PCF Group

The financial results for the first half of 2026 provide an overview of the operational and fiscal status of PCF Group S.A., a global game development and publishing entity with studios in Warsaw, Montreal, Newcastle, and Katowice. The company maintains a diversified business model centered on work-for-hire (WFH) projects for major industry partners, self-publishing initiatives, and third-party publishing services. As of June 30, 2026, the group employed a significant workforce dedicated to four active WFH projects, including titles for Microsoft, Krafton, and Sony.

Financial performance during the first half of 2026 was heavily impacted by the insolvency of the subsidiary Game On Creative Inc. Due to liquidity issues and unfavorable market conditions, the group recognized a full impairment of its investment in the subsidiary, totaling 25.4 million PLN in the standalone balance sheet and 24.9 million PLN in goodwill in the consolidated balance sheet. Consequently, the group reported a net loss of 20.1 million PLN for the period. Despite these challenges, the company continues to focus on cash flow management, cost optimization, and the strategic development of its publishing pipeline.

A key development in the publishing segment is the strategic rescheduling of the title Trine 6: Together in Time, which has been moved from September 2026 to March 4, 2027. This decision follows positive feedback from private playtests—where 93% of respondents rated the experience highly—and is intended to allow for additional polish, balancing, and stability improvements to maximize the game's commercial potential. Moving forward, the company remains committed to securing new WFH contracts and maintaining a disciplined approach to investment and operational expenditure to ensure long-term stability.

The 2025 financial results for PCF Group provide an overview of the company’s operational performance, strategic pivot toward work-for-hire (WFH) projects, and financial standing. The primary objective of the report is to outline the group’s transition from self-publishing initiatives to a service-oriented model, highlighting key partnerships with major industry players such as Microsoft, Krafton, and 2K Games. The analysis covers the fiscal year 2025, with specific data points extending into early 2026 to reflect ongoing project developments and organizational restructuring.

Financially, PCF Group reported revenues of 199.6 million PLN in 2025, an increase from 190.4 million PLN in the previous year. Despite this growth, the company recorded a net loss of 124.3 million PLN, largely attributed to significant asset write-downs totaling 103 million PLN. EBITDA reached 12.8 million PLN, with adjusted EBITDA at 17.7 million PLN. The balance sheet reflects a reduction in goodwill and the amortization of self-published titles, such as Lost Rift, which entered early access in September 2025. The company maintains a focus on cash flow management, prioritizing cost control and the optimization of its workforce, which stood at 756 employees as of December 31, 2025.

The core of the company’s current strategy involves four active WFH projects, including Maverick (Gears of War: E-Day) and the collaboration with Krafton on the XenoPoint mode for PUBG: BATTLEGROUNDS. The XenoPoint project is highlighted as a success, reaching approximately 1 million concurrent users at launch. Moving forward, PCF Group intends to continue its WFH focus while maintaining a selective approach to self-publishing, supported by investments in artificial intelligence and process automation to streamline operations and improve long-term financial stability.

The financial results for PCF Group for the first quarter of 2026 highlight a strategic shift toward internalizing publishing capabilities and optimizing operational efficiency. The company’s primary objective is to transition toward a more sustainable cash-flow model by balancing its established work-for-hire (WFH) business with a newly integrated publishing division. This transition is anchored by the acquisition of Cooldown Games, a team of industry veterans formerly associated with Gearbox Publishing, tasked with managing both internal intellectual property and third-party publishing contracts to generate recurring revenue.

Key financial data for the first quarter of 2026 reflects a period of transition and investment. The group reported revenues of 45.6 million PLN, supported by ongoing WFH projects such as Gemini and the development of the Florence project. While the company achieved a positive adjusted EBITDA of 1.7 million PLN, the net result was impacted by a one-time impairment charge related to the GameOn studio, resulting in a net loss of 3.9 million PLN. The balance sheet shows cash and bond holdings of 16.8 million PLN as of March 31, 2026, with equity totaling 117.9 million PLN.

The operational scope of the group remains global, with development studios and offices located in Warsaw, Katowice, Newcastle, Montreal, and Dublin. As of March 2026, the company employs 756 staff members across its various divisions. The portfolio strategy is divided into two pillars: four active WFH projects for major partners like Microsoft and Krafton, and the self-publishing of the title Lost Rift, which entered early access in September 2025. Moving forward, the company intends to prioritize strict cost control, the automation of internal processes, and the expansion of its publishing pipeline to ensure long-term financial stability and scalability.

PCF Group faced significant financial headwinds during the first quarter of 2026, characterized by a substantial net loss and declining revenues. The company reported a net loss of 23.29 million PLN, a sharp deterioration from the 3.86 million PLN loss recorded in the same period of 2025. Revenue fell to 45.57 million PLN from 62.99 million PLN year-over-year, while operating losses reached 20.85 million PLN. These results were heavily impacted by a 24.9 million PLN impairment charge, which accounted for the total write-down of goodwill associated with the subsidiary Game On, alongside additional asset depreciation.

To stabilize its financial position and ensure business continuity, the company has pivoted toward a dual-track strategy focusing on work-for-hire partnerships and self-publishing initiatives. Key developments include a new agreement with 2K Games for Project Florence and continued contributions to high-profile titles such as Gears of War: E-Day. While the company successfully reduced operational costs following the conclusion of the Gemini and Bifrost projects, cash and cash equivalents declined to 16.82 million PLN. Consequently, management has initiated a capital increase of approximately 13.91 million PLN through a new share issuance to bolster liquidity and support its publishing portfolio.

The organization maintains a cautious outlook, prioritizing long-term stability over short-term shareholder returns. Management has confirmed that no dividend payments will be issued until the company achieves consistent profitability and positive cash flows. Despite the current fiscal challenges, the company continues to refine its operational model, emphasizing the optimization of the Lost Rift project and the expansion of its third-party publishing capabilities. Sebastian Wojciechowski remains the primary stakeholder, retaining a 38.79% interest in the firm as it navigates this period of structural transition.

The presentation outlines PCF Group S.A.’s financial performance for the first half of 2021, emphasizing a significant growth trajectory across revenue, EBITDA, and workforce metrics. Total group revenues reached PLN 52.6 million in H1 2021, up 47 % from PLN 35.3 million in the same period of 2020, reflecting a compound annual growth rate of 34.4 % over 2017‑2020. EBITDA rose to PLN 28.8 million, a 36.5 % increase from PLN 21.1 million in H1 2020, and the adjusted EBITDA figure of PLN 27.6 million represents a 55.6 % jump from the prior year’s PLN 17.7 million, after accounting for IPO issuance costs and warrant amortisation.

Personnel expansion is notable: the group’s headcount grew to 252 employees, a 41.7 % rise, with significant additions in North America and Europe, including new studios in Chicago, New York, and Montreal. The People Can Fly division contributed PLN 21.1 million in revenue, while the Can Fly studio reported an EBITDA of PLN 28.8 million, underscoring its profitability.

Strategic initiatives highlighted include a partnership with Square Enix, confirming no royalty obligations for the Outriders title and progressing an investment agreement involving warrants. The group’s portfolio strategy aims to secure a leading position in new IP development, targeting annual releases of self‑published or publisher‑partnered titles by 2024.

Financial statements show a robust asset base of PLN 95.7 million, with equity at PLN 190.1 million and liabilities of PLN 272.8 million, yielding an equity‑to‑asset ratio of 185 %. Cash reserves increased to PLN 150.3 million, supporting ongoing development and expansion plans.

The internal task and responsibility diagram for PCF Group S.A. outlines the governance structure under a single‑person board headed by the President of the Board. The purpose is to clarify how executive duties are distributed within the company’s management framework, in compliance with Polish corporate governance guidelines and the 2016 Good Practices for Companies listed on the Warsaw Stock Exchange. The document specifies that the board, represented by the President, manages all non‑reserved corporate activities, including legal, financial, and operational matters. It further details the President’s core responsibilities: overseeing day‑to‑day operations, financial management and compliance, legal and accounting oversight, strategic planning including M&A transactions, production supervision across the Group, development team management, contract acquisition and negotiation—particularly for video game publishing agreements—and liaison with licensors. The President also holds authority to establish an internal audit function, appoint auditors, and report audit findings. Governance is governed by the Board’s regulations adopted by the supervisory board, with additional constraints from statutory law, the company’s articles of association, and resolutions by the supervisory board and general meeting. The scope covers all business areas of PCF Group, with a focus on production, development, and licensing within the video‑game sector. The methodology is purely structural, presenting a hierarchical responsibility map rather than empirical data or statistical analysis.

Informacja na temat stanu stosowania przez spółkę zasad zawartych w Zbiorze Dobre Praktyki Spółek Według aktualnego stanu stosowania Dobrych Praktyk Spółka nie stosuje 14 zasad: 1.2., 1.3.1., 1.3.2., 1.4., 1.4.1., 1.4.2., 2.1., 2.2., 2.7., 2.11.3., 2.11.6., 3.5., 3.9., 6.2. 1.

The notice explains that PCF Group S.A., headquartered in Warsaw, is the data controller for personal information of its shareholders, their agents and representatives. Data are sourced from the National Securities Depository or directly supplied by shareholders to verify ownership, share quantity, voting rights and representation. Processing activities cover the preparation of shareholder lists for general meetings, attendance records, agent authorisations, and other legal obligations under Polish corporate law, public offering statutes, and EU GDPR. The company may also use contact details for communication and employ video surveillance within its premises, with recorded footage retained no longer than three months.

Recipients of the data include other shareholders and authorised parties under legal provisions, as well as service providers assisting business processes such as cloud or telecommunication services. Transfers outside the European Economic Area are permitted only under contractual safeguards, such as standardised data‑processing agreements approved by the European Commission.

Personal data are retained for the duration of shareholder status, extended if necessary to pursue or defend legal claims, and thereafter only as required by accounting regulations. Shareholders and their agents retain rights to access, rectify, erase or restrict processing, object to lawful interest‑based processing, and lodge complaints with the Polish Data Protection Authority. Providing personal data is voluntary but essential for participation in general meetings or to receive corporate communications; failure to provide required information will preclude such engagement. No automated decision‑making or profiling is applied to the data set.

The document presents the official registration details of PCF GROUP SPÓŁKA AKCYJNA, a Polish joint‑stock company incorporated on 6 November 2019 and currently listed in the National Court Register (KRS) under number 0000812668. The company’s legal form is a joint‑stock company, with its registered office in Warsaw, Masovian Voivodeship. The principal business activities are software development (62.01.Z), video game production and retail (47.40.Z, 47.65.Z, 58.21.Z), publishing of computer games (58.29.Z), and related digital services such as hosting and portal operations (63.11.Z, 63.12.Z). The company’s capital structure is detailed: a share capital of PLN 718,805.42 divided into 35,940,271 shares with a nominal value of PLN 0.02 each, and a planned capital increase of PLN 31,118.44 through the conversion of capital bonds into shares. The share issuance is segmented into seven series (A–G) with varying numbers of shares, all non‑preferential.

Key governance information lists the single‑member board headed by President Sebastian Kamil Woiciechowski, and a supervisory board comprising five members. No debt or liquidation proceedings are recorded; the company remains solvent with no outstanding claims or bankruptcy filings.

The document also records a series of statutory amendments to the company’s articles, reflecting changes in capital structure and governance provisions between 2019 and 2025. Annual financial statements and auditor reports for the years 2019–2024 are referenced, indicating regular compliance with reporting obligations. The company’s website (www.peoplecanfly.com) and email contact are provided for further inquiries.

The presentation outlines the financial performance of PCF Group S.A. for the year 2022, focusing on revenue streams, profitability metrics, and balance‑sheet highlights. Total operating income reached PLN 180.3 million, with development activities contributing PLN 73.2 million and a partnership with Take‑Two Interactive Software adding PLN 71.5 million. Adjusted EBITDA for the year was PLN 48.2 million, down from PLN 70.5 million in 2021, primarily due to a decline in development earnings and increased outsourcing costs. Net profit fell sharply to PLN 22.0 million from PLN 61.3 million the previous year, reflecting higher operating expenses and a weaker revenue mix.

On the balance‑sheet side, total assets grew to PLN 259.5 million at year‑end 2022, up from PLN 137.1 million in 2021, driven by a significant increase in development‑related assets and cash reserves. Equity rose to PLN 112.7 million, while liabilities remained relatively stable at PLN 68.0 million. The company’s workforce expanded to 612 employees across multiple locations, including Warsaw, Montreal, New York, and Newcastle, indicating ongoing investment in talent.

Quarterly data show fluctuating development revenues, with the highest quarter (Q4 2021) at PLN 44.1 million and a lower Q2 2022 figure of PLN 27.6 million, underscoring volatility in project pipelines. Outsourcing revenue and costs are also reported quarterly, revealing a trend of rising expenses that offset some development income.

Overall, the group experienced revenue growth but faced margin compression and a notable decline in profitability, prompting management to focus on cost control and strategic partnerships for future stability.

The presentation outlines PCF Group’s financial performance and strategic direction for fiscal year 2021, emphasizing a significant revenue surge of 73.7 % to PLN 103.8 million and EBITDA growth of 129.2 % to PLN 31.9 million, driven by the People Can Fly and Can Fly studios. Net profit rose 149.7 % to PLN 61.4 million, while employee count increased 90.4 %, reflecting accelerated expansion across North America and Europe. Capital structure improved markedly, with equity rising from PLN 259.5 million to PLN 239.2 million and total assets growing 230.9 % to PLN 316.7 million, largely through the acquisition of development assets and IP rights.

Strategically, PCF Group pursued a transformation agenda centered on agility, empowerment, and scalable self‑publishing. The adoption of OKR frameworks and the PCF Framework coupled with Unreal Engine 5 enabled rapid iteration and risk‑managed project delivery. M&A criteria focused on studios with IP, remote work capability, and complementary competencies, aiming to boost EBITDA through synergies. Portfolio expansion targets include new AAA‑compact titles and a planned annual release cadence from 2024 onward, with high‑profile projects such as Outriders: Worldslayer and Green Hell VR already generating strong market traction.

Geographically, the group’s footprint spans Warsaw (HQ), Chicago, Montreal, New York, and regional offices in Kraków and Toronto, supporting a global development network. Methodologically, financial figures are presented on an adjusted basis, with detailed breakdowns of revenue streams (game sales, outsourcing, warranties) and cost components across quarterly periods. The presentation underscores PCF Group’s commitment to sustainable growth, operational efficiency, and market leadership within the independent gaming sector.

The presentation reports PCF Group S.A.’s financial performance for the first half of 2022, comparing it to the same period in 2021 and to full‑year 2021 figures. Total revenue rose from PLN 90.6 million in HY 2021 to PLN 77.3 million in HY 2022, a 17.2 % decline, driven by lower game‑development and outsourcing income. EBITDA remained relatively flat, moving from PLN 28.8 million to PLN 29.0 million (+0.7 %), while net profit increased by 17.5 % to PLN 21.7 million from PLN 25.5 million in HY 2021. The company’s equity grew to PLN 259.5 million, up 9.1 % from PLN 283.1 million in FY 2021, and the asset‑to‑liability ratio improved by 17.5 %. Operating cash flow was slightly negative, with PLN 134.6 million in liquid assets versus PLN 137.1 million in assets, a 1.8 % decline.

Strategically, PCF Group is positioning itself as a leading independent studio portfolio. The group plans to launch an annual flagship title from 2024 onward, pursue new genres and VR development, and expand its workforce to over 580 employees by the end of 2022. The portfolio includes pre‑production projects such as “Bulletstorm,” “Gemini,” and “Dagger,” with several titles slated for European release in 2024 and North American launches pending. The group’s geographic footprint spans Warsaw, Chicago, Montreal, Kraków, and Rzeszów, with a growing presence in North America.

Methodologically, the figures derive from internal financial statements and are presented as rounded values; future projections are noted to be subject to change. The presentation emphasizes that it is informational only and not an investment recommendation.