Europe

The notice announces a revised deadline for the publication of PCF Group S.A.’s consolidated quarterly report covering the third quarter of 2023. The change follows an earlier current report issued on January 19, 2023, which had set the release date for November 27, 2023. Under Polish financial regulation § 80(2) of the Minister of Finance’s 2018 decree on ongoing and periodic information from securities issuers, the board confirms that the new publication date will be November 29, 2023. This adjustment is communicated to stakeholders and regulatory bodies to ensure compliance with disclosure requirements. The update applies solely to the group’s Q3 2023 consolidated report and does not affect other reporting obligations or financial statements. The announcement is concise, providing the legal basis for the change and the specific new date, thereby maintaining transparency in the company’s reporting schedule.

The report announces a temporary reduction in the scope of PCF Group S.A.’s self‑publishing project “Project Dagger.” Following the delivery of a key milestone and an evaluation of the creative concept, management decided to pause plans for a 2025‑2026 AAA release. The decision follows analyses of scenario impacts discussed with the game publisher Square Enix Limited, as detailed in earlier reports. A core team of roughly ten experienced developers will be tasked with redefining the game’s direction and producing a pre‑production version that incorporates feedback from external evaluation. Concurrently, most team members will be offered opportunities to work on other group projects—Maverick, Bifrost, and Victoria. The action aligns with the updated Group strategy communicated in January 2023 and reflects a shift toward more focused resource allocation. The report cites legal grounding under Article 17(1) of the MAR Regulation and references prior interim reports (No. 3/2023 and No. 58/2023) for context. The scope is limited to the Polish‑based PCF Group and its internal development operations, with no geographic expansion noted. No specific survey or external data sources are mentioned beyond the internal evaluation; methodology is implied to be an internal review of creative milestones and strategic alignment. The conclusion underscores a reallocation of talent and resources to projects with higher immediate viability while maintaining the potential for future iteration of Project Dagger.

The report announces that PCF Group S.A.’s board has entered strategic discussions with long‑time publisher Square Enix Limited regarding the shape of the “Project Gemini” game and the terms of cooperation for a hire‑model project to be developed in Europe. Current work on Project Gemini continues under the existing contractual framework, but board members assess a high probability that future execution of the project will not follow the present commercial terms. The negotiations have yet to determine a definitive direction or scope for potential changes in collaboration.

Simultaneously, the board is conducting an impact analysis of various scenarios emerging from these talks on the Group’s development plans, aligned with the updated strategy released in the January 2023 current report. Findings on the outcomes of the Project Gemini discussions and any subsequent adjustments to development plans will be communicated in separate future current reports. The document serves as a status update on ongoing negotiations and internal strategic assessment, with no quantitative data or statistical findings presented.

PCF Group S.A. has established its formal schedule for the disclosure of periodic financial reports throughout the 2024 fiscal year. This disclosure ensures regulatory compliance with the Polish Ministry of Finance requirements regarding the transparency of publicly traded entities. The schedule provides stakeholders with specific dates for the release of annual, semi-annual, and quarterly financial statements, facilitating informed investment decisions and market oversight.

The company will release its standalone and consolidated annual reports for 2023 on April 25, 2024. Regarding the 2024 fiscal year, the consolidated quarterly report for the first quarter is slated for May 27, 2024, followed by the consolidated semi-annual report on September 26, 2024, and the consolidated third-quarter report on November 26, 2024. These filings are limited to consolidated data, as the company has formally opted out of publishing standalone quarterly and semi-annual reports.

In accordance with applicable financial regulations, the company will not issue separate reports for the fourth quarter of 2023, nor will it publish consolidated quarterly reports for the second and fourth quarters of 2024. By consolidating its financial reporting, the company streamlines its disclosure process while maintaining adherence to the reporting standards mandated for issuers of securities. This schedule covers the entirety of the 2024 calendar year and applies to the company’s operations within the Polish capital market.

PCF Group S.A. has officially announced a strategic decision to limit the scope of Project Dagger, an internal title developed under a self-publishing model. This shift follows the completion of a key development milestone and a subsequent external evaluation of the game’s creative concept. The decision was further informed by strategic discussions regarding the company’s broader portfolio, including ongoing collaborations with Square Enix Limited on Project Gemini.

The primary consequence of this decision is the suspension of plans to release Project Dagger as a AAA title within the 2025–2026 timeframe. To facilitate a pivot in development, a core team of approximately 10 experienced personnel has been tasked with redefining the game’s direction and preparing a new preproduction version that incorporates feedback from the external evaluation. This restructuring allows the company to reallocate the majority of the original development team to other active internal initiatives, specifically the Maverick, Bifrost, and Victoria projects.

This adjustment serves as a correction to previous administrative errors regarding project nomenclature, clarifying that the strategic changes apply specifically to Project Dagger rather than Project Gemini. By narrowing the scope of Project Dagger, the company aims to optimize its resource allocation and align its development pipeline with the updated corporate strategy established in early 2023. The move reflects a broader effort to manage internal development risks while maintaining focus on the company’s remaining high-priority projects.

PCF Group S.A. has entered into a short-term executive agreement with Square Enix Limited to continue development on Project Gemini. This agreement follows the expiration of the previous content rider on January 29, 2024, and serves as a bridge while both parties engage in strategic negotiations regarding the project’s future scope and production parameters. The collaboration remains focused on a work-for-hire model within the European gaming sector, specifically targeting the AAA segment.

The ongoing strategic discussions necessitate a realignment of the project’s development plan, which involves modifying and refocusing specific production areas. While such adjustments are common in high-budget game development, the immediate operational impact includes a significant reduction in the dedicated development team. To manage this transition, the company is reassigning some personnel to other internal projects, while simultaneously implementing a workforce reduction that affects more than 30 employees.

This update clarifies the current status of Project Gemini as of January 30, 2024, following previous disclosures regarding the project's development trajectory. The company intends to maintain confidentiality regarding future routine content riders unless legal requirements dictate otherwise. Further updates concerning the final outcomes of the strategic negotiations with the publisher will be provided as they become available.

PCF Group S.A. provides a final accounting of the costs associated with the private subscription of 387,714 series D ordinary bearer shares. This disclosure serves to finalize the financial reporting requirements following the issuance process initiated in June 2021, ensuring transparency regarding the capital expenditure incurred during the offering.

The total costs attributed to the issuance of the series D shares amounted to 393,476.46 PLN. These expenses were exclusively related to the preparation and execution of the offering, with no costs incurred for sub-underwriting, prospectus preparation, or promotional activities, as the transaction was conducted as a private placement. The breakdown of these costs includes 308,553.00 PLN for legal services, 73,423.46 PLN for transactional advisory services, and 11,500.00 PLN for registration and admission to trading on the Warsaw Stock Exchange.

Based on the total issuance volume, the average cost per unit of the series D shares is approximately 1.01 PLN. In accordance with standard accounting practices, the company recognized these issuance costs by reducing the reserve capital created from the share premium, which represents the surplus of the issue price over the nominal value of the shares. This summary confirms the final financial impact of the series D subscription on the company’s capital structure.

PCF Group S.A. has finalized the accounting of costs associated with the issuance of 3,343,037 series F ordinary bearer shares. The primary purpose of this disclosure is to provide transparency regarding the financial expenditures incurred during the subscription process, ensuring compliance with regulatory requirements for issuers of securities on the Warsaw Stock Exchange.

The total cost of the series F share issuance amounted to 2,323,824.52 PLN. These expenses are categorized into two main areas: the preparation and execution of the offer, which totaled 2,243,744.52 PLN, and promotional activities, which accounted for 80,080.00 PLN. Within the preparation category, transaction advisory services represented the largest expenditure at 1,747,018.88 PLN, followed by legal costs of 467,464.81 PLN and registration and admission fees of 29,260.83 PLN. The company did not utilize sub-underwriters, and the offer was conducted without the requirement of a prospectus.

On a per-unit basis, the average cost of the subscription amounted to approximately 0.70 PLN per share. In terms of accounting treatment, the total issuance costs were recognized by reducing the reserve capital created from the surplus of the issue price over the nominal value of the shares. This summary covers the financial activities related to the series F issuance as of February 2024, reflecting the final reconciliation of all associated transaction costs.

PCF Group S.A. provides a formal summary of the private subscription of Series E ordinary bearer shares, confirming the completion of the issuance process. The primary purpose of the transaction was to finalize the acquisition of shares in Incuvo S.A. through a non-cash contribution, thereby expanding the company's capital base. The subscription was conducted as a private placement, exempt from the requirement to publish a prospectus under European Union regulations.

The issuance involved 136,104 Series E shares, each with a nominal value of 0.02 PLN, issued at an issue price of 46.13 PLN per share. The total value of the offering reached 6,278,477.52 PLN. Two investors, Andrzej Wychowaniec and Radomir Kucharski, subscribed to the shares by contributing equity in Incuvo S.A. as an in-kind contribution, supplemented by minor cash payments to cover the difference between the issue price and the valuation of the aport.

Total costs associated with the subscription amounted to 20,659.72 PLN, resulting in an average cost of approximately 0.15 PLN per share. These expenses, which primarily comprised legal fees and costs related to the registration and admission of shares to the Warsaw Stock Exchange, were settled by reducing the company's supplementary capital from the share premium. The subscription process concluded with the full payment of contributions by February 17, 2023, and the formalization of the share subscription agreements on February 15, 2023.

PCF Group S.A. has finalized the financial settlement and contractual dissolution regarding the production of Bulletstorm VR. Following the game’s release on January 18, 2024, the publisher and its subsidiary, Incuvo S.A., reached an agreement to settle all remaining production milestones. As part of this financial reconciliation, PCF Group charged Incuvo 871,157.59 PLN to cover development and quality assurance costs incurred during the project’s lifecycle.

The decision to terminate the production-publishing agreement, effective January 19, 2024, stems directly from the unsatisfactory commercial performance of the title upon its launch. Under the terms of this dissolution, Incuvo forfeits all rights to future royalty payments derived from the game’s sales. This restructuring effectively ends the original collaborative framework between the two entities regarding this specific intellectual property.

Moving forward, PCF Group assumes full responsibility for the final product and its ongoing commercialization. While the company retains the option to utilize Incuvo’s resources for potential future development tasks, the publisher now maintains complete control over the title’s lifecycle. This shift in management strategy reflects a broader effort to mitigate the impact of the game’s poor market reception and consolidate oversight of the product’s future development and sales trajectory.

PCF Group S.A. has officially terminated development of Project Dagger, a decision driven by a strategic reassessment of the company’s development pipeline. Following a comprehensive evaluation of the project’s scope and commercial potential, management concluded that the game’s redefined direction failed to meet internal performance expectations. This cancellation marks the conclusion of a development cycle that had been subject to multiple prior disclosures since late 2022.

The financial impact of this decision involves a full write-down of all capitalized expenditures associated with the project. As of December 31, 2023, the company will record impairment charges totaling 79.9 million PLN in its standalone financial statements and 68.3 million PLN in its consolidated financial statements. These adjustments will directly reduce the carrying value of fixed assets and negatively affect the net financial results for the 2023 fiscal year.

While these write-downs are significant, they are classified as one-time, non-cash events and will not impact the company’s EBITDA. The reported figures remain estimates pending final audit verification, with the definitive financial impact to be formally presented in the upcoming annual reports. This strategic pivot reflects a broader effort to optimize the company’s portfolio and reallocate resources toward projects with more favorable commercial prospects within the global gaming market.

PCF Group S.A. has finalized the development plan for Project Gemini in collaboration with Square Enix Limited, formalizing the agreement through a new content rider. This development, executed within the European market under a work-for-hire model, marks a significant shift in the commercial framework governing the project. The agreement ensures the continuation of development efforts while fundamentally altering the financial expectations associated with the production-publishing contract.

Under the updated terms, the project will no longer operate under the previously established commercial conditions. Financial projections indicate that future revenue generated from Project Gemini will be limited to covering the direct costs incurred by the company during development. This adjustment necessitates a revaluation of the contract in accordance with the International Financial Reporting Standard 15, which governs revenue from contracts with customers.

The primary consequence of this revised financial structure is a reduction in the profit margins previously anticipated from the partnership with the publisher. Consequently, the company expects a decline in both individual and consolidated sales revenue, as well as a negative impact on overall financial performance. This update serves to align stakeholder expectations with the new economic reality of the project, as the company transitions away from reporting on individual content riders unless legally mandated.