Key insights
5 slides
Bottom line
Net loss reached PLN 95.7 million in Q3 2025.
The loss reflects significant one-off costs and amortisation of goodwill and IP assets.
Operating margin
Adjusted EBITDA declined to PLN –1.7 million.
The deterioration from the prior year’s positive figure was largely due to write-downs of development assets. Licensing expenses also increased.
EBITDA. Q3 2025 adjusted EBITDA was PLN –1.7 million.
Balance sheet
Total assets decreased to PLN 1,050 million.
Total assets fell from PLN 1,144 million to PLN 1,050 million. Equity declined and short-term liabilities increased.
Cash priority
Management is shifting focus toward self-financing projects.
The company is streamlining costs to reduce dependency on external funding. Cash flow remains a priority for management.
Page 15 of the report- 01Focus on WFH projectsPrioritise projects that can self-finance.
- 02Streamline costsReduce dependency on external funding.
- 03Monitor cash generationKeep cash flow a priority.
Growth initiatives
PCF is pursuing new AAA collaborations and VR expansion.
Strategic growth includes new AAA collaborations with Krafton. The VR portfolio expands with titles such as “Green Hell” and “Pirates VR.”
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Summary
The presentation outlines PCF Group S.A.’s financial performance and strategic outlook for the third quarter of 2025, covering operations in Poland, Europe, North America and the UK. Revenue for the quarter reached PLN 190.4 million, a slight decline from the previous year’s PLN 180.3 million, driven by lower sales of the AAA title “Lost Rift” and a modest increase in self‑publishing income. Net profit fell to PLN –95.7 million, reflecting significant one‑off costs and amortisation of goodwill and IP assets, particularly from the “Lost Rift” CGU. EBITDA after adjustments was PLN –1.7 million, a deterioration from the prior year’s positive figure, largely due to write‑downs of development assets and licensing expenses.
The group’s balance sheet shows a reduction in total assets from PLN 1,144 million to PLN 1,050 million, with a corresponding decline in equity and an increase in short‑term liabilities. Cash flow remains a priority, with management emphasizing the need to focus on WFH projects that can self‑finance and reduce dependency on external funding.
Strategically, PCF is pursuing new AAA collaborations (e.g., Krafton), expanding its VR portfolio with titles such as “Green Hell” and “Pirates VR,” and securing publishing agreements for the “People Can Fly” IP on Meta Quest platforms. The company plans to streamline costs, maintain client relationships, and accelerate new project pipelines while monitoring cash generation closely.
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