WARSAW, May 13th 2021 tr QUARTERLY REPORT OF 11 BIT STUDIOS S.A._FOR THE THREE MONTHS ENDED THE MARCH 31ST 2021 MARCH 31ST 2021 1 nake QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2021

LETTER FROM THE MANAGEMENT BOARD Warsaw, May 13th 2021 Dear Shareholders and Investors, It is our pleasure to present to you this report of 11 bit studios S.A. for the first quarter of 2021. During the first three months of the year, 11 bit studios S.A. generated more than PLN 14.84m in revenue. Our EBITDA came in at PLN 6.38m, operating profit was PLN 3.44 m, and net profit reached almost PLN 3.56m. To note, the net profit figure would have been higher but for the non-cash provision recognised in connection with our 2021−2025 Incentive Scheme. It was PLN 1,039,104, and the same amount will be charged against our profits in the following quarters up until Q4 2025 (inclusive), starting from Q1 2021. As in previous periods, the solid figures for the three months ended March 31st 2021 were due to the very good monetisation of our entire proprietary game portfolio, supported by successful promotional campaigns on major sale platforms, including Steam. The revenue in the period also benefited from the release of the Mac version of Frostpunk (on February 24th). Other material positive contributors to our performance in the first months of 2021 were the games offered by the publishing division, led by Moonlighter and Children of Morta. Revenue from sale of third-party developed games accounted for 27% of the Company’s total revenue in the period. Although the results posted by 11 bit studios S.A.

ur performance in the first months of 2021 were the games offered by the publishing division, led by Moonlighter and Children of Morta. Revenue from sale of third-party developed games accounted for 27% of the Company’s total revenue in the period. Although the results posted by 11 bit studios S.A. for the three months ended March 31st 2021 were weaker year on year, which is explained by the very high base (a year ago we released the paid add-on for Frostpunk: Frostpunk: The Last Autumn, very well received by the market), it was yet another successive quarter when our financial condition measured by the size of cash resources improved. As at March 31st 2021, the total value of our financial assets (cash in bank accounts and secure financial instruments), plus trade receivables, totalled nearly PLN 107.8 million, a level previously unseen in the 11 bit studios S.A.’s over 11-year history. The first months of 2021 saw an acceleration of work on new proprietary productions (Project 8 and the Dolly and Eleanor projects), as well as further games in the 11 bit publishing’s portfolio, which will drive our performance in the coming years. Total expenditure on those projects reached PLN 7,928,100 in the first quarter of 2021. It should be assumed that in future periods, with our increasing headcount (already approaching 180, with intensive recruitment process still ongoing) and expansion of our publishing portfolio, the capital expenditure on new games will continue to grow, which will have a positive effect on 11 bit studios S.A.’s future revenues and profits. Thank you once again for the trust you place in us. We invite you to read our report.

rocess still ongoing) and expansion of our publishing portfolio, the capital expenditure on new games will continue to grow, which will have a positive effect on 11 bit studios S.A.’s future revenues and profits. Thank you once again for the trust you place in us. We invite you to read our report. QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE THREE MONTHS ENDED 2

We also want to invite all interested parties to our annual Investor Conference, currently planned to be held on Thursday, June 10th. We hope that the information we will provide there will prove useful and interesting. More details of the event will be announced in due course. flidd Noubdi Przemystaw Marszat Grzegorz Miechow Michat Drozdowski Przemysław Marszał Grzegorz Miechowski Michał Drozdowski President of the Member of the Member of the Management Board Management Board Management Board 3 QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2021

TABLE OF CONTENTS LETTER FROM THE MANAGEMENT BOARD 2 TABLE OF CONTENTS 4 FINANCIAL HIGHLIGHTS 6 Statement of financial position 6 Statement of profit or loss 6 Statement of cash flows 7 FINANCIAL STATEMENTS OF 11 BIT STUDIOS S.A. FOR THE THREE MONTHS ENDED MARCH 31ST 2021 8 1. OVERVIEW 9 1.1. Company overview 9 1.2. Covered periods .9 1.3. Composition of the Company’s governing bodies as at March 31st 2021 10 1.4. Auditor 10 1.5. Shareholding structure as at the issue date of the report 11 1.6. Company shares held by members of its management and supervisory staff 12 1.7. Headcount 12 1.8. Functional and presentation currency 12 2. FINANCIAL STATEMENTS OF 11 BIT STUDIOS S.A. 13 2.1. Statement of profit or loss and other comprehensive income (PLN) 13 2.2. Statement of financial position (PLN) 14 2.3. Statement of changes in equity (PLN) 16 2.4. Statement of cash flows (PLN) 17 3. NOTES TO THE FINANCIAL STATEMENTS 18 3.1. Reporting in accordance with IFRSs 18 3.2. Material achievements or failures of the Company in the reporting period 21 3.3. Revenue (PLN) ..23 3.4. Other income and expenses (PLN) 24 3.5. Depreciation and amortisation (PLN) 25 3.6. Services (PLN) 26 3.7. Salaries, wages and employee benefits (PLN) 26 3.8. Finance income (PLN) 26 3.9. Finance costs (PLN) 27 3.10. Income tax on continuing operations (PLN) 28 3.11. Earnings per share (PLN) 30 3.12. Property, plant and equipment (PLN) 31 3.13. Intangible assets (PLN) 33