In Q1 2026, Ten Square Games Group’s bookings increased by 3.0% q-o-q to PLN 98.4 million. This was the third consecutive quarter of bookings growth, driven by the dynamic development of Trophy Hunter and the record performance of Wings of Heroes. At the same time, the Group’s largest titles continued to provide an important foundation for its business, while the teams continued working to improve their operating metrics and monetization efficiency. The beginning of the year was also a period of intensive work on new projects – Medal Hunter, the Group’s newest title, entered the soft launch phase and is getting closer to its global launch. In parallel, the Group developed two new prototypes, which entered market tests in April. This is the result of Ten Square Games’ new game development model, which is based on systematically creating and validating ideas early in the market in order to effectively select and invest only in projects with the strongest commercial potential. 

– „Q1 2026 results show that the key elements of our strategy are beginning to work together towards a common outcome. Group bookings have been growing for three consecutive quarters, with new and scaling titles accounting for an increasing share of this growth. Trophy Hunter plays a particularly important role in this, having quickly become a key growth driver after its launch. Growing bookings were also supported by the record performance of Wings of Heroes and the consistent work of the teams responsible for our largest games, which remain the foundation of our business. Ahead of us is another important milestone in the execution of our strategy – the global launch of Medal Hunter. It is planned just 10 months after the launch of Trophy Hunter. At the same time, we are working intensively on further concepts to steadily increase the number of projects that may become future growth drivers for the Group. This is the best example of how the new game development model allows us to move faster and create more repeatable opportunities for future growth,” comments Andrzej Ilczuk, CEO of Ten Square Games S.A.

Game portfolio: strong foundations and the growing importance of new projects 

In Q1 2026, Ten Square Games’ portfolio performance showed the effects of the Group’s two-track approach. The largest titles continued to provide an important foundation for the business, while their teams continued working to improve operating metrics and monetization efficiency. At the same time, the dynamic development of Trophy Hunter and Wings of Heroes is increasingly strengthening the role of new and scaling projects in the Group’s results. Combined with stable bookings from Real Flight Simulator, this translated into the third consecutive quarter of bookings growth for the Group. 

Fishing Clash and Hunting Clash remained the Group’s largest titles and an important foundation of its business in Q1 2026. Bookings in both games were affected, among other factors, by a lower level of marketing spending in previous periods. It should be noted that in the first three months of 2026, marketing spending in both titles was also significantly lower q-o-q, which remains one of the important factors affecting bookings dynamics in these games also going forward. At the same time, the teams of both titles continued activities aimed at stabilizing performance, improving key operating metrics and increasing monetization efficiency. In Fishing Clash, bookings amounted to PLN 46.2 million and were 5.7% lower q-o-q. The result was additionally affected by the introduction of two new fisheries instead of three, which are an important element of the game’s monetization. In Hunting Clash, bookings amounted to PLN 15.3 million and were close to the level recorded in Q4 2025, while three new locations were introduced to the game during the period.

The activities of the Fishing Clash and Hunting Clash teams focused on stabilizing performance and further strengthening the foundations for long-term improvement in operating metrics. They included, among others, organizing the game economies, improving retention, developing LiveOps events, refining player segmentation, and implementing solutions supporting monetization and profitability. In both titles, the teams also developed additional revenue streams, including alternative payment methods for players in the United States and video ad monetization. These activities are part of the broader transformation of the Group’s largest titles, aimed at improving the efficiency of their business model and maintaining their role as a stable financial foundation for Ten Square Games.

In parallel, Trophy Hunter is playing an increasingly important role in the Group’s results. In Q1 2026, the game’s bookings amounted to PLN 15.0 million, which means an increase of 47.4% q-o-q and the highest quarterly result in the title’s history. This was the result of both further product development and intensive marketing investments – in Q1 2026, Trophy Hunter was the title with the highest level of marketing spending in the Group’s portfolio. Ten Square Games is scaling the project in a disciplined way, based on data, current campaign results and the assumed framework for return on marketing investment.

During the period, Trophy Hunter was expanded with three new arenas, while the key implementation was the launch of the Night Hunt mode. This feature changes the dynamics of gameplay, increases the depth of the game, supports regular player returns and has a positive impact on monetization. In parallel, the team developed solutions improving the game’s profitability, including an alternative payment method for players in the United States. However, the importance of Trophy Hunter goes beyond current financial results – the title has confirmed for the Group that new games can be developed faster and more efficiently based on proven product assumptions, rapid iterations and data from real player behavior.

Wings of Heroes continued its growth streak for another consecutive quarter. In Q1 2026, the game’s bookings increased by 13.3% q-o-q to PLN 11.1 million, reaching the highest quarterly level in the title’s history. This growth was supported by the intensification of marketing activities in recent quarters and consistent work on preparing the project for further scaling.

In Q1 2026, the Wings of Heroes team focused primarily on improving the early-stage player experience, increasing retention among initial user cohorts, personalizing the experience and further strengthening the foundations for marketing scaling. The changes introduced included improvements to the player experience, development of content and personalization elements, and further technical optimization of the game. In March 2026, Wings of Heroes also introduced an alternative payment method for players in the United States, aimed at supporting the game’s monetization and profitability by reducing platform commission costs.

New game development model in action

An important element of Ten Square Games Group’s development strategy is the new game creation model. It is based on a repeatable process of rapidly creating, testing and market-validating new concepts, followed by the selective development of those projects that confirm the strongest commercial potential. The aim of this approach is to systematically increase the number of opportunities for projects that may become the Group’s future growth drivers.

The first project developed under this model was Trophy Hunter, which quickly became one of the key growth drivers of the Group’s bookings. The next one is Medal Hunter – a project developed using the experience gained from Trophy Hunter and based on proven elements of the gameplay model. As a result, Medal Hunter has been prepared for launch in a much shorter timeframe, with its global debut planned soon. The project shows that Ten Square Games is able to use proven solutions, create faster further titles with scaling potential and seek development opportunities in new gaming segments.

A key element of this model is also the regular creation of new concepts that can be verified with real users according to clearly defined criteria. The team worked intensively on this area in Q1 2026. As a result of these efforts, two early prototypes – Hunter’s Lodge and Fishing Trip – were prepared and entered market tests in April 2026. The tests are intended to verify product assumptions, key KPIs and the commercial potential of the projects. Decisions on their further development will be made based on test results, including retention, monetization potential, scalability and user acquisition efficiency. Projects that do not meet the assumed criteria will not be developed further, and resources will be redirected to subsequent concepts and tests.

Hunter’s Lodge is an early hunting game prototype offering a more relaxed and exploration-driven experience based on target identification, trophy collection and skill-based gameplay. Fishing Trip is an early casual fishing game prototype focused primarily on the fishing experience, developed based on Ten Square Games’ many years of experience in this segment.

The market tests of Hunter’s Lodge and Fishing Trip show that the new game development model is intended to support the Group not only in seeking opportunities in new market segments, but also in making better use of Ten Square Games’ existing know-how in categories where the Group has strong competencies and an established position.

Development of the direct-to-consumer (D2C) platform

– “Regulatory and market changes, especially in our largest markets, are creating new opportunities for the development of direct sales in mobile games. Our role is to implement solutions quickly and safely that allow players to use convenient purchase methods, while enabling the Group to increase monetization efficiency. The D2C platform is of strategic importance to us – it strengthens the direct relationship with players, improves the profitability of virtual goods sales and increases the resilience of our business model. As adoption of these solutions grows across further titles, the importance of the D2C platform within the TSG Group will continue to increase,” said Janusz Dziemidowicz, Chief Technology Officer of Ten Square Games S.A. 

An important element of Ten Square Games’ growth strategy is the development of its own direct-to-consumer sales channels. The Group defines D2C broadly – as all forms of direct sales of virtual goods to players available to the Company, carried out outside the standard purchasing model through distribution platforms. The starting point for this area was TSG Store, currently available in Fishing Clash and Hunting Clash, while today D2C also includes payment solutions available directly in Fishing Clash, Hunting Clash, Trophy Hunter and Wings of Heroes.

The development of direct sales has become possible thanks to changes in the regulatory and market environment, which have opened up new opportunities for game developers to direct players to alternative payment methods. These changes are progressing fastest in the United States, which is Ten Square Games’ largest market in terms of share in the Group’s bookings.

Using these opportunities, the Group began implementing alternative payment methods in the United States, allowing players to make purchases directly from Ten Square Games without leaving the game application. This is an important change compared to TSG Store, where making a purchase required moving outside the app. The speed and ease of implementation of the new solution meant that at the turn of the year the Group began testing it in Fishing Clash, and during Q1 2026 extended it also to Hunting Clash, Trophy Hunter and – in March – Wings of Heroes.

The development of D2C is important for the efficiency of Ten Square Games’ business model. Direct sales allow the Group to reduce commission costs related to purchases of virtual goods, improve profitability and strengthen the Group’s direct relationship with players. In March 2026, the share of direct sales in the Group’s bookings reached 20%. Particularly strong results were recorded in Fishing Clash, where direct sales accounted for 33% of the game’s total bookings. In Hunting Clash, the share of D2C reached 20% and was higher than in previous months.

In the coming months, Ten Square Games intends to continue developing the D2C platform and expanding its use across the portfolio. In the future, the Group plans to implement D2C solutions also in subsequent projects, treating them as one of the important elements of improving monetization efficiency and the long-term profitability of the business.

Growing bookings and strong cash position

– „The strength of Ten Square Games’ business model lies in its ability to combine ongoing operations with investments in future growth and profit-sharing with shareholders without relying on external financing. In Q1 2026, we continued to develop new projects, supported the scaling of high-potential titles and at the same time maintained a strong cash position. This gives us comfort in our operations and flexibility in making investment decisions. Once again, we can also share profits with shareholders at a level above that resulting from our dividend policy. The dividend of PLN 10 per share, with payment planned for May 22, 2026, confirms the resilience of our model and the effectiveness of our approach to capital allocation,” – said Magdalena Jurewicz, CFO of Ten Square Games S.A.” 

In Q1 2026, the Group achieved PLN 98.4 million in bookings, which means an increase of 3.0% q-o-q. This was the third consecutive quarter of growing Group bookings. The positive momentum was driven primarily by the performance of Trophy Hunter and Wings of Heroes, both of which achieved the highest quarterly bookings in their history in Q1 2026. This shows the growing importance of new and scaling titles in building the Group’s results. As the role of these projects grows, their share in the Group’s marketing investments is also increasing. In the case of Trophy Hunter, the level of marketing investment still exceeds the bookings generated by the title; however, this is a deliberate investment in scaling the project. In the short term, it weighs on financial results, but in the longer term it should support bookings growth and the game’s profitability. Decisions on the scale of marketing spend for individual projects are made based on data, current campaign performance and assumed rates of return within a defined timeframe. In this way, the investment in Trophy Hunter is intended to build the Group’s long-term value while maintaining control over scaling efficiency. 

Adjusted EBITDA amounted to PLN 18.9 million and increased by 1.9% q-o-q, while net profit amounted to PLN 13.6 million, representing an increase of 16.0% q-o-q. The Group also maintained a strong ability to generate cash. Cash flow from operating activities amounted to PLN 20.2 million in Q1 2026, an increase of 10.0% q-o-q. At the end of March 2026, cash and cash equivalents amounted to PLN 137.2 million, increasing by 14.0% q-o-q.

The results for Q1 2026 confirm the resilience of Ten Square Games’ business model and the Group’s ability to finance ongoing operations, the development of existing games and investments in new projects. The strong cash position gives the Group financial flexibility, supports consistent investments in projects with confirmed potential and enables profit-sharing with shareholders.

About Ten Square Games

Ten Square Games Group is one of the largest Polish mobile game developers operating in the free-to-play model and a leader in outdoor-themed games. The Group includes the Rortos studio based in Verona and a minority stake in the Kraków-based studio Gamesture. The Group’s portfolio includes, among others, Fishing Clash – one of the world’s most popular 3D fishing games, Hunting Clash – a realistic hunting simulator, Real Flight Simulator, Wings of Heroes, Trophy Hunter and new titles developed as part of the portfolio diversification strategy. The Ten Square Games team continuously raises standards in the mobile gaming industry, creating engaging and realistic experiences for millions of players around the world.