Hi everyone. Sorry for a small, small delay today, guys.

We also, as you probably saw, had something about perturbation with the report and the timing. Like, I hope this presentation will go very smoothly, and after that, we'll have time to answer all of your questions, guys.

Welcome at this year's 11 bit studios yearly results conference, when we'd like to show you some stuff we did in past, in the past months. It was a busy year.

You also, you probably saw it in the products we shared with you guys. It's a lot to tell today, so so let's start.

Before we go into the, finances, products, and our future, just a small recap who we are at 11 bit studios. That.

We shared that goal last time. It's like, we love it.

We love the, that aim you you see here. We aim to be the best independent studio, games studio, simultaneously at once creating multiple, deeply relatable games that some sometimes we call meaningful games, but we want to have meaningful studios, and we want to be independent in creating the projects you love.

Who we also are, you you some of you have been with us for years already, we have 15 years in 11 bit studios space. We've published more than 22 games.

I recently checked that, and it's, wow, that's a huge number for 11 bit studios. Of course, it's a mix of of in-house development products, like This War of Mine, Frostpunk, The Alters, Frostpunk 2, and of course the publishing titles that like a lot of players love, too, on various consoles, on various platforms.

It's like, we are like trying to do it everywhere, and we are not afraid to to release new products with new genres. You saw that, because we are ambitious, and like we, what we all know, we, kind of invented the multi more meaningful, meaningful genre.

It's that that ambitious ambitious approach is also in that what we, what I told you in a in a last second, in a minute. A lot of new IPs from 11 bit studios, a lot of projects that bring something new to the players.

We aren't afraid of doing kind, let's say, difficult games and difficult projects because, because then there is, there there is a there's our idea that this will bring us, like, good results with the with the with the finances, with the response from the players. Of course, we are team players.

You You That is obvious. Like, if if you want to have that much of the projects, we we need to be team players.

We have awesome directors, great team that is like responsible for various various projects, well, of course, also around the operations of 11 bit studios. IPs, we've spoken about that, that 11 bit studios independent IPs that we love to make.

What about games? Like, the last recap on on on that intro, it's like, you know we create unique games.

We create games that are on one side unique, on the other side understandable and relate deeply to the players, that combined kind of great message. We we tell about that for years already.

That combined message with a strong gameplay is something we believe will will bring awesome results, and it will be market-relevant, and it will be just Those games will become hits, and players will love those games. That is 11 bit studios, and all of that what we aim for, to be this independent developer and publisher creating multiple games at once is the goal we totally believe in.

That's small recap about 11 bit for about 11 bit studios. Let's now switch to finances.

I think that's most important thing right now for you to hear. Piotr, your your part.

Thank you very much. I'm Piotr Bajraszewski, I'm director of business development and acting financial director at 11 bit studios, and—

Okay. Yeah.

Sorry, guys. A small mistake.

One additional thing from me before I pass the torch to Piotr Bajraszewski is a very very fast small recap of 2025, and it's just about it. We've launched The Alters, we've launched stuff around that on consoles, we've launched major content update.

We've also did a lot with the Frostpunk 2 around the long-term monetization. You've seen the console release, we've released the first major DLC, Fractured Utopias.

It's happening. More on that in this year, what will happen during the presentation.

Plus, we had a lot of good stuff regarding our publishing division, like Early Access of Moonlighter 2, Death toll, we are very happy around that. That all together filled that year with kind of maybe not a huge, huge, huge non-stop projects, but The Alters was definitely a key thing here, and it was a busier for 11 bit studios.

On the other hand, of course, we started a lot of production internally. You don't know the games.

You will hear that today. We will share you something that I believe you would love regarding what we'd like to do today around 11 bit studios for the future projects.

That already happened last year, we started production of two two development projects internally, we started publishing of two additional ones. That's regarding the highlights at the beginning.

Now, Piotr, it's your turn.

Hello, it's me again. Let's go through the key figures that we published today.

We had a record-high revenue last year with 142 million zlotys, it was a record year for us, another milestone, another huge achievement that we are proud of. Regarding the depreciation and amortization, we reviewed amortization, something that we published a week ago, and we are reviewing amortization each year.

Last year, we increased amortization for Frostpunk 2 and The Alters to total of 40 million zlotys. We have made that change so it would reflect better the expected economic benefits of those titles.

Those titles had big flat fee at the beginning from Game Pass, and now with the overcrowded market, we see the regular sales are slightly lower than expected. Of course, it's only an adjustment, it will be more in line with the sales curve.

However, we still believe that there are a lot of copies to sell of those games. We have DLCs and more thing that Marek and Przemek will tell us more in a moment.

The next position are services. In terms of services, we had an increase comparing to the last year.

We had an increase in services cost, and those are mostly royalties. Out of those services, 17 million zlotys were royalties, then we had marketing, 8.4, and then we had IT services, where IT services and other services were mostly due to the post-launch support of The Alters and Frostpunk, as those are the costs we recognize direct in the expenses, they increased the total cost for that year.

That gave us a total operating profit of 21.9 million zlotys. Regarding the finance costs, we had a finance cost of 8.6 million zlotys, out of which 8.1 were due to exchange differences.

We're exporters with huge exposition to dollar, most of our revenue is coming in dollar, naturally, intense appreciation of Polish zloty was an issue for us. Regarding the share in loss of associate, this is our share in loss of Fool's Theory, studio that we own 30% of.

All in all, our net profit was 7 million zlotys, but we had strong EBITDA, and we have very strong cash reserves at the moment. Going further with split of revenue, if you are following us for years, you know that we specialize in long-term monetization, and last year was another great example of that.

The Alters and Moonlighter, those were the two games, Moonlighter 2, of course, those were the two games that were released last year. However, Frostpunk 1, Frostpunk 2, This War of Mine, and others that were products from previous years, and they still gave us a very solid revenue last year.

That's something that we are looking for the future as well with Alters, Frostpunk 2, and other titles to come. That's our dev team at the end of 2025.

As you can see from that chart, December 2025 was our transition period. There was still some significant team working on post-launch for Frostpunk 2 and The Alters, but an extensive team was already in place for Frostpunk 1886, which is our big focus at the moment.

That's our next internal game that we strongly believe in. Except of that, we had some small teams allocated to new projects gradually growing, but I think that Przemek and Marek will tell us more in a moment.

Yeah. Now going into all specific products, of course, Frostpunk is big for us.

It's our big franchise, it's our only franchise, but it's a proper franchise. That's something that we see.

We had franchise sale couple of weeks ago, three, four weeks ago, something like that, when we announced that over 11 million players played Frostpunk. That's a lot of players that loved Frostpunk, played Frostpunk, appreciated Frostpunk, and they are waiting for more.

From Frostpunk, of course, we have long-term revenue as well with the original Frostpunk, despite getting old, still generating solid income years after launch, last year 18 million PLN. Also we are maintaining Frostpunk 2 revenue that sold so far 880,000 units and generated 43 million zlotys.

We had release of the DLC last year, and two more are coming. Once again, Marek will tell more about that in a moment.

Of course, as already said, Frostpunk 1886 being very very big for us. The Alters was the only internal release we had last year, and it went well for us.

We delivered a highly immersive, high-quality game recognized with industry game nominations, achieving strong commercial success, of course, not only on consoles, not only on Game Pass, but we have sold 545,000 units so far, and it was in half a year from the release. We still see a potential in long-term sales.

There will be DLC coming this year that should bump it. We believe that this is another title that we'll be able to sell for years.

ExDev, last but not least, our diversifying pillar, that last year we launched Moonlighter 2 in Early Access format, which was a very strategic and important for us because it was a first game released in Early Access for us. We already adjusted the game to the community feedback based on the demo, now we are doing that based on the Early Access.

It's going well. We delivered Death toll with very strong market validation and also Game Pass day one, which all added to revenue diversification comparing to our own titles.

ExDev titles contributed to 23% of total sales last year. Also each publishing game is, of course, increasing our visibility on the market.

Operational excellence and team evaluation.

Hi, that's my part of the presentation. Marek Ziemak here, Chief Production Officer.

I'll tell you a little bit more about, well, the operational excellence that we're striving to achieve and the team evaluation. This is something we've been already mentioning in our previous conference.

It's an ongoing process, obviously. Besides the ambitious creative goals that we have for the future, which we'll comment on in a moment, there are also many goals in regarding the way we produce our games.

This is obviously something that we want to be evolving. We've learned a lot during the previous years.

We understand where we have to change, we understand where we have to adapt. The world around us changed.

We changed the ways and the types of games we're developing. We know we have to readjust to the new scale of games, the new ways the market look.

The production areas are perhaps one of the areas where we'll see most or many changes happening within our studio, and they should allow us to create better games and create them in a more effective ways. There are a variety of different changes that we're introducing in that regard, and I'll run you briefly through some of the ones that I find are the most important.

We're redefining the way producers and game directors work. I believe we hinted that already in the previous conference.

This is still an ongoing process. It's not an easy change, but it's an essential one.

It's one that's also pretty delicate, but we're introducing it step by step. This is there to allow us to better see and control how the project evolves, where the budget currently are, to better understand the risks.

Another change that we're, well, it's pretty obvious one, some may say, but it's not as easy to execute, and we are doubling down on that, is making sure that we are scaling the projects effectively. Starting with a smaller, lean team that is more creative, that is more brave, has more space, and is also cheaper, which gives us usually more possibility to reiterate.

Once the concept stabilizes, slowly, slowly increase the team size into prototyping, into pre-production, and then once we really understand what we're making, how big it is, what's supposed to be made to accomplish this game, scale the team to full size, basically in production. Obviously, this allows us to better control the costs, but this also streamlines the production process and gives us space for more creativity in the early stages.

It's a pretty complex change with a goal of reaching, well, a few of these parameters. Our also idea is to have teams of a size of around between 30 to 60 in the production phase, and at the peak.

This is the new team size that we're planning on reaching within many of our projects. Financial, self-discipline, this is another area where we're improving.

I believe we were always good in controlling our costs, especially when it comes to smaller expenses, but right now it's all about understanding where we are heading with the game, how much money it will still need to be accomplished, and react to those new facts that are appearing milestone after a milestone. We're also changing the ways we operate in terms of the team composition to increase our effectiveness.

We're planning on sharing developers between projects, creating some of the common teams just to make sure that we're not doing the same tasks multiple times in different pillars of the company. This will increase our effectiveness, this will increase the knowledge sharing, this will increase, well, the effectiveness of using our talents, because we have amazing people on board, and we want them to achieve their goals within many different projects often.

Of course, this is perhaps another very important point, we really want to stay ahead of the curve by exploring new ways of creating games, experimenting with new tools, experimenting with new pipelines. We're open to that.

It's something that's very important for us as the board members, but I'm also extremely happy to see that there are many initiatives moving from the bottom up. The development team is coming up with many new ways of doing things, of experimenting of increasing their speed and their creativity, and we're open to that.

This is, I think, extremely important in nowadays' world, and this is absolutely something that we're focusing on just to stay on top of things and new ways to be effective. Effectiveness is something obviously that is very important for us in the upcoming years.

Now, we've also redefined our production cycle a little bit, just to give you a brief idea of what we're currently targeting for the new games, but also for reimagining. We are planning on having or starting each project with an R&D phase, which is ideally 3 months long, possibly 6 months if we need another iteration, if the concept is extremely creative.

Usually our concepts are, I think. We might need some extra space to give it a bit more shape before we move into prototyping.

Once the R&D is done and once we have the concept—it's a paper concept usually at this stage—we're moving into something called production here, but it's a 4-year-old, 4-year-long phase for new games and on new or old IPs, but for the main productions. This phase is going to be divided into a series of milestones, obviously, starting with a prototyping phase, where the team will be much smaller, lean, given more space to experiment, encouraged to experiment, to verify different ideas, come up with great solutions, then obviously moving to pre-production, and finishing the pre-production around the middle of the process, moving into production.

Production is the phase where we are having, well, the peak size of the team, the bulk of the cost will be happening in the second phase of this production period. Again, we'll be aiming for around 4 years of production for new games, full releases, and around 2.5 year for reimaginations.

Obviously, they're a little bit shorter because we can leverage all the assets and proven-to-work ideas that we had in the basic game. This will be followed by a launch window of around 6 months because it's not that we're releasing the game the next day when it's done or certified on console platforms.

Obviously, the dev team in most cases finishes their work at some point, and then once this is locked, we're looking for a perfect release window just to make sure that we have all the visibility we need. One more context regarding this particular slide, because I think it's very important and I would like you to understand that, and I would like all of us to understand that, it's we're showing you these graphs, we're talking about those 4 years production cycles, and this is something we're aiming for.

This is how we will be scaling the scope of our games to match these 4-year windows, and this is a kind of a benchmark we're striving to achieve. Quality is the king, obviously.

This means that throughout the phases, as we pass different milestones, we will be readjusting our plans, we will be rescoping the game to make sure that we have the possibility of reaching this 4 4-year-old 4-year-long window, but obviously we will not be cutting the production cycle after the 4 years mark no matter what the quality of the game is. We're of course still a little bit scalable and lean when it comes to approach to that, but we really want to meet these deadlines.

This is our goal right now. A little bit more about the production governance, because these are, again, smaller changes that are happening within the production division that I believe will strongly affect the way we produce games.

We're strengthening the producers' role. They'll be directly reporting to me.

This will increase the information flow. We're also redefining the reporting lines to increase the focus on all the production data that we're getting.

We're creating better frameworks for exchange of information, such as scope, budgeting, and managing risks, so that we as the board better understand the situation, the team is constantly aware of their situation, where they are on their road map, and of course react to these facts that are being introduced. We are introducing a production guild to make sure that we have a better information and best practices exchange between different projects, and obviously continuous risk management, because this is, well, everyday's job of the executive branch of the production.

These changes already allow us to, well, deliver in a more foreseeable fashion. This is one of the slides that we've been presenting on the previous investors' conference with some of the goals we had for 2025.

As you can see, almost all of these goals have been reached this year. There's one small goal that hasn't yet been checked, and this is for P15.

We'll be commenting on that shortly. We're almost there.

This is something that we haven't nailed, but the rest of the goals that are reached, we're extremely happy with the results we've achieved.

Thank you. Hi, it's me again.

Regarding the market, something that I have mentioned already before, the market is changing, the market is getting more competitive, but the crucial thing is that it's changing, but it's still growing. We see that it's expected to exceed $200 billion by 2026 according to Newzoo report, which is, of course, one of the fastest-growing entertainment segments still.

That's something that was interesting fact years ago that games are bigger than movies and TVs, and we are doubling or tripling that difference each year, basically. It's getting bigger, and the PC gaming part, which is our core, the PC gaming shows strong structural fundamentals.

It's growing at very good pace, and it is expected to outperform even consoles in terms of value creations. That's for us important because for us, Steam is our battlefield.

Steam is where we the strongest, and Steam is constantly growing. Each month, each half a year is the new peak, something that, recently, there was 41.5 million players online on Steam at the same time.

Something that I've been saying at the conferences for years, and we are very happy with the fact that our community group on Steam is also one of the biggest on Steam, and each year is getting bigger and bigger. It was 300,500, 700, now we have more than 1 million people that follows 11 bit studios on Steam, so that's something that gives us a very strong backbone for the future.

Player attention stable, meaning that players are still playing the games, they're spending a lot of time in the games, but increasingly contested. That's something very very important because it gives more space for smaller games or medium-sized games, but at the same time, the players' attention is getting more and more divided, it's more than ever.

The industry shifts from one-off product sales to long-term engagement models. Is it games as a service?

Is it games as a platform? Something that, of course, we want to achieve as well.

Another thing, why Frostpunk franchise is so important, because we see and everyone sees on the market that there is an increasing importance of strong IPs and community-driven franchises. That's something that we try to build, and it's working.

It's working with Frostpunk. Also, we are always trying to extend our games beyond the games, to broader ecosystems.

Based on those market changes, something that we have already presented last year, is our three-pillar strategy for the future, which consists of new games development, which are entirely new games based on new or existing IPs in a way, and that's our core chance for a great success, core chance for a new big title. Then we have game as a platform, more stable games, doubling it down and monetizing on our biggest hits that we definitely had.

ExDev as a diversifying pillar that we change the strategy already to publish more mechanically engaging games, and that's something that we are looking very forward to, especially with, for example, recent announcement of C.R.O.P. that we'll talk more about in a moment.

The goal is to create opportunities for frequent, great successes for our teams, players, and investors.

Thanks, Piotr. Thanks, Marek.

You've heard a lot about the production, numbers, tools we have. You've gathered recap on our strategy, and a part of that, a critical part of that, are products.

A bit of entertainment right now in a bit of new way. We'll hope you like the data we'll show you right now, and reveal some of the stuff we are cooking at 11 bit studios.

P12. I don't know how much you remember.

Last year, we shared just there is this new project, internal at 11 bit studios, that we started last year, and it happened. We are somewhere in the pre-production.

What is P12? This is a new game in a new IP.

It is a very immersive game with emergent gameplay, and what is cool about it, this game has a lot of This War of Mine flavor, and we base a lot on that game, on This War of Mine experience. It's a new stuff, guys.

It's very relatable, a lot of new gameplay happening right now. We are very busy with the team, in an hour, we have a sync about the next stuff that we do at P12.

This is another ambitious project at 11 bit studios, a lot of This War of Mine flavor, experience, but this is something new, a lot of gameplay, as I said. Where we are, we are at the advanced prototyping phase.

We are closing to something what we call first playable, and we are so happy about it. P12, nothing to share yet.

We can't reveal you more, but this is one of the new projects we are doing. The next one, P13.

Last year, we told you, okay, this will be the game that will be made by one of the Frostpunk 2 directors and a part of the team of Frostpunk 2. What we can share right now, another cool stuff, it's a Frostpunk universe game, but what is important here, it's a new game and a new genre for this IP.

It's no longer strategy game. We know how players love Frostpunk.

As you can see here, we have 11 million players of Frostpunk around the world, and they love all of stuff that we do. We do some Kickstarter stuff right now, etc., etc.

We expand the universe of Frostpunk, but we decided to do something more about it, step up from the strategy stuff that we are doing, we are right now still doing, but we want to introduce a new genre for Frostpunk universe. We are currently at an early prototyping phase.

We accepted the pitch, we accepted the concept for the project. We love it.

A lot of new tools here. We are trying to do it differently right now with addition what is going right now in the development processes around the world.

Another good stuff at 11 bit studios. Frostpunk, new game, new genre.

P14. Again, we shared you very little recently.

We just told you that it will be made by the Alters team, especially the Alters director. Today, not a bit more apart from that is a new IP and a new game.

It will be made by the part of The Alters team, then it will be more growing that team. That's a new IP and a new game.

When we will be ready, we'll tell you more. We are at the kind of end of concepting phase.

We like the idea for the game. Another very ambitious stuff we see here with the P14, and it's a game very gameplay-oriented.

All of the games you saw right now, like P12, P13, and P14, very gameplay-oriented, but combined with an idea, a new stuff everywhere, with cool possibilities for the players and great immersion for them. That's the new game development.

That's what we cooking, those three big projects right now at 11 bit studios. What about the games as a platform?

Guys already told you a bit about reimaginations, etc., etc. Last year, we told you about project Frostpunk 1886.

What the game is. It's reimagination of Frostpunk 1.

As also made by some of the veterans of Frostpunk 1. The team is almost operating at the full strength right now.

We have very good, even I could say very good results, especially recently. We had really kind of a huge step recently that happened.

Everything is going on around that project regarding the conversion to Unreal. Can't say you more, but we are very happy, and we are in the production phase of that project.

I think recently we just showed you some stuff, some snippets. It will be more on around that, but what is cool for you to hear, it's in production.

We are happy around that, very good progress on Frostpunk 1886. The next project, you probably knew what was going on here, of course, it's P15, again the second from the games as a platform pillar at 11 bit studios.

It's reimagination of This War of Mine. It's a new technology, it's Unreal, of course, new content, tons of improvement, visuals, gameplay, etc., etc., but it will be This War of Mine, the game people loved.

We want this game to be ready for new players, and also with one especially exciting feature. We would like to give something to existing players and to give them the new experience in This War of Mine.

We can't tell more, even telling that our marketing goes, 'Fuck, guys.' It's a bit too much, but we want you to know what we are doing, not to be that so closed as we used to be.

It's a This War of Mine IP on Unreal with some cool stuff coming in, and we are currently in the concept phase, and the dev will start somewhere in the middle of this year. That was the project that Marek told you that this is the one that we had delayed because we planned to start it the last autumn, but we weren't ready with the processes, with people, with the production.

We needed more time to be really saying that we can do it and not just to tell you, 'Hey, we are doing,' instead of just really focusing on what's going on with this project. Now we know how to start it, now we have an idea on that project that is more defined, and we are happy to share with you that, yeah, it is starting.

It is starting in the middle of this year, somewhere probably in early Q3. I know the details, but I want to be precise with you, guys, you know how that works.

That's the reimagination of This War of Mine that is coming to all of the players around the world. The next pillar, the last pillar, the publishing, our ExDev, as we call it.

Of course, we'll have Moonlighter 2 release, IP is loved, we had some problems at the beginning, you know that, but now the players are very committed. We have a great response from community, we are approaching 1.0, fuller release.

Everything is going good as we planned. The game is looking so lovely, every time when I see a trailer for Moonlighter 2, it's such a good stuff.

Of course, some console stuff around it, etc., etc. You will hear more, but there's no problem with that game, it will come this year, everything's progressing very well.

The second stuff, C.R.O.P., just-released games. Again, it's a game from this strategy for publishing we told you more last year—

Just announced.

Just announced, yeah.

Just announced, not released.

Of course, guys, of course. We've just announced it, and what is great, we already have in less than 2 weeks more than 120,000 wishlists, which is I think we can share it right now, which is for publishing a record in that short of time.

This is the game that really brought us the biggest wishlist. That means the game is catchy, the idea behind it, this farming thriller, it works, and it works.

What I like about this game, it is really this game has this simplicity of understanding, which I really love in games. You look at it and you already know, 'Okay, this will be farming.

This will be a lot of twin-peaks. It will be deep.'

Probably some of you saw the trailers, when you have that pick, you push, and then I don't want to share more what you will do with that, but it's really guilty, and it's attracting a lot of players because for the farming games, there are a lot of players around the world, and just they love to have the same experience, but altered this time. We are in production phase, when we'll be ready, we will share more with you, of course, guys, but we are extremely happy with C.R.O.P.

The next stuff, just a short info for you, of course, we signed another project. It's unannounced game, international team, from the strategy of ExDev, from that new strategy, we don't want to create huge games here, we are focusing of smaller, very very talented teams.

Plus, we have some kind of pearl budget that we can use the moment we decide that we want to. It's an alpha phase.

The development is going great. I know I'm using great, awesome, etc., etc., but, yeah, it's going very good, that project is as we planned, and we will announce it this year.

How does all of those games will click in a timeline, Marek?

Just to quickly present you the schedule that we currently have in our, well, plans, getting quickly through all the games that Przemek mentioned in a second. First off is Moonlighter 2, planned for full release in 2026, this year.

This is going to be a release of a version of 1.0 plus console releases. Then we have C.R.O.P.

scheduled for next year. After that, there's a new project that has been signed that we're currently developing that is also heading for 2027 for the release.

Then this will be followed by the release of Frostpunk 1886 at the edge of 2027/2028. Then in our plans, we have P13, the new game that we're developing, and this is going to be happening somewhere at the edge of 2028/2029, similar to P15, which is the reimagination of This War of Mine.

This is also headed for 2028, maybe 2029, somewhere around the transition of these years. P12, 2029/2030, this is a pretty big endeavor, it's going to take a little bit more time, and then this is going to be followed by P14, 2030, hopefully, possibly 2031.

As you can see, we're distributing these titles along the years and the timeline, but busy years ahead of us. Each year, we'll be presenting something, we believe, very interesting.

Plus, of course, there are future ExDev games. Our idea is to have 1 to 2 signing slots per year.

What does that mean is that each year we would like to be signing a project or 2. We don't know when these will be released because sometimes we sign projects in a late stage, sometimes we sign projects in a very early stage.

Depending on that, they will somehow be distributed along the timeline and our release schedule, but they will for sure be adding some interesting elements into our portfolio as we progress through the years. What are the prospects for 2026, still this year?

Of course, we will be in the progress of developing many of the new games, but there's also Frostpunk 2 with 2 more DLCs coming, DLC 2 and DLC 3 still this year. There's a DLC for The Alters that's also coming somewhere at the transition of Q2 and Q3 2026.

Then there's the development of the projects that we currently have in the production cycle. External development is working on Moonlighter 2 1.0 release as mentioned, the publishing division.

We're constantly scouting for new games, hoping to find the gems that we can sign and then publish. Of course, we will be continuing on supporting the games that we released in the previous years, in more ways than just DLCs.

This mostly means The Alters and Frostpunk 2 through a series of different patches and hotfixes, whatever we think is needed based on the community feedback and our evaluation of their status. Back to you, Przemek.

Thanks, Marek. Wrapping up all of the stuff that we told you today, just a short recap before we go to Q&A.

What we told you today about is, first of all, we have a very effective portfolio monetization. That.

You've seen that in our numbers for years. We have a core revenue drivers that really work well.

Now we have The Alters, we have Frostpunk 1, 2, we have a lot of older games that still sell like crazy well. You saw the numbers, we have This War of Mine with 7 million just last year.

We have very effective portfolio monetization, and we are pro here, guys. Next thing is financial and production discipline.

We like really what we match right now. We have a secure cash position, and it's connected with a lot of what Marek said, with a good production and changes in production, optimization to processes, etc., etc.

We try to combine that financial and production expertise here at 11 bit studios. Over the years, we've learned a lot, guys, I know you might think as you like, but from after the PA, after what happened with our releases, we really sat down, said, 'Guys, we need to change,' and this is what you're seeing right now.

That production changes and keeping secure the cash is very important point right now, especially as you know we want to be independent and ambitious. The next thing is strong execution in 2025.

Marek showed you the table from last year. We done 90%, 95% of what we planned.

That's so awesome, and we are happy about that. Of course, Piotr showed you our strategy, three pillars.

About it. We are sticking with it.

We like it. We see that the world is changing to that direction, and we are prepared for that direction.

Of course, the rich pipeline. I will just briefly go through that because I told you more about that, but the pipeline is the thing we love the most at 11 bit studios right now.

I have a problem with clicking if we can have the next slide. Again, short recap: portfolio with ambition, new games in ExDev and continuous development of Frostpunk 2 and The Alters; Frostpunk IP, apart from development of Frostpunk 2, we have Frostpunk 1886, and today we could tell you we are working on P13, and it is a Frostpunk new-genre game; then This War of Mine IP, we know how players love that one, we have a lot of stuff that is still coming from the players, we are giving that game again to new players and we are improving it for the players that loved them for the years with that new experience that we cook right now for This War of Mine; and new exciting stuff, this is 11 bit studios, we want to try new stuff, because then we really can have breakthroughs at 11 bit studios, and it's P12 on a lot of experience we gathered from development of This War of Mine, and P14 the same, this one of The Alters, but also the whole history of 11 bit studios, a good mix of games in all of those pillars that we told you.

That's it from us today. Thank you, and I think now we can go to the questions part.

Please ask the questions on the chat.

That way we can answer them. Should I go with the first one?

Yes.

Okay. The first one is not about us.

'What do you say about the Witcher 3 DLC rumors and Noble Securities business assumptions regarding CDP? Should also have an impact on your stock price when surprisingly Witcher 3 DLC comes out in September?'

We do not comment on other companies, on impact of their projects or results. We keep the fingers crossed for everyone in the industry, and that's it.

Hi, CDP. We—

Yeah. We love you guys.

We love Witcher. 'Are

there any plans to increase sales and visibility for The Alters? Are there any potential multiplayer aspects coming to the 11 bit studios games portfolio?'

Those are the two questions, I guess. The first one would be yes.

In general, now The Alters is in the worst period in terms of sales, meaning the discounts, because it's already past the release hype, but not yet bigger discounts. Of course, we still have a lot of wishlists, we have a DLC coming, for sure there will be a lot of discounts and actions happening around The Alters to boost the long-tail sales of that game.

Maybe with the second one, I can answer that. Guys, for today, we decided to create a bit more composed conference, focusing on less stuff than last year, because we got the feedback like, 'Guys, it was so much recently.'

Last year, we told you most, if not all of our new future games will have multiplayer, social aspects. We can't share you with it right now, but believe me, each of the games we showed you will have that.

Either it will be some kind of social, semi-asynchronous multiplayer, or it will be kind of multiplayer. I can't share right now, but this is a kind of required tick for our games right now, and we are seeing that that is developing, that we are doing it right now.

Yes,

we have one small Could you make it? Okay.

Thank you. We do not see the questions.

The next question is, 'How many copies has Moonlighter 2 sold in 2025, and what is the outstanding wishlist for Moonlighter 2?' We haven't shared the volume, it's not something that I can share right now, especially that this is not only our title, but also publishing title where we tend to share less in terms of financial results.

We have shared the revenue generated by the game, which was 8.7 million last year, which is a very good start, and we look forward to 1.0, especially that 1.0 we will launch with the Switch. With Moonlighter, the Switch was the biggest platform.

That's the only game in our history actually that had more copies sold and revenue coming from other platform than Steam, and with Moonlighter, the revenue coming from Switch was bigger than PC. The 1.0 console and Switch launch is something that we look forward to.

The next, 'Is C.R.O.P. the story for 2026 or rather 2027?'

We answered that.

2027. 2027, yeah.

'As The Alters seems to be a success, will it receive additional DLC or just the one? Are there high chances that it will become the platform game?'

Do you want to answer, or I can answer?

For sure, we're focusing on the first DLC right now, and we want to see what the reception will be. We're having high hopes, and we'll take it from there.

We're also planning ports, the game will be reaching new players across new platforms. Again, we will see what the reception will be.

Already part of the team is starting their new project, one thing is for sure: we're not going to hold the whole team on continuous development of The Alters. If something else will be happening besides the things that we've already announced, this is most likely going to be smaller than DLC 1, but this is to be confirmed.

The next question is, 'What is the share of C.R.O.P.' s developer in product's profit?

Is it close to 50%?' Something that we never share as well, to be honest.

It's fairly standard deal. That's I think something that we can share.

Once again, with ExDev and financial results, we were always more secure in terms of sharing because it's also our business secrets, like what deals do we sign, etc.

It's aligned with our previous strategy.

Yeah. Okay.

'I see that C.R.O.P. is getting a lot of traction.

Does C.R.O.P. have a free-form sandbox mode, or is it more of a one-off linear experience?'

I'm thinking how much we have announced.

I I—

I don't know we are ready, Marek, to yet say more about that.

I don't want to get in front of marketing in the whole campaign because that's going to be counterproductive for us all. Please allow me not to go into details.

I'm not sure if we've been sharing anything in that particular regard. It's a good question, though.

Marek, I think that question is also along what you said. So, 'Having in mind that P14 is new IP and a game, does it mean you are dropping The Alters IP?'

Well, 'dropping' is a pretty dramatic word, right? We're not continuing it right away besides the DLC and the ports that we've announced.

Was This War of Mine dropped? As you see, not entirely.

It's an amazing IP, and we had a variety of ideas on how to continue, but we had some other ideas that were also quite fascinating from, well, the new buckets. We've decided to pursue something totally fresh, but whether The Alters will come back in one way or another, who knows?

During future investor conferences, maybe we'll tell you more about that.

I think, guys, the facts are like this: we will just release DLC 1. It's a huge stuff that we are releasing.

Along the way, we must work on new stuff, and that's a lot of work that is Marek right now in production doing. It's composing the teams, ensuring that we have the people to work on new stuff.

We will observe, we will see how it works, and then we will decide how to evolve. Like Marek said, it's not dying instantly, or whatever.

We can say that, we have concepts on continuing that IP. We just decided not to greenlight these as opposed to the other ones for now.

It's definitely an open-ended game, and then a great, possible platform for further development.

I think one thing that's super crucial to think about when we're talking about The Alters as an IP, that in general we're building also 11 bit studios brand. That's something that we are known for, that our games offer specific type of relatable content, and The Alters is just another great example of that, another great title.

Now when the another game will be announced, it will be from the creators of This War of Mine, Frostpunk 1, Frostpunk 2, and The Alters, and all of those games have millions of players that played and enjoyed them. Even if the IP per se will be different, for example, it's for sure the new genera that we tackled.

It's totally new genre for us. Yeah.

No more questions, I think.

No more questions. Yeah.

We are ending the time that we planned for today. Thanks for all the questions.

Thanks for patience and hearing all of what we wanted to say. All of that will be shared with you guys.

If you have any questions, just call us, write to Monika from our investor relations, the emails are there. The email will be, of course, at the ending slide of the presentation.

Thanks again very much. We'll gladly meet you if you'd like to, as 11 bit studios always does.

If you'd like to meet us in person, come to 11 bit studios, talk with us, guys, we can answer some more of your questions, and thanks for today.

Thank you.