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Investment

Interim Financial Report: First Half 2022/23

INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 – NACON SIX MONTHS ENDED 30 SEPTEMBER 2022 SIX MONTHS ENDED 30 SEPTEMBER 2022 TABLE OF CONTENTS 2 1. STATEMENT BY THE PERSON RESPONSIBLE .3 2.

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Nacon

Report

Zbycie akcji przez osoby zarządzające: 11 bit studios

The report announces that on 20 February 2024, the board of 11 bit studios S.A. received notifications from three senior executives—President Przemysław Marszał, Board Member Michał Drozdowski, and Board Member Paweł Feldman—regarding the sale of company shares in accordance with Article 19(1) of Regulation MAR. The disclosures comply with the legal requirement to inform about transactions executed by individuals holding managerial duties, as stipulated in Article 19(3) of the MAR. The notifications are attached to the report, providing details of each transaction. The primary purpose is to fulfill regulatory transparency obligations and inform shareholders and market participants about insider share disposals. By disclosing the identities of the selling parties, the nature of their positions within the company, and the dates of notification, the report ensures compliance with European securities regulation. The scope is limited to insider transactions within 11 bit studios S.A., a Warsaw‑listed entity, and covers the specific events occurring on 20 February 2024. No broader geographic or temporal coverage is indicated, and the report does not present aggregated data beyond the individual notifications. Methodologically, the information is sourced directly from the board’s internal reporting system and submitted under MAR regulatory requirements. The conclusion underscores that all relevant disclosures have been made in accordance with applicable securities law, maintaining market integrity and investor confidence.

investment europe

11 bit studios

Report

Zakończenie subskrypcji akcji serii D

The report announces the completion of a private subscription offering 387,714 ordinary shares of Series D by PCF Group S.A., a Warsaw‑based company. The subscription was directed solely to Fiducie Familiale Samuel Girardin 2020, a trust established in Montreal for Samuel Girardin and related parties. The transaction was authorized by the company’s Extraordinary General Meeting on 24 May 2021 and finalized with a subscription agreement dated 31 May 2021. Each Series D share carried a nominal value of PLN 0.02 and was issued at an emission price of PLN 75.75, resulting in a total subscription value of PLN 29,369,335.50. The offering was conducted as a private placement under Polish company law (art. 431 §2(1) of the 2000 Companies Act), with no public solicitation or multiple tranches. Consequently, there were no subscription records, no allocation reductions, and the sole investor received all shares. The shares were paid for in cash; no sub‑emission arrangements or additional costs were disclosed at the time of reporting. Detailed cost breakdowns and average per‑share expenses are pending final invoicing and will be disclosed in a separate subsequent report. The transaction represents a capital increase for PCF Group, with the Series D shares intended to be listed on the Warsaw Stock Exchange and dematerialised in a securities depository, pending regulatory approval.

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PCF Group

Report

Half-Yearly Report: 29 November 2020

Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the six Six months to Six months to 29 November 2020 1 December 2019 Revenue £186.8m £148.4m Revenue at constant currency* £188.2m £148.4m Operating profit - pre-royalties receivable £83.3m ...

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Games Workshop Group

Report

Financial Highlights: 2nd Quarter FY2025

The financial highlights cover the first half of fiscal year 2025 for Koei Tecmo Holdings, a Tokyo‑listed video game and entertainment company. The six‑month period ending September 30 shows net sales of ¥31,268 million, down 11.2% YoY, while operating profit fell 25.2% to ¥7,964 million and ordinary profit declined 15.3% to ¥17,795 million. Comprehensive income surged 256.4%, driven largely by gains on investment securities and derivatives, reaching ¥46,411 million versus a 44.2% loss of ¥13,021 million in the prior year’s half. Profitability metrics reveal a decline in gross margin from ¥20,593 million to ¥17,238 million and operating margin from 30.6% to 25.4%. Net income attributable to the parent fell 15.7% to ¥13,465 million, with basic earnings per share decreasing from ¥50.58 to ¥42.61. Total assets increased 49% to ¥314,239 million, largely due to a rise in investment securities and cash balances. Net assets grew 31% to ¥248,726 million, with the equity‑to‑asset ratio improving from 89.9% to 78.9%. The report notes no significant consolidation changes, accounting policy shifts, or restatements. Treasury shares were reduced from 20.25 million to 2.01 million during the period, reflecting a public offering and secondary issuance. Dividend policy remains unchanged, with no cash dividends declared for the first half of FY 2025. The company’s financial position is strengthened by higher liquidity and a solid equity base, but operating performance has weakened relative to the previous year.

market-analysis investment japan+1

Koei Tecmo

Report

Current Report No. 24/2024: Analysis of the Situation on One of the Game Projects

The report announces that the Management Board of 11 bit studios S.A. has initiated a comprehensive assessment of one of its game development projects, which may ultimately require the write‑off of unfinished work. The project’s current book value stands at PLN 48,432,077.90 as of 30 September 2024. The Board cautions that the final write‑off amount will be determined only after a detailed review of all assets associated with the project, and that any decision will be communicated promptly. The notice is issued under Article 17.1 of the MAR – Inside information regulation, indicating that the information is material and must be disclosed to market participants. The scope of the analysis covers a single internal project within the company’s portfolio, with no geographic or sectoral expansion beyond the studio’s existing operations. No specific methodology is disclosed beyond a “detailed analysis” of project assets, and no survey or external data sources are referenced. The communication is signed by Przemysław Marszał, President of the Management Board, and Grzegorz Miechowski, a board member, underscoring executive responsibility for the forthcoming decision.

game-development investment

11 bit studios

Report

Annual Report 2012

The BANDAI NAMCO Group develops entertainment-related products and services in a wide range of ﬁelds, including toys, arcade game machines, home video game software, visual software, network content, and amusement facilities. In April 2012, we started a Mid-term Plan that includes the vision of “Empower, Gain Momentum, Accelerate Evolution.” Aiming to be No. 1 with strong conviction, we are committed to being the “Leading Innovator in Global Entertainment” and recording strong growth.

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Bandai Namco

Report

Financial Highlights: 1st Quarter of the Fiscal Year Ending March 2012

The financial highlights present Tecmo Koei Holdings’ performance for the first quarter of fiscal year 2011, ending March 31, 2012. Net sales rose 26 % year‑over‑year to ¥34.5 billion, driven primarily by the Game Software segment, which generated ¥23.1 billion in sales and contributed a 54.8 % increase from the previous year’s first quarter. Online & Mobile sales also grew strongly, up 79.5 % to ¥4.6 billion, while Media & Rights and Pachislot & Pachinko segments declined sharply by 34.3 % and 76.6 %, respectively. Amusement Facilities sales fell 40.2 %. Corporate and elimination items offset gains, resulting in a net income of ¥2.6 billion, up 31.3 % from the prior year’s first quarter. Operating income improved markedly to ¥641 million, a 51.3 % increase from the prior year’s first quarter, largely due to gains in Game Software (¥1.16 billion) and Online & Mobile (¥1.20 billion). However, the Media & Rights segment posted a loss of ¥109 million, and Pachislot & Pachinko’s operating income fell 98.3 % to ¥497 million, reflecting a significant downturn in that business line. The report covers Japan‑based operations across five core segments—Game Software, Online & Mobile, Media & Rights, Pachislot & Pachinko, and Amusement Facilities—over the first quarter of FY2011. Data are presented in millions of yen, with year‑on‑year comparisons and forecasts for the full fiscal year. The methodology relies on consolidated financial statements, with no explicit survey or sampling details disclosed. Overall, the company experienced robust growth in its core gaming and online divisions, offset by declines in traditional gambling‑related businesses.

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Koei Tecmo

Report

Interim Results: H1 FY26

Frontier Developments plc reported unaudited interim results for the six months to 30 November 2025, showing a 26 % increase in revenue to £59.6 million and a 76 % rise in adjusted operating profit to £9.7 million compared with the same period in 2024. The growth was driven primarily by the launch of Jurassic World Evolution 3, which contributed 90 % of total revenue in H1 FY26 and earned nominations at the Game Awards 2025 and BAFTA Games Awards 2026. Other titles such as Planet Zoo, Planet Coaster 2 and Elite Dangerous also performed strongly, with Planet Zoo becoming the Group’s highest‑grossing individual game. Cash profitability improved markedly; adjusted operating profit, which excludes non‑cash development capitalisation and includes tax and R&D credits, grew to £9.7 million from £5.5 million year‑on‑year. IFRS operating profit rose 73 % to £7.8 million. Gross margin fell to 64 % from 70 %, reflecting higher royalty‑bearing IP revenue. The Group’s cash balance increased to £40.1 million, up 47 % from the prior year, after a £10 million share buy‑back that raised earnings per share to 21.4 p. The Board upgraded FY26 guidance, now targeting revenue of approximately £100 million and adjusted operating profit of around £11 million, citing strong seasonal sales momentum. CEO Jonny Watts stepped down on 1 January 2026, succeeded by Jo Cooke, with Watts remaining as Executive Director until 31 May 2026 to ensure a smooth transition. The Group remains debt‑free, with no significant liabilities beyond lease obligations, and maintains a robust pipeline of CMS titles slated for release in FY27–FY28.

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Frontier Developments

Report

Aktualizacja strategii PCF Group S.A.

PCF Group S.A. announced on 27 September 2021 that its board adopted an updated development strategy for the company and its capital group. The update builds on a prospectus approved by the Polish Financial Supervision Authority in November 2020 and introduces three key expansion directions. First, the group plans to broaden its game portfolio by adding AA titles that can be produced more quickly and at lower budgets while maintaining quality comparable to Triple‑A releases. Second, it aims to develop AAA and AA games in new genres beyond its current focus on shooters and action titles, incorporating RPG elements. Third, the strategy includes acquiring or partnering with new production teams or companies that operate in these newly targeted segments. The overarching objective is to position the group as one of the world’s leading independent development studios, with a target of releasing at least one new title annually from 2024 onward under either publisher collaboration or self‑publishing models. The update does not alter the existing strategic goals; it confirms the continued dual model of producing multiple Triple‑A games in partnership with major global publishers while expanding self‑publishing efforts for AAA titles based on existing or newly created intellectual property. The strategy therefore seeks to diversify genre offerings, streamline production pipelines for AA titles, and strengthen the group’s global competitive standing through both external partnerships and internal publishing capabilities.

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PCF Group

Report

Results: What's Next - Focus on Cash Flow

The analysis outlines a strategic pivot toward cash‑flow optimization for the company, driven by recent shifts in the VR market and a need to secure additional financing. Revenue growth in 2024 reached PLN 190.4 million, largely supported by the launches of Project Maverick and Project Echo, as well as the January 2024 release of Bulletstorm VR. However, profitability suffered due to write‑offs of the Red and Bifrost projects and a decline in 2Q revenues linked to Gemini negotiations, resulting in an EBITDA of PLN 12.9 million and a net loss of PLN 175.3 million. Operationally, the organization is trimming non‑essential spend and restructuring office space and team composition to reduce overhead. The workforce, which expanded from 612 employees in 2020 to 756 by the end of 2024, is being realigned with a focus on critical projects. The company has ceased further investment in VR development following the 2024 platform subsidy withdrawal, redirecting resources toward AAA and compact‑AAA titles. Future initiatives include two new work‑from‑home projects with Sony Interactive Entertainment, the self‑publishing of Project Bison (the final VR title from PCF Group) slated for Q4 2025, and an early‑access release of Lost Rift in 2025. Krafton’s waiver of ROFO/ROFR rights for Bifrost and Victoria frees the company to seek external publishers. Scenario analysis is underway to identify additional funding sources, ensuring liquidity while maintaining a lean operational model across global studios in Warsaw, Montreal, Newcastle, Dublin, Katowice, and Rzeszów.

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PCF Group

Report

Current Report No. 39/2021: Information on Transactions by Persons Discharging Managerial Responsibilities

The report, dated 18 August 2021, informs the public that PCF Group S.A. received a notification concerning the acquisition of company shares by an individual exercising managerial duties, specifically the Chairman of the Board. The disclosure is made under Article 19(3) of the MAR regulation, which requires timely reporting of such transactions. The notification itself is attached to the current report as an annex, providing details of the transaction such as the number of shares acquired, purchase price, and date of acquisition. No additional transactions or related parties are mentioned, indicating that this is the sole managerial share purchase reported for the period. The scope of the disclosure covers only PCF Group S.A., a Polish listed company, and pertains to the reporting period ending on 18 August 2021. The methodology follows regulatory requirements: the board submits the notification to the relevant authority, which then publishes it in a current report format. The concise nature of the disclosure reflects compliance with transparency obligations, ensuring investors are promptly informed about insider trading activity within the company.

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PCF Group

Report

Raport Bieżący Nr 41/2021: Informacja o Transakcjach Wykonywanych przez Osoby Pełniące Obowiązki Zarządcze

The report, dated 30 August 2021, informs the public that PCF Group S.A. has received a notification concerning an amendment to a prior disclosure made on 18 August 2021. The original notice detailed the acquisition of company shares by a person exercising managerial duties, specifically the Chairman of the Board. The amendment, communicated on 30 August, updates or corrects information related to that transaction. The report references Article 19(3) of the MAR regulation as its legal basis, indicating compliance with market‑authorisation rules for material disclosures. No additional data such as share quantity, price, or transaction value are provided within the brief; instead, the full amended notification is attached as an annex. The scope of the disclosure is limited to a single corporate entity, PCF Group S.A., and pertains solely to an internal shareholding change by a senior executive. The methodology is straightforward: the company reports changes in accordance with regulatory requirements, submitting the amended notice to the relevant supervisory authority and making it publicly available. The concise nature of the report reflects a routine update rather than an analytical study, focusing on transparency and regulatory compliance for stakeholders.

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PCF Group

Report

Financial Highlights: FY2013

Financial highlights for the fiscal year ending March 2014 demonstrate a solid growth trajectory for Tecmo Koei Holdings. Net sales increased by 8.5 % to ¥37,576 million, driven primarily by a 7.3 % rise in Game Software sales and a notable 17.2 % jump in Online & Mobile revenue, while Media & Rights grew 19 %. Operating income expanded 15.0 % to ¥7,140 million; the Online & Mobile segment alone contributed a 95.3 % surge in operating profit, offsetting modest declines in Game Software and Amusement Facilities. Profitability metrics improved markedly: income before taxes rose 21.8 % to ¥10,691 million and net income climbed 22.6 % to ¥6,936 million. Gross profit margin widened from 40.2 % in FY2012 to 43.0 % in FY2013, reflecting efficient cost management across segments. Balance‑sheet strength is evident. Total assets grew 5.9 % to ¥100,622 million, largely due to a jump in investment securities and property & equipment. Current assets fell 19 % as cash and marketable securities were reduced, yet liquidity remained robust with current assets still exceeding current liabilities. Shareholders’ equity increased 5.4 % to ¥86,535 million, supported by retained earnings growth and a modest reduction in treasury stock. The data cover the Japanese market for FY2013, with segmental performance broken down by product lines. Figures are presented in millions of yen and reflect consolidated financial statements, providing a comprehensive view of the company’s operational and financial health during the period.

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Koei Tecmo

Report

Current Report No. 35/2021: Conditional Registration of Series D Bearer Shares

The report announces that on 3 August 2021 the National Securities Depository (KDPW) conditionally registered 387,714 bearer shares of Series D issued by PCF Group S.A., a Warsaw‑based company. Each share carries a nominal value of 0.02 PLN and is identified by the ISIN PLPCFGR00010. The registration is contingent upon the shares being listed on a regulated market, where other PCF Group shares under the same ISIN are already traded. The announcement follows § 17(1)(1) of the Minister of Finance Regulation dated 29 March 2018, which governs ongoing and periodic information disclosures by securities issuers. The company’s board confirms that the conditional registration will be communicated through a KDPW operational notice. This brief communication serves to inform market participants of the impending availability of Series D shares, subject to regulatory listing requirements, thereby ensuring transparency and compliance with Polish securities disclosure obligations.

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PCF Group

Report

Wyniki Finansowe 3M25

The presentation outlines the financial performance and strategic outlook of PCF Group S.A. for the period up to 31 March 2025, with a focus on its gaming and VR portfolio. Core data show cumulative revenues of PLN 190.4 million, with quarterly figures ranging from PLN 150.1 million in Q2 2023 to PLN 162.2 million in Q4 2024, reflecting a modest upward trend despite occasional dips linked to project launches and market conditions. Net income for the year 2024 is projected at PLN 63.0 million, with an EBITDA of PLN 11.0 million in Q1 2024 and a corrected EBITDA of PLN 10.0 million in Q2 2025, indicating operational profitability but sensitivity to project-specific expenses such as the Bifrost initiative and the Echo project. The group’s portfolio includes flagship titles like “Bulletstorm VR” (released January 2024) and “Green Bison Quest” slated for Q4 2024 on Meta, alongside ongoing VR developments with partners Creepy Jar and People Can Fly. Personnel distribution shows a stable workforce of 756 employees across Warsaw, Montreal, New Castle, Dublin, Katowice, and Rzeszów, with a balanced split between development, back‑office, studio, publishing, QA, and game operations. Geographic coverage spans Europe and North America, with a strategic emphasis on expanding VR offerings in the US market. Methodologically, figures are rounded and derived from internal financial statements; no external survey data is cited. The document serves primarily as an informational update rather than a formal investment recommendation, emphasizing that projections are contingent on management’s assumptions and market variables.

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PCF Group

Report

Universal Registration Document 2020/2021

Société anonyme governed by a Board of Directors with share capital of €84,908,919 Registered office: 396/466, Rue de la Voyette, CRT 2, 59273 Fretin, France Registration number: 852 538 461 RCS Lille Métropole UNIVERSAL REGISTRATION DOCUMENT This universal registration document was approved on 6 July 2021 by the Autorité des Marchés Financiers (“AMF”) as the competent authority in respect of regulation (EU) 2017/1129.

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Nacon

Report

Half-Year Report of 11 bit studios S.A.: H1 2025

HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHS ENDED 30 JUNE DEAR SHAREHOLDERS AND INVESTORS, It is our pleasure to present to you the half-year report of 11 bit studios S.A. for the six months ended 30 June 2025. During the period, we earned PLN 57.24 million in revenue, a year-on-year increase of 86.09%.

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11 bit studios

Report

Current Report No. 42/2021: Information on Transactions by Persons Performing Managerial Responsibilities

The report discloses transactions executed by a managerial officer of PCF Group S.A. on behalf of the company, in compliance with Article 19(3) of the MAR regulation. It was prepared on 30 August 2021 and covers disclosures received on that same day concerning acquisitions of the company’s shares made by the Managing Director. Three separate notifications are referenced, relating to purchases on 26 August 2021, 27 August 2021, and 30 August 2021. Each notification is attached as an annex to the current report, providing detailed information on the quantity of shares acquired, transaction dates, and purchase prices. The scope is limited to a single corporate entity within the Polish market and pertains exclusively to managerial‑level transactions over a three‑day period in August 2021. No additional data sources or survey methodology are mentioned, as the report relies solely on regulatory filings submitted by the company’s board. The primary conclusion is that the Managing Director engaged in multiple share purchases during the specified dates, and these transactions have been duly reported to meet transparency obligations under MAR.

investment europe

PCF Group

Library

Interim Financial Report: First Half 2022/23

Zbycie akcji przez osoby zarządzające: 11 bit studios

Zakończenie subskrypcji akcji serii D

Half-Yearly Report: 29 November 2020

Financial Highlights: 2nd Quarter FY2025

Current Report No. 24/2024: Analysis of the Situation on One of the Game Projects

Annual Report 2012

Financial Highlights: 1st Quarter of the Fiscal Year Ending March 2012

Interim Results: H1 FY26

Aktualizacja strategii PCF Group S.A.

Results: What's Next - Focus on Cash Flow

Current Report No. 39/2021: Information on Transactions by Persons Discharging Managerial Responsibilities

Raport Bieżący Nr 41/2021: Informacja o Transakcjach Wykonywanych przez Osoby Pełniące Obowiązki Zarządcze

Financial Highlights: FY2013

Current Report No. 35/2021: Conditional Registration of Series D Bearer Shares

Annual Financial Report: 2019/20

Wyniki Finansowe 3M25

Universal Registration Document 2020/2021

Half-Year Report of 11 bit studios S.A.: H1 2025

Current Report No. 42/2021: Information on Transactions by Persons Performing Managerial Responsibilities