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Investment

Integrated Report: Value Creation Story

DeNA entered a transformative "Second Founding" phase in FY2024, marked by a significant financial recovery and a strategic pivot toward company-wide AI integration. Revenue reached 164.0 billion yen with a Non-GAAP operating profit of 32.9 billion yen, driven primarily by the global success of Pokémon Trading Card Game Pocket. While the Game Business remains the core profit engine, the organization is diversifying its portfolio across Live Streaming, Healthcare, and a record-performing Sports segment to mitigate the volatility of hit-driven cycles. The company has established a FY2026 Non-GAAP operating profit target of 15.0 billion yen, emphasizing sustainable, structural growth over short-term gains. Central to this evolution is the "AI-ALL-IN" strategy, which aims to double productivity and launch approximately 10 AI-native products. This transition is supported by a robust human capital framework, including the DeNA AI Readiness Score (DARS) to track employee literacy and a shift toward market-linked, performance-based compensation. To manage development risks, the Game Business has adopted a "soft launch strategy" focused on iterative testing. Meanwhile, the Sports segment achieved 40 billion yen in revenue, and the Healthcare division is pivoting toward medical digital transformation despite facing recent impairment losses. Governance and sustainability are integrated into this value creation story through a board composed of 50% independent directors and a rigorous risk management framework. DeNA maintains high standards for data security and has committed to a 58.8% reduction in Scope 1 and 2 emissions by FY2033. By balancing aggressive AI adoption with disciplined capital allocation—including strategic share sales and increased dividends—the organization seeks to harmonize social value with long-term profitability across its diverse digital and physical business ecosystems.

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DeNA Co.Oct 2025

Legal

Raport bieżący nr 40/2025: Podsumowanie kosztów subskrypcji akcji serii H

The report serves to disclose the finalised expenses associated with the subscription of 6,670,000 ordinary bearer shares of Series H issued by PCF Group S.A., Warsaw. It complements an earlier filing from August 2025 and complies with the Minister of Finance’s regulation on current and periodic information from securities issuers. The analysis focuses on the Polish market, specifically the Warsaw Stock Exchange, and covers the period up to the report’s preparation date of 14 October 2025. Total issuance costs amount to 265,800 PLN, all of which are recorded as emission expenses. The breakdown shows 265,800 PLN spent on the preparation and execution of the offer, comprising legal fees of 135,390 PLN, transaction‑advisory fees of 115,410 PLN, and registration and admission costs to the National Depository for Securities and the exchange of 15,000 PLN. No remuneration was paid to sub‑issuers, no prospectus was prepared, and no promotional activities were undertaken, as the public offer did not require a prospectus. The average cost per share is calculated at approximately 0.04 PLN. Accounting treatment reduced the share‑premium reserve by the full 265,800 PLN, reflecting the excess of the issue price over the nominal value of 0.02 PLN per share. The disclosed figures provide a transparent view of the financial impact of the Series H subscription on the issuer’s capital structure.

investment funding europe

PCF GroupOct 2025

Legal

Current Report No. 18/2025

This regulatory disclosure details a significant insider trading event involving the leadership of 11 bit studios S.A., a prominent Polish game developer and publisher. The notification, issued in compliance with Article 19 of the Market Abuse Regulation, confirms the disposal of company shares by Fundacja Rodzinna Miechowskich. This entity is closely associated with Grzegorz Miechowski, a member of the company’s Management Board, who serves as the President of the foundation’s board. The transaction occurred within the context of the Warsaw Stock Exchange, where the company is publicly listed. While the summary report identifies the nature of the transaction as a sale, it emphasizes the legal necessity of transparency regarding actions taken by persons discharging managerial responsibilities and their related entities. Such disclosures are mandatory to ensure market integrity and provide investors with clear insight into the financial movements of key executives and their affiliated organizations. The scope of this notification is specific to the internal governance and capital structure of 11 bit studios S.A. as of October 2025. It reflects the ongoing regulatory obligations of European game industry entities to report changes in share ownership that could influence market perception or signal shifts in executive sentiment. The report was formally authorized by the President of the Management Board, Przemysław Marszał, and Board Member Marek Ziemak, fulfilling the company's transparency requirements under European Union financial regulations.

investment market-analysis europe+1

11 bit studiosOct 2025

Legal

Raport Bieżący ESPI Nr 14 /2025

PlayWay S.A., a prominent Polish game developer and publisher, officially confirmed the registration of amendments to its Articles of Association by the District Court for the Capital City of Warsaw on October 2, 2025. This administrative milestone follows a resolution passed during the Ordinary General Meeting held on June 30, 2025. The registration by the National Court Register validates the structural and legal updates initiated by the company’s shareholders earlier in the year, ensuring the corporate bylaws are aligned with current strategic or regulatory requirements. The scope of this action is centered on the corporate governance framework of the Warsaw-based entity, which operates as a major hub for numerous development studios within the global gaming industry. While the specific internal mechanics of the statutory changes were not detailed in the summary text, the formalization of these amendments represents a completed legal process necessary for the company’s continued compliance with Polish commercial law. The notification was issued in accordance with the Act on Public Offering and the conditions for current and periodic information provided by securities issuers. This corporate update reflects the ongoing administrative management of a publicly traded company on the Warsaw Stock Exchange. By securing the court’s registration, PlayWay S.A. has finalized the implementation of Resolution No. 26, providing a unified text of the updated statutes for transparency. The process underscores the legal formalities required for major industry players to maintain their organizational structure and governance standards within the European regulatory environment during the 2025 fiscal period.

mergers-acquisitions investment poland

PlayWayOct 2025

Legal

Raport Bieżący ESPI Nr 15/2025

PlayWay S.A. issued a formal notification regarding a transaction involving its company shares conducted by a person discharging managerial responsibilities. The disclosure, released in October 2025, serves to fulfill regulatory transparency requirements under Article 19 of the European Union’s Market Abuse Regulation. This specific filing confirms that the company received a formal notification from Krzysztof Kostowski, who serves as the President of the Management Board, detailing his recent trading activity involving the issuer's equity. The scope of this disclosure is focused on the internal governance and financial transparency of the Warsaw-based game development and publishing group. While the summary report confirms the occurrence of the transaction on October 2, 2025, it functions as a legal bridge to the detailed notification required by market regulators. Such filings are standard practice for publicly traded entities on the Warsaw Stock Exchange to ensure that investors are informed of the investment behaviors of top-level executives, which can often serve as an indicator of internal confidence or liquidity needs. The methodology for this disclosure follows the standardized ESPI reporting system used by Polish listed companies to disseminate price-sensitive information. By adhering to the Market Abuse Regulation framework, the company ensures that all stakeholders have equal access to information regarding changes in the shareholding structure among its leadership. This specific announcement underscores the ongoing regulatory compliance of PlayWay S.A. within the broader European financial market landscape, focusing specifically on the actions of its primary executive leadership during the final quarter of 2025.

investment mergers-acquisitions game-publishing+1

PlayWayOct 2025

Financial

Marvelous Consolidated Financial Results H1 FY2026 (Six Months Ended September 30, 2025)

Marvelous Inc. reported consolidated financial results for the first half of the fiscal year ending March 31, 2026, covering the period from April 1, 2025, to September 30, 2025. The data reveals a significant divergence between top-line growth and operational profitability. Net sales rose sharply by 57.5% year-on-year to 20,281 million yen, driven primarily by the Digital Contents Business, which saw revenues nearly double. Despite this revenue surge, operating profit fell by 61.8% to 226 million yen. This decline was largely due to a segment loss of 1,070 million yen in the Digital Contents division, contrasting with the previous year’s profit. Conversely, the Amusement and Audio & Visual segments showed improved profitability, contributing 1,702 million yen and 483 million yen in segment profit, respectively. The financial position remains stable with total assets of 34,328 million yen and an equity-to-asset ratio of 74.9%. Cash flows from operating activities improved dramatically, shifting from a deficit in the prior year to a surplus of 5,822 million yen, aided by a substantial decrease in inventories. Profit attributable to owners of the parent rose 134.7% to 184 million yen, supported by reduced non-operating expenses compared to the previous year’s foreign exchange losses. Looking ahead, the full-year forecast remains unchanged, projecting net sales of 35,000 million yen and an operating profit of 2,000 million yen. This outlook suggests a heavy reliance on second-half performance to recover the current margin compression. The company plans to increase its annual dividend from 10 yen to 12 yen per share, reflecting confidence in its long-term financial health despite the immediate pressure on operating margins.

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MarvelousOct 2025

Report

Sega Sammy Holdings Integrated Report 2025

Sega Sammy Holdings’ 2025 Integrated Report details a transformative strategic shift aimed at establishing a more balanced and resilient business portfolio. Historically reliant on the volatile Pachislot & Pachinko market, the Group is transitioning to a three-pillar structure: Entertainment Contents, Pachislot & Pachinko, and a newly formed Gaming Business. This "Welcome to the Next Level!" plan focuses on global expansion and transmedia integration to drive long-term growth through 2030. The Entertainment Contents segment remains the primary revenue driver, contributing ¥321.5 billion of the Group’s ¥428.9 billion in FY2025 net sales. This growth is fueled by a "mille-feuille" revenue model that leverages major intellectual properties like *Sonic the Hedgehog*, *Persona*, and *Like a Dragon* across games, film, and licensing. Meanwhile, the Pachislot & Pachinko segment is being repositioned as a stable cash generator. To combat a shrinking domestic market, the Group is introducing innovative modular cabinet systems to reduce costs for operators and improve player engagement. The most significant strategic development is the establishment of the Gaming Business as a third pillar, targeting the North American iGaming and B2B casino solutions markets. This expansion is underpinned by the major acquisitions of Rovio, GAN, and Stakelogic, totaling over ¥130 billion, alongside the divestment of non-core assets like the Phoenix Seagaia Resort. Financially, the Group reported a robust FY2025 performance with a profit of ¥45.1 billion and an ROE of 12.2%. Looking ahead, the Group targets a cumulative adjusted EBITDA of over ¥230 billion by FY2027, supported by a commitment to shareholder returns including a 50% total return ratio and a 3% dividend on equity. Sustainability and governance also remain central, with goals for carbon neutrality by 2050 and enhanced diversity within its global workforce.

market-analysis investment japan

Sega Sammy HoldingsOct 2025

Legal

Video Games Europe: Response on the General Block Exemption Regulation Revision

The European video‑games sector, generating €26.8 billion in revenue in 2024 and employing more than 116 000 people, is presented as a distinct hybrid of cultural and technological activity that warrants explicit inclusion in the General Block Exemption Regulation (GBER). By classifying video games as an “experimental development” field, the aim is to eliminate legal uncertainty, harmonise state‑aid rules across the Union and enable Member States to support the industry with greater certainty and efficiency. Evidence from national programmes demonstrates that targeted aid already yields strong economic returns at modest fiscal cost. In France, a tax‑credit scheme raised the share of locally produced content from 63 % to 77 % and added €322 million of production value, while Germany’s support generated between €1.60 and €2.00 of additional project spending for each euro of aid and created 1 725 new jobs. These outcomes illustrate the sector’s capacity to stimulate investment, localisation and employment when supported by clear, predictable incentives. The argument stresses that video games drive digital innovation, new business models and skills development, reaching 54 % of Europeans and contributing to broader research‑and‑development objectives. Aligning GBER provisions with existing Horizon Europe mechanisms and introducing a modernised “cultural test” would clarify eligibility for research, development and innovation (RDI) activities, fostering a more coherent policy environment. Adopting a dedicated GBER category for video games would therefore support a rapidly growing industry, reinforce the EU’s cultural‑technological agenda and ensure that public funds are deployed effectively across all Member States.

regulation investment europe+1

Video Games EuropeOct 2025

Legal

ESPI Current Report No. 16/2025

PlayWay S.A. announced the successful completion of its Series J share subscription on September 30, 2025. This issuance was conducted as part of the company’s 2023–2025 Incentive Program for Management Board members, specifically addressing the settlement for the 2024 financial year. The transaction involved the private subscription of 66,000 ordinary bearer shares by Krzysztof Kostowski, the President of the Management Board. The shares were issued at a nominal price of 0.10 PLN per share, resulting in a total subscription value of 6,600 PLN. All shares were acquired through cash contributions. The issuance was executed under the authority of the Management Board to increase share capital within authorized limits, which included the total exclusion of pre-emptive rights for existing shareholders. The total costs associated with the issuance amounted to 9,010 PLN, which exceeded the total value of the shares issued. These costs included 1,015 PLN for offer preparation and 7,995 PLN for registration and listing fees. Consequently, the average cost per share for the subscription was approximately 0.14 PLN. PlayWay S.A. confirmed that these expenses would be accounted for as a reduction in the company’s supplementary capital. No costs were incurred for underwriting, prospectus preparation, or promotional activities, as the offer was directed solely to a single internal participant.

investment funding game-publishing+1

PlayWayOct 2025

Legal

Statut Spółki PlayWay S.A.

PlayWay S.A. operates as a Warsaw-based joint-stock company primarily dedicated to the development and publishing of video games. Its organizational structure is built upon a share capital of 660,000 PLN, represented by 6.6 million ordinary bearer shares. To align leadership interests with corporate growth, the governance framework includes provisions for a target capital increase of up to 66,000 shares specifically earmarked for a Management Board incentive program. The company’s fiscal year follows the calendar year, and its financial policies mandate that at least 8% of annual net profit be directed toward supplementary capital until that reserve reaches one-third of the total share capital. Governance is distributed across a General Meeting, a Supervisory Board of five to seven members, and a Management Board of one to five members, all serving five-year joint terms. Decision-making processes are characterized by high thresholds for significant corporate actions; for instance, changes to the business scope or mergers require a two-thirds majority, while issuing convertible bonds or acquiring treasury shares necessitates a three-quarters majority. The Management Board operates under an absolute majority rule, with the President holding the tie-breaking vote and the authority to represent the company individually, whereas other members must act jointly. Shareholder rights are protected through structured procedural timelines for motions and the mandatory establishment of an Audit Committee. Investors are entitled to dividends and potential dividend advances based on verified financial performance. These regulations ensure a stable legal and operational foundation for the company’s activities within the Polish gaming sector, emphasizing both rigorous financial oversight and a clear hierarchy of executive responsibility.

mergers-acquisitions investment poland

PlayWayOct 2025

Financial

Półroczne Sprawozdanie Zarządu z Działalności Grupy Kapitałowej PCF Group S.A. oraz Spółki PCF Group S.A.: 2025

PCF Group S.A. experienced a period of significant strategic realignment and financial volatility during the first half of 2025. While total sales revenue grew by 51% year-over-year to 115.3 million PLN, the Group recorded a net loss of 21.3 million PLN and a sharp 81% decline in cash reserves. This revenue growth was primarily driven by "work-for-hire" development fees from major international partners, including Microsoft for Project Maverick (revealed as Gears of War: E-Day), Krafton for Project Echo/Zulu, and Sony Interactive Entertainment for Project Delta. These partnerships have become the Group's primary financial stabilizer as it pivots away from more capital-intensive self-publishing and VR ventures. The reporting period was defined by the suspension of several high-profile projects and a subsequent reduction in workforce. Most notably, work on Project Gemini was halted on June 1, 2025, following a breakdown in communication and contract negotiations with publisher Square Enix, leading to the layoff of over 60 employees. Additionally, the self-published Project Bifrost was suspended due to cash flow constraints, resulting in significant non-cash write-offs totaling approximately 173 million PLN when combined with the impairment of the subsidiary Incuvo S.A. The Group also began a gradual withdrawal from the VR publishing market following the underperformance of Bulletstorm VR. To address liquidity challenges and a tightening immediate liquidity ratio, the Group successfully raised capital through the issuance of 6.67 million Series H shares in August 2025. Despite the contraction in its self-publishing pipeline, the Group launched Project Victoria (retitled Lost Rift) in Early Access on Steam in September 2025, though its long-term success remains uncertain. Moving forward, the Group faces ongoing risks related to its dependence on third-party publishers, currency fluctuations affecting its PLN-based cost structure, and the need to maintain high-skilled development talent in a competitive global market.

investment mergers-acquisitions europe+1

PCF GroupSept 2025

Legal

Raport Bieżący ESPI Nr 13/2025

PlayWay S.A. has formalized the issuance of new equity to its leadership as part of a structured incentive program designed to align executive compensation with corporate performance. On September 30, 2025, the company entered into an agreement with Krzysztof Kostowski, the President of the Management Board, for the subscription of 66,000 Series J ordinary bearer shares. These shares were issued at a nominal price of 0.10 PLN per share, following a board resolution passed in August 2025 to increase the share capital within the limits of the authorized capital. This issuance specifically excluded pre-emptive rights for existing shareholders to facilitate the direct allocation of equity to key management personnel. The transaction serves as the final execution phase of the Management Board Incentive Program originally established by the General Meeting in June 2023 and subsequently amended in June 2024. The allocation of these shares is tied to the settlement of the incentive program for the 2024 fiscal year. To ensure long-term commitment and stability, the agreement includes a mandatory lock-up period. The President of the Management Board is prohibited from selling any of the newly acquired Series J shares for a duration of 24 months from the date of the subscription agreement. This corporate action reflects the ongoing governance strategy of the Warsaw-based game developer and publisher, focusing on internal equity-based rewards rather than external market acquisitions. The scope of the disclosure is limited to the internal capital structure of PlayWay S.A. and its executive leadership. By utilizing authorized capital and removing pre-emptive rights, the company has streamlined the process of rewarding its top executive while ensuring that the newly issued shares remain held by leadership for at least two years, thereby signaling confidence in the company’s future valuation to the broader market.

investment mergers-acquisitions salary+1

PlayWaySept 2025

Legal

Komunikat Krajowego Depozytu Papierów Wartościowych w Sprawie Rejestracji Akcji Serii H Spółki

**Summary of the “Komunikat Krajowego Depozytu Papierów Wartościowych w Sprawie Rejestracji Akcji Serii H Spółki” (Current Report No 39/2025 – 24 September 2025)** --- ## 1. Core announcement | Item | Detail | |------|--------| | **Issuer** | PCF Group S.A. (registered office in Warsaw) | | **Depository** | Krajowy Depozyt Papierów Wartościowych S.A. (KDPW) | | **Date of KDPW communication** | 24 September 2025 (statement No ONP/2025/066) | | **Effective date of registration** | **25 September 2025** | | **Securities to be registered** | **6 670 000** (six‑million‑six‑hundred‑seventy‑thousand) **ordinary bearer shares, series H** | | **Nominal value** | **PLN 0.02** per share | | **ISIN** | **PLPCFGR00010** | | **Purpose of the report** | Inform shareholders and qualified investors about the registration of the new H‑series shares; the report is **purely informational** and does **not** constitute an offer, solicitation or advertisement of the securities. | --- ## 2. Legal basis & regulatory framework * **Polish law** – Art. 56 § 1 pkt 2 of the Act of 29 July 2005 on public offers and the conditions for introducing financial instruments to an organized market. * **EU law** – Art. 17.1 of Regulation (EU) 596/2014 (Market Abuse Regulation) and the Prospectus Regulation (EU) 2017/1129 (as amended). * The securities are **not** registered under the U.S. Securities Act of 1933, nor approved by the U.S. SEC, nor by any other non‑Polish securities regulator. --- ## 3. Distribution restrictions (the “safe‑harbor” clause) | Territory / Audience | Restriction | |----------------------|-------------| | United States, Australia, Canada, Japan, South Africa and any other jurisdiction where distribution would be illegal | **No publication, announcement, distribution or transmission, in whole or in part** is permitted. | | United Kingdom | Distribution is allowed only where the Financial Services and Markets Act 2000 (as amended) does **not** apply (i.e., to “qualified investors” under the Prospectus Regulation). | | European Economic Area (EEA) | Distribution is limited to **qualified investors** (Art. 2(e) Prospectus Regulation) or to professional/high‑net‑worth investors as defined in UK law. | | United States (Rule 144A) | The securities may be offered only to **qualified institutional buyers** under Rule 144A, and only in “offshore” transactions that satisfy Regulation S or another registration exemption. | | General | Anyone who distributes the report must ensure compliance with the above rules and obtain appropriate legal advice if in doubt. | --- ## 4. Disclaimer & liability statements 1. **Information‑only** – The report does **not** constitute an offer, invitation, solicitation, or recommendation to buy or

investment ipo market-analysis+1

PCF GroupSept 2025

Legal

Raport Bieżący Nr 38/2025

The filing announces the admission and commencement of trading of PCF Group S.A.’s ordinary bearer shares of series H on the main market of the Warsaw Stock Exchange. The Board of the Exchange adopted resolution 1215/2025 on 23 September 2025, authorising the listing of 6 670 000 shares, each with a nominal value of 0.02 zł, effective from 25 September 2025. The shares have been assigned the ISIN PLPCFGR00010 and will be registered by the Central Securities Depository on the same day. The announcement is confined to the Polish market and to qualified investors within the European Economic Area, the United Kingdom and other jurisdictions where the offering is permitted under the EU Prospectus Regulation exemption. It explicitly excludes distribution in the United States, Canada, Australia, Japan, South Africa and any other jurisdictions where such disclosure would breach securities law. The shares are not registered under the U.S. Securities Act of 1933, nor have they received any approval or recommendation from the U.S. Securities and Exchange Commission or comparable authorities. The communication complies with Article 56(1)(2) of the Polish Public Offering Act and the EU Market Abuse Regulation (Regulation 596/2014). No prospectus is required, and the manager of the offering bears no liability for the content of the information. All investment decisions must rely on publicly available data, and the filing contains forward‑looking statements that are subject to risks and uncertainties without any guarantee of future performance.

investment ipo europe

PCF GroupSept 2025

Legal

Current Report No. 37/2025: Change in the Date of Submission of the H1 2025 Semi-Annual Report

The announcement serves to revise the scheduled release of the PCF Group S.A. consolidated half‑year financial statements for the first six months of 2025. Initially set for 24 September 2025 in the earlier filing dated 21 January 2025, the publication date has been moved to 30 September 2025. The change is grounded in § 8 4, paragraph 2 of the Minister of Finance’s regulation dated 6 June 2025, which governs the timing and equivalence of information disclosed by issuers of securities under non‑EU jurisdictions. The notice confirms that the consolidated report will cover the capital group’s performance, financial position, and cash‑flow results for the period ending 30 June 2025. No additional financial data or analytical commentary is provided; the focus is solely on the administrative adjustment of the reporting deadline. The scope is limited to PCF Group S.A. and its subsidiaries, reflecting a corporate‑level disclosure rather than a broader industry analysis. No methodological details, such as survey size or data sources, are relevant to this procedural update.

investment market-analysis mergers-acquisitions+1

PCF GroupSept 2025

Legal

Raport Bieżący Nr 36/2025

**Summary of “Raport Bieżący Nr 36/2025 – Warunkowa Rejestracja Akcji Serii H” (Current Report No 36/2025 – Conditional Registration of Series H Shares)** --- ### 1. What the report announces | Item | Detail | |------|--------| | **Company** | PCF Group S.A. (registered in Warsaw) | | **Regulatory body** | Krajowy Depozyt Papierów Wartościowych S.A. (KDPW – Central Securities Depository of Poland) | | **Action** | Conditional registration of **6 670 000** newly‑issued ordinary bearer shares of **Series H** (nominal value **PLN 0.02** each). | | **Security code** | **PLPCFGR00010** (to be assigned in the KDPW register). | | **Condition** | Registration will become effective only after the **Warsaw Stock Exchange (GPW)** decides to admit the shares to trading on the same regulated market where the company’s other shares are listed. | | **Timing** | Once GPW’s decision is received, KDPW will complete the registration **within three business days**, but not earlier than the date specified by GPW as the “day of admission to trading”. | | **Communication** | KDPW will issue an operational communication (KDPW operational message) confirming the registration under the above code. | --- ### 2. Legal basis & regulatory framework * **Polish law** – Art. 56 (1) pkt 2 of the Act of 29 July 2005 on public offers and conditions for introducing financial instruments to an organized market. * **EU regulation** – Art. 17.1 of **Regulation (EU) 596/2014** (Market Abuse Regulation) and the **Prospectus Regulation (EU) 2017/1129** (exemptions from a prospectus). * The report is prepared **solely for informational purposes** and **does not constitute an offer** of securities, nor a solicitation to buy or subscribe for the shares. --- ### 3. Geographical & investor restrictions | Restriction | Explanation | |------------|-------------| | **No distribution** in the United States, Australia, Canada, Japan, South Africa, and any other jurisdiction where such distribution would breach local securities law. | | **No registration** under the U.S. Securities Act of 1933 – the shares cannot be offered, sold, or otherwise dealt with in the U.S. unless an exemption (e.g., Regulation S or Rule 144A) applies. | | **Target audience** – only **qualified investors**: <br>• Investors qualifying under the EU Prospectus Regulation (qualified investors). <br>• In the UK, professional investors or high‑net‑worth entities as defined by the Financial Services and Markets Act 2000. <br>• Qualified institutional buyers under U.S. Rule 144A (if any offshore transaction is contemplated). | | **UK distribution** – allowed only where the UK

investment europe

PCF GroupSept 2025

Financial

Rapport Financier Semestriel S1 2025/2026

PULLUP Entertainment’s financial performance for the first half of the 2025/2026 fiscal year, ending September 30, 2025, reflects a transitional period characterized by a lack of major new releases compared to the previous year’s record-breaking results. Revenue declined 43% to €132.6 million, while net income dropped 91% to €2.1 million. Despite the absence of a blockbuster launch comparable to the prior year, the back-catalogue achieved record revenues of €93.7 million, a 44.4% increase. This shift toward digital dominance is evident, with digital sales now accounting for 94% of total turnover. The strategic focus remains on long-term stability and portfolio diversification to mitigate operational risks. A significant portion of the Group’s projected investments over the next three years is tied to Saber Interactive, representing a 30% dependency that the company is addressing through internal studio acquisitions and partnerships, such as the ongoing collaboration with Games Workshop. To support this growth and manage liquidity, the Group secured a new €168 million syndicated loan in July 2025. This financing package, combined with €48 million in undrawn credit lines, positions the company to pursue external growth and meet its €86.5 million in outstanding commitments to studios and rights holders. Operational adjustments include the appointment of a new Deputy CEO and the consolidation of ownership in key subsidiaries like Dotemu, Blackmill Games, and Carpool Studio. While net debt rose to €84.8 million due to a decrease in cash reserves, the Group maintains a robust asset base with €181.3 million in net intangible assets, primarily driven by ongoing game development. Despite the first-half downturn, the Group confirms its outlook to exceed the 2022/2023 record performance for the full fiscal year, supported by a disciplined capitalization strategy and a stable international studio network.

investment mergers-acquisitions france

Pullup EntertainmentSept 2025

Financial

FY25 Financial Results: 1 June 2024 – 31 May 2025

Frontier Developments achieved a significant financial turnaround in FY25, characterized by a strategic pivot toward the Creative Management Simulation (CMS) genre. Revenue rose to £90.6 million, facilitating an adjusted operating profit of £13.2 million and a net profit of £16.4 million, a stark recovery from the previous year's net loss of £21.5 million. This performance was underpinned by a 41% reduction in operating expenses and a 25% year-on-year growth in the CMS category, which now accounts for 77% of total revenue. The company’s cash position strengthened considerably, ending the period at £42.5 million. Core franchises served as the primary engines of growth, with Jurassic World Evolution and Planet Zoo contributing 27% and 25% of total revenue, respectively. The launch of Planet Coaster 2 proved highly successful, moving over 600,000 units and driving a nearly 200% increase in franchise revenue. Furthermore, Elite Dangerous experienced a 76% revenue surge fueled by a 150% increase in downloadable content sales. Post-release nurturing remains a pillar of the business model, with PDLC contributing 36% of total revenue and back-catalogue sales growing by 4%. The future roadmap focuses on long-term monetization and a steady release cycle of high-margin titles. Key upcoming milestones include the release of Jurassic World Evolution 3 in October 2025, followed by two unannounced CMS titles scheduled for FY27 and FY28. While these forward-looking projections suggest continued stability and growth, they remain subject to market risks and the inherent volatility of the global gaming industry. The current financial trajectory indicates that the refocus on core competencies has successfully stabilized the balance sheet and established a sustainable foundation for upcoming fiscal years.

investment market-analysis market-forecast+1

Frontier DevelopmentsSept 2025

Financial

Raport z Przeglądu Skróconego Śródrocznego Sprawozdania Finansowego: PCF Group S.A. H1 2025

The independent auditor’s review of the condensed interim financial statements for PCF Group S.A. covers the first half of the 2025 fiscal year, specifically the period from January 1 to June 30, 2025. The review encompasses the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, and the statement of cash flows. Conducted by Grant Thornton Polska in accordance with International Standard on Review Engagements 2410, the assessment concludes that no material modifications are required for the financial statements to comply with International Accounting Standard 34 regarding interim financial reporting. While the auditor issued an unmodified conclusion, the findings highlight significant areas of financial uncertainty related to the company’s development pipeline and tax assets. A primary concern involves a valuation test for a cash-generating unit valued at 133.68 million PLN, which consists of capitalized development costs for a new game intended for self-publishing. The auditor notes substantial uncertainty regarding the cash flow projections for this project, particularly concerning potential deviations in sales volume following the game’s planned early access release. Further financial risk is identified regarding the realization of deferred tax assets totaling 52.66 million PLN. This uncertainty stems from the company’s current five-year tax result forecasts, which account for the inability to execute the corporate strategy in its previous form. These findings suggest a transitional or challenging period for the studio as it navigates shifts in its business model and the commercial performance of its internal development projects within the Polish and global gaming markets.

investment market-analysis poland

Grant ThorntonSept 2025

Presentation

Wyniki Finansowe 1H25

This financial summary details the performance of PCF Group (People Can Fly) for the first half of 2025, reflecting a period of organizational restructuring and portfolio transition. The group operates across two continents with a total workforce of 756 people as of June 30, 2025, a slight decrease from 2024 levels. This team is distributed primarily across studios in Warsaw, North America, and various European satellite locations, following the merger of PCF Chicago into PCF US. Financial results for 1H 2025 show a significant recovery in profitability compared to the previous year. Revenue for the first half of 2025 reached 115.3 million PLN, a substantial increase over the 76.3 million PLN reported in 1H 2024. EBITDA improved from a loss of 11.3 million PLN in 1H 2024 to a positive 2.9 million PLN in 1H 2025. Despite these operational improvements, the group recorded a net loss of 21.3 million PLN for the period, though this represents a narrowing of the 33.3 million PLN net loss seen in the prior year. Key drivers for these results include the increased contribution of Project Echo, the inclusion of Project Delta in financial reporting, and accounting write-offs related to goodwill and licenses following the Chicago studio merger. The group’s product strategy highlights a shift in its VR segment managed by Incuvo. While Green Hell VR continues to receive updates, including a successful co-op mode launch, the upcoming title Tracked: Shoot to Survive (Project Bison) is scheduled for a Q4 2025 release. This title will mark the final VR game published by PCF Group as it refines its long-term development focus. Quarterly revenue trends indicate a stabilization in the 50-60 million PLN range per quarter throughout late 2024 and early 2025, supported by a mix of work-for-hire projects and internal IP development.

investment market-analysis europe+1

PCF GroupSept 2025