PCF Group

Game Co.

234 documents

Documents

Aktualizacja ram czasowych realizacji Strategii

People Can Fly Group has updated its long-term strategic framework, maintaining core objectives while adjusting project timelines and financial targets for the 2024–2028 period. The company now plans to release its self-published project, Bison, in 2025, followed by early access launches for projects Bifrost and Victoria in 2026. To support these operations, the company aims to maintain a workforce of approximately 370 full-time equivalents for its work-for-hire segment through 2028. The updated financial strategy targets at least 3.3 billion PLN in total revenue between 2024 and 2028, with a projected growth trajectory that scales from 5% of this total in 2025 to 33% by 2028. Management has suspended dividend recommendations until at least the 2026 fiscal year, contingent upon achieving positive financial results from self-publishing activities. Furthermore, the development of a previously proposed incentive program tied to 1.5 billion PLN in cumulative EBITDA has been paused pending the outcome of an ongoing strategic review. Execution of these goals is strictly dependent on securing approximately 350 million PLN in new financing during 2025 and 2026. Should this funding not materialize, or if specific work-for-hire project conditions remain unmet, the company is evaluating alternative scenarios, including the potential transition of the Bifrost or Victoria projects into the work-for-hire model. These updates reflect a recalibration of the company’s operational roadmap as it navigates capital requirements and project development milestones.

investment funding europe

PCF Group

Report

Załącznik do Raportu bieżącego nr 17/2023Zasady subskrypcji w związku z emisją i ofertą akcji zwykłych na okaziciela serii F spółki PCF Group S.A. z siedzibą w Warszawie

NINIEJSZY DOKUMENT NIE JEST PRZEZNACZONY DO DYSTRYBUCJI, BEZPOŚREDNIO CZY POŚREDNIO, NA TERYTORIUM ALBO DO STANÓW ZJEDNOCZONYCH AMERYKI, AUSTRALII, KANADY LUB JAPONII ANI INNYCH KRAJÓW, GDZIE PUBLIKACJA, OGŁOSZENIE, DYSTRYBUCJA LUB PRZESŁANIE BYŁOBY NIEZGODNE Z PRAWEM. NINIEJSZY DOKUMENT NIE STANOWI OFERTY PAPIERÓW WARTOŚCIOWYCH W JAKIEJKOLWIEK JURYSDYKCJI. PROSIMY O ZAPOZNANIE SIĘ Z ZASTRZEŻENIAMI PRAWNYMI ZAMIESZCZONYMI NA KOŃCU NINIEJSZEGO DOKUMENTU.

investment ipo europe

PCF Group

Report

Uchwały Rady Nadzorczej PCF Group S.A. dotyczące spraw wprowadzonych do porządku obrad Nadzwyczajnego Walnego Zgromadzenia: 24 maja 2021

The document records the supervisory board’s approvals of several proposals presented at PCF Group S.A.’s extraordinary general meeting on 24 May 2021. The board, acting under its bylaws and the company’s articles, issued a series of resolutions (Nos. 4/2021 to 7/2021) that endorse the draft motions submitted by management. Each resolution confirms a positive opinion on specific items: adoption of the meeting agenda, a capital increase through issuance of Series D ordinary shares, removal of existing shareholders’ rights to subscribe for all Series D shares, application for listing and dematerialisation of Series D on the Warsaw Stock Exchange, and amendments to the company’s articles enabling further capital increases within a target capital framework with optional exclusion of subscription rights for current shareholders. The resolutions reference the company’s 16/2021 interim report, which served as an attachment to each motion. All approvals take effect immediately upon adoption. The scope is limited to PCF Group S.A., a Warsaw‑based listed entity, and concerns corporate governance and capital structure changes for the fiscal year 2021. No survey or external data sources are cited; the methodology consists of board review and formal endorsement under Polish corporate law.

investment europe

PCF Group

Report

Current Report No. 46/2025: Satisfaction of the Condition Precedent in the Agreement with Square Enix Limited

PCF Group S.A. has successfully satisfied the condition precedent established in its November 2025 agreement with Square Enix Limited regarding the development of project Gemini. By delivering and receiving formal verification of the required closing kit, the company has triggered the final legal and financial provisions governing the termination of its partnership with the London-based publisher. This milestone marks the formal conclusion of the collaborative development phase for the project. The fulfillment of these conditions results in the immediate dissolution of two primary production and publishing agreements: the August 2020 contract concerning project Gemini and the February 2016 contract concerning project Madness. Both parties have committed to finalizing all outstanding financial settlements for project Gemini according to a pre-established schedule. Furthermore, the agreement includes a mutual waiver of all potential claims arising from the historical cooperation between the two entities. This development effectively concludes the formal business relationship between PCF Group and Square Enix regarding these specific titles. The resolution provides a clear path for final accounting and the cessation of contractual obligations, allowing both parties to move forward without the burden of ongoing litigation or unresolved claims related to their previous development efforts.

game-publishing mergers-acquisitions investment+2

PCF Group

Report

Current Report No. 23/2025: Commencement of Book Building Process

PCF Group S.A., a Warsaw-based entity, has officially initiated a book-building process for the issuance of up to 6,670,000 Series H ordinary bearer shares. The primary objective of this capital raise is to secure approximately 20 million PLN to stabilize the company’s short-term financial liquidity and provide necessary working capital. These funds are intended to support the ongoing execution of contracts within the company’s work-for-hire business model, facilitating a predictable and orderly scaling of operations while maintaining cost discipline to restore operational profitability. The offering process is being conducted in accordance with resolutions adopted by the company’s management board on August 6, 2025, with Trigon Dom Maklerski S.A. and Trigon Investment Banking serving as the lead entities for the subscription. To support the offering, the company has established July 31, 2025, as the preference date for existing shareholders. Additionally, Sebastian Wojciechowski, the company’s President and a significant shareholder, has declared an intention to participate in the book-building process and subsequent offering, committing to acquire Series H shares for up to 5 million PLN, provided his allocation does not exceed 50% of the total shares issued in this offering. The scope of this offering is restricted to jurisdictions where such activity is legally permissible, specifically excluding the United States, Australia, Canada, Japan, and South Africa. The shares are being offered exclusively to qualified investors in compliance with relevant European Union and local regulations, and no prospectus is required for this issuance. The company remains subject to existing lock-up agreements regarding its shares, which extend through December 31, 2027, with specific provisions for future long-term incentive programs involving call options.

investment funding ipo+1

PCF Group

Report

Raport Bieżący Nr 27/2024: Zwiększenie Kwoty Niezabezpieczonej Gwarancji

PCF Group S.A. has formally increased the financial guarantee provided to the Bank of Montreal to support the operations of its Canadian subsidiary, People Can Fly Canada Inc. This adjustment, finalized on November 15, 2024, raises the unsecured guarantee from 9.2 million Canadian dollars to 13.154 million Canadian dollars. The action serves to align the company’s credit support with an expanded revolving credit facility intended to pre-finance future tax credits within the Canadian market. The underlying credit facility, which functions as a demand revolving facility, has been increased from 8 million to 11.954 million Canadian dollars. This expansion necessitates a corresponding adjustment to the collateral structure previously established in May 2023. Consequently, the first-ranking hypothec over the movable property of People Can Fly Canada Inc. has been raised from 11.04 million to 15.7848 million Canadian dollars. These modifications ensure that the security interests held by the bank remain commensurate with the increased credit exposure. The scope of these financial adjustments is limited to the Canadian operations of the PCF Group and the specific credit arrangements with the Bank of Montreal. All other material terms and conditions governing the original financing agreement remain unchanged, maintaining the existing framework for the company’s debt obligations and security protocols. This strategic increase in liquidity support reflects the company's ongoing efforts to manage cash flow effectively through the utilization of regional tax incentive programs.

investment funding europe+1

PCF Group

Report

Zwiększenie zaangażowania kapitałowego PCF Group S.A. w spółkę Incuvo S.A.

The report announces that PCF Group S.A., a Warsaw‑based company, has decided to increase its capital participation in its subsidiary Incuvo S.A., a Katowice‑based game developer. On 27 January 2023, the board authorized the issuance of 136,104 new ordinary shares (Series E) at an emission price of PLN 46.13 each, totaling PLN 6,278,477.52. These shares represent approximately 0.45 % of PCF’s share capital and voting rights, and will be fully subscribed by Incuvo’s CEO Andrzej Wychowańcy (87,820 shares) and Vice‑Chairman Radomir Kucharski (48,284 shares). In exchange, the two executives will transfer 1,128,450 Incuvo shares (≈7.90 % of Incuvo’s capital) and 620,428 Incuvo shares (≈4.34 % of Incuvo’s capital) to PCF, thereby raising PCF’s stake in Incuvo from 50.01 % to roughly 62.25 % of both capital and voting rights. The emission price was calculated using a six‑month average market price of PCF shares (1 June–30 November 2022) and correlated with a fair‑value assessment of Incuvo’s shares by an external auditor. The transaction aligns with PCF Group’s strategy to diversify its game portfolio, expand into virtual reality leveraging Incuvo’s expertise, and enhance publishing capabilities. Lock‑up restrictions apply to the new shares until the end of December 2024, mirroring conditions from PCF’s 2020 public offering. The board has requested supervisory approval for the pricing, waiver of pre‑emptive rights, and full allocation to the two executives. Further updates will be provided as required by law.

mergers-acquisitions investment europe

PCF Group

Report

Raport Bieżący Nr 45/2025: Odpisy Aktualizujące Wartość Aktywów

PCF Group S.A. has initiated significant asset impairment charges following a performance review of the project Victoria, specifically the game Lost Rift, alongside the PCF Framework and associated intangible assets. This decision, finalized in November 2025, reflects a strategic reassessment of the carrying value of these assets as of September 30, 2025. The impairment was triggered by disappointing sales data following the early access launch of Lost Rift on September 25, 2025, compounded by unfavorable player reception and a downward revision of projected future cash flows. The financial impact of these adjustments is substantial, affecting both the company’s standalone and consolidated financial statements. On a standalone basis, the company recognized an impairment of 88% of the relevant asset value, resulting in a reduction of 126,348 thousand PLN. On a consolidated level, the impairment accounts for 85% of the asset value, totaling 92,045 thousand PLN. While these figures significantly lower the value of fixed assets reported on the balance sheet for the third quarter of 2025, the charges are non-cash in nature and do not impact the company’s EBITDA. Management maintains the possibility of reversing these impairment charges, either in whole or in part, should market conditions or the commercial performance of the affected assets improve. These figures remain estimates and are subject to final audit verification before the publication of the full 2025 financial statements. The scope of this adjustment is limited to the specific cash-generating unit associated with the Lost Rift project and its supporting technological framework within the broader PCF Group portfolio.

investment game-development europe

PCF Group

Report

Current Report No. 29/2023: Change in Shareholding of Sebastian Wojciechowski

The report informs shareholders that on 28 June 2023, Sebastian Wojciechowski submitted a notification to PCF Group S.A. under Article 69 of the Polish Public Offering Act, indicating a change in his ownership stake and voting rights within the company. The notification is attached to this current report, which serves as the official disclosure required by Article 70(1) of the same legislation. The document confirms that the board has received and recorded Wojciechowski’s update, thereby ensuring compliance with regulatory disclosure obligations for public‑listed entities. No additional data on the magnitude of the shareholding change, percentage ownership before or after, or impact on corporate governance is provided within this brief notice. The scope of the disclosure is limited to PCF Group S.A., a Warsaw‑based public company, and pertains solely to the period up to 28 June 2023. Methodologically, the report follows statutory reporting procedures, relying on formal notification from the shareholder and internal board verification. The concise communication fulfills the legal requirement to inform investors of material changes in shareholding and voting power, maintaining transparency for market participants.

investment europe

PCF Group

Report

Terminy publikacji raportów okresowych przez PCF Group S.A. w roku obrotowym 2021

The report announces the publication schedule for PCF Group S.A.’s periodic disclosures in the 2021 fiscal year, pursuant to Polish financial regulation. It specifies that both the individual and consolidated annual reports for 2020 will be released on 29 April 2021. Consolidated quarterly reports are scheduled for the first quarter (28 May 2021) and third quarter (29 November 2021), while the consolidated half‑yearly report for the first half of 2021 will appear on 29 September 2021. The company confirms that it will not issue individual quarterly or half‑yearly reports, aligning with § 62 of the regulation. Instead, it will provide consolidated quarterly statements containing the required financial information and a consolidated half‑yearly report with a condensed financial statement. Additionally, PCF Group S.A. declares its decision to forgo publishing the consolidated quarterly report for Q4 2020 and the consolidated quarterly reports for Q2 and Q4 2021, in accordance with § 79(2) of the regulation. The scope covers all reporting obligations for PCF Group S.A. within Poland’s 2021 fiscal year, with no mention of external data sources or survey methodology, as the document serves purely to inform stakeholders of compliance timelines.

investment ipo europe

PCF Group

Report

Raport z przeglądu skróconego śródrocznego sprawozdania finansowego: H1 2021

The report presents the conclusion of an independent review conducted by Grant Thornton Frąckowiak on PCF Group S.A.’s condensed half‑year financial statements for the period from 1 January to 30 June 2021. The review covered the condensed statement of financial position, the condensed statements of profit or loss and other comprehensive income, changes in equity, cash‑flow statement, and selected explanatory notes. The statements were prepared in accordance with International Accounting Standard 34 on interim financial reporting, as adopted by European Union regulations. The engagement was performed under the Polish National Standard for Review of Interim Financial Information (Standard 2410), equivalent to International Standard on Review Engagements. The review involved inquiry procedures directed at the company’s finance and accounting personnel, analytical procedures, and other review activities. The scope is narrower than a full audit; therefore, the reviewers do not express an audit opinion but provide a review conclusion. The key finding is that nothing was identified that would lead the reviewers to believe the condensed interim financial statements were not prepared in all material respects in accordance with IAS 34. The conclusion is supported by the procedures performed and the information obtained during the review. The report covers PCF Group S.A., a Warsaw‑based joint‑stock company, and pertains to the first half of 2021. No specific financial figures or ratios are disclosed in the summary, as the focus is on the review methodology and overall compliance with IAS 34.

market-analysis investment europe

PCF Group

PCF Group

Documents

Aktualizacja ram czasowych realizacji Strategii

Załącznik do Raportu bieżącego nr 17/2023Zasady subskrypcji w związku z emisją i ofertą akcji zwykłych na okaziciela serii F spółki PCF Group S.A. z siedzibą w Warszawie

Uchwały Rady Nadzorczej PCF Group S.A. dotyczące spraw wprowadzonych do porządku obrad Nadzwyczajnego Walnego Zgromadzenia: 24 maja 2021

Current Report No. 46/2025: Satisfaction of the Condition Precedent in the Agreement with Square Enix Limited

Current Report No. 23/2025: Commencement of Book Building Process

Raport Bieżący Nr 27/2024: Zwiększenie Kwoty Niezabezpieczonej Gwarancji

Zwiększenie zaangażowania kapitałowego PCF Group S.A. w spółkę Incuvo S.A.

Raport Bieżący Nr 45/2025: Odpisy Aktualizujące Wartość Aktywów

Current Report No. 29/2023: Change in Shareholding of Sebastian Wojciechowski

Terminy publikacji raportów okresowych przez PCF Group S.A. w roku obrotowym 2021

Skonsolidowany raport kwartalny: Q1 2024

Raport z przeglądu skróconego śródrocznego sprawozdania finansowego: H1 2021