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investment mergers-acquisitions japan

Consolidated Financial Statements for the Second Quarter and First Half-Year Period of Fiscal Year Ending March 31, 2026 (Japanese GAAP)

Akatsuki Inc. experienced a period of strategic transition during the first half of the fiscal year ending March 31, 2025, characterized by a contraction in core gaming revenue alongside aggressive expansion into new business segments. Net sales declined 20.6% year-on-year to ¥9,915 million, while operating profit fell 42.4% to ¥1,724 million. This downturn was primarily driven by a reactionary decline in the performance of existing game titles. However, net income attributable to owners rose 31.4% to ¥1,853 million, bolstered by the successful launch of Kaiju No. 8 The Game and the growing contribution of the Entertainment and Lifestyle segment. The financial structure underwent significant shifts as the company expanded its consolidation scope to include six new entities, most notably CRAYON Inc., Natee, Inc., and PAPABUBBLE JAPAN HD, Inc. These acquisitions, totaling several billion yen, resulted in a provisional goodwill increase of ¥3,352 million and a rise in long-term borrowings to ¥6,763 million. To reflect this evolving business model, the company restructured its reporting segments, merging Games and Comics while elevating the Entertainment and Lifestyle division due to its increased materiality and growth potential. Despite the growth in net income and the expansion of the IP-driven lifestyle business, management has opted not to provide consolidated operating forecasts for the remainder of the fiscal year. This decision stems from high levels of uncertainty within the Games and Comic sectors, where market volatility makes precise projections difficult. The current strategy focuses on balancing the stabilization of the core gaming portfolio with the integration of newly acquired subsidiaries to diversify revenue streams beyond traditional digital entertainment.

AkatsukiNov 2025

investment mergers-acquisitions market-analysis+1

Consolidated Results Supplementary Information for Q2 of FYE March 2026

Akatsuki Inc. reported its consolidated financial results for the second quarter of the fiscal year ending March 2026, highlighting a period of strategic transition. While overall group sales and operating profits saw year-over-year declines, net income rose by 80% to ¥3,020 million, and adjusted EBITDA increased by 4% to ¥4,015 million. These gains were primarily driven by successful investee exits and a significant reduction in valuation losses for investment securities, which improved other income by ¥1,621 million compared to the previous year. The Games & Comics segment remains the primary revenue driver, though it experienced a 10% decline in quarterly sales to ¥7,248 million. This was attributed to the natural cooling of existing titles and comics compared to a high-performance prior year. However, the August 2025 launch of Kaiju No. 8 The Game provided a significant boost, generating over ¥2 billion in its first month with a 40% overseas sales ratio. Conversely, the Entertainment & Lifestyle segment grew 36% year-over-year, supported by merchandising solutions and recent M&A activity. The financial outlook emphasizes future value creation through recent acquisitions, including PAPABUBBLE and WOWs, which will be integrated into consolidated results starting in the third quarter. Additionally, the company is expanding into AI and DX solutions through the acquisition of Natee and AI Talent Force. Total assets increased to ¥59,400 million by the end of the second quarter, reflecting higher fixed assets following these strategic investments. Operating expenses shifted as R&D costs for new titles were reclassified to cost of goods sold upon release, alongside a one-time reimbursement of R&D expenses for Hyke: Northern Light(s).

AkatsukiNov 2025

Powiadomienie o Transakcji/Transakcjach, o Którym Mowa w Art. 19 Ust. 1 Rozporządzenia MAR

The filing serves to comply with Article 19(1) of the Market Abuse Regulation by disclosing the acquisition of financial instruments by a senior executive of PCF Group S.A. The disclosed party, Sebastian Wojciechowski, holds the position of President of the Board and is identified as a person performing managerial duties. The notification records the execution of call‑option contracts granted under the company’s employee motivation program, classified under the instrument code PLPCFGR00010. Two separate transactions are reported. On 20 October 2025, call options were issued outside any regulated trading system for a total volume of 87 500 units at a nominal price of zero Polish zloty per unit. A second issuance on the same day involved 337 500 units, also at a zero price, bringing the cumulative volume for that date to 425 000 options. A further transaction dated 21 October 2025, likewise executed off‑exchange, is listed without a specific volume, indicating continuation of the same program. All transactions are recorded as “Zawarcie umów opcji call z uczestnikami programu motywacyjnego,” confirming they are contractual agreements rather than market trades. The scope is limited to PCF Group S.A., a Polish joint‑stock company identified by LEI 25940056N1CJFGQY3909, and covers a narrow two‑day period in October 2025. No sampling or survey methodology is involved; the information is a statutory disclosure of internal option grants to a senior manager, intended to ensure market transparency under MAR requirements.

PCF GroupOct 2025

investment mergers-acquisitions market-analysis+1

Current Report No. 42/2025: Information on Transactions in PCF Group S.A. Shares

The report serves to disclose, under Article 19 of the EU Market Abuse Regulation, a transaction involving call options granted by the chief executive of PCF Group S.A., Sebastian Wojciechowski, to participants in the company’s 2025‑2027 Motivational Programme. The filing, prepared on 22 October 2025, records a notification received on 21 October 2025 that outlines the structure and conditions of the option grants. The core finding is that Wojciechowski has issued call options that allow programme participants to purchase shares of PCF Group S.A., contingent upon continued employment with the company or its subsidiaries throughout the programme period. The ultimate number of shares available for acquisition will be determined by the fulfilment of the specific criteria set out in the programme documentation. Additional options for the years 2026 and 2027 are to be allocated at the end of each calendar year, extending the incentive framework over the full three‑year horizon. Geographically, the disclosure pertains to PCF Group S.A., headquartered in Warsaw, Poland, and applies to the corporate governance and securities market environment of the European Union. The temporal scope covers the initial notification in October 2025 and the prospective option issuances through 2027. No survey methodology is involved; the information is a statutory filing mandated by MAR, relying on the company’s internal records and the formal notification submitted by the executive.

PCF GroupOct 2025

Current Report No. 19 /2025

The Management Board of 11 bit studios S.A., a prominent Polish game development studio, issued a formal regulatory disclosure on October 20, 2025, regarding changes in share ownership involving high-level leadership. This notification was executed in compliance with Article 19 of the Market Abuse Regulation (MAR), which governs the transparency of transactions conducted by persons discharging managerial responsibilities. The disclosure serves to inform the public and regulatory bodies of internal shifts in equity holdings to ensure market integrity and prevent information asymmetry. The primary transaction involves Grzegorz Miechowski, a member of the company’s Management Board, who facilitated a donation of shares in 11 bit studios S.A. to Fundacja Rodzinna Miechowskich. This recipient entity is identified as a family foundation closely related to the executive. While the specific volume and valuation of the shares were not detailed in the summary text, the notification confirms that the transfer was a non-market donation rather than a standard open-market sale or purchase. This move reflects a common practice in wealth management and succession planning among European tech executives, shifting legal ownership to a private foundation while maintaining a relationship with the underlying assets. This regulatory filing is specific to the Polish capital market and the Warsaw Stock Exchange, where 11 bit studios S.A. is listed. The scope is limited to the individual holdings of a single board member as of the fourth quarter of 2025. By fulfilling these reporting requirements, the company maintains compliance with European Union financial transparency standards, ensuring that all significant movements of shares by insiders are documented and accessible to the investing public. The report was officially authorized by Przemysław Marszał and Marek Ziemak on behalf of the Management Board.

11 bit studiosOct 2025

mergers-acquisitions investment poland

Raport Bieżący ESPI Nr 14 /2025

PlayWay S.A., a prominent Polish game developer and publisher, officially confirmed the registration of amendments to its Articles of Association by the District Court for the Capital City of Warsaw on October 2, 2025. This administrative milestone follows a resolution passed during the Ordinary General Meeting held on June 30, 2025. The registration by the National Court Register validates the structural and legal updates initiated by the company’s shareholders earlier in the year, ensuring the corporate bylaws are aligned with current strategic or regulatory requirements. The scope of this action is centered on the corporate governance framework of the Warsaw-based entity, which operates as a major hub for numerous development studios within the global gaming industry. While the specific internal mechanics of the statutory changes were not detailed in the summary text, the formalization of these amendments represents a completed legal process necessary for the company’s continued compliance with Polish commercial law. The notification was issued in accordance with the Act on Public Offering and the conditions for current and periodic information provided by securities issuers. This corporate update reflects the ongoing administrative management of a publicly traded company on the Warsaw Stock Exchange. By securing the court’s registration, PlayWay S.A. has finalized the implementation of Resolution No. 26, providing a unified text of the updated statutes for transparency. The process underscores the legal formalities required for major industry players to maintain their organizational structure and governance standards within the European regulatory environment during the 2025 fiscal period.

PlayWayOct 2025

investment mergers-acquisitions game-publishing+1

Raport Bieżący ESPI Nr 15/2025

PlayWay S.A. issued a formal notification regarding a transaction involving its company shares conducted by a person discharging managerial responsibilities. The disclosure, released in October 2025, serves to fulfill regulatory transparency requirements under Article 19 of the European Union’s Market Abuse Regulation. This specific filing confirms that the company received a formal notification from Krzysztof Kostowski, who serves as the President of the Management Board, detailing his recent trading activity involving the issuer's equity. The scope of this disclosure is focused on the internal governance and financial transparency of the Warsaw-based game development and publishing group. While the summary report confirms the occurrence of the transaction on October 2, 2025, it functions as a legal bridge to the detailed notification required by market regulators. Such filings are standard practice for publicly traded entities on the Warsaw Stock Exchange to ensure that investors are informed of the investment behaviors of top-level executives, which can often serve as an indicator of internal confidence or liquidity needs. The methodology for this disclosure follows the standardized ESPI reporting system used by Polish listed companies to disseminate price-sensitive information. By adhering to the Market Abuse Regulation framework, the company ensures that all stakeholders have equal access to information regarding changes in the shareholding structure among its leadership. This specific announcement underscores the ongoing regulatory compliance of PlayWay S.A. within the broader European financial market landscape, focusing specifically on the actions of its primary executive leadership during the final quarter of 2025.

PlayWayOct 2025

mergers-acquisitions investment poland

Statut Spółki PlayWay S.A.

PlayWay S.A. operates as a Warsaw-based joint-stock company primarily dedicated to the development and publishing of video games. Its organizational structure is built upon a share capital of 660,000 PLN, represented by 6.6 million ordinary bearer shares. To align leadership interests with corporate growth, the governance framework includes provisions for a target capital increase of up to 66,000 shares specifically earmarked for a Management Board incentive program. The company’s fiscal year follows the calendar year, and its financial policies mandate that at least 8% of annual net profit be directed toward supplementary capital until that reserve reaches one-third of the total share capital. Governance is distributed across a General Meeting, a Supervisory Board of five to seven members, and a Management Board of one to five members, all serving five-year joint terms. Decision-making processes are characterized by high thresholds for significant corporate actions; for instance, changes to the business scope or mergers require a two-thirds majority, while issuing convertible bonds or acquiring treasury shares necessitates a three-quarters majority. The Management Board operates under an absolute majority rule, with the President holding the tie-breaking vote and the authority to represent the company individually, whereas other members must act jointly. Shareholder rights are protected through structured procedural timelines for motions and the mandatory establishment of an Audit Committee. Investors are entitled to dividends and potential dividend advances based on verified financial performance. These regulations ensure a stable legal and operational foundation for the company’s activities within the Polish gaming sector, emphasizing both rigorous financial oversight and a clear hierarchy of executive responsibility.

PlayWayOct 2025

investment mergers-acquisitions salary+1

Raport Bieżący ESPI Nr 13/2025

PlayWay S.A. has formalized the issuance of new equity to its leadership as part of a structured incentive program designed to align executive compensation with corporate performance. On September 30, 2025, the company entered into an agreement with Krzysztof Kostowski, the President of the Management Board, for the subscription of 66,000 Series J ordinary bearer shares. These shares were issued at a nominal price of 0.10 PLN per share, following a board resolution passed in August 2025 to increase the share capital within the limits of the authorized capital. This issuance specifically excluded pre-emptive rights for existing shareholders to facilitate the direct allocation of equity to key management personnel. The transaction serves as the final execution phase of the Management Board Incentive Program originally established by the General Meeting in June 2023 and subsequently amended in June 2024. The allocation of these shares is tied to the settlement of the incentive program for the 2024 fiscal year. To ensure long-term commitment and stability, the agreement includes a mandatory lock-up period. The President of the Management Board is prohibited from selling any of the newly acquired Series J shares for a duration of 24 months from the date of the subscription agreement. This corporate action reflects the ongoing governance strategy of the Warsaw-based game developer and publisher, focusing on internal equity-based rewards rather than external market acquisitions. The scope of the disclosure is limited to the internal capital structure of PlayWay S.A. and its executive leadership. By utilizing authorized capital and removing pre-emptive rights, the company has streamlined the process of rewarding its top executive while ensuring that the newly issued shares remain held by leadership for at least two years, thereby signaling confidence in the company’s future valuation to the broader market.

PlayWaySept 2025

Półroczne Sprawozdanie Zarządu z Działalności Grupy Kapitałowej PCF Group S.A. oraz Spółki PCF Group S.A.: 2025

PCF Group S.A. experienced a period of significant strategic realignment and financial volatility during the first half of 2025. While total sales revenue grew by 51% year-over-year to 115.3 million PLN, the Group recorded a net loss of 21.3 million PLN and a sharp 81% decline in cash reserves. This revenue growth was primarily driven by "work-for-hire" development fees from major international partners, including Microsoft for Project Maverick (revealed as Gears of War: E-Day), Krafton for Project Echo/Zulu, and Sony Interactive Entertainment for Project Delta. These partnerships have become the Group's primary financial stabilizer as it pivots away from more capital-intensive self-publishing and VR ventures. The reporting period was defined by the suspension of several high-profile projects and a subsequent reduction in workforce. Most notably, work on Project Gemini was halted on June 1, 2025, following a breakdown in communication and contract negotiations with publisher Square Enix, leading to the layoff of over 60 employees. Additionally, the self-published Project Bifrost was suspended due to cash flow constraints, resulting in significant non-cash write-offs totaling approximately 173 million PLN when combined with the impairment of the subsidiary Incuvo S.A. The Group also began a gradual withdrawal from the VR publishing market following the underperformance of Bulletstorm VR. To address liquidity challenges and a tightening immediate liquidity ratio, the Group successfully raised capital through the issuance of 6.67 million Series H shares in August 2025. Despite the contraction in its self-publishing pipeline, the Group launched Project Victoria (retitled Lost Rift) in Early Access on Steam in September 2025, though its long-term success remains uncertain. Moving forward, the Group faces ongoing risks related to its dependence on third-party publishers, currency fluctuations affecting its PLN-based cost structure, and the need to maintain high-skilled development talent in a competitive global market.

PCF GroupSept 2025

investment market-analysis mergers-acquisitions+1

Current Report No. 37/2025: Change in the Date of Submission of the H1 2025 Semi-Annual Report

The announcement serves to revise the scheduled release of the PCF Group S.A. consolidated half‑year financial statements for the first six months of 2025. Initially set for 24 September 2025 in the earlier filing dated 21 January 2025, the publication date has been moved to 30 September 2025. The change is grounded in § 8 4, paragraph 2 of the Minister of Finance’s regulation dated 6 June 2025, which governs the timing and equivalence of information disclosed by issuers of securities under non‑EU jurisdictions. The notice confirms that the consolidated report will cover the capital group’s performance, financial position, and cash‑flow results for the period ending 30 June 2025. No additional financial data or analytical commentary is provided; the focus is solely on the administrative adjustment of the reporting deadline. The scope is limited to PCF Group S.A. and its subsidiaries, reflecting a corporate‑level disclosure rather than a broader industry analysis. No methodological details, such as survey size or data sources, are relevant to this procedural update.

PCF GroupSept 2025

investment mergers-acquisitions market-analysis+2

Skonsolidowany Raport Półroczny za okres 01.01.2025-30.06.2025

PCF Group reported a significant increase in consolidated sales revenue for the first half of 2025, reaching 115.3 million PLN compared to 76.3 million PLN in the same period of 2024. This growth was primarily driven by the development fee segment, bolstered by high-profile "work-for-hire" collaborations with industry leaders including Microsoft (Project Maverick/Gears of War: E-Day), Sony (Project Delta), and Krafton. Despite the revenue surge, the Group recorded a consolidated net loss of 21.3 million PLN. While this represents an improvement over the 33.3 million PLN loss in H1 2024, the financial position remains pressured, characterized by a sharp decline in cash reserves from 58.1 million PLN to 11.2 million PLN and a reduction in total assets to 327.0 million PLN. The reporting period was defined by a major strategic pivot toward third-party development to mitigate liquidity challenges following a failed 350 million PLN funding round in late 2024. This shift necessitated the suspension of several internal projects, most notably Project Bifrost and Project Gemini. The suspension of Bifrost led to 12.2 million PLN in write-offs, including impairments to Unreal Engine licenses and goodwill related to the Chicago development team. Furthermore, the breakdown in negotiations with Square Enix regarding Project Gemini and the decision to exit the VR publishing market resulted in over 110 layoffs. Management maintains a going concern assumption supported by a five-year recovery plan and a post-balance sheet Series H share issuance in August 2025, which raised 20 million PLN. While the self-publishing segment continues to face headwinds—evidenced by an operating loss of 48.8 million PLN and initial sales for the early access launch of *Lost Rift* (Project Victoria) falling below projections—the Group remains focused on AAA and compact-AAA titles for PC and consoles. The ownership structure remains stable, with Chairman Sebastian Wojciechowski maintaining a 41.71% stake as the Group navigates its transition toward a more sustainable service-based revenue model.

PCF GroupSept 2025

investment mergers-acquisitions france

Rapport Financier Semestriel S1 2025/2026

PULLUP Entertainment’s financial performance for the first half of the 2025/2026 fiscal year, ending September 30, 2025, reflects a transitional period characterized by a lack of major new releases compared to the previous year’s record-breaking results. Revenue declined 43% to €132.6 million, while net income dropped 91% to €2.1 million. Despite the absence of a blockbuster launch comparable to the prior year, the back-catalogue achieved record revenues of €93.7 million, a 44.4% increase. This shift toward digital dominance is evident, with digital sales now accounting for 94% of total turnover. The strategic focus remains on long-term stability and portfolio diversification to mitigate operational risks. A significant portion of the Group’s projected investments over the next three years is tied to Saber Interactive, representing a 30% dependency that the company is addressing through internal studio acquisitions and partnerships, such as the ongoing collaboration with Games Workshop. To support this growth and manage liquidity, the Group secured a new €168 million syndicated loan in July 2025. This financing package, combined with €48 million in undrawn credit lines, positions the company to pursue external growth and meet its €86.5 million in outstanding commitments to studios and rights holders. Operational adjustments include the appointment of a new Deputy CEO and the consolidation of ownership in key subsidiaries like Dotemu, Blackmill Games, and Carpool Studio. While net debt rose to €84.8 million due to a decrease in cash reserves, the Group maintains a robust asset base with €181.3 million in net intangible assets, primarily driven by ongoing game development. Despite the first-half downturn, the Group confirms its outlook to exceed the 2022/2023 record performance for the full fiscal year, supported by a disciplined capitalization strategy and a stable international studio network.

Pullup EntertainmentSept 2025

Report

Global Gaming Report Q3 2025

The third quarter of 2025 underscores the continued premium placed on hardware and platform players within the global gaming ecosystem, as investors assign a wide spectrum of valuation multiples that reflect divergent growth narratives and market positioning. Enterprise‑valued firms such as Dell and HP trade near a 1‑times EV/EBITDA ratio, indicating modest expectations for earnings expansion, while high‑growth entities like Nvidia and AppLovin command multiples exceeding 25‑times, with the latter reaching 42.8‑times, highlighting the market’s appetite for cutting‑edge processing power and mobile advertising integration. Across the board, most companies in the segment posted double‑digit year‑over‑year revenue increases, confirming robust demand for both traditional PC hardware and emerging cloud‑based gaming services. Equity performance further illustrates the split between established hardware manufacturers and platform‑centric developers. Roblox delivered the strongest year‑to‑date appreciation at 136.9%, driven by expanding user engagement and monetization initiatives, while Unity recorded a 77‑percent gain, reflecting its pivotal role in cross‑platform development tools and the growing adoption of real‑time 3D content. These returns contrast sharply with the more muted trajectories of hardware‑only firms, suggesting that investors are rewarding firms that blend hardware capabilities with scalable software ecosystems. Overall, the data portray a gaming market in which valuation is increasingly tied to the ability to integrate hardware performance with platform services, and where growth‑oriented companies enjoy markedly higher multiples and stock appreciation. The findings span a global landscape, covering major North American, European, and Asian players, and focus on the quarter ending September 2025, offering a snapshot of valuation dynamics and performance trends that are likely to shape strategic investment decisions throughout the remainder of the year.

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Drake Star PartnersSept 2025

mergers-acquisitions investment

Zawiadomienie w Sprawie Stanu Posiadania Znacznego Pakietu Akcji: PCF Group S.A.

The filing serves to disclose a significant shareholding position held by Nationale‑Nederlanden Otwarty Fundusz Emerytalny in PCF Group S.A. and to report the impact of a statutory capital increase on that position. The notification, submitted by the authorized representative Aneta Stadnik, records that the pension fund owned 1 838 082 ordinary bearer shares, which before the change represented 5.11427 % of the company’s share capital and voting rights. On 22 August 2025 the Warsaw District Court entered an amendment to PCF Group’s articles of association, raising the authorized capital from PLN 718 805,42 to PLN 852 205,42 through the issuance of 6 670 000 new series H bearer shares with a nominal value of PLN 0,02 each. Because the pension fund did not acquire any of the newly issued shares, its absolute share count remained unchanged, while its relative ownership fell to 4.31371 % of both capital and voting power after the increase. The notification distinguishes between the pre‑change and post‑change holdings, confirming that the fund’s direct position stayed at 1 838 082 shares and that no privileged voting shares were held. The filing complies with Article 69 of the Polish Offer Act, indicating that the aggregate holding after the event does not trigger additional reporting obligations under Article 69b. The scope is limited to the Polish jurisdiction, covering a single corporate entity and a single institutional investor, with the relevant event dated August 2025. No survey or sampling methodology is involved, as the information derives from statutory court registration and the fund’s own records.

PCF GroupAug 2025

PlayWay S.A. Articles of Association Amendment (August 2025)

The corporate governance structure of PlayWay S.A. underwent a formal adjustment following a resolution passed by the Management Board on August 29, 2025. This action primarily concerns an increase in the company’s share capital through the utilization of authorized capital. A critical component of this financial restructuring is the total exclusion of preemptive rights for existing shareholders, allowing the company to issue new shares directly to targeted investors or through specific capital-raising mechanisms. The revised Article 6 of the Articles of Association establishes the new share capital at 666,600.00 PLN. This capital is divided into 6,666,000 ordinary bearer shares, each maintaining a nominal value of 0.10 PLN. The issuance is categorized into ten distinct series, ranging from Series A through Series J. While the earlier series represent the bulk of the equity—specifically Series A and B at 1,500,000 shares each—the most recent Series J consists of 66,000 shares, representing the incremental growth resulting from this specific board resolution. Beyond the capital increase, the resolution mandates the dematerialization of the newly issued shares to ensure compliance with modern trading standards on the Polish capital market. This administrative shift aligns the company’s legal framework with its current financial status, providing a clear breakdown of the share series distribution. The scope of these changes is limited to the internal legal statutes of PlayWay S.A., a major player in the Polish game development and publishing sector, reflecting its ongoing strategy for capital management and corporate expansion in the mid-2025 period.

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PlayWayAug 2025

investment mergers-acquisitions poland

Raport Bieżący ESPI Nr 12/2025

PlayWay S.A. has initiated a formal increase in share capital through the issuance of Series J ordinary bearer shares, a move executed by the Management Board under the authority of the company’s authorized capital provisions. This corporate action, finalized on August 29, 2025, serves as the primary mechanism for settling the 2024 fiscal year requirements of the Incentive Program for Management Board members. The issuance involves the creation of 66,000 new shares with a nominal value of 0.10 PLN each, resulting in a total capital increase of 6,600 PLN. The scope of this issuance is strictly limited to a private subscription directed toward a single individual, Krzysztof Kostowski, the President of the Management Board. Because the offer is restricted to one person, it does not constitute a public offering under European Union regulations, thereby exempting the company from the requirement to publish a formal prospectus. The issue price for these shares has been set at their nominal value of 0.10 PLN per share, in accordance with the specific terms established by the General Meeting of Shareholders in previous resolutions regarding the incentive scheme. This capital adjustment also necessitates a formal amendment to the company’s articles of association and the subsequent dematerialization of the new shares. The decision was made with the prior consent of the Supervisory Board, which approved the exclusion of pre-emptive rights for existing shareholders to facilitate the targeted issuance. This strategic move aligns the company’s executive compensation structure with its long-term incentive goals while maintaining compliance with the Polish Commercial Companies Code and market transparency requirements.

PlayWayAug 2025

Raport Bieżący Nr 35/ 2025

The notification serves to inform stakeholders of a revised disclosure concerning the ownership of a substantial share package in PCF Group S.A. issued under Article 70 (1) of the Public Offering Act of 29 July 2005. The correction, received on 29 August 2025, updates the filing previously submitted by Nationale‑Nederlanden Otwarty Fundusz Emerytalny, reflecting adjustments to both the percentage of capital held and the total number of voting rights attributable to the fund. The amendment follows the earlier current report numbered 33/2025 dated 28 August 2025, indicating that the board of PCF Group S.A., headquartered in Warsaw, continues to monitor and report changes in significant shareholdings in compliance with regulatory requirements. The corrected notice is attached as an annex to the present filing, providing the detailed figures of the revised stake. The scope of the disclosure is confined to the Polish market, specifically the corporate governance of PCF Group S.A., and pertains to the period up to the end of August 2025. No statistical analysis or broader industry comparison is presented; the focus remains on the legal and procedural aspects of the shareholding update. The board’s communication underscores its commitment to transparency and adherence to statutory obligations regarding the reporting of significant equity positions.