Letter to Shareholders 2021: PCF Group

The 2020 fiscal year marked a transformative period for PCF Group S.A., characterized by its transition from a private entity to a publicly traded company on the Warsaw Stock Exchange. The primary objective of this period was to scale operations and solidify the company’s position as a premier developer of Triple-A shooter and action-RPG titles. Despite the operational challenges posed by the global pandemic, the company successfully executed its initial public offering in December 2020, achieving significant investor interest that resulted in an issue price exceeding initial projections.

Financial performance remained robust throughout the year, with consolidated revenue reaching PLN 103.8 million, a 24% increase over 2019. The company reported an adjusted EBITDA of PLN 32.6 million and a net profit of PLN 24.6 million. This growth was driven by the simultaneous development of three major Triple-A projects, supported by new publishing agreements with Square Enix Limited and Take-Two Interactive Software, Inc. To facilitate this expansion, the company increased its global footprint by opening new studios in Łódź and Montreal, complementing existing operations in Poland, the United States, and the United Kingdom.

Looking forward, the company’s strategic roadmap focuses on further international expansion and the potential acquisition of additional development teams. The long-term vision centers on transitioning toward a self-publishing model, allowing the studio to retain greater control over its intellectual property. By leveraging a strengthened management team and a resilient, remote-capable organizational culture, the company aims to maintain its momentum in producing high-quality, innovative gaming experiences while fostering transparent, direct communication with its new base of public shareholders.