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Financial Results Briefing Session of Fiscal Year Ended December 31, 2025 [17,284KB]

GungHo Online Entertainment’s FY 2025 financial briefing outlines a strategic pivot from Japan‑centric mobile development toward global expansion, emphasizing action titles on consoles and PCs. The company reports a 64.1 % overseas net‑sales ratio in FY 2025, up from 47.7 % in 2019 and 56.2 % in 2020, reflecting intensified sales in North America and Europe through new releases such as “Let It Die: Inferno” on PlayStation 5, Steam, and Nintendo Switch. The launch of nine global titles in 2025, including the “Ragnarok” series and “Puzzle & Dragons,” is highlighted as a key growth driver, with the latter celebrating its 5 000‑day anniversary and hosting cross‑platform events to boost user activity. Financially, consolidated net sales fell by 1.3 % YoY to ¥125.3 billion, driven mainly by declines in mobile titles and “Ragnarok”‑related revenue under subsidiary Gravity. Operating profit contracted by 9.3 % YoY to ¥276 million, as SG&A expenses rose due to increased advertising spend and personnel costs following the full acquisition of Alim in December 2024. Non‑consolidated results remained flat, but mobile sales slipped and Gravity’s “Ragnarok” titles underperformed, contributing to the consolidated loss. The briefing covers a global geographic scope—North America, Europe, Latin America, and Asia—with a 2025 focus on launching titles in over 150 countries. Methodologically, data derive from consolidated financial statements and quarterly performance metrics, with a clear emphasis on aligning product development with international market demand.

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GungHo Online Entertainment

Report

Consolidated Financial Results for the Three Months Ended June 30, 2021

The quarterly report presents mixi’s consolidated financial performance for the three months ended June 30, 2021, covering April 1 to June 30. Net sales declined 3.4 % to ¥28,366 million from ¥29,360 million in the prior year, while operating income fell 19.4 % to ¥6,011 million and ordinary income to owners of parent dropped 17.9 % to ¥6,023 million. EBITDA contracted 17.7 % to ¥6,987 million, and comprehensive income decreased 20.7 % to ¥3,964 million. Basic earnings per share were ¥54.04 in 2021 versus ¥65.35 in 2020, reflecting the revenue decline and higher operating expenses. Total assets reduced to ¥217,762 million from ¥226,356 million, with net assets at ¥188,043 million and an equity ratio of 85.6 %. Cash and deposits fell to ¥131,831 million, while short‑term borrowings increased. The company maintained a dividend policy of ¥55.00 million per share for the fiscal year ending March 31, 2022, with no forecast revisions. The report includes a full‑year forecast for FY 2022, projecting net sales of ¥115,000 million (down 3.6 %) and EBITDA of ¥14,000 million (down 48.4 %). Forecasts are presented as ranges and note that actual results may vary. Methodologically, the report follows Japanese GAAP, incorporates the new Revenue Recognition Standard effective from April 1, 2021, and applies Fair Value Measurement standards prospectively. No significant changes in subsidiaries or accounting estimates were reported. The document covers the Japanese market, a single fiscal year, and focuses on mixi’s digital entertainment business, particularly its flagship game “Monster Strike.”

market-analysis japan mobile

mixi

Report

FY25 H1 Results: A Strong Turnaround

Frontier Developments plc reported a robust turnaround in its first half of FY25, with revenue of £47.3 million nearly matching the prior year’s £47.7 million and an adjusted EBITDA profit of £4.4 million, a swing from a £4.9 million loss in H1 FY24. Operating profit rose to £4.5 million from a £33.3 million loss, driven by significant cost reductions following an organisational review and the closure of Frontier Foundry. Cash reserves strengthened to £27.2 million at 30 November, rising to £30.5 million by 31 December after the November launch of Planet Coaster 2. Planet Coaster 2, released on 6 November, dominated the period by contributing 22% of total revenue and selling over 400,000 base‑game units across PC, PS5, and Xbox Series platforms within two months. The game’s launch reinforced the company’s CMS strategy, supported by strong sales of existing titles such as Planet Zoo and Jurassic World Evolution 2. Elite Dangerous also saw revenue growth through new story content, while F1® Manager 2024 added a fresh title to the portfolio. Cost efficiencies were evident: adjusted operating costs fell 25% to £28.5 million, R&D expenses dropped 21% to £19.5 million, and marketing and administrative costs declined 32%. Gross profit margin improved to 70% from 69%, reflecting a favourable revenue mix. The company maintains a positive outlook for FY25, citing continued momentum from the CMS lineup and upcoming releases. Management expressed confidence in sustaining profitability and capitalising on planned content updates, while acknowledging subscription deal timing as a variable factor. Overall, the interim results demonstrate that Frontier’s strategic reset and disciplined cost management have restored profitability and positioned the firm for continued growth in the competitive video‑game market.

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Frontier Developments

Report

Prezentacja Wyników Finansowych Q2 2022

The presentation reports PCF Group S.A.’s financial performance for the first half of 2022, comparing it to the same period in 2021 and to full‑year 2021 figures. Total revenue rose from PLN 90.6 million in HY 2021 to PLN 77.3 million in HY 2022, a 17.2 % decline, driven by lower game‑development and outsourcing income. EBITDA remained relatively flat, moving from PLN 28.8 million to PLN 29.0 million (+0.7 %), while net profit increased by 17.5 % to PLN 21.7 million from PLN 25.5 million in HY 2021. The company’s equity grew to PLN 259.5 million, up 9.1 % from PLN 283.1 million in FY 2021, and the asset‑to‑liability ratio improved by 17.5 %. Operating cash flow was slightly negative, with PLN 134.6 million in liquid assets versus PLN 137.1 million in assets, a 1.8 % decline. Strategically, PCF Group is positioning itself as a leading independent studio portfolio. The group plans to launch an annual flagship title from 2024 onward, pursue new genres and VR development, and expand its workforce to over 580 employees by the end of 2022. The portfolio includes pre‑production projects such as “Bulletstorm,” “Gemini,” and “Dagger,” with several titles slated for European release in 2024 and North American launches pending. The group’s geographic footprint spans Warsaw, Chicago, Montreal, Kraków, and Rzeszów, with a growing presence in North America. Methodologically, the figures derive from internal financial statements and are presented as rounded values; future projections are noted to be subject to change. The presentation emphasizes that it is informational only and not an investment recommendation.

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PCF Group

Report

Consolidated Financial Results for the Nine Months Ended December 31, 2025: Japan

MIXI, Inc. reports consolidated financial results for the nine months ended December 31 2025 under Japanese GAAP, covering April 1 2025 to December 31 2025. Net sales rose 5.5 % YoY to ¥116,425 million, driven by a 49.2 % increase in the Sports Business and an 11.4 % rise in the Lifestyle Business, while Digital Entertainment sales fell 11.9 %. Operating income declined 22.7 % to ¥13,168 million, largely due to lower EBITDA in Digital Entertainment and higher operating expenses. Ordinary income fell 9.8 % to ¥15,090 million, and profit attributable to owners of parent increased modestly by 1.4 % to ¥10,562 million. Comprehensive income for the period was ¥12,064 million, down 13.0 % YoY. Total assets reached ¥262,287 million with net assets of ¥175,541 million, an equity ratio of 66.3 %. Cash and cash equivalents fell to ¥90,168 million after significant outflows for treasury share repurchases (¥9,504 million) and dividends (¥7,934 million). Short‑term borrowings surged to ¥29,722 million, reflecting financing activity that offset operating cash usage of ¥361 million. The company incorporated PointsBet Holdings Limited and five other entities in September 2025, creating ¥19,831 million of goodwill within the Sports Business. Forecasts for FY2026 remain unchanged: net sales projected at ¥168,000 million (8.5 % YoY), operating income at ¥27,000 million (‑14.8 %), and ordinary income at ¥20,000 million (‑24.8 %). Dividend policy is unchanged, with a forecast of ¥60 million per share for FY2026. The report covers Japan exclusively, with no changes to accounting policies or significant restatements noted.

market-analysis investment japan+1

mixi

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Financial Highlights for the 3rd Quarter of the Fiscal Year Ending March 2014: Japan

Financial highlights for the third quarter of fiscal year 2013 show a robust performance, with net sales rising 15.2 % to ¥34,639 million from the prior year’s ¥22,206 million. Gross profit increased 27.2 % to ¥13,939 million, while operating income surged 43.5 % to ¥6,208 million, and net income climbed 90.8 % to ¥5,656 million. These gains outpaced the company’s own forecasts of 6.8 % growth in net sales and 12.8 % in operating income, indicating stronger-than‑expected execution. Segment analysis reveals that Game Software remains the largest contributor, generating ¥23,718 million in sales and ¥6,229 million in operating income. Online & Mobile sales grew 21.2 % to ¥5,480 million and operating income rose 49.3 % to ¥549 million, reflecting a shift toward digital platforms. Media & Rights and Pachislot & Pachinko also posted double‑digit sales growth, while Amusement Facilities experienced a 7.7 % decline in sales and a 49.0 % drop in operating income, suggesting contraction in that area. On the balance sheet, total assets increased modestly to ¥95,679 million, driven primarily by a rise in investment securities from ¥45,339 million to ¥56,257 million. Current assets fell 34 % due to lower cash balances and receivables, but current liabilities dropped 42 % to ¥7,097 million, improving liquidity. Shareholders’ equity grew to ¥84,575 million, supported by retained earnings and a reduction in treasury stock. Overall, the company’s financial position strengthened through higher profitability, improved cash flow management, and a solid asset base.

market-analysis investment japan+2

Koei Tecmo

Report

Summary of Main Supplementary Explanations Questions and Answers: FY2023 Fourth Quarter

The briefing outlines GREE’s strategic direction for FY2023‑FY2026, emphasizing a diversified portfolio beyond core gaming. In the fourth quarter, the company began categorizing its development pipeline into in‑house, regional expansion, joint development, and licensing, noting increased collaboration prospects with major IP holders such as Heaven Burns Red. Release dates remain undisclosed for FY2024 titles, reflecting a focus on quality over speed. GREE views the smartphone game market as increasingly less profitable due to larger development scales, prompting a shift toward higher‑margin ventures. Within the Metaverse Business segment, Platform and B2B sub‑segments have achieved profitability; profits are being reinvested into the VTuber and Web3 businesses. The company aims for all four Metaverse sub‑segments to be profitable by FY2026, contributing significantly to group earnings. Synergies between the VTuber and Platform businesses are currently indirect, driven by international talent recruitment for REALITY. Future cross‑promotions are anticipated once both units mature. Financial outlooks indicate a consolidated operating income of approximately ¥1.0 billion for Q1 FY2024, with a full‑year target of ¥4.0–5.0 billion for FY2024, excluding new game or anime contributions and investment income. For FY2026, the company projects similar operating income levels while targeting a 10 % return from its Investment Business and aiming for half of non‑investment earnings to derive from non‑game, non‑anime sources. This reflects a medium‑term strategy of expanding stable revenue streams beyond traditional gaming.

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GREE

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Financial Results for the First Quarter: Fiscal Year Ending March 2025

Financial results for the first quarter of fiscal year ending March 2025 show a modest decline in consolidated sales to ¥17.6 billion, down 3.8 % YoY and 24.9 % QoQ, driven by weaker console sales after a strong launch in the prior quarter and declining online/mobile revenue from titles introduced in 2023. Operating profit fell ¥1.78 billion, a 23.8 % YoY drop and 30 % QoQ decline, largely due to higher variable costs from an expanded mobile portfolio and reduced partner‑covered development expenses. Ordinary profit rose ¥4.02 billion (27.3 % YoY) and net profit increased to ¥13.64 billion (29.2 % YoY), supported by higher non‑operating income amid a volatile financial environment. Segment analysis indicates the entertainment division—comprising console and mobile businesses—experienced a 3.1 % sales decline, with physical console units falling 7.4 % and digital downloads dropping 5.9 pp. The amusement segment saw a modest sales drop, while real‑estate sales decreased due to property disposals but profit rose from lower repair costs. Regional performance shows Japan sales down 6.9 %, overseas up 0.5 %, North America up 5.3 %, Europe up 101.7 % (though still small in volume), and Asia down 11.3 %. Methodologically, the report aggregates quarterly data from all operating segments, with expense breakdowns by employment, outsourcing, and advertising costs. No change to FY 2024 guidance is announced; the company maintains a conservative plan of ¥90 billion sales and ¥30 billion operating profit for the full year, with a focus on repeat console titles, steady online/mobile revenue, and incremental royalty income.

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Koei Tecmo

Report

1st Half Year 2021/22 Sales

Nacon reported first‑half sales of €72.8 million in FY 2021/22, a decline of 15.9 % versus €86.6 million in the same period of FY 2020/21. The drop reflects a strong comparison base and logistical delays, particularly in the United States where supply‑chain disruptions affected shipments of PlayStation 4 and Xbox consoles. Games sales fell 18.7 % to €14.9 million, while accessories declined 20.1 % to €23.2 million; the “others” segment, comprising mobile and audio sales, saw a 17.2 % reduction to €1.1 million. Quarterly performance mirrored the overall trend: Q2 sales of €39.2 million were 19.5 % lower than Q2 FY 2020/21, driven by a weaker base and shipping constraints. The company highlighted resilient back‑catalogue performance in games, with €6.9 million in sales that remained stable despite fewer new releases. Looking ahead, Nacon expects a rebound in the second half of FY 2021/22, citing an expanded game slate—including Cricket 22, Rugby 22, Blood Bowl 3, Train Life, Hotel Life and the narrative RPG Vampire: The Masquerade – Swansong—and new accessories such as the Revolution X Pro controller. Management reaffirmed FY 2021/22 revenue targets of €180–200 million and a 20 % operating margin, while projecting FY 2022/23 sales of €230–260 million with a similar margin. The company’s methodology relies on non‑audited IFRS data, covering global sales across 100 countries through its 20 subsidiaries and a network of distributors. Nacon’s strategy includes continued acquisitions of development studios, initiated in 2018, to expand its intellectual property portfolio and support future growth.

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Nacon

Report

Summary of Financial Results for First Half of Fiscal Year Ending December 31, 2015: Japan

KLab Inc. reported consolidated financial results for the first half of fiscal year 2015 (January 1–June 30, 2015) under Japanese GAAP. Revenue rose 8.9 % to ¥10,435 million, driven by the launch of new mobile titles such as “Love Live! School Idol Festival.” Operating income surged 122.9 % to ¥1,552 million, while ordinary and net income increased 130.3 % and 22.9 %, respectively, to ¥1,612 million and ¥666 million. Net income per diluted share reached ¥18.35, up from ¥16.40 in the same period of FY2014. Total assets increased to ¥13,187 million, with net assets rising 8.6 % to ¥9,884 million and an equity ratio of 74.6 %. The company’s balance sheet showed a modest decline in current liabilities and an increase in intangible assets, reflecting investment in intellectual property. Treasury stock purchases of 90 000 shares (¥128.5 million) were completed in July to improve capital efficiency. KLab’s forecast for the first three quarters of FY2015 projects revenue of ¥16,935 million and net income of ¥1,316 million. The company notes that operating performance is highly sensitive to the success of new releases and therefore refrains from full‑year forecasts. No significant accounting policy changes affected the period, aside from the adoption of a special tax‑effect treatment and an employee stock ownership plan implemented through a trust. The company’s dividend policy remained unchanged, with no dividends declared for FY2015.

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KLab

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Results Briefing Materials: Third Quarter Fiscal Year Ending March 31, 2026

The briefing outlines Daemon Machina’s third‑quarter performance for the fiscal year ending March 2026, highlighting a 140.5 % jump in net sales to ¥29,121 million driven by the launch of three core titles—Rune Factory: Guardians of Azuma, Story of Seasons: Grand Bazaar, and Browser Sangokushi Ten—and robust amusement‑machine sales. Operating profit rose modestly to ¥1,776 million (6.1 % YoY) as high development costs offset gains; ordinary profit and owners’ attributable profit grew faster, largely due to foreign‑exchange gains. Segment analysis shows Digital Contents Business sales at ¥9,985 million (169.2 % YoY) and Amusement Business at ¥7,435 million (125.1 % YoY), while Audio & Visual Business declined by 88.7 %. The company’s balance sheet strengthened, with total assets increasing to ¥35,669 million and net assets rising by ¥1,104 million. Strategic initiatives include scheduled releases of Rune Factory on PlayStation 5 and Xbox Series X|S in February 2026, a postponed launch of The Thousand Musketeers: Rhodoknight to June 2026, and ongoing promotion of new online titles. The amusement segment continues to expand overseas, with Pokémon‑branded machines generating significant revenue growth. Full‑year forecasts remain unchanged: net sales projected at ¥35,000 million (125.2 % YoY), operating profit at ¥2,000 million (110 % YoY), and owners’ attributable profit at ¥1,400 million (171 % YoY). Dividend guidance is raised to ¥12 per share. The company acknowledges potential uncertainties that could affect future performance.

market-analysis game-publishing investment+2

Marvelous

Report

Strong Sales Growth in the Second Quarter of 2024/25: Nacon

Nacon reported a 38.5 % surge in second‑quarter sales, reaching €44.7 million for the July‑September 2024 period and confirming its full‑year growth targets. Total first‑half sales for the fiscal year rose 13.6 % to €77.0 million, driven largely by a 65.4 % increase in gaming revenue (€27.9 million). Within gaming, catalogue sales doubled (+98.5 %) to €14.9 million, propelled by the launch of Test Drive Unlimited: Solar Crown™ and the strong reception of Ravenswatch™, while back‑catalogue sales grew 38.8 % to €13.0 million thanks to recent titles such as Robocop: Rogue City™ and Taxi Life™. Accessories sales expanded 8.7 % to €15.7 million, with headsets and controllers maintaining momentum in the U.S. and Australia. The company highlighted a robust release schedule for the second half of 2024/25, including new titles across sport, racing, adventure, and simulation genres, as well as several premium accessories such as a REVOSIM steering wheel and a COBRA chair. Nacon’s integrated publishing and peripherals model is positioned to sustain growth and enhance operating income. Geographically, Nacon operates through 23 subsidiaries with a distribution network covering 100 countries. The financial data are presented under IFRS, and the company’s workforce exceeds 1,000 employees. The press release was issued on 28 October 2024 and follows the company’s 2023/24 sales of €167.7 million and operating income of €20.9 million.

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Nacon

Report

Consolidated Sales: Second Quarter 2025-26

NACON reports a 4.5 % rise in consolidated sales for the second quarter of its 2025/26 fiscal year, reaching €46.8 million compared with €44.8 million in the same period last year. Total first‑half sales for April–September 2025 amount to €78.1 million, up 1.4 % from €77.0 million in the prior year. Gaming sales dominate growth, increasing by €8.8 million (31.7 %) to €36.7 million, driven largely by a 52.5 % jump in catalogue titles and a modest 7.8 % rise in back‑catalogue revenue. Catalogue releases such as *Rugby League 26*, *Robocop: Rogue City – Unfinished Business*, and *Hell is Us* contribute significantly, with the latter achieving an 88 % user score and over 1.5 million residual wish‑lists. Back‑catalogue sales reflect the strength of NACON’s existing portfolio. The accessories segment, however, contracts sharply by 42.7 % to €9.0 million, largely due to a 66 % decline in U.S. sales caused by higher customs duties. European accessory sales, particularly for Switch 2 and XBOX Revolution X Unlimited controllers, are expected to provide some recovery. NACON anticipates continued catalogue momentum in the second half of the year, with nearly a dozen new titles slated for release, while back‑catalogue activity should remain steady. The company maintains confidence in meeting its 2025/26 annual targets, citing a robust release schedule and new accessory products. The next financial update for the first half of 2025/26 will be issued on November 24, 2025.

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Nacon

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

Raport z Przeglądu Skróconego Śródrocznego Skonsolidowanego Sprawozdania Finansowego: 2022

The report presents the findings of a review conducted by Grant Thornton Frąckowiak on the condensed interim consolidated financial statements of PCF Group Spółka Akcyjna for the period from 1 January to 30 June 2022. The review was performed in accordance with the Polish Standard for Review of Interim Financial Information 2410, equivalent to International Standard on Review Engagements (ISRE) 2410, and was based on the company’s internal controls and accounting records. The scope of the review involved inquiry procedures directed at finance and accounting personnel, analytical procedures, and other review activities. Because the engagement is a review rather than an audit, it does not provide assurance that all material matters have been identified; therefore, no audit opinion is expressed. The review concluded that nothing was found to indicate that the condensed interim consolidated financial statements were not prepared in all material respects in accordance with International Financial Reporting Standard 34, as adopted by European Union regulation. The financial statements cover the entire PCF Group, with its dominant entity headquartered in Warsaw, and include balance sheet, income statement, comprehensive income, changes in equity, and cash‑flow statements for the first half of 2022. The report is dated 29 September 2022 and signed by Jan Letkiewicz, a senior auditor of the firm.

investment europe market-analysis

PCF Group

Financial Results Briefing Session of Fiscal Year Ended December 31, 2025 [17,284KB]

Consolidated Financial Results for the Three Months Ended June 30, 2021

FY25 H1 Results: A Strong Turnaround

Bandai Namco Group Fact Book 2020

Prezentacja Wyników Finansowych Q2 2022

Consolidated Financial Results for the Nine Months Ended December 31, 2025: Japan

Annual Report 2015

Financial Highlights for the 3rd Quarter of the Fiscal Year Ending March 2014: Japan

Summary of Main Supplementary Explanations Questions and Answers: FY2023 Fourth Quarter

Annual Report 2010: Bandai Namco Holdings Inc.

Financial Results for the First Quarter: Fiscal Year Ending March 2025

1st Half Year 2021/22 Sales

Summary of Financial Results for First Half of Fiscal Year Ending December 31, 2015: Japan

Results Briefing Materials: Third Quarter Fiscal Year Ending March 31, 2026

Strong Sales Growth in the Second Quarter of 2024/25: Nacon

Consolidated Sales: Second Quarter 2025-26

Annual Report 2013

Annual Financial and Corporate Social Responsibility Report: 2020/21

Interim Results: H1 FY26

Raport z Przeglądu Skróconego Śródrocznego Skonsolidowanego Sprawozdania Finansowego: 2022