Warhorse Studios Confirms Middle‑earth RPG and New Kingdom Come Adventure

No official titles, gameplay footage, or narrative details have been released yet.

What Embracer Revealed in Its Earnings Call

The projects were also referenced during Embracer Group’s earnings‑call cycle for the 2025–2026 fiscal year. Embracer owns Warhorse Studios, and CEO Phil Rogers confirmed that the studio is developing an open‑world role‑playing game set in the world of The Lord of the Rings.

During the same briefing period, Embracer announced a major corporate restructuring plan: the company intends to spin off a new entity called Fellowship Entertainment, which is expected to be listed on the Nasdaq Stockholm exchange in 2027.

This restructuring is designed to consolidate the company’s biggest entertainment properties and development studios into a single IP‑focused business segment.

How the Games Fit Into the Fellowship Entertainment Strategy

Fellowship Entertainment is planned as an IP‑driven entertainment company centered on major franchises and licensing opportunities.

According to Embracer’s announcements, the new company is expected to oversee several major properties, including:

• The Lord of the Rings and The Hobbit
• Tomb Raider
• Kingdom Come: Deliverance
• Metro
• Dead Island
• Darksiders and Remnant

Because Warhorse’s two announced projects are tied directly to major franchises—Middle‑earth and Kingdom Come—they align closely with the strategy of building value around recognizable IP within Fellowship Entertainment.

The Rumors That Led Up to the Announcement

Before the official confirmation, industry speculation had already suggested that Warhorse might be developing a large Middle‑earth RPG.

In March 2026, reports citing Polish industry figure Ryszard Chojnowski claimed the studio was connected to a large‑scale AAA action RPG set in Tolkien’s universe.

Some reports also mentioned an estimated $100 million development budget and potential backing connected to investors in the United Arab Emirates. These funding details, however, remain unconfirmed rumors rather than official disclosures.

Warhorse’s announcement effectively confirmed the core rumor—that the studio is indeed working on a Middle‑earth game—but did not verify the reported budget or funding sources.

What We Still Don’t Know

Despite the excitement around the reveal, key details about both games remain undisclosed.

Release timeline
Neither project has a release window or target launch year.

Platforms
Warhorse has not confirmed whether the games will release on PC, PlayStation, Xbox, or other platforms.

Gameplay systems
Aside from the “open‑world RPG” description for the Middle‑earth title, there are no confirmed details about combat, perspective, character creation, multiplayer features, or map scale.

Story and setting
It is unknown which era or region of Middle‑earth the new RPG will explore.

The exact Kingdom Come project
Warhorse deliberately described the second project as “a new Kingdom Come adventure.” The wording leaves open whether it is a full sequel, a spin‑off, or another type of installment in the series.

The Bottom Line

Warhorse Studios has confirmed two ambitious RPG projects: one returning to the historical world of Kingdom Come, and another venturing into the fantasy setting of Tolkien’s Middle‑earth. But the announcement currently amounts to a confirmation of development rather than a full reveal.

More concrete details—such as gameplay, release timing, and platforms—will likely emerge later as Embracer’s restructuring progresses and Fellowship Entertainment prepares for its planned 2027 spin‑off.