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2014 Annual Report

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.

game-publishing global

Square Enix

Report

2023 Annual Report

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.

market-analysis global game-publishing

Square Enix

Report

2016 Annual Report

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.

game-publishing global mergers-acquisitions+1

Square Enix

Report

Corporate Data: August 2025

Corporate Data as of August 31, 2025 outlines the structure and financial standing of Square Enix Holdings Group. The parent company, established in 1975, reports consolidated common stock of ¥24 039 million and employs 4 604 full‑time staff as of March 31, 2025. The group’s core activities span digital entertainment, amusement, publication, and merchandising, with full voting control across all subsidiaries. Key subsidiaries include Square Enix Co., Ltd. (established 2008) with ¥1 500 million in common stock, and TAITO Corporation (established 2009) holding ¥50 million. The AI & ARTS Alchemy Co., Ltd. (established 2020) focuses on research and development in AI, computer graphics, and art. Regional holding entities—Square Enix of America Holdings Inc. (established 2006) and Square Enix Ltd. in the UK (established 1998)—maintain 100 % voting rights over North American and European operations, respectively. Square Enix (China) Co., Ltd. (established 2005) and Huang Long Co., Ltd. (established 2005) manage digital entertainment in China, while Square Enix Pvt. Ltd. (established 2012) handles promotion and publishing in India. The data covers Japan, North America, Europe, China, and India, reflecting a global footprint. No survey methodology is disclosed; figures derive from consolidated financial statements as of the stated dates. The report confirms complete ownership and voting control across all listed entities, underscoring Square Enix’s unified governance structure.

game-publishing employment japan

Square Enix

Report

Annual Report 2025: Review of Operations

The annual review outlines Square Enix Group’s fiscal 2025 performance, emphasizing continued efforts to strengthen competitiveness across Digital Entertainment, Amusement, Publication, and Merchandising segments. Net sales fell 8.9 % to ¥324.5 billion, yet operating income rose 24.6 % to ¥40.6 billion, and profit attributable to owners surged 63.7 % to ¥24.4 billion, reflecting improved profitability margins. Digital Entertainment sales declined 16.8 % to ¥206.5 billion, but operating income increased 33 % to ¥33.9 billion. The HD Game sub‑segment saw lower sales from new titles but benefited from reduced amortization and advertising costs, while the MMO sub‑segment grew with the launch of “FINAL FANTASY XIV: Dawntrail.” Games for Smart Devices/PC Browser sales fell due to weaker existing titles. Amusement sales rose 15.7 % to ¥71.2 billion, with operating income up 3.7 %. Publication sales dipped 1.1 % to ¥30.8 billion, with operating income down 8.4 %, partly because of a decline in “The Apothecary Diaries” after its anime adaptation. Merchandising sales increased 0.8 % to ¥19.1 billion, and operating income grew 7.2 % to ¥6.1 billion, driven by strong sales of new IP‑based merchandise. Geographically the report focuses on Japan and global markets, covering a full fiscal year ending March 31 2025. Data derive from consolidated financial statements and segment performance analyses, with no external survey methodology noted. The report highlights strategic shifts toward cost control and IP monetization to offset declining sales in certain sub‑segments.

market-analysis investment game-publishing+2

Square Enix

Report

Dragon Quest: Reimagined

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.

market-analysis game-publishing console+2

Square Enix

Report

Financial Highlights: Fiscal Years Ended March 31

Financial highlights for Square Enix Holdings and its consolidated subsidiaries cover fiscal years ending March 31 from 2021 through 2025, with data presented in Japanese yen and converted to U.S. dollars using the March 31, 2025 exchange rate of ¥149.52 per dollar. Net sales rose from ¥332.5 billion in 2021 to a peak of ¥365.3 billion in 2022, then declined to ¥343.3 billion in 2023 and rebounded slightly to ¥356.3 billion in 2024 before falling again to ¥324.5 billion in 2025. Operating income followed a similar pattern, peaking at ¥59.3 billion in 2022 and dropping to ¥32.6 billion in 2024, with a projected recovery to ¥40.6 billion in 2025. Ordinary income mirrored operating results, with a high of ¥70.7 billion in 2022 and a projected ¥40.9 billion in 2025. Profit attributable to owners of parent fluctuated, reaching ¥51.0 billion in 2022 and projected to be ¥24.4 billion in 2025. Total assets increased steadily from ¥336.1 billion in 2021 to ¥410.9 billion in 2024, while total net assets grew from ¥243.3 billion to ¥336.4 billion over the same period. Return on equity (ROE) peaked at 19.4 % in 2022, declined to 15.9 % in 2023, and is projected to fall further to 7.5 % in 2025. Operating income margins ranged from a high of 16.2 % in 2022 to a low of 9.1 % in 2024, with ordinary income margins fluctuating between 10.0 % and 12.6 %. Equity ratios improved from 72.1 % in 2021 to a projected 80.7 % in 2025, indicating strengthening capital structure. These figures illustrate a period of revenue growth followed by volatility in profitability and a gradual tightening of equity ratios as the company navigates market conditions.

market-analysis investment japan+1

Square Enix

Report

Omówienie Wyników Finansowych: Q2 2021

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.

market-analysis investment global+2

PCF Group

Report

Internal Division of Tasks and Responsibilities

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.

employment europe investment

PCF Group

Report

Information on the State of Application of Principles Contained in the Best Practices for GPW Listed Companies 2021: Poland

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.

investment europe

PCF Group

Report

Information on Processing of Personal Data: Shareholders of PCF Group S.A.

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.

employment europe

PCF Group

Report

Krajowy Rejestr Sądowy: People Can Fly

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.

market-analysis europe

PCF Group

Report

Wyniki Finansowe 2022

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.

market-analysis investment europe

PCF Group

Report

Omówienie Wyników Finansowych 2021

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.

market-analysis investment pc+1

PCF Group

Report

Prezentacja Wyników Finansowych Q2 2022

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.

market-analysis investment europe

PCF Group

Report

Wyniki Finansowe 1H23: PCF Group S.A.

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.

market-analysis investment europe

PCF Group

Report

Results: What's Next - Focus on Cash Flow

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.

game-development game-publishing vr+3

PCF Group

Report

Wyniki Finansowe 2023: PCF Group S.A.

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.

investment market-analysis europe

PCF Group

Report

Wyniki Finansowe 1H24: Polska

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.

market-analysis investment pc+1

PCF Group

2014 Annual Report

2023 Annual Report

2016 Annual Report

Corporate Data: August 2025

Annual Report 2025: Review of Operations

Dragon Quest: Reimagined

Financial Highlights: Fiscal Years Ended March 31

Omówienie Wyników Finansowych: Q2 2021

2025 Annual Report

Internal Division of Tasks and Responsibilities

Information on the State of Application of Principles Contained in the Best Practices for GPW Listed Companies 2021: Poland

Information on Processing of Personal Data: Shareholders of PCF Group S.A.

Krajowy Rejestr Sądowy: People Can Fly

Wyniki Finansowe 2022

Omówienie Wyników Finansowych 2021

Prezentacja Wyników Finansowych Q2 2022

Wyniki Finansowe 1H23: PCF Group S.A.

Results: What's Next - Focus on Cash Flow

Wyniki Finansowe 2023: PCF Group S.A.

Wyniki Finansowe 1H24: Polska