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Półroczne sprawozdanie Zarządu z działalności Grupy Kapitałowej PCF Group S.A.: 1 stycznia 2024 – 30 czerwca 2024

WARSZAWA | 30 WRZENIA 2024 ROKU PEOPLE PÓEROCZNE SPRAWOZDANIE ZARZADU Z DZIAEALNOSCI GRUPY KAPITALOWEJ PCF GROUP S.A. ORAZ SPÓEKI PCF GROUP S.A. ZA 0KRES 01.01.2024 - 30.06.2024 za okres 01.01.2024 – 30.06.2024 r. (dane w tys. zł, chyba że zaznaczono inaczej) Niniejsze półroczne sprawozdanie z działalności Grupy Kapitałowej PCF Group S.A. i spółki PCF Group S.A. za okres 01.01.2024 – 30.06.2024 r. zostało sporządzone na podstawie § 70 ust. 1 pkt 4, 6, 7 oraz § 71 ust.

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PCF Group

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FY24 Interim Results: Frontier Developments

Frontier Developments plc (AIM: FDEV, ‘Frontier’, the ‘Company’, or the ‘Group’), a leading developer and publisher of video games based in Cambridge, UK, publishes its unaudited interim results for the 6 months to 30 November (6 months to 30 (6 months to 30 November 2023) November 2022) Revenue £47.7m £57.1m Adjusted EBITDA loss* (£4.9m) (£0.6m) Operating (...

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Frontier Developments

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Summary of Main Questions and Answers at the FY2018 Third Quarter GREE Results Briefing: Japan

The briefing outlines GREE’s strategic focus for FY2018, emphasizing steady progress in its Funplex division and a significant investment of ¥10 billion into the emerging VTuber market. Funplex benefits from separating development and operation functions, positioning itself as a trusted operator for third‑party titles. The VTuber initiative allocates roughly ¥4 billion to support illustrators and creators, with the remaining ¥6 billion earmarked for advertising; GREE plans to scale investments as market traction grows, anticipating rapid expansion driven by the convergence of YouTube, influencer, and anime cultures. Internationally, GREE pursues a “game engine, IP, and global” strategy. The North American launch of *Is It Wrong to Try to Pick Up Girls in a Dungeon: Memoria Freese* has shown strong initial sales, and the company aims to release titles simultaneously overseas or within six months of a Japanese launch, depending on development and partnership logistics. GREE also targets Facebook Instant Games with *Fishing Star*, viewing the platform as a potential major channel due to its messenger integration and low download barrier. The company highlights synergies between VTubers and VR, leveraging existing 3D rendering expertise to enhance character interaction. Domestic IPs such as *Another Eden* and *SINoALICE* are positioned for overseas appeal, with accelerated content release schedules expected to sustain sales growth. Overall, GREE’s strategy blends substantial capital deployment in new media formats with aggressive global expansion of proven IPs, aiming to capture emerging revenue streams while maintaining operational momentum.

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GREE

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Raport Bieżący nr 51/2023: Wstrzymanie Negocjacji Umowy Produkcyjnej

The report informs stakeholders that the production agreement negotiations for the virtual‑reality action/combat game code‑named “Dolphin” have been indefinitely suspended. The PCF Group S.A., headquartered in Warsaw, had previously entered a non‑binding letter of intent with a prominent U.S. entertainment company on 17 June 2023 to develop the game for VR platforms. On 22 September 2023, the publisher notified the company that work on the project would be halted permanently. Informal discussions suggest the decision is linked to ongoing industry strikes in the United States, creating uncertainty within the entertainment sector. Consequently, all negotiations regarding the production agreement have been put on hold. The report covers a single geographic region—Poland and the United States—and focuses exclusively on the video‑game development segment, specifically virtual reality action titles. No survey or statistical methodology is employed; the information is based on direct communication between company representatives and the publisher. The primary conclusion is that external labor disputes have disrupted the partnership, leading to a suspension of contractual negotiations and project development.

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PCF Group

Report

Raport Bieżący Nr 9/2021: Zmiana Daty Przekazania Raportów Rocznych za Rok 2020

The report announces a revision of the publication date for PCF Group S.A.’s consolidated and individual annual reports covering 2020. The change follows a prior interim report issued on 27 January 2021, which had set the release for 29 April 2021. The new schedule moves the publication forward to 26 April 2021, allowing stakeholders to receive financial statements earlier. The adjustment is grounded in § 80(2) of the Minister of Finance regulation dated 29 March 2018, which governs the timing and equivalence of information provided by securities issuers. The announcement is issued by the Board of PCF Group S.A., confirming that both the group’s consolidated report and the individual entity’s annual report will adhere to the updated deadline. No additional data, statistics, or broader industry context are provided; the focus remains solely on the procedural update. The scope is limited to PCF Group S.A. and its reporting obligations for the fiscal year 2020, with no mention of geographic expansion or comparative analysis. The methodology is implicit in regulatory compliance rather than empirical research, and the communication serves to inform investors, regulators, and other interested parties of the revised timeline.

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PCF Group

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Summary of Main Supplementary Explanations Questions and Answers: FY2023 Fourth Quarter

The briefing outlines GREE’s strategic direction for FY2023‑FY2026, emphasizing a diversified portfolio beyond core gaming. In the fourth quarter, the company began categorizing its development pipeline into in‑house, regional expansion, joint development, and licensing, noting increased collaboration prospects with major IP holders such as Heaven Burns Red. Release dates remain undisclosed for FY2024 titles, reflecting a focus on quality over speed. GREE views the smartphone game market as increasingly less profitable due to larger development scales, prompting a shift toward higher‑margin ventures. Within the Metaverse Business segment, Platform and B2B sub‑segments have achieved profitability; profits are being reinvested into the VTuber and Web3 businesses. The company aims for all four Metaverse sub‑segments to be profitable by FY2026, contributing significantly to group earnings. Synergies between the VTuber and Platform businesses are currently indirect, driven by international talent recruitment for REALITY. Future cross‑promotions are anticipated once both units mature. Financial outlooks indicate a consolidated operating income of approximately ¥1.0 billion for Q1 FY2024, with a full‑year target of ¥4.0–5.0 billion for FY2024, excluding new game or anime contributions and investment income. For FY2026, the company projects similar operating income levels while targeting a 10 % return from its Investment Business and aiming for half of non‑investment earnings to derive from non‑game, non‑anime sources. This reflects a medium‑term strategy of expanding stable revenue streams beyond traditional gaming.

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GREE

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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.

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11 bit studios

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Raport bieżący nr 18/2024Ujawnienie opóźnionej informacji poufnej w sprawie rozpoczęcia przez PCF Group S.A. negocjacji w przedmiocie zawarcia umowy produkcyjno-wydawniczej z Krafton Inc.

PCF Group S.A. has officially disclosed the commencement of negotiations regarding a production and publishing agreement with Krafton Inc., a Seoul-based publisher. This disclosure follows the formal execution of a Master Services Agreement on September 10, 2024. The company had previously delayed the announcement of these negotiations, which began on July 11, 2024, to protect its legitimate business interests and prevent potential interference from competitors during the sensitive negotiation phase. The partnership centers on the development of a new game mode for an existing Krafton title, utilizing a work-for-hire model. This collaboration aligns with the strategic objectives outlined by PCF Group in early 2023, which prioritize securing high-quality work-for-hire opportunities with reputable industry partners. The agreement is structured as a framework, with specific operational details, project timelines, and compensation terms to be defined in subsequent statements of work. Management justified the initial delay in public disclosure by citing the uncertainty of the negotiation outcomes and the risk that premature release could lead to market misinterpretation of the company’s valuation. Throughout the delay period, the company maintained strict confidentiality protocols, including the maintenance of an insider list as required by regulatory standards. The disclosure confirms that the terms of the agreement are consistent with standard industry practices for similar development projects.

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PCF Group

Report

Current Report No. 24/2024: Analysis of the Situation on One of the Game Projects

The report announces that the Management Board of 11 bit studios S.A. has initiated a comprehensive assessment of one of its game development projects, which may ultimately require the write‑off of unfinished work. The project’s current book value stands at PLN 48,432,077.90 as of 30 September 2024. The Board cautions that the final write‑off amount will be determined only after a detailed review of all assets associated with the project, and that any decision will be communicated promptly. The notice is issued under Article 17.1 of the MAR – Inside information regulation, indicating that the information is material and must be disclosed to market participants. The scope of the analysis covers a single internal project within the company’s portfolio, with no geographic or sectoral expansion beyond the studio’s existing operations. No specific methodology is disclosed beyond a “detailed analysis” of project assets, and no survey or external data sources are referenced. The communication is signed by Przemysław Marszał, President of the Management Board, and Grzegorz Miechowski, a board member, underscoring executive responsibility for the forthcoming decision.

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11 bit studios

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Summary of Main Supplementary Explanations Questions and Answers: FY2025 Third Quarter Results Briefing

GREE Holdings, Inc. clarified its strategic approach to game releases and anime development during the FY2025 third‑quarter briefing on May 9, 2025. The company emphasized a disciplined release cadence for its game business, arguing that regular intervals prevent internal cannibalization and preserve development resources. While past titles such as *Heaven Burns Red* and *Puella Magi Madoka Magica: Magia Exedra* were spaced roughly three years apart, GREE indicated that the next title will be introduced without a similarly long gap, reflecting an accelerated pipeline. In the anime sector, GREE highlighted its growing participation in production committees for high‑profile series, including *Is It Wrong to Try to Pick Up Girls in a Dungeon? V* and *Mushoku Tensei II: Jobless Reincarnation (Season 2)*. The firm has joined more than 20 committees overall and is actively pursuing in‑house creation of new anime IPs, from original concept development to full adaptation production. This dual strategy—acquiring external IP through committee participation and cultivating proprietary titles—aims to establish a stable, recurring revenue stream. The briefing underscored GREE’s commitment to expanding its entertainment portfolio across both gaming and anime, positioning the company as a diversified content producer within Japan’s broader media ecosystem.

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GREE

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Summary of main questions and answers at the FY2019 First Quarter GREE results briefing held on October 26, 2018

The briefing clarified GREE’s strategic outlook for FY2019, emphasizing a steady domestic game portfolio while pursuing growth overseas. In Japan, the company expects no major shift in performance for existing titles but plans to broaden multiplatform distribution and launch new releases in the second half of FY2019, projecting an earnings uptrend. Internationally, GREE is developing and self‑distributing overseas versions of current titles, targeting markets with high profitability potential. Human resource allocation reflects this focus: sufficient staff are dedicated to overseas distribution and new title development, while existing titles receive concentrated support for top performers and operational stability for less successful ones. China is identified as a priority market, with preparations underway to initiate operations and marketing. The company also highlights the Facebook Messenger platform as a high‑potential channel for new titles, indicating an expansion into social media gaming. Advertising strategy will be selective; overseas launches of self‑distributed titles will receive targeted, efficient campaigns rather than broad mass media spend. Regulatory compliance and consumer protection are addressed through company‑wide measures to prevent gacha system issues, including strengthened evaluation protocols and employee training. The REALITY livestreaming platform for VTubers is in an exploratory phase, with ongoing data collection on technology, planning, and marketing to build know‑how for future content expansion. Overall, GREE’s FY2019 strategy balances domestic stability with aggressive international diversification and platform innovation.

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GREE

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Current Report No. 14/2023: Initiation of Negotiations for a Development and Publishing Agreement

The report announces that PCF Group S.A., a Warsaw‑based developer, has decided to enter negotiations for a Development and Publishing Agreement with a well‑known publisher. The decision follows receipt of the publisher’s proposal on 19 May 2023 and a detailed review conducted by the board. It aligns with the company’s strategy update issued on 31 January 2023, which states that the group will pursue attractive work‑for‑hire collaborations with reputable partners. The proposed agreement is a framework contract, with detailed terms to be set out in an accompanying execution contract. This secondary document will outline the product description, production schedule, and payment terms for the developer. The work‑for‑hire model means PCF Group will develop the video game on behalf of the publisher in exchange for agreed remuneration. The terms are described as standard for similar projects and do not deviate significantly from typical industry practices. The board clarifies that initiating negotiations does not guarantee a final agreement. Public disclosure of any eventual contract will be provided in a separate report. The scope is limited to the Polish market, covering the PCF Group’s development activities and its partnership with the identified publisher. No survey or external data sources are cited, as the announcement is based solely on internal board deliberations.

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PCF Group

Report

Aktualizacja Strategii: Nowe Otwarcie

The updated strategy for People Can Fly (PCF Group) marks a transition toward a self-publishing model while maintaining its core expertise in developing high-end shooter games. Having successfully completed its post-IPO objectives, including the expansion of production capacity and the establishment of multiple creative studios across Europe and North America, the company now aims to scale its operations to support the simultaneous development of several ambitious projects. The primary thesis centers on leveraging internal intellectual property and proprietary technology, specifically the PCF Framework and Unreal Engine 5, to deliver high-quality gaming experiences while capturing a larger share of revenue through self-publishing. Key operational findings highlight a shift from a single-project focus to a multi-project production model supported by over 600 employees. The company has implemented agile methodologies and Centers of Excellence to improve efficiency and risk management. Financial targets are aggressive, with a goal of reaching 3.0 billion PLN in total revenue between 2023 and 2027. To achieve this, PCF plans to release six games over the next four years, focusing on the Games-as-a-Service (GaaS) model to ensure long-term player engagement and recurring revenue. Projects currently in development include Gemini, Dagger, Bifrost, Victoria, and Thunder, with a mix of work-for-hire and self-published titles. The scope of this strategy covers global operations across seven studios, including locations in Warsaw, Rzeszów, Kraków, Katowice, Newcastle, Montreal, and New York. To fund this expansion, the company intends to raise between 205 million and 295 million PLN through a new share issuance. This capital will be directed toward scaling development teams and supporting the production of its self-published portfolio, with no dividend payments expected before 2025.

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PCF Group

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Raport Bieżący Nr 54/2023: Zawarcie Umowy na Realizację Nowego Projektu

The report announces that PCF Group S.A., headquartered in Warsaw, has decided to launch a new project code‑named “Bison” after conducting market analysis and assessing the company’s production capacity and capital group resources. On 12 November 2023, PCF Group entered into a developer services agreement with its subsidiary Incuvo S.A., based in Katowice, to provide development support for the project. The “Bison” initiative focuses on creating a virtual‑reality (VR) adventure survival video game built on People Can Fly’s proprietary intellectual property. The game will target the most prominent current and upcoming VR hardware platforms, with full production funding provided by PCF Group. The company will oversee the entire development lifecycle, from final product creation to commercialization and market launch, utilizing the Unity engine for game development. The planned release window spans 2024 to 2025, positioning the title within a growing VR gaming segment. The announcement underscores PCF Group’s strategic intent to expand its portfolio into immersive VR experiences, leveraging internal expertise and infrastructure while partnering with a dedicated subsidiary for specialized development services.

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PCF Group

Półroczne sprawozdanie Zarządu z działalności Grupy Kapitałowej PCF Group S.A.: 1 stycznia 2024 – 30 czerwca 2024

FY24 Interim Results: Frontier Developments

Summary of Main Questions and Answers at the FY2018 Third Quarter GREE Results Briefing: Japan

Half-Year Report 2021: DONTNOD

Raport Bieżący nr 51/2023: Wstrzymanie Negocjacji Umowy Produkcyjnej

Raport Bieżący Nr 9/2021: Zmiana Daty Przekazania Raportów Rocznych za Rok 2020

Integrated Report 2025

Summary of Main Supplementary Explanations Questions and Answers: FY2023 Fourth Quarter

Correction of the Annual Report for 2024

Raport bieżący nr 18/2024Ujawnienie opóźnionej informacji poufnej w sprawie rozpoczęcia przez PCF Group S.A. negocjacji w przedmiocie zawarcia umowy produkcyjno-wydawniczej z Krafton Inc.

Current Report No. 24/2024: Analysis of the Situation on One of the Game Projects

Summary of Main Supplementary Explanations Questions and Answers: FY2025 Third Quarter Results Briefing

Summary of main questions and answers at the FY2019 First Quarter GREE results briefing held on October 26, 2018

Current Report No. 14/2023: Initiation of Negotiations for a Development and Publishing Agreement

Integrated Report 2020

Annual Report and Accounts 2023

Aktualizacja Strategii: Nowe Otwarcie

Raport Bieżący Nr 54/2023: Zawarcie Umowy na Realizację Nowego Projektu

Annual Report 2017: 11 bit studios

Annual Report 2012: 11 bit studios S.A.

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