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Game Publishing

FY24 Interim Results: Frontier Developments

Frontier Developments plc (AIM: FDEV, ‘Frontier’, the ‘Company’, or the ‘Group’), a leading developer and publisher of video games based in Cambridge, UK, publishes its unaudited interim results for the 6 months to 30 November (6 months to 30 (6 months to 30 November 2023) November 2022) Revenue £47.7m £57.1m Adjusted EBITDA loss* (£4.9m) (£0.6m) Operating (...

market-analysis investment uk+2

Frontier Developments

Report

2009 Annual Report

C o r p o r a t e P h i l o s o p h y To spread happiness across the globe by providing unforgettable experiences This philosophy represents our company’s mission and the beliefs for which we stand. Each of our customers has his or her own definition of happiness. Square Enix Group provides high-quality content, services, and products to help those customers create their own wonderful, unforgettable experiences, thereby allowing them to discover a happiness all their own.

investment global japan+2

Square Enix

Report

Quarterly Report: 11 bit studios Q1-Q3 2024

QUARTERLY REPORT OF 11 BIT STUDIOS FOR NINE MONTHS ENDED 30 SEPTEMBER 2024 DEAR SHAREHOLDERS AND INVESTORS, It is with great pleasure that we present the quarterly report of 11 bit studios S.A. for the nine months ended 30 September 2024.

investment game-publishing market-analysis+4

11 bit studios

Report

Annual Report 2010

C o r p o r a t e P h i l o s o p h y To spread happiness across the globe by providing unforgettable experiences This philosophy represents our company’s mission and the beliefs for which we stand. Each of our customers has his or her own definition of happiness. The Square Enix Group provides high-quality content, services, and products to help those customers create their own wonderful, unforgettable experiences, thereby allowing them to discover a happiness all their own.

game-publishing global japan

Square Enix

Report

Półroczne sprawozdanie Zarządu z działalności Grupy Kapitałowej PCF Group S.A.: 1 stycznia 2024 – 30 czerwca 2024

WARSZAWA | 30 WRZENIA 2024 ROKU PEOPLE PÓEROCZNE SPRAWOZDANIE ZARZADU Z DZIAEALNOSCI GRUPY KAPITALOWEJ PCF GROUP S.A. ORAZ SPÓEKI PCF GROUP S.A. ZA 0KRES 01.01.2024 - 30.06.2024 za okres 01.01.2024 – 30.06.2024 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 01.01.2024 – 30.06.2024 r. zostało sporządzone na podstawie § 70 ust. 1 pkt 4, 6, 7 oraz § 71 ust.

market-analysis game-development game-publishing+2

PCF Group

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Annual Report 2011

The BANDAI NAMCO Group develops entertainment products and services in a wide range of fields, including toys, arcade game machines, game software, visual and music software, and amusement facilities. By building a strong operational foundation in the domestic market, as well as aggressively developing operations in overseas markets to secure future growth, we aim to be a “Globally Recognized Entertainment Group.” “Dreams, Fun and Inspiration” are the Engine of Happiness.

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Bandai Namco

Report

Annual Report 2016

“Dreams, Fun and Inspiration” are the Engine of Happiness. Through our entertainment products and services, BANDAI NAMCO will continue to provide “Dreams, Fun and Inspiration” to people around the world, based on our boundless creativity and enthusiasm. The BANDAI NAMCO Group develops entertainment-related products and services in a wide range of fields, including toys, network content, home video game software, arcade game machines, amusement facilities, and visual and music content.

game-development game-publishing mobile+2

Bandai Namco

Report

Q1 2021/22 Sales: 33.7 M€

Nacon reported first‑quarter sales of €33.7 million for the period 1 April to 30 June 2021, a decline of 11.3 % versus the same quarter in 2020‑21. The drop reflects an unfavorable comparison basis, yet back‑catalogue performance remained resilient with €9.2 million in sales compared to €10.8 million during the initial lockdown, and a substantial 340 % lift in back‑catalogue revenue that quarter. Game sales fell 16 % to €12.2 million, while accessories declined 8.8 % to €20.6 million; the accessories segment benefited from a 19 % rise in non‑RIG helmet ranges, notably PlayStation 4 and Xbox® controllers. Mobile and audio sales remained flat at €0.9 million. The company confirmed its 2021‑22 and 2022‑23 targets, projecting total annual sales of €180–200 million with a current operating income (COI) margin of 20 %. For FY 2022‑23, Nacon aims for €230–260 million in sales and a COI margin above 20 %, supported by four major game launches (Test Drive Unlimited Solar Crown, Steelrising™, The Lord of the Rings™: Gollum™, and Session™). Second‑half growth is expected from additional titles such as Blood Bowl 3®, Rugby22®, Train Life, Hotel Life, Rogue Lords, and Vampire: The Masquerade®‑Swansong. Nacon’s integrated structure—comprising 11 development studios, publishing of AA titles, and premium hardware design—underpins its strategy to leverage synergies across a global distribution network covering 100 countries. The company, listed on Euronext Paris, employs over 600 staff and operates through 16 subsidiaries.

market-analysis game-publishing investment+3

Nacon

Report

Summary of Main Supplementary Explanations Questions and Answers: FY2025 Second Quarter GREE Results Briefing

The briefing outlines GREE’s performance and strategic outlook for FY2025 Q2, focusing on game releases, existing title dynamics, and the VTuber business. Pre‑registration for “Puella Magi Madoka Magica Magia Exedra” surpassed 500,000 by January 31, exceeding expectations and reinforcing confidence in the IP’s strong fan base. The company maintains an annual release cadence for new titles, but schedules are determined independently per project; delays in one title do not cascade to others. Existing flagship games such as *Heaven Burns Red* and *That Time I Got Reincarnated as a Slime: ISEKAI Memories* have experienced a deceleration in decline rates after three years, indicating sustained player engagement. In the VTuber segment, sales growth is driven by talent merchandise, live music events, and seasonal participation in Winter Comiket. Revenue has turned profitable as variable costs align with sales, while one‑time expenses—primarily 3D model production for new and returning talents—have increased quarterly, contributing to larger losses. Management anticipates that expanding the talent roster will stabilize one‑time costs and enhance profitability. Looking ahead, GREE projects monthly profitability in FY2026 with annual VTuber sales near ¥3.0 billion, followed by accelerated growth targets. The briefing underscores a balanced approach to new title development, sustained performance of legacy games, and a focused strategy for scaling the VTuber business while managing cost structures.

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GREE

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Half-Yearly Report: 2024–2025

Games Workshop Group PLC (‘Games Workshop’ or the ‘Group’) announces its half-yearly results for the 26 week period ended 1 December 2024. 26 weeks ended 26 weeks ended 1 December 2024 26 November 2023 Core revenue £269.4m £235.6m Licensing revenue £30.1m £12.1m Revenue £299.5m £247.7m Revenue at cons...

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Games Workshop Group

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FY25 H1 Results: A Strong Turnaround

Frontier Developments plc reported a robust turnaround in its first half of FY25, with revenue of £47.3 million nearly matching the prior year’s £47.7 million and an adjusted EBITDA profit of £4.4 million, a swing from a £4.9 million loss in H1 FY24. Operating profit rose to £4.5 million from a £33.3 million loss, driven by significant cost reductions following an organisational review and the closure of Frontier Foundry. Cash reserves strengthened to £27.2 million at 30 November, rising to £30.5 million by 31 December after the November launch of Planet Coaster 2. Planet Coaster 2, released on 6 November, dominated the period by contributing 22% of total revenue and selling over 400,000 base‑game units across PC, PS5, and Xbox Series platforms within two months. The game’s launch reinforced the company’s CMS strategy, supported by strong sales of existing titles such as Planet Zoo and Jurassic World Evolution 2. Elite Dangerous also saw revenue growth through new story content, while F1® Manager 2024 added a fresh title to the portfolio. Cost efficiencies were evident: adjusted operating costs fell 25% to £28.5 million, R&D expenses dropped 21% to £19.5 million, and marketing and administrative costs declined 32%. Gross profit margin improved to 70% from 69%, reflecting a favourable revenue mix. The company maintains a positive outlook for FY25, citing continued momentum from the CMS lineup and upcoming releases. Management expressed confidence in sustaining profitability and capitalising on planned content updates, while acknowledging subscription deal timing as a variable factor. Overall, the interim results demonstrate that Frontier’s strategic reset and disciplined cost management have restored profitability and positioned the firm for continued growth in the competitive video‑game market.

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Frontier Developments

Report

Interim Results: H1 FY26

Frontier Developments plc reported unaudited interim results for the six months to 30 November 2025, showing a 26 % increase in revenue to £59.6 million and a 76 % rise in adjusted operating profit to £9.7 million compared with the same period in 2024. The growth was driven primarily by the launch of Jurassic World Evolution 3, which contributed 90 % of total revenue in H1 FY26 and earned nominations at the Game Awards 2025 and BAFTA Games Awards 2026. Other titles such as Planet Zoo, Planet Coaster 2 and Elite Dangerous also performed strongly, with Planet Zoo becoming the Group’s highest‑grossing individual game. Cash profitability improved markedly; adjusted operating profit, which excludes non‑cash development capitalisation and includes tax and R&D credits, grew to £9.7 million from £5.5 million year‑on‑year. IFRS operating profit rose 73 % to £7.8 million. Gross margin fell to 64 % from 70 %, reflecting higher royalty‑bearing IP revenue. The Group’s cash balance increased to £40.1 million, up 47 % from the prior year, after a £10 million share buy‑back that raised earnings per share to 21.4 p. The Board upgraded FY26 guidance, now targeting revenue of approximately £100 million and adjusted operating profit of around £11 million, citing strong seasonal sales momentum. CEO Jonny Watts stepped down on 1 January 2026, succeeded by Jo Cooke, with Watts remaining as Executive Director until 31 May 2026 to ensure a smooth transition. The Group remains debt‑free, with no significant liabilities beyond lease obligations, and maintains a robust pipeline of CMS titles slated for release in FY27–FY28.

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Frontier Developments

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Sales for First Half of FY 2020/21

Sales for the first half of fiscal year 2020/21 rose 35.9 % to €86.6 million, driven primarily by a 118 % increase in gaming accessories (€51.6 million) and a 242 % jump in back‑catalogue sales (€18.0 million). Game revenue grew modestly by 3.0 % to €18.3 million, supported by the launch of WRC® 9 and Tennis World Tour® 2; digital sales accounted for 72 % of total game revenue, with back‑catalogue contributions rising from €2.8 million to €7.0 million. Accessories sales surged 106.5 % in the second quarter, largely due to successful RIG headset marketing in the United States and continued demand for PlayStation® 4 controllers. Quarterly performance showed a 24.5 % rise in the first quarter and a 46.4 % increase in the second, with accessories accounting for the bulk of growth. Other categories (mobile and audio) declined slightly by 5.9 %. The company attributes the acceleration in Q2 to premium headset sales and increased digital gaming activity. Looking ahead, Nacon anticipates robust second‑half performance thanks to the overlap of current and next‑generation consoles, upcoming releases of WRC® 9, Tennis World Tour® 2, and Hunting Simulator® 2 on new platforms, plus five additional titles. The firm expects a sharp rise in current operating income and has raised its FY 2020/21 sales target to €150–160 million, maintaining an 18 % operating margin. The 2023 plan projects sales of €180–200 million with a current operating income rate above 20 %. The company operates globally, with 17 subsidiaries and distribution in 100 countries, employing over 550 staff.

market-analysis game-publishing investment+2

Nacon

Report

Annual Financial Report and CSR Report: 2022/2023

ANNUAL FINANCIAL REPORT AS OF 31 MARCH 2023 1. INTRODUCTION pages 3 to 7 2. DECLARATION BY THE CHIEF EXECUTIVE OFFICER page 8 3. MANAGEMENT REPORT pages 9 to 24 4. REPORT ON CORPORATE GOVERNANCE pages 25 to 34 5. STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2023 pages 35 to 37 6.

investment global france+2

Pullup Entertainment

Report

Management Policies under New Management Structure

GungHo Online Entertainment, Inc. announces a restructured management hierarchy that separates executive oversight of game development from corporate strategy and financial governance. The new arrangement places former President Kazuki Morishita in a dedicated game‑development role while Kazuya Sakai, formerly CFO and Executive General Manager of Finance, assumes the positions of Representative Director, President, and CEO. Sakai’s mandate is to steer medium‑to‑long‑term strategy, enhance dialogue with equity markets, and strengthen corporate governance. Strategic priorities are grouped into four pillars: (1) securing a stable revenue base through accelerated title pipelines, IP monetization, and efficient event scheduling; (2) implementing company‑wide cost optimization and talent development via a revamped HR system and performance evaluation; (3) deepening collaboration with the Japanese subsidiary Gravity to optimize resource allocation for Ragnarok‑related titles; and (4) advancing capital‑market‑aligned management, including investor relations, cash‑allocation reviews, and governance enhancements. Financial policy targets a 4 % dividend‑outcome‑equity (DOE) ratio with a minimum 50 % payout, aiming for an ordinary dividend of ¥90 per share in FY2025. Shareholder returns will also include up to ¥5 billion (≈2.1 million shares) in share buybacks and the cancellation of up to 16 million treasury shares. The company maintains approximately ¥70 billion in cash and deposits—about 1.17× the combined cost of sales and SG&A—to fund five years of development, maintenance, and growth investments. Governance reforms raise the proportion of independent outside directors to 50 % and female directors to 20 %, while expanding the board from nine to eleven members. These measures collectively aim to balance growth investment with shareholder value creation in a rapidly evolving mobile‑gaming market.

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GungHo Online Entertainment

Report

Bandai Namco Group Fact Book 2020

01 Consolidated Business Performance / 03 Sales by IPs / Toys and Hobby Unit 05 Network Entertainment Unit 06 Real Entertainment Unit / Visual and Music Production Unit / IP Creation Unit 08 Plastic Model Market / Figure Market / Capsule Toy Market / Card Product Market 09 Candy Toy Market / Children’s Lifestyle (Sundries) Market / Babies’ / Children’s Clothing Market Top Publishers in the Global App Market BANDAI NAMCO Group 10 Home Video Game Market 10 Amusement Machine Market /...

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Bandai Namco

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Annual Report 2015

FUN AND OUR MISSION “Dreams, Fun and Inspiration” are the Engine of Happiness. Through our entertainment products and services, BANDAI NAMCO will continue to provide “Dreams, Fun and Inspiration” to people around the world, based on our boundless creativity and enthusiasm. As an entertainment leader across the ages, exploring new areas and heights in entertainment.

game-publishing market-analysis global+3

Bandai Namco

Report

Full Year 2024/25 Results

NACON reported full‑year 2024/25 results that show stable sales of €167.9 million, unchanged from the prior year, with a 64.4 % gross margin up from 62.1 %. EBITDA before non‑recurring items held steady at €55.9 million, while operating income fell sharply to €1.1 million due to a reversal of earn‑out provisions and increased depreciation from the Test Drive Unlimited release. Net income swung to a loss of €1.3 million, compared with a profit of €17.5 million in 2023/24, largely driven by the non‑recurring reversal of €14.2 million and a higher interest expense linked to rising bank rates. Equity rose to €284.4 million, supported by a July 2024 capital increase, and cash increased to €29.3 million. The company’s portfolio includes 40 games in development, with a carrying value of €124.5 million, and an accessories business that generated €65.2 million in sales. New peripherals such as the XBOX Revolution X Unlimited controller and the REVOSIM steering wheel range have been launched, targeting both console and PC markets. Looking ahead to 2025/26, NACON anticipates strong growth beginning in the first half of the year. The release calendar features 15 new titles across adventure, sport, racing and simulation genres, including high‑profile titles like Robocop: Rogue City – Unfinished Business and Hell is Us. A new World Rally Championship licence will grant exclusive publishing rights on PC and consoles from 2027 to 2032. With a robust product pipeline, continued innovation in peripherals, and disciplined financial management, NACON projects increased business levels and operating income for the upcoming fiscal year.

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Nacon

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Integrated Report 2018

I N T E G R AT E D R E P O R T 2 0 1 8 develops entertainment-related toys, network content, home video games, amusement machines, amusement facilities, and visual and music content. Under the Mid-term Plan, which was launched in April 2018, the Group aims to achieve “CHANGE” to progress to the next stage, with a Mid-term Vision of CHANGE for the NEXT: Empower, Gain Momentum, and Accelerate Evolution. “Dreams, Fun and Inspiration”are the Engine of Happiness.

global game-publishing mergers-acquisitions+3

Bandai Namco

FY24 Interim Results: Frontier Developments

2009 Annual Report

Quarterly Report: 11 bit studios Q1-Q3 2024

Annual Report 2010

Półroczne sprawozdanie Zarządu z działalności Grupy Kapitałowej PCF Group S.A.: 1 stycznia 2024 – 30 czerwca 2024

2025 Annual Report

Annual Report 2011

Annual Report 2016

Q1 2021/22 Sales: 33.7 M€

Summary of Main Supplementary Explanations Questions and Answers: FY2025 Second Quarter GREE Results Briefing

Half-Yearly Report: 2024–2025

FY25 H1 Results: A Strong Turnaround

Interim Results: H1 FY26

Sales for First Half of FY 2020/21

Annual Financial Report and CSR Report: 2022/2023

Management Policies under New Management Structure

Bandai Namco Group Fact Book 2020

Annual Report 2015

Full Year 2024/25 Results

Integrated Report 2018