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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.

investment game-development europe

11 bit studios

Report

Terminy publikacji raportów okresowych: PCF Group S.A. 2026

PCF Group S.A. has established its financial reporting schedule for the 2026 fiscal year, ensuring compliance with regulatory requirements for issuers of securities. The primary objective of this disclosure is to provide stakeholders and the investment community with a transparent timeline for the release of audited annual, semi-annual, and quarterly financial statements. This schedule facilitates market predictability and aligns with the company’s obligations under current financial regulations. The reporting calendar begins on April 23, 2026, with the publication of both the standalone and consolidated annual reports for the 2025 fiscal year. Subsequent disclosures include the consolidated quarterly report for the first quarter of 2026 on May 28, 2026, and the consolidated semi-annual report for the first half of 2026 on September 17, 2026. The final scheduled disclosure is the consolidated quarterly report for the third quarter of 2026, set for November 26, 2026. In accordance with specific regulatory exemptions, the company will not publish standalone quarterly or semi-annual reports. Furthermore, the company has opted to forgo the publication of quarterly reports for the fourth quarter of 2025, as well as the second and fourth quarters of 2026. By focusing exclusively on consolidated reporting, the company streamlines its financial communication strategy while maintaining adherence to the disclosure standards mandated for the 2026 reporting period.

investment europe

PCF Group

Report

Annual Report 2017: Shaping the Future of Entertainment

12 International Entertainment 23 Other Group information 26 Financial policies and risk management 28 Governance and responsibilities 33 Internal control report 88 Alternative performance measures Corporate Responsibility and sustainability priorities are covered in MTG’s Annual Corporate Responsibility Report, published at www.mtg.com Annual Corporate Responsibility Report, published at www.mtg.com MTG is a leading international digital entertainment group and we ...

esports streaming mergers-acquisitions+2

Modern Times Group

Report

Raport Bieżący Nr 16/2025: Podjęcie decyzji o zawieszeniu dalszych prac nad projektem Bifrost

PCF Group S.A. has officially suspended all development work on the self-published project Bifrost. This strategic decision follows a series of recent organizational adjustments, including the prior reduction of the project’s development team and the impairment of associated assets. The move marks a significant shift in the company’s operational focus as it navigates current financial constraints and resource allocation challenges. The primary catalyst for this suspension is the failure to secure a new execution agreement for the Gemini project, which was being developed in Europe under a work-for-hire model for Square Enix Limited. A subsequent internal analysis of the company’s cash flow revealed that the loss of this partnership rendered the continued self-funding and production of Bifrost financially unviable. Consequently, the company lacks the necessary organizational resources and capital to sustain the project’s development and eventual market release. This decision reflects a broader restructuring effort within the company, occurring in tandem with the concurrent halt of development on the Gemini project. By suspending Bifrost, the organization aims to mitigate further financial risk in light of its updated liquidity projections. Management intends to provide further updates regarding the implications of this decision and the company’s future strategic direction through subsequent regulatory disclosures.

game-development investment europe

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

Podsumowanie kosztów subskrypcji akcji serii D: Raport bieżący nr 3/2024

PCF Group S.A. provides a final accounting of the costs associated with the private subscription of 387,714 series D ordinary bearer shares. This disclosure serves to finalize the financial reporting requirements following the issuance process initiated in June 2021, ensuring transparency regarding the capital expenditure incurred during the offering. The total costs attributed to the issuance of the series D shares amounted to 393,476.46 PLN. These expenses were exclusively related to the preparation and execution of the offering, with no costs incurred for sub-underwriting, prospectus preparation, or promotional activities, as the transaction was conducted as a private placement. The breakdown of these costs includes 308,553.00 PLN for legal services, 73,423.46 PLN for transactional advisory services, and 11,500.00 PLN for registration and admission to trading on the Warsaw Stock Exchange. Based on the total issuance volume, the average cost per unit of the series D shares is approximately 1.01 PLN. In accordance with standard accounting practices, the company recognized these issuance costs by reducing the reserve capital created from the share premium, which represents the surplus of the issue price over the nominal value of the shares. This summary confirms the final financial impact of the series D subscription on the company’s capital structure.

investment funding europe

PCF Group

Report

Raport Bieżący Nr 5/2024: Podsumowanie Kosztów Subskrypcji Akcji Serii F

PCF Group S.A. has finalized the accounting of costs associated with the issuance of 3,343,037 series F ordinary bearer shares. The primary purpose of this disclosure is to provide transparency regarding the financial expenditures incurred during the subscription process, ensuring compliance with regulatory requirements for issuers of securities on the Warsaw Stock Exchange. The total cost of the series F share issuance amounted to 2,323,824.52 PLN. These expenses are categorized into two main areas: the preparation and execution of the offer, which totaled 2,243,744.52 PLN, and promotional activities, which accounted for 80,080.00 PLN. Within the preparation category, transaction advisory services represented the largest expenditure at 1,747,018.88 PLN, followed by legal costs of 467,464.81 PLN and registration and admission fees of 29,260.83 PLN. The company did not utilize sub-underwriters, and the offer was conducted without the requirement of a prospectus. On a per-unit basis, the average cost of the subscription amounted to approximately 0.70 PLN per share. In terms of accounting treatment, the total issuance costs were recognized by reducing the reserve capital created from the surplus of the issue price over the nominal value of the shares. This summary covers the financial activities related to the series F issuance as of February 2024, reflecting the final reconciliation of all associated transaction costs.

investment funding europe

PCF Group

Report

Current Report No. 7/2024: Settlement of Bulletstorm VR Production Costs and Termination of Production-Publishing Agreement

PCF Group S.A. has finalized the financial settlement and contractual dissolution regarding the production of Bulletstorm VR. Following the game’s release on January 18, 2024, the publisher and its subsidiary, Incuvo S.A., reached an agreement to settle all remaining production milestones. As part of this financial reconciliation, PCF Group charged Incuvo 871,157.59 PLN to cover development and quality assurance costs incurred during the project’s lifecycle. The decision to terminate the production-publishing agreement, effective January 19, 2024, stems directly from the unsatisfactory commercial performance of the title upon its launch. Under the terms of this dissolution, Incuvo forfeits all rights to future royalty payments derived from the game’s sales. This restructuring effectively ends the original collaborative framework between the two entities regarding this specific intellectual property. Moving forward, PCF Group assumes full responsibility for the final product and its ongoing commercialization. While the company retains the option to utilize Incuvo’s resources for potential future development tasks, the publisher now maintains complete control over the title’s lifecycle. This shift in management strategy reflects a broader effort to mitigate the impact of the game’s poor market reception and consolidate oversight of the product’s future development and sales trajectory.

game-development game-publishing vr+2

PCF Group

Report

Current Report No. 9/2024: Change of Date for the Submission of Annual Reports for 2023

PCF Group S.A. has officially rescheduled the publication date for its 2023 consolidated and standalone annual financial reports. Originally slated for release on April 25, 2024, the disclosure is now set for April 29, 2024. This adjustment follows the company’s initial announcement regarding reporting timelines issued earlier in January 2024. The decision to delay the filing by four days is executed in accordance with the regulatory requirements set forth by the Polish Minister of Finance concerning the periodic information provided by securities issuers. This procedural update ensures compliance with legal obligations governing the transparency and timing of financial disclosures for publicly traded entities operating within the Polish capital market. By finalizing these reports by the end of April, the company maintains its commitment to providing stakeholders with audited financial data for the 2023 fiscal year. This shift represents a minor administrative adjustment to the corporate calendar, ensuring that all necessary documentation is prepared and verified before public dissemination to investors and market regulators.

investment europe

PCF Group

Report

Current Report No. 20/2024: Decision to Discontinue Work on Project Red

PCF Group S.A. has officially terminated development of Project Red, a title previously intended for either external publishing or self-publishing. This strategic decision stems from the company’s inability to secure an external publishing partner and a lack of sufficient capital to sustain self-publishing efforts. Furthermore, the company has prioritized the allocation of its development resources toward a newly acquired project, designated as Project Echo, which necessitates the transfer of the team previously assigned to Project Red. The cancellation of Project Red carries significant financial implications for the company’s 2024 fiscal reporting. As of June 30, 2024, the company will record a 100% impairment charge on all capitalized expenditures related to the project. This accounting action will result in an estimated reduction of 8.85 million PLN in the company’s standalone financial results and fixed assets, while the consolidated financial results and fixed assets for the group will decrease by approximately 7.72 million PLN. These adjustments are classified as one-time, non-cash events and will not impact the company’s EBITDA. While these figures represent the current assessment of the financial impact, they remain subject to final auditor review and may be adjusted in the upcoming semi-annual financial statements. This shift in development focus reflects a broader realignment of the company’s portfolio, prioritizing projects with secured external funding over those requiring internal capital investment.

game-development game-publishing investment+2

PCF Group

Report

Current Report No. 44/2021: Information on Transactions by Persons Discharging Managerial Responsibilities

The report discloses a transaction involving a senior executive of PCF Group S.A. On 13 October 2021, the company’s President of Management acquired shares in PCF Group S.A., a transaction reported to regulatory authorities on 18 October 2021. The disclosure is made pursuant to Article 19(3) of the MAR regulation, which requires public companies to provide timely information on transactions by persons exercising managerial responsibilities. The report is dated 18 October 2021 and serves to inform shareholders and the market of the share purchase by a key executive. No additional details such as the number of shares, transaction value, or price are provided within this brief notice; the full notification is attached as an annex. The scope of the disclosure is limited to a single transaction by one executive within PCF Group S.A., covering the Polish market and the period up to 18 October 2021. The methodology follows regulatory reporting requirements, with the company submitting a formal notice to the relevant supervisory authority and publishing it for public access. The report confirms compliance with disclosure obligations under MAR, ensuring transparency regarding insider trading activity by senior management.

investment europe

PCF Group

Report

List of Proposed Amendments to the Articles of Association: PCF Group S.A.

PCF Group S.A. has proposed a formal amendment to its Articles of Association to expand the scope of its registered business activities. The primary objective of this update is to incorporate professional business and management consulting services into the company’s official operational profile. By adding the PKD code 70.22.Z, which covers other business and management consultancy activities, the company seeks to broaden its legal capacity to provide strategic advisory services alongside its existing core operations. The proposed change involves inserting this new activity into the existing list of services, necessitating a renumbering of the subsequent items in the Articles of Association. The current list already encompasses a wide range of activities, including software development, game production, publishing, and various multimedia and artistic services. This adjustment reflects a strategic move to align the company’s formal documentation with its evolving business interests. This administrative update is limited to the company’s internal governance and regulatory compliance within the Polish legal framework. The amendment does not alter the company’s fundamental focus on the gaming and technology sectors but rather provides the necessary legal flexibility to engage in broader management consulting engagements. The proposal maintains the company's established operational structure while ensuring that its formal registration accurately reflects its current and future business capabilities.

investment europe game-development

PCF Group

Report

Current Report No. 30/2024: Decision to Reduce Development Team for Project Bifrost

PCF Group S.A. has initiated a significant restructuring of its development operations, specifically targeting the self-published title Project Bifrost. This decision follows the conclusion of a strategic review and stems from the company’s inability to secure the necessary capital to sustain the project’s original production budget and release schedule. Consequently, the previously established 2026 early access launch window is no longer viable. The restructuring involves a substantial reduction of the Project Bifrost development team, with affected personnel facing either temporary layoffs or permanent employment termination. Beyond the core project team, the company is also downsizing its publishing and support divisions to align operational capacity with its current financial resources. Furthermore, management has identified a potential impairment of capitalized expenditures related to Project Bifrost and will conduct formal impairment testing in accordance with International Accounting Standard 36, with results to be finalized during the 2024 year-end financial reporting process. Despite these internal challenges, the company is shifting its strategic focus toward its work-for-hire portfolio. Operations remain centered on ongoing collaborations with major industry partners, including Project Gemini with Square Enix, Project Maverick with Microsoft, and Project Echo with Krafton. The company continues to actively pursue new development contracts within this service-based model to stabilize its long-term financial position.

game-development game-publishing employment+2

PCF Group

Report

Raport Bieżący Nr 31/2024: Podjęcie Decyzji o Zawieszeniu Dalszych Prac nad Projektem Victoria

PCF Group S.A. has officially suspended all development and publishing activities related to Project Victoria, a title previously slated for an early access release in 2026. This decision follows the conclusion of a strategic review and stems directly from the company’s inability to secure the necessary capital to fund the project’s continued production and self-publishing requirements. The suspension is indefinite, as the company continues to seek external financing options that could potentially facilitate a future resumption of the project. The operational impact of this decision involves significant workforce restructuring within the dedicated development team. A portion of the staff will be placed on temporary layoff, a status that maintains the employment relationship for a legally defined period without the requirement for work or compensation, while the remainder of the team faces permanent redundancy. Furthermore, the established production and publishing schedule for the title has been formally abandoned. From a financial perspective, the company has identified the suspension as a trigger for potential impairment of capitalized development costs. In accordance with International Accounting Standard 36, management will conduct formal impairment testing based on financial data as of December 31, 2024. The results of these tests will be incorporated into the company’s annual financial statements for 2024. Future decisions regarding the project, including the possibility of permanent cancellation or eventual reactivation, remain contingent upon the success of ongoing efforts to secure adequate funding.

game-development game-publishing investment+1

PCF Group

Report

Raport Bieżący nr 7/2025: Zmiana Daty Przekazania Raportów Rocznych za 2024

PCF Group S.A. has officially rescheduled the publication date for its consolidated and standalone annual reports for the 2024 fiscal year. The company, which operates within the global video game development sector, has moved the release date from the previously announced April 23, 2025, to April 28, 2025. This adjustment serves to update shareholders and market participants regarding the finalized timeline for the disclosure of the group’s comprehensive financial performance and operational results for the preceding year. The decision to modify the reporting schedule is executed in accordance with the regulatory requirements set forth by the Polish Minister of Finance regarding the disclosure of periodic information by securities issuers. By formalizing this change through a current report, the company ensures compliance with transparency obligations mandated for publicly traded entities. This procedural update follows the initial disclosure of the reporting calendar provided by the board in January 2025. Investors and stakeholders should note that the revised date of April 28, 2025, now stands as the definitive deadline for the release of both the individual and consolidated financial statements. No further changes to the reporting schedule have been indicated, and the company remains committed to fulfilling its statutory reporting duties within the updated timeframe.

investment europe

PCF Group

Correction of the Annual Report for 2024

Terminy publikacji raportów okresowych: PCF Group S.A. 2026

Half-Year Report of 11 Bit Studios S.A.: First Half of 2021

Annual Report 2017: Shaping the Future of Entertainment

Annual Report 2009

Raport Bieżący Nr 16/2025: Podjęcie decyzji o zawieszeniu dalszych prac nad projektem Bifrost

Internal Division of Tasks and Responsibilities

Podsumowanie kosztów subskrypcji akcji serii D: Raport bieżący nr 3/2024

Raport Bieżący Nr 5/2024: Podsumowanie Kosztów Subskrypcji Akcji Serii F

Annual Report 2013

Current Report No. 7/2024: Settlement of Bulletstorm VR Production Costs and Termination of Production-Publishing Agreement

Current Report No. 9/2024: Change of Date for the Submission of Annual Reports for 2023

Current Report No. 20/2024: Decision to Discontinue Work on Project Red

Current Report No. 44/2021: Information on Transactions by Persons Discharging Managerial Responsibilities

Annual Report and Accounts 2012

List of Proposed Amendments to the Articles of Association: PCF Group S.A.

Current Report No. 30/2024: Decision to Reduce Development Team for Project Bifrost

Raport Bieżący Nr 31/2024: Podjęcie Decyzji o Zawieszeniu Dalszych Prac nad Projektem Victoria

Raport Bieżący nr 7/2025: Zmiana Daty Przekazania Raportów Rocznych za 2024

Skonsolidowany Raport Kwartalny: Q3 2025