Half-Year Report of 11 bit studios S.A.: First Six Months of 2023

1. 01
   11 bit studios S.A.'s net profit for the first half of 2023 was PLN 4,013,206, a significant 73.39% decrease from PLN 15,083,777 in the same period of 2022, with the net profit margin falling to 16.20% from 32.96%.See it on page 7
2. 02
   Total revenue for the first six months of 2023 was PLN 24,775,454, down 45.87% from PLN 45,769,806 in the corresponding period of the previous year, primarily due to the natural aging of proprietary and publishing portfolios and a high comparative base from H1 2022.See it on page 61
3. 03
   The US market was the largest revenue contributor in H1 2023, generating PLN 18,144,825, though this was a decrease from PLN 35,936,180 in H1 2022.See it on page 20
4. 04
   Cash and cash equivalents increased to PLN 38,951,881 as of June 30th, 2023, up from PLN 30,585,991 at the end of 2022, with 66.47% deposited with Powszechna Kasa Oszczędności Bank Polski S.A.See it on page 33
5. 05
   The company's publishing division is actively developing five titles, including 'The Thaumaturge' and 'The Invincible,' with a total investment budget of approximately PLN 50 million, and is also working on a mobile, free-to-play version of 'Frostpunk'.See it on page 58
6. 06
   Net cash provided by operating activities decreased by 87.85% to PLN 2,925,962 in H1 2023, compared to PLN 24,080,772 a year earlier, partly due to growing trade receivables including payments from Microsoft Corporation.See it on page 67
7. 07
   The company's share capital increased due to the issue of 37,055 Series G shares for PLN 3,830,745.90 as part of the 2017-2019 Incentive Scheme.See it on page 51

Current Report 21/2025

11 bit studios · 2025

Letter to Shareholders: 2024

PCF Group