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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.

The presentation outlines PCF Group S.A.’s financial performance for the first quarter of 2024, focusing on its gaming and VR portfolio. Revenues rose to PLN 180.3 million in Q1 2024, up from PLN 171.5 million in the same period a year earlier, driven by the launch of “Bulletstorm VR” and ongoing development of the AAA title “Maverick.” Net income for the quarter was a loss of PLN 0.9 million, reflecting higher operating costs associated with new project development and capitalisation of work‑for‑hire initiatives. EBITDA improved to PLN 11.0 million, a 3‑fold increase over Q1 2023, largely due to cost optimisation and the inclusion of amortisation from recent IP acquisitions. The group’s balance sheet shows total assets of PLN 277.6 million at 31 March 2024, up from PLN 159.4 million a year earlier, with equity rising to PLN 427.3 million. Cash and equivalents stood at PLN 112.7 million, indicating a solid liquidity position.

Geographically, the company operates studios in Warsaw, Montreal, Newcastle, Dublin, and Katowice, with a workforce of 756 employees in 2024 versus 763 in 2023. The portfolio includes two self‑published AAA titles and three VR projects, with “People Can Fly” and “Bison” slated for release in 2024–2026. The presentation also highlights ongoing work‑for‑hire projects such as “Green Hell VR” and “Bulletstorm VR,” which are expected to contribute additional revenue streams in the coming quarters. Overall, PCF Group S.A. demonstrates growth in revenue and EBITDA while managing increased costs associated with expanding its IP and development capabilities.

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.

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

The presentation outlines PCF Group S.A.’s financial performance and strategic outlook for the third quarter of 2025, covering operations in Poland, Europe, North America and the UK. Revenue for the quarter reached PLN 190.4 million, a slight decline from the previous year’s PLN 180.3 million, driven by lower sales of the AAA title “Lost Rift” and a modest increase in self‑publishing income. Net profit fell to PLN –95.7 million, reflecting significant one‑off costs and amortisation of goodwill and IP assets, particularly from the “Lost Rift” CGU. EBITDA after adjustments was PLN –1.7 million, a deterioration from the prior year’s positive figure, largely due to write‑downs of development assets and licensing expenses.

The group’s balance sheet shows a reduction in total assets from PLN 1,144 million to PLN 1,050 million, with a corresponding decline in equity and an increase in short‑term liabilities. Cash flow remains a priority, with management emphasizing the need to focus on WFH projects that can self‑finance and reduce dependency on external funding.

Strategically, PCF is pursuing new AAA collaborations (e.g., Krafton), expanding its VR portfolio with titles such as “Green Hell” and “Pirates VR,” and securing publishing agreements for the “People Can Fly” IP on Meta Quest platforms. The company plans to streamline costs, maintain client relationships, and accelerate new project pipelines while monitoring cash generation closely.

The presentation outlines PCF Group S.A.’s financial performance for the third quarter of 2021, emphasizing a significant revenue surge and robust profitability. Total group revenues reached PLN 131.8 million, up 66.2 % year‑over‑year, driven primarily by game sales and outsourcing services. EBITDA rose to PLN 54.9 million, a 99.6 % increase, while net profit climbed to PLN 46.4 million, up 112.6 %. Workforce expanded by 62.7 %, reaching 260 employees, reflecting accelerated development activity across multiple studios in Poland, the United States, and Canada. The group’s balance sheet strengthened markedly: equity grew to PLN 241.6 million (+215.7 %), total assets rose to PLN 292.8 million (+206 % of liabilities), and cash reserves surged to PLN 149.8 million (+262.6 %).

Operational highlights include the launch of Outriders New Horizon, which generated a 1,000‑player spike and an 80 % positive review rate on Steam, reinforcing the company’s reputation for high‑quality releases. The portfolio strategy now targets annual self‑published titles, with new IPs such as Gemini Dagger slated for 2024. Outsourcing revenue increased by 69.7 % to PLN 150 million, while outsourcing costs rose modestly to PLN 35.2 million, maintaining a healthy margin.

Geographically, the group operates studios in Warsaw, London, Montreal, Chicago, and New York, with a global workforce of 500 developers, QA, and support staff. The financial data cover Q3 2021, with comparative figures for Q3 2020 and a year‑end 2020 baseline. Methodologically, figures derive from audited financial statements under IFRS, with adjusted EBITDA reflecting non‑recurring items. The presentation serves as an informational update rather than a sales or investment recommendation, noting that forward‑looking statements are based on management expectations and subject to risk.

WARSZAWA, 29 WRZ ŚNIA 2021 ROKU sp ółka akcyjna ~~2 1~~ Za okres 1.01.2021 – 30.06.2021 r. 29 WRZE ŚNIA PCF Półroczne sprawozdanie z działalności Grupy Kapitałowej PCF Group Spółka Akcyjna 2 0 oraz spółki PCF Group Spółka Akcyjna za okres 1.01.2021 – 30.06.2021 r. GROUP (dane w tys. zł, chyba że zaznaczono inaczej) ~~2 1~~ Niniejsze Półroczne sprawozdanie Zarządu z działalności Grupy Kapitałowej PCF Group S.A.

The presentation outlines PCF Group S.A.’s financial performance for the first nine months of 2022, emphasizing revenue growth, profitability metrics, and balance‑sheet strength. Total group revenues reached PLN 131.8 million, up from PLN 130.9 million in the same period of 2021, while EBITDA climbed to PLN 40.3 million from PLN 26.1 million in 2021, reflecting a significant improvement in operating efficiency. Adjusted EBITDA, accounting for non‑recurring items such as warranty provisions and restructuring costs, stood at PLN 41.3 million, underscoring robust underlying earnings.

Net income for the nine‑month period was PLN 42.1 million, a notable increase from PLN 30.8 million in 2021, driven by higher gross margins and disciplined cost management. The group’s balance sheet remained solid, with total assets of PLN 60.3 million and equity of PLN 54.6 million, while working‑capital items such as receivables and payables were well balanced. Cash reserves of PLN 137.1 million provided liquidity for ongoing development and expansion initiatives.

Geographically, PCF Group operates across multiple regions, with a workforce of 614 employees as of September 30, 2022, spread across North America and Europe. The company’s portfolio includes seven titles in development or publishing stages, with several high‑profile IPs such as “Gemini Dagger” and “Bifrost Victoria” slated for release in 2024. The presentation also highlights strategic partnerships, including a collaboration with Take‑Two Interactive Software and ongoing development outsourcing that generated PLN 44.1 million in revenue during the period.

Overall, the data indicate a healthy growth trajectory for PCF Group S.A., driven by expanding IP pipelines, efficient cost structures, and a strong balance sheet that supports continued investment in game development and market expansion.

The report presents the conclusion of an independent review conducted by Grant Thornton Frąckowiak on PCF Group S.A.’s condensed half‑year financial statements for the period from 1 January to 30 June 2021. The review covered the condensed statement of financial position, the condensed statements of profit or loss and other comprehensive income, changes in equity, cash‑flow statement, and selected explanatory notes. The statements were prepared in accordance with International Accounting Standard 34 on interim financial reporting, as adopted by European Union regulations.

The engagement was performed under the Polish National Standard for Review of Interim Financial Information (Standard 2410), equivalent to International Standard on Review Engagements. The review involved inquiry procedures directed at the company’s finance and accounting personnel, analytical procedures, and other review activities. The scope is narrower than a full audit; therefore, the reviewers do not express an audit opinion but provide a review conclusion.

The key finding is that nothing was identified that would lead the reviewers to believe the condensed interim financial statements were not prepared in all material respects in accordance with IAS 34. The conclusion is supported by the procedures performed and the information obtained during the review.

The report covers PCF Group S.A., a Warsaw‑based joint‑stock company, and pertains to the first half of 2021. No specific financial figures or ratios are disclosed in the summary, as the focus is on the review methodology and overall compliance with IAS 34.

WARSZAWA, 29 LISTOPADA 2021 ROKU Ś RÓDROCZNE SKONSOLIDOWANE SPRAWOZDANIE ZA OKRES 3 I 9 MIESIĘ CY ZAKOŃCZONY 30 WRZEŚ NIA 2021 ROKU 29 LISTOPADA 2021 PCF GRUPA KAPITAŁOWA PCF GROUP SPÓŁKA AKCYJNA 2 0 Śródroczne skonsolidowane sprawozdanie za okres 9 miesięcy zakończony 30.09.2021 r. GROUP (dane w tys.

Niniejsze sródroczne skrócone skonsolidowane sprawozdanie finansowe zostato zatwierdzone Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR Podpisy wszystkich Cztonków Zarzadu Data Imie i nazwisko Funkcja Podpis zgodnie z data podpisu Sebastian Kamil Prezes Zarzadu Signature Not Verified elektronicznego Wojciechowski Dokument podpisay przez Podpisy osoby odpowiedzialnej za sporzadzenie niniejszego sródrocznego skróconego Data I...

AL. SOLIDARNOCI 171 TEL +48 22 887 34 30 SPÓLKA 2 0 AKCYJNA 2 1 SPRAWOZDANIE ZARZADU Z DZIALALNOSCI (dane w tys. zł, chyba że zaznaczono inaczej) PEOPLE PCF GAN FLY GROUP Niniejsze Sprawozdanie z działalności Grupy S.A. Kapitałowej PCF Group S.A. i spółki PCF Group S.A. w 2021 r. zostało sporządzone na podstawie § 70 ust. 1 pkt 4, 6, 7 oraz § 71 ust.

AL. SOLIDARNOSCI 171 TEL +48 22 887 34 30 Grupa Kapitałowa PCF Group Spółka Akcyjna – 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.

The presentation reports the financial performance of PCF Group S.A. for Q1 2022, comparing it with the same period in 2021 and providing a full‑year outlook for 2022. Revenue rose by 63.1 % to PLN 30.9 million, driven primarily by the People Can Fly and Can Fly subsidiaries; EBITDA increased 77.2 % to PLN 9.3 million, while net profit surged 78.8 % to PLN 13.9 million. The group’s enterprise value reached PLN 56.2 million, a 2.9 % rise from the previous year, and shareholders’ equity grew by 6.3 % to PLN 276.0 million. Total assets increased 8.8 % to PLN 344.7 million, with current cash balances slightly down by 1.0 % to PLN 135.8 million.

Operating highlights show that revenue from game production on contract and development outsourcing grew 69.9 % year‑over‑year, while related costs remained stable, improving gross margins. EBITDA trends across the fiscal year demonstrate a steady upward trajectory from FY 2020 through FY 2022, with adjusted EBITDA for Q1 2022 at PLN 16.8 million.

The analysis is based on audited financial statements and internal management data, with figures rounded to the nearest PLN. The presentation covers Poland only, covering Q1 2022 and full‑year 2022 projections. No external survey or market research methodology is disclosed; the data derive from the company’s own reporting systems.

The review confirms that PCF Group Spółka Akcyjna’s condensed interim financial statements for the period ending 30 June 2022 comply with International Financial Reporting Standard 34 and European Commission regulations. The statements include a balance sheet, income statement, statement of comprehensive income, changes in equity, cash‑flow statement for 1 January–30 June 2022, and selected explanatory notes. The audit firm performed a review engagement under Polish National Standard 2410, equivalent to International Review Standard 240, focusing on inquiries of financial and accounting personnel and analytical procedures. The scope is narrower than a full audit, so the review does not provide assurance that all material matters would be identified; consequently no audit opinion is issued. The engagement was conducted by Grant Thornton Frąckowiak Spółka z ograniczoną odpowiedzialnością sp. k., a member of Grant Thornton International Ltd, with the key auditor Jan Letkiewicz delivering the conclusion on 29 September 2022. The report indicates no findings that would lead to a statement that the interim financials were not prepared in accordance with IFRS 34. The review covers only the Polish entity PCF Group, focusing on its Warsaw‑based operations for the first half of 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.

AL. SOLIDARNOCI 171, Tel +48 22 887 34 30 PÓEROCZNE SPRAWOZDANIE ZARZADU Z DZIAEALNOSCI GRUPY KAPITALOWEJ PCF GROUP S.A. ORAZ SPÓEKI PCF GROUP S.A. ZA 0KRES 1.01.2023 - 30.06.2023 za okres 1.01.2023 – 30.06.2023 r. (dane w tys. zł, chyba że zaznaczono inaczej) Niniejsze półroczne sprawozdanie z działalności Grupy Kapitałowej PCF Group S.A. i spółki PCF Group S.A. za okres 1.01.2023 –30.06.2023 r. zostało sporządzone na podstawie § 70 ust. 1 pkt 4, 6, 7 oraz § 71 ust.

The review confirms that the condensed interim consolidated financial statements of PCF Group Spółka Akcyjna, covering the period from 1 January to 30 June 2023 and prepared in accordance with International Financial Reporting Standard 34, are presented fairly in all material respects. The statements include the balance sheet as of 30 June 2023, income statement, statement of comprehensive income, changes in equity and cash‑flow statement for the six‑month period, along with selected explanatory notes. The audit engagement was performed by Grant Thornton Polska Prosta spółka akcyjna, a member of the Grant Thornton International network, under the Polish National Standard for Review 2410 (equivalent to ISA 240). The review involved inquiry procedures directed at finance and accounting personnel, analytical testing, and other review procedures. Because the scope of a review is limited compared to an audit, no assurance is provided that all material misstatements have been identified; consequently, the engagement does not express an audit opinion. The review was concluded on 21 September 2023, with the auditor’s report signed by Jan Letkiewicz, a qualified auditor (registration number 9530). The document applies exclusively to the Polish jurisdiction and pertains solely to the PCF Group’s consolidated interim financial reporting for the first half of 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.

(dane w tys. zł, chyba że zaznaczone inaczej) (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.09.2023 r. 31.12.2022 r. 30.09.2023 r. 31.12.2022 r.