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Annual Separate Financial Statement 2021: Poland

AL. SOLIDARNOCI 171 TEL +48 22 887 34 30 – wybrane dane w przeliczeniu na EUR PLN EUR od 01.01 do od 01.01 do od 01.01 do od 01.01 do 31.12.2021 r. 31.12.2020 r. 31.12.2021 r. 31.12.2020 r.

investment europe

PCF Group

Report

2023 Annual Report

Corporate Philosophyby providing unforgettable experiences This represents company's and the beliefs for which we stand. To spread happiness across the globe by providing unforgettable experiences This philosophy represents our company’s mission and the beliefs for which we stand. Each of ourcustomers or her of happiness.

market-analysis global game-publishing

Square Enix

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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

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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.

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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

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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.

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Nacon

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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.

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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.

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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.

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Nacon

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Zawiadomienie w trybie art. 19 ust. 1 rozporządzenia MAR: RB 22/2024

The notice, filed under Article 19(1) of the MAR regulation, reports that on 30 September 2024 a supervisory board member, Marcin Kuciapski, submitted information to 11 bit studios S.A. regarding the acquisition of shares in the company. The notification is attached to the report, and the board confirms receipt of the filing. 11 bit studios S.A.’s management, led by President Przemysław Marszał and board member Grzegorz Miechowski, acknowledges the submission. The communication serves to inform shareholders and regulators of a transaction involving an insider, in compliance with MAR’s disclosure requirements for transactions by persons exercising managerial duties. No further details on the transaction size, price, or number of shares are provided in the excerpt; only that the notice was received and recorded. The scope is limited to a single transaction by a supervisory board member within the Polish jurisdiction, covering the period up to 30 September 2024. The methodology is straightforward: a formal MAR‑19 notification filed by the insider, with the company’s board acknowledging receipt. The report fulfills regulatory obligations without offering additional analytical commentary or market impact assessment.

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11 bit studios

Report

Supporting Document: Quarterly Transition by Business Segment

The quarterly transition analysis presents revenue and operating profit performance across five business segments for fiscal years 2023 and 2024, measured in million yen. Media operations generated the highest sales volume, totaling ¥141,163 million in FY2023 and ¥42,784 million in FY2024, yet suffered a cumulative operating loss of ¥11,523 million and an average margin of –2.3%. Internet advertising maintained steady revenue growth from ¥95,639 million to ¥105,320 million and delivered a positive operating profit of ¥18,317 million with an average margin of 5.4%. Game development showed a volatile profile: revenue rose from ¥40,916 million to ¥45,043 million while operating profit swung from a modest gain of ¥5,212 million to a loss of ¥161 thousand in Q3 2024; the segment’s average margin settled at 7.8%. Investment development experienced a sharp decline in FY2023 sales (¥139 million) but rebounded to ¥619 million in FY2024, with operating profit improving from a loss of ¥286 thousand to a gain of ¥102 thousand, yielding an average margin of 16.5%. Other services contributed ¥28,976 million in FY2023 and ¥7,961 million in FY2024, with a modest operating profit of ¥358 thousand and an average margin of 2.5%. Adjustments across all segments totaled a negative ¥37,624 million in FY2023 and –¥8,654 million in FY2024, reducing overall operating profit from ¥31,699 million to ¥6,284 million. The data illustrate segment‑specific profitability trends and highlight the media division’s ongoing margin challenges amid stable advertising revenue.

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CyberAgent

Report

Shareholders Holding 5% or More of Total Voting Rights: June 2025

The report lists shareholders who held at least five percent of the total voting rights in 11 bit studios S.A. during its Annual General Meeting on June 12, 2025. The disclosure follows Article 70.3 of the Public Offering Act and identifies four major shareholders, detailing their share counts, voting rights, and proportional representation both at the meeting and across the company’s total voting base. Grzegorz Miechowski leads with 168,413 shares and an equal number of voting rights, accounting for 28.98 % of the meeting’s votes and 6.97 % of all voting rights issued by the company. Nationale‑Nederlanden PTE follows with 124,949 shares, representing 21.50 % of the meeting’s votes and 5.17 % of total rights. Przemysław Marszał holds 120,003 shares, contributing 20.65 % of the meeting’s votes and 4.96 % of total rights, while Michał Drozdowski owns 98,844 shares, equating to 17.01 % of the meeting’s votes and 4.09 % of total rights. The report confirms that these four individuals collectively control a significant portion of the company’s voting power, with Miechowski and Marszał also serving on the Management Board. The disclosure provides a clear snapshot of shareholder influence at the 2025 annual meeting, illustrating how concentrated ownership can shape corporate governance decisions.

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11 bit studios

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Raport Bieżący Nr 23/2024: Zmiana Daty Przekazania Raportu Półrocznego za Pierwsze Półrocze 2024

PCF Group S.A. has officially rescheduled the publication date for its consolidated semi-annual report covering the first half of 2024. Originally slated for release on September 26, 2024, the disclosure is now set to occur on September 30, 2024. This adjustment serves as a formal update to the initial financial calendar established by the company in January 2024. The scope of this reporting covers the financial performance and operational status of both the parent entity, PCF Group S.A., and its broader capital group. The decision to delay the release by four days aligns with regulatory requirements governing the disclosure of periodic information by issuers of securities. By providing this notice, the company ensures transparency regarding its corporate reporting timeline and maintains compliance with the legal framework established by the Polish Ministry of Finance. This administrative update does not alter the underlying financial data or the scope of the upcoming report, which remains focused on the first six months of the 2024 fiscal year. The company continues to operate under the standard regulatory obligations for publicly traded entities, ensuring that stakeholders are informed of any deviations from previously announced schedules. The final publication on September 30 will provide the definitive assessment of the group's financial position for the specified period.

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PCF Group

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Zawiadomienie w trybie art. 19 ust. 1 rozporządzenia MAR: RB 26/2024

The notification, issued under Article 19(1) of the MAR regulation, informs that on 17 December 2024 a filing was received by 11 bit studios S.A. from the Miechowski Family Foundation, a related entity of Grzegorz Miechowski, who serves as a board member and president of the foundation. The filing concerns the acquisition of shares in 11 bit studios S.A. by the foundation, indicating a potential conflict‑of‑interest transaction that must be disclosed to market participants. The report includes the full text of the notification as an attachment and confirms that the company’s board has received it. The board members named in the communication are Przemysław Marszał, President of the Board, and Michał Drozdowski, a board member. No further details on the number of shares acquired or the transaction value are provided in the summary, but the filing itself is referenced for full disclosure. The notice serves to comply with MAR’s transparency requirements, ensuring that any transaction involving a person in a managerial role is promptly reported to regulators and investors. The scope of the disclosure is limited to the Polish market, covering a single transaction involving a board member’s affiliated entity during the specified date. The methodology is straightforward: receipt of a formal MAR‑compliant notification, verification by the board, and public disclosure in accordance with regulatory obligations.

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11 bit studios

Report

FY 2020/21 Annual Results: Nacon

Nacon reported a robust FY 2020/21 performance, with sales rising 37.4 % to €177.8 million and current operating income increasing 43.8 % to €32.5 million, representing 18.3 % of sales. Gross margin improved to 52.6 % from 61.1 %, while EBITDA grew 24.7 % to €60.3 million (33.9 % of sales). Net profit reached €18.2 million, up 19.6 %, after accounting for a €5.1 million bonus‑share expense, a €1.5 million financial charge and €7.7 million in tax. Operating cash flow surged 146 % to €55.7 million, sufficient to cover CAPEX of €56.4 million and bank repayments, leaving cash and equivalents at €96.7 million. The company attributes growth to premium accessories, successful U.S. expansion, and a tripling of back‑catalogue sales. Forecasts for FY 2021/22 have been raised to €180–200 million in sales with a 20 % operating margin, driven by digital catalogues and new titles such as *RIMS Racing* and *Blood Bowl 3*. For FY 2022/23, sales targets are further increased to €230–260 million, maintaining a margin above 20 %, supported by studio acquisitions and high‑profile releases like *The Lord of the Rings*. Nacon, listed on Euronext Paris (ISIN FR0013482791), operates through 18 subsidiaries and a distribution network covering 100 countries, employing over 600 staff. The board has opted to retain earnings for reinvestment rather than distribute a dividend in FY 2020/21.

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Nacon

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An Agreement Regarding the Availability of Games in the Game Pass Subscription

The announcement informs shareholders that 11 bit studios S.A. is finalizing a licensing agreement with Microsoft Corporation to make the game “Death Howl” and two other titles from its publishing division available on Microsoft Game Pass. The deal, governed by Article 17(1) of the EU Market Abuse Regulation, will become effective in 2026 and is expected to influence the company’s financial performance for that year. Microsoft has already communicated to users that “Death Howl” will join Game Pass for PC on December 9, 2025, with the Xbox version following upon its console release. The agreement covers both PC and Xbox platforms, expanding 11 bit’s distribution reach within the subscription service. The company’s management board deemed it necessary to disclose this development promptly, citing regulatory obligations and the potential impact on investor expectations. No specific financial figures or detailed terms of the license are disclosed, but the timing and platform scope suggest a strategic partnership aimed at increasing revenue streams through subscription-based access. The report is limited to the Polish market, with implications for European investors, and covers the period up to the end of 2025, outlining anticipated effects in the 2026 fiscal year.

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11 bit studios

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RB 6/2024: Zawiadomienie w Trybie Art. 19 Ust. 1 Rozporządzenia MAR

The notice, issued under Article 19(1) of the MAR regulation, informs shareholders that on 22 February 2024 Marcin Kuciapski, a member of the supervisory board of 11 bit studios S.A., submitted a disclosure regarding his acquisition of shares in the company. The notification was received by the board on the same day and is attached to this communication for reference. The report identifies the legal basis as Article 19(3) MAR, which requires disclosure of transactions by individuals exercising managerial duties. The board composition is listed: Przemysław Marszał serves as Chairman of the Board, and Grzegorz Miechowski is a board member. No further details on the transaction size or share quantity are provided within the summary, and no additional data points or statistical analysis are included. The scope is limited to a single transaction involving a supervisory board member, covering the Polish market and the period up to 22 February 2024. The methodology is straightforward: a regulatory filing submitted by the individual, reviewed and reported by the board. No broader industry or geographic implications are discussed beyond compliance with MAR disclosure requirements.

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11 bit studios

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Raport Roczny 2020: 11 bit studios S.A.

RAPORT ROCZNY 11 BIT STUDIOS S.A. ZA 2020ROK Warszawa, 28 kwietnia 2021 roku Szanowni Akcjonariusze i Inwestorzy Serdecznie zapraszamy Was do lektury Raportu rocznego 11 bit studios S.A. za 2020 rok. Nie ukrywamy, że z uwagi na pandemię COVID-19 był to rok dużych wyzwań jeśli chodzi o zarządzanie firmą i prowadzenie biznesu.

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11 bit studios

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Annual Report and Consolidated Financial Statements 2023

ANNUAL R THE YEAR ENDED FINANCIAL STATEMENTS FOR THE YEAR ENDED Business model 10 Chief Executive’s review 15 Chief Financial Officer’s review 17 Environmental, social and governance (ESG) 19 Principal risks and uncertainties 20 Corporate Governance 25 Board of Directors 25 Corporate governance report ...

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tinyBuild

Annual Separate Financial Statement 2021: Poland

2023 Annual Report

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

Zawiadomienie w trybie art. 19 ust. 1 rozporządzenia MAR: RB 22/2024

Supporting Document: Quarterly Transition by Business Segment

Shareholders Holding 5% or More of Total Voting Rights: June 2025

Raport Bieżący Nr 23/2024: Zmiana Daty Przekazania Raportu Półrocznego za Pierwsze Półrocze 2024

Zawiadomienie w trybie art. 19 ust. 1 rozporządzenia MAR: RB 26/2024

FY 2020/21 Annual Results: Nacon

An Agreement Regarding the Availability of Games in the Game Pass Subscription

RB 6/2024: Zawiadomienie w Trybie Art. 19 Ust. 1 Rozporządzenia MAR

Raport Roczny 2020: 11 bit studios S.A.

Annual Report and Consolidated Financial Statements 2023