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PCF Group (PCF) investor relations material

PCF Group Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary1 Dec, 2025

Executive summary

  • Revenue for the nine months ended 30 September 2025 increased to PLN 152.1 million from PLN 131.9 million year-over-year, driven by new projects Delta and Zulu, and higher contribution from Project Echo, while Project Gemini revenues remained stable.

  • The Group posted a net loss of PLN 117.0 million, compared to a net profit of PLN 33.3 million in 9M 2024, mainly due to major write-offs, including Lost Rift CGU, PCF Chicago goodwill, UE license, and partial receivables from Square Enix.

  • Major negative impacts included the discontinuation of Project Gemini and Project Bifrost, impairment losses on intangible assets, and lower-than-expected sales of Lost Rift.

  • The Group shifted strategy to focus on work-for-hire contracts, reducing self-publishing activities and phasing out VR game publishing.

Financial highlights

  • 9M 2025 revenue: PLN 152.1m, up from PLN 131.9m in 9M 2024, a 15% increase year-over-year.

  • 9M 2025 net loss: PLN 117.0m, compared to a net profit of PLN 33.3m in 9M 2024.

  • 9M 2025 adjusted EBITDA: PLN 6.0m, flat year-over-year.

  • Operating loss increased to PLN 116.5m from PLN 32.0m year-over-year.

  • Cash and cash equivalents decreased to PLN 35.1m from PLN 58.1m at year-end 2024.

Outlook and guidance

  • Focus remains on cash flow discipline, cost control, and lean structure, with investments in new projects contingent on generating positive cash flow.

  • The Group will continue to expand work-for-hire contracts and development of its own games.

  • New business development ongoing, with a target to sign one new work-for-hire project in 2025.

  • Lost Rift to be supported by a smaller team in 2026, aiming for self-financing.

  • Performance in upcoming quarters will be influenced by ongoing work-for-hire projects and currency risk.

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Frequently asked questions

PCF Group Spólka Akcyjna is a video game developer that produces action and shooter games for global audiences. The company develops original IP titles and also collaborates with publishing partners for multi-platform releases. Its development studios handle game design, programming, and post-launch support. The company is headquartered in Warsaw, Poland, and its shares are listed on the WSE.

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