PCF Group (PCF) Q2 2026 earnings summary

Executive summary

• Revenue for 1H 2026 was PLN 91.3m, down from PLN 115.3m in 1H 2025, reflecting the absence of the Gemini project and new projects Florence & Lima in 2026.

• Net loss for 1H 2026 was PLN 20.1m, compared to a profit of PLN 18.5m in 1H 2025, with losses driven by asset impairments and lower revenue.

• EBITDA for 1H 2026 was PLN -20.1m, with adjusted EBITDA at PLN 2.9m, impacted by the deconsolidation of Game On and project expenditures.

• Operating profit remained negative at PLN -17.7m, reflecting continued cost pressures and impairment charges.

• The Group focused on work-for-hire projects, expanded its publishing portfolio, and completed a capital increase to fund new publishing rights.

Financial highlights

• Revenue decreased year-over-year due to project mix changes and the absence of Gemini project contributions.

• Net loss improved to PLN -20.1m from PLN -21.3m year-over-year.

• Operating cash flow turned positive at PLN 9.1m, compared to PLN -19.3m in H1 2025.

• Cash, cash equivalents, and bonds stood at PLN 22.6m as of June 30, 2026.

• Total assets decreased to PLN 174.9m from PLN 215.7m at year-end 2025.

Outlook and guidance

• Focus remains on cash flow management, cost optimization, and leveraging AI for process automation.

• Management expects sufficient liquidity for at least 12 months, supported by ongoing work-for-hire contracts and new publishing initiatives.

• Publishing pipeline includes Trine 6, now scheduled for March 2027, and ongoing work-for-hire projects.

• Monthly break-even achieved for Lost Rift self-publishing project.