Europe

Signed by: LETTER FROM THE MANAGEMENT BOARD Dear Shareholders and Investors Przemystaw Marszat Michat Drozdowski President of the Management Board Member of the Management Board Member of the Management Board Please be invited to read the Half-Year Report of 11 bit studios S.A. for the first half of 2019. During the period, we recorded over PLN 30.7m in revenue. Operating profit came in close to PLN 8.7m, with net profit above PLN 6.4m.

These interim condensed financial statements have been prepared on a historical cost basis. They do not include all information and disclosures required in full-year financial statements and should be read in conjunction with the Company's full-year financial statements for 2017, including notes, for the period of 12 months ended December 31st 2017, prepared in accordance with the IFRS as endorsed by the EU.

These interim condensed financial statements have been prepared on a historical cost basis. They do not include all information and disclosures required in full-year financial statements and should be read in conjunction with the Company's full-year financial statements for 2018, including notes, for the period of 12 months ended December 31st 2018, prepared in accordance with the IFRS as endorsed by the EU.

11 bit studios S.A. reported a record‑breaking first quarter of 2020, with revenue surpassing PLN 30.52 million and EBITDA reaching PLN 19.61 million, both up 114.3% and 168.3% year‑on‑year respectively. Net profit climbed nearly PLN 14.51 million, a 226.9% increase, though non‑cash provisions related to the 2017–2019 Incentive Scheme reduced the figure by more than PLN 2.05 million; the company elected to defer IP Box tax relief until the annual return. The surge was driven largely by the launch of Frostpunk’s second paid DLC, “The Last Autumn,” on 21 January 2020, which not only boosted DLC sales but also lifted demand for the base game. Combined revenue from Frostpunk and its DLCs exceeded PLN 100 million between April 2018 and March 2020, surpassing the cumulative sales of This War of Mine. Publishing titles Moonlighter and Children of Morta contributed 24% of total revenue in the quarter.

Operating cash flow exceeded PLN 24.3 million, allowing total financial assets to cross the PLN 100 million threshold for the first time. The company plans to expand its workforce from 140 to 190–200 employees by year‑end, focusing on new projects under development (Projekt 8, 9, and 10) and a growing publishing portfolio that now includes three promising titles. Operations continue amid COVID‑19 restrictions, with the company relocating to a new Warsaw office that supports its scaling ambitions. The report covers Poland‑based activities for Q1 2020, highlighting strong performance across development and publishing segments.

HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST HALF OF 2020 Dear Shareholders and Investors, Please be invited to read 11 bit studios S.A.’s report for the first half of 2020. We, as the Management Board, are extremely satisfied with the Company’s financial performance in the In the first six months of 2020, 11 bit studios S.A. reported revenue of nearly PLN 50.2m, up 63.2% year on year, and delivered a net profit of more than PLN 25.0m, up 237%.

STUDIOS S.A._FORNINE QUARTERLY REPORT OF 11 BITSTUDIOS S.A. FOR NINE MONTHS ENDED Dear Shareholders and Investors, It is our pleasure to present to you the report of 11 bit studios S.A. for the nine months ended September 30th 2020. The results for this period, which proved better than we assumed in the budget, clearly demonstrate that the consistent implementation of the Company's growth strategy is bringing measurable financial results.

11 BIT STUDIOS S.A._FOR QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2021 Dear Shareholders and Investors, It is our pleasure to present to you this report of 11 bit studios S.A. for the first quarter of 2021. During the first three months of the year, 11 bit studios S.A. generated more than PLN 14.84m in revenue. Our EBITDA came in at PLN 6.38m, operating profit was PLN 3.44 m, and net profit reached almost PLN 3.56m.

HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THEFIRST HALF OF 2021 Dear Shareholders and Investors, Please be invited to read 11 bit studios S.A.’s report for the first half of 2021. We, as the Management Board, are clearly satisfied with the Company’s financial performance, which was far better than assumed in the budget for the period. In the first six months of this year, our Company posted revenue of nearly PLN 35.78m.

BIT STUDIOS S.A._FOR QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2022 Dear Shareholders and Investors, It is our pleasure to present to you this report of 11 bit studios S.A. for the first quarter of 2022. During the first three months of the year, 11 bit studios S.A. generated more than PLN 17.75m in revenue. Our EBITDA came in at PLN 5.32m, operating profit was PLN 3.75m, and net profit exceeded PLN 3.77m.

QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR NINE MONTHS ENDED Dear Shareholders and Investors, It is our pleasure to present to you the report of 11 bit studios S.A. for the nine months ended September 30th 2021. The results for that period, which proved much better than we assumed in our budget both in terms of revenue and profits, clearly demonstrate that the consistent implementation of the Company's growth strategy is bringing tangible financial results.

The notarized act dated January 9, 2012 records the formal approval by 11 Bit Studios’ board—Grzegorz Miechowski, Bartosz Brzostek, Przemysław Marszal, and Michał Drozdowski—of a capital increase for the Warsaw‑based public limited company. The board, empowered by Extraordinary General Meeting resolutions of November 10, 2011 (notary file A 7671/2011), authorized the issuance of up to 500,000 new ordinary shares (Series D) at a nominal value of PLN 0.10 each, raising the share capital from PLN 187,076.10 to a maximum of PLN 237,076.10. The resolution also amended the company’s statute to reflect a new share structure: 1,000,000 Series A shares, 494,200 Series B shares, 376,561 Series C shares, and up to 500,000 Series D shares.

By December 31, 2011 the board confirmed that 10 subscription agreements had been executed for a total of 40,938 Series D shares, amounting to PLN 4,093.80 in subscription proceeds. The act further specifies that the capital increase was fully paid in cash, with shares deposited into the company’s account before registration. It outlines provisions for voluntary share cancellation and issuance of utility certificates, as well as the allocation of costs: notarial fees, VAT at 23 %, and a civil‑law transaction tax.

The document is limited to Warsaw, Poland, covering the period from the November 2011 resolutions through the January 2012 notarization. It relies on statutory provisions under Polish commercial law (articles 431 §7, 310 §2, and related tax statutes) to validate the corporate actions. The act concludes with notarized signatures and fee details, confirming compliance with legal formalities for the capital increase.

HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHSENDED Dear Shareholders and Investors, Please be invited to read 11 bit studios’ report for the six months ended June 30th 2022. It was a time of hard work for us. Despite the unfavourable macroeconomic headwinds, the Company’s financial performance in that period was much stronger than in the previous year and far better than we assumed in our budget.