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Management Board Report on the Activities of PCF Group: 2021

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

PCF Group's total sales revenue in 2021 reached PLN 180.3 million, marking a 74% increase compared to 2020.
The 'production of games on commission' segment generated 99% of the Group's total sales revenue in 2021, amounting to PLN 178.4 million.
The game 'Outriders' premiered on April 1, 2021, and was a key product in the 'production of games on commission' segment.
PCF Group expanded its operations in 2021 by establishing People Can Fly Chicago, LLC on April 6, acquiring an eighteen-person development team from Phosphor Games, LLC on April 23, and acquiring 100% of Game On Creative Inc. for PLN 29.37 million on April 27.
PCF Group S.A. provided a USD 5 million loan to its subsidiary People Can Fly U.S., LLC on March 31, 2021, for strategic activities including the establishment of People Can Fly U.S., LLC and the acquisition of the Chicago development team.

Annual Consolidated Financial Statement: 2021

AL. SOLIDARNOSCI 171 TEL +48 22 887 34 30 Grupa Kapitałowa PCF Group Spółka Akcyjna – wybrane dane w przeliczeniu na EUR PLN EUR od 01.01 do od 01.01 do od 01.01 do od 01.01 do 31.12.2021 r. 31.12.2020 r. 31.12.2021 r. 31.12.2020 r.

Net cash flow from operating activities significantly increased to 59,254 thousand PLN in 2021, up from 15,762 thousand PLN in 2020.
The company's profit before tax more than doubled, reaching 64,441 thousand PLN in 2021 compared to 26,658 thousand PLN in 2020.
Net profit from continuing operations also saw substantial growth, increasing to 61,326 thousand PLN in 2021 from 24,579 thousand PLN in 2020.
Cash and cash equivalents surged to 137,102 thousand PLN by the end of 2021, a significant rise from 41,302 thousand PLN at the end of 2020.
Employee benefits expenses increased substantially to 55,884 thousand PLN in 2021, up from 20,311 thousand PLN in 2020.

Annual Separate Financial Statement 2021: Poland

AL. SOLIDARNOCI 171 TEL +48 22 887 34 30 – wybrane dane w przeliczeniu na EUR PLN EUR od 01.01 do od 01.01 do od 01.01 do od 01.01 do 31.12.2021 r. 31.12.2020 r. 31.12.2021 r. 31.12.2020 r.

PCF Group's net profit significantly increased from 29,096 thousand PLN in 2020 to 41,752 thousand PLN in 2021.
The company's total equity grew substantially from 76,501 thousand PLN at the end of 2020 to 235,705 thousand PLN at the end of 2021, driven by a 125,381 thousand PLN increase from the issuance of series B and D shares.
PCF Group expanded its workforce, increasing the number of employees and collaborators from 236 at the end of 2020 to 284 at the end of 2021.
Total financial assets increased to 155,068 thousand PLN by December 31, 2021, with cash and cash equivalents making up 90,735 thousand PLN.
The company's intangible assets, including patents, licenses, and software, saw a net book value increase from 2,586 thousand PLN at the beginning of 2021 to 7,159 thousand PLN by the end of 2021, with the Unreal Engine license valued at 1,139 thousand PLN.

Śródroczne skonsolidowane sprawozdanie finansowe: Q1 2022

(dane w tys. zł, chyba że zaznaczone inaczej) AL. SOLIDARNOCI 171 TEL +48 22 887 34 30 (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna – wybrane dane w przeliczeniu na EUR PLN EUR od 01.01 do od 01.01 do od 01.01 do od 01.01 do 31.03.2022 r. 31.03.2021 r. 31.03.2022 r. 31.03.2021 r.

PCF Group's net profit for Q1 2022 was 13,931 thousand PLN, a significant increase from 7,818 thousand PLN in Q1 2021.
Total revenues for Q1 2022 reached 50,354 thousand PLN, up from 30,871 thousand PLN in Q1 2021, primarily driven by 'Produkcja na zlecenie' (production for hire) segment.
The company's equity increased to 275,995 thousand PLN as of March 31, 2022, from 259,542 thousand PLN on December 31, 2021.
Basic and diluted earnings per share (EPS) rose to 0.47 PLN in Q1 2022, compared to 0.27 PLN in Q1 2021.
PCF Group's core business is video game production, and its operations do not exhibit seasonality or cyclicality in the interim period.

Prezentacja Wyników Finansowych Q1 2022

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

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

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

PCF Group S.A. reported a 78.8% surge in net profit to PLN 13.9 million for Q1 2022 compared to the same period in 2021.
Total revenue for Q1 2022 reached PLN 30.9 million, representing a 63.1% year-over-year increase driven by the People Can Fly and Can Fly subsidiaries.
EBITDA grew by 77.2% to PLN 9.3 million, with an adjusted EBITDA of PLN 16.8 million for the quarter.
Revenue from game production on contract and development outsourcing rose by 69.9% year-over-year while maintaining stable costs, leading to improved gross margins.
Shareholders' equity increased by 6.3% to PLN 276.0 million, and total assets grew by 8.8% to PLN 344.7 million.

Review Report of the Interim Condensed Financial Statement: H1 2022

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

Grant Thornton Frąckowiak confirmed that PCF Group S.A.’s interim financial statements for H1 2022 comply with International Financial Reporting Standard 34.
The review engagement, concluded on 29 September 2022 by key auditor Jan Letkiewicz, identified no material issues regarding the preparation of the financial statements.
The scope of the engagement was limited to a review under Polish National Standard 2410 and International Review Standard 240, meaning no formal audit opinion was issued.
The financial documentation reviewed covers the period from 1 January 2022 to 30 June 2022, including the balance sheet, income statement, and cash-flow statement.
The review was restricted specifically to the Warsaw-based operations of the Polish entity PCF Group S.A.

Raport z Przeglądu Skróconego Śródrocznego Skonsolidowanego Sprawozdania Finansowego: 2022

The report presents the findings of a review conducted by Grant Thornton Frąckowiak on the condensed interim consolidated financial statements of PCF Group Spółka Akcyjna for the period from 1 January to 30 June 2022. The review was performed in accordance with the Polish Standard for Review of Interim Financial Information 2410, equivalent to International Standard on Review Engagements (ISRE) 2410, and was based on the company’s internal controls and accounting records. The scope of the review involved inquiry procedures directed at finance and accounting personnel, analytical procedures, and other review activities. Because the engagement is a review rather than an audit, it does not provide assurance that all material matters have been identified; therefore, no audit opinion is expressed.

The review concluded that nothing was found to indicate that the condensed interim consolidated financial statements were not prepared in all material respects in accordance with International Financial Reporting Standard 34, as adopted by European Union regulation. The financial statements cover the entire PCF Group, with its dominant entity headquartered in Warsaw, and include balance sheet, income statement, comprehensive income, changes in equity, and cash‑flow statements for the first half of 2022. The report is dated 29 September 2022 and signed by Jan Letkiewicz, a senior auditor of the firm.

Grant Thornton Frąckowiak performed a review of PCF Group S.A.’s condensed interim consolidated financial statements for the period of 1 January to 30 June 2022.
The review concluded that the financial statements were prepared in accordance with International Financial Reporting Standard 34 as adopted by the European Union.
The engagement was conducted under the Polish Standard for Review of Interim Financial Information 2410, which is equivalent to the International Standard on Review Engagements (ISRE) 2410.
The scope of the review included the balance sheet, income statement, comprehensive income, changes in equity, and cash-flow statements for the PCF Group.
The review process involved analytical procedures and inquiries of finance and accounting personnel, though it did not constitute a full audit and therefore provides no audit opinion.

Skonsolidowane sprawozdanie z wyniku i pozostałych całkowitych dochodów: I półrocze 2022

SKONSOLIDOWANE SPRAWOZDANIE Z WYNIKU I POZOSTALYCH CATKOWITYCH DOCHODÓW od 01.01 do od 01.04 do od 01.01 do od 01.04 do 30.06.2022 r. 30.06.2022 r. 30.06.2021 r. 30.06.2021 r.

Net profit for the first half of 2022 increased to 25,480 (all figures likely in thousands of PLN, based on context) from 21,720 in the first half of 2021, while total comprehensive income rose to 30,996 from 22,072 in the same period.
Cash flow from operating activities significantly increased to 53,539 in H1 2022, compared to 17,325 in H1 2021, driven by higher profit before tax (27,775 vs 22,912) and changes in liabilities.
Expenditure on intangible assets grew substantially to 49,448 in H1 2022 from 7,622 in H1 2021, indicating increased investment in development.
Operating costs (Koszty według rodzaju) rose to 69,404 in H1 2022 from 59,199 in H1 2021, primarily due to increased operational scale, necessitating expansion of development and back-office structures.
The company's management does not foresee direct threats from the war in Ukraine to the Group's existence or financial performance, as they do not employ a significant number of Ukrainian or Russian foreign nationals and primarily receive revenue in USD or EUR.

Semi-Annual Report of the Management Board of PCF Group S.A. 2022

AL. SOLIDARNOSCI 171 TEL +48 22 887 34 30 SPÓLKA 2 0 AKCYJNA 2 PÓEROCZNE SPRAWOZDANIE ZARZADU Z DZIAEALNOCI za okres 1.01.2022 – 30.06.2022 r. (dane w tys. zł, chyba że zaznaczono inaczej) Niniejsze półroczne sprawozdanie z działalności Grupy Kapitałowej PCF Group S.A. i spółki PCF Group S.A. za okres 1.01.2022 –30.06.2022 r. zostało sporządzone na podstawie § 68ust. 1 pkt 3 oraz § 69 ust.

PCF Group's total assets increased by 18% (55.5 million PLN) to 372.2 million PLN as of June 30, 2022, compared to 316.7 million PLN on December 31, 2021.
The Group ceased generating revenue from Project Dagger production in H1 2022 due to the publisher (Take-Two Interactive Software, Inc.) not entering a new executive agreement; PCF Group is now continuing Project Dagger as a self-published title, classifying its costs as development expenses.
PCF Group launched the Outriders: Worldslayer DLC on June 28, 2022, under a production-publishing agreement with Square Enix Limited.
The company increased the share capital of People Can Fly Chicago, LLC by 500,000 USD on June 16, 2022, funded by People Can Fly U.S., LLC, to finance the former's working capital.
PCF Group is developing a new self-published game, Project Bifrost, using its own intellectual property and funds.

Skonsolidowany raport kwartalny: Q1 2024

WARSZAWA | 27 MAJA 2024 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) PEOPLE (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 31.03.2024 r. 31.12.2023 r. 31.03.2024 r. 31.12.2023 r.

PCF Group S.A. is primarily engaged in the production and publishing of video games, with 100% ownership of its subsidiary, People Can Fly UK Limited.
The company is actively seeking external publishers for Project Red (currently in pre-production) and collaborating with Microsoft Corporation on Project Maverick.
PCF Group S.A. resolved the production and publishing agreement for Bulletstorm VR with Incuvo S.A. on January 19, 2024, due to unsatisfactory launch performance, taking over future development and commercialization.
The management is confident in having sufficient financial resources for at least the next twelve months, based on seeking additional revenue streams like external publishing collaborations (development fees) or capital raises.
The shareholding structure includes Sebastian Wojciechowski (41.71%), Krafton Inc. (10.00%), Bartosz Kmita (7.18%), Nationale-Nederlanden Otwarty Fundusz Emerytalny (6.59%), Krzysztof Dolaś (5.05%), and Bartosz Biełuszko (5.02%).

Półroczne sprawozdanie Zarządu z działalności Grupy Kapitałowej: 1.01.2023 - 30.06.2023

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

PCF Group S.A. generated positive operating cash flow of 48.5 million PLN in the first half of 2023, an 82% increase compared to the same period in 2022.
The company's cash and cash equivalents increased by 62% to 150.255 million PLN by June 30, 2023, largely due to a 50% increase in equity (135.2 million PLN) from the issuance of Series E and F shares.
PCF Group S.A. aims to achieve at least 3.0 billion PLN in total revenue between 2023 and 2027.
A new subsidiary, People Can Fly Ireland Limited, was registered on February 2, 2023, to provide publishing services within the Group.
PCF Group S.A. settled with OÜ Blite Fund on August 21, 2023, agreeing to pay 2.05 million PLN as an additional payment for the acquisition of Incuvo S.A. shares.

Consolidated Semi-Annual Report: H1 2023

ZA 0KRES 1.01.2023 - 30.06.2023 Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.06.2023 r. 31.12.2022 r. 30.06.2023 r. 31.12.2022 r. Sprawozdanie z sytuacji finansowej Aktywa 481 857 350 804 108 275 74 800 Zobowiązania długoterminowe 33 612 43 418 7 552 9 258 Zobowiązania krótkoterminowe 54 053 ...

PCF Group S.A. secured a development and publishing agreement with Microsoft Corporation on June 13, 2023, for an AAA game codenamed "Project Maverick," with a budget of $30-50 million, to be fully financed by Microsoft under a work-for-hire model.
The company is continuing development on "Project Gemini" in collaboration with Square Enix Limited (in production phase) and "Project Dagger" (in pre-production phase), with plans to self-publish "Project Dagger" but open to work-for-hire partnerships.
PCF Group S.A. issued new shares (Series E and F) increasing its total shares from 29,950,226 at the end of 2022 to 33,429,367 by June 30, 2023.
Sebastian Wojciechowski's ownership stake in PCF Group S.A. decreased from 49.98% (14,969,480 shares) at the end of 2022 to 44.78% (14,969,480 shares) by June 30, 2023, due to the new share issuances.
The Group is developing "Project Bifrost" and "Project Victoria" as self-published games using new intellectual property, with Krafton, Inc. holding a right of first negotiation and refusal for "Project Bifrost" if PCF Group considers an alternative publishing model.

Review Report of the Condensed Interim Consolidated Financial Statement: 2023

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

Grant Thornton Polska confirmed that PCF Group S.A.’s condensed interim consolidated financial statements for the first half of 2023 are presented fairly in all material respects.
The review covered the period from 1 January to 30 June 2023 and was prepared in accordance with International Financial Reporting Standard 34.
The financial documentation reviewed includes the balance sheet as of 30 June 2023, the income statement, the statement of comprehensive income, changes in equity, and the cash-flow statement.
The engagement was conducted under the Polish National Standard for Review 2410, which is equivalent to ISA 240.
Jan Letkiewicz, a qualified auditor (registration number 9530), signed the review report on 21 September 2023.

Report on the Review of the Condensed Interim Financial Statement: 2023

The report presents the conclusion of a review conducted by Grant Thornton Polska on PCF Group Spółka Akcyjna’s condensed interim financial statements for the period ending 30 June 2023. The review covered the balance sheet, income statement, statement of comprehensive income, changes in equity and cash‑flow statement for the first half of 2023, along with selected explanatory notes. The statements were prepared in accordance with International Financial Reporting Standard 34 and the European Commission’s regulatory framework for interim reporting.

The engagement followed the National Standard of Review 2410, equivalent to International Standards on Review Engagements. The review involved inquiry procedures directed at the company’s finance and accounting personnel, analytical testing, and other review procedures. Because a review provides only limited assurance, the auditors do not express an opinion on the financial statements but state that no material issues were identified that would lead them to believe the statements are not prepared in all material respects according to IFRS 34.

The scope of the review is limited to the interim period and does not extend to a full audit. No specific data points or financial metrics are disclosed in the summary, as the report focuses on the assurance level rather than detailed performance figures. The conclusion is dated 21 September 2023 and signed by the lead auditor, Jan Letkiewicz.

Grant Thornton Polska completed a review of PCF Group S.A.’s condensed interim financial statements for the six-month period ending 30 June 2023.
The auditors concluded that no material issues were identified that would suggest the financial statements fail to comply with International Financial Reporting Standard 34.
The review engagement was conducted in accordance with the National Standard of Review 2410, which aligns with International Standards on Review Engagements.
The scope of the engagement was limited to interim financial reporting procedures, including analytical testing and inquiries of finance personnel, rather than a full audit.
The final review conclusion was formally issued and signed by lead auditor Jan Letkiewicz on 21 September 2023.

Consolidated Quarterly Report: Q3 2023

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

PCF Group S.A. reported a net loss of 13,448 thousand PLN for the period of January 1 to September 30, 2023, a significant decrease from the 42,133 thousand PLN net profit in the same period of 2022.
Total comprehensive income for PCF Group S.A. also saw a substantial decline, moving from a profit of 51,312 thousand PLN (January 1 - September 30, 2022) to a loss of 11,797 thousand PLN (January 1 - September 30, 2023).
The company's primary business is the production and publishing of video games, with a strategic goal to achieve at least 3.0 billion PLN in total revenue between 2023 and 2027.
PCF Group S.A. raised 134,390,087.40 PLN through a public offering of Series F shares, with Square Enix Limited subscribing to 3,342,937 shares, representing 10.00% of the company's share capital.
Funds from the Series F share offering will be used to increase production teams for games like Project Dagger, Project Bifrost, and Project Victoria.

Skonsolidowany Raport Półroczny: H1 2024

WARSZAWA | 30 WRZENIA 2024 ROKU PEOPLE ZA 0KRES 01.01.2024 - 30.06.2024 Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.06.2024 r. 31.12.2023 r. 30.06.2024 r. 31.12.2023 r.

PCF Group S.A. reported a net loss of (33,289) for H1 2024, significantly worse than the (13,070) loss in H1 2023. The basic loss per share increased from (0.43) PLN in H1 2023 to (0.93) PLN in H1 2024.
The company is actively seeking approximately 350 million PLN in new financing for 2025-2026 to maintain its self-publishing operations and continue its strategy of developing and publishing its own games.
PCF Group S.A. is preparing detailed five-year financial forecasts (2025-2029) based on economic conditions and a pipeline of new games, including scenarios for various risks and mitigation actions.
The management board has suspended analytical work on a motivational program tied to achieving 1.5 billion PLN in cumulative EBITDA from 2023-2027, pending the outcome of strategic options review and securing new financing.
The company's strategy, updated on January 31, 2023, indicates that the management board does not anticipate recommending dividend payouts until the company generates revenue, profits, and positive cash flows from its own publishing activities, expected no earlier than for the 2025 financial year.

Raport z przeglądu skróconego śródrocznego sprawozdania finansowego: H1 2024

The review confirms that PCF Group’s condensed half‑year financial statements for the period ending 30 June 2024 were prepared in accordance with International Financial Reporting Standard 34 and the European Commission’s regulatory framework. The audit opinion is limited to a review, not an examination, and therefore does not provide assurance that all material matters would have been identified. No findings were noted that would lead the reviewers to believe the statements are not prepared in accordance with applicable standards.

Key disclosures highlight significant uncertainties surrounding the company’s ability to continue as a going concern. Management has outlined actions to secure additional financing aimed at sustaining its strategy of developing and publishing proprietary games. While management remains optimistic, the review notes that success is not guaranteed.

The company reported intangible assets related to in‑process development work amounting to PLN 239,487 thousand as of 30 June 2024. These assets meet the criteria for capitalization under IAS 38, provided that sufficient financial resources are available to complete development. Management has produced a five‑year cash‑flow forecast that incorporates assumptions about future game development, potential new projects, and the likelihood of securing further funding. The review cautions that this forecast depends on uncertain future events.

The scope of the review covered all financial statements, including balance sheet, income statement, comprehensive income, equity changes, and cash‑flow statement for the first half of 2024. The methodology followed the Polish Standard 2410, equivalent to International Standard on Review Engagements 2410, involving analytical procedures and inquiries of finance and accounting personnel. The review was conducted by Grant Thornton Polska Prosta Spółka Akcyjna, with the key auditor Jan Letkiewicz leading the engagement.

PCF Group faces significant uncertainty regarding its ability to continue as a going concern, necessitating the acquisition of additional financing to sustain its proprietary game development strategy.
As of 30 June 2024, the company holds PLN 239,487 thousand in intangible assets related to in-process development work.
The capitalization of development assets is contingent upon the company securing sufficient financial resources to complete its projects, as required by IAS 38.
Management has developed a five-year cash-flow forecast based on assumptions regarding future game development and funding, though auditors caution that these projections rely on uncertain future events.
The condensed H1 2024 financial statements were prepared in accordance with IAS 34 and received a clean review opinion from Grant Thornton Polska, led by auditor Jan Letkiewicz.

Roczne Skonsolidowane Sprawozdanie Finansowe: 2024

ZA ROK 0BROTOWY ZAKONCZONY 31 GRUDNIA 2024 ROKU Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 31.12.2024 r. 31.12.2023 r. 31.12.2024 r. 31.12.2023 r. Sprawozdanie z sytuacji finansowej Aktywa 373 353 513 461 87 375 118 091 Zobowiązania długoterminowe 20 862 32 321 ...

PCF Group experienced a significant net loss in 2024, reaching -175,306 PLN (-40,729 EUR), a substantial increase from the -75,575 PLN (-16,689 EUR) loss in 2023.
Operating loss also worsened considerably, from -86,452 PLN (-19,091 EUR) in 2023 to -197,518 PLN (-45,890 EUR) in 2024.
Despite the losses, sales revenue increased from 150,124 PLN (33,152 EUR) in 2023 to 190,401 PLN (44,236 EUR) in 2024.
The company's equity decreased significantly from 427,880 PLN (98,408 EUR) in 2023 to 250,769 PLN (58,687 EUR) in 2024.
PCF Group invested heavily in intangible assets, with expenditures of -123,694 PLN in 2024, including two Unreal Engine licenses valued at 11,330 thousand PLN for game production (Victoria and Bifrost projects).

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.

PCF Group S.A. reported a 29% increase in sales revenue, reaching PLN 70.1 million in H1 2024, up from PLN 54.3 million in H1 2023, driven by the release of Bulletstorm VR and revenue from Project Maverick, despite a decrease in revenue from Project Gemini.
The cost of services sold increased by 134% to PLN 84.4 million in H1 2024 (from PLN 36.0 million in H1 2023), primarily due to increased costs associated with Project Maverick and Bulletstorm VR production.
PCF Group S.A. terminated two revolving credit agreements with Bank Pekao S.A. totaling PLN 30 million and EUR 4.426 million, effective September 2024, without having utilized any of the credit.
The company signed a short-term executive agreement on January 30, 2024, with Square Enix Limited to continue development on Project Gemini, following the expiration of the previous agreement, to finalize strategic discussions.
PCF Group S.A. faces significant revenue concentration risk, with ongoing production and publishing agreements for Project Gemini (Square Enix Limited), Project Maverick (Microsoft Corporation), and Project Echo (Krafton Inc.).

Review Report of the Condensed Interim Consolidated Financial Statement: 2024

The review confirms that the condensed interim consolidated financial statements of PCF Group Spółka Akcyjna, prepared for the period ending 30 June 2024 and presented in accordance with International Financial Reporting Standard 34, appear to have been prepared without material misstatement. The audit was performed under Polish National Standard 2410, equivalent to the International Standard on Review Engagements, and involved inquiry procedures, analytical reviews, and other review activities directed at financial and accounting personnel. The scope of the engagement is limited to a reasonable assurance that no material issues have been identified, and therefore an audit opinion was not expressed.

Key disclosures highlighted in the management’s notes include significant uncertainty regarding the Group’s ability to continue as a going concern. Management has undertaken actions to secure additional financing to support its strategy of developing and publishing proprietary games, though the outcome remains uncertain. The review notes that no modifications were made to the auditor’s conclusions regarding this matter.

Another focus of the notes is the Group’s intangible assets related to work in progress on new games, valued at PLN 165,284 thousand as of 30 June 2024. Management asserts that these assets meet IAS 38 criteria for capitalization, contingent on the availability of sufficient financial resources. A five‑year cash‑flow forecast underpins this valuation, but the auditor cautions that its feasibility depends on future events that are not guaranteed.

The review covers the Polish market, specifically PCF Group’s operations in Warsaw and its consolidated entities. No audit procedures beyond the review scope were performed, and no assurance is provided that all material matters have been disclosed.

PCF Group faces significant uncertainty regarding its ability to continue as a going concern, with management currently seeking additional financing to sustain its proprietary game development strategy.
As of 30 June 2024, the Group holds PLN 165,284 thousand in intangible assets related to work-in-progress game projects.
The valuation of the Group's intangible assets is supported by a five-year cash-flow forecast, though the auditor warns that the feasibility of these projections depends on uncertain future events.
Management asserts that its capitalized work-in-progress assets meet IAS 38 criteria, provided the company maintains sufficient financial resources to complete development.
The interim financial statements for the period ending 30 June 2024 were reviewed under Polish National Standard 2410 and appear to be free of material misstatement.

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