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Publishing Agreement Signed with The Outer Zone
The announcement confirms that 11 bit studios will publish the upcoming deck‑builder title “Death Howl,” developed by Danish studio The Outer Zone. The game centers on Ro, a grieving mother who confronts enemies in a Stone Age‑inspired Norse kingdom to reunite with her deceased son. The release is scheduled for 2025 on PC platforms.
This publishing partnership expands 11 bit studios’ portfolio into the narrative‑driven deck‑builder genre, complementing its existing action and adventure titles. The collaboration leverages The Outer Zone’s creative vision while providing 11 bit studios with a new IP that aligns with its focus on immersive storytelling and unique gameplay mechanics.
The announcement is issued by the Management Board of 11 bit studios, with Przemysław Marszał and Grzegorz Miechowski listed as the President and a Board member, respectively. The release date and platform details are specified, but no further financial terms or distribution arrangements are disclosed.
Geographically, the agreement targets the global PC market, with no regional restrictions noted. The time frame is limited to a 2025 launch window, indicating an upcoming development cycle that will likely involve marketing and localization efforts in the months leading up to release.
Overall, the report serves as a formal disclosure of a new publishing contract, highlighting 11 bit studios’ strategic move to broaden its genre offerings and strengthen ties with international developers.
- 11 bit studios has signed a publishing agreement for the upcoming deck-builder title 'Death Howl,' developed by the Danish studio The Outer Zone.
- The game is scheduled for a global release on PC platforms in 2025.
- The title features a narrative-driven premise centered on a mother navigating a Stone Age-inspired Norse kingdom.
- This partnership marks a strategic expansion for 11 bit studios into the narrative-driven deck-builder genre.
- The agreement leverages 11 bit studios' focus on immersive storytelling while adding a new IP to its existing portfolio of action and adventure titles.
Current Report No. 4/2025: Change in Depreciation Method for Frostpunk 2
The report announces a change in the depreciation method applied to the intangible asset “Frostpunk 2” by 11 bit studios. The company’s Management Board, following an agreement with its auditor, has decided to switch from a straight‑line depreciation over five years to a declining balance method spanning seven years, effective from the game’s release on 20 September 2024. This adjustment was made during the preparation of the 2024 financial statements.
Under the new method, the amortisation expense recorded in the 2024 statement of comprehensive income is PLN 12,521,440. Had the previous straight‑line approach been retained, the expense would have been PLN 3,130,360. The change therefore increases the annual depreciation charge by approximately PLN 9.4 million, reflecting a more accelerated recognition of the asset’s consumption.
The scope of the adjustment is limited to the PC version of “Frostpunk 2” and pertains solely to the 2024 financial period. No other assets or segments are affected, and the report does not provide additional data on broader industry trends or comparative benchmarks. The methodology is straightforward: a recalculation of depreciation based on the agreed accounting policy, with no mention of external data sources or survey samples. The notice serves to inform stakeholders of the revised accounting treatment and its impact on reported earnings for the year.
- 11 bit studios has transitioned the depreciation method for the intangible asset 'Frostpunk 2' from a five-year straight-line model to a seven-year declining balance method.
- The accounting change, effective from the game's 20 September 2024 release, resulted in a 2024 amortization expense of PLN 12,521,440.
- The new method increased the 2024 depreciation charge by approximately PLN 9.4 million compared to the PLN 3,130,360 that would have been recorded under the previous straight-line approach.
- The revised accounting treatment reflects an accelerated recognition of the asset's consumption for the 2024 financial period.
- This adjustment is strictly limited to the PC version of 'Frostpunk 2' and does not impact any other company assets or business segments.
Current Report No. 6/2025: The Alters Release Date
The release of Frostpunk 2, the highly anticipated sequel to the critically acclaimed survival‑city builder, has been officially scheduled for June 13 2025. The announcement comes from the Management Board of 11 bit studios S.A., a Warsaw‑based developer known for its narrative‑driven titles. The global launch will encompass the PC edition and next‑generation console versions for Xbox Series X/S and PlayStation 5, ensuring simultaneous availability across major platforms.
Digital distribution will be handled by the industry’s leading storefronts: Steam, Epic Games Store, GOG, Xbox Store and PlayStation Store. In addition, the game will be added to Microsoft’s subscription services—PC Game Pass and Xbox Game Pass—from day one, broadening accessibility for subscribers. The release date was disclosed under Article 17.1 of the Market Abuse Regulation, classifying it as inside information that must be communicated promptly to avoid market manipulation.
The announcement is concise, focusing solely on the release logistics and distribution channels. No sales projections, marketing strategies, or financial implications are provided in this communication. The scope is strictly global, covering all major digital marketplaces and subscription services at launch. Methodologically, the information originates from an official board statement, with no external data or survey references included.
- 11 bit studios has scheduled the global release of Frostpunk 2 for June 13, 2025.
- The game will launch simultaneously on PC, Xbox Series X/S, and PlayStation 5.
- Frostpunk 2 will be available on day one through PC Game Pass and Xbox Game Pass subscription services.
- Digital distribution will be supported across Steam, Epic Games Store, GOG, the Xbox Store, and the PlayStation Store.
- The release date announcement was issued by the 11 bit studios Management Board as regulated inside information.
Sales Report: The Alters
The report announces that the title “The Alters” has sold 280,000 units across PC, Xbox X/S and PS5 platforms through 7 July 2025, after deducting returns and complimentary copies. Pre‑order sales on Xbox X/S and PS5, recorded between 24 April and 13 June 2025, are included in this total. The company also highlights that more than one million users have added the game to their wish lists on Steam, a metric that excludes prior purchasers or those who later removed the title. The data covers sales up to mid‑July 2025 and focuses on three major platforms: PC, Xbox X/S, and PS5. No additional market segments or geographic breakdowns are provided beyond the platform‑level aggregation. The methodology is implicit: sales figures are reported by the company’s Management Board, presumably sourced from internal distribution and retail tracking systems. The report serves to inform stakeholders of the game’s commercial performance, emphasizing both actual sales and pre‑launch interest as measured by wish list activity. The information is presented under Article 17.1 of MAR, indicating it constitutes inside information for regulatory purposes.
- The Alters achieved 280,000 net unit sales across PC, Xbox Series X/S, and PS5 platforms as of 7 July 2025.
- Steam wish list activity for the title has surpassed one million users, excluding those who have already purchased or removed the game.
- The reported sales figures include pre-order data collected for Xbox Series X/S and PS5 between 24 April and 13 June 2025.
- The sales data reflects net performance after accounting for all returns and complimentary copies.
- This commercial performance data is classified as inside information under Article 17.1 of the Market Abuse Regulation (MAR).
Current Report No. 16: Setting Release Date for Moonlighter 2: The Endless Vault
The announcement establishes the global early‑access release date for Moonlighter 2: The Endless Vault on PC as October 23, 2025. Distribution will occur through Steam and the Windows Store, while console releases for Xbox X/S and PlayStation 5 are deferred to a later date. The title is developed by Spanish studio Digital Sun, with 11 bit Studios S.A. acting as publisher.
The release schedule reflects a strategic focus on the PC market, leveraging major digital storefronts to maximize initial reach. By postponing console launches, the publisher can concentrate resources on polishing the PC experience and gathering player feedback during early access. The decision aligns with industry trends where developers use early‑access periods to iterate on gameplay, balance mechanics, and build community engagement before broader platform releases.
The communication is issued by the Management Board of 11 bit Studios, underscoring corporate governance and regulatory compliance. The statement cites Article 17.1 of MAR – Inside information as the legal basis, indicating that the release date is considered material information for investors. The brief does not provide additional data on sales projections, market analysis, or development milestones, focusing solely on the release timeline and distribution channels.
- Moonlighter 2: The Endless Vault will launch in early access on PC via Steam and the Windows Store on October 23, 2025.
- Console versions for PlayStation 5 and Xbox Series X/S are deferred to a later date to allow for a focused PC-first release strategy.
- The development is led by the Spanish studio Digital Sun, with 11 bit Studios S.A. serving as the publisher.
- The early-access period is intended to facilitate gameplay iteration, mechanical balancing, and community engagement prior to a wider platform rollout.
- 11 bit Studios issued this announcement as material information under Article 17.1 of the Market Abuse Regulation (MAR) to ensure regulatory compliance.
Current Report No. 17/2025: Release Date Change for Moonlighter 2
The release schedule for “Moonlighter 2: The Endless Vault” has been updated. 11 bit studios S.A. announced that the PC version will enter Early Access on November 19, 2025, with distribution through Steam and the Windows Store. The company indicated that console releases for Xbox X/S and PlayStation 5 will occur at a later, unspecified date. This change follows the earlier announcement in Report No. 16/2025 dated August 19, 2025, which set the initial release framework. The update is issued under Article 17.1 of MAR, classifying it as inside information that must be disclosed to the market. The announcement is signed by Przemysław Marszał, President of the Management Board, and Marek Ziemak, a board member. No additional data on sales projections, market impact, or development milestones are provided in the brief communication. The scope is limited to the PC Early Access launch, with no geographic restrictions noted beyond the global availability of digital distribution platforms. The report serves to inform investors and stakeholders of the revised launch timeline, ensuring compliance with regulatory disclosure requirements.
- 11 bit studios S.A. has scheduled the PC Early Access release of 'Moonlighter 2: The Endless Vault' for November 19, 2025.
- The PC version will be distributed globally via Steam and the Windows Store.
- Console releases for Xbox Series X/S and PlayStation 5 have been delayed to an unspecified date following the initial framework established in August 2025.
- This update constitutes regulated inside information under Article 17.1 of MAR, requiring formal disclosure to investors and stakeholders.
- The announcement was officially authorized by 11 bit studios board members Przemysław Marszał and Marek Ziemak.
Establishment of the Release Date for the Game Death Howl
The release schedule for the upcoming title “Death Howl” has been formally announced by 11 bit studios S.A. The company, headquartered in Warsaw, confirmed that the PC version—available through Steam and GOG—will launch on 9 December 2025. Production is handled by The Outer Zone studio in Copenhagen, and the announcement follows a prior disclosure issued on 17 January 2025. Console editions for PlayStation 5, Xbox Series X/S, and Nintendo Switch are slated for release in the first quarter of 2026. The announcement is made under Article 17, Section 1 of the Market Abuse Regulation (EU) No 596/2014, ensuring compliance with EU market‑abuse legislation. The communication provides a clear timeline for both digital and console platforms, indicating that the PC release precedes console availability by several months. No additional data on sales projections or market analysis is included, and the scope remains limited to the release dates for the specified platforms without geographic expansion beyond the European market. The statement serves primarily as a regulatory disclosure rather than an analytical report, fulfilling legal obligations for public companies to inform shareholders of material events.
- 11 bit studios S.A. will release the PC version of 'Death Howl' on Steam and GOG on 9 December 2025.
- Console versions for PlayStation 5, Xbox Series X/S, and Nintendo Switch are scheduled for release in Q1 2026.
- Development of the title is being handled by The Outer Zone studio based in Copenhagen.
- The PC launch precedes the console release by a margin of several months.
- This announcement serves as a formal regulatory disclosure under Article 17, Section 1 of the EU Market Abuse Regulation (EU) No 596/2014.
An Agreement Regarding the Availability of Games in the Game Pass Subscription
The announcement informs shareholders that 11 bit studios S.A. is finalizing a licensing agreement with Microsoft Corporation to make the game “Death Howl” and two other titles from its publishing division available on Microsoft Game Pass. The deal, governed by Article 17(1) of the EU Market Abuse Regulation, will become effective in 2026 and is expected to influence the company’s financial performance for that year. Microsoft has already communicated to users that “Death Howl” will join Game Pass for PC on December 9, 2025, with the Xbox version following upon its console release. The agreement covers both PC and Xbox platforms, expanding 11 bit’s distribution reach within the subscription service. The company’s management board deemed it necessary to disclose this development promptly, citing regulatory obligations and the potential impact on investor expectations. No specific financial figures or detailed terms of the license are disclosed, but the timing and platform scope suggest a strategic partnership aimed at increasing revenue streams through subscription-based access. The report is limited to the Polish market, with implications for European investors, and covers the period up to the end of 2025, outlining anticipated effects in the 2026 fiscal year.
- 11 bit studios S.A. has finalized a licensing agreement with Microsoft to bring 'Death Howl' and two additional publishing titles to the Game Pass subscription service.
- The 'Death Howl' PC version is scheduled to launch on Game Pass on December 9, 2025, with the Xbox console version to follow upon its release.
- The agreement covers both PC and Xbox platforms and is expected to materially influence 11 bit studios' financial performance in the 2026 fiscal year.
- The deal is officially governed by Article 17(1) of the EU Market Abuse Regulation, necessitating prompt disclosure to shareholders due to its potential impact on investor expectations.
- While specific financial terms remain undisclosed, the partnership represents a strategic move by 11 bit studios to diversify revenue streams through subscription-based distribution.
Conclusion of an Agreement Concerning the Availability of Games within the Game Pass Program
The agreement, finalized on December 2 2025 between 11 bit studios S.A. and Microsoft Corporation, grants Microsoft the right to host the game “Death Howl” and two additional titles from 11 bit’s publishing division on its Game Pass subscription platform. The licensing deal is expected to influence the company’s financial performance in 2026, as noted by the Management Board. The announcement follows a prior report issued on December 2 2025, and it is disclosed under Article 17(1) of Regulation (EU) No 596/2014, which governs market‑abuse disclosures. The agreement’s scope is limited to the specified titles and their availability on Microsoft’s Game Pass service, with no broader geographic or product implications indicated. No further details regarding revenue projections, user reach, or contractual terms are provided in the brief disclosure. The communication is directed at shareholders and market participants to ensure compliance with EU transparency requirements, emphasizing that the licensing arrangement will be reflected in the company’s 2026 financial statements.
- 11 bit studios S.A. signed an agreement with Microsoft Corporation on December 2, 2025, to include the game 'Death Howl' and two additional publishing titles in the Game Pass subscription service.
- The licensing deal is expected to impact 11 bit studios' financial performance during the 2026 fiscal year.
- The agreement is limited strictly to the three specified titles and their availability on the Game Pass platform, with no broader product or geographic scope.
- The disclosure was issued to comply with Article 17(1) of EU Regulation No 596/2014 regarding market-abuse transparency requirements.
- No specific financial terms, revenue projections, or user reach metrics were disclosed regarding the licensing arrangement.
2019/20 Annual Sales Report
Nacon reported a 14.4 % increase in annual sales, reaching €129.4 million for the 2019/20 fiscal year, in line with its IPO guidance of €127–133 million. Total revenue rose from €113.1 million in 2018/19, driven largely by a 40.6 % jump in game sales to €70.7 million, while accessory revenue fell 4.8 % to €52.6 million and other categories declined 20.1 %. Digital game sales surged, accounting for 69 % of game revenue versus 41 % the previous year, a trend amplified by lockdown‑induced consumer behaviour. The fourth quarter saw a 15.5 % drop in overall sales, largely due to a product‑base effect on accessories and temporary store closures from the COVID‑19 crisis, though game sales remained robust.
Operating performance improved, with a current operating margin target of 16 % raised above expectations thanks to higher digital margins. Cash reserves stood at €100 million following a successful IPO that raised €109 million in March 2020, ensuring liquidity for the upcoming fiscal year. Nacon maintains its “NACON 2023” plan, targeting €180–200 million in sales and a margin above 20 % for FY 2022/23. The company projects continued momentum in Q1 2020/21, with new game releases and expanded headset distribution through a partnership with Poly (Plantronics Inc.). Operations have largely shifted to telework, and procurement has returned to normal levels. The company’s 16 subsidiaries operate across 100 countries, supporting a workforce of nearly 450 employees.
- Nacon reported a 14.4% increase in annual sales to €129.4 million for the 2019/20 fiscal year, meeting its IPO guidance range of €127–133 million.
- Game sales grew by 40.6% to €70.7 million, with digital channels accounting for 69% of that revenue compared to 41% in the previous year.
- Accessory revenue declined by 4.8% to €52.6 million, contributing to a 15.5% drop in overall Q4 sales due to store closures and product-base effects.
- The company raised its current operating margin target to 16% due to higher margins from digital game sales.
- Following a March 2020 IPO that raised €109 million, Nacon holds €100 million in cash reserves to ensure liquidity.
Interim Financial Report: First Half 2020/21
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 – NACON SIX MONTHS ENDED 30 SEPTEMBER 2020 SIX MONTHS ENDED 30 SEPTEMBER 2020 TABLE OF CONTENTS 2 1. STATEMENT BY THE PERSON RESPONSIBLE 3 2.
- NACON's net income significantly increased by 46.7% to €9.6 million in the first half of 2020/21, up from €6.5 million in the first half of 2019/20.
- Recurring operating income for NACON rose by 47.4% to €15.7 million in the first half of 2020/21, compared to €10.7 million in the prior year, driven by increased revenue, reduced external expenses, and controlled personnel costs.
- Consolidated revenue for NACON grew by 35.9% to €86.6 million in the first half of 2020/21, with gaming accessories revenue more than doubling from €23.6 million to €51.6 million, now representing 60% of total revenue.
- NACON acquired 100% of Belgian development studio Neopica Srl on October 19, 2020, a studio known for developing around 60 games including Hunting Simulator 1 & 2 and FIA European Truck Racing Championship.
- NACON's EBITDA reached €30.4 million in the first half of 2020/21, representing 35.1% of revenue, up from €23.5 million (37.0% of revenue) in the first half of 2019/20.
Q1 2020/21 Sales Results: 24.5% Sales Increase Despite a Strong Comparison Basis
Nacon reported a 24.5 % rise in first‑quarter sales for FY 2020/21, reaching €38.0 million against €30.5 million in the same period a year earlier, confirming its annual financial targets. The growth was driven primarily by accessories and digital game sales. Accessories surged 134.9 % to €22.5 million, propelled by the launch of the RIG premium headset line and a new U.S. subsidiary. Digital game sales, which accounted for 80.7 % of total game revenue, offset a decline in new releases; back‑catalogue sales jumped 340 % to €10.8 million, matching the entire previous year’s back‑catalogue volume.
Game sales fell to €14.5 million from €20.0 million due to a strong comparison base of major titles released in the prior fiscal year, but the accelerated digital channel and successful releases such as Hunting Simulator 2 and Pro Cycling Manager/Tour de France 2020 mitigated the impact. Other revenue categories remained flat.
Geographically, Nacon operates through 16 subsidiaries and a distribution network spanning 100 countries, with recent expansion into the United States. The company’s outlook for Q2 and the remainder of FY 2020/21 remains positive, citing upcoming releases (WRC 9, Tennis World Tour 2, Monster Truck Championship), continued digital momentum, and a new partnership with Microsoft for console‑compatible controllers. Nacon projects FY 2020/21 sales between €140–€150 million and a 18 % operating margin, while maintaining its 2023 plan targets of €180–€200 million sales and over 20 % margin for FY 2022/23.
- Nacon achieved a 24.5% year-over-year sales increase in Q1 2020/21, reaching €38.0 million and confirming its annual revenue target of €140–€150 million.
- Accessory sales surged 134.9% to €22.5 million, driven by the launch of the RIG premium headset line and the establishment of a new U.S. subsidiary.
- Back-catalogue digital game sales grew 340% to €10.8 million, matching the total volume of the previous fiscal year and offsetting a decline in new game releases.
- Total game revenue fell to €14.5 million from €20.0 million due to a strong comparison base from the prior year, though digital channels accounted for 80.7% of this segment.
- The company maintains its 2023 strategic targets of €180–€200 million in sales and an operating margin exceeding 20%.