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Information on the State of Application of Good Practices 2021

PCF GROUP SA (1/2022) PCF Group Spółka Akcyjna - informacja o stanie stosowania Na podstawie par. 29 ust. 3 Regulaminu Giełdy Papierów Wartościowych w Warszawie S.A. PCF Group Spółka Akcyjna przekazuje informację o stanie stosowania Dobrych Zarząd spółki PCF Group S.A. z siedzibą w Warszawie ("Spółka") przekazuje informację o zmianie sposobu stosowania zasad 1.6. i 2.4. Dobrych Praktyk 2021 oraz o wystąpieniu okoliczności uzasadniających zmianę treści wyjaśnień dla zasad 4.7., 4.8. oraz 4.9.1.

investment europe

PCF Group

Report

Wyniki Finansowe 1H25: Warszawa

The presentation outlines PCF Group S.A.’s financial performance for the first half of 2025, focusing on revenue trends, profit calculations, and portfolio developments across its global operations. Revenues have shown a gradual decline from 2021 to 2024, with cumulative figures falling from PLN 190.4 m in 2021 to PLN 171.5 m by the end of 2024, and quarterly revenue in Q1‑2025 recorded at PLN 58.5 m. EBITDA has been negatively impacted by lower sales on the Gemini project and a delayed Bulletstorm VR launch, resulting in an adjusted EBITDA loss of PLN 11.3 m for 2024 and a projected loss of PLN 33.3 m in 2025 after accounting for new projects such as Echo and Delta, as well as write‑downs related to the PCF Chicago subsidiary. The group’s workforce is distributed across two continents, with 534 employees in Warsaw and additional teams in Montreal, Newcastle, Dublin, Katowice, and Rzeszów. Back‑office development is handled by Incuvo Studio Europe and North America, while publishing responsibilities are shared with the QA Gameon division. Portfolio highlights include the upcoming co‑op release of Green Hell on Meta Quest platforms and a VR shoot‑to‑survive title slated for Q4 2025. The presentation emphasizes that these releases are the last VR titles to be published by PCF Group, signalling a strategic shift. Overall, the data suggest a contraction in revenue and profitability driven by project delays and market adjustments, with future performance hinging on the successful launch of new VR titles and cost management initiatives.

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PCF Group

Report

Summary of Main Supplementary Explanations Questions and Answers: FY2024 Third Quarter Results Briefing

The briefing clarified that the FY2024 third‑quarter earnings improvement in GREE’s Game and Anime Business stemmed from two primary initiatives: a more efficient promotional strategy following the second anniversary of “Heaven Burns Red,” and a comprehensive reorganization that reassigned staff to higher‑margin projects. The company emphasized multiplatformization as a strategic priority, noting active preparations for console game development to capture broader market segments. In the VTuber segment, planned investments focus on expanding management capacity in line with a growing talent roster and enhancing live‑event production, merchandise marketing, and fan engagement metrics such as concurrent viewer counts. While these initiatives are expected to drive near‑term sales, the company views sustained growth as contingent on deepening fan base loyalty. Financial outlooks presented exclude investment business figures. Consolidated operating income for the fourth quarter is projected at approximately ¥1.5 billion, and full‑year FY2024 earnings are estimated between ¥5–6 billion. These targets reflect the company’s confidence in its streamlined operations and strategic expansion across gaming, anime, and VTuber platforms.

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GREE

Report

FY2025 Second Quarter Financial Results Briefing

The briefing presents FY2025 second‑quarter financial results for GREE Holdings, emphasizing a revised disclosure structure that separates the Investment Business from the other three operating segments—Game and Anime, Metaverse, and DX. Consolidated net sales reached ¥15.6 billion with operating profit of ¥2.2 billion, both up QoQ and YoY, driven by foreign‑exchange gains and strong dividend income from investment funds. On a three‑segment basis, net sales were ¥13.7 billion and operating profit ¥1.2 billion, surpassing prior forecasts. Segment performance highlights include a record‑high ¥2.1 billion in Metaverse sales, driven by avatar and live‑streaming revenue; Game and Anime sales rose QoQ thanks to anniversary events for flagship titles, though YoY growth slowed; DX Business maintained forecasted sales of ¥1.8 billion, with a shift toward recurring SaaS and consulting services. The Investment Business posted significant gains from fund dividends, offsetting a prior quarter loss; portfolio valuation climbed to ¥36.3 billion with IRR outperforming VC benchmarks. Management reiterated medium‑term targets: FY2027 sales of ¥17.9 billion and operating profit of ¥3.3 billion, with continued investment in Metaverse, DX recurring models, and diversified fund sourcing. The briefing covered 2025 full‑year forecasts—sales of ¥8.7 billion and operating profit of ¥500 million for Metaverse, ¥7.3 billion and ¥800 million for DX—reflecting modest sales adjustments but confidence in margin improvement. Overall, the presentation underscores robust quarterly growth across core segments and a strategic pivot toward higher‑margin recurring revenue streams.

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GREE

Report

Earnings Results: Q3 Fiscal Year Ending March 2026

1. 2026 年3 月期第 3四半期連結実績サマリ P3 2. 2026 年3 月期第 3四半期連結実績（セグメント別） P10 3. Appendix P19 Q12 20263ThDuloos①#H3-A? A 2025年3月期 2026年3月期前年同期比 2025年3月期 2026年3月期前年同期比 (単位：百万円) 4-12月実績 4-12月実績（増減額） 10-12月実績 10-12月実績（増減額）売上高 206,587 202,991 ▲1.7% 70,267 69,058 ▲1.7% Q12 (▲3,595) (▲1,208) ③ ▲59.7% ...

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Kadokawa Corporation

Report

Raport Bieżący Nr 7/2021: Wyznaczenie Ostatniego Dnia Notowania Praw do Akcji Serii B

The report announces that on February 1, 2021 the board of PCF Group S.A. received confirmation from the Warsaw Stock Exchange (GPW) regarding two key decisions affecting the company’s Series B ordinary shares. First, GPW’s resolution No. 86/2021 designates February 2, 2021 as the final trading day for 2,062,512 Series B shares, each with a nominal value of 0.02 PLN and identified by ISIN PLPCFGR00036. Second, resolution No. 87/2021 authorises the introduction of the same number of Series B shares into primary market trading on February 3, 2021, contingent upon the National Securities Depository’s registration of these shares and assignment of ISIN PLPCFGR00010. Both resolutions became effective immediately upon adoption. The document serves to inform shareholders and market participants of the scheduled cessation of trading for existing Series B shares and the subsequent listing of newly issued shares, thereby ensuring compliance with Polish financial regulations. It references § 17(1)(4) of the 2018 Ministerial Regulation on ongoing and periodic information required from issuers, underscoring the legal basis for disclosure. No additional data such as market impact figures or investor surveys are included; the focus remains strictly on procedural dates, share quantities, nominal values, and ISIN identifiers. The scope is limited to PCF Group S.A.’s Series B ordinary shares within the Polish capital market, covering a single time frame in early February 2021.

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PCF Group

Report

Uchwała Nr 8/2021 w Sprawie Podziału Zysku Spółki: 2020

The resolution of the Board of PCF Group S.A., dated 26 May 2021, proposes a specific allocation of the company’s net profit for the fiscal year 2020. The total after‑tax earnings amount to PLN 29,095,746.74. The Board recommends that PLN 5,616,877.28 be distributed to shareholders as a dividend of PLN 0.19 per share, while the remaining PLN 23,478,869.46 should be transferred to the company’s reserve capital. The resolution further requests that the ordinary general meeting set the dividend record date for 30 June 2021 and the payment date for 8 July 2021. It also instructs the supervisory board to evaluate the proposed profit distribution in accordance with the company’s statutes and to present its assessment to the general meeting, as required by Polish corporate law. The document is limited in scope to PCF Group S.A., a Warsaw‑based entity, and concerns only the 2020 financial year. No external data sources or survey methodology are cited; the figures derive from the company’s annual financial statements. The resolution is effective immediately upon adoption, ensuring that the proposed dividend and reserve allocations are implemented without delay.

investment europe

PCF Group

Report

Information on the State of Application of Good Practices 2021: 1/2023

PCF GROUP SA (1/2023) PCF Group Spółka Akcyjna – informacja o stanie stosowania Na podstawie par. 29 ust. 3 Regulaminu Giełdy Papierów Wartościowych w Warszawie S.A. PCF Group Spółka Akcyjna przekazuje informację o stanie stosowania Dobrych Spółka niniejszym informuje o rozpoczęciu stosowania zasad 3.3, 3.4, 3.6, 3.8 i 3.10 oraz o zmianie treści wyjaśnień w zakresie niestosowania lub sposobu stosowania zasad 2.1, 3.1, 3.2, 3.5 i 3.9 DPSN 2021.

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PCF Group

Whitepaper

African Game Developer Resource Kit: Publishing and Distribution Support

The African game development landscape faces distinct structural challenges in scaling local intellectual property to global markets, primarily due to fragmented distribution networks and limited access to traditional publishing capital. Strategic interventions focus on bridging the gap between creative production and commercial viability by providing developers with actionable frameworks for navigating international storefronts and regional payment gateways. The primary objective is to empower studios across the continent to retain greater equity while leveraging global platforms like Steam, the PlayStation Store, and mobile app marketplaces. Key findings indicate that while the African gaming audience is expanding rapidly, local developers often struggle with discoverability and the high costs of user acquisition. Data suggests that mobile gaming remains the dominant segment due to high smartphone penetration, yet monetization is frequently hampered by low credit card adoption in certain regions. Consequently, successful distribution strategies must integrate alternative payment methods, such as mobile money, to capture domestic revenue. The scope of these initiatives covers the entire sub-Saharan region, focusing on emerging hubs in Nigeria, Kenya, South Africa, and Ghana during the current growth cycle. Methodological approaches emphasize a hybrid model of self-publishing and strategic partnerships. Developers are encouraged to utilize data-driven marketing and community-building tools to establish a presence before seeking external publishing deals. By focusing on localization and cultural relevance, African studios can differentiate their offerings in a crowded global market. Ultimately, the path to sustainability for the continent’s industry relies on establishing robust pipelines that connect local talent with global distribution infrastructure while addressing the specific technical and financial hurdles unique to the African ecosystem.

game-publishing monetization user-acquisition+1

Games Industry Africa

Report

Partial Correction to FY2023 Consolidated Financial Results (Japanese GAAP)

CyberAgent’s FY2023 Japanese‑GAAP financials reveal a modest 1.3 % increase in net sales to ¥719,451 million, yet operating income plunged 66.9 % and net income attributable to owners fell 84.5 % to ¥3,540 million. Total assets rose by ¥93.3 billion to ¥475,222 million, largely due to convertible bond issuance and long‑term loans, while equity increased modestly to ¥228.45 billion. Cash balances grew from ¥168,035 million to ¥201,780 million, supported by significant financing activity that offset higher operating cash outflows. Segment analysis shows a turnaround in profitability. The internet advertisement business moved from a ¥12.9 billion loss to a ¥17.5 billion profit, and the game business shifted from a ¥13.2 billion loss to a ¥22.7 billion profit, contributing to total segment income of ¥29.5 billion versus a ¥73 million loss in FY2022. Corporate expenses increased to ¥7.1 billion, and goodwill amortization rose slightly to ¥348 million. Despite the operating downturn, CyberAgent reiterated a FY2024 sales forecast of 4.2 % growth to ¥750 billion, with expected operating income of ¥30 billion and net income of ¥8 billion. The corrections emphasize the company’s reliance on financing to support asset growth while highlighting a strategic shift toward more profitable media and internet advertising segments.

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CyberAgent

Whitepaper

African Game Developer Resource Kit: Funding and Financing

The African game development landscape faces a unique set of financial challenges and opportunities characterized by a growing ecosystem of independent studios seeking to scale within a global market. The primary objective of this analysis is to map the diverse funding mechanisms available to African creators, ranging from traditional venture capital and private equity to specialized grants and publisher-led financing. By examining the current economic infrastructure, it becomes clear that while the continent possesses a wealth of creative talent and a rapidly expanding youth population, access to sustainable capital remains a significant barrier to entry for many emerging developers. Key findings indicate that successful financing often depends on a studio’s ability to navigate both local and international investment climates. Data suggests that early-stage studios frequently rely on bootstrapping or small-scale grants, while more mature entities are increasingly attracting interest from global publishers looking for original intellectual property and untapped market potential. The scope of this assessment covers the broader Sub-Saharan African region, focusing on major hubs such as South Africa, Nigeria, and Kenya, and spans the current fiscal period to provide a contemporary snapshot of the industry’s financial health. Methodologically, the insights are derived from a synthesis of market trends, investment patterns, and the specific requirements of various funding bodies. The analysis concludes that for the African gaming sector to reach its full economic potential, there must be a concerted effort to bridge the gap between creative output and investor readiness. This involves not only increasing the volume of available capital but also educating developers on the nuances of equity, revenue-sharing models, and the strategic importance of intellectual property management in securing long-term growth.

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Games Industry Africa

Report

Summary of Financial Results for Fiscal Year Ended December 31, 2025: Japan

Summary of Financial Results for Fiscal Year Ended December 31, 2025 (Japanese GAAP) (Consolidated) evail. This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. Name of listed company: KLab Inc.

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KLab

Report

Partial Correction to FY2022 Consolidated Financial Results: Japan

Representative Director, CEO, and President (Corrections / Corrections of Numerical Data) Partial Correction to FY2022 Consolidated Financial CyberAgent, Inc. today announced a correction to part of the "FY2022 Consolidated Financial Results [Japanese GAAP]," which was disclosed on October 26, 2022. The details of the correction are as follows.

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CyberAgent

Report

Notice of Dividends of Surplus

NEXON Co., Ltd. announced that its Board of Directors approved a dividend of 30.00 yen per share for the fiscal year ending December 31, 2025, payable on March 26, 2026 to shareholders recorded as of December 31, 2025. The total dividend payment amounts to 23,787 million yen, rounded to the nearest million. This figure reflects a significant increase from the 15.00‑yen per share dividend paid for the same fiscal year in 2024, which totaled 12,382 million yen. The company’s dividend policy emphasizes returning profits to shareholders through multiple mechanisms, contingent on shareholder equity status, management performance, and earnings outlook. The decision to raise the dividend aligns with NEXON’s assessment of its financial standing and business results for 2025. The announcement includes a historical breakdown: FY 2024 dividends were 7.50 yen per share in Q2, rising to 15.00 yen at year‑end and totaling 22.50 yen for the full year; FY 2025 dividends reached 15.00 yen in Q2, 30.00 yen at year‑end, and 45.00 yen for the full year. The dividend is sourced from retained earnings. No additional data sources or survey methodology are disclosed, as the decision rests on internal financial analysis and board deliberation. The notice serves to inform shareholders of the enhanced payout schedule for the 2025 fiscal year, reflecting NEXON’s commitment to shareholder returns amid its ongoing business performance.

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NEXON

Report

Financial Results: First Half of Fiscal Year Ending March 2013

TOHO HOLDINGS CO., LTD. reported its consolidated financial results for the first half of the fiscal year ending March 2013, covering the period from April 1, 2012, to September 30, 2012. The company’s primary objective during this period was to navigate a challenging market environment characterized by a 6.0% average reduction in National Health Insurance (NHI) drug prices. To maintain competitiveness, the group utilized a strategy balancing customer support services with pharmaceutical sales, alongside efforts to address distribution inefficiencies and pricing gaps between NHI and market rates. Financial performance showed positive growth across key metrics compared to the same period in the previous year. Net sales reached 556,184 million yen, a 3.1% increase, while operating income rose significantly by 76.4% to 7,252 million yen. Ordinary income and net income also saw substantial gains, increasing by 42.6% and 52.9%, respectively. The pharmaceutical wholesaling segment served as the primary driver of this growth, reporting 535,234 million yen in sales and a 214.6% increase in segment profit. Conversely, the dispensing pharmacy segment experienced a 13.8% decline in segment profit, attributed to the costs associated with establishing new pharmacies and hiring additional pharmacists. The company’s financial position remained stable, with total assets of 528,037 million yen and a shareholder equity ratio of 23.9%. During this period, the company implemented a change in its depreciation method for tangible fixed assets acquired after April 1, 2012, to align with revisions in the Corporation Tax Law. Despite the operational challenges posed by regulatory price revisions, the company maintained its full-year earnings projections, signaling confidence in its ongoing proposal-based marketing and service expansion strategies.

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TOHO HOLDINGS CO.

Report

Current Report No. 23/2023: Investment Agreement Supplement Between Krafton, Inc. and PCF Group S.A.

The report announces that on 14 June 2023, Krafton, Inc. and PCF Group S.A., together with key shareholder Sebastian Wojciechowski, entered into a side‑letter to the investment agreement dated 28 March 2023. The side‑letter stipulates that if PCF Group increases its share capital by issuing up to 2 510 904 new shares before 31 December 2023, Krafton will have the right of first refusal to subscribe for shares that would bring its total holdings to 10 % of the capital and voting rights. The subscription price is fixed at PLN 40.20 per share, independent of the price set for other investors. The agreement does not obligate Krafton to purchase any shares, and the allocation of new shares to other investors remains unaffected. The document is a regulatory disclosure under EU Regulation 596/2014 and Polish securities law, intended solely for informational purposes. It contains extensive legal caveats restricting distribution outside the European Economic Area and prohibiting any promotional use of the information. The report clarifies that it is not an offer, does not constitute a prospectus, and is limited to qualified investors in the EU, UK, or U.S. under Rule 144A. No financial projections or performance guarantees are provided; the report includes forward‑looking statements subject to risk and uncertainty. The disclosure emphasizes that no manager or affiliated party assumes liability for the accuracy of the information, and any investment decisions must rely on independently verified data.

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PCF Group

Report

Consolidated Results Supplementary Information: Fiscal Year Ended March 2025

Akatsuki Inc. reported consolidated financial results for fiscal year ended March 2025, showing a modest 5 % increase in sales to ¥23.652 billion compared with the prior year, driven primarily by strong performance of existing games such as Dragon Ball Z Dokkan Battle. Games sales rose 2 % to ¥21.237 billion, while comics and IP Solutions segments returned to profitability with 10 % and 121 % year‑over‑year sales gains, respectively. Operating profit surged 124 % to ¥3.915 billion, largely due to a sharp rise in operating profit from games (68 % increase) and significant gains on the sale of investment securities, which contributed ¥1.154 billion to profit before tax. Net income increased 48 % to ¥1.646 billion, supported by a 28 % rise in adjusted EBITDA (¥5.661 billion). The company’s balance sheet remained solid, with total assets of ¥54.632 billion and net assets of ¥41.455 billion, while total liabilities decreased to ¥13.177 billion. Cash balances were maintained at ¥33.300 billion, reflecting disciplined working‑capital management. The results cover the Japanese market and global operations for games, comics, and IP solutions. Methodology includes consolidated financial statements with adjustments for investment and incubation business personnel expenses, and gains on crypto asset sales are classified as non‑operating. Overall, Akatsuki’s selective focus on high‑performing titles and profitable IP solutions has driven a sharp improvement in operating profitability despite the withdrawal of some titles.

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Akatsuki

Information on the State of Application of Good Practices 2021

Wyniki Finansowe 1H25: Warszawa

Annual Report 2015: Financial Statement

Summary of Main Supplementary Explanations Questions and Answers: FY2024 Third Quarter Results Briefing

FY2025 Second Quarter Financial Results Briefing

Earnings Results: Q3 Fiscal Year Ending March 2026

Raport Bieżący Nr 7/2021: Wyznaczenie Ostatniego Dnia Notowania Praw do Akcji Serii B

Annual Report and Consolidated Financial Statements 2024

Uchwała Nr 8/2021 w Sprawie Podziału Zysku Spółki: 2020

Information on the State of Application of Good Practices 2021: 1/2023

African Game Developer Resource Kit: Publishing and Distribution Support

Consolidated Financial Results for the Three Months Ended June 30, 2025: Japan

Partial Correction to FY2023 Consolidated Financial Results (Japanese GAAP)

African Game Developer Resource Kit: Funding and Financing

Summary of Financial Results for Fiscal Year Ended December 31, 2025: Japan

Partial Correction to FY2022 Consolidated Financial Results: Japan

Notice of Dividends of Surplus

Financial Results: First Half of Fiscal Year Ending March 2013

Current Report No. 23/2023: Investment Agreement Supplement Between Krafton, Inc. and PCF Group S.A.

Consolidated Results Supplementary Information: Fiscal Year Ended March 2025