PCF Group 1H 2026 Financial Results Presentation

Key insights

7 takeaways

01
PCF Group reported a net loss of 20.1 million PLN for 1H 2026, significantly impacted by the bankruptcy of its subsidiary Game On and the subsequent full write-off of its goodwill.
02
The company is currently managing four active work-for-hire (WFH) projects with 279 full-time equivalent developers, including titles for Microsoft and Krafton.
03
The launch of the third-party published title 'Trine 6: Together in Time' has been strategically delayed to March 4, 2027, to allow for additional polish, combat balancing, and the implementation of new puzzle modes.
04
Revenue for 1H 2026 reached 91.3 million PLN, down from 115.3 million PLN in 1H 2025, with the current period's performance driven by the 'Florence' and 'Lima' projects.
05
Game On filed for bankruptcy in May 2026 due to liquidity issues and historical management decisions, resulting in a 24.9 million PLN impairment charge to the consolidated balance sheet.
06
The company has achieved monthly break-even status for its self-published title 'Lost Rift' following the completion of game operations optimization.
07
As of June 30, 2026, the company maintains a lean structure with 688 total employees across studios in Warsaw, Montreal, Newcastle, Dublin, and Katowice.

Summary

The PCF Group 1H 2026 financial results presentation outlines the company’s operational status, portfolio performance, and strategic financial adjustments for the first half of 2026. The primary objective is to provide transparency regarding the group’s transition toward a leaner operational structure, the management of its work-for-hire (WFH) and publishing pipelines, and the impact of the bankruptcy of its subsidiary, Game On Creative Inc.

Financial performance for the first half of 2026 reflects a period of contraction compared to the prior year. Revenue declined to 91.3 million PLN from 115.3 million PLN in 1H 2025, while the company reported a net loss of 21.3 million PLN. A significant factor in these results was the full write-off of goodwill associated with Game On Creative Inc., which filed for bankruptcy in May 2026 following liquidity issues and historical management challenges. Despite these headwinds, the company maintained an adjusted EBITDA of 2.9 million PLN.

The company’s operational scope spans Europe and North America, with a workforce of 688 employees as of June 30, 2026. The portfolio strategy remains divided into three segments: WFH projects, self-publishing, and third-party publishing. The WFH segment currently supports four active projects with 279 full-time equivalent developers. In the publishing division, the company has optimized its self-published title, Lost Rift, to achieve monthly break-even status. Additionally, the release of the third-party title Trine 6: Together in Time has been strategically postponed from September 2026 to March 4, 2027, to incorporate playtest feedback and refine core gameplay mechanics. Moving forward, the company is prioritizing cash flow management, cost optimization, and the integration of AI-driven processes to maintain a lean organizational structure.