In Q4, Ten Square Games Group (TSG) achieved quarter-on-quarter growth in both Adjusted EBITDA and net profit. TSG closed 2024, once again proving the resilience of its business model, its strong cash-generating capacity, and presenting a well-defined vision for the future. 2024 was a year of strategic transformation, focused on laying a solid foundation for rebuilding TSG’s growth potential. A deep analysis of challenges, a clear roadmap to turn them into competitive advantages, strong momentum in the flight simulation segment, and advanced testing of two prototypes have set the course for 2025.

“2024 was a year of intense effort and bold decisions. Thanks to the insights we gained, we now have full clarity on the changes needed to ensure TSG’s long-term growth. 2025 marks the end of the trial-and-error phase—now we are executing a precisely defined plan based on a thorough diagnosis and strategic priorities. We have strengthened our competencies in key areas that determine the Group’s success—from LiveOps and monetization strategies to product development. While the market remains challenging, I firmly believe in our ability to permanently reverse the trend in bookings for our flagship titles in 2025. With a solid foundation, an adapted product development strategy, and a team fully prepared for execution, we are ready to drive TSG’s future growth”.- commented Andrzej Ilczuk, TSG’s CEO.

Financial Performance: strong cash generation and proposal of record high dividend 

In Q4 2024, TSG’s total bookings reached PLN 99.9 million, bringing the full-year total to PLN 398.1 million. Adjusted EBITDA for Q4 increased by 7.1% to PLN 28.4 million, while the full-year result totaled PLN 109.7 million, reflecting a 7.5% year-on-year decline. Despite this, the TSG improved its net profit, which reached PLN 14.6 million in Q4 and PLN 67.1 million for the full year, supported by strict cost discipline and the absence of major one-off events that impacted 2023 results.

One of TSG’s greatest strengths remains its business model, which consistently generates strong cash flows. In 2024, cash from operations reached PLN 113.9 million, further strengthening the company’s financial stability. At the end of the year, cash and cash equivalents totaled PLN 143.8 million, confirming TSG’s ability to finance its operations and strategic initiatives independently while sharing value with shareholders.

TSG has maintained a consistent capital return policy since going public. In Q1 2024, the company executed a record share buyback of PLN 114.6 million. Given its strong cash position and profitability, TSG’s Management Board has recommended a PLN 100 million dividend for 2025, based on profits from 2024 and previous years. The proposed dividend is set to be among the highest on the Warsaw Stock Exchange, reinforcing TSG’s commitment to delivering strong shareholder returns.

“When planning TSG’s long-term growth, we always consider our commitment to sharing value with shareholders,” – said Magda Jurewicz, CFO of TSG. “Our record-high share buyback in 2024 was a clear demonstration of this commitment, and our recommendation to distribute PLN 100 million in dividends for 2025 further reinforces our approach of balancing growth investments with attractive capital returns. The proposed payout of PLN 15.73 per share, translating to almost a 20% dividend yield, is a testament to our dedication to maximizing shareholder value and our confidence in TSG’s long-term growth potential.”

Portfolio Performance: focus on player retention in core titles, success in flight simulation, and TSG Store’s growth

2024 was a year of strategic transformation for TSG’s flagship titles, Fishing Clash and Hunting Clash. While bookings in both games declined, the company prioritized long-term player engagement over short-term monetization in Q4, introducing new retention-focused features and enhancing the in-game experience. At the same time, TSG identified changes in player behavior and expectations, allowing the company to adapt game mechanics and monetization models. These strategic experiments provided valuable insights, forming a clear roadmap for 2025 aimed at stabilizing flagship titles and accelerating growth across the Group.

While the teams responsible for Fishing Clash and Hunting Clash focused primarily on player retention and engagement, the flight simulation segment had a breakthrough year. Wings of Heroes bookings surged by 66.1% year-over-year to PLN 19.1 million, strengthening its position as a fast-growing title with strong monetization potential. Real Flight Simulator achieved record bookings of PLN 20.4 million (+12.4% YoY), confirming the effectiveness of its subscription-based business model and the success of the game’s long-term growth strategy.

Another key element in TSG’s financial efficiency strategy was the continued expansion of the TSG Store. The platform significantly lowered commission costs, allowing the company to retain a larger share of cash from generated bookings. The goal remains for TSG Store to account for 25% of bookings in Fishing Clash and Hunting Clash, further improving profitability.
In December 2024, TSG Store’s share in Fishing Clash payments surpassed 21%, and this upward trend continued in early 2025, confirming the effectiveness of the platform’s growth strategy.

“The success of TSG Store perfectly illustrates our approach to increasing operational efficiency across all areas of our business. By leveraging advanced data analytics and cutting-edge technology, we have built a platform that not only enhances profitability but also delivers tangible benefits to players. This approach to innovation is evident across the entire TSG Group – our priority is to support product development and improve operational efficiency through intelligent data analysis and modern technological solutions. We are already seeing measurable benefits, including reduced translation costs thanks to our in-house language tool. – said Janusz Dziemidowicz, CTO of Ten Square Games.

New prototypes: strategic market validation before scaling investment

In 2024, TSG consistently executed its strategy of developing new game concepts, emphasizing thorough market validation before committing to full-scale production. Trophy Hunter, a hunting simulation game, and Real Combat Simulator, a military flight sim, entered advanced testing phases, where results will be critical in determining their future development.

Trophy Hunter has shown strong engagement and conversion rates, but before committing further resources, TSG must analyze the competitive landscape and assess the game’s scalability potential to create opportunity for commercial success.

Meanwhile, Real Combat Simulator has entered an attractive niche market with limited competition, but its six-month testing phase will determine whether the segment’s size allows for a profitable return on investment. The tests were initiated in February 2025 on Android platform. 

Outlook for 2025: executing a clear roadmap and further expansion

With a clear strategy and strengthened competencies in key areas, TSG enters 2025 with a solid foundation for rebuilding growth.

“Our top priority is to execute our plan with full focus, utilizing all the insights gained in 2024,” said Andrzej Ilczuk, CEO of Ten Square Games. “We are well-prepared to stabilize flagship titles and accelerate growth in the flight simulation segment. Additionally, we intend to expand our portfolio—developing at least one, if not both, of our prototypes into full-scale products, provided they prove commercially viable.” – commented Andrzej Ilczuk, CEO of Ten Square Games 

Looking beyond 2025, TSG’s Management Board has developed a long-term vision for the Group, including actively seeking selective M&A opportunities to expand its portfolio and accelerate growth. The company remains committed to adding new titles through both internal development and acquisitions, ensuring sustainable expansion in the highly competitive mobile gaming market.

With a well-defined strategy, a disciplined investment approach, and strong financial foundations, TSG is well-positioned to regain momentum in 2025 while laying the groundwork for long-term sustainable growth and maximizing shareholder value.