11 bit studios

The filing serves to comply with Article 19(1) of the Market Abuse Regulation by disclosing the acquisition of financial instruments by a senior executive of PCF Group S.A. The disclosed party, Sebastian Wojciechowski, holds the position of President of the Board and is identified as a person performing managerial duties. The notification records the execution of call‑option contracts granted under the company’s employee motivation program, classified under the instrument code PLPCFGR00010.

Two separate transactions are reported. On 20 October 2025, call options were issued outside any regulated trading system for a total volume of 87 500 units at a nominal price of zero Polish zloty per unit. A second issuance on the same day involved 337 500 units, also at a zero price, bringing the cumulative volume for that date to 425 000 options. A further transaction dated 21 October 2025, likewise executed off‑exchange, is listed without a specific volume, indicating continuation of the same program. All transactions are recorded as “Zawarcie umów opcji call z uczestnikami programu motywacyjnego,” confirming they are contractual agreements rather than market trades.

The scope is limited to PCF Group S.A., a Polish joint‑stock company identified by LEI 25940056N1CJFGQY3909, and covers a narrow two‑day period in October 2025. No sampling or survey methodology is involved; the information is a statutory disclosure of internal option grants to a senior manager, intended to ensure market transparency under MAR requirements.

The Management Board of 11 bit studios S.A., a prominent Polish game development studio, issued a formal regulatory disclosure on October 20, 2025, regarding changes in share ownership involving high-level leadership. This notification was executed in compliance with Article 19 of the Market Abuse Regulation (MAR), which governs the transparency of transactions conducted by persons discharging managerial responsibilities. The disclosure serves to inform the public and regulatory bodies of internal shifts in equity holdings to ensure market integrity and prevent information asymmetry.

The primary transaction involves Grzegorz Miechowski, a member of the company’s Management Board, who facilitated a donation of shares in 11 bit studios S.A. to Fundacja Rodzinna Miechowskich. This recipient entity is identified as a family foundation closely related to the executive. While the specific volume and valuation of the shares were not detailed in the summary text, the notification confirms that the transfer was a non-market donation rather than a standard open-market sale or purchase. This move reflects a common practice in wealth management and succession planning among European tech executives, shifting legal ownership to a private foundation while maintaining a relationship with the underlying assets.

This regulatory filing is specific to the Polish capital market and the Warsaw Stock Exchange, where 11 bit studios S.A. is listed. The scope is limited to the individual holdings of a single board member as of the fourth quarter of 2025. By fulfilling these reporting requirements, the company maintains compliance with European Union financial transparency standards, ensuring that all significant movements of shares by insiders are documented and accessible to the investing public. The report was officially authorized by Przemysław Marszał and Marek Ziemak on behalf of the Management Board.

This regulatory disclosure details a significant insider trading event involving the leadership of 11 bit studios S.A., a prominent Polish game developer and publisher. The notification, issued in compliance with Article 19 of the Market Abuse Regulation, confirms the disposal of company shares by Fundacja Rodzinna Miechowskich. This entity is closely associated with Grzegorz Miechowski, a member of the company’s Management Board, who serves as the President of the foundation’s board.

The transaction occurred within the context of the Warsaw Stock Exchange, where the company is publicly listed. While the summary report identifies the nature of the transaction as a sale, it emphasizes the legal necessity of transparency regarding actions taken by persons discharging managerial responsibilities and their related entities. Such disclosures are mandatory to ensure market integrity and provide investors with clear insight into the financial movements of key executives and their affiliated organizations.

The scope of this notification is specific to the internal governance and capital structure of 11 bit studios S.A. as of October 2025. It reflects the ongoing regulatory obligations of European game industry entities to report changes in share ownership that could influence market perception or signal shifts in executive sentiment. The report was formally authorized by the President of the Management Board, Przemysław Marszał, and Board Member Marek Ziemak, fulfilling the company's transparency requirements under European Union financial regulations.

The Management Board of 11 bit studios S.A. has officially rescheduled the global release of Moonlighter 2: The Endless Vault, shifting its Early Access debut to November 19, 2025. This update follows a previous announcement made in August 2025 and serves as a formal disclosure of inside information under European market abuse regulations. The revised timeline specifically concerns the PC version of the title, which will be distributed digitally through the Steam and Windows Store platforms.

While the immediate focus remains on the PC launch, the company confirmed that versions for the Xbox Series X/S and PlayStation 5 consoles are still planned for a later, currently unspecified date. This strategic adjustment reflects the studio's management of its release pipeline for the Warsaw-based developer and publisher. The announcement provides clarity for investors and consumers regarding the immediate availability of the sequel to the successful Moonlighter franchise.

The scope of this disclosure is limited to the specific release window and platform availability for the upcoming title within the global gaming market. By formalizing this change through a regulatory filing, the company ensures transparency regarding its product development milestones and commercial expectations for the fourth quarter of 2025. The report was authorized by the President and a member of the Management Board, underscoring the official nature of the scheduling shift.

11 bit studios S.A. achieved a significant financial turnaround in the first half of 2025, reporting a net profit of PLN 8.48 million compared to a net loss in the same period of 2024. Revenue grew by 86% year-over-year to reach PLN 57.24 million, a surge primarily driven by the successful June launch of The Alters and recurring income from Microsoft Game Pass for Frostpunk 2. The United States remains the company’s most critical market, accounting for 78% of total revenue, while Steam serves as the primary distribution channel, representing over half of all sales.

The company’s balance sheet remains stable with total assets of PLN 265.6 million, though cash reserves decreased to PLN 51.9 million due to heavy investment in intangible assets and property. Operating expenses rose to PLN 40.3 million, characterized by a fourfold increase in depreciation following the release of major titles. Notably, the company reduced the estimated cost of its 2021–2025 Incentive Scheme to zero, as it no longer expects to meet the ambitious five-year financial targets of PLN 656 million in revenue and PLN 328 million in pre-tax profit.

Strategically, the studio is transitioning to a three-pillar model focused on internal IP development, long-term "platform games," and third-party publishing. Current development efforts are centered on the September 2025 console release of Frostpunk 2, the Early Access launch of Moonlighter 2, and the production of Frostpunk 1886 using Unreal Engine 5. While the global gaming market shows growth potential, the company continues to manage risks related to unpredictable consumer demand, platform holder dependencies, and the competitive landscape for specialized development talent in Poland.

The Alters achieved total sales of 280,000 units across PC, Xbox Series X/S, and PlayStation 5 platforms as of July 7, 2025. This figure represents net sales, accounting for returns and excluding promotional or review copies. The data encompasses the initial launch window following the game's release on June 13, 2025, and incorporates pre-order activity on console platforms dating back to April 24, 2025.

Market interest remains high as evidenced by active wishlist sign-ups on the Steam platform, which currently exceed one million users. This metric specifically tracks potential future customers by excluding individuals who have already completed a purchase or manually removed the title from their lists. These figures provide a snapshot of the game's commercial performance and market penetration within the first month of its global availability.

The financial and operational data provided by 11 bit studios S.A. serves as a primary indicator of the title's early lifecycle success in the competitive multi-platform gaming market. By disclosing these specific sales and interest milestones, the management board highlights the game's traction among both console and PC audiences during the mid-2025 period.

The Annual General Meeting of 11 bit studios S.A., held on June 12th, 2025, in Warsaw, resulted in the formal adoption of several key corporate resolutions essential for the company’s governance and operational continuity. As a publicly traded entity on the Warsaw Stock Exchange, the company executed these proceedings in accordance with the Public Offering Act, ensuring transparency regarding its internal decision-making processes and legal compliance. The meeting served as a primary forum for shareholders to exercise their voting rights on matters central to the firm's strategic direction and financial oversight.

The scope of the resolutions covers the fiscal and administrative activities of the company for the preceding period, focusing on the Polish gaming market and the firm's international development operations. While the specific text of each resolution is maintained in the corporate record, the proceedings typically encompass the approval of financial statements, the discharge of duties for members of the Management and Supervisory Boards, and the allocation of net profit or coverage of losses. These actions provide a legal foundation for the company’s executive leadership, including the President and Board Members, to proceed with the next phase of the studio's business cycle.

Methodologically, the outcomes reflect the collective will of the shareholders present or represented at the meeting, with voting conducted according to the company’s articles of association. The formal publication of these results ensures that investors and industry analysts have access to the verified outcomes of the general assembly. By finalizing these resolutions, the company reinforces its corporate structure, allowing it to maintain its focus on the production and distribution of its specialized portfolio of meaningful entertainment titles within the global gaming industry.

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.

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.

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.

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.

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.