11 bit studios

Organization

230 documents

Documents

Resolution No. 01/06/2025 of the Ordinary General Meeting

The Ordinary General Meeting of 11 bit studios S.A., convened on June 12, 2025, finalized the corporate and financial oversight for the 2024 fiscal year. The company reported a total net profit of 6,889,150 PLN against total assets valued at 262,302,617 PLN. Shareholders reached a consensus to strengthen the firm’s internal reserves by allocating the entirety of the 2024 net profit to supplementary capital rather than issuing dividends. This financial strategy was accompanied by the formal approval of management and supervisory board reports, signaling shareholder confidence in the company’s operational trajectory over the preceding year. Governance and leadership stability were reinforced through the election of Przemysław Marszał as Chairman and the granting of discharge to the entire executive and supervisory leadership. Key figures, including President Przemysław Marszał and board members Grzegorz Miechowski, Michał Drozdowski, Paweł Feldman, and Marek Ziemak, received formal absolution for their duties. These resolutions were passed via secret ballot with participation representing approximately 17% to 24% of the total share capital, confirming the legal discharge of responsibilities for both the Management Board and the Supervisory Board. The assembly also implemented structural updates to the company’s regulatory framework and compliance protocols. Beyond approving the 2024 Remuneration Report, shareholders repealed existing Audit Committee Regulations and delegated the creation of new guidelines to the Supervisory Board. Significant amendments to the company Statute were adopted to ensure alignment with current accounting laws. These changes specifically empower the Supervisory Board to select audit firms responsible for both traditional financial statements and increasingly critical sustainability reporting, reflecting a modernized approach to corporate transparency and regulatory adherence.

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11 bit studiosJun 2025

Legal

Current Report No. 14 /2025

The disclosure identifies the major shareholders of 11 bit studios S.A. who exercised significant influence during the Annual General Meeting held on June 12, 2025. This regulatory filing, mandated by Polish public offering laws, details the concentration of voting power among four primary entities and individuals who held at least 5% of the votes present at the assembly. The data reflects the ownership structure of the Warsaw-based game developer and publisher at a specific point in time, highlighting the balance between institutional investment and internal management holdings. Grzegorz Miechowski emerged as the largest stakeholder at the meeting, controlling 168,413 shares. This stake represented 28.98% of the votes cast at the assembly and 6.97% of the company’s total voting rights. Institutional presence was represented by Nationale-Nederlanden PTE, which held 124,949 shares, accounting for 21.50% of the meeting’s voting power and 5.17% of the total voting rights. These figures underscore the significant role that pension fund management plays in the company's capital structure alongside its founding leadership. The remaining major participants included Przemysław Marszał and Michał Drozdowski. Marszał held 120,003 shares, representing 20.65% of the votes at the meeting and 4.96% of the total voting rights. Drozdowski controlled 98,844 shares, which translated to 17.01% of the meeting’s votes and 4.09% of the total voting rights. Collectively, these four shareholders dominated the decision-making process at the 2025 Annual General Meeting, reflecting a governance environment where key management personnel and a major financial institution maintain a consolidated influence over the firm's strategic direction.

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11 bit studiosJun 2025

Legal

Current Report No. 12 /2025

The Management Board of 11 bit studios S.A. has issued a formal supplement to the documentation for its upcoming Annual General Meeting scheduled for June 12, 2025. This disclosure serves to provide shareholders and the public with essential governance and financial oversight materials required for the meeting’s deliberations. The scope of the information covers the company’s operations and executive compensation structures for the 2024 fiscal year, adhering to the regulatory requirements of the Polish Public Offering Act. The primary components of this disclosure include the Supervisory Board Report for 2024 and the Remuneration Report for the same period. These documents offer a comprehensive review of the company’s internal oversight and the financial incentives provided to its leadership. Furthermore, the inclusion of an Auditor’s Report on the Remuneration Report ensures that the disclosed compensation data has undergone independent verification, maintaining transparency regarding the company’s fiscal management and alignment with shareholder interests. In addition to these governance reports, the board has issued a corrected version of the original meeting announcement to rectify a clerical error found in a previous filing from mid-May 2025. This correction specifically addresses the agenda of the Annual General Meeting to ensure that the proceedings follow the intended legal and administrative framework. By consolidating these reports and corrections, the company aims to provide a complete and accurate basis for the resolutions to be considered by the General Meeting in Warsaw.

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11 bit studiosMay 2025

Financial

Quarterly Report of 11 Bit Studios for the Three Months Ended 31 March 2025

During the first quarter of 2025, 11 bit studios demonstrated a period of strategic transition characterized by rising revenues and heavy investment in future titles. Revenue reached PLN 17.5 million, a 14.2% year-on-year increase driven largely by the continued performance of the Frostpunk franchise and strong demand in the United States, which accounted for over 75% of total sales. Despite this growth, the company realized a net loss of PLN 6.37 million. This deficit was primarily the result of a fivefold increase in depreciation and amortization following recent launches, higher royalty obligations, and significant non-cash finance costs totaling PLN 4.25 million due to the appreciation of the Polish złoty against the USD and EUR. The company maintains a robust financial foundation with PLN 69.5 million in cash and cash equivalents and total assets of PLN 255.4 million. Intangible assets grew to PLN 134.2 million, reflecting intensive development work on upcoming projects. Management has optimized the cost structure by reducing employee benefit provisions following the cancellation of "Project 8" and a reassessment of the 2021–2025 Incentive Scheme, as five-year financial targets are no longer expected to be fully met. Furthermore, the company continues to benefit from the "IP Box" tax relief, applying a preferential 5% corporate income tax rate to qualifying revenues. The strategic outlook for 2025 and beyond centers on a three-pillar development model involving internal production, external publishing, and the expansion of established intellectual properties. Immediate growth is expected from the June 2025 launch of The Alters and the summer release of Moonlighter 2. Long-term value is supported by the newly announced Frostpunk 1886, scheduled for 2027, and several proprietary projects in early development. Sensitivity analyses confirm that these ongoing investments remain resilient against potential revenue fluctuations, ensuring stability as the company moves toward its next major release cycle.

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11 bit studiosMay 2025

Legal

Notice of Annual General Meeting of 11 bit studios

The Management Board of 11 bit studios S.A. has formally scheduled its Annual General Meeting for June 12, 2025, to be held at the company’s headquarters in Warsaw, Poland. This meeting serves as a critical governance event for the Polish game developer and publisher, providing a platform for shareholders to review the company's performance and vote on proposed resolutions. The proceedings are set to begin at 11:00 am local time, following the regulatory requirements established under the Public Offering Act regarding current and periodic information for publicly traded entities. The agenda focuses on the formal review of the 2024 fiscal year, with the company committing to the immediate release of essential oversight documentation. Key components of this disclosure include the Supervisory Board Report for 2024 and the Remuneration Report for 2024, the latter of which will be accompanied by an independent auditor’s assessment. These documents are intended to provide transparency regarding executive compensation structures and the effectiveness of the board's oversight during a period of significant activity for the studio. While the notice primarily functions as a procedural announcement, it underscores the company's adherence to corporate governance standards within the European gaming sector. By providing draft resolutions and proxy forms through its investor relations portal, the company facilitates shareholder participation in the decision-making process. The meeting represents a pivotal moment for stakeholders to evaluate the strategic direction of the studio following its recent release cycles and to ensure alignment between management incentives and long-term shareholder value.

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11 bit studiosMay 2025

Legal

Current Report No. 11 /2025: Supervisory Board’s Recommendation on Allocation of Profit for 2024

The Supervisory Board of 11 bit studios S.A. has formally endorsed a proposal regarding the distribution of the company’s financial results for the 2024 fiscal year. Following a review of the annual performance, the board issued a positive opinion on the Management Board’s recommendation to retain all earnings within the organization. Specifically, the total net profit of PLN 6,899,150 is slated for allocation to statutory reserve funds rather than being distributed to shareholders as dividends. This financial decision reflects a strategic focus on strengthening the company’s internal capital reserves and supporting future operational stability. By reinvesting the entirety of the 2024 net profit, the Warsaw-based developer and publisher positions itself to fund ongoing development projects and corporate initiatives from its own equity. The scope of this recommendation is limited to the parent company’s individual earnings for the specified twelve-month period ending December 31, 2024. While the Supervisory Board and Management Board have reached a consensus on this allocation, the proposal remains subject to final approval by the company’s shareholders. The definitive resolution regarding the treatment of these funds was scheduled to be determined during the Annual General Meeting held on June 12, 2025. This process adheres to standard Polish regulatory requirements for publicly traded companies under the Public Offering Act, ensuring transparency in corporate governance and capital management.

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11 bit studiosMay 2025

Legal

Management Board’s Recommendation on Allocation of Profit for 2024

The Management Board of 11 bit studios S.A. has formally proposed the allocation of the company’s entire net profit for the 2024 financial year to statutory reserve funds. This recommendation, issued in Warsaw on April 25, 2025, involves a total net profit figure of PLN 6,899,150. By directing these funds toward reserves rather than distributing them as dividends to shareholders, the leadership indicates a strategic preference for strengthening the company’s internal capital structure and financial stability following the 2024 fiscal period. The scope of this decision is limited to the individual financial performance of the Polish game developer and publisher for the specific twelve-month period ending December 31, 2024. This action follows standard corporate governance procedures under Market Abuse Regulation requirements for public companies listed in Poland. The proposal has been submitted to the Supervisory Board for assessment, though the final authority regarding the distribution of earnings rests with the upcoming Annual General Meeting of shareholders. This financial strategy reflects a conservative approach to capital management during a period of ongoing development and publishing activity. By retaining the full amount of the nearly 6.9 million PLN profit, the company ensures that these resources remain available to support future operations, project funding, or strategic investments. The recommendation serves as a key indicator of the firm's current fiscal priorities, prioritizing long-term balance sheet strength over immediate liquidity returns to investors.

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11 bit studiosApr 2025

Financial

Annual Report of 11 Bit Studios S.A. for 2024

11 bit studios S.A. reported record-breaking financial results for 2024, characterized by a 168.9% year-on-year revenue increase to PLN 140.54 million. This growth was primarily driven by the successful September launch of *Frostpunk 2*, which sold 592,000 copies by year-end and recouped its development costs within three days. Performance was further bolstered by strong back-catalogue sales and a robust publishing division, with the United States remaining the company's largest market and Steam serving as the dominant distribution platform. Despite record top-line growth, the company recorded a modest net profit of PLN 6.9 million and an operating loss of PLN 2.84 million. These figures were heavily impacted by PLN 67.4 million in non-cash impairment losses, most notably a PLN 48.4 million charge following the discontinuation of "Project 8" due to poor projected returns. Additional impairments were recognized for the underperformance of published titles *The Thaumaturge* and *Creatures of Ava*. However, the company’s liquidity position remains strong, with cash reserves increasing to PLN 65.5 million, providing sufficient funding for upcoming projects without the need for external financing. The company’s strategic outlook focuses on transitioning toward larger-scale intellectual properties. Key milestones include the rescheduled release of *The Alters* in June 2025 and the initiation of a new *Frostpunk* universe title slated for 2027. While the studio currently lacks formal ESG and diversity policies, it maintains a stable governance structure and utilizes the IP Box tax relief to optimize its effective tax rate. Operating primarily from its Warsaw headquarters, the firm continues to manage significant exposure to foreign exchange risks while navigating a competitive global gaming market valued at over $187 billion.

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11 bit studiosApr 2025

Legal

Current Report No. 6/2025

The Management Board of 11 bit studios S.A. has officially established June 13, 2025, as the global launch date for its upcoming title, The Alters. This strategic release window covers multiple high-performance platforms, ensuring a simultaneous presence on PC as well as the Xbox Series X/S and PlayStation 5 console generations. By synchronizing the release across these ecosystems, the company aims to maximize its initial market impact and reach a broad international audience of players at the moment of debut. Distribution for the digital version of the game will utilize a comprehensive network of the industry’s primary storefronts, including Steam, the Epic Games Store, GOG, the Xbox Store, and the PlayStation Store. Furthermore, the title will be integrated into Microsoft’s subscription ecosystem from its first day of availability, appearing on both PC Game Pass and Xbox Game Pass. This inclusion in subscription services suggests a strategy focused on rapid user acquisition and high visibility within the competitive mid-year release cycle. This announcement serves as a critical regulatory disclosure regarding inside information under European market abuse regulations. It confirms the production timeline and commercial availability for one of the studio's major intellectual properties, providing clarity to investors and stakeholders regarding the company's 2025 fiscal roadmap. The coordination of a multi-platform, multi-storefront launch reflects the studio's intent to leverage global digital infrastructure to drive its commercial performance.

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11 bit studiosApr 2025

Legal

Current Report No. 5/2025: Change in Publication Date of the Company’s Periodic Reports

The Management Board of 11 bit studios S.A. has officially revised the financial reporting schedule for the 2024 fiscal year. This administrative adjustment specifically concerns the release of the annual report, which serves as a primary disclosure of the company’s yearly performance and financial health. Originally slated for distribution on April 10, 2025, the publication date has been moved to April 15, 2025. This five-day postponement represents a minor shift in the regulatory timeline previously established in early January. The scope of this update is limited to the 2024 annual report for the Warsaw-based developer and publisher. All other previously announced deadlines for periodic reports throughout the 2025 calendar year remain in effect and are unaffected by this specific rescheduling. This notification ensures compliance with the Public Offering Act regarding current and periodic information, maintaining transparency for shareholders and the broader investment community. The decision was formalized by the company’s leadership, including the President and members of the Management Board. While the announcement provides the updated timeline, it does not detail specific operational or technical reasons for the delay. Such adjustments are standard procedural disclosures for publicly traded entities in the gaming industry to ensure that all market participants are informed of when audited financial data and comprehensive management reports will become publicly accessible.

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11 bit studiosApr 2025

Legal

Current Report No. 4/2025: Change in Depreciation Method for Frostpunk 2 Game

The Management Board of 11 bit studios has implemented a strategic shift in the accounting treatment for its major release, Frostpunk 2, transitioning from a straight-line depreciation model to a declining balance method. This adjustment, finalized during the preparation of the 2024 financial statements in consultation with the company’s auditor, applies specifically to the PC version of the title following its launch on September 20, 2024. The new methodology extends the amortization period to seven years, departing from the previously utilized five-year straight-line framework. This accounting change significantly impacts the company's reported financial results for the 2024 fiscal year. Under the new declining balance approach, the amortization charge for Frostpunk 2 totals PLN 12,521,440. In contrast, the previous straight-line method would have resulted in a substantially lower charge of PLN 3,130,360 for the same period. By front-loading the depreciation expenses, the company aligns its financial reporting more closely with the typical revenue lifecycle of premium game releases, where the highest volume of sales and consumption generally occurs shortly after launch. The scope of this decision is centered on the intangible assets of the Warsaw-based developer and reflects a specific valuation strategy for its primary intellectual property within the global PC gaming market. This technical adjustment serves as a critical update for investors regarding the company’s internal valuation of its assets and the resulting impact on comprehensive income. The move underscores a more aggressive recognition of costs in the initial months of the game's lifecycle, providing a more conservative representation of the asset's book value over its projected seven-year lifespan.

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11 bit studiosApr 2025

Legal

Current Report No. 3/2025: Impairments on Assets and Reduction of the Incentive Program Reserve

The Management Board of 11 bit studios has disclosed significant non-cash asset impairments and adjustments to its incentive program reserves as part of its financial closing for the 2024 fiscal year. These adjustments reflect a strategic reassessment of the company’s development pipeline and the commercial performance of specific titles within its portfolio. The most substantial impact stems from the formal discontinuation of the video game development codenamed Project 8, which resulted in a final impairment loss of PLN 49,057,019. This figure is categorized under costs of discontinued projects within the 2024 Statement of Comprehensive Income. In addition to the project cancellation, the company conducted impairment tests on its intangible assets as of December 31, 2024, leading to further write-downs for two released titles. The Thaumaturge incurred an impairment loss of PLN 10,902,836, while Creatures of Ava saw a reduction of PLN 7,439,040. These figures suggest that the projected future cash flows or carrying values of these specific games were adjusted downward to reflect their actual market performance or revised revenue expectations. The financial statements also include a significant reversal of provisions related to the 2021–2025 Incentive Scheme. Following a reassessment of the likelihood of meeting specific performance targets, the company reversed PLN 6,929,999 of previously recognized costs. This adjustment reduced the total provision for the incentive scheme from PLN 4,485,160 at the end of 2023 to just PLN 439,511 by the end of 2024. Collectively, these actions indicate a period of rigorous financial consolidation and a recalibration of growth expectations for the Warsaw-based developer and publisher.

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11 bit studiosApr 2025