Rogers referred to the title as "the unannounced production" being developed by "the amazing team at Warhorse." His choice of words was deliberate, aimed at managing stakeholder expectations while maintaining the element of surprise that is crucial to modern game marketing.
"Now isn’t the time to say more," Rogers stated during the presentation. "There’ll be later dates by different people to discuss the specifics. However, I can say with confidence that this is something the fans will love. It is a game we hope to get into their hands next fiscal year."
This brief mention is highly significant for two reasons:
- Timeline: By targeting the "next fiscal year" for a potential release or public unveiling, Embracer is signaling that the project is significantly further along in development than previously assumed.
- Genre Expectations: Given Warhorse’s pedigree, the assumption is that this "adventure" will maintain the developer’s hallmark focus on realism, complex systems, and player agency.
Supporting Data: The Embracer Context
The financial health of Embracer Group has been a subject of intense scrutiny in the financial press, particularly following a period of aggressive acquisitions followed by a series of restructurings. The fact that Embracer is prioritizing a new project from Warhorse—a studio with a proven track record of delivering high-quality, long-tail content—suggests that this title is viewed as a "safe harbor" investment.
According to fiscal data provided in the report, Warhorse Studios remains one of the most profitable and reliable assets in the Embracer portfolio. The original Kingdom Come: Deliverance continues to sell units years after its release, providing a steady revenue stream. By fueling a new project, Embracer is attempting to leverage the studio’s brand equity to stabilize its overall software output.
Furthermore, the simultaneous development of a rumored Lord of the Rings RPG and this new Kingdom Come project indicates a massive expansion of the studio’s headcount. Warhorse has been hiring aggressively in Prague, moving from a boutique team to a multi-hundred-person organization capable of managing parallel development pipelines.
Official Responses and Industry Implications
The industry reaction to the announcement has been largely positive, though tempered with caution. The gaming community is notoriously skeptical of the "adventure" label, as it has historically been used to obscure mobile games, spinoffs, or non-interactive media projects. By confirming it is a full-fledged game, Rogers has successfully mitigated early backlash.
"Warhorse has earned a level of trust that few developers possess," says industry analyst Sarah Jenkins. "When they say they are making a game, they mean a deep, systemic, and likely very challenging RPG. The concern isn’t whether it will be a game, but rather whether the studio can maintain its quality standards while spreading its talent across two massive IPs—the Kingdom Come universe and Middle-earth."
The implications of this move are twofold:
- Brand Diversification: By working on a Lord of the Rings project, Warhorse is entering the high-stakes world of licensed AAA gaming, which requires strict adherence to lore and constant collaboration with Middle-earth Enterprises.
- The "Kingdom Come" Future: By keeping a second project in the Kingdom Come universe, Warhorse ensures that its "home-grown" identity remains intact. It prevents the studio from becoming solely a "licensed-property factory."
Looking Ahead: The Future of the "Adventure"
As we look toward the 2026 fiscal year, the anticipation surrounding Warhorse Studios will only intensify. The studio’s ability to successfully balance the development of a high-fantasy Middle-earth RPG with a grounded, historical Kingdom Come title will be a defining chapter in the company’s history.
Whether this new project is a spin-off, a direct successor to the sequel, or a complete departure in setting while maintaining the same mechanics, remains to be seen. What is clear, however, is that Warhorse Studios is no longer merely a participant in the RPG market—they are becoming one of its primary architects.
For fans, the wait for the next official announcement will be long, but if the history of Warhorse is any indication, the final product will likely be worth the patience. As Phil Rogers suggested, this is a project crafted with the fan base in mind, and the "later dates" promised by the studio will likely bring the kind of reveal that defines the next generation of open-world gaming.
In an era of live-service fatigue and repetitive tropes, the prospect of a new, high-fidelity, single-player RPG from a team as meticulous as Warhorse is a refreshing promise of things to come. The "unannounced production" may be shrouded in mystery today, but it is quickly becoming one of the most anticipated titles on the horizon.
Raul Delapena Setiawan
Nila Kartika Wati
