Game Development

The report informs that on 23 September 2022 the board of PCF Group S.A. received a letter from Take‑Two Interactive Software, Inc., indicating its intention to terminate the production‑publishing agreement dated 21 July 2020 for the title Project Dagger. The board has reviewed the proposed termination agreement, which includes a favourable modification of settlement terms for the parties. The proposal differentiates repayment amounts based on whether the game will be released via self‑publishing or through a new publisher, and it does not contain any clause suggesting that Take‑Two intends to exercise an intellectual‑property buy‑out option.

During the first half of 2022, PCF Group completed all work specified in the original contract’s schedule and received full contractual remuneration. Despite ongoing negotiations, no new execution agreement has been signed to continue development of Project Dagger. Consequently, the board expects the contract to be terminated under terms essentially matching those in the proposed agreement.

Under International Financial Reporting Standard 38, costs incurred for further development of Project Dagger will be capitalised as intangible assets. This accounting treatment is projected to materially affect the group’s financial results for the first half of 2022 and will continue to influence subsequent reporting periods as development proceeds under a self‑publishing model. The group remains committed to continuing Project Dagger’s development using internal funds, with the possibility of debt financing or partnership with a new publisher. The board will provide additional updates on the termination in accordance with applicable legal requirements.

The update presents the revised growth strategy for PCF Group S.A. and its People Can Fly holding group, adopted by the board on 31 January 2023. The strategy had first been disclosed in the company’s prospectus approved by the Polish Financial Supervision Authority on 25 November 2020 and subsequently updated in a 43/2021 interim report dated 27 September 2021. The current update is attached to the present filing and outlines new assumptions, objectives, and operational priorities for both the parent company and its subsidiaries.

Key points include a renewed focus on expanding market presence, enhancing product development pipelines, and strengthening financial performance through cost optimisation and capital allocation. The strategy also highlights commitments to sustainability initiatives, digital transformation, and talent development across the group’s portfolio. While specific financial targets are not disclosed in this summary, the document stresses alignment with regulatory frameworks and adherence to EU prospectus regulations for any forthcoming equity offerings.

The update applies exclusively within the European Economic Area and the United Kingdom, targeting qualified investors and institutional participants. It is governed by EU Regulation (EU) 2017/1129 on prospectuses and related directives, ensuring compliance with disclosure obligations for non‑public offerings. The filing clarifies that it does not constitute a public offer, contains no promotional content for new shares, and is restricted from distribution in jurisdictions such as the United States, Australia, Canada, Japan, or South Africa. The document also includes standard legal and risk disclosures, emphasizing that forward‑looking statements are subject to uncertainty and should not be relied upon as definitive forecasts.

The report announces that PCF Group S.A., a Warsaw‑based developer, has decided to enter negotiations for a Development and Publishing Agreement with a well‑known publisher. The decision follows receipt of the publisher’s proposal on 19 May 2023 and a detailed review conducted by the board. It aligns with the company’s strategy update issued on 31 January 2023, which states that the group will pursue attractive work‑for‑hire collaborations with reputable partners.

The proposed agreement is a framework contract, with detailed terms to be set out in an accompanying execution contract. This secondary document will outline the product description, production schedule, and payment terms for the developer. The work‑for‑hire model means PCF Group will develop the video game on behalf of the publisher in exchange for agreed remuneration. The terms are described as standard for similar projects and do not deviate significantly from typical industry practices.

The board clarifies that initiating negotiations does not guarantee a final agreement. Public disclosure of any eventual contract will be provided in a separate report. The scope is limited to the Polish market, covering the PCF Group’s development activities and its partnership with the identified publisher. No survey or external data sources are cited, as the announcement is based solely on internal board deliberations.

The report announces that PCF Group S.A., headquartered in Warsaw, entered into a non‑binding Letter of Intent on 17 June 2023 with a prominent U.S. entertainment company to develop a virtual‑reality action/combat video game under the code name “Dolphin.” The intent is to negotiate a production agreement with a publisher or its affiliate, under which PCF will act as a work‑for‑hire developer. The publisher’s total budget for the project is estimated between 16 million and 24 million USD, with intellectual property rights ultimately belonging to the publisher within contractual limits. Development is projected to conclude in 2025, with release planned for current and future leading VR hardware platforms. The report clarifies that signing the Letter of Intent does not guarantee a final production contract, and further details will be disclosed in a separate public update. The scope covers the U.S. entertainment partner and global VR platforms, focusing on action/combat gameplay. No survey or statistical methodology is cited; the information derives from corporate governance announcements and contractual estimates.

The report announces the official release date for the virtual‑reality title “Bulletstorm VR,” previously known by its code name “Thunder.” The announcement, issued by the board of PCF Group S.A. on 22 August 2023, confirms that the game will launch on 14 December 2023. Distribution channels include the META Oculus Store, Sony PlayStation Store, and Steam, ensuring multi‑platform availability across major VR ecosystems. The release decision follows a prior interim report dated 13 December 2021, indicating that the company has maintained a consistent communication cadence regarding its VR portfolio. The document cites Article 17(1) of the MAR Regulation as the legal basis for the disclosure, underscoring compliance with regulatory reporting requirements. No additional data on sales projections, target demographics, or regional rollout specifics are provided; the focus remains strictly on the release date and platform distribution. The concise nature of the communication suggests that the primary objective is to inform stakeholders, regulators, and potential consumers of the finalized launch schedule. The report’s brevity and formal tone reflect standard corporate disclosure practices for product release announcements within the gaming industry.

The report informs stakeholders that the production agreement negotiations for the virtual‑reality action/combat game code‑named “Dolphin” have been indefinitely suspended. The PCF Group S.A., headquartered in Warsaw, had previously entered a non‑binding letter of intent with a prominent U.S. entertainment company on 17 June 2023 to develop the game for VR platforms. On 22 September 2023, the publisher notified the company that work on the project would be halted permanently. Informal discussions suggest the decision is linked to ongoing industry strikes in the United States, creating uncertainty within the entertainment sector. Consequently, all negotiations regarding the production agreement have been put on hold. The report covers a single geographic region—Poland and the United States—and focuses exclusively on the video‑game development segment, specifically virtual reality action titles. No survey or statistical methodology is employed; the information is based on direct communication between company representatives and the publisher. The primary conclusion is that external labor disputes have disrupted the partnership, leading to a suspension of contractual negotiations and project development.

The report announces that PCF Group S.A., headquartered in Warsaw, has decided to launch a new project code‑named “Bison” after conducting market analysis and assessing the company’s production capacity and capital group resources. On 12 November 2023, PCF Group entered into a developer services agreement with its subsidiary Incuvo S.A., based in Katowice, to provide development support for the project. The “Bison” initiative focuses on creating a virtual‑reality (VR) adventure survival video game built on People Can Fly’s proprietary intellectual property. The game will target the most prominent current and upcoming VR hardware platforms, with full production funding provided by PCF Group. The company will oversee the entire development lifecycle, from final product creation to commercialization and market launch, utilizing the Unity engine for game development. The planned release window spans 2024 to 2025, positioning the title within a growing VR gaming segment. The announcement underscores PCF Group’s strategic intent to expand its portfolio into immersive VR experiences, leveraging internal expertise and infrastructure while partnering with a dedicated subsidiary for specialized development services.

The report announces a postponement of the release date for the virtual‑reality title “Bulletstorm VR.” Originally slated for 14 December 2023, the launch has been rescheduled to 18 January 2024. The decision was taken by the board of PCF Group S.A., Warsaw, on 17 November 2023, following consultations with the development team at Incuvo S.A. and the company’s publishing staff. The primary rationale for the delay is to grant additional development time, ensuring that the final product meets player expectations and maximizes commercial potential. The announcement is framed within the legal context of Article 17(1) of Regulation MAR, underscoring compliance with regulatory reporting requirements. The scope is limited to the Polish market and pertains specifically to the VR gaming segment, with no broader geographic or temporal coverage indicated. No quantitative data or survey methodology is provided; the communication focuses solely on the administrative decision and its intended impact on product quality and sales prospects.

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 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.