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ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Strategic Report 3 Highlights of the year 5 Chairman’s statement 6 History and background 7 Strategy 9 Business model 11 Chief Executive’s review 16 Chief ...

ANNUAL R THE YEAR ENDED FINANCIAL STATEMENTS FOR THE YEAR ENDED Business model 10 Chief Executive’s review 15 Chief Financial Officer’s review 17 Environmental, social and governance (ESG) 19 Principal risks and uncertainties 20 Corporate Governance 25 Board of Directors 25 Corporate governance report ...

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED Chairman’s statement 4 History and background 5 Strategy 7 Business model 9 Chief Executive’s review 14 Chief Financial Officer’s review 16 Environmental, social and governance (ESG) 18 Principal risks and uncertainties ...

QUARTERLY REPORT OF 11 BIT STUDIOS FOR NINE MONTHS ENDED 30 SEPTEMBER 2024 DEAR SHAREHOLDERS AND INVESTORS, It is with great pleasure that we present the quarterly report of 11 bit studios S.A. for the nine months ended 30 September 2024.

QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE NINE MONTHS ENDED 30 Death Howl i This document is a translation from the original Polish version. In case of any discrepancies between the Polish and English versions, the Polish version shall prevail.2 PLN EUR 1 Jan– 1 Jan– 1 Jan– 1 Jan– 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 Revenue 101,310,402 106,658,014 23,913,703 ...

HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHS ENDED 30 JUNE DEAR SHAREHOLDERS AND INVESTORS, It is our pleasure to present to you the half-year report of 11 bit studios S.A. for the six months ended 30 June 2025. During the period, we earned PLN 57.24 million in revenue, a year-on-year increase of 86.09%.

Wojciech Ozimek has led one2tribe Sp. z o.o. for eleven years as CEO, overseeing organizational growth, product launches, sales and key client relationships. Under his direction the company has co‑created more than a dozen mobile and internet services, as well as several online games that collectively attract four million subscribers worldwide. Ozimek’s expertise lies in designing business‑oriented games, gamification solutions and educational titles, positioning him as a proponent of integrating gaming into everyday life. He has spoken at TEDx Kraków (2011) and Hewlett Packard/Warsaw (2012), frequently presenting at business‑gaming conferences in Poland and abroad, and co‑authored articles on gamification.

Ozimek is a senior consultant with the international Cutter Consortium, contributing to “Business‑IT Strategies” and “Enterprise Architecture” teams. He authored the report “Storming the Cathedral: Collaborating for Innovation in Mobile Markets.” Within one2tribe he has led concept development for strategic projects, including a business model for interactive TV (iTVP) and advisory work on mobile content distribution for P4/Play, Heyah/PTC Era, and Polkomtel S.A. Prior to one2tribe, he managed the e‑business competency group and later served as Director of Development at Infovide (now Infovide‑Matrix), delivering architecture concepts for major clients such as Nordea Bank Polska, Telekomunikacja Polska S.A., PTC Era, Onet.pl, PTK Centertel and Kredyt Bank S.A. His notable project Nordea Solo earned the 2001 System Informatyczny Roku award.

Ozimek’s earlier career included a role in the IT team at Telekomunikacja Polska S.A., where he implemented intranet solutions for the MikroBOK system, one of Poland’s first distributed data collection platforms. He holds a bachelor’s degree in Mathematics, Computer Science and Mechanics from the University of Warsaw.

In recent years he has served on the boards of Flow Combine Sp. z o.o., SIP Consulting Sp. z o.o., and temporarily on the board of Flow Combine, a studio that published its sole title through 11 Bit Studios S.A. No records of insolvency, fraud convictions or court‑ordered prohibitions exist for Ozimek, and he has not held executive roles in companies undergoing bankruptcy or competing with 11 Bit Studios.

The release schedule for the sequel to the critically acclaimed survival‑simulation title has been finalized, with a global launch set for July 25 2024. The announcement confirms that the PC version will debut on major digital storefronts—Steam, GOG, and Epic Games Store—and will be immediately available through Microsoft’s PC Game Pass. Future console releases are planned for PlayStation 5 and Xbox Series X/S, with the game slated to join the Xbox Game Pass library thereafter.

Pre‑sales commenced on March 6 2024, offering both a Deluxe Edition and a Base Game through Steam and the Microsoft Store. Pricing for the premium package is set at $74.99 / €74.99 (259.99 PLN), while the standard edition is priced at $44.99 / €44.99 (159.99 PLN). These figures reflect the company’s strategy to capture early adopters and maximize revenue across multiple platforms.

The communication originates from the board of 11 bit studios S.A., with Przemysław Marszał as President and Grzegorz Miechowski as board member. The release date decision aligns with the studio’s broader rollout plan, ensuring a coordinated launch across digital and subscription services. The information is disclosed under Article 17(1) of the MAR, indicating its confidential nature within corporate governance.

The release date for the adventure title “INDIKA” has been officially set for 8 May 2024. The game will launch worldwide on PC and next‑generation consoles, including Xbox Series X/S and PlayStation 5. Digital distribution will be handled through major global platforms such as Steam, GOG and the Epic Games Store. “INDIKA” is a narrative‑rich adventure set in an alternate 19th‑century Russian backdrop, developed by the Kazakh studio Odd Meter and published by 11 bit Studios S.A. The publisher has pledged a portion of sales proceeds to support children affected by the war in Ukraine, underscoring a charitable component tied to the title. The announcement originates from 11 bit Studios’ board, with Przemysław Marszał serving as Chairman and Michał Drozdowski as a board member. The communication references Article 17(1) of the MAR for confidentiality purposes, indicating that the information is protected under relevant legal provisions. The release strategy focuses on digital channels and aligns with contemporary distribution trends in the gaming industry, targeting a global audience across multiple high‑profile platforms. The statement serves to inform stakeholders and the public of the finalized launch schedule, distribution partners, and social responsibility initiative associated with “INDIKA.”

The announcement from 11 Bit Studios S.A. sets the global release date for “Frostpunk 2” on PC to 20 September 2024. The decision follows a March 6, 2024 market communication and reflects the board’s intent to refine the title further, aiming to enhance its commercial viability and sales potential. Distribution will occur through major digital storefronts—Steam, GOG, and Epic Games Store—and the game will be available on Microsoft’s PC Game Pass from launch. Future plans include releases for PlayStation 5 and Xbox Series X/S, with availability on Xbox Game Pass. Pricing is tiered: the Deluxe Edition will retail at 74.99 USD/EUR (259.99 PLN), while the Base Game will cost 44.99 USD/EUR (159.99 PLN). The communiqué, dated 27 June 2024 and referenced under legal Article 17(1) of the MAR, is directed at shareholders and stakeholders, emphasizing the strategic timing to maximize market impact. No additional data on sales projections or regional performance is provided, but the focus remains on global PC launch with subsequent console expansion.

The release of Frostpunk 2, the highly anticipated sequel to the critically acclaimed survival‑city builder, has been officially scheduled for June 13 2025. The announcement comes from the Management Board of 11 bit studios S.A., a Warsaw‑based developer known for its narrative‑driven titles. The global launch will encompass the PC edition and next‑generation console versions for Xbox Series X/S and PlayStation 5, ensuring simultaneous availability across major platforms.

Digital distribution will be handled by the industry’s leading storefronts: Steam, Epic Games Store, GOG, Xbox Store and PlayStation Store. In addition, the game will be added to Microsoft’s subscription services—PC Game Pass and Xbox Game Pass—from day one, broadening accessibility for subscribers. The release date was disclosed under Article 17.1 of the Market Abuse Regulation, classifying it as inside information that must be communicated promptly to avoid market manipulation.

The announcement is concise, focusing solely on the release logistics and distribution channels. No sales projections, marketing strategies, or financial implications are provided in this communication. The scope is strictly global, covering all major digital marketplaces and subscription services at launch. Methodologically, the information originates from an official board statement, with no external data or survey references included.

The announcement establishes the global early‑access release date for Moonlighter 2: The Endless Vault on PC as October 23, 2025. Distribution will occur through Steam and the Windows Store, while console releases for Xbox X/S and PlayStation 5 are deferred to a later date. The title is developed by Spanish studio Digital Sun, with 11 bit Studios S.A. acting as publisher.

The release schedule reflects a strategic focus on the PC market, leveraging major digital storefronts to maximize initial reach. By postponing console launches, the publisher can concentrate resources on polishing the PC experience and gathering player feedback during early access. The decision aligns with industry trends where developers use early‑access periods to iterate on gameplay, balance mechanics, and build community engagement before broader platform releases.

The communication is issued by the Management Board of 11 bit Studios, underscoring corporate governance and regulatory compliance. The statement cites Article 17.1 of MAR – Inside information as the legal basis, indicating that the release date is considered material information for investors. The brief does not provide additional data on sales projections, market analysis, or development milestones, focusing solely on the release timeline and distribution channels.

The release schedule for “Moonlighter 2: The Endless Vault” has been updated. 11 bit studios S.A. announced that the PC version will enter Early Access on November 19, 2025, with distribution through Steam and the Windows Store. The company indicated that console releases for Xbox X/S and PlayStation 5 will occur at a later, unspecified date. This change follows the earlier announcement in Report No. 16/2025 dated August 19, 2025, which set the initial release framework. The update is issued under Article 17.1 of MAR, classifying it as inside information that must be disclosed to the market. The announcement is signed by Przemysław Marszał, President of the Management Board, and Marek Ziemak, a board member. No additional data on sales projections, market impact, or development milestones are provided in the brief communication. The scope is limited to the PC Early Access launch, with no geographic restrictions noted beyond the global availability of digital distribution platforms. The report serves to inform investors and stakeholders of the revised launch timeline, ensuring compliance with regulatory disclosure requirements.

The agreement, finalized on December 2 2025 between 11 bit studios S.A. and Microsoft Corporation, grants Microsoft the right to host the game “Death Howl” and two additional titles from 11 bit’s publishing division on its Game Pass subscription platform. The licensing deal is expected to influence the company’s financial performance in 2026, as noted by the Management Board. The announcement follows a prior report issued on December 2 2025, and it is disclosed under Article 17(1) of Regulation (EU) No 596/2014, which governs market‑abuse disclosures. The agreement’s scope is limited to the specified titles and their availability on Microsoft’s Game Pass service, with no broader geographic or product implications indicated. No further details regarding revenue projections, user reach, or contractual terms are provided in the brief disclosure. The communication is directed at shareholders and market participants to ensure compliance with EU transparency requirements, emphasizing that the licensing arrangement will be reflected in the company’s 2026 financial statements.

Nacon reported a robust 2019/20 fiscal year, with sales rising to €129.4 million—an increase of 14.4% from the prior year—and a gross margin expanding to 61.1 % of sales, up 26.7 percentage points largely due to a surge in digital game revenue (48.9 million €). EBITDA climbed 45.0% to €48.4 million, representing 37.4 % of sales, while current operating income surged 80.3% to €22.6 million (17.5 % of sales). After accounting for non‑recurring bonus share expenses and a modest financial loss, net profit reached €15.3 million, up 41.8% and translating to €0.18 per share.

The balance sheet strengthened markedly: shareholders’ equity rose from €67.5 million to €187.6 million, driven by a €103 million capital increase following the March 2020 IPO. Cash stood at €110.9 million, and net debt turned negative at €42.8 million after excluding IFRS‑16 lease liabilities.

Geographically, Nacon operates in 100 countries with a workforce of over 510 employees across eight studios. The company’s outlook for FY 2020/21 projects sales between €140–150 million and a current operating margin near 18%, building on its “NACON 2023” strategy to accelerate growth in both games and accessories. Planned investments target AA‑grade titles, studio acquisitions, 5G cloud gaming, and Game‑as‑a‑Service models, while premium accessory development—highlighted by the RIG™ headset acquisition—aims to broaden market reach. The board reaffirmed financial targets for FY 2022/23, anticipating sales of €180–200 million and a current operating margin above 20%.

Nacon reported a 14.4 % increase in annual sales, reaching €129.4 million for the 2019/20 fiscal year, in line with its IPO guidance of €127–133 million. Total revenue rose from €113.1 million in 2018/19, driven largely by a 40.6 % jump in game sales to €70.7 million, while accessory revenue fell 4.8 % to €52.6 million and other categories declined 20.1 %. Digital game sales surged, accounting for 69 % of game revenue versus 41 % the previous year, a trend amplified by lockdown‑induced consumer behaviour. The fourth quarter saw a 15.5 % drop in overall sales, largely due to a product‑base effect on accessories and temporary store closures from the COVID‑19 crisis, though game sales remained robust.

Operating performance improved, with a current operating margin target of 16 % raised above expectations thanks to higher digital margins. Cash reserves stood at €100 million following a successful IPO that raised €109 million in March 2020, ensuring liquidity for the upcoming fiscal year. Nacon maintains its “NACON 2023” plan, targeting €180–200 million in sales and a margin above 20 % for FY 2022/23. The company projects continued momentum in Q1 2020/21, with new game releases and expanded headset distribution through a partnership with Poly (Plantronics Inc.). Operations have largely shifted to telework, and procurement has returned to normal levels. The company’s 16 subsidiaries operate across 100 countries, supporting a workforce of nearly 450 employees.

Nacon reported FY 2020/21 sales of €177.9 million, a 37.5 % increase over the previous fiscal year and surpassing the revised target of €160–170 million. Gaming revenue remained flat at €69.1 million, while accessories sales surged to €103.2 million, up 96.1 %. The accessories boom was driven by premium RIG® headsets, licensed controllers, and new Xbox Series X|S accessories launched late in the year. Back‑catalogue game sales tripled to €31 million, contributing high margins and offsetting a slight decline in overall game sales. Digital game sales rose to 75 % of Q4 revenue, up from 70 % the prior year.

Quarterly performance highlighted a strong fourth quarter: €42.6 million in sales, a 68.7 % increase over Q4 2019/20, with gaming and accessories both outperforming. The company’s strategy, outlined during its March 2020 IPO, included acquisitions of Neopica, Passtech Games, and BigAnt Studios, expansion into the U.S. market with RIG® accessories, and a licensing agreement with Microsoft for Xbox Series X|S. These moves are expected to lift sales and operating margins in FY 2022/23 and 2023/24.

Nacon confirmed a 18 % operating income rate for FY 2020/21 and plans to revise its 2023 guidance upward. The company operates globally, with a distribution network in 100 countries and over 510 employees across 17 subsidiaries.

Nacon reported a robust FY 2020/21 performance, with sales rising 37.4 % to €177.8 million and current operating income increasing 43.8 % to €32.5 million, representing 18.3 % of sales. Gross margin improved to 52.6 % from 61.1 %, while EBITDA grew 24.7 % to €60.3 million (33.9 % of sales). Net profit reached €18.2 million, up 19.6 %, after accounting for a €5.1 million bonus‑share expense, a €1.5 million financial charge and €7.7 million in tax. Operating cash flow surged 146 % to €55.7 million, sufficient to cover CAPEX of €56.4 million and bank repayments, leaving cash and equivalents at €96.7 million.

The company attributes growth to premium accessories, successful U.S. expansion, and a tripling of back‑catalogue sales. Forecasts for FY 2021/22 have been raised to €180–200 million in sales with a 20 % operating margin, driven by digital catalogues and new titles such as RIMS Racing and Blood Bowl 3. For FY 2022/23, sales targets are further increased to €230–260 million, maintaining a margin above 20 %, supported by studio acquisitions and high‑profile releases like The Lord of the Rings.

Nacon, listed on Euronext Paris (ISIN FR0013482791), operates through 18 subsidiaries and a distribution network covering 100 countries, employing over 600 staff. The board has opted to retain earnings for reinvestment rather than distribute a dividend in FY 2020/21.

Nacon reported Q3 2020/21 sales of €48.7 million, a 20.3 % increase over the same period in 2019/20, driven primarily by a surge in gaming accessories and back‑catalogue sales. Accessories grew 58.7 % to €32.5 million, largely due to the RIG® headset line and licensed controller sales, while back‑catalogue revenue jumped 216 % to €6.9 million, reflecting high‑margin older titles. Game sales fell 19.7 % to €13.8 million, with only two new releases (Monster Truck® and Handball 21) and a digital sales share of 74.4 %. Other revenue, mainly mobile and audio, declined 16.3 % to €2.3 million.

Cumulative sales for the first nine months rose 29.9 % to €135.3 million, with accessories contributing a 90.5 % increase and back‑catalogue sales up 24.9 million versus €7.5 million in the prior year. The company projects Q4 growth, citing upcoming releases such as Werewolf® : The Apocalypse – Earthblood and new console versions of Monster Truck®, Tennis World Tour 2, and Hunting Simulator 2. Digital sales, back‑catalogue momentum, and a robust order book for RIG® headphones are expected to sustain the upward trajectory.

Nacon confirms its annual target of €160–170 million in sales with an 18 % operating margin, and it has announced the acquisition of Australian studio Big Ant to strengthen its sports‑game portfolio. No dividend will be paid in 2020/21, as funds are earmarked for studio acquisitions and development. The company maintains a 2023 plan targeting €180–200 million in sales with an operating margin above 20 % for 2022/23.

Nacon reports a strong first‑half performance for fiscal year 2020/21, with sales rising 35.9 % to €86.6 million and gross margin improving from 39.2 % to 45.3 %. Current operating income (COI) increased by 47.3 % to €15.7 million, representing 18.2 % of sales and meeting the company’s annual COI target of 18 %. Net profit for the period reached €9.6 million, up 46.7 % from €6.5 million in the prior year’s first half, after accounting for €1.8 million in bonus‑share expenses and €0.8 million in net financial costs.

Operating cash flow surged to €34.1 million, enabling the group to self‑finance €25.9 million of capital expenditure and generate an €8.2 million free cash flow. Net cash at 30 September stood at €50.7 million, up from €42.8 million in March 2020, despite a €5 million increase in CAPEX and loan repayments.

The growth is attributed to momentum in gaming accessories—particularly premium headsets and official PlayStation 4 controllers—and a robust back‑catalogue of games. Nacon projects continued sales acceleration in the second half, driven by dual‑generation console support (PS 4/5, Xbox One/Xbox Series), digital sales expansion, and releases of next‑gen titles such as WRC 9 and Tennis World Tour 2. Consequently, the company has revised its FY 2020/21 sales target upward to €160–170 million and maintains an 18 % COI goal. For FY 2022/23, Nacon targets sales of €180–200 million with a COI exceeding 20 %. The data derive from audited consolidated IFRS statements covering April–September 2020, with comparative figures adjusted for the 2019 acquisition of Bigben Interactive’s gaming assets.