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Investment

Board Announcement — 11 bit studios S.A. Convening Ordinary General Meeting (2013)

The Management Board of 11 bit studios S.A., headquartered in Warsaw, issued a formal notice on May 24, 2013, convening an Ordinary General Meeting of Shareholders scheduled for June 20, 2013. The primary purpose of the meeting is to conduct standard year-end corporate governance activities for the 2012 fiscal year. The agenda includes the review and approval of the Management Board's activity report and the financial statements for 2012, the adoption of a resolution regarding the distribution of profits, and the granting of discharge to members of both the Management Board and the Supervisory Board for their performance during the period. Beyond financial approvals, the meeting is tasked with several structural governance decisions. These include determining the number of members for the Supervisory Board, appointing those members, selecting a Chairperson for the Board, and establishing their remuneration. The document outlines a total of 2,217,199 outstanding shares across Series A through E, each carrying one vote, representing the total voting power available at the assembly. The scope of the announcement is strictly focused on the Polish legal framework, specifically citing the Commercial Companies Code. Participation is restricted to shareholders of record as of June 4, 2013. The document details rigorous administrative procedures for shareholder participation, including the requirements for powers of attorney, the submission of draft resolutions by those holding at least five percent of share capital, and the verification of identity through official registries or identity documents. Notably, the company’s articles of association at this time did not permit electronic participation or voting; all voting and speech were required to take place in person at the Warsaw headquarters, though communication regarding proxies and documentation could be handled via PDF and email.

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11 bit studiosMay 2013

Legal

Notarial Deed (Repertorium A) — Share Capital Amendment Series E

This notarial deed, executed on July 31, 2012, in Warsaw, documents the formal declaration by the management board of 11 bit studios S.A. regarding a share capital increase. The primary purpose of the instrument is to finalize the results of a private subscription for Series E shares, as authorized by a general meeting resolution passed on June 22, 2012. The proceedings were overseen by notary associate Iwona Mieloch and involved the company’s key leadership, including Grzegorz Miechowski, Bartosz Brzostek, Przemysław Marszał, and Michał Drozdowski. The findings confirm that the company successfully concluded six subscription agreements by the July 27, 2012, deadline. While the initial resolution allowed for the issuance of up to 400,000 shares, the final subscription resulted in the issuance of 305,500 Series E ordinary bearer shares with a nominal value of 0.10 PLN each. Consequently, the share capital was increased by 30,550.00 PLN, bringing the total share capital of 11 bit studios S.A. to 221,719.90 PLN. The scope of the document includes a detailed breakdown of the company’s revised share structure, which now comprises Series A, B, C, D, and the newly issued Series E shares. The deed also records the necessary amendments to Paragraph 4 of the Company’s Articles of Association to reflect this new capital valuation. This administrative action was conducted under the Polish Code of Commercial Companies, specifically citing articles related to the determination of share capital following a successful subscription. The document concludes with the settlement of notarial fees and taxes, noting that civil law transaction tax had been previously collected during the initial June resolution.

investment mergers-acquisitions poland

Kancelaria NotarialnaJul 2012

Legal

Resolutions Adopted by the Ordinary General Meeting of Shareholders of 11 bit studios S.A. on June 22, 2012

The Ordinary General Meeting of 11 bit studios S.A., held on June 22, 2012, established a strategic framework for the company’s financial recovery and future expansion following the 2011 fiscal year. During this period, the company reported a net profit of 1,292,777.32 PLN, which shareholders elected to retain for the purpose of offsetting historical losses and bolstering supplementary capital. To further fuel development, the company authorized a significant capital increase through the issuance of up to 400,000 Series E shares via private subscription. These shares, priced at a minimum of 9.00 PLN each, were designated for dematerialization and subsequent listing on the Warsaw Stock Exchange’s NewConnect alternative trading system. Beyond immediate financial restructuring, the company formalized a broad operational scope and a rigid corporate governance hierarchy. The updated Articles of Association expanded the business profile to encompass software development, game publishing, and the production of electronic equipment. Governance is structured around a Management Board and a Supervisory Board consisting of three to five members, with specific qualified majorities required for fundamental changes to the company’s business profile or share redemption. The long-term fiscal stability of the firm is supported by a mandate to allocate at least 8% of annual net profits to supplementary capital until that reserve reaches one-third of the total share capital. By the conclusion of these proceedings, the total share capital was set to reach a maximum of 231,169.90 PLN, divided across five share series. These measures collectively transition the company from a recovery phase into a structured growth phase, supported by both public market integration and internal capital preservation policies.

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11 bit studiosJun 2012

Legal

Announcement of the Management Board 11 Bit Studios S.A.

The Management Board of 11 bit studios S.A., headquartered in Warsaw, issued a formal notice on May 25, 2012, convening an Ordinary General Meeting of Shareholders scheduled for June 22, 2012. The primary purpose of the meeting is to conduct standard annual corporate governance tasks and address specific capital restructuring initiatives. As of the announcement date, the company’s share capital consisted of 1,911,699 shares, each corresponding to one vote. The agenda includes the review and approval of the Management Board's report on 2011 activities and the financial statements for the 2011 fiscal year. Shareholders will vote on the distribution of 2011 profits and grant discharge to members of both the Management Board and the Supervisory Board for their performance. Critically, the meeting will address a resolution to increase the company's share capital through the private subscription of Series E shares, involving the exclusion of existing shareholders' pre-emptive rights. Furthermore, the board seeks approval to apply for the introduction of these Series E shares into the Alternative Trading System managed by the Warsaw Stock Exchange and to proceed with their dematerialization. The document outlines strict procedural requirements for participation, noting that the registration date for the meeting is June 6, 2012. Shareholders representing at least one-twentieth of the share capital maintain the right to request additions to the agenda or submit draft resolutions. While the company allows for the electronic notification of proxies and the submission of documents in PDF format, the company’s statutes do not currently permit participation, speech, or voting via electronic communication means during the meeting itself. All proceedings are governed by the Polish Commercial Companies Code.

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11 bit studiosMay 2012

Legal

Notarial Deed (Repertorium A 213/2012) — Share Capital Amendment Series D

This notarized deed, recorded on January 9, 2012, in Warsaw, documents the formal declaration by the management board of 11 bit studios S.A. regarding a capital increase and subsequent amendment to the company’s articles of association. Represented by Grzegorz Miechowski, Bartosz Brzostek, Michał Drozdowski, and Przemysław Marszał, the board acted upon the authority granted by a November 2011 Extraordinary General Meeting. The primary purpose of the action was to finalize the issuance of Series D shares through a private subscription that excluded existing shareholders' preemptive rights. The findings confirm that while the company was authorized to issue up to 500,000 Series D shares to raise the share capital to a maximum of 237,076.10 PLN, the actual subscription resulted in the issuance of 40,938 shares. These shares have a nominal value of 0.10 PLN each, representing a total capital increase of 4,093.80 PLN. Consequently, the board formally redefined the total share capital of 11 bit studios S.A. as 191,169.90 PLN, divided into 1,911,699 total shares across Series A, B, C, and D. The scope of the document is limited to the corporate governance and capital structure of the Polish game development studio at the beginning of 2012. It details the specific composition of the share capital, noting that Series A consists of 1,000,000 shares, Series B of 494,200 shares, and Series C of 376,561 shares. The methodology involves a formal legal declaration under the Polish Code of Commercial Companies, specifically citing articles related to the board's power to determine the final amount of a capital increase after a subscription period ends.

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Kancelaria Notarialna Piotr SicinskiJan 2012

Legal

Resolution No. 01/11/2011 of the Extraordinary General Meeting of 11 bit studios

The proposed expansion of 11 bit studios in late 2011 centers on a strategic increase in share capital to accelerate internal development and market competitiveness. By issuing up to 500,000 Series D ordinary bearer shares, the company aims to raise its share capital from 187,076.10 PLN to a maximum of 237,076.10 PLN. This capital hike is structured as a private subscription that intentionally waives the pre-emptive rights of existing shareholders. This approach is designed to attract institutional investors who can provide not only the necessary financial liquidity but also specialized industry expertise to support the company’s long-term growth objectives. The primary objective of this fundraising effort is the establishment of a third internal development team. The resulting capital will cover the initial production costs of new software projects and fund aggressive marketing campaigns intended to solidify the company’s standing within the global gaming market. To facilitate this growth, the management is authorized to pursue the dematerialization of these new shares and seek their admission to the New Connect Alternative Trading System on the Warsaw Stock Exchange. This move aligns with the company’s broader operational framework, which encompasses game publishing, software development, and film production. Structurally, the company maintains a governance model consisting of a General Meeting, a Supervisory Board, and a Management Board, each operating on three-year terms. Financial stability is reinforced by a mandate to allocate at least 8% of annual profits to supplementary capital until it reaches one-third of the total share capital. By integrating these financial and operational strategies, the company seeks to transition into a more robust phase of production, leveraging external investment to scale its creative output and distribution capabilities within the digital entertainment industry.

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11 bit studiosNov 2011

Legal

Resolutions Adopted by the Extraordinary General Meeting — 11 bit studios S.A. (November 2011)

On November 10, 2011, 11 bit studios S.A. enacted a strategic capital restructuring aimed at fueling business development through a private issuance of up to 500,000 Series D shares. This move increased the company's share capital from 187,076.10 PLN to a maximum of 237,076.10 PLN, with a nominal value of 0.10 PLN per share. Shareholders unanimously approved the waiver of pre-emptive rights to facilitate this expansion and authorized the dematerialization and subsequent listing of the new shares on the NewConnect Alternative Trading System. The corporate framework supports a broad operational mandate centered on video game publishing and software development, while also encompassing hardware production and various media activities. To accommodate this growth, the company adopted a unified text for its Articles of Association, formalizing a governance structure that includes a General Meeting, a Supervisory Board, and a Management Board. This structure ensures clear oversight and operational continuity, particularly through the establishment of three-year joint terms for Management Board members. Governance protocols require dual representation for multi-person boards, necessitating the signatures of two members or one member alongside a proxy for legal validity. These resolutions, passed with 45.48% of the share capital represented, solidify the legal and financial foundation necessary for the firm to scale its operations within the Polish technology and gaming sectors. By aligning its fiscal year with the calendar year and streamlining its internal bylaws, the organization established a transparent regulatory environment for its transition into a more robust publicly traded entity.

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11 bit studiosNov 2011

Legal

Conclusion of Subscription of Ordinary Shares for Series D

This corporate notification details the successful conclusion of a private subscription for Series D ordinary bearer shares by 11 bit studios S.A. The primary objective of the issuance was to increase the company's share capital through a private placement, which excluded pre-emptive rights for existing shareholders. The subscription period officially commenced on December 5, 2011, and concluded ahead of schedule on December 23, 2011, following the execution of the final share subscription agreements. The offering was targeted at a specific group of 64 potential investors, with 10 investors ultimately entering into agreements to acquire the shares. While the company initially authorized the issuance of up to 500,000 shares, the final subscription resulted in the placement of 40,938 shares. Each share, carrying a nominal value of 0.10 PLN, was issued at an emission price of 9.00 PLN. Because the process was conducted as a private subscription, no formal share allotment reduction was necessary. Financial data indicates that the total costs associated with the Series D issuance amounted to 46,722 PLN. This figure includes 41,722 PLN for offer preparation and notary fees, and 5,000 PLN for advisory services and the preparation of information documents. No costs were incurred for underwriting or promotion. Accounting for these expenses follows standard Polish accounting regulations, where costs are initially recorded as prepayments and subsequently settled against supplementary capital following the formal registration of the capital increase. This issuance reflects the company's early-stage financing activities within the Polish capital market framework.

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11 bit studiosNov 2011

Legal

Minutes of the Ordinary General Meeting — 11 bit studios S.A. (June 2011)

This notarial deed records the proceedings and resolutions of the Ordinary General Meeting of 11 bit studios S.A., held on June 30, 2011, in Warsaw. The primary purpose of the meeting was to conduct standard annual corporate governance tasks, including the review of the company’s initial operational period from its inception on December 7, 2009, through the end of the 2010 fiscal year. The meeting was attended by five shareholders representing 1,240,578 shares, which accounted for 66.31% of the company’s total share capital. Key financial findings disclosed during the session indicate that the company closed the 2010 fiscal year with a net loss of 231,199.53 PLN. The total balance sheet value as of December 31, 2010, was reported at 1,352,359.17 PLN. Shareholders formally approved the Management Board's report and the financial statements, subsequently passing a resolution to cover the accumulated loss using future profits. The assembly also focused on administrative and leadership oversight. Shareholders unanimously granted discharge (absolutorium) to all members of the Management Board—Grzegorz Miechowski, Bartosz Brzostek, Michał Drozdowski, and Przemysław Marszał—and the Supervisory Board for the performance of their duties during the 2010 period. Voting for these discharges was conducted via secret ballot, with relevant board members abstaining from votes concerning their own conduct as required by the Commercial Companies Code. The document concludes with the formal closing of the meeting after all agenda items, including the election of the Scrutiny Committee and the Chairman, were resolved without opposition.

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11 bit studiosJun 2011

Report

Financial Highlights: 3rd Quarter of the Fiscal Year Ending March 2013

Financial highlights for the third quarter of fiscal year 2012 demonstrate robust growth across Tecmo Koei Holdings’ core segments. Net sales rose to ¥35,525 million from ¥32,081 million in the prior year, a 6.5% increase that exceeded the forecasted 9.8%. Gross profit climbed to ¥13,489 million, up 11.8% year‑on‑year, while operating income surged to ¥5,758 million, a 38.3% rise driven largely by the Game Software segment, which contributed ¥4,797 million in operating profit—an 83.6% jump from the previous year’s ¥2,336 million. Online & Mobile sales increased modestly to ¥5,635 million, though operating income in that segment fell 44.2% to ¥1,034 million due to higher marketing costs. Media & Rights experienced a 98% increase in operating income, moving from a loss of ¥109 million to a profit of ¥157 million. Pachislot & Pachinko and Amusement Facilities also posted gains, with operating incomes of ¥551 million (84.0% increase) and ¥128 million (15.6% increase), respectively. Net income for the quarter reached ¥4,640 million, a 291.7% increase over the prior year’s ¥666 million, reflecting higher operating margins and favorable tax treatment. The company’s balance sheet strengthened, with total assets rising to ¥59,921 million and shareholders’ equity increasing to ¥79,070 million. Current assets grew from ¥25,836 million to ¥22,033 million, while current liabilities fell from ¥9,220 million to ¥5,691 million, improving liquidity. Investment securities expanded significantly, contributing to the asset growth. The report covers Japan‑based operations for FY2012, with data presented in millions of yen. Key metrics are derived from consolidated financial statements and segment reporting, offering a comprehensive view of performance trends across gaming software, online/mobile, media rights, and amusement sectors.

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Koei Tecmo

Report

Lista Proponowanych Zmian w Statucie Spółki: PCF Group S.A.

The proposed amendments aim to modernize and streamline the governance framework of PCF Group S.A., a Warsaw‑based company. Key changes focus on board composition, appointment procedures, and shareholder rights. The revised § 13 eliminates the former special voting rights of a single shareholder (SW) and replaces them with a uniform board appointment system governed solely by the supervisory board, which may designate at least one president or vice‑president. Board decisions now rely on simple majority voting, with the president’s vote decisive in ties, and representation rules are clarified for single‑member versus multi‑member boards. Compensation provisions remain but now allow separate remuneration contracts for advisory or game‑development services. Section 14 expands the board’s regulatory scope, adding a requirement for supervisory board approval of commitments exceeding 10 % of the company’s equity capital and for full intellectual‑property transfer of games. § 16 consolidates supervisory board appointments, removing the former group‑shareholder voting rights and establishing that all members are appointed by general meetings. The amendment to § 18 simplifies the audit committee’s composition, retaining independence criteria but dropping the explicit requirement for a shareholder‑appointed member. Finally, § 21 refines the process for filling vacancies in the supervisory board through co‑optation and clarifies the timing of approvals. Collectively, these changes reduce special shareholder influence, clarify decision‑making thresholds, and align governance practices with contemporary corporate standards. The amendments apply to the company’s Polish jurisdiction and affect all corporate governance segments, including board structure, supervisory oversight, and shareholder participation.

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PCF Group

Report

Visibility Should Mean "Risk On"

Jan van Eck | Chief Executive Officer VanEck’s Macro Investing Philosophy Access • Government Spending (Fiscal) Opportunities • Monetary Policy – Affects Inflation and Interest Rates • What’s Different From Other Macro Approaches? − Historical perspective: Change can be rapid and dramatic, broad range of outcome scenarios − Longer-term – Focus on big trends, higher conviction if multi-decade extremes − Global context – not U.S.

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VanEck

Report

First Half 2023/24 Sales: Nacon Financial Results

Nacon reported consolidated sales of €70.8 million for the first half of its 2023/24 financial year, a decline of 8.7 % compared with €77.5 million in the same period a year earlier. Sales fell across all segments: gaming revenue dropped 5.7 % to €44.3 million, catalogue sales fell 9.0 % to €23.1 million, back‑catalogue sales slipped 1.8 % to €21.2 million, and accessories revenue fell 12.7 % to €24.9 million. Mobile and audio sales also contracted by 21.5 %. The first quarter saw a sharper decline (9.3 %) than the second quarter (8.0 %), reflecting a high base from 2022/23 and limited new releases in the latter half of the year. Despite the downturn, Nacon highlighted a rebound in back‑catalogue sales and an upturn in accessories driven by new console installations and strong headset performance, particularly in the United States. The company’s release calendar for the third quarter includes high‑profile titles such as *Astérix & Obelix: Heroes*, *Cricket 24*, and *Robocop: Rogue City*, all of which have generated strong pre‑sales. Upcoming accessories, notably the Revolution 5 Pro controller and RIG 600 PRO headset, are expected to contribute further growth. Nacon maintains its 2023/24 guidance, projecting robust sales and operating income in the second half of the year. The company’s integrated structure—combining 16 development studios, AA publishing, and premium peripheral design—supports its strategy to capitalize on new releases and accessory demand across 100 countries.

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Nacon

Report

FY2025 Third Quarter Financial Highlights: Japan

The FY2025 third‑quarter financial highlights for Koei Tecmo Holdings detail a modest decline in core operating metrics while comprehensive income rises sharply. Net sales for the nine months ended December 31, 2025 fell 1.6% to ¥51,729 million from ¥52,570 million in the prior year. Operating profit slipped 3.3% to ¥14,571 million, and ordinary profit decreased 6.2% to ¥31,099 million. Despite these contractions, comprehensive income surged 52.0% year‑on‑year to ¥56,359 million, driven by significant gains in non‑operating items such as interest income and foreign exchange gains. Basic earnings per share declined slightly to ¥73.84 from ¥79.67, reflecting a higher weighted‑average share count due to treasury share disposals and secondary offerings. Total assets expanded from ¥209,828 million at March 31, 2025 to ¥311,492 million by December 31, 2025, largely through increases in investment securities and property, plant, and equipment. Net assets rose to ¥258,716 million, with the equity‑to‑asset ratio improving to 82.8% from 89.9%. Treasury shares reduced dramatically, lowering the average number of outstanding shares to 322 million from 315 million. Dividend policy remains unchanged, with a forecast of ¥43.00 per share for the fiscal year ending March 31, 2026, and no revisions to cash dividend forecasts. The report covers Japan‑based operations for FY 2025, presenting consolidated quarterly financial statements without significant changes in consolidation scope or accounting policies.

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Koei Tecmo

Report

1Q FY Sep. 2026 Financial Results Presentation

Financial Results Presentation Notes:This document is a translated version for reference purposes only. Therefore, any discrepancy may occur with the Japanese original version. Please refer to the Japanese version if you find anything unclear. COLOPL, Inc. takes no responsibility for any problems of translation. Please refer to the Japanese version if you find anything unclear. COLOPL, Inc. takes no responsibility for any problems of translation.

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COLOPL

Report

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016: Japan

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 Stock exchange listing: Tokyo Stock Exchange Representative: Hiroki Morita, President Inquiries: Yasuhiro Ogino, Director and Executive General Manager, Administrative Headquarters Scheduled date of Ordinary General Meeting of Shareholders: June 28, 2016 Scheduled date of commencing dividend payments: June 8, 2016 Scheduled date of filing quarterly securities report: June 29, 2016 Availability of supplementary briefing mater...

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mixi

Report

Games from 11 bit studios’ Publishing Portfolio Approaching Release: Q1 2023

11 bit studios’ first‑quarter 2023 financials show a revenue of PLN 14.8 million, EBITDA of PLN 3.0 million and net profit exceeding PLN 2.46 million, slightly below the same period in 2022 but still above internal forecasts. The decline is partly attributed to a high‑base effect from the previous year’s exceptional sales of *This War of Mine* during February–March 2022, when the company donated weekly proceeds to the Ukrainian Red Cross. The current quarter’s profit was also influenced by revenue from the board‑game version of *Frostpunk* and a revaluation gain on an equity stake in Starward Industries, which owns *The Invincible*. Investment in development rose 28.2 % year‑on‑year to PLN 12.14 million, reflecting a strategy of increasing spend on both proprietary and third‑party titles as release dates approach. The publishing pipeline for 2023 includes *The Invincible* and *The Thaumaturge*, developed by Fool’s Theory, with promotional campaigns boosting their Steam wishlist rankings. The company anticipates that these releases will significantly lift 2023 financial results, supported by ongoing monetisation of established titles such as *Frostpunk* and *This War of Mine*. Long‑term growth is expected to hinge on upcoming proprietary projects—*Frostpunk 2*, *The Alters*, and an unnamed “Project 8”—all slated for launch by the end of 2025. The company’s cash cushion and solid Q1 performance underpin its focus on expanding both its own development slate and publishing portfolio across the global video‑game market.

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11 bit studios

Report

Quarterly Report: 11 bit studios Q1 2025

QUARTERLY REPORT OF 11 BIT STUDIOS FOR THE THREE MONTHS ENDED 31 MARCH DEAR SHAREHOLDERS AND INVESTORS, It is our pleasure to present to you the quarterly technical quality, balanced gameplay, and, of report of 11 bit studios S.A. for the three months course, a lot of excitement and entertainment. In ended 31 March 2025.

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11 bit studios

Report

Correction of the Annual Report for 2024

The notice issued by the Management Board of 11 bit studios S.A. announces a correction to its 2024 Annual Report, filed on April 23 2025 in Warsaw. The amendment concerns only the presentation of write‑offs related to the discontinued game “Project 8” and the impairment of assets for “The Thaumaturge” and “Creatures of Ava” within the cash‑flow statement. No other financial figures or statements are affected, and the correction does not alter the overall content of the 2024 Annual Report. The company has acted at the request of its auditor, Grant Thornton Polska Prosta spółka akcyjna, and will submit the revised report along with the auditor’s opinion on the 2024 financial statements. The correction is governed by Article 56.1.2 of the Public Offering Act, which mandates current and periodic disclosure. The communication is signed by Przemysław Marszał, President of the Management Board, and Grzegorz Miechowski, a board member. The notice serves to maintain transparency for shareholders and regulators by ensuring that the cash‑flow presentation accurately reflects asset write‑offs, while confirming that all other financial data for 2024 remain unchanged.

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11 bit studios

Report

FY2018 4Q Financial Results Presentation

The presentation outlines Wright Flyer Live Entertainment’s FY2018 financial performance and strategic outlook. Net sales for the fiscal year reached 77.9 billion yen, with operating income of 9.4 billion yen, reflecting year‑on‑year growth driven by strengthened operations of existing mobile titles and successful overseas expansion. Q4 results showed 19 billion yen in sales and 1.6 billion yen in operating income, with a modest quarter‑on‑quarter increase attributed to new title launches and advertising investment. Operating margin declined due to significant capital expenditures and goodwill impairment losses linked to the 2017 acquisition of Three Minutes, which did not meet projected growth rates. The company’s three‑pillar earnings strategy—game development, advertising and media, and live entertainment—is reinforced through aggressive investment. In gaming, the focus is on global rollout of mobile IPs such as “Another Eden,” “SINoALICE,” and “DanMachi,” with plans to release 4–5 new titles annually. Advertising and media efforts aim to build a leading vertical portfolio in Japan, while the live entertainment arm, launched via a new subsidiary, seeks to expand the VTuber ecosystem with a 10 billion yen investment. Geographically, operations span Japan and overseas markets including North America, Europe, East Asia, and China. Methodologically, the presentation relies on internal financial data, quarterly forecasts, and strategic planning documents, with a 20 % dividend payout ratio and a commemorative dividend of 10 yen per share for the company’s tenth anniversary.

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GREE