Investment

The presentation outlines the financial performance and strategic outlook of PCF Group S.A. for the period up to 31 March 2025, with a focus on its gaming and VR portfolio. Core data show cumulative revenues of PLN 190.4 million, with quarterly figures ranging from PLN 150.1 million in Q2 2023 to PLN 162.2 million in Q4 2024, reflecting a modest upward trend despite occasional dips linked to project launches and market conditions. Net income for the year 2024 is projected at PLN 63.0 million, with an EBITDA of PLN 11.0 million in Q1 2024 and a corrected EBITDA of PLN 10.0 million in Q2 2025, indicating operational profitability but sensitivity to project-specific expenses such as the Bifrost initiative and the Echo project. The group’s portfolio includes flagship titles like “Bulletstorm VR” (released January 2024) and “Green Bison Quest” slated for Q4 2024 on Meta, alongside ongoing VR developments with partners Creepy Jar and People Can Fly. Personnel distribution shows a stable workforce of 756 employees across Warsaw, Montreal, New Castle, Dublin, Katowice, and Rzeszów, with a balanced split between development, back‑office, studio, publishing, QA, and game operations. Geographic coverage spans Europe and North America, with a strategic emphasis on expanding VR offerings in the US market. Methodologically, figures are rounded and derived from internal financial statements; no external survey data is cited. The document serves primarily as an informational update rather than a formal investment recommendation, emphasizing that projections are contingent on management’s assumptions and market variables.

The presentation outlines PCF Group S.A.’s financial performance and strategic outlook for the third quarter of 2025, covering operations in Poland, Europe, North America and the UK. Revenue for the quarter reached PLN 190.4 million, a slight decline from the previous year’s PLN 180.3 million, driven by lower sales of the AAA title “Lost Rift” and a modest increase in self‑publishing income. Net profit fell to PLN –95.7 million, reflecting significant one‑off costs and amortisation of goodwill and IP assets, particularly from the “Lost Rift” CGU. EBITDA after adjustments was PLN –1.7 million, a deterioration from the prior year’s positive figure, largely due to write‑downs of development assets and licensing expenses.

The group’s balance sheet shows a reduction in total assets from PLN 1,144 million to PLN 1,050 million, with a corresponding decline in equity and an increase in short‑term liabilities. Cash flow remains a priority, with management emphasizing the need to focus on WFH projects that can self‑finance and reduce dependency on external funding.

Strategically, PCF is pursuing new AAA collaborations (e.g., Krafton), expanding its VR portfolio with titles such as “Green Hell” and “Pirates VR,” and securing publishing agreements for the “People Can Fly” IP on Meta Quest platforms. The company plans to streamline costs, maintain client relationships, and accelerate new project pipelines while monitoring cash generation closely.

The presentation outlines PCF Group S.A.’s financial performance for the third quarter of 2021, emphasizing a significant revenue surge and robust profitability. Total group revenues reached PLN 131.8 million, up 66.2 % year‑over‑year, driven primarily by game sales and outsourcing services. EBITDA rose to PLN 54.9 million, a 99.6 % increase, while net profit climbed to PLN 46.4 million, up 112.6 %. Workforce expanded by 62.7 %, reaching 260 employees, reflecting accelerated development activity across multiple studios in Poland, the United States, and Canada. The group’s balance sheet strengthened markedly: equity grew to PLN 241.6 million (+215.7 %), total assets rose to PLN 292.8 million (+206 % of liabilities), and cash reserves surged to PLN 149.8 million (+262.6 %).

Operational highlights include the launch of Outriders New Horizon, which generated a 1,000‑player spike and an 80 % positive review rate on Steam, reinforcing the company’s reputation for high‑quality releases. The portfolio strategy now targets annual self‑published titles, with new IPs such as Gemini Dagger slated for 2024. Outsourcing revenue increased by 69.7 % to PLN 150 million, while outsourcing costs rose modestly to PLN 35.2 million, maintaining a healthy margin.

Geographically, the group operates studios in Warsaw, London, Montreal, Chicago, and New York, with a global workforce of 500 developers, QA, and support staff. The financial data cover Q3 2021, with comparative figures for Q3 2020 and a year‑end 2020 baseline. Methodologically, figures derive from audited financial statements under IFRS, with adjusted EBITDA reflecting non‑recurring items. The presentation serves as an informational update rather than a sales or investment recommendation, noting that forward‑looking statements are based on management expectations and subject to risk.

SPRAWOZDANIE ZARZADU Z DZIALALNOSCI GRUPY KAPITALOWEJ PCF GROUP SPÓLKA AKCYJNA ORAZ SPOLKI PCF GROUP SPOEKA AKCYJNA (dane w tys. zł, chyba że zaznaczono inaczej) Niniejsze Sprawozdanie z działalności Grupy Kapitałowej PCF Group S.A. i spółki PCF Group S.A. w 2020 r. zostało sporządzone na podstawie § 70 ust. 1 pkt 4, 6, 7 oraz § 71 ust. 1 pkt 4, 6, 7 Rozporządzenia Ministra Finansów z dnia 29.03.2018 r.

ZAKONCZONY 31 GRUDNIA 2020 ROKU JEDNOSTKOWE SPRAWOZDANIE Z SYTUACJI FINANSOWEJ ................................................................. 3 JEDNOSTKOWE SPRAWOZDANIE Z WYNIKU ............................................................................................. 5 JEDNOSTKOWE SPRAWOZDANIE Z WYNIKU I POZOSTAŁYCH CAŁKOWITYCH DOCHODÓW ............. JEDNOSTKOWE ZESTAWIENIE ZMIAN W KAPITALE WŁASNYM ..............................................................

ZAKONCZONY 31 GRUDNIA 2020 ROKU SKONSOLIDOWANE SPRAWOZDANIE Z SYTUACJI FINANSOWEJ .......................................................... 3 SKONSOLIDOWANE SPRAWOZDANIE Z WYNIKU ...................................................................................... SKONSOLIDOWANE SPRAWOZDANIE Z WYNIKU I POZOSTAŁYCH CAŁKOWITYCH DOCHODÓW ...... 6 SKONSOLIDOWANE ZESTAWIENIE ZMIAN W KAPITALE WŁASNYM .......................................................

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.

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.