PCF Group (PCF) Q4 2025 earnings summary

Executive summary

• Revenue increased in 2025, driven by new work-for-hire (WFH) projects and the launch of Project Echo (Xeno Point) for PUBG.

• Significant write-offs and underperformance in self-publishing, notably Lost Rift, led to a net loss.

• Company pivoted towards WFH projects, maintaining four active collaborations with major publishers.

Financial highlights

• 2025 revenue: PLN 199.6m, up from PLN 190.4m in 2024.

• EBITDA (adjusted): PLN -175.3m in 2025, impacted by write-offs and impairments.

• Net loss: PLN -124.3m in 2025, mainly due to PLN 103m in write-offs (Lost Rift, PCF Chicago).

• Cash, cash equivalents & bonds: PLN 54.8m at year-end 2025.

Outlook and guidance

• Continued focus on cash flow optimization and cost control.

• Ongoing business development to expand WFH project portfolio.

• Publishing not abandoned, but team size for Lost Rift scaled down due to underperformance.