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FY2024 Presentation Material: January–March 2024

CyberAgent’s financial results for the second quarter of fiscal year 2024 reflect a period of record-breaking sales and significant profit recovery. Consolidated net sales reached 215.1 billion yen, a 10% increase year-on-year, while operating income rose 12.2% to 21.0 billion yen. This performance marks a strategic pivot toward a new growth phase, with the company successfully positioning FY2023 as its earnings floor. The game business served as a primary growth engine this quarter, with sales increasing 8.1% year-on-year to 67.1 billion yen and operating income surging 421.2% quarter-on-quarter to 18.2 billion yen. These results were driven by the successful global launch of Granblue Fantasy: Relink, which sold one million units in eleven days, and the third-anniversary events for the flagship title Uma Musume Pretty Derby. The internet advertisement business also achieved record sales of 107.3 billion yen, maintaining steady growth through the integration of generative AI tools to maximize ad effectiveness. A major milestone was achieved in the media segment, where the ABEMA streaming platform turned profitable on a quarterly basis for the first time since its investment phase began. ABEMA’s weekly active users grew to 23.64 million, supported by expanded sports programming through partnerships with DAZN and WOWOW. Across all segments, the company is leveraging technological advantages, including proprietary large language models and AI-driven production studios, to improve operational efficiency. Based on these results, the company reports strong progress toward its full-year forecasts, having already achieved over 90% of its annual operating profit target by the end of the second quarter. The strategic outlook focuses on stabilizing the game business through long-term IP management and establishing ABEMA as a permanent fixture of social infrastructure.

advertising game-publishing marketing+1

CyberAgentApr 2024

Legal

Ustalenie Daty Premiery Gry „Indika” na 8 Maja 2024 Roku

The management of 11 bit studios S.A. has officially scheduled the global release of the narrative-driven adventure game Indika for May 8, 2024. Developed by the Kazakhstan-based studio Odd Meter and published by 11 bit studios, the title is set for a simultaneous digital launch across major gaming platforms, including PC via Steam, GOG, and the Epic Games Store, as well as current-generation consoles including Xbox Series X/S and PlayStation 5. This announcement serves as a formal regulatory disclosure regarding significant corporate developments and product timelines. Set in an alternative version of 19th-century Russia, the game emphasizes a deep, story-focused experience. Beyond its commercial objectives, the project incorporates a humanitarian component, as a portion of the revenue generated from sales will be directed toward supporting children affected by the war in Ukraine. This initiative aligns the product's release with the publisher's broader corporate social responsibility efforts. The scope of this release is global, targeting the premium indie segment of the interactive entertainment industry. By securing a multi-platform launch, the publisher aims to maximize market reach across both traditional computer hardware and high-end console ecosystems. The strategic timing of the May release establishes the title as a key component of the company’s 2024 publishing portfolio, reflecting the ongoing collaboration between international development talent and Polish publishing expertise.

game-publishing poland pc

11 bit studiosMar 2024

Legal

Ustalenie Daty Premiery Gry „Frostpunk 2” na 25 Lipca 2024 Roku

The management board of 11 bit studios S.A. has officially scheduled the global release of Frostpunk 2 for July 25, 2024. This initial launch focuses exclusively on the PC platform, with digital distribution managed through major storefronts including Steam, GOG, and the Epic Games Store. Furthermore, the title is set to join the PC Game Pass service on its launch day. While the immediate release targets computer users, the company has confirmed that versions for PlayStation 5 and Xbox Series X/S are planned for a later date, at which point the game will also be integrated into the Xbox Game Pass library. Pre-orders for the title commenced on March 6, 2024, across Steam and the Microsoft Store, offering two distinct tiers for consumers. The Base Game is priced at 44.99 USD/EUR or 159.99 PLN, while the Deluxe Edition carries a retail price of 74.99 USD/EUR or 259.99 PLN. This strategic rollout reflects the company's approach to multi-platform availability and subscription service integration, aiming for a broad international reach within the survival and strategy genre. The announcement serves as a formal regulatory disclosure to inform stakeholders of the definitive timeline and commercial structure for one of the studio's most anticipated sequels.

game-publishing market-forecast poland

11 bit studiosMar 2024

Legal

Letter to Shareholders

This shareholder letter details the strategic restructuring and financial challenges faced by PCF Group S.A. throughout 2024 and early 2025. Addressing a volatile global video game market, the leadership outlines a significant pivot away from self-publishing and VR ventures toward a renewed focus on the Work-for-Hire (WFH) segment and AAA action titles. The primary thesis centers on stabilizing the company’s foundations through rigorous cost-cutting and portfolio optimization following a period of financial pressure and unsuccessful attempts to secure external strategic investment. Key findings include the cancellation of several major projects due to low commercial potential or lack of creative vision. Project Dagger and Project Red were abandoned, leading to a 7.7 million PLN write-off in mid-2024. Most significantly, the company recorded a 154.9 million PLN impairment charge for Project Bifrost at the end of 2024 due to financing uncertainties. These setbacks necessitated the first year-over-year workforce reduction in the group’s history, impacting over 150 employees across various departments and projects, including the Square Enix-partnered Project Gemini. The geographic and industrial scope covers the global gaming market with specific impacts on the group’s Polish and international subsidiaries, including Incuvo S.A. and Game On. Methodologically, the report relies on internal financial audits and strategic reviews conducted by the Board of Directors. Despite these hardships, the leadership highlights a return to stability through new WFH contracts with major industry players, including Krafton Inc., Sony Interactive Entertainment (Project Delta), and Microsoft, for whom they are developing a new installment in the Gears of War franchise (Project Maverick). The group concludes by signaling a cautious transition into 2025, prioritizing cash-flow positive projects and the early access release of Project Victoria.

market-analysis game-publishing vr+2

PCF GroupMar 2024

Legal

Raport bieżący nr 7/2024: Rozliczenie kosztów produkcji gry „Bulletstorm VR”

The settlement report records the final accounting and contractual resolution between PCF Group S.A., headquartered in Warsaw, and its subsidiary Incuvo S.A. of Katowice concerning the development of the virtual‑reality title “Bulletstorm VR.” It confirms that, as of 15 March 2024, the parties concluded the remaining production milestones that spanned the period leading up to the game’s launch on 18 January 2024, and that PCF, acting as publisher, invoiced Incuvo for development and quality‑assurance services in the amount of 871 157,59 złoty. The agreement also stipulates a mutual termination of the production‑publishing contract effective 19 January 2024, driven by an unsatisfactory market reception of the title. Under the termination terms, Incuvo forfeits any entitlement to royalties from subsequent sales, while PCF assumes full responsibility for completing the final product and overseeing its commercial distribution. The report notes that PCF may still draw on Incuvo’s resources for any remaining development work, though no further financial compensation is prescribed. Reference is made to three earlier interim reports—numbers 46/2021, 42/2023 and 56/2023—that documented the project’s progress and financial status. The current settlement therefore closes the fiscal cycle for the “Bulletstorm VR” project, consolidating all outstanding developer costs into a single charge and establishing PCF’s exclusive control over the game’s post‑release lifecycle. The scope is limited to the Polish corporate entities involved, covering activities from the initial milestones through the January 2024 launch and subsequent termination.

game-development game-publishing mergers-acquisitions+2

PCF GroupMar 2024

Financial

Annual Report and Financial Statements 2024

Everplay Group PLC, formerly known as Team17 Group PLC, achieved a significant financial recovery and strategic reorganization during the 2024 fiscal year. Following a loss in 2023, the Group returned to profitability with a profit before tax of £25.3 million and record revenues of £166.6 million, representing 5% year-over-year growth. This performance significantly outpaced the broader gaming market’s 0.6% growth, driven primarily by a resilient back catalogue that contributed 86% of total revenue. While the core Team17 publishing division saw a slight revenue decline, the astragon simulation and StoryToys edutainment divisions grew by 22% and 25% respectively, highlighting the success of the Group’s diversified multi-divisional structure. The Group’s financial position strengthened considerably, ending the period with £62.9 million in cash and a 97% operating cash conversion rate. This liquidity supports a transition toward high-quality first-party IP, which now accounts for 37% of total sales, and provides capital for future M&A activity. Operational highlights include the management of over 140 active titles and a subscription base for StoryToys exceeding 337,000 active users. Strategically, the Group underwent a major leadership transition and corporate rebranding in early 2025 to reflect its evolved identity as a platform-agnostic developer and publisher. Governance and sustainability remained central to the 2024 agenda, with the Group reporting significant progress in diversity and environmental targets. Women now hold approximately 50% of leadership roles, and the mean gender pay gap was reduced by over 7%. Despite recording impairments related to the underperformance of the US-based mobile unit "The Label," the Group reinstated a dividend of 2.7 pence per share. Looking toward 2025, the Group maintains a positive outlook with a pipeline of at least ten new title launches and a continued focus on lifecycle management and disciplined cost control.

game-publishing market-analysis investment+1

EverplayMar 2024

Financial

Bandai Namco Group: Fiscal Year Ending March 2024 Third Quarter Results Presentation

This financial presentation details the fiscal performance of Bandai Namco Group for the first nine months of the fiscal year ending March 2024. The primary thesis centers on a strategic transition period where the company achieved record-high net sales of 772 billion yen but experienced a significant decline in operating profit, which fell 26% year-over-year to 78.2 billion yen. This profit compression is attributed to a rigorous reevaluation of the digital title lineup, resulting in substantial valuation and disposal losses as the company prepares for its next mid-term plan. The geographic and industrial scope covers global operations across four primary segments: Digital (video games), Toys and Hobby, IP Production, and Amusement. While the Digital segment struggled due to underperforming new online games and a shift in the product mix, the Toys and Hobby segment showed robust growth, with a revised full-year profit forecast of 76 billion yen driven by strong demand for Gundam, Dragon Ball, and One Piece products among mature fanbases. The Amusement segment also reported positive momentum, with a 2.4% increase in existing facility sales in Japan. Strategic conclusions highlight a shift toward stricter title screening and a more optimized development portfolio in collaboration with Bandai Namco Studio. To bolster its financial position during this restructuring, the company announced the partial sale of its investment securities in Toei Animation. Despite the downward revision of operating profit forecasts to 82 billion yen for the full year, the company maintains a positive outlook for net sales, targeting a record 1 trillion yen by the end of the fiscal period.

market-analysis investment game-publishing+1

Bandai NamcoFeb 2024

Legal

Zmiana Daty Premiery Gry „The Thaumaturge”

The management board of 11 bit studios S.A. has officially rescheduled the release date for the PC version of its upcoming title, The Thaumaturge. Originally slated for launch on February 20, 2024, the game is now scheduled to debut on March 4, 2024. This adjustment specifically concerns the Windows PC platform, while the planned releases for Xbox Series X/S and PlayStation 5 remain set for a later, unspecified date. The decision to delay the launch by approximately two weeks is driven by strategic marketing considerations rather than technical necessity. Management confirms that the production phase of the game has already been completed. By shifting the release window, the company aims to optimize the title’s commercial potential and sales performance, seeking a more favorable market environment to maximize visibility and consumer reach at launch. This announcement serves as a formal regulatory update issued from Warsaw on February 12, 2024, in compliance with market abuse regulations regarding inside information. The move reflects a tactical approach to the competitive gaming landscape, prioritizing a crowded release calendar's timing over immediate distribution to ensure the title achieves its peak financial and critical impact upon arrival.

marketing pc game-publishing

11 bit StudiosFeb 2024

Legal

PCF Group Current Report No. 2/2024: Short-Term Production Agreement for Project Gemini

The report announces the conclusion of a short‑term executory agreement that extends the content‑rider attached to the production‑publishing contract for the AAA title Project Gemini. The agreement, signed on 30 January 2024, follows the expiration of the previous rider on 29 January 2024 and is intended to maintain development activity while the parties finalize strategic decisions concerning the project’s scope and future collaboration with Square Enix Limited, the publisher. The new rider enables the continuation of work‑for‑hire development in Europe under the existing publishing contract, but it also signals a planned restructuring of the development effort. The board has decided to downsize the dedicated Gemini team, offering some members positions on other Group projects and implementing a workforce reduction that affects more than 30 employees. This adjustment reflects a common practice in AAA game production when project direction requires significant modification. The communication references an earlier update issued on 24 November 2023, indicating that further details on the outcome of the strategic discussions will be disclosed in subsequent public reports, provided legal requirements dictate such disclosure. The scope of the announcement is limited to the Polish‑registered PCF Group S.A., its European development operations, and the contractual relationship with Square Enix, covering the period from the end of January 2024 onward.

game-publishing mergers-acquisitions europe+1

PCF GroupJan 2024

Financial

Financial Results for the Third Quarter of the Fiscal Year Ending March 2024

Koei Tecmo Holdings reported its financial results for the first nine months of the fiscal year ending March 2024, highlighting a period of significant revenue growth driven by the online and mobile sectors. Net sales reached 61,136 million yen, a 23.7% increase year-over-year. While operating profit saw an 11.7% decline to 20,316 million yen due to rising platform fees, advertising costs, and royalty expenses associated with new titles, ordinary profit doubled to 33,825 million yen. This surge in ordinary profit was primarily attributed to non-operating income, including gains from the disposal of marketable securities. The entertainment segment remains the primary business driver, with mobile games achieving record-high sales. Key contributors included the first-anniversary events for Nobunaga’s Ambition: Hadou and the successful launch of Atelier Resleriana, which surpassed 3 million downloads. In contrast, the console sector saw a decline in unit sales compared to the previous year, totaling 5.07 million units globally. However, digital sales reached a record 74.2% of total units sold. Geographically, Japan accounted for 61.1% of total sales, reflecting the strong domestic performance of new mobile titles, while overseas markets represented 38.9% of revenue. Strategic initiatives for the final quarter include the global launch of the AAA action RPG Rise of the Ronin in March 2024 and the expansion of mobile titles to international markets and Steam. The company also announced a capital and business alliance with Akatsuki Inc., acquiring a 7.97% stake to strengthen collaborative development. Despite fluctuations in operating costs and the global financial environment, the company maintained its full-year forecast, citing a robust pipeline of upcoming releases and stable performance across its amusement and real estate segments.

market-analysis investment game-publishing+1

KOEI TECMO HOLDINGS CO., LTD.Jan 2024

Financial

Team17 Group PLC Annual Report and Accounts 2023

The 2023 fiscal year for Team17 Group was defined by a significant contrast between robust top-line growth and a transition to statutory losses. Revenue increased by 12% to £159.1 million, bolstered by 17 new releases and a resilient back catalogue that now accounts for 71% of total earnings. Performance was particularly strong in the StoryToys edutainment division, which saw a 26% revenue increase, and through third-party IP titles like *Dredge*. Despite these gains, the Group swung from a £28.7 million pre-tax profit in 2022 to a £1.1 million statutory loss in 2023. This financial downturn was primarily driven by £32.0 million in non-cash impairment charges, largely related to goodwill write-downs for the mobile-focused Team17 USA and underperforming development costs. In response to these challenges and rising operational risks, management initiated a comprehensive strategic restructuring. This included an 11% reduction in headcount, a shift toward an outsourced labor model, and a refocusing of the Games Label on its core indie gaming roots. Leadership also underwent a major transition with the appointment of a new Independent Chair and CEO to oversee tighter cost controls and a more rigorous "greenlight" process for future titles. The Group maintains a strong liquidity position with £42.8 million in cash and has successfully reduced contingent liabilities related to previous acquisitions. Beyond financial restructuring, the Group advanced its ESG initiatives, achieving high female representation in its StoryToys and astragon divisions while establishing a roadmap toward net-zero emissions. Moving into 2024, the Group aims to restore profitability through a disciplined release schedule and enhanced financial governance, supported by a transition to a new Group-wide finance system and a revised executive remuneration policy tied to strict financial targets.

game-publishing investment uk+2

Team17 Group plcJan 2024

Legal

Resolution No. 1 of the Ordinary General Meeting of PlayWay S.A. (30 December 2023)

The Ordinary General Meeting of PlayWay S.A., held on June 30, 2023, finalized the financial and operational oversight for the 2022 fiscal year while establishing strategic incentives for future growth. Shareholders ratified financial statements showing a balance sheet total of 170.27 million PLN for the company and 558.6 million PLN for the Capital Group. Net profits for the period reached approximately 114.8 million PLN on a standalone basis and 112.3 million PLN on a consolidated basis. These results supported the approval of a substantial dividend totaling 127,974,000 PLN, or 19.39 PLN per share, which utilized the entirety of the 2022 net profit supplemented by 13.17 million PLN from retained earnings. Beyond financial distributions, the assembly focused on corporate governance and long-term performance alignment. All members of the Management and Supervisory Boards received official discharge for their 2022 duties. To drive future expansion, a Management Incentive Program for the 2023–2025 period was established, authorizing the issuance of up to 66,000 new shares. Eligibility for this program is strictly tied to rigorous performance metrics, including year-over-year growth in consolidated operating profit and the acquisition of at least five new game projects annually. These shares are subject to lock-up provisions to ensure sustained executive commitment. Structural updates to the company’s Articles of Association were also implemented to enhance oversight and transparency. These amendments mandate quarterly Supervisory Board meetings and regulate the costs associated with external advisors. While the resolutions were passed by a small fraction of the total share capital—representing 2.63% or 173,518 shares—the decisions were made with unanimous or near-unanimous support, solidifying the company's fiscal policy and operational roadmap for the mid-term.

game-publishing market-analysis poland

PlayWayDec 2023

Legal

Current Report No. 58/2023: Strategic Talks Regarding Project Gemini

The board of PCF Group S.A., headquartered in Warsaw, announced the initiation of strategic negotiations with long‑standing group publisher Square Enix Limited concerning the development model and commercial terms of the Gemini game project. The discussions focus on a work‑for‑hire arrangement in which the group has been delivering the project for the publisher across Europe under the conditions set out in the existing contract. As of 24 November 2023, the group continues to execute Gemini according to the current agreement, but the board assesses a high probability that future delivery will diverge from the present commercial framework. The precise direction and scope of any contractual revisions remain unsettled, and the outcome of the talks will be disclosed in subsequent public filings. Concurrently, the board is conducting an impact analysis of the various scenarios emerging from these negotiations on the group’s broader development pipeline. This assessment aligns with the updated corporate strategy previously communicated in the current‑report series No. 3/2023 dated 31 January 2023. Findings from the Gemini negotiations and any resulting adjustments to the group’s project portfolio will be reported in separate current reports as they become available.

game-publishing mergers-acquisitions market-analysis+1

PCF GroupNov 2023

Financial

Q3’23 Financial Results

Financial results for the third quarter of 2023 reveal a period of strategic reinvestment and portfolio expansion despite a year-over-year decline in top-line revenue. Total revenue for the quarter reached $121 million, a 5% decrease from the $128 million reported in the same period of 2022. This decline was mirrored in Adjusted EBITDA, which fell 35% to $29 million, and total comprehensive income, which dropped from $31 million to $24 million. These decreases are primarily attributed to a significant ramp-up in selling and marketing expenses, which more than doubled to $43 million as the company pivoted from the reduced marketing spend of 2022 toward aggressive new player acquisition. Operational metrics show a shift in the user base composition. Monthly Paying Users (MPUs) grew by 23% year-over-year to 375,000, though Average Bookings Per Paying User (ABPPU) declined by 26% to $84. Total bookings for the quarter stood at $102 million, with the United States remaining the largest geographic market at 35%, followed by Europe at 26%. Mobile platforms continue to dominate the distribution mix, accounting for 63% of bookings compared to 37% for PC. Product milestones highlight the continued performance of the flagship Hero Wars franchise, which has surpassed $1.55 billion in lifetime bookings across mobile and PC versions. The company also successfully transitioned Island Hoppers into global release, achieving over $30 million in bookings and 12 million downloads. Looking forward, the portfolio is set to diversify further with the planned Steam release of Pixel Gun 3D in early 2024, which has already secured approximately 260,000 wishlists. These results reflect a transition phase where increased operating expenses are being utilized to scale new titles and expand the paying user base for long-term growth.

investment game-publishing global+1

GDevNov 2023

Legal

PCF Group Current Report No. 56/2023: Bulletstorm VR Release Date Postponed

The management board of PCF Group S.A. has officially rescheduled the release of Bulletstorm VR, moving the launch date from December 14, 2023, to January 18, 2024. This strategic adjustment follows a formal decision made on November 17, 2023, and updates previous guidance issued earlier in the year. The delay affects the global distribution of the title across all planned virtual reality platforms. The decision to postpone the release resulted from extensive consultations between the PCF Group publishing team and the development team at Incuvo S.A., the studio directly responsible for the game’s production. The primary objective for this five-week extension is to provide the developers with additional time to refine and polish the gameplay experience. By ensuring a higher level of technical stability and player satisfaction at launch, the company aims to maximize the title's long-term commercial performance and sales potential. This announcement adheres to European market abuse regulations regarding the disclosure of inside information that could impact investor valuation. It reflects a broader industry trend of prioritizing product quality over initial release windows to protect brand reputation and ensure a successful commercial lifecycle. The revised timeline positions the game for a mid-January debut, moving it out of the crowded end-of-year holiday release cycle.

game-publishing vr europe+1

PCF GroupNov 2023

Presentation

Wyniki Finansowe 9M23

PCF Group S.A. experienced significant organizational growth and structural expansion during the first nine months of 2023. The workforce reached a total of 722 employees by September 30, 2023, continuing a steady upward trajectory from 612 in 2022 and 495 in 2021. This growth is distributed across a global network of studios, with a primary concentration in Europe, where the headcount rose to 473, and a substantial presence in North America, accounting for 249 staff members. The internal composition of the team remains heavily weighted toward production, consisting primarily of developers and quality assurance professionals, supported by back-office staff and specialized units such as GameOn and Incuvo. The geographic footprint of the group spans multiple key hubs, including Warsaw, Rzeszów, Katowice, Kraków, and Łódź in Poland, alongside international locations in Newcastle, Dublin, Montreal, and New York. This infrastructure supports a diversified operational model that includes both core development studios and a dedicated publishing division. The expansion reflects a strategic commitment to scaling production capabilities across various territories to support ongoing development projects. Financial positioning for the period is characterized by a balance sheet that emphasizes long-term value creation through development work in progress and intangible assets. Key financial components include significant investments in development projects, tangible fixed assets, and right-of-use assets, balanced against equity and liquid holdings in cash and bonds. While specific revenue figures for the nine-month period are integrated into broader reporting, the data highlights a period of intensive investment in human capital and project pipelines intended to drive future growth within the competitive global gaming market.

investment funding game-publishing+1

PCF GroupNov 2023

Financial

First Half Report: Fiscal Year Ending March 31, 2024

The primary aim is to present Capcom’s financial and operational performance for the first half of fiscal year 2024 and to reaffirm its full‑year guidance, emphasizing the accelerating contribution of digital content to overall growth. The half‑year results show a sharp rebound, with net sales reaching ¥74.9 billion, a 53 % year‑on‑year increase, and operating income climbing to ¥33.8 billion, up 55 % and delivering an operating margin of 45.2 %. Net income attributable to owners rose 57 % to ¥25.3 billion, while ordinary income grew 57 % to ¥36.2 billion, reflecting both higher sales and a ¥1.8 billion foreign‑exchange gain. Segment analysis reveals that Digital Contents drove the bulk of the upside, posting ¥61.3 billion in sales—a 70 % surge—and generating ¥34.5 billion in operating profit, raising its margin to 55.4 %. Arcade Operations returned to profitability with a 25 % sales increase to ¥9.2 billion, while Amusement Equipment sales rebounded 88 % to ¥2.6 billion despite a modest decline in the most recent quarter. Other businesses contributed ¥1.6 billion in operating profit, maintaining a 32 % margin. Game‑title performance underpinned the revenue lift. Street Fighter 6 surpassed 2.47 million units, and total consumer game sales rose to 22.6 million units, up from 21.3 million the prior year. Digital sales, including licenses,

investment market-analysis japan+1

CapcomNov 2023

Legal

Raport bieżący ESPI nr 15 /2023

PlayWay S.A., a prominent Polish video game developer and publisher, has officially finalized amendments to its corporate statute following formal registration by the District Court for the Capital City of Warsaw. This legal update, executed on October 26, 2023, confirms the implementation of changes previously adopted through Resolution No. 21 during the Ordinary General Meeting of Shareholders held on June 30, 2023. The registration marks the formal conclusion of the governance adjustment process initiated earlier in the fiscal year. The scope of this action is strictly corporate and legal, focusing on the internal regulatory framework of the Warsaw-based entity. By registering these changes with the XIII Commercial Division of the National Court Register, the company ensures full compliance with Polish capital market regulations and transparency requirements for publicly traded issuers. The update includes the adoption of a consolidated text of the statute, which integrates all modified provisions to provide a clear legal basis for the company’s ongoing operations and governance. This administrative milestone is reported in accordance with the Act on Public Offering and the Regulation of the Minister of Finance regarding current and periodic information provided by issuers of securities. While the specific operational impact of the individual statutory changes is not detailed in the summary notice, the registration signifies the formalization of shareholder decisions into the company’s legal foundation. This process is a standard requirement for maintaining the corporate integrity of entities listed on the Warsaw Stock Exchange, ensuring that the company’s governing documents accurately reflect current shareholder mandates and regulatory standards.

mergers-acquisitions investment game-publishing+1

PlayWayOct 2023

Legal

PCF Group Current Report No. 51/2023: Suspension of Production Agreement Negotiations

The management board of PCF Group S.A., operating under the People Can Fly brand, has formally announced the indefinite suspension of negotiations regarding a production agreement for a new video game project. This decision concerns a development contract for an action-combat title intended for virtual reality platforms, currently identified by the code name Project Dolphin. The suspension follows a non-binding letter of intent signed in June 2023 with a prominent United States-based entertainment entity that was intended to serve as the project’s publisher. The cessation of development activities and contract negotiations is attributed to external labor instability within the American entertainment sector. Informal communications between the developer and the publisher indicate that the decision is a direct consequence of ongoing industry strikes in the United States, which have created a climate of significant uncertainty across the broader entertainment landscape. This disruption has forced a halt to the collaborative efforts previously established for the VR title, reflecting the immediate impact of labor disputes on international production pipelines. This development represents a shift in the company’s immediate project roadmap for the 2023 period. While the initial agreement established the framework for a strategic partnership in the high-growth VR segment, the indefinite suspension highlights the vulnerability of specialized game development projects to macroeconomic and industrial labor trends. The announcement serves as a regulatory notification regarding the status of material negotiations and the current operational standing of Project Dolphin within the company’s portfolio of upcoming titles.

game-publishing vr europe+2

PCF GroupSept 2023

Financial

Półroczne Sprawozdanie Zarządu z Działalności Grupy Kapitałowej PCF Group S.A. i Spółki PCF Group S.A.: za okres 1.01.2023 – 30.06.2023

PCF Group S.A. underwent a significant strategic transition during the first half of 2023, shifting its focus toward self-publishing and Game-as-a-Service models while maintaining a robust global presence across Poland, North America, and Europe. The primary objective of this period was to secure the capital necessary to fund an ambitious 2023–2027 growth strategy, which targets 3.0 billion PLN in revenue. This was largely achieved through the issuance of Series F and G shares, raising approximately 235 million PLN and attracting Krafton, Inc. as a strategic 10% anchor investor. Despite these capital inflows increasing total assets to 481.9 million PLN and bolstering cash reserves, the Group faced a challenging fiscal environment, reporting a net loss of 13.1 million PLN on revenues of 68.7 million PLN—a 24% year-over-year decline. The financial downturn was primarily driven by the conclusion of major development work on Outriders Worldslayer and the termination of a previous agreement with Take-Two Interactive. Revenue remains highly concentrated, with over 75% derived from a work-for-hire contract with Square Enix. Furthermore, the Group has yet to receive royalties for Outriders as net sales have not yet recouped publisher costs. To diversify its portfolio, the Group signed a production agreement with Microsoft for Project Maverick, a AAA title with a budget of $30–50 million, and increased its stake in VR developer Incuvo S.A. to 62.25%. Operational risks remain centered on high dependency on external publishers who retain ownership of key intellectual property, as well as significant key-man reliance on CEO Sebastian Wojciechowski, who maintains a 41.65% stake. While the Group faces rising administrative costs and wage pressures across its international studios, its strong liquidity position and the development of the proprietary PCF Framework are intended to support the transition toward a self-publishing model and the eventual release of internal titles such as Projects Gemini, Dagger, and Bifrost.

market-analysis investment game-publishing+1

PCF GroupSept 2023