Warsaw, 15 May 2025 Warsaw, 15 May 2025 QUARTERLY REPORT QUARTERLY REPORT 11 BIT STUDIOS S.A. 11 BIT STUDIOS S.A. FOR THE THREE MONTHS ENDED 31 MARCH 2025 rake YOUR11bit aRK StUdIos QUARTERLY REPORT OF 11 BIT STUDIOS FOR THE THREE MONTHS ENDED 31 MARCH 2025

LETTER FROM THE MANAGEMENT BOARD Warsaw, 15 May 2025 DEAR SHAREHOLDERS AND INVESTORS, It is our pleasure to present to you the quarterly technical quality, balanced gameplay, and, of report of 11 bit studios S.A. for the three months course, a lot of excitement and entertainment. In ended 31 March 2025. recent months, the game has undergone a series of During this period, the Company generated over fixes and enhancements aimed at addressing issues identified by both internal and external testers. It PLN 17.5 million in revenue, representing an increase can safely be said that The Alters will be the most of 14.21% year on year. Two-thirds of this amount was rigorously tested title in the history of 11 bit studios derived from sales of proprietary titles, with the S.A. Concurrently, the Company intensified its remaining one-third attributable to our publishing marketing campaign for The Alters with the aim of business. EBITDA for the three months ended 31 further increasing interest in the title. As at the date March 2025 amounted to PLN 2.21 million. The of this Report, The Alters ranked 35th on the Steam Company reported an operating loss of PLN 2.37 wishlist – representing the second-highest position million and a net loss of PLN 6.37 million, primarily ever attained by a Company title.

As at the date March 2025 amounted to PLN 2.21 million. The of this Report, The Alters ranked 35th on the Steam Company reported an operating loss of PLN 2.37 wishlist – representing the second-highest position million and a net loss of PLN 6.37 million, primarily ever attained by a Company title. A key element of due to significantly higher depreciation and the promotional campaign was the two-day amortisation charges compared with the prior year, showcase of The Alters, which concluded on 15 May. as well as foreign exchange differences arising from At the Company’s invitation, several dozen guests the remeasurement of monetary assets from around the world – including representatives of denominated in foreign currencies (mainly USD). leading international gaming media outlets and These foreign exchange differences were largely top-tier influencers – attended the event held in non-cash in nature. As at the end of March, the Warsaw. Attendees of the May showcase also had Company held nearly PLN 69.5 million in cash and the opportunity to play Moonlighter 2, a third-party cash equivalents, representing an increase of 6.18% title developed in Spain and scheduled for release in compared with the end of 2024. summer 2025. Another title scheduled for release

e also had Company held nearly PLN 69.5 million in cash and the opportunity to play Moonlighter 2, a third-party cash equivalents, representing an increase of 6.18% title developed in Spain and scheduled for release in compared with the end of 2024. summer 2025. Another title scheduled for release During the three months ended 31 March 2025, 11 bit studios S.A. advanced multiple proprietary game initiatives. Firstly, the development of Frostpunk 2 progressed further, leading to the release of Patch 1.3 on 8 May. The patch addressed a range of issues raised by the player community and is expected to support the title’s long-term commercial performance. The development team, comprising 83 members, also continued work on the console edition of Frostpunk 2, as well as on paid DLCs scheduled for release in subsequent quarters, with the aim of extending the title’s monetisation lifecycle. Secondly, during the reporting period, the Company was finalising the development of The Alters, supported by a 62-member development team, with the title scheduled for release on 13 June 2025. The title will be released simultaneously on PC, Xbox X/S, and PS 5, and will also be available on Microsoft Corporation’s Game Pass service from the day of launch. The Company is committed to ensuring that The Alters deliver the highest later this year is Death Howl, developed by the Danish studio The Outer Zone. A key event in the first months of the year was the April Investor Conference, during which the Company outlined its strategic development roadmap. Over the medium-term horizon, the operations of 11 bit studios S.A. will be organised around three core strategic pillars.

anish studio The Outer Zone. A key event in the first months of the year was the April Investor Conference, during which the Company outlined its strategic development roadmap. Over the medium-term horizon, the operations of 11 bit studios S.A. will be organised around three core strategic pillars. The first pillar comprises the development of entirely new games based on either newly created or existing intellectual property owned by the Company, to be carried out by internal development teams. This pillar – referred to as ‘new games internal dev’ – is intended to establish a foundation for future largescale product and commercial success. The second strategic focus is the long-term development of selected proprietary titles with a substantial and active player base, referred to as ‘platform games’. This pillar is intended to enhance business stability, mitigate risk exposure, and support the QUARTERLY REPORT OF 11 BIT STUDIOS FOR THE THREE MONTHS ENDED 31 MARCH 2025 (all amounts in PLN unless stated otherwise)

development of proprietary IP. The third pillar through P15) are expected to commence over the focuses on the continued growth of the publishing coming quarters. segment, which is intended to diversify the Company’s business and generate additional The presentation from the April Investor Conference, opportunities for success on a title-by-title basis. outlining the Company’s strategic objectives for the coming years – including product-specific plans and As part of the strategy outlined above, several a preliminary release timeline – is available on the months ago the Company commenced Company’s investor relations website at development on its first platform game – Frostpunk 1886. This title, conceived as an expanded and https://ir.11bitstudios.com/wpmodernised version of the original Frostpunk, is content/uploads/2025/04/Investor-Conferencebeing redeveloped using Unreal Engine 5 and is April-2025.pdf scheduled for release in 2027, with the final We would like to once again thank you for the trust development team expected to consist of 20–30 you place in our Company and encourage you to members. Concept work on additional proprietary read the report. titles is already underway – most notably the project codenamed P12 – while further initiatives (P13 Signed by: hmm Przemysław Marszał President of the Management Board JchonL fild Dobdi Grzegorz Miechowski Michał Drozdowski Member of Member of the Management Board the Management Board Paweł Feldman Marek Ziemak the Member of Member of Management Board the Management Board