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Raport Bieżący Nr 45/2025: Odpisy Aktualizujące Wartość Aktywów

PCF Group S.A. has initiated significant asset impairment charges following a performance review of the project Victoria, specifically the game Lost Rift, alongside the PCF Framework and associated intangible assets. This decision, finalized in November 2025, reflects a strategic reassessment of the carrying value of these assets as of September 30, 2025. The impairment was triggered by disappointing sales data following the early access launch of Lost Rift on September 25, 2025, compounded by unfavorable player reception and a downward revision of projected future cash flows. The financial impact of these adjustments is substantial, affecting both the company’s standalone and consolidated financial statements. On a standalone basis, the company recognized an impairment of 88% of the relevant asset value, resulting in a reduction of 126,348 thousand PLN. On a consolidated level, the impairment accounts for 85% of the asset value, totaling 92,045 thousand PLN. While these figures significantly lower the value of fixed assets reported on the balance sheet for the third quarter of 2025, the charges are non-cash in nature and do not impact the company’s EBITDA. Management maintains the possibility of reversing these impairment charges, either in whole or in part, should market conditions or the commercial performance of the affected assets improve. These figures remain estimates and are subject to final audit verification before the publication of the full 2025 financial statements. The scope of this adjustment is limited to the specific cash-generating unit associated with the Lost Rift project and its supporting technological framework within the broader PCF Group portfolio.

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PCF Group

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PDF Powiadomienie - Grzegorz Miechowski - 04.04.2023 Rozmiar pliku: 7,86 kB

The notification reports a transaction involving Grzegorz Miechowski, who holds the position of board member at 11 bit studios S.A. The filing is made under Article 19(1) of the MAR regulation, indicating a primary notification for a sale transaction. The issuer and market participant is 11 bit studios S.A., identified by LEI 259400KHTY4904KMKT70. The transaction concerns ordinary bearer shares of the issuer, classified as instrument PL11BTS00015. The sale was executed on 4 April 2023 at the Warsaw Stock Exchange (XWAR) in the equities market. A total of 2 000 shares were sold at a price of 635 PLN each, resulting in a gross transaction value of 1 270 000 PLN. The notification provides both detailed and aggregate information: the instrument description, transaction type (sale), price, volume, total volume, and transaction date. No additional transactions or changes are reported in this filing. The scope of the notification is limited to a single transaction on a specific date and venue, covering only ordinary shares of 11 bit studios S.A. The data are presented in compliance with MAR requirements, ensuring transparency for market participants and regulators regarding the sale by a senior executive.

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11 bit studios

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Report on the Completion of Series E Share Subscription

The report details the completion of a private subscription for Series E ordinary shares issued by 11 bit studios S.A. following the board’s resolution on 22 June 2012 to increase share capital without existing shareholders’ subscription rights. The subscription commenced on the resolution date and concluded on 27 July 2012, with the board filing a capital declaration on 31 July 2012. Six private investors entered into purchase agreements between 25 and 26 July 2012, acquiring a total of 305,500 shares at an issue price of PLN 9.00 per share, generating proceeds of PLN 2,749,500. The subscription involved no reduction in nominal value and did not include any sub‑subscription agreements. The total number of shares offered was 400,000, but only 305,500 were ultimately subscribed. Costs associated with the issuance amounted to PLN 42,386, broken down into preparation and execution of the offer (PLN 20,000), informational document drafting and advisory fees (PLN 20,500), notarial and treasury charges (PLN 1,886), with no sub‑subscription or promotion expenses. These costs were recorded as interim expenses and will be capitalised in accordance with Polish accounting regulations. The report confirms that the Series E shares were issued privately, without a public allocation date, and outlines the legal basis for reporting under the Alternative Trading System regulations. The capital increase was fully executed within the stipulated period, and all financial and procedural details comply with applicable corporate law provisions.

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11 bit studios

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PDF Dookreslenie kapitalu - seria E Rozmiar pliku: 71,31 kB

The document records a notarial act concerning the capital increase of 11 bit studios Spółka Akcyjna, a Warsaw‑based video game developer. The act confirms that the extraordinary general meeting held on 22 June 2012 approved a capital increase from PLN 191,169.90 to a maximum of PLN 231,169.90 by issuing up to 400,000 new ordinary shares (Series E) with a nominal value of PLN 0.10 each, and amended the company’s articles to reflect the new share structure. The updated capital is set at PLN 221,719.90 and divided into five series: 1,000,000 Series A shares (PLN 0.10), 494,200 Series B shares, 376,561 Series C shares, 40,938 Series D shares, and 305,500 newly issued Series E shares. Six subscription agreements were executed by 27 July 2012, covering 305,500 Series E shares for a total subscription value of PLN 30,550.00. The act lists the board members—Grzegorz Miechowski, Bartosz Brzostek, Przemysław Marszał, and Michał Drozdowski—who represent the company in signing. It details procedural aspects such as notarization, registration requirements, and cost allocation (notarial fee PLN 200.00 plus VAT PLN 46.00). The document is limited to the company’s Warsaw jurisdiction and pertains exclusively to its capital structure changes in 2012, with no broader industry or geographic scope. The methodology is purely legal documentation, relying on corporate minutes and statutory provisions to validate the capital increase and share issuance.

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11 bit studios

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Supplementary Explanation: FY 2020 Third Quarter GREE Results

The supplementary explanation clarifies the financial performance of GREE for FY 2020 third quarter. It attributes the quarter‑over‑quarter decline in sales to a strategic shutdown of certain titles during a portfolio reevaluation and weaker results in the Advertising and Media segment, both influenced by the COVID‑19 pandemic. Conversely, operating income rose because high‑margin first‑party IP titles performed strongly and promotional costs were streamlined. The COVID‑19 crisis is noted to have indirectly affected the Game Business through postponed anime broadcasts and directly impacted the Advertising and Media business. For the fourth quarter, GREE projects continued weakness in sales and income within the Advertising and Media segment due to ongoing pandemic effects. The company plans restructuring measures under the assumption that COVID‑19 will persist, acknowledging a potential one‑time loss in Q4 but expressing confidence in establishing a solid earnings base from FY 2021 onward. The explanation covers Japan‑centric operations, focusing on game and media revenues for the fiscal year ending 2020. It relies on internal financial data, portfolio reviews, and cost‑management initiatives to explain performance shifts. The narrative emphasizes strategic adjustments in response to market disruptions, projecting a recovery trajectory beginning with the next fiscal year.

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GREE

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FY2022 Second Quarter Financial Results

The FY2022 second‑quarter results show a net sales increase to ¥19.5 billion, up 12.4 % from the prior year and 5.8 % QoQ, driven by a strong launch of “That Time I Got Reincarnated as a Slime: ISEKAI Memories.” Operating income rose to ¥2.5 billion, a 1.6‑fold jump from the previous year’s loss of ¥0.83 billion, largely due to higher game sales offsetting increased variable costs such as commission fees. EBITDA reached ¥2.7 billion, up 1.05 billion QoQ and 0.86 billion YoY, reflecting improved margin management. Key operational highlights include the expansion of the Metaverse platform REALITY with new video‑chat features and 12‑language support, and the launch of a marketing SaaS, “aumo My Business,” which attracted 10,000 physical‑store clients. The Advertising and Media segment saw higher ad spend (¥0.99 billion) but also introduced tourism‑association collaborations to boost regional revitalization. Investment activities remained robust, with total assets under management at ¥66.9 billion and direct investment valuations rising to ¥45.6 billion, driven by new VC fund placements in Japan and the United States. The GREE LP Fund and CVC units achieved IRRs above 20 % in the growth phase, outperforming domestic VC benchmarks. Financially, total costs climbed to ¥16.99 billion, mainly due to higher commission and labor expenses, yet operating income growth outpaced cost increases. Shareholder returns were reinforced through a ¥32.7 billion stock‑repurchase program and a 62.5 million‑share cancellation, reducing the share base to 179.75 million. Overall, the quarter demonstrates successful new‑title performance, diversified revenue streams across entertainment, metaverse, and SaaS, and a solid investment portfolio, positioning the company for continued FY22 growth.

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GREE

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Zakończenie Subskrypcji Akcji Zwykłych na Okaziciela Serii D

The announcement details the conclusion of a private subscription for ordinary bearer shares Series D issued by 11 Bit Studios S.A. The subscription, authorized on 10 November 2011 by a special general meeting to increase capital without existing shareholders’ subscription rights, commenced on 5 December 2011 and closed early on 9 January 2012, ahead of the originally stipulated 31 January deadline. The subscription capped at 500 000 shares, each with a nominal value of 0.10 zł. A total of 40 938 shares were actually subscribed and issued on 23 December 2011, at an emission price of 9.00 zł per share. The offering attracted 64 investors, but only ten entered into subscription agreements on the closing date; no sub‑emission arrangements were made. The transaction incurred total costs of 46 722 zł, comprising 41 722 zł for preparation and execution (including notarial fees), 5 000 zł for advisory and informational documentation, with no remuneration paid to sub‑emitters or promotion expenses. These costs are recorded as interim expenses and will be expensed upon registration of the capital increase in accordance with Polish accounting regulations. The report is confined to Poland, covering a single fiscal period (late 2011–early 2012) and the ordinary share segment of 11 Bit Studios. It follows statutory disclosure requirements under Polish corporate law and the Alternative Trading System regulations, providing a concise overview of subscription dates, share numbers, pricing, investor participation, and cost allocation.

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11 bit studios

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Summary of main supplementary explanations questions and answers at the FY2022 Fourth Quarter GREE results briefing held on August 4, 2022 PDF

The briefing focused on GREE’s financial performance and strategic initiatives for FY2022, highlighting the strong contribution of new titles such as *Heaven Burns Red* and anniversary events to quarter‑over‑quarter earnings growth. The company attributed this success to a “release blitz” strategy launched in FY2017, which has since strengthened marketing, game quality through an engine‑centric approach, and content volume at launch. These measures have enabled the company to exceed fan expectations, generate significant social media buzz, and deliver high‑quality 3D rendering. Investment in the Metaverse Business is progressing as planned, with a ¥10 billion allocation over two to three years and the business reaching breakeven. GREE intends to continue expanding its global user base and sales through further investment. The DX Business is being restructured to integrate marketing support services, creating a data‑driven platform that offers comprehensive digital transformation solutions to corporate clients. Meanwhile, the Manga Business is introduced as part of a broader media diversification strategy aimed at leveraging first‑party IP across games, anime, and manga to broaden user engagement channels. The Investment and Incubation Business is expected to provide stable medium‑to‑long‑term earnings, with a target return on investment of 10 % or higher. For FY2023 Q1, operating income in the Internet and Entertainment segment is projected at ¥1.0–¥1.5 billion, reflecting a decline from the strong performance of new titles and anniversary events in FY2022 while anticipating continued system‑strengthening investments.

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GREE

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FY2023 Second Quarter Financial Results

The second‑quarter financial results for FY 2023 show net sales of ¥16.6 billion, operating income of ¥1.7 billion, and EBITDA of ¥1.8 billion, a slight decline from the prior quarter but an improvement over FY 2022. Ordinary income fell to ¥0.6 billion due to foreign‑exchange losses, while net income turned a ¥0.9 billion loss after a valuation hit on investment securities. Operating income growth was driven by the Investment and Incubation Business, which offset a decline in the Internet and Entertainment segment. Total costs decreased by ¥0.2 billion QoQ, largely from reduced advertising and commission fees; labor costs remained stable. Geographically the company continues to expand its global footprint, notably through the release of Korean and traditional Chinese versions of the flagship title “Heaven Burns Red,” which secured a spot on Google Play’s “Best Games of 2022.” The Metaverse platform REALITY achieved steady overseas sales growth, supported by events such as the Tokyo Dome World collaboration. The Commerce and DX divisions strengthened media potential via new social‑commerce initiatives, while the Investment and Incubation arm reported a total AUM of ¥77.3 billion, down slightly QoQ due to revaluation. Methodologically, the report aggregates consolidated financials from all operating units and includes detailed cost‑structure tables. It also presents investment performance metrics, noting a high IRR for FoF and CVC holdings. The document covers Japan‑based operations with significant international distribution activities, covering the period from FY 2022 through Q2 of FY 2023.

market-analysis investment metaverse+3

GREE

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Protokół Zwyczajnego Walnego Zgromadzenia: 11 bit studios S.A.

The document records the proceedings of a regular shareholders’ meeting held on 30 June 2011 by 11 bit studios S.A., a Warsaw‑based joint‑stock company. The meeting, convened by the board and chaired by Chairman Marcin Przasnyski, approved a series of resolutions concerning corporate governance and financial matters. Key actions included the disclosure of the audit committee election, the appointment of three members to the audit committee—Grzegorz Miechowski, Bartosz Brzostek and Bohdan Drozdowski—and the election of Przasnyski as meeting chair. The shareholders unanimously approved the company’s 2010 activity report and financial statements, which showed a net loss of PLN 231,199.53 and total assets of PLN 1,352,359.17. A resolution to cover the loss from future profits was adopted. Subsequent resolutions granted absolute approval (absolutory) to all board members and supervisory board members for the 2009‑2010 period, with voting results ranging from 48.74 % to 66.31 % of the capital represented by votes, reflecting full quorum and majority requirements under Polish company law. The meeting concluded with the adoption of the agenda, confirmation of proper convening and quorum, and closure. The protocol includes a signed attendance list and is notarised by Tomasz Wojciechowski. The proceedings cover corporate governance, financial reporting, and loss coverage for the 2010 fiscal year within Poland.

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11 bit studios

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FY2022 3Q Financial Results Briefing

The briefing presents GREE, Inc.’s FY2022 third‑quarter financial performance and strategic outlook. Net sales reached ¥20.8 billion, operating income stood at ¥3.6 billion, and EBITDA was ¥3.8 billion, with the Internet and Entertainment Business contributing ¥3.1 billion of operating income. A key driver was the launch of “Heaven Burns Red” on February 10, which achieved multiple No. 1 sales rankings and generated significant revenue growth; aggressive advertising spending of approximately ¥900 million, nearly double the prior quarter, supported this success. Variable costs fell due to a favorable sales mix, while fixed costs rose slightly from one‑time office relocation expenses. The Investment and Incubation Business delivered a stable ¥0.4 billion operating income, with assets under management reaching ¥71.4 billion. Geographically the results reflect Japan‑centric operations, with a growing global distribution effort in the Metaverse segment through the REALITY platform. The company projects continued growth for FY2022, estimating fourth‑quarter operating income of ¥2.5–¥3.0 billion for the Internet and Entertainment Business, contingent on new title performance. Dividend policy remains steady at ¥11 per share, targeting a 2 % dividend‑on‑DOE and a consolidated payout ratio of at least 20 %. Methodologically, the briefing draws on quarterly financial statements and internal cost‑structure analysis. It highlights ongoing content releases (e.g., “Echoes of Mana”), planned annual launches of 2–3 in‑house titles, and expanding SaaS offerings such as “aumo My Business.” Investment performance metrics (IRR across phases) indicate alignment with benchmarks, while market‑related valuation adjustments have kept investment book values flat.

market-analysis advertising investment+2

GREE

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Summary of Main Questions and Answers at the FY2018 First Quarter GREE Results Briefing

The briefing, held on October 27 2017, focused on GREE’s first‑quarter FY2018 performance and future strategy. Commission fees rose quarter‑on‑quarter, driven by overall sales growth and a higher proportion of revenue from partner titles with strong intellectual property. Advertising spend outlook for the second quarter varies by segment: the game and entertainment arm will tighten costs while continuing to invest in advertising for its expanding user base, expecting a return on investment. Coin consumption is projected to dip temporarily after the strong start of Q4 FY2017 releases, yet titles such as *Another Eden: The Cat Who Goes Beyond Time*, *SINoALICE*, *Senki Zesshou SYMPHOGEAR XD Unlimited*, and *Is It Wrong to Try to Pick Up Girls in a Dungeon: Memoria Freeze* drove robust coin usage in Q1. GREE’s overseas native‑game development pipeline is expected to take a minimum of three months from announcement to launch, averaging six months. The company emphasizes delivering versions faithful to the original Japanese product and local operation for success in China, noting that Chinese users prefer authenticity and require localized fine‑tuning with strong local partners. In the VR arena, GREE is expanding its development knowledge base and partnering to provide access points for users lacking personal VR hardware, anticipating market growth. Regarding the domestic native‑game environment, GREE acknowledges rising user expectations and a challenging acquisition landscape. Leveraging its financial strength and industry relationships, the company plans large‑scale development and mixed‑media initiatives to deliver hit titles. Sales of native games are expected to experience a temporary decline before operations are strengthened—through larger support teams, content enhancement, overseas launches, and tailored promotional activities—to drive subsequent growth.

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GREE

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Akt Notarialny: 11 Bit Studios

The notarized act dated January 9, 2012 records the formal approval by 11 Bit Studios’ board—Grzegorz Miechowski, Bartosz Brzostek, Przemysław Marszal, and Michał Drozdowski—of a capital increase for the Warsaw‑based public limited company. The board, empowered by Extraordinary General Meeting resolutions of November 10, 2011 (notary file A 7671/2011), authorized the issuance of up to 500,000 new ordinary shares (Series D) at a nominal value of PLN 0.10 each, raising the share capital from PLN 187,076.10 to a maximum of PLN 237,076.10. The resolution also amended the company’s statute to reflect a new share structure: 1,000,000 Series A shares, 494,200 Series B shares, 376,561 Series C shares, and up to 500,000 Series D shares. By December 31, 2011 the board confirmed that 10 subscription agreements had been executed for a total of 40,938 Series D shares, amounting to PLN 4,093.80 in subscription proceeds. The act further specifies that the capital increase was fully paid in cash, with shares deposited into the company’s account before registration. It outlines provisions for voluntary share cancellation and issuance of utility certificates, as well as the allocation of costs: notarial fees, VAT at 23 %, and a civil‑law transaction tax. The document is limited to Warsaw, Poland, covering the period from the November 2011 resolutions through the January 2012 notarization. It relies on statutory provisions under Polish commercial law (articles 431 §7, 310 §2, and related tax statutes) to validate the corporate actions. The act concludes with notarized signatures and fee details, confirming compliance with legal formalities for the capital increase.

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11 bit studios

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FY2026 Second Quarter Financial Results Briefing

The briefing presents FY2026 second‑quarter results for GREE Holdings, emphasizing four core segments—Game, VTuber, IP, and DX—and the Investment Business. Consolidated net sales reached ¥12.7 billion, operating profit stood at ¥0.4 billion, and ordinary profit rose to ¥0.58 billion, the latter boosted by foreign‑exchange gains from yen depreciation. Segment analysis shows net sales of ¥12.1 billion and operating profit of roughly ¥0.6 billion, with variable costs flat at ¥4.0 billion but fixed costs climbing by ¥0.63 billion due to labor, rental, and outsourcing expenses linked to console game development and VTuber production. Operating profit fell from ¥1.11 billion in Q1 to ¥0.59 billion, reflecting higher fixed costs despite a modest sales increase of ¥0.15 billion. The Game Business delivered ¥7.1 billion in sales and ¥0.5 billion in operating profit, turning profitable after a prior negative forecast; live‑service titles and upcoming console releases are highlighted. VTuber sales hit a record high, with operating profit at ¥0.2 billion; the Production Business grew 50% QoQ, driven by events and commerce. IP sales rose 41% QoQ to ¥0.5 billion, with anime distribution and new smartphone game launches cited as key drivers. DX sales were ¥1.84 billion with operating profit of ¥0.18 billion, noting a shift toward recurring‑earnings models and planned roll‑up M&A. Full‑year forecasts adjust sales downward due to Game Business trends but lift operating profit expectations to ¥4.4 billion, surpassing the initial ¥3.6 billion forecast through cost control. Medium‑term targets remain unchanged, aiming for a profit bottom in FY2026 followed by growth from FY2027 onward. The Investment Business recorded moderate distributions but incurred valuation losses, with a long‑term positive cumulative profit outlook and IRR above benchmarks.

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GREE

Raport Bieżący Nr 45/2025: Odpisy Aktualizujące Wartość Aktywów

PDF Powiadomienie - Grzegorz Miechowski - 04.04.2023 Rozmiar pliku: 7,86 kB

Report on the Completion of Series E Share Subscription

PDF Dookreslenie kapitalu - seria E Rozmiar pliku: 71,31 kB

Supplementary Explanation: FY 2020 Third Quarter GREE Results

FY2022 Second Quarter Financial Results

FY2022 Fourth Quarter Financial Results

Zakończenie Subskrypcji Akcji Zwykłych na Okaziciela Serii D

FY2024 Fourth Quarter Financial Results

Summary of main supplementary explanations questions and answers at the FY2022 Fourth Quarter GREE results briefing held on August 4, 2022 PDF

FY2023 Second Quarter Financial Results

FY2013 Third Quarter Financial Results

Protokół Zwyczajnego Walnego Zgromadzenia: 11 bit studios S.A.

FY2024 Third Quarter Financial Results: GREE

FY2022 3Q Financial Results Briefing

FY2016 Fourth Quarter Financial Results

Summary of Main Questions and Answers at the FY2018 First Quarter GREE Results Briefing

FY2017 Fourth Quarter Financial Results

Akt Notarialny: 11 Bit Studios

FY2026 Second Quarter Financial Results Briefing