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The Kodeks Dobrych Praktyk w Sprawie Stosowania Ratingu Gier Wideo (Code of Good Practice for Video Game Rating in Poland), established in November 2016 by the Stowarzyszenie Polskie Gry and the Indie Games Polska foundation, serves as a self-regulatory framework for the Polish video game industry. Its primary objective is to protect minors from exposure to inappropriate content by standardizing the information provided to consumers regarding age-appropriate game classifications. The code functions as an industry-wide commitment to transparency, ensuring that producers, publishers, and distributors clearly label games regardless of the platform or distribution method.

The framework establishes five distinct age-based categories—3+, 7+, 12+, 16+, and 18+—which align closely with the established Pan European Game Information (PEGI) system. These categories define acceptable levels of violence, language, sexual content, and fear-inducing elements. By adopting these standards, participating entities agree to provide clear, legible, and accessible age ratings on all digital and physical product packaging. The code emphasizes that responsibility for accurate labeling lies with the producers and publishers, who are required to assess the effectiveness of their rating practices at least every two years.

Enforcement of these standards is managed through an internal Sąd Koleżeński (Peer Court), which oversees compliance and adjudicates potential violations. While the code is a voluntary, industry-led initiative, it is designed to complement existing Polish consumer protection laws and European Union directives regarding the protection of minors in digital environments. By formalizing these ethical and professional norms, the industry aims to foster greater social trust and ensure that consumers, particularly parents, can make informed purchasing decisions. Entities that choose to adopt the code must formally register their commitment, and any false claims of adherence are subject to scrutiny under national regulations concerning unfair market practices.

The Polish video game industry is represented by two primary organizations established in 2015: Stowarzyszenie Polskie Gry (SPG) and Fundacja Indie Games Polska (IGP). SPG focuses on the country’s largest developers, such as CD Projekt, Techland, and 11 bit studios, aiming to enhance the international competitiveness of the sector through research and development initiatives like the GameINN program. Conversely, IGP serves as the representative body for micro and small independent developers, focusing on promotional activities, industry networking, and professional development through conferences and seminars.

The sector has experienced significant growth, with the value of domestic game production exceeding 1 billion PLN in 2015. This expansion mirrors global trends, where the video game market has reached an estimated value of 99.6 billion USD, rivaling the film industry in both cultural impact and economic contribution. Countries that provide robust institutional support, such as Canada, the United States, and the United Kingdom, have successfully leveraged this industry to foster scientific and infrastructural development, resulting in billions of dollars in annual gross value added.

These organizations collectively advocate for the interests of Polish game developers, particularly regarding legislative changes and the need for a unified voice in national and international forums. By bridging the gap between large-scale commercial studios and independent creators, these entities seek to sustain the momentum of a sector that has become a source of national pride, attracting significant investor interest and earning prestigious global accolades. The collaborative efforts of SPG and IGP are intended to ensure the continued professionalization and strategic growth of the Polish gaming ecosystem.

The Rovio Sustainability Report 2025 outlines the company’s voluntary environmental, social, and governance performance for the fiscal period spanning April 1, 2025, to March 31, 2026. As a subsidiary of SEGA SAMMY Holdings, Rovio utilizes this disclosure to maintain transparency and accountability regarding its sustainability strategy, which is structured around three core pillars: Positive Play, Empowered People, and Protecting our Planet. The report aligns partially with European Sustainability Reporting Standards, though it remains a voluntary exercise for the organization.

Key findings highlight a total carbon footprint of 20,980 tons of CO2e, with Scope 3 emissions accounting for 98.6% of the total. For the first time, the company included downstream emissions from initial game downloads in its accounting, which significantly improved coverage but precluded direct year-over-year comparisons. Operationally, Rovio maintains six global locations with 508 employees, reporting a gender pay gap of 1.4% when adjusted for location, level, and role. The company continues to prioritize industry collaboration, maintaining active memberships in the Playing for the Planet Alliance and the Sustainable Games Alliance to drive collective climate action.

Strategic conclusions emphasize a pragmatic approach to sustainability, acknowledging challenges in formalizing long-term emission reduction plans due to supply chain limitations and evolving market realities. While the company successfully implemented new internal "Rovio Way" principles and improved data tracking for career progression, it faced capacity constraints that delayed the rollout of certain accessibility scorecards and carbon pricing models. Looking ahead, the organization intends to focus on integrating AI sustainability frameworks, enhancing inclusive game design, and embedding its new corporate principles into daily operations to ensure long-term, sustainable growth across its transmedia and mobile gaming portfolio.

The European mobile games sector functions as a critical pillar of the continent’s digital and creative economy, serving as a primary driver of both technological innovation and employment. By leveraging free-to-play models that democratize access to interactive entertainment, the industry has established a robust economic footprint, contributing €5.89 billion in Gross Value Added and supporting over 63,000 jobs as of 2025. This economic influence extends beyond direct financial output, as the sector fosters essential digital skills and advances developments in artificial intelligence, positioning Europe as a competitive global hub for creative talent.

The industry’s reach spans 32 jurisdictions, with key operational centers concentrated in the United Kingdom, Sweden, and Spain. Projections indicate that revenue within the European Single Market will climb to €6.13 billion by 2028, reflecting sustained growth despite intensifying international competition and rising operational expenditures. Beyond commercial performance, the sector increasingly integrates social impact initiatives, utilizing mobile platforms to facilitate advancements in health research and environmental awareness, thereby embedding the industry into the broader societal fabric.

Analytical assessments of this sector rely on a rigorous methodology that prioritizes tangible operational spending over raw revenue figures to ensure a conservative and accurate evaluation of economic contributions. By measuring direct, indirect, and induced impacts across more than 1,170 validated companies, the data underscores the necessity of a stable regulatory environment. To maintain its current trajectory and global competitiveness, the industry requires balanced digital policies that encourage long-term investment, support infrastructure development, and nurture the specialized talent pool essential for continued innovation in an evolving digital landscape.

The study demonstrates that Europe’s esports audience reached 92 million viewers by the end of 2020, up 7.4 % from 2019, with 33 million classified as “Esports Enthusiasts” and the remaining 59 million as occasional viewers. Revenue projections for the global market hit €973.9 million in 2020 and are expected to rise to €1.6 billion by 2023, with European figures mirroring this upward trend. The research surveyed 10 175 participants aged 18‑45 across ten Western and Northern European countries, using invitation‑only questionnaires administered over one month (29 May–28 June 2020). Respondents were nationally representative of esports viewers in each country.

Key findings reveal that engagement is highest among 21‑25‑year‑olds, with Finland showing the strongest enthusiast proportion (52 % of 18‑20‑year‑olds) versus only 21 % in the UK. COVID‑19 lockdowns increased viewership in markets with stricter restrictions, such as France and Spain, where 62 % of respondents expected continued higher viewership post‑lockdown. Women constitute 32 % of the audience, largely as occasional viewers; however, 60 % of respondents believe female participation is growing. Female spenders are slightly lower than male counterparts (46 % vs 38 %) but show a higher propensity for physical merchandise, whereas men favor digital items like skins and premium passes.

The report also highlights cross‑sport fandom: 64 % of viewers own a favorite sports team, with football and tennis being the most common. Rocket League enjoys significant popularity, especially in the UK (34 % of enthusiasts). Overall, 58 % of enthusiasts spend on esports products, with Spain leading at 62 %. These insights underscore a rapidly expanding, monetizable European esports ecosystem that offers substantial opportunities for brands across both traditional and digital channels.

The analysis examines the surge of M&A activity among European gaming publishers between 2020 and 2024, highlighting a capital deployment of $19 billion across more than 140 deals. Seven leading consolidators—mienn Easybrain Group, Stillfront, Keywords, Multiplay Media, Management Studios, The Label Yippee!, and SoftWare—dominated the market, with mienn Easybrain Group alone executing 78 deals worth $14.1 billion and acquiring studios such as Ashodee, CrazyLabs, and Aspyr. The largest individual acquisitions include Asmodee Group’s $3.145 billion purchase of a target in March 2022 and Plarium MO’s $620 million deal for SoftWare in November 2024.

Revenue growth data reveal that reported year‑over‑year increases were largely driven by inorganic expansion, with average revenue growth rates ranging from 21 % to 66 %. In contrast, organic growth remained modest; only a handful of firms maintained double‑digit positive trajectories without M&A. Adjusted EBITDA minus CAPEX (AEBITDAC) trends show a decline for many PC and console publishers, reflecting high‑budget projects that failed to deliver expected returns.

Share price performance indicates a post‑pandemic correction: most acquirers’ stocks fell 30–70 % from December 2019 levels, and the aggregate market cap of the seven firms peaked at $25.5 billion in April 2021 before stabilizing around $5.4 billion after share issuances financed acquisitions. Valuation multiples peaked during the 2020 bull market (EV/NTM revenue up to 30×) and subsequently contracted as investors shifted focus toward profitable organic growth.

Overall, the report underscores that aggressive inorganic strategies during low‑interest periods did not generate sustainable shareholder value, prompting leadership changes, layoffs, and restructuring initiatives across the sector.

The panel “The Future of Ad Monetization” presented at Gamesforum Barcelona 2026 focuses on the evolving role of advertising within mobile game economies, arguing that ads are no longer ancillary revenue but integral to core gameplay loops. Experts from PlayPack, GameBiz Consulting, and Nekki highlight that by 2025 ad monetization has become one of the most challenging systems, requiring creative integration and data‑driven adaptivity. PlayPack’s Merge Away example illustrates how hybrid models combining rewarded ads and in‑app purchases can drive profitability, yet misaligned user cohorts can cause revenue drops of up to 30 %. The discussion stresses the necessity of real‑time visibility into ad source performance and the importance of designing ad moments as optional, rewarding side quests rather than punitive blockers.

GameBiz Consulting’s specialist notes that newer formats such as App Open, audio, and immersive ads have yet to achieve widespread adoption due to user experience friction and lower eCPMs. He recommends cautious experimentation, high price floors for intrusive formats, and pairing ads with “no‑ads” purchase offers to mitigate churn. The panel also emphasizes that the future lies in contextual, segmented ad experiences—matching the player’s motivation and session flow—to transform ads from interruptions into meaningful choices.

Nekki’s head of monetization projects that the most valuable in‑game currency will shift from virtual goods to player time, advocating for adaptive ad systems that respect individual player preferences. He foresees LiveOps integration of dynamic, data‑driven ad touchpoints tied to progression events. Overall, the panel concludes that sustainable revenue will stem from a balance of data insight, empathetic design, and adaptive monetization strategies that treat ads as living components of the game ecosystem.

The analysis demonstrates that Sweden’s gaming sector has evolved into a $19 billion capital ecosystem, with 1,100 companies and 202 firms engaging in tracked transactions since 2014. Sweden contributes roughly 20 % of Steam’s projected 2025 gross revenue, and its developers produced five of the platform’s global top‑10 bestsellers in 2024–25. Capital flows have shifted from early‑stage seed rounds to late‑stage growth and acquisition deals, reflecting a maturation of the pipeline. Private investment rebounded in 2024 after a pullback; late‑stage rounds now dominate, with Aonic’s $157 million growth round and Arrowhead’s $80 million investment illustrating investor preference for studios with proven commercial traction. Early‑stage deal counts have normalized from 2021’s peak, indicating a steady but active pipeline.

M&A activity peaked in 2021–22, with ESL’s $1.05 billion sale to Savvy marking the cycle’s apex; subsequent deals have become more selective. Three transactions—King ($5.9 billion), Mojang ($2.5 billion), and ESL ($1.05 billion)—account for 93 % of total M&A value, underscoring the premium paid by global acquirers for Sweden’s IP and engineering talent. Public market activity has shifted from equity‑fueled growth to defensive debt financing; Embracer’s $4.4 billion raised through fixed income and PIPE in 2020–22 exemplifies this trend. Capital concentration is high, with the top ten private rounds comprising over $495 million of an $811 million total.

The data, sourced from InvestGame and market‑cap records through December 2025, cover Sweden’s entire gaming industry—mobile, PC & console, VR/AR, esports, and platforms—from 2014 to the present. Methodology includes tracking VC rounds, public offerings, PIPEs, and M&A transactions across all segments. The findings illustrate a resilient ecosystem that has transitioned from early‑stage bootstrapping to mature, high‑value capital flows driven by proven studios and strategic consolidation.

MTG’s 2011 corporate responsibility strategy centers on integrating ethical business practices, environmental stewardship, and social engagement across its operations in 39 countries. By aligning its governance with the Global Reporting Initiative framework and securing a position in the FTSE4Good Index, the company demonstrates a commitment to transparency and high-level sustainability standards. The primary objective is to balance commercial success with a robust social mandate, ensuring that broadcasting and production activities contribute positively to the diverse markets in which the company operates.

Operational performance in 2011 was marked by the successful achievement of 14 out of 15 short-term sustainability goals. Environmental efforts proved particularly effective, as the company exceeded its carbon reduction target by achieving a 6% decrease in emissions per employee through enhanced energy efficiency and facility management. Simultaneously, the company prioritized internal governance by updating anti-bribery and corruption policies and ensuring 100% employee participation in regulatory training. Workforce development was further bolstered by the launch of the Modern People career platform and expanded training through the MTG Academy, which aims to address gender representation in management and foster professional growth.

Social impact remains a core pillar of the company’s mission, evidenced by significant charitable contributions and community-focused programming. In 2011, the company donated 146 million SEK in airtime and raised 37 million SEK for health and welfare initiatives. Beyond financial support, the company utilized its media reach to promote social cohesion through projects like the United for Peace football tournament. Furthermore, the organization maintained a strong focus on consumer protection, particularly regarding child safety in digital and traditional media, while increasing accessibility through expanded subtitling services. These combined efforts reflect a comprehensive approach to corporate citizenship that emphasizes both internal compliance and external community development.

MTG’s 2014 operational strategy centered on the integration of corporate responsibility into its core business model, prioritizing digital data protection, the rights of minors, and the preservation of freedom of expression. By aligning operations with UN Global Compact and OECD guidelines, the company achieved net sales of 16,746 MSEK while maintaining a rigorous ethical framework. This governance structure included the implementation of a new supplier code of conduct, mandatory anti-bribery training, and the introduction of an external whistleblower system, resulting in zero confirmed cases of corruption during the fiscal year.

The company’s commitment to social and environmental stewardship was evidenced by a 33% reduction in energy consumption per employee since 2010 and an improved CDP score of 90B. Beyond internal efficiency, MTG leveraged its media platforms to double donated airtime for social and environmental causes. HR initiatives focused on decentralizing operations to empower local markets, fostering a diverse workforce of 4,111 employees representing 44 nationalities. While the company successfully promoted initiatives like Women in Tech, it acknowledged ongoing challenges regarding gender pay parity and high turnover rates in sales-intensive roles, leading to the restructuring of certain internal development goals.

Operating across diverse geographic regions, MTG maintained strict neutrality and regulatory adherence through robust content rating systems and parental controls. Independent assurance provided by Ethos International confirmed that the company’s performance indicators met the Core level of the Global Reporting Initiative G4 guidelines. While the organization successfully met most targets regarding data protection and environmental impact, auditors recommended the adoption of advanced digital management systems to enhance the accuracy of future human resource data collection, ensuring continued transparency and operational efficiency in subsequent reporting periods.

I. PISMO ZARZĄDU ............................................................................................................. 3 II. WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI ................ 4 III. SPRAWOZDANIE FINANSOWE ZA ROK 2012 11 BIT STUDIOS S.A. ........................................ 4 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2012....................................

I. PISMO ZARZĄDU ............................................................................................................. 3 II. WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI ................ 4 III. SPRAWOZDANIE FINANSOWE ZA ROK 2010 11 BIT STUDIOS S.A. ........................................ 5 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2010....................................

I.! PISMO ZARZĄDU ........................................................................................................... 3! II.! WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI ............... 4! III.! SPRAWOZDANIE FINANSOWE ZA ROK 201111 BIT STUDIOS S.A. .......................................

I. PISMO ZARZĄDU ........................................................................................................3 II. WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI...........4 III. SPRAWOZDANIE FINANSOWE 11 BIT STUDIOS S.A. ZA ROK 2014 ...................................5 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2014. ............................. 40 V.

wynagrodzenia róznicowana jest w zaleznosci od petnionej funkcji czy zajmowanego stanowiska). Wynagrodzenia uzyskiwane przez osoby zarzadzajace oraz osoby zarzadzajace wyzszego szczebla w Spótce obejmuje wynagradzanie akcjami, opcjami na akcje lub innymi prawami nabycia akcji, jak równiez wynagrodzenie nie jest ustalane w oparciu o zmiany cen akcji. PISMO ZARZĄDU WEWNETRZNEJ I ZARZADZANIA RYZYKIEM Szanowni Akcjonariusze i Inwestorzy raportów finansowych.

2.2. SPRAWOZDANIE Z SYTUACJI FINANSOWEJ (PLN) AKTYWA PISMO ZARZĄDU Nota Stan na Stan na 31.12.2017 31.12.2016 Aktywa trwate Warszawa, 26 marca 2018 roku Rzeczowe aktywa trwate 3.11. 814 332 779 540 Szanowni Akcjonariusze i Inwestorzy 3.12.

RAPORT ROCZNY11 BIT STUDIOS S.A. SPRAWOZDANIE FINANSOWE 11 BIT STUDIOS S.A. ZA 2015 ROK Pozostate koszty operacyjne 226 247 0,00 226 247 Zysk / (Strata) z dziatalnosci operacyjnej 11 244 147 - 54 945 11 189 201 1.

RAPORT ROCZNY 11 BIT STUDIOS S.A. ZA 2020ROK Warszawa, 28 kwietnia 2021 roku Szanowni Akcjonariusze i Inwestorzy Serdecznie zapraszamy Was do lektury Raportu rocznego 11 bit studios S.A. za 2020 rok. Nie ukrywamy, że z uwagi na pandemię COVID-19 był to rok dużych wyzwań jeśli chodzi o zarządzanie firmą i prowadzenie biznesu.

RAPORT ROCZNY 11 BIT STUDIOS S.A. ZA 2019ROK. Szanowni Akcjonariusze i Inwestorzy Zapraszamy Was do zapoznania się z Raportem Rocznym 11 bit studios S.A. za 2019 rok. Dla naszej Spółki był to bardzo dobry rok, zarówno od strony biznesowej jak i finansowej. Wypracowaliśmy 71,2 mln PLN przychodów ze sprzedaży, 30,3 mln PLN wyniku EBITDA, blisko 23,9 mln PLN zysku operacyjnego i ponad 21,7 mln PLN zysku netto.

RAPORT ROCZNY 11 BIT STUDIOS ZA 2022 ROK (wszystkie kwoty podane są w złotych o ile nie podano inaczej) SZANOWNI AKCJONARIUSZE I INWESTORZY Serdecznie zapraszamy Państwa do lektury Raportu rocznego 11 bit studios S.A. za rok 2022. Był to dla nas, z uwagi na trudne otoczenie makroekonomiczne (spowolnienie gospodarcze, wysoka inflacja) i geopolityczne (wojna na Ukrainie), bardzo intensywny, wymagający rok.