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Europe

Annual Consolidated Financial Statement: 2020

ZAKONCZONY 31 GRUDNIA 2020 ROKU SKONSOLIDOWANE SPRAWOZDANIE Z SYTUACJI FINANSOWEJ .......................................................... 3 SKONSOLIDOWANE SPRAWOZDANIE Z WYNIKU ...................................................................................... SKONSOLIDOWANE SPRAWOZDANIE Z WYNIKU I POZOSTAŁYCH CAŁKOWITYCH DOCHODÓW ...... 6 SKONSOLIDOWANE ZESTAWIENIE ZMIAN W KAPITALE WŁASNYM .......................................................

investment europe

PCF Group

Annual Report: 11 Bit Studios S.A. 2024

ANNUAL REPORT OF 11 BIT STUDIOS S.A. FOR 2024 (all amounts in PLN unless stated otherwise) DEAR SHAREHOLDERS AND INVESTORS, It is with great pleasure that we present to you our Annual Report for 2024. During this period, 11 bit studios S.A. generated revenue of PLN 140.54 million, marking a 168.9% increase year on year and representing an all-time record for the Company.

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11 bit studios

Interim Financial Report: Nine Months Ended September 30th 2018

These interim condensed financial statements have been prepared on a historical cost basis. They do not include all information and disclosures required in full-year financial statements and should be read in conjunction with the Company's full-year financial statements for 2017, including notes, for the period of 12 months ended December 31st 2017, prepared in accordance with the IFRS as endorsed by the EU.

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11 bit studios

Skonsolidowany raport kwartalny: Q3 2024

WARSZAWA | 26 LISTOPADA 2024 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) PEOPLE ZAKOCZONY 30 WRZENIA 2024 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.09.2024 r. 31.12.2023 r. 30.09.2024 r. 31.12.2023 r.

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PCF Group

Professional Curriculum Vitae: Piotr Sulima

Piotr Sulima’s professional trajectory spans academia, consulting, and business development across Poland and internationally. He holds a PhD in Management from the Warsaw School of Economics (2010‑present) and an MBA, complemented by a master’s degree from the University of Illinois at Urbana‑Champaign (2009‑2010). Earlier academic credentials include a master’s in International Relations from the University of Warsaw (1995‑1999) and postgraduate managerial studies at the Warsaw School of Economics (2001‑2007). Professionally, Sulima has led growth initiatives for several firms. From 2012 onward he owns Dyna Consulting, a boutique advisory agency executing national and mid‑regional projects. Between 2008 and 2012 he served as Business Development Director at Chronos Consulting Polska, part of the Deloitte Technology Fast 500 EMEA‑listed Coberon‑Chronos Group, where he managed Fortune 500 client engagements. Earlier roles include Business Development Manager at Network Technologies Polska (2007‑2008), Sales Manager positions at Polish News Bulletin Co. and Akces‑Benefit (2004‑2008), and assistant roles at Intercam Co. Ltd. and Curtis Inc. Group (1997‑2001). His language proficiency is fluent English with FCE, CAE, CPE certifications; basic German and Russian. Technical skills cover Windows, Office, Lotus Notes/Domino, Linux Ubuntu, and macOS. Sulima’s extracurricular involvement includes volunteering with a Maltese medical service (2013‑present), vice‑chairmanship of SMT SA’s supervisory board (since 2011), and long‑standing participation in youth, student, and sports organizations. His interests feature motorcycling (Harley Owners Group) and skydiving (Polish Association of Air Sports).

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11 Bit Studios

Raport bieżący nr 5/2020: Wprowadzenie do obrotu akcji i PDA

The report announces the initiation of trading for PCF Group S.A.’s Series A shares and Series B rights on the Warsaw Stock Exchange’s primary market, effective 18 December 2020. The company confirms receipt of the exchange’s resolutions: resolution 992/2020 authorises 27,500,000 Series A shares with a nominal value of PLN 0.02 each, listed under the ticker “PCF”; resolution 993/2020 authorises 2,062,512 Series B rights with the same nominal value, listed under “PCFA”. Both instruments are registered with KDPW and carry ISIN codes PLPCFGR00010 (Series A) and PLPCFGR00036 (Series B). The announcement is issued under the legal framework of §17(1)(4) of the 2018 Ministerial Regulation on ongoing and periodic information from issuers, ensuring compliance with disclosure requirements for non‑EU jurisdictions. Key data points include the exact share and rights quantities, nominal values, ISIN identifiers, ticker symbols, and the precise effective date of market entry. The scope is limited to the Warsaw Stock Exchange’s primary market and pertains solely to PCF Group S.A.’s equity instruments. Methodologically, the report relies on official exchange resolutions and internal corporate communication; no survey or external data sources are cited. The document serves to inform investors and market participants of the new trading instruments, confirming regulatory approval and providing essential identifiers for trade execution.

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PCF Group

Raport Bieżący Nr 20/2023: Ustalenie Liczby Oraz Ceny Emisyjnej Akcji Serii F

The report discloses that PCF Group S.A., following an extraordinary shareholders’ resolution, completed a demand‑building process for its Series F ordinary shares on 1 June 2023. The company will offer a total of 3,343,037 Series F shares to investors, with 3,342,937 of those directed specifically to Krafton, Inc. under a prior investment agreement. The emission price is set uniformly at 40.20 PLN per share for all investors, including Krafton. The disclosure is limited to informational purposes only and does not constitute an offer or promotion of the shares. It applies exclusively within the European Economic Area, the United Kingdom, and other jurisdictions where such distribution is permitted to qualified or professional investors. The document contains extensive legal caveats, including restrictions on publication and distribution in the United States, Australia, Canada, Japan, South Africa, and other territories where securities law would prohibit such disclosure. It also clarifies that the shares are not registered under U.S. securities law and cannot be offered or sold in those jurisdictions without exemption. The report outlines the regulatory framework governing the issuance, referencing EU Regulation 2017/1129 and Polish public‑company law. It emphasizes that no prospectus is required and that the information should be used only by eligible investors. The document concludes with standard risk‑disclaimer language, noting that future performance is uncertain and that investors should conduct independent due diligence before making any investment decisions.

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PCF Group

Current Report No. 24/2021: Management Board Recommendation Regarding Profit Distribution for 2020

The report presents the PCF Group S.A. board’s recommendation for distributing 2020 net profit, amounting to PLN 29,095,746.74. The board proposes allocating PLN 5,616,877.28—equivalent to a dividend of PLN 0.19 per share—to shareholders and retaining PLN 23,478,869.46 as a reserve for the company’s capital. Dividend payment is scheduled for 8 July 2021, with the record date set for 30 June 2021. The recommendation aligns with the company’s established dividend policy, targeting a payout ratio of approximately 19.3 % of net profit. The recommendation follows legal requirements under EU Regulation 596/2014 and related directives, ensuring compliance with market abuse provisions. The board’s proposal will be reviewed by the supervisory board and presented to the ordinary general meeting, in accordance with the company’s articles of association and Polish commercial law provisions. This communication is limited to PCF Group S.A., a Warsaw‑based entity, and concerns the fiscal year 2020 only. No additional data sources or survey methodologies are disclosed, as the recommendation is based on the company’s audited financial statements for that year.

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PCF Group

Raport Bieżący Nr 26/2021: Zawarcie Umowy Objęcia Akcji Zwykłych na Okaziciela Serii D

The report announces that on 31 May 2021 the board of PCF Group S.A. entered into an agreement to acquire 387,714 ordinary shares of Series D from Fiducie Familiale Samuel Girardin 2020, a trust based in Montreal. The transaction was executed pursuant to the company’s extraordinary general meeting resolution dated 24 May 2021 and follows earlier interim reports issued on 27 April, 4 May, and 24 May 2021. The purchase price was set at PLN 75.75 per share, resulting in a total consideration of PLN 29,369,335.50 (twenty‑nine million three hundred sixty‑nine thousand three hundred thirty‑five zlotys and fifty groszy). The shares were acquired at the issue price, confirming that the company has fully subscribed the offering. The report states that a separate communication will be issued once the issuance process is complete, providing further details on the finalization of the Series D share offering. The information is provided under EU Regulation 596/2014 on market abuse, ensuring compliance with disclosure obligations for significant share transactions. The report covers the Polish jurisdiction and pertains specifically to PCF Group S.A.’s equity issuance activities within the stated period.

investment funding europe

PCF Group

Interim Financial Report: Nine Months Ended September 30th 2019

These interim condensed financial statements have been prepared on a historical cost basis. They do not include all information and disclosures required in full-year financial statements and should be read in conjunction with the Company's full-year financial statements for 2018, including notes, for the period of 12 months ended December 31st 2018, prepared in accordance with the IFRS as endorsed by the EU.

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11 bit studios

Przyjęcie tekstu jednolitego Statutu Spółki: 11 bit studios

The report announces that the supervisory board of 11 bit studios S.A., a Warsaw‑based company, has adopted a unified text of the company’s statute. The decision was made under the authority granted by paragraph 2 of Resolution No. 19/06/2024, issued at the ordinary general meeting held on 6 June 2024. The unified statute incorporates all amendments introduced by that resolution, and the full text is attached to the report as an annex. The notice serves as a current disclosure required by Article 56(1)(2) of the Offer Act, ensuring that shareholders and other stakeholders receive timely information about changes to the company’s governing documents. The report is signed by Przemysław Marszał, Chairman of the Board, and Grzegorz Miechowski, a board member. No additional data or statistical analysis is provided; the document’s purpose is purely procedural, confirming that the statutory text has been updated and formally adopted by the supervisory board.

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11 bit studios

Interim Financial Report: First Half 2022/23

INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 – NACON SIX MONTHS ENDED 30 SEPTEMBER 2022 SIX MONTHS ENDED 30 SEPTEMBER 2022 TABLE OF CONTENTS 2 1. STATEMENT BY THE PERSON RESPONSIBLE .3 2.

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Nacon

Selection of an Auditor for Financial Statement Review: Poland

The notice announces the appointment of Grant Thornton Polska Prosta spółka akcyjna as the auditor for 11 bit studios S.A.’s financial statements and interim reports covering fiscal years ending 31 December 2024 and 2025. The decision was made by the Board of Directors, following recommendations from the Audit Committee and in accordance with Polish accounting law (Article 56(1)(2) of the Offer Act, §66(4) of the Accounting Act, and relevant provisions of the company’s statute and supervisory board regulations). Grant Thornton is registered with the Polish Audit Supervisory Agency under registration number 4055, confirming its eligibility to conduct audits in Poland. The announcement is dated 17 February 2024 and issued from the company’s Warsaw headquarters on Brzeskiej 2. The Board members named in the communication are President Przemysław Marszał and Director Grzegorz Miechowski. No additional data, methodology, or broader industry context is provided in the brief.

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11 bit studios

Current Report No. 35/2021: Conditional Registration of Series D Bearer Shares

The report announces that on 3 August 2021 the National Securities Depository (KDPW) conditionally registered 387,714 bearer shares of Series D issued by PCF Group S.A., a Warsaw‑based company. Each share carries a nominal value of 0.02 PLN and is identified by the ISIN PLPCFGR00010. The registration is contingent upon the shares being listed on a regulated market, where other PCF Group shares under the same ISIN are already traded. The announcement follows § 17(1)(1) of the Minister of Finance Regulation dated 29 March 2018, which governs ongoing and periodic information disclosures by securities issuers. The company’s board confirms that the conditional registration will be communicated through a KDPW operational notice. This brief communication serves to inform market participants of the impending availability of Series D shares, subject to regulatory listing requirements, thereby ensuring transparency and compliance with Polish securities disclosure obligations.

investment funding europe

PCF Group

Quarterly Report of 11 Bit Studios S.A.: Q1 2019

portfolio of proprietary games) is expected to help stabilise the Company's financial results, which in the video games industry are typically highly volatile. The Company's revenue sources should also be considerably impacted by further development of its publishing division (11 bit publishing), which in 2018, driven primarily by the very successful release of Moonlighter, contributed 18% of the LETTER FROM THE MANAGEMENT BOARD ...

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11 bit studios

Raport Bieżący Nr 41/2021: Informacja o Transakcjach Wykonywanych przez Osoby Pełniące Obowiązki Zarządcze

The report, dated 30 August 2021, informs the public that PCF Group S.A. has received a notification concerning an amendment to a prior disclosure made on 18 August 2021. The original notice detailed the acquisition of company shares by a person exercising managerial duties, specifically the Chairman of the Board. The amendment, communicated on 30 August, updates or corrects information related to that transaction. The report references Article 19(3) of the MAR regulation as its legal basis, indicating compliance with market‑authorisation rules for material disclosures. No additional data such as share quantity, price, or transaction value are provided within the brief; instead, the full amended notification is attached as an annex. The scope of the disclosure is limited to a single corporate entity, PCF Group S.A., and pertains solely to an internal shareholding change by a senior executive. The methodology is straightforward: the company reports changes in accordance with regulatory requirements, submitting the amended notice to the relevant supervisory authority and making it publicly available. The concise nature of the report reflects a routine update rather than an analytical study, focusing on transparency and regulatory compliance for stakeholders.

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PCF Group

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.

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PCF Group

Wyniki Finansowe 3M25

The presentation outlines the financial performance and strategic outlook of PCF Group S.A. for the period up to 31 March 2025, with a focus on its gaming and VR portfolio. Core data show cumulative revenues of PLN 190.4 million, with quarterly figures ranging from PLN 150.1 million in Q2 2023 to PLN 162.2 million in Q4 2024, reflecting a modest upward trend despite occasional dips linked to project launches and market conditions. Net income for the year 2024 is projected at PLN 63.0 million, with an EBITDA of PLN 11.0 million in Q1 2024 and a corrected EBITDA of PLN 10.0 million in Q2 2025, indicating operational profitability but sensitivity to project-specific expenses such as the Bifrost initiative and the Echo project. The group’s portfolio includes flagship titles like “Bulletstorm VR” (released January 2024) and “Green Bison Quest” slated for Q4 2024 on Meta, alongside ongoing VR developments with partners Creepy Jar and People Can Fly. Personnel distribution shows a stable workforce of 756 employees across Warsaw, Montreal, New Castle, Dublin, Katowice, and Rzeszów, with a balanced split between development, back‑office, studio, publishing, QA, and game operations. Geographic coverage spans Europe and North America, with a strategic emphasis on expanding VR offerings in the US market. Methodologically, figures are rounded and derived from internal financial statements; no external survey data is cited. The document serves primarily as an informational update rather than a formal investment recommendation, emphasizing that projections are contingent on management’s assumptions and market variables.

market-analysis investment europe

PCF Group

Powiadomienie o transakcji: Michał Drozdowski

The notification reports a transaction involving Michał Drozdowski, who holds the position of board member at 11 Bit Studios S.A. The transaction is a sale of shares, classified under the financial instrument code PL11BTS00015. On 19 February 2024, Drozdowski sold 1,200 shares at a price of PLN 600 per share on the XWAR – GPW stock market. The total transaction value equals PLN 720,000. This primary notification is filed under Article 19(1) of the MAR regulation and includes all required details such as instrument description, transaction type, price, volume, date, and venue. The report covers a single transaction within the Polish market for the year 2024, providing clear evidence of the board member’s trading activity. No additional data or comparative analysis is presented; the notification serves solely to inform regulators of the disclosed trade.

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11 bit studios

Raport Roczny 11 bit studios: 2022

RAPORT ROCZNY 11 BIT STUDIOS ZA 2022 ROK (wszystkie kwoty podane są w złotych o ile nie podano inaczej) SZANOWNI AKCJONARIUSZE I INWESTORZY Serdecznie zapraszamy Państwa do lektury Raportu rocznego 11 bit studios S.A. za rok 2022. Był to dla nas, z uwagi na trudne otoczenie makroekonomiczne (spowolnienie gospodarcze, wysoka inflacja) i geopolityczne (wojna na Ukrainie), bardzo intensywny, wymagający rok.

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11 bit studios

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