Current Report No. 30/2024: Decision to Reduce the Gemini Project Development Team

The Board of PCF Group S.A., headquartered in Warsaw, resolved on 10 December 2024 to downsize the development team dedicated to Project Bifrost, a self‑published title financed from the Group’s own resources. The decision stems from the Group’s inability to secure sufficient funding to sustain the project within the originally planned budget and production schedule, prompting a shift to a reduced workforce and the placement of surplus staff on temporary layoff under applicable jurisdictional regulations. Consequently, the early‑access launch slated for 2026 is no longer viable, and the production‑publishing timetable has been abandoned.

In parallel, the Board identified a potential impairment of the capitalised expenditures incurred on Project Bifrost. Pursuant to International Accounting Standard 36, an impairment test will be conducted using financial data as of 31 December 2024, with results to be incorporated into the Group’s individual and consolidated 2024 financial statements and disclosed publicly in accordance with legal requirements. This assessment will determine whether the assets associated with the project have suffered a loss of value.

The restructuring also extends to other internal units, including the publishing and support teams, aligning their size with the revised operational scale. While Project Bifrost’s development is curtailed, the Group is concentrating resources on work‑for‑hire contracts: Project Gemini with Square Enix Limited, Project Maverick for Microsoft Corporation, and Project Echo for Krafton Inc., alongside efforts to secure additional work‑for‑hire opportunities. The scope of the decision encompasses the Polish corporate entity and its subsidiaries, covering the fiscal year 2024 and projected activities through 2026.