Europe

HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHS ENDED JUNE 30TH DEAR SHAREHOLDERS AND INVESTORS, We are pleased to share with you our half-year Gamescom, the largest European trade fair held in report for the first six months of 2023. We invite you Cologne, Germany, where they are garnering highly to read it, and we believe it will provide you with a favourable feedback. wealth of compelling and valuable insights .

11 bit studios’ first‑quarter 2023 financials show a revenue of PLN 14.8 million, EBITDA of PLN 3.0 million and net profit exceeding PLN 2.46 million, slightly below the same period in 2022 but still above internal forecasts. The decline is partly attributed to a high‑base effect from the previous year’s exceptional sales of This War of Mine during February–March 2022, when the company donated weekly proceeds to the Ukrainian Red Cross. The current quarter’s profit was also influenced by revenue from the board‑game version of Frostpunk and a revaluation gain on an equity stake in Starward Industries, which owns The Invincible.

Investment in development rose 28.2 % year‑on‑year to PLN 12.14 million, reflecting a strategy of increasing spend on both proprietary and third‑party titles as release dates approach. The publishing pipeline for 2023 includes The Invincible and The Thaumaturge, developed by Fool’s Theory, with promotional campaigns boosting their Steam wishlist rankings. The company anticipates that these releases will significantly lift 2023 financial results, supported by ongoing monetisation of established titles such as Frostpunk and This War of Mine.

Long‑term growth is expected to hinge on upcoming proprietary projects—Frostpunk 2, The Alters, and an unnamed “Project 8”—all slated for launch by the end of 2025. The company’s cash cushion and solid Q1 performance underpin its focus on expanding both its own development slate and publishing portfolio across the global video‑game market.

DEAR SHAREHOLDERS AND INVESTORS, We present to you the report of 11 bit studios S.A. for the nine months ended September 30th 2023. During the period, we earned PLN 34.28m in revenue, with EBITDA at PLN 1.66m and net profit at PLN 1.35 million. In the three months ended September 30th 2023, revenue came in at PLN 9.5m, while EBITDA was negative, at PLN -1.28m.

QUARTERLY REPORT OF 11 BIT STUDIOS FOR THE THREE MONTHS ENDED 31 MARCH 2024 (all amounts in PLN unless stated otherwise) DEAR SHAREHOLDERS AND INVESTORS, It is our pleasure to present to you the quarterly report of 11 bit studios S.A. for the three months ended 31 March 2024.

HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHS ENDED 30 JUNE 2024 (all amounts in PLN unless stated otherwise) 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 2024. During the period, we earned PLN 30.76 million in revenue.

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 ...

QUARTERLY REPORT OF 11 BIT STUDIOS FOR THE THREE MONTHS ENDED 31 MARCH DEAR SHAREHOLDERS AND INVESTORS, It is our pleasure to present to you the quarterly technical quality, balanced gameplay, and, of report of 11 bit studios S.A. for the three months course, a lot of excitement and entertainment. In ended 31 March 2025.

The document records the proceedings of a regular shareholders’ meeting held on 30 June 2011 by 11 bit studios S.A., a Warsaw‑based joint‑stock company. The meeting, convened by the board and chaired by Chairman Marcin Przasnyski, approved a series of resolutions concerning corporate governance and financial matters. Key actions included the disclosure of the audit committee election, the appointment of three members to the audit committee—Grzegorz Miechowski, Bartosz Brzostek and Bohdan Drozdowski—and the election of Przasnyski as meeting chair. The shareholders unanimously approved the company’s 2010 activity report and financial statements, which showed a net loss of PLN 231,199.53 and total assets of PLN 1,352,359.17. A resolution to cover the loss from future profits was adopted. Subsequent resolutions granted absolute approval (absolutory) to all board members and supervisory board members for the 2009‑2010 period, with voting results ranging from 48.74 % to 66.31 % of the capital represented by votes, reflecting full quorum and majority requirements under Polish company law. The meeting concluded with the adoption of the agenda, confirmation of proper convening and quorum, and closure. The protocol includes a signed attendance list and is notarised by Tomasz Wojciechowski. The proceedings cover corporate governance, financial reporting, and loss coverage for the 2010 fiscal year within Poland.

The forecast presents projected financial performance for 11 bit Studios S.A. over the years 2011‑2013, expressed in thousands of Polish zloty. Net sales revenue is expected to rise from 4 358 in 2011 to 12 700 by 2013, reflecting annual growth rates of 51.40 % and 92.48 %. Net sales from product sales alone are projected to increase from 2 860 to 11 029, while changes in product inventory contribute an additional 1 498, 200, and 1 675 respectively. Net profit is projected to grow from 1 327 in 2011 to 4 574 in 2013, with profitability margins moving from 46.40 % to 41.47 %. The net profit growth rate accelerates sharply, from 31.42 % in the first year to an impressive 162.27 % in the second.

The scope covers a single company within the video‑game development sector, focusing on selected financial metrics over a three‑year horizon. The methodology is implicit: the figures represent forecasted values rather than historical data, likely derived from internal projections or market analysis. No explicit sample size or external data sources are cited; the report appears to be an internal financial planning document. The analysis underscores a strong projected expansion in both revenue and profitability, driven largely by product sales growth and inventory management.

The announcement details the conclusion of a private subscription for ordinary bearer shares Series D issued by 11 Bit Studios S.A. The subscription, authorized on 10 November 2011 by a special general meeting to increase capital without existing shareholders’ subscription rights, commenced on 5 December 2011 and closed early on 9 January 2012, ahead of the originally stipulated 31 January deadline. The subscription capped at 500 000 shares, each with a nominal value of 0.10 zł.

A total of 40 938 shares were actually subscribed and issued on 23 December 2011, at an emission price of 9.00 zł per share. The offering attracted 64 investors, but only ten entered into subscription agreements on the closing date; no sub‑emission arrangements were made. The transaction incurred total costs of 46 722 zł, comprising 41 722 zł for preparation and execution (including notarial fees), 5 000 zł for advisory and informational documentation, with no remuneration paid to sub‑emitters or promotion expenses. These costs are recorded as interim expenses and will be expensed upon registration of the capital increase in accordance with Polish accounting regulations.

The report is confined to Poland, covering a single fiscal period (late 2011–early 2012) and the ordinary share segment of 11 Bit Studios. It follows statutory disclosure requirements under Polish corporate law and the Alternative Trading System regulations, providing a concise overview of subscription dates, share numbers, pricing, investor participation, and cost allocation.

The document records a notarial act concerning the capital increase of 11 bit studios Spółka Akcyjna, a Warsaw‑based video game developer. The act confirms that the extraordinary general meeting held on 22 June 2012 approved a capital increase from PLN 191,169.90 to a maximum of PLN 231,169.90 by issuing up to 400,000 new ordinary shares (Series E) with a nominal value of PLN 0.10 each, and amended the company’s articles to reflect the new share structure. The updated capital is set at PLN 221,719.90 and divided into five series: 1,000,000 Series A shares (PLN 0.10), 494,200 Series B shares, 376,561 Series C shares, 40,938 Series D shares, and 305,500 newly issued Series E shares. Six subscription agreements were executed by 27 July 2012, covering 305,500 Series E shares for a total subscription value of PLN 30,550.00.

The act lists the board members—Grzegorz Miechowski, Bartosz Brzostek, Przemysław Marszał, and Michał Drozdowski—who represent the company in signing. It details procedural aspects such as notarization, registration requirements, and cost allocation (notarial fee PLN 200.00 plus VAT PLN 46.00). The document is limited to the company’s Warsaw jurisdiction and pertains exclusively to its capital structure changes in 2012, with no broader industry or geographic scope. The methodology is purely legal documentation, relying on corporate minutes and statutory provisions to validate the capital increase and share issuance.

The report details the completion of a private subscription for Series E ordinary shares issued by 11 bit studios S.A. following the board’s resolution on 22 June 2012 to increase share capital without existing shareholders’ subscription rights. The subscription commenced on the resolution date and concluded on 27 July 2012, with the board filing a capital declaration on 31 July 2012. Six private investors entered into purchase agreements between 25 and 26 July 2012, acquiring a total of 305,500 shares at an issue price of PLN 9.00 per share, generating proceeds of PLN 2,749,500.

The subscription involved no reduction in nominal value and did not include any sub‑subscription agreements. The total number of shares offered was 400,000, but only 305,500 were ultimately subscribed. Costs associated with the issuance amounted to PLN 42,386, broken down into preparation and execution of the offer (PLN 20,000), informational document drafting and advisory fees (PLN 20,500), notarial and treasury charges (PLN 1,886), with no sub‑subscription or promotion expenses. These costs were recorded as interim expenses and will be capitalised in accordance with Polish accounting regulations.

The report confirms that the Series E shares were issued privately, without a public allocation date, and outlines the legal basis for reporting under the Alternative Trading System regulations. The capital increase was fully executed within the stipulated period, and all financial and procedural details comply with applicable corporate law provisions.