Wyniki Finansowe 1H25: Warszawa

The presentation outlines PCF Group S.A.’s financial performance for the first half of 2025, focusing on revenue trends, profit calculations, and portfolio developments across its global operations. Revenues have shown a gradual decline from 2021 to 2024, with cumulative figures falling from PLN 190.4 m in 2021 to PLN 171.5 m by the end of 2024, and quarterly revenue in Q1‑2025 recorded at PLN 58.5 m. EBITDA has been negatively impacted by lower sales on the Gemini project and a delayed Bulletstorm VR launch, resulting in an adjusted EBITDA loss of PLN 11.3 m for 2024 and a projected loss of PLN 33.3 m in 2025 after accounting for new projects such as Echo and Delta, as well as write‑downs related to the PCF Chicago subsidiary.

The group’s workforce is distributed across two continents, with 534 employees in Warsaw and additional teams in Montreal, Newcastle, Dublin, Katowice, and Rzeszów. Back‑office development is handled by Incuvo Studio Europe and North America, while publishing responsibilities are shared with the QA Gameon division.

Portfolio highlights include the upcoming co‑op release of Green Hell on Meta Quest platforms and a VR shoot‑to‑survive title slated for Q4 2025. The presentation emphasizes that these releases are the last VR titles to be published by PCF Group, signalling a strategic shift. Overall, the data suggest a contraction in revenue and profitability driven by project delays and market adjustments, with future performance hinging on the successful launch of new VR titles and cost management initiatives.