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Raport półroczny za I półrocze 2021

WARSZAWA, 29 WRZ ŚNIA 2021 ROKU Spółka Akcyjna ZA I PÓŁROCZE PCF Raport półroczny za I GRUPA KAPITAŁOWA PCF GROUP SPÓŁKA AKCYJNA 2 0 półrocze 2021 r. (dane w tys. zł, chyba że zaznaczone inaczej) GROUP ~~2 1~~ Grupa Kapitałowa PCF Group Spółka Akcyjna PLN EUR od 01.01 od 01.01 od 01.01 od 01.01 do 30.06.2021 r. do 30.06.2020 r.

investment europe

PCF Group

Report

Report on the Review of the Condensed Interim Financial Statement: 2023

The report presents the conclusion of a review conducted by Grant Thornton Polska on PCF Group Spółka Akcyjna’s condensed interim financial statements for the period ending 30 June 2023. The review covered the balance sheet, income statement, statement of comprehensive income, changes in equity and cash‑flow statement for the first half of 2023, along with selected explanatory notes. The statements were prepared in accordance with International Financial Reporting Standard 34 and the European Commission’s regulatory framework for interim reporting. The engagement followed the National Standard of Review 2410, equivalent to International Standards on Review Engagements. The review involved inquiry procedures directed at the company’s finance and accounting personnel, analytical testing, and other review procedures. Because a review provides only limited assurance, the auditors do not express an opinion on the financial statements but state that no material issues were identified that would lead them to believe the statements are not prepared in all material respects according to IFRS 34. The scope of the review is limited to the interim period and does not extend to a full audit. No specific data points or financial metrics are disclosed in the summary, as the report focuses on the assurance level rather than detailed performance figures. The conclusion is dated 21 September 2023 and signed by the lead auditor, Jan Letkiewicz.

investment europe market-analysis

PCF Group

Report

Transaction Notification under Article 19(1) MAR

The notification reports a series of share purchases by Marcin Kuciapski, who holds the position of supervisory board member at 11 BIT Studios Spółka Akcyjna. The filing, required under Article 19(1) of the MAR regulation, details transactions executed on the Warsaw Stock Exchange (GPW) market for the company’s shares identified by ISIN PL11BTS00015. Two separate transaction dates are covered: 11 July 2024 and 12 July 2024. On the first date, a total of 80 shares were acquired at a uniform price of 632 PLN each, with individual trade volumes ranging from 5 to 10 shares. The second date involved the purchase of 40 shares at a price of 640 PLN each, with trade sizes between 1 and 23 shares. The aggregated volume for the two days totals 120 shares, all bought at a single price point per day. The notification specifies the transaction type as “Nabycie” (purchase) and lists the exchange venue as XWAR – GPW. No additional data on market impact, settlement terms or related parties beyond the supervisory board role is provided. The scope of the disclosure is limited to a single Polish listed company, covering only two days in mid‑July 2024, and focuses exclusively on the quantity and price of shares acquired by a key corporate officer.

investment europe market-analysis

11 bit studios

Report

Wyniki Finansowe 1H24: Polska

The presentation outlines PCF Group S.A.’s financial performance for the first half of 2024, focusing on revenue trends, profitability metrics, and portfolio developments. Revenue grew steadily from PLN 180.3 m in 2020 to PLN 171.5 m in the first quarter of 2024, with quarterly figures ranging between PLN 30.2 m and PLN 40.5 m, reflecting a modest year‑over‑year increase of roughly 3–4 %. Net income, however, remained negative throughout the period, with a cumulative loss of PLN 33.3 m in H1 2024 compared to PLN 13.1 m loss in H1 2023, largely attributed to a significant write‑down of the Gemini project and reduced earnings from the Bulletstorm VR title. EBITDA was similarly impacted, with a corrected figure of PLN –11.3 m in Q2 2024 due to revenue adjustments and project‑specific costs. The group’s portfolio, managed by InCuvO, includes three core VR titles—Green Hell, Green Bulletstorm Bison, and People Can Fly—as well as additional projects such as VRowe. Green Hell VR is slated for release on Meta Quest+ in June 2024, while Bulletstorm Bison’s co‑op mode is targeted for Q4 2024. People Can Fly’s latest version 1.4, featuring a horde mode, is expected in September 2024. Geographically, the company’s workforce remains concentrated in Warsaw (≈495 employees) with satellite offices in Montreal, New Castle, Dublin, and Katowice. The presentation emphasizes that the data are current as of 30 June 2024 and that future projections are subject to change.

market-analysis investment pc+1

PCF Group

Report

Strong Growth of Profitability: 2019/20 Full Year Results

Nacon reported a robust 2019/20 fiscal year, with sales rising to €129.4 million—an increase of 14.4% from the prior year—and a gross margin expanding to 61.1 % of sales, up 26.7 percentage points largely due to a surge in digital game revenue (48.9 million €). EBITDA climbed 45.0% to €48.4 million, representing 37.4 % of sales, while current operating income surged 80.3% to €22.6 million (17.5 % of sales). After accounting for non‑recurring bonus share expenses and a modest financial loss, net profit reached €15.3 million, up 41.8% and translating to €0.18 per share. The balance sheet strengthened markedly: shareholders’ equity rose from €67.5 million to €187.6 million, driven by a €103 million capital increase following the March 2020 IPO. Cash stood at €110.9 million, and net debt turned negative at €42.8 million after excluding IFRS‑16 lease liabilities. Geographically, Nacon operates in 100 countries with a workforce of over 510 employees across eight studios. The company’s outlook for FY 2020/21 projects sales between €140–150 million and a current operating margin near 18%, building on its “NACON 2023” strategy to accelerate growth in both games and accessories. Planned investments target AA‑grade titles, studio acquisitions, 5G cloud gaming, and Game‑as‑a‑Service models, while premium accessory development—highlighted by the RIG™ headset acquisition—aims to broaden market reach. The board reaffirmed financial targets for FY 2022/23, anticipating sales of €180–200 million and a current operating margin above 20%.

market-analysis game-publishing investment+2

Nacon

Report

Financial Highlights: 1st Quarter of Fiscal Year Ending March 2014

The first‑quarter results for the fiscal year ending March 2014 show a 10.9 % rise in consolidated net sales to ¥35,525 million, driven mainly by a 10.9 % increase in game‑software revenue and a 26.5 % jump in pachislot & pachinko sales. Operating income climbed 79.8 % to ¥6,208 million, largely from a 113.9 % surge in game‑software operating profit and a 444.3 % rise in the “Other” segment, offset by declines in online & mobile and amusement‑facility operating income. Net income increased 938 million yen (18.0 % YoY) to ¥5,656 million, although the year‑to‑date net income for FY2013 remained slightly below forecast at ¥5,700 million. Segment‑level analysis indicates that game software remains the core driver of profitability, while online & mobile revenue grew modestly (10.9 %) but with a 23.7 % decline in operating income, reflecting higher costs or lower margins. Media & rights and pachislot & pachinko segments showed modest operating gains, whereas amusement facilities experienced a 10.4 % drop in operating income. Balance‑sheet activity shows current assets falling from ¥31,416 million to ¥19,267 million as cash and receivables declined sharply, while fixed assets remained stable. Total assets increased to ¥65,782 million, supported by a rise in investment securities. Current liabilities dropped from ¥12,303 million to ¥4,708 million, largely due to reduced trade payables and accrued bonuses. Shareholders’ equity decreased slightly from ¥82,392 million to ¥80,478 million, reflecting a modest decline in retained earnings and treasury stock adjustments. Overall, the company maintained solid revenue growth and profitability in Q1 FY2014, with notable strength in its core game‑software segment.

market-analysis investment japan+1

Koei Tecmo

Report

Integrated Report 2021

OUR MISSION STATEMENT OUR VISION “Dreams, Fun and Inspiration” are the Engine of Happiness. Through our entertainment products and services, BANDAI NAMCO will continue to provide “Dreams, Fun and Inspiration” to people around the world, based on our boundless creativity and enthusiasm. As an entertainment leader across the ages, BANDAI NAMCO is constantly exploring new areas and heights in entertainment.

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Bandai Namco

Report

Current Report No. 44/2021: Information on Transactions by Persons Discharging Managerial Responsibilities

The report discloses a transaction involving a senior executive of PCF Group S.A. On 13 October 2021, the company’s President of Management acquired shares in PCF Group S.A., a transaction reported to regulatory authorities on 18 October 2021. The disclosure is made pursuant to Article 19(3) of the MAR regulation, which requires public companies to provide timely information on transactions by persons exercising managerial responsibilities. The report is dated 18 October 2021 and serves to inform shareholders and the market of the share purchase by a key executive. No additional details such as the number of shares, transaction value, or price are provided within this brief notice; the full notification is attached as an annex. The scope of the disclosure is limited to a single transaction by one executive within PCF Group S.A., covering the Polish market and the period up to 18 October 2021. The methodology follows regulatory reporting requirements, with the company submitting a formal notice to the relevant supervisory authority and publishing it for public access. The report confirms compliance with disclosure obligations under MAR, ensuring transparency regarding insider trading activity by senior management.

investment europe

PCF Group

Report

Interim Financial Report: First Half 2023/24

SIX MONTHS ENDED 30 SEPTEMBER 2023 Public limited company (“société anonyme”) governed by a board of directors with share capital of €87,808,412 Registered office: 396/466, Rue de la Voyette – CRT 2 – 59273 Fretin Registered with the Lille Métropole trade and companies register under number 852 538 461 Registered office: 396/466, Rue de la Voyette - CRT 2 - 59273 Fretin Registered with the Lille Métropole trade and companies register under number 852 538 461 1.

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Nacon

Report

Universal Registration Document: 2019/2020

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 7 July by the Autorité des Marchés Financiers (“AMF”) as the competent authority in respect of regulation (EU) 2017/1129.

market-analysis game-publishing mergers-acquisitions+2

Nacon

Report

First Half 2023/24 Results

NACON reports first‑half results for the 2023/24 fiscal year (1 April–30 September 2023) with sales of €70.8 million, a 8.7 % decline from the same period in 2022/23, largely due to a release schedule weighted toward the second half. Catalogue sales fell 9 % to €23.1 million, while back‑catalogue sales remained resilient at €21.2 million (down 1.8 %). Accessories revenue rose to €24.9 million, driven by a growing installed base of new consoles. Gross profit was €43.5 million (gross margin 64.2 %), up 3 percentage points year‑on‑year, and EBITDA reached €29.3 million, a 20.1 % increase to an EBITDA margin of 43.2 %. Operating income fell sharply to €3.7 million (5.4 % of sales) due to higher depreciation and amortisation (€25.6 million) and increased financial expense from higher interest rates and negative foreign‑exchange effects. Net income dropped 61.6 % to €3.2 million (4.8 % of sales). At 30 September, equity stood at €248.7 million and cash at €19.6 million, reflecting a strategy of funding development internally rather than through new borrowing. Development assets for 50 games total €118.1 million, and funds from operations were €22.0 million. The second half will feature a busy release schedule with over ten new titles, including high‑profile launches such as Robocop: Rogue City. Back‑catalogue sales are expected to continue growing, and the accessories segment should benefit from expanding console markets and new high‑potential products. NACON therefore anticipates strong sales and operating income growth for the full 2023/24 year.

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Nacon

Report

Press Release: Assessment of Bigben Interactive Financial Challenges

The release informs investors that Nacon’s majority shareholder, Bigben Interactive (BBI), has announced a financial setback stemming from an unexpected refusal by its banking pool to honor a drawdown notice related to a €43 million bond repayment scheduled for 19 February 2026. BBI’s inability to proceed with the partial repayment has prompted consideration of debt‑restructuring procedures under commercial court supervision. Nacon, which holds 56.72 % of BBI’s share capital and 65.79 % of voting rights, is evaluating the potential impact on its own operations and financing arrangements, pledging to update the market if significant developments arise. Nacon’s profile highlights its role as a subsidiary of BBI, established in 2019 to consolidate expertise across the video‑game sector. The company operates 16 development studios and publishes AA titles while also designing premium gaming peripherals, leveraging three decades of industry experience. Financially, Nacon reported an IFRS revenue of €167.9 million and operating profit of €1.1 million for the 2024/2025 period, supported by a workforce of over 1,000 employees. The firm maintains a global presence with 25 subsidiaries and distribution coverage in 100 countries, listed on Euronext Paris under ISIN FR 0013482791. The announcement underscores the interconnected nature of Nacon’s financial health with BBI’s debt situation and signals ongoing monitoring by senior management.

investment funding france

Nacon

Report

Fourth-Quarter 2023/24 Sales: Nacon

Nacon reported consolidated sales for the 2023/24 financial year, ending 31 March 2024. Fourth‑quarter sales rose 9.8 % to €41.0 million, with gaming revenue up 7.9 % to €26.4 million and catalogue sales of new titles increasing 16.3 % to €15.4 million. Back‑catalogue sales held at €11.0 million, while accessories grew 13.1 % to €13.8 million, driven by strong performance of the RIG 600 PRO headset and REVOLUTION 5 PRO controller. Non‑IFRS full‑year sales reached €170.7 million, up 9.5 % from €156.0 million in 2022/23; gaming contributed €104.0 million (14.9 % growth) and catalogue sales grew 21.2 %. Operating income expanded at a faster rate than revenue, signalling improving profitability. The company launched 19 games during the year, including high‑profile titles such as *Robocop: Rogue City* and *Cricket 24: Official Game of The Ashes*. Five new releases in the fourth quarter—*War Hospital*, *New Cycle*, *Garden Life*, *Welcome to Paradize*, and *Taxi Life*—performed well, supporting the catalogue growth. A pipeline of roughly 15 titles is planned for 2024/25, with early‑access successes like *Ravenswatch* and upcoming releases such as *Test Drive Unlimited: Solar Crown*. Nacon, part of the Bigben Group since 2019, operates through 16 development studios and a global distribution network covering 100 countries. The company will announce full‑year results on 3 June 2024 and outline its 2024/25 strategy thereafter.

market-analysis game-publishing investment+1

Nacon

Report

2022-23 Half-Year Results

Nacon’s first‑half 2022‑23 financials show a modest revenue increase of €77.5 million, up 6.2% year‑on‑year, driven primarily by its games segment. Game sales rose 72.3% to €47 million, with current‑catalogue titles such as *Vampire: The Masquerade®‑Swansong*, *Steelrising™* and *Session Skate Sim™* more than doubling sales to €25.4 million; back‑catalogue revenue grew 33.3% to €21.6 million. Accessories sales fell 34.7% to €28.5 million, reflecting a high base effect in the U.S. and a global headset market decline. Gross margin improved to €47.6 million (61.4% of sales) from 52.1% the previous year, largely due to a lower proportion of accessory revenue (37% versus 60%). EBITDA climbed 19.8% to €25.6 million, and current operating income surged 31.4% to €11.1 million (14.3% of sales). Net profit for the period rose 123.5% to €8.4 million, more than double the €3.8 million recorded in the same period a year earlier. Cash and equity positions remain solid, with shareholders’ equity at €241.5 million and cash reserves of €38.1 million, after a strategic reinvestment in development (50 titles, >€30 million CAPEX) and the acquisition of Daedalic (€34.1 million). Net debt increased to €63.6 million due to inventory build‑up amid component shortages. Management projects a slight uptick in full‑year 2022‑23 sales and operating income, citing delayed releases of major titles such as *Blood Bowl III* and *Chef Life*. Strong growth is anticipated for 2023‑24, underpinned by the upcoming *Lord of the Rings Gollum™* launch and continued publishing activity.

market-analysis game-publishing investment+2

Nacon

Report

First Half 2024/25 Results

NACON reports first‑half 2024/25 results for the six months ending 30 September 2024, showing a 13.6 % rise in sales to €77.0 million versus €67.8 million a year earlier. Gaming revenue increased 10.7 % to €45.7 million, while the accessories segment grew 16.6 % to €29.1 million, contributing to a higher gross margin of 65.8 % compared with 64.2 % in the prior year‑half. EBITDA fell 3.2 % to €28.3 million, largely due to the absence of non‑recurring earn‑out releases that had boosted the previous period; operating income declined 12.9 % to €3.2 million, representing 4.1 % of sales. Net income contracted 32.4 % to €2.2 million, reflecting a higher tax expense and lower pre‑tax profit of €0.9 million. Cash stood at €17.4 million against €26.2 million a year earlier, with net debt at €101.5 million after an €18.6 million capital increase in July 2024. Funds from operations rose to €26.2 million, and the company maintains a portfolio of 45 games under development with assets worth €110.5 million. Geographically, NACON operates through 23 subsidiaries and a distribution network in 100 countries. The company projects continued momentum in gaming releases—such as “Test Drive Unlimited: Solar Crown” and “MXGP: The Official Motocross Videogame”—and new premium accessories, expecting full‑year sales and operating income growth for 2024/25. The next key event is the third‑quarter sales announcement on 20 January 2025.

market-analysis investment game-publishing+2

Nacon

Raport półroczny za I półrocze 2021

Report on the Review of the Condensed Interim Financial Statement: 2023

Interim Financial Report: First Half 2021/22

Transaction Notification under Article 19(1) MAR

Wyniki Finansowe 1H24: Polska

Strong Growth of Profitability: 2019/20 Full Year Results

Financial Highlights: 1st Quarter of Fiscal Year Ending March 2014

Integrated Report 2021

Current Report No. 44/2021: Information on Transactions by Persons Discharging Managerial Responsibilities

Skonsolidowany Raport Kwartalny: Q3 2025

Skonsolidowany Raport Półroczny: H1 2024

Annual Separate Financial Statement 2021: Poland

Interim Financial Report: First Half 2023/24

Universal Registration Document: 2019/2020

First Half 2023/24 Results

Press Release: Assessment of Bigben Interactive Financial Challenges

Fourth-Quarter 2023/24 Sales: Nacon

2022-23 Half-Year Results

Half-Year Financial Report: S1 2025/2026

First Half 2024/25 Results

Library

Raport półroczny za I półrocze 2021

Report on the Review of the Condensed Interim Financial Statement: 2023

Interim Financial Report: First Half 2021/22

Transaction Notification under Article 19(1) MAR

Wyniki Finansowe 1H24: Polska

Strong Growth of Profitability: 2019/20 Full Year Results

Financial Highlights: 1st Quarter of Fiscal Year Ending March 2014

Integrated Report 2021

Current Report No. 44/2021: Information on Transactions by Persons Discharging Managerial Responsibilities

Skonsolidowany Raport Kwartalny: Q3 2025

Skonsolidowany Raport Półroczny: H1 2024

Annual Separate Financial Statement 2021: Poland

Interim Financial Report: First Half 2023/24

Universal Registration Document: 2019/2020

First Half 2023/24 Results

Press Release: Assessment of Bigben Interactive Financial Challenges

Fourth-Quarter 2023/24 Sales: Nacon

2022-23 Half-Year Results

Half-Year Financial Report: S1 2025/2026

First Half 2024/25 Results

Transaction Notification under Article 19(1) MAR