Europe

The assessment confirms that PCF Group S.A.’s 2020 annual financial statements, both individual and consolidated, comply with International Financial Reporting Standards (IFRS) approved by the European Union and meet Polish accounting legislation. The audit opinion declares the statements present a clear, reliable picture of the company’s financial position, results and cash flows as of 31 December 2020. The supervisory board reviewed the audited reports, management’s activity report and corporate governance statement, all of which were found consistent with accounting records and factual circumstances. No material misstatements or deviations from regulatory requirements were identified.

The review covered the entire Polish market, focusing on PCF Group’s operations for the 2020 fiscal year. Methodologically, the board relied on the independent auditor’s report and a video conference with the lead auditor summarizing audit findings. The board’s positive evaluation affirms that the financial statements were prepared within statutory deadlines, based on properly maintained books and aligned with both national law and IFRS. The corporate governance declaration also satisfied all mandated components, indicating adherence to governance standards.

Overall, the supervisory board’s findings endorse the integrity and compliance of PCF Group S.A.’s 2020 financial disclosures, affirming their suitability for investors and regulatory stakeholders.

The audit opinion confirms that the 2020 consolidated financial statements of PCF Group Spółka Akcyjna and its subsidiaries present a true and fair view of the group’s financial position, performance, and cash flows in accordance with International Financial Reporting Standards (IFRS) and related EU regulations. The audit was conducted under Polish statutory requirements, International Standard on Auditing (ISA) 200 and related national standards, with the auditor maintaining independence in line with IESBA ethics. The audit scope covered all financial statements, including the statement of changes in equity, cash‑flow statement, and additional disclosures, but did not extend to future profitability or management effectiveness. Key audit areas included revenue recognition under IFRS 15, valuation of customer‑contract assets, and assessment of significant estimates such as variable consideration, warranties, and performance obligations. The auditor obtained sufficient appropriate evidence to support the opinion and identified no material misstatements or significant uncertainties affecting the group’s ability to continue as a going concern. The report also addresses other statutory disclosures, including the annual activity report and corporate governance statement, affirming compliance with Polish accounting law and regulatory requirements. The audit engagement was continuous for two fiscal years (2019–2020), with the 2020 statements being the first after the group’s shares were listed on the Warsaw Stock Exchange. The auditor’s responsibilities, management’s duties, and audit procedures are detailed, underscoring the rigorous nature of the examination and the auditor’s professional skepticism throughout the engagement.

The audit opinion confirms that PCF Group’s 2020 financial statements present a true and fair view of the company’s assets, liabilities, equity, income, expenses, and cash flows as of 31 December 2020. The statements comply with International Financial Reporting Standards, IFRS, and related EU regulations, and are based on properly maintained accounting records. The auditor’s responsibility was carried out under Polish auditing law, the International Standards on Auditing (ISA), and the EU Regulation 537/2014. Independence was maintained in accordance with IESBA ethics, and the audit team performed sufficient procedures to obtain reasonable assurance that no material misstatement exists due to error or fraud.

Key audit focus areas included the valuation of contract‑based receivables and obligations, where complex, frequently modified agreements required significant judgment. The auditor evaluated the company’s revenue recognition policies under IFRS 15, assessed estimates of variable consideration such as bonuses and warranties, and reviewed the allocation of transaction prices to identified performance obligations. These matters were disclosed in Notes 3 and 18 of the financial statements.

The audit also covered other information, including the annual report and corporate governance statement. The auditor expressed an unqualified opinion on these disclosures, finding them prepared in accordance with applicable laws and consistent with the financial statements. No material misstatements were identified, and no prohibited non‑audit services were rendered during the engagement.

GRUPA KAPITAŁOWA PCF GROUP SPÓŁKA AKCYJNA – WYBRANE DANE od 01.01 od 01.01 od 01.01 od 01.01 do 31.03.2021 r. do 31.03.2020 r. do 31.03.2021 r. do 31.03.2020 r.

WARSZAWA, 29 WRZ ŚNIA 2021 ROKU Spółka Akcyjna ZA I PÓŁROCZE PCF Raport półroczny za I GRUPA KAPITAŁOWA PCF GROUP SPÓŁKA AKCYJNA 2 0 półrocze 2021 r. (dane w tys. zł, chyba że zaznaczone inaczej) GROUP ~~2 1~~ Grupa Kapitałowa PCF Group Spółka Akcyjna PLN EUR od 01.01 od 01.01 od 01.01 od 01.01 do 30.06.2021 r. do 30.06.2020 r.

WARSZAWA, 29 WRZ ŚNIA 2021 ROKU sp ółka akcyjna ~~2 1~~ Za okres 1.01.2021 – 30.06.2021 r. 29 WRZE ŚNIA PCF Półroczne sprawozdanie z działalności Grupy Kapitałowej PCF Group Spółka Akcyjna 2 0 oraz spółki PCF Group Spółka Akcyjna za okres 1.01.2021 – 30.06.2021 r. GROUP (dane w tys. zł, chyba że zaznaczono inaczej) ~~2 1~~ Niniejsze Półroczne sprawozdanie Zarządu z działalności Grupy Kapitałowej PCF Group S.A.

The presentation outlines PCF Group S.A.’s financial performance for the first nine months of 2022, emphasizing revenue growth, profitability metrics, and balance‑sheet strength. Total group revenues reached PLN 131.8 million, up from PLN 130.9 million in the same period of 2021, while EBITDA climbed to PLN 40.3 million from PLN 26.1 million in 2021, reflecting a significant improvement in operating efficiency. Adjusted EBITDA, accounting for non‑recurring items such as warranty provisions and restructuring costs, stood at PLN 41.3 million, underscoring robust underlying earnings.

Net income for the nine‑month period was PLN 42.1 million, a notable increase from PLN 30.8 million in 2021, driven by higher gross margins and disciplined cost management. The group’s balance sheet remained solid, with total assets of PLN 60.3 million and equity of PLN 54.6 million, while working‑capital items such as receivables and payables were well balanced. Cash reserves of PLN 137.1 million provided liquidity for ongoing development and expansion initiatives.

Geographically, PCF Group operates across multiple regions, with a workforce of 614 employees as of September 30, 2022, spread across North America and Europe. The company’s portfolio includes seven titles in development or publishing stages, with several high‑profile IPs such as “Gemini Dagger” and “Bifrost Victoria” slated for release in 2024. The presentation also highlights strategic partnerships, including a collaboration with Take‑Two Interactive Software and ongoing development outsourcing that generated PLN 44.1 million in revenue during the period.

Overall, the data indicate a healthy growth trajectory for PCF Group S.A., driven by expanding IP pipelines, efficient cost structures, and a strong balance sheet that supports continued investment in game development and market expansion.

The report presents the conclusion of an independent review conducted by Grant Thornton Frąckowiak on PCF Group S.A.’s condensed half‑year financial statements for the period from 1 January to 30 June 2021. The review covered the condensed statement of financial position, the condensed statements of profit or loss and other comprehensive income, changes in equity, cash‑flow statement, and selected explanatory notes. The statements were prepared in accordance with International Accounting Standard 34 on interim financial reporting, as adopted by European Union regulations.

The engagement was performed under the Polish National Standard for Review of Interim Financial Information (Standard 2410), equivalent to International Standard on Review Engagements. The review involved inquiry procedures directed at the company’s finance and accounting personnel, analytical procedures, and other review activities. The scope is narrower than a full audit; therefore, the reviewers do not express an audit opinion but provide a review conclusion.

The key finding is that nothing was identified that would lead the reviewers to believe the condensed interim financial statements were not prepared in all material respects in accordance with IAS 34. The conclusion is supported by the procedures performed and the information obtained during the review.

The report covers PCF Group S.A., a Warsaw‑based joint‑stock company, and pertains to the first half of 2021. No specific financial figures or ratios are disclosed in the summary, as the focus is on the review methodology and overall compliance with IAS 34.

The report presents the conclusion of a review conducted by Grant Thornton Frąckowiak on the condensed interim consolidated financial statements of PCF Group Spółka Akcyjna for the period ending 30 June 2021. The review covers the group’s condensed consolidated statements of financial position, income, other comprehensive income, changes in equity and cash‑flow information for the first half of 2021. The statements were prepared in accordance with International Financial Reporting Standard 34 on interim financial reporting, as required by European Commission regulations.

The review was performed under Polish National Standard 2410, equivalent to the International Standard on Review Engagements. The engagement involved inquiry procedures directed at financial and accounting personnel, analytical review procedures, and other review activities. The scope is limited compared to a full audit; therefore, the reviewers cannot express an assurance opinion that all material matters have been identified and disclosed.

The conclusion states that nothing was found to indicate that the condensed interim consolidated financial statements were not prepared in all material respects in accordance with IFRS 34. The report is signed by Jan Letkiewicz, a licensed auditor, and dated 29 September 2021.

WARSZAWA, 29 LISTOPADA 2021 ROKU Ś RÓDROCZNE SKONSOLIDOWANE SPRAWOZDANIE ZA OKRES 3 I 9 MIESIĘ CY ZAKOŃCZONY 30 WRZEŚ NIA 2021 ROKU 29 LISTOPADA 2021 PCF GRUPA KAPITAŁOWA PCF GROUP SPÓŁKA AKCYJNA 2 0 Śródroczne skonsolidowane sprawozdanie za okres 9 miesięcy zakończony 30.09.2021 r. GROUP (dane w tys.

The audit report confirms that the 2021 consolidated financial statements of PCF Group Spółka Akcyjna and its subsidiaries present a true and fair view of the group’s financial position, results, and cash flows as of 31 December 2021. The statements comply with International Financial Reporting Standards, the European Union ESEF format, and Polish statutory requirements. The auditor’s opinion is unqualified, indicating that the financials are free from material misstatement and comply with applicable accounting principles.

Key findings highlight significant audit focus areas. Revenue recognition from client contracts was scrutinised due to the complexity of multi‑element agreements, variable consideration, and performance obligations. The auditor evaluated management’s estimates for bonuses, warranties, and contract modifications, confirming that disclosures in notes 3 and 9 are adequate. Another critical area involved the acquisition of Game On Creative Inc., Incuvo S.A., and Phosphor Games, LLC. The goodwill recognised at PLN 54,604 thousand required detailed valuation and impairment testing, which the auditor verified as appropriate.

The audit was conducted under Polish law for public‑interest entities and EU Regulation 537/2014, with the audit firm maintaining independence in accordance with IESBA ethics. The engagement covered three consecutive fiscal years (2019‑2021) and was repeated for 2022, ensuring continuity. No non‑audit services that would conflict with the audit were performed.

Overall, the report affirms compliance with regulatory and reporting standards, provides assurance on critical accounting judgments, and confirms that the group’s financial statements accurately reflect its economic reality.

The audit opinion confirms that PCF Group Spółka Akcyjna’s 2021 financial statements present a true and fair view of the company’s financial position as of December 31, 2021 and its performance for the year. The statements comply with International Financial Reporting Standards (IFRS), European Commission regulations, and Polish statutory requirements. The auditor’s assessment is based on a comprehensive examination of the company’s accounting records, internal controls, and disclosures, concluding that the financial statements are free from material misstatement.

Key findings include a recorded receivable balance of 22,385 thousand zloty from client contracts and total sales revenue of 107,825 thousand zloty for the year. The audit addressed significant risks such as revenue recognition under IFRS 15 and potential fraud, noting that evidence gathered was sufficient to support the opinion. No separate opinions were issued on these risk areas, and no material misstatements were identified.

The audit was performed in accordance with Polish law on certified public accountants, the National Standards for Auditing (KSB), and EU Regulation 537/2014. The engagement team, led by key auditor Jan Letkiewicz of Grant Thornton Frackowiak Sp. z o.o. sp. k., maintained independence and complied with the International Ethics Standards Board for Accountants (IESBA) code. The firm’s selection by the company’s supervisory board in June 2021 ensured continuity of audit coverage for 2019–2022, with the current engagement covering the 2021 year.

Overall, the audit confirms that the financial statements are reliable and comply with all applicable accounting and regulatory frameworks.