PCF Group

The filing serves to formally announce the resignation of Ms. Dagmara Zawadzka from her roles as a member of the Audit Committee and the Supervisory Board of PCF Group S.A., a publicly listed company headquartered in Warsaw. The resignation was submitted on 24 July 2024 and will become effective on 31 August 2024, in accordance with the provisions of § 5 point 4 and § 9 of the Minister of Finance’s Regulation dated 29 March 2018 governing continuous and periodic disclosures by securities issuers.

The announcement underscores the company’s compliance with Polish regulatory requirements for timely communication of material governance changes to shareholders and market participants. It also conveys the Board’s appreciation for Ms. Zawadzka’s contributions to the firm’s development and market positioning during her tenure. No further details regarding the reasons for her departure, the composition of the remaining supervisory body, or succession plans are provided.

The scope of the disclosure is limited to the corporate governance structure of PCF Group S.A. within the Polish jurisdiction, covering a specific personnel change effective in the latter half of 2024. No statistical data, survey methodology, or broader industry analysis is presented, reflecting the narrow, procedural nature of the communication.

The purpose is to announce the timetable for PCF Group S.A.’s periodic financial disclosures in fiscal year 2026, as required by the Minister of Finance’s regulation of 6 June 2025. The schedule specifies exact publication dates for the consolidated annual, quarterly and semi‑annual reports, while clarifying that individual (unit‑level) reports will not be issued.

The consolidated annual report for 2025, both individual and group versions, is slated for 23 April 2026. Consolidated quarterly reports will appear on 28 May 2026 for Q1 2026 and on 26 November 2026 for Q3 2026. A consolidated half‑year report covering the first six months of 2026 is scheduled for 17 September 2026. The board also confirms that, in accordance with §§ 63 (1) and (3) of the regulation, no individual quarterly or half‑year reports will be published, and that the quarterly reports will contain the required quarterly financial information, while the half‑year report will present a shortened financial statement.

Additionally, PCF Group S.A. will forgo publication of the individual and consolidated Q4 2025 reports, as well as the consolidated Q2 and Q4 2026 reports, pursuant to § 83 (2) of the regulation. The announcement applies to the Polish market, covering the 2026 reporting cycle for a publicly listed securities issuer, and is grounded solely in statutory provisions rather than empirical data collection.

PCF Group S.A., the parent company of the game development studio People Can Fly, has officially entered negotiations with a renowned global publisher to establish a new production partnership. This development follows the receipt of a formal Statement of Work and a framework Service Agreement on December 20, 2025. The proposed collaboration centers on the development of a video game under a work-for-hire business model, where the studio provides development services in exchange for agreed-upon remuneration while the publisher retains project oversight and rights.

This strategic move aligns with the company’s updated corporate strategy announced in early 2023, which emphasizes pursuing attractive work-for-hire opportunities alongside internal intellectual property development. By engaging with a high-profile partner, the studio aims to leverage its technical expertise and production capacity to generate steady revenue streams. The terms currently under discussion are described as consistent with standard industry practices for large-scale service agreements in the gaming sector.

While the commencement of these negotiations marks a significant step toward securing a major new project, the leadership of PCF Group S.A. notes that a final agreement has not yet been executed. The successful conclusion of these talks would represent a continuation of the studio's efforts to balance its portfolio between original titles and collaborative projects with major industry publishers. Further public disclosures are expected once the negotiations reach a definitive conclusion or if a formal contract is signed.

The filing announces that the conditional clause attached to the November 19 2025 agreement between PCF Group S.A., headquartered in Warsaw, and Square Enix Limited, based in London, has been satisfied. PCF’s capital group delivered the “Closing Kit” – the development assets for the Gemini project – within the stipulated deadline, and Square Enix confirmed the kit’s contents on the same day, triggering the contractual consequences outlined in the agreement.

As a result, both parties are now bound to complete the final financial settlements for Gemini according to the pre‑agreed schedule. The production‑publishing contract for Gemini dated August 12 2020 has been mutually terminated, and the earlier production‑publishing contract for the Madness project dated February 16 2016 has also been dissolved by agreement. Additionally, Square Enix and PCF Group have mutually waived any further claims arising from their prior collaboration.

The announcement references earlier interim reports (numbers 14/2025 and 44/2025) and cites Article 17(1) of the MAR Regulation as the legal basis. The scope is limited to the two corporate entities involved, covering contractual obligations and settlements for two specific game development projects, with all actions occurring within the European Union and United Kingdom jurisdictions during the 2025 reporting period.

This financial analysis details the third-quarter 2025 performance of PCF Group S.A. (People Can Fly), a global game development studio. The primary thesis centers on a strategic pivot toward financial stability following a period of reorganization and disappointing performance from self-published titles. The scope covers the group’s global operations, including studios in Warsaw, Montreal, Newcastle, and Dublin, with a specific focus on the nine-month period ending September 30, 2025.

The financial data reveals a significant net loss of 117 million PLN for the first nine months of 2025, compared to a 33.3 million PLN loss in the same period of 2024. This deficit is largely driven by substantial non-cash write-offs totaling over 100 million PLN. Key impairments include a 92 million PLN write-down for the project Lost Rift (Victoria) following its Early Access launch on September 25, 2025, which failed to meet sales and player reception expectations. Other write-offs include 6 million PLN for PCF Chicago goodwill and 5 million PLN for Unreal Engine licenses. Despite these losses, revenues increased to 152.1 million PLN from 131.9 million PLN year-over-year, bolstered by work-for-hire (WFH) projects such as Delta, Zulu, and Echo.

The group’s methodology emphasizes "adjusted EBITDA" to illustrate underlying operational health, reporting a corrected EBITDA of 6 million PLN for the first nine months of 2025. Following a reorganization that left the workforce at 756 employees, the company is shifting its strategy to prioritize cash flow. Future objectives include securing at least one new WFH contract by the end of 2025, scaling back the Lost Rift team to achieve self-funding by 2026, and halting investment in new self-published projects until the group generates positive cash flow. Current active partnerships include ongoing projects with Microsoft, Krafton, and Sony.

PCF Group S.A., headquartered in Warsaw, announced an asset‑value adjustment for the cash‑generating unit (CGU) that includes expenditures on the Victoria project (the game Lost Rift), the PCF Framework and other allocated intangible assets. The adjustment follows the completion of analyses undertaken for the Group’s consolidated third‑quarter 2025 report and is grounded in the requirements of Article 17(1) of the MAR Regulation.

For the standalone company, an impairment of 88 % of the CGU’s allocated assets will reduce the third‑quarter 2025 profit and the carrying amount of non‑current assets by 126,348 thousand PLN. At the consolidated level, an impairment of 85 % will lower the Group’s third‑quarter profit and the consolidated non‑current asset balance by 92,045 thousand PLN. The impairments are non‑cash in nature and do not affect EBITDA at either the standalone or consolidated level.

The decision is driven by a detailed review of sales data for Lost Rift, released on 25 September 2025 in early‑access format, combined with player‑community feedback and a significant downward revision of projected future cash flows from the title. The Board retains the option to reverse the impairment, wholly or partially, should favorable changes in underlying assumptions occur.

All figures remain provisional, pending audit verification, and will be finalized in the 2025 annual financial statements unless earlier disclosure is mandated by law. The scope of the adjustment is limited to the Polish‑based PCF Group and its subsidiaries, covering intangible assets related to video‑game development for the third quarter of 2025.

The primary aim is to announce that PCF Group S.A., headquartered in Warsaw, has entered into a conditional settlement with Square Enix Limited of London concerning the financial finalisation of the Gemini project and the termination of two existing production‑publishing contracts. The settlement, signed on 19 November 2025, resolves the 12 August 2020 agreement for Gemini and the 16 February 2016 agreement for the Madness project, with both parties mutually waiving any further claims arising from their prior collaboration.

Key terms of the settlement include a suspensive condition: PCF Group must deliver, within 30 days of signing, a “Closing Kit” comprising all development materials generated for Gemini. Square Enix then has a further 30‑day window to review and confirm the kit’s contents. Failure by Square Enix to respond or any rejection of the kit will cause the settlement to lapse, nullifying all stipulated legal effects. The agreement therefore hinges on timely exchange and verification of deliverables rather than on any monetary settlement disclosed in the announcement.

The scope is limited to the two companies—PCF Group, a Polish capital‑market entity, and Square Enix, a UK‑based publisher—and to the two video‑game projects, Gemini and Madness, spanning contractual relationships from 2016 to 2020. No quantitative data or broader market analysis is presented, and the communication serves solely as a regulatory disclosure under Article 17(1) of the MAR regulation. Further updates on the outcome of the conditional arrangement will be provided in subsequent filings.

The notice serves to announce a revision to the scheduled release of the consolidated quarterly report for the third quarter of 2025 issued by PCF Group S.A. The governing authority for the amendment is § 8 4, paragraph 2 of the Minister of Finance’s regulation dated 6 June 2025, which outlines the requirements for current and periodic disclosures by securities issuers and the criteria for treating foreign‑state information as equivalent under national law.

Initially, the quarterly report was slated for publication on 26 November 2025, as stipulated in the earlier filing dated 21 January 2025. The revised timetable moves the release to 1 December 2025, representing a five‑day postponement. The change applies exclusively to the consolidated financial statements of the PCF Group capital entity for the specified quarter, without altering any substantive reporting content or methodology.

No new data, statistical analysis, or survey results accompany the amendment; the communication is purely procedural, confirming compliance with the stipulated regulatory framework. By adhering to the updated deadline, PCF Group S.A. ensures that its reporting obligations remain aligned with the legal standards governing securities disclosures in the relevant jurisdiction for the 2025 reporting period.

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 report serves to disclose, under Article 19 of the EU Market Abuse Regulation, a transaction involving call options granted by the chief executive of PCF Group S.A., Sebastian Wojciechowski, to participants in the company’s 2025‑2027 Motivational Programme. The filing, prepared on 22 October 2025, records a notification received on 21 October 2025 that outlines the structure and conditions of the option grants.

The core finding is that Wojciechowski has issued call options that allow programme participants to purchase shares of PCF Group S.A., contingent upon continued employment with the company or its subsidiaries throughout the programme period. The ultimate number of shares available for acquisition will be determined by the fulfilment of the specific criteria set out in the programme documentation. Additional options for the years 2026 and 2027 are to be allocated at the end of each calendar year, extending the incentive framework over the full three‑year horizon.

Geographically, the disclosure pertains to PCF Group S.A., headquartered in Warsaw, Poland, and applies to the corporate governance and securities market environment of the European Union. The temporal scope covers the initial notification in October 2025 and the prospective option issuances through 2027. No survey methodology is involved; the information is a statutory filing mandated by MAR, relying on the company’s internal records and the formal notification submitted by the executive.

PCF Group S.A. has officially scheduled the release of its upcoming title, Tracked: Shoot to Survive, for November 13, 2025. This project, which was previously developed under the internal codename Bison, represents a strategic move into the virtual reality market. The launch is specifically targeted at the Meta Quest 3 and Meta Quest 3S hardware platforms, indicating a focus on high-end standalone VR experiences.

The announcement serves as a formal update to previous corporate disclosures issued in late 2023 and early 2025 regarding the project's development lifecycle. By establishing a firm premiere date, the Warsaw-based developer confirms the transition of the title from its production phase to commercial availability. This timeline aligns with the broader industry trend of optimizing software for the latest generation of Meta’s hardware ecosystem.

The scope of this release is currently limited to the specified Meta Quest platforms, with the company providing these details in compliance with European market abuse regulations. This regulatory filing underscores the material importance of the release to the company’s financial outlook for the fourth quarter of 2025. The transition from a codename to a finalized title suggests that marketing and distribution efforts are now entering their final stages ahead of the November launch.

The report serves to disclose the finalised expenses associated with the subscription of 6,670,000 ordinary bearer shares of Series H issued by PCF Group S.A., Warsaw. It complements an earlier filing from August 2025 and complies with the Minister of Finance’s regulation on current and periodic information from securities issuers. The analysis focuses on the Polish market, specifically the Warsaw Stock Exchange, and covers the period up to the report’s preparation date of 14 October 2025.

Total issuance costs amount to 265,800 PLN, all of which are recorded as emission expenses. The breakdown shows 265,800 PLN spent on the preparation and execution of the offer, comprising legal fees of 135,390 PLN, transaction‑advisory fees of 115,410 PLN, and registration and admission costs to the National Depository for Securities and the exchange of 15,000 PLN. No remuneration was paid to sub‑issuers, no prospectus was prepared, and no promotional activities were undertaken, as the public offer did not require a prospectus. The average cost per share is calculated at approximately 0.04 PLN.

Accounting treatment reduced the share‑premium reserve by the full 265,800 PLN, reflecting the excess of the issue price over the nominal value of 0.02 PLN per share. The disclosed figures provide a transparent view of the financial impact of the Series H subscription on the issuer’s capital structure.