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To spread happiness across the globe by providing unforgettable experiences This philosophy represents our company's mission and the beliefs for which we stand. To spread happiness across the globe by providing unforgettable experiences This philosophy represents our company’s mission and the beliefs for which we stand.

Corporate Philosophyby providing unforgettable experiences This represents company's and the beliefs for which we stand. 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 ourcustomers or her of happiness.

To spread happiness across the globe by providing unforgettable experiences To spread happiness across the globe by providing unforgettable experiences This philosophy represents our company’s mission and the beliefs for which we stand. The Square Enix Group provides high-quality content, services, and products to help those customers create their own Each of our customers has his or her own definition of happiness.

The document presents a comprehensive overview of several flagship role‑playing franchises, focusing on recent releases and cumulative sales achievements. It highlights the launch of “Dragon Quest: Reimagined” on February 5, 2026, available in a bundled package across Nintendo Switch 2, PlayStation 5, Xbox Series X|S, Steam, and Microsoft Store. The title is positioned as a high‑definition 2D remake developed by KLabGames, with a projected global shipment of over 95 million units as of June 2025. The text also references the broader “Dragon Quest” series, noting its continuous evolution since 1986 and its adoption of modern technologies such as 3D mapping, cloud gaming, and cross‑platform connectivity.

The “Final Fantasy” section cites cumulative sales of 204 million units for the series, emphasizing its long‑standing appeal since 1987 and its expansion into Western markets. Platforms listed include PlayStation 5, Steam, Epic Games Store, and Nintendo Switch 2, with a focus on the franchise’s visual innovation and narrative depth. The document underscores the series’ global reach, with sales data aggregated across multiple regions.

Additionally, the “Kingdom Hearts” entry reports 38 million units shipped worldwide by June 2025, noting its collaborative origin with Disney and Square Enix. The overview includes platform details for the original PlayStation 2 release and mentions forthcoming titles slated for various consoles. Overall, the document serves as a market snapshot of key RPG franchises, detailing launch dates, platform coverage, sales milestones, and development partnerships across the industry.

The presentation outlines PCF Group S.A.’s financial performance for the first half of 2021, emphasizing a significant growth trajectory across revenue, EBITDA, and workforce metrics. Total group revenues reached PLN 52.6 million in H1 2021, up 47 % from PLN 35.3 million in the same period of 2020, reflecting a compound annual growth rate of 34.4 % over 2017‑2020. EBITDA rose to PLN 28.8 million, a 36.5 % increase from PLN 21.1 million in H1 2020, and the adjusted EBITDA figure of PLN 27.6 million represents a 55.6 % jump from the prior year’s PLN 17.7 million, after accounting for IPO issuance costs and warrant amortisation.

Personnel expansion is notable: the group’s headcount grew to 252 employees, a 41.7 % rise, with significant additions in North America and Europe, including new studios in Chicago, New York, and Montreal. The People Can Fly division contributed PLN 21.1 million in revenue, while the Can Fly studio reported an EBITDA of PLN 28.8 million, underscoring its profitability.

Strategic initiatives highlighted include a partnership with Square Enix, confirming no royalty obligations for the Outriders title and progressing an investment agreement involving warrants. The group’s portfolio strategy aims to secure a leading position in new IP development, targeting annual releases of self‑published or publisher‑partnered titles by 2024.

Financial statements show a robust asset base of PLN 95.7 million, with equity at PLN 190.1 million and liabilities of PLN 272.8 million, yielding an equity‑to‑asset ratio of 185 %. Cash reserves increased to PLN 150.3 million, supporting ongoing development and expansion plans.

Purpose C O N T E N T S Creating New Worlds With Boundless Imagination 03 Financial Highlights Creating New Worlds With Boundless Imagination 03 Financial Highlights 04 A Message to Our Stakeholders to Enhance People’s Lives.

The internal task and responsibility diagram for PCF Group S.A. outlines the governance structure under a single‑person board headed by the President of the Board. The purpose is to clarify how executive duties are distributed within the company’s management framework, in compliance with Polish corporate governance guidelines and the 2016 Good Practices for Companies listed on the Warsaw Stock Exchange. The document specifies that the board, represented by the President, manages all non‑reserved corporate activities, including legal, financial, and operational matters. It further details the President’s core responsibilities: overseeing day‑to‑day operations, financial management and compliance, legal and accounting oversight, strategic planning including M&A transactions, production supervision across the Group, development team management, contract acquisition and negotiation—particularly for video game publishing agreements—and liaison with licensors. The President also holds authority to establish an internal audit function, appoint auditors, and report audit findings. Governance is governed by the Board’s regulations adopted by the supervisory board, with additional constraints from statutory law, the company’s articles of association, and resolutions by the supervisory board and general meeting. The scope covers all business areas of PCF Group, with a focus on production, development, and licensing within the video‑game sector. The methodology is purely structural, presenting a hierarchical responsibility map rather than empirical data or statistical analysis.

Informacja na temat stanu stosowania przez spółkę zasad zawartych w Zbiorze Dobre Praktyki Spółek Według aktualnego stanu stosowania Dobrych Praktyk Spółka nie stosuje 14 zasad: 1.2., 1.3.1., 1.3.2., 1.4., 1.4.1., 1.4.2., 2.1., 2.2., 2.7., 2.11.3., 2.11.6., 3.5., 3.9., 6.2. 1.

The notice explains that PCF Group S.A., headquartered in Warsaw, is the data controller for personal information of its shareholders, their agents and representatives. Data are sourced from the National Securities Depository or directly supplied by shareholders to verify ownership, share quantity, voting rights and representation. Processing activities cover the preparation of shareholder lists for general meetings, attendance records, agent authorisations, and other legal obligations under Polish corporate law, public offering statutes, and EU GDPR. The company may also use contact details for communication and employ video surveillance within its premises, with recorded footage retained no longer than three months.

Recipients of the data include other shareholders and authorised parties under legal provisions, as well as service providers assisting business processes such as cloud or telecommunication services. Transfers outside the European Economic Area are permitted only under contractual safeguards, such as standardised data‑processing agreements approved by the European Commission.

Personal data are retained for the duration of shareholder status, extended if necessary to pursue or defend legal claims, and thereafter only as required by accounting regulations. Shareholders and their agents retain rights to access, rectify, erase or restrict processing, object to lawful interest‑based processing, and lodge complaints with the Polish Data Protection Authority. Providing personal data is voluntary but essential for participation in general meetings or to receive corporate communications; failure to provide required information will preclude such engagement. No automated decision‑making or profiling is applied to the data set.

The document presents the official registration details of PCF GROUP SPÓŁKA AKCYJNA, a Polish joint‑stock company incorporated on 6 November 2019 and currently listed in the National Court Register (KRS) under number 0000812668. The company’s legal form is a joint‑stock company, with its registered office in Warsaw, Masovian Voivodeship. The principal business activities are software development (62.01.Z), video game production and retail (47.40.Z, 47.65.Z, 58.21.Z), publishing of computer games (58.29.Z), and related digital services such as hosting and portal operations (63.11.Z, 63.12.Z). The company’s capital structure is detailed: a share capital of PLN 718,805.42 divided into 35,940,271 shares with a nominal value of PLN 0.02 each, and a planned capital increase of PLN 31,118.44 through the conversion of capital bonds into shares. The share issuance is segmented into seven series (A–G) with varying numbers of shares, all non‑preferential.

Key governance information lists the single‑member board headed by President Sebastian Kamil Woiciechowski, and a supervisory board comprising five members. No debt or liquidation proceedings are recorded; the company remains solvent with no outstanding claims or bankruptcy filings.

The document also records a series of statutory amendments to the company’s articles, reflecting changes in capital structure and governance provisions between 2019 and 2025. Annual financial statements and auditor reports for the years 2019–2024 are referenced, indicating regular compliance with reporting obligations. The company’s website (www.peoplecanfly.com) and email contact are provided for further inquiries.

The presentation outlines the financial performance of PCF Group S.A. for the year 2022, focusing on revenue streams, profitability metrics, and balance‑sheet highlights. Total operating income reached PLN 180.3 million, with development activities contributing PLN 73.2 million and a partnership with Take‑Two Interactive Software adding PLN 71.5 million. Adjusted EBITDA for the year was PLN 48.2 million, down from PLN 70.5 million in 2021, primarily due to a decline in development earnings and increased outsourcing costs. Net profit fell sharply to PLN 22.0 million from PLN 61.3 million the previous year, reflecting higher operating expenses and a weaker revenue mix.

On the balance‑sheet side, total assets grew to PLN 259.5 million at year‑end 2022, up from PLN 137.1 million in 2021, driven by a significant increase in development‑related assets and cash reserves. Equity rose to PLN 112.7 million, while liabilities remained relatively stable at PLN 68.0 million. The company’s workforce expanded to 612 employees across multiple locations, including Warsaw, Montreal, New York, and Newcastle, indicating ongoing investment in talent.

Quarterly data show fluctuating development revenues, with the highest quarter (Q4 2021) at PLN 44.1 million and a lower Q2 2022 figure of PLN 27.6 million, underscoring volatility in project pipelines. Outsourcing revenue and costs are also reported quarterly, revealing a trend of rising expenses that offset some development income.

Overall, the group experienced revenue growth but faced margin compression and a notable decline in profitability, prompting management to focus on cost control and strategic partnerships for future stability.

The presentation outlines PCF Group’s financial performance and strategic direction for fiscal year 2021, emphasizing a significant revenue surge of 73.7 % to PLN 103.8 million and EBITDA growth of 129.2 % to PLN 31.9 million, driven by the People Can Fly and Can Fly studios. Net profit rose 149.7 % to PLN 61.4 million, while employee count increased 90.4 %, reflecting accelerated expansion across North America and Europe. Capital structure improved markedly, with equity rising from PLN 259.5 million to PLN 239.2 million and total assets growing 230.9 % to PLN 316.7 million, largely through the acquisition of development assets and IP rights.

Strategically, PCF Group pursued a transformation agenda centered on agility, empowerment, and scalable self‑publishing. The adoption of OKR frameworks and the PCF Framework coupled with Unreal Engine 5 enabled rapid iteration and risk‑managed project delivery. M&A criteria focused on studios with IP, remote work capability, and complementary competencies, aiming to boost EBITDA through synergies. Portfolio expansion targets include new AAA‑compact titles and a planned annual release cadence from 2024 onward, with high‑profile projects such as Outriders: Worldslayer and Green Hell VR already generating strong market traction.

Geographically, the group’s footprint spans Warsaw (HQ), Chicago, Montreal, New York, and regional offices in Kraków and Toronto, supporting a global development network. Methodologically, financial figures are presented on an adjusted basis, with detailed breakdowns of revenue streams (game sales, outsourcing, warranties) and cost components across quarterly periods. The presentation underscores PCF Group’s commitment to sustainable growth, operational efficiency, and market leadership within the independent gaming sector.

The presentation reports PCF Group S.A.’s financial performance for the first half of 2022, comparing it to the same period in 2021 and to full‑year 2021 figures. Total revenue rose from PLN 90.6 million in HY 2021 to PLN 77.3 million in HY 2022, a 17.2 % decline, driven by lower game‑development and outsourcing income. EBITDA remained relatively flat, moving from PLN 28.8 million to PLN 29.0 million (+0.7 %), while net profit increased by 17.5 % to PLN 21.7 million from PLN 25.5 million in HY 2021. The company’s equity grew to PLN 259.5 million, up 9.1 % from PLN 283.1 million in FY 2021, and the asset‑to‑liability ratio improved by 17.5 %. Operating cash flow was slightly negative, with PLN 134.6 million in liquid assets versus PLN 137.1 million in assets, a 1.8 % decline.

Strategically, PCF Group is positioning itself as a leading independent studio portfolio. The group plans to launch an annual flagship title from 2024 onward, pursue new genres and VR development, and expand its workforce to over 580 employees by the end of 2022. The portfolio includes pre‑production projects such as “Bulletstorm,” “Gemini,” and “Dagger,” with several titles slated for European release in 2024 and North American launches pending. The group’s geographic footprint spans Warsaw, Chicago, Montreal, Kraków, and Rzeszów, with a growing presence in North America.

Methodologically, the figures derive from internal financial statements and are presented as rounded values; future projections are noted to be subject to change. The presentation emphasizes that it is informational only and not an investment recommendation.

The presentation reports PCF Group S.A.’s financial performance for the first half of 2023, covering operations across its global studio network and publishing activities. Revenue rose to PLN 90.6 million in 1H 2023, up from PLN 68.7 million in the same period of 2022, driven primarily by a new contract with Take Two Interactive and the launch of the VR title “Green Hell.” Operating income (EBIT) reached PLN 29.0 million, a significant improvement over the prior year’s negative EBIT of PLN 13.1 million, reflecting higher scale and a 16 % increase in the workforce from 29.7 k to 34.5 k employees by June 30, 2023.

The group’s balance sheet shows total assets of PLN 481.9 million at 30 June 2023, up from PLN 350.8 million in December 2022, with equity strengthening to PLN 277.6 million. Cash and cash equivalents increased by PLN 235.3 million, largely due to a secondary public offering (SPO) that raised PLN 235.3 million at an issue price of PLN 40.20 per share. Key shareholders include Krafton Inc., which invested PLN 144.5 million and secured preferential rights for future publishing agreements.

Portfolio highlights include the self‑publishing titles “Maverick,” “Gemini,” and “Dagger,” with projected releases in 2025‑26, and the VR project “Green Bulletstorm” slated for a 14 December 2023 launch. The company projects continued growth in both development and publishing segments, with a focus on expanding its VR footprint and leveraging strategic partnerships for upcoming releases.

The analysis outlines a strategic pivot toward cash‑flow optimization for the company, driven by recent shifts in the VR market and a need to secure additional financing. Revenue growth in 2024 reached PLN 190.4 million, largely supported by the launches of Project Maverick and Project Echo, as well as the January 2024 release of Bulletstorm VR. However, profitability suffered due to write‑offs of the Red and Bifrost projects and a decline in 2Q revenues linked to Gemini negotiations, resulting in an EBITDA of PLN 12.9 million and a net loss of PLN 175.3 million.

Operationally, the organization is trimming non‑essential spend and restructuring office space and team composition to reduce overhead. The workforce, which expanded from 612 employees in 2020 to 756 by the end of 2024, is being realigned with a focus on critical projects. The company has ceased further investment in VR development following the 2024 platform subsidy withdrawal, redirecting resources toward AAA and compact‑AAA titles.

Future initiatives include two new work‑from‑home projects with Sony Interactive Entertainment, the self‑publishing of Project Bison (the final VR title from PCF Group) slated for Q4 2025, and an early‑access release of Lost Rift in 2025. Krafton’s waiver of ROFO/ROFR rights for Bifrost and Victoria frees the company to seek external publishers. Scenario analysis is underway to identify additional funding sources, ensuring liquidity while maintaining a lean operational model across global studios in Warsaw, Montreal, Newcastle, Dublin, Katowice, and Rzeszów.

The presentation outlines PCF Group S.A.’s financial performance for 2023, focusing on its core gaming and publishing operations. The group’s revenue reached PLN 180.3 million, with self‑publishing projects contributing PLN 171.5 million and external publishing adding PLN 8.8 million. EBITDA for the year was PLN 49.7 million, a decline from PLN 70.5 million in 2022 due to higher operating costs and lower margins on key titles such as “Bulletstorm VR” and the cancelled “Dagger” project. Net income fell to PLN −75.6 million, largely driven by a one‑off write‑down of the Dagger IP and increased staff expenses.

Balance sheet highlights show total assets rising to PLN 513.5 million, driven by a PLN 68.0 million increase in intangible assets and a PLN 112.7 million rise in development costs. Equity stood at PLN 277.6 million, while cash and equivalents were PLN 159.4 million at year‑end. The company’s workforce grew from 612 to 756 employees, reflecting expansion in development and publishing teams across Warsaw, Montreal, New Castle, Dublin, Katowice, and Rzeszów.

Geographically, PCF operates in Europe and North America, with major studios in Warsaw and Montreal. The group’s strategy for 2024 includes closing underperforming projects, renegotiating VR contracts, and tightening cost controls on travel and event expenses. Funding options will be explored to support the planned portfolio of AAA titles, including “Bison” and “Green Hell VR,” while maintaining a focus on self‑publishing growth.

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.