LegalPCF Group
Current Report No. 22/2024: Update of the Strategy Implementation Timeline
20 Sept 20243 pages~5 min full read
PCF Group S.A. requires 350 million złoty in new capital between 2025 and 2026 to maintain its self-publishing pipeline.
See it on page 1The company targets a cumulative revenue of 3.3 billion złoty for the 2024–2028 period, with 5% expected in 2025, 27% in 2026, 29% in 2027, and 33% in 2028.
See it on page 1The self-publishing release schedule is set for 2025 for the title “Bison,” followed by early-access launches for “Bifrost” and “Victoria” in 2026.
See it on page 1Dividend distributions are deferred until at least the fiscal year ending 2026, contingent upon achieving positive earnings and cash flow from publishing operations.
See it on page 1The incentive scheme based on a 1.5 billion złoty cumulative EBITDA target has been shifted from the 2023–2027 window to 2024–2028.
See it on page 2Workforce planning aims to sustain approximately 370 full-time equivalents dedicated to work-for-hire projects through 2028.
See it on page 1The update serves to revise the implementation timetable for PCF Group S.A.’s corporate strategy, confirming that core strategic assumptions remain valid provided that additional financing is secured. The Board reiterates the strategic direction outlined in earlier reports while adjusting specific milestones to reflect current project progress and resource constraints.
Project scheduling now targets the launch of the self‑publishing title “Bison” in 2025, followed by early‑access releases of “Bifrost” and “Victoria” in 2026. Workforce planning anticipates maintaining approximately 370 full‑time equivalents engaged in work‑for‑hire activities throughout 2025‑2028. Revenue objectives are set at a cumulative 3.3 billion złoty for the 2024‑2028 period, with an allocation of roughly 5 % in 2025, 27 % in 2026, 29 % in 2027 and 33 % in 2028. The Board also signals that dividend distribution will be deferred until positive earnings and cash flow are achieved from the publishing operations, not earlier than the fiscal year ending 2026.
A pivotal condition for continued execution is the procurement of roughly 350 million złoty in new capital during 2025‑2026, essential to sustain the self‑publishing pipeline at its current scale. Consequently, the incentive scheme tied to a cumulative EBITDA profit of 1.5 billion złoty, originally slated for 2023‑2027, has been suspended and its performance horizon shifted to 2024‑2028 pending the financing outcome. The Board will also evaluate contingency scenarios should the required capital not materialize or if work‑for‑hire project deliverables falter.
The assessment draws on internal analyses and publicly available market data, referencing prior internal reports dated August 2024 and January 2023. It is presented for informational purposes only, carries no investment recommendation, and has not undergone external audit or verification.
