Updated Mar 17, 2026 by PCF Group
Legal · March 6, 2025
Published by PCF Group
The Board of PCF Group S.A., headquartered in Warsaw, has resolved to phase out its publishing activities in the virtual‑reality (VR) segment, positioning the upcoming title “Bison” as the final VR game the company will release. The decision follows an internal review of the Group’s VR portfolio against a backdrop of markedly reduced investment by VR platform holders, which has eroded the commercial outlook for new VR titles. Consequently, the Board concluded that continued exposure to this market would no longer be sustainable. In parallel with the withdrawal plan, PCF Group finalized revised terms with its subsidiary Incuvo S.A. for the last phase of the Bison project, scheduled for launch in the fourth quarter of 2025. Under the new arrangement Incuvo will contribute a modest share of the remaining production costs and will receive a proportionate share of post‑release revenues, limited to the amount it invests in the final production budget. No further development contracts for new VR games will be awarded to Incuvo, and the subsidiary will not engage in additional VR publishing activities. Going forward, the Group will concentrate exclusively on AAA and compact‑AAA titles for PC and console platforms. Its strategy will combine self‑publishing of proprietary games with work‑for‑hire and co‑development projects, exemplified by the Gemini and Maverick initiatives. The scope of the analysis is limited to PCF Group’s operations in Poland, covering the period up to the projected Q4 2025 release and the subsequent strategic shift away from VR. No external survey data are cited; the conclusion rests on an internal assessment of market trends and the Group’s financial and operational performance.
PEOPLE CAN FLY Raport bieżący nr 2/2025 Data sporządzenia: 6 marca 2025 r. Temat: Podjęcie decyzji o stopniowym wycofaniu się przez PCF Group S.A. z działalności wydawniczej w zakresie gier VR Podstawa prawna: Art. 17 ust. 1 Rozporządzenia MAR Treść raportu: W nawiązaniu do raportu bieżącego nr 54 /2023 z dnia 12 listopada 2023 r. w sprawie zawarcia umowy na realizację p rojektu Bison , Zarząd PCF Group S.A. z siedzibą w Warszawie („ Spółka” lub „ Emitent”) informuje, że w dniu 6 marca 2025 r. uzgodnił z Incuvo S.A. z siedzibą w Katowicach („Incuvo”), spółką zależną Emitenta, warunki realizacji ostatnich etapów prac nad projektem Bison, które obejmują okres do wydania gry, co zostało zaplanowane w czwartym kwartale 2025 r. W ramach tych uzgodnień doszło do nieznacznych zmian w zakresie projektu oraz dotychczasowych warunków wzajemnych rozliczeń stron. Zgodnie ze zmienionym planem dla projektu Bison Incuvo będzie partycypowało w pokryciu niewielkiej części kosztów związanych z dalszą produkcją projektu Bison w zamian za udział w określonej części przyszłych przychodów uzyskanych przez Spółkę w związku z wydaniem i dystrybucją gry , jednak tylko do wysokości kwoty, jaką Incuvo przeznaczy na zwiększenie budżetu finalnego etapu produkcji projektu Bison.
osztów związanych z dalszą produkcją projektu Bison w zamian za udział w określonej części przyszłych przychodów uzyskanych przez Spółkę w związku z wydaniem i dystrybucją gry , jednak tylko do wysokości kwoty, jaką Incuvo przeznaczy na zwiększenie budżetu finalnego etapu produkcji projektu Bison. Jednocześnie Zarząd Spółki przeprowadził analizę dotychczasowej działalności grupy kapitałowej Spółki („Grupa”) w segmencie gier przeznaczonych na platformy wirtualnej rzeczywistości ( virtual reality , VR ), perspektyw na dalszy rozwój w ramach tego segmentu z uwzględnieniem aktualnej sytuacji Grupy i zmiany sytuacji rynkowej polegającej na istotnym ograniczeniu inwestycji w produkcję nowych gier VR przez podmioty zajmujące się produkcją i utrzymaniem platform sprzętowych VR (tzw. platform holders), co negatywnie wpływa na ocenę przyszłego potencjał u komercyjnego tego segmentu , w oparciu o którą w dniu 6 marca 2025 r. zdecydował o stopniowym wycofaniu Spółki z działalności wydawniczej w zakresie gier VR. W konsekwencji podjęcia powyższej decyzji:
− Spółka nie będzie zlecała Incuvo prac deweloperskich nad produkcją nowych gier VR, a Projekt Bison będzie ostatnią grą VR wydaną przez Spółkę jako wydawcę; − Grupa (z wyłączeniem Incuvo) nie będzie prowadziła dalszych działań związanych z rozwojem biznesu i kompetencji w obszarze wydawania gier VR. Działalność Grupy (z wyłączeniem Incuvo) skoncentruje się na produkcji gier wideo z segmentu AAA oraz compact -AAA, przeznaczonych na komputery osobiste oraz konsole, zarówno w modelu produkcji i wydawnictwa gier własnych (self-publishing), jak również w modelu produkcji gier na zlecenie zewnętrznych wydawców ( work-for-hire), zarówno w pełny m zakresie (tak jak projekt Gemini) jak i w modelu koprodukcji (codevelopment, tak jak projekt Maverick).
This shareholder letter details the strategic restructuring and financial challenges faced by PCF Group S.A. throughout 2024 and early 2025. Addressing a volatile global video game market, the leadership outlines a significant pivot away from self-publishing and VR ventures toward a renewed focus on the Work-for-Hire (WFH) segment and AAA action titles. The primary thesis centers on stabilizing the company’s foundations through rigorous cost-cutting and portfolio optimization following a period of financial pressure and unsuccessful attempts to secure external strategic investment. Key findings include the cancellation of several major projects due to low commercial potential or lack of creative vision. Project Dagger and Project Red were abandoned, leading to a 7.7 million PLN write-off in mid-2024. Most significantly, the company recorded a 154.9 million PLN impairment charge for Project Bifrost at the end of 2024 due to financing uncertainties. These setbacks necessitated the first year-over-year workforce reduction in the group’s history, impacting over 150 employees across various departments and projects, including the Square Enix-partnered Project Gemini. The geographic and industrial scope covers the global gaming market with specific impacts on the group’s Polish and international subsidiaries, including Incuvo S.A. and Game On. Methodologically, the report relies on internal financial audits and strategic reviews conducted by the Board of Directors. Despite these hardships, the leadership highlights a return to stability through new WFH contracts with major industry players, including Krafton Inc., Sony Interactive Entertainment (Project Delta), and Microsoft, for whom they are developing a new installment in the Gears of War franchise (Project Maverick). The group concludes by signaling a cautious transition into 2025, prioritizing cash-flow positive projects and the early access release of Project Victoria.
The report announces thatPCF Group S.A., headquartered in Warsaw, has entered into a development agreement with its subsidiary Incuvo S.A. in Katowice to launch a new video‑game project codenamed “Bison.” The decision follows an internal assessment of market conditions, production capacity and the group’s capital resources, and is grounded in Article 17(1) of the MAR Regulation. “Bison” is defined as a survival‑adventure title built on intellectual property owned by the People Can Fly group and targeted at current and next‑generation virtual‑reality hardware. The entire development will be financed by PCF Group, which will also oversee the creation of a market‑ready product and its commercial rollout. Unity is specified as the graphics engine for the project, reflecting the company’s existing technical expertise and infrastructure. The agreement, signed on 12 November 2023, outlines that Incuvo will provide the necessary development services while PCF retains responsibility for final product delivery and sales. The planned launch window spans 2024 to 2025, positioning the game within the rapidly expanding VR segment in Poland and broader European markets. No external data sources or survey samples are cited; the conclusions rest on the company’s internal market analysis and resource evaluation.
PCF Group S.A. has entered into a production and publishing agreement with Incuvo S.A. to adapt an existing title from the People Can Fly portfolio for virtual reality platforms. This strategic partnership focuses on implementing necessary technical changes and code adjustments to ensure compatibility with all major VR hardware and software ecosystems. The agreement marks a significant expansion of the company’s intellectual property into the immersive technology segment, with a scheduled release window targeting the end of 2023. Under the financial terms of the contract, PCF Group S.A. serves as the publisher and assumes full responsibility for financing the production. Payments to Incuvo S.A. are structured around the successful completion of specific development milestones. The commercial arrangement follows a standard industry model where Incuvo S.A. becomes eligible for royalty payments only after the publisher has fully recouped its investments in production, promotion, and distribution. The specific royalty rates are tiered based on the total sales revenue generated by the VR title. The scope of this agreement is global, covering all significant virtual reality platforms available in the market. The contract does not contain unusual provisions or specific penalties that deviate from standard market practices for high-end software development and publishing. This collaboration leverages Incuvo’s technical expertise in VR porting and development to maximize the commercial reach of PCF Group’s established gaming assets within the rapidly evolving virtual reality industry.
PCF Group S.A. has entered into a non-binding letter of intent with a prominent United States-based entertainment entity to develop a new virtual reality title under the code name Project Dolphin. This collaboration marks a strategic expansion into the VR action and combat genre, with the project slated for release on both current and future major virtual reality hardware platforms. The agreement outlines a work-for-hire development model, where the studio will execute the project on behalf of the publisher in exchange for fixed remuneration rather than retaining intellectual property rights. The financial scope of the production is significant for the VR segment, with an estimated development budget ranging between 16 million and 24 million USD. Under the proposed terms, the publisher will retain full ownership of the intellectual property and all associated rights resulting from the development process. This partnership aligns with the studio’s broader strategy of diversifying its project portfolio while leveraging external funding for high-fidelity production. The development timeline aims for completion by the end of 2025. While the letter of intent establishes the framework for the partnership and triggers formal negotiations for a definitive development agreement, it remains non-binding at this stage. The finalization of the contract is subject to successful negotiations, and the studio maintains a neutral outlook regarding the certainty of the final execution. This disclosure, issued in mid-2023, reflects the company's ongoing efforts to secure large-scale production contracts within the global gaming market.