The third quarter of 2026 marked further clear progress in the execution of Ten Square Games’ product line strategy. The Group maintained bookings growth both year-on-year and quarter-on-quarter, while continuing to expand its portfolio with titles that may increase the scale of the business over time. Fishing Clash and Hunting Clash remained the stable foundation of the Group, while Trophy Hunter and Wings of Heroes reached record quarterly bookings. Medal Hunter launched globally, while Fishing Trip completed preparations for soft launch. The growing number of products at the player-base building and scaling stage resulted in a significant increase in marketing investment, directed primarily towards newer titles in the portfolio, which put short-term pressure on profitability. At the same time, the Group continues to broaden its monetisation mix and develop solutions that improve portfolio economics, with the aim of ensuring that the growing scale of the portfolio translates into improved profitability over time.

– Our new product line development model is beginning to deliver tangible results, which can also be seen in the Group’s growing bookings. At the same time, it changes the way we invest in marketing. Our objective is to confront a product’s potential with the expectations of real players as quickly as possible and use their behaviour to assess its commercial potential. This means bringing games to market at an earlier stage of development and building further features, including more advanced monetisation mechanics, based on data generated by a sufficiently large player base. At the same time, we cannot postpone building scale until a game is fully mature – competition for users is too intense and acquisition costs are rising too quickly. This is why we start building player bases earlier than we used to, but increase investment only where the data gives us grounds to expect not only a return on investment, but also profit – says Andrzej Ilczuk, CEO of Ten Square Games S.A.

Portfolio: a broader bookings base and a growing contribution from newer titles

In the third quarter of 2026, Group bookings reached PLN 97.8 million, increasing by 15.0% year-on-year and 5.7% quarter-on-quarter. After nine months, bookings amounted to PLN 288.2 million, up 12.2% compared with the same period of the previous year. The growth in bookings has been accompanied by a gradual change in their composition.

Fishing Clash and Hunting Clash remain the stable foundation of the portfolio and continue to account for approximately 60% of Group bookings. Real Flight Simulator operating under a subscription-based model also contributes to the stability of the Group’s bookings. At the same time, titles developed in recent years are becoming increasingly meaningful. Trophy Hunter and Wings of Heroes achieved record quarterly bookings in Q3, reaching PLN 15.3 million and PLN 12.0 million respectively. Together with the Group’s newest title, Medal Hunter, they accounted for approximately 30% of total bookings. As a result, Ten Square Games’ bookings base is becoming increasingly diversified and less dependent solely on its largest mature titles.

This shift also demonstrates the first results of the product line development model. Trophy Hunter was the first title developed under this approach, and the technologies, solutions and experience created for the game formed the basis for Medal Hunter, which launched globally on 30 July 2026 as the second product within the same line. A shared technology and product foundation allows the Group to bring subsequent games to market faster and accelerate their further development.

Ten Square Games aims to systematically expand individual product lines with additional titles and build a more diversified bookings base. Over time, a broader portfolio should also reduce the Group’s dependence on the performance of individual titles and create greater potential to increase both the scale and profitability of the business.

A broader portfolio is changing the scale and structure of marketing investment

– Our core products have large player bases that have been built over many years and can continue to generate bookings even during periods of lower marketing investment. New titles are only at the beginning of this journey – they first need to build their own user bases, which can then be monetised over subsequent periods. This requires higher marketing investment today, while returns from individual cohorts are spread over time. We invest deliberately in new products where product data and game economics give us grounds to expect attractive returns. This puts pressure on results in the short term, but the objective of these investments is to build a larger and more diversified payers base that should over time support both improved profitability and the Group’s ability to generate cash – comments Magdalena Jurewicz, CFO of Ten Square Games S.A.

The growing number of products at the player-base building and scaling stage has resulted in a clear change in both the scale and structure of Ten Square Games’ marketing investment.

In the third quarter, the Group’s marketing expenditure reached PLN 42.6 million – 64.8% higher than in the previous quarter and 112.5% higher than a year earlier. This was the second-highest quarterly level of marketing investment in Ten Square Games’ history.

Approximately 75% of this expenditure was allocated to Trophy Hunter, Medal Hunter and Wings of Heroes. This reflects a change in the way capital is allocated: while mature products benefit from large user bases built over many years, an increasing share of new investment is directed towards titles that are still building scale. In the free-to-play model, the cost of acquiring a user is incurred at the beginning of the player lifecycle, while monetisation of acquired cohorts is spread across subsequent periods. As player bases grow, the relationship between current marketing expenditure and the scale of bookings generated in future periods can therefore change over time.

Marketing investment decisions are based on clearly defined performance metrics, with investment increased where the data indicates the potential to generate attractive returns.

The higher level of investment also put pressure on the Group’s short-term profitability. Adjusted EBITDA in the third quarter amounted to PLN 8.9 million and was lower than in previous periods. At the same time, the Group generated PLN 10.1 million in cash flow from operating activities, while cash and cash equivalents increased to PLN 82.2 million at the end of September, compared with PLN 73.1 million at the end of the second quarter.

Growing D2C penetration, a greater role for advertising and lower transaction costs

Ten Square Games continues to work on improving the profitability of its portfolio – on the one hand by developing additional revenue streams, and on the other by reducing the cost of processing payments.

One of the key elements of these efforts is the Group’s Direct-to-Consumer platform, which is being systematically expanded across its products. In September, payments made through D2C accounted for approximately 22% of Group bookings, with a particularly high share in Fishing Clash. The platform currently covers five key products, which – depending on the stage of implementation – offer one or two direct sales channels. The Group has recently decided to further expand D2C within its newest products and has started work on webstores for Trophy Hunter and Medal Hunter, which until now have relied solely on alternative payment methods available in the US market.

Advertising, primarily rewarded video ads, has also become a significantly more important source of monetisation in 2026. In the third quarter, advertising accounted for 8.4% of total Group bookings. Its growing share shows that advertising is becoming an important complement to traditional IAP monetisation and allows the Group to generate revenue from active players who do not make in-game purchases. As this area has grown in scale, Ten Square Games has also strengthened its advertising monetisation capabilities to make more effective use of its revenue potential across the portfolio.

At the same time, the Group continues to work on reducing transaction costs. As part of these efforts, Ten Square Games teams completed the technical and product work required for the Group’s games to qualify for the Google Play Level Up programme. As a result, Wings of Heroes, Fishing Clash, Hunting Clash and Medal Hunter qualified for the programme in October 2026.

For games covered by Google Play Level Up, the commission charged on purchases made by existing players is reduced by an additional 5 percentage points. For purchases made by new players in selected markets, the total benefit compared with the previous commission level reaches 10 percentage points. This is particularly relevant for the Group – after nine months of 2026, 44.8% of Ten Square Games’ bookings were processed through Google Play worldwide.

As the portfolio grows, the significance of these initiatives will increase – greater advertising monetisation, a higher share of D2C and lower platform commissions allow the Group to retain a greater share of the revenue generated by its growing player base.

Outlook: new products and further development of the Group

– We have successfully brought new games to market, which is a significant challenge in today’s mobile gaming environment. Importantly, they have also been well received by players. As a result, we now have not only more products, but above all more opportunities to grow the Group than we had just a few quarters ago. We want to make good use of this potential by continuing to develop our newest games while building a pipeline of further titles. Our aim is to create several independent sources of growth and build a Group that can grow faster and create increasing value over the coming years – says Andrzej Ilczuk, CEO of Ten Square Games S.A.

The next step in the execution of TSG’s strategy is the soft launch of Fishing Trip. The project may become the starting point for Ten Square Games’ second product line and will allow the Group to validate both the potential of the game itself and a more hybrid monetisation model, in which advertising plays a greater role alongside IAP. At the same time, the Group is developing further prototypes that may in the future complement existing and new product lines. Some of them are already approaching initial market tests in selected countries.

The Group’s new game development model is based on rapidly testing new concepts and increasing commitment only when the data confirms their potential. Projects that fail to meet the required criteria are stopped at an early stage, limiting the risk of committing significant resources.

As the portfolio expands, Ten Square Games’ scaling needs are also changing. The Group now has a growing number of games at different stages of development, operating in different market segments and targeting different groups of players. In this environment, capabilities that enable the Group to reach the right audiences effectively and scale individual products in line with their potential and economics are becoming increasingly important. Ten Square Games is therefore strengthening its Growth capabilities and closer cooperation between the Growth and Product teams.

Ten Square Games’ objective is to build a model in which successive product lines systematically create new sources of bookings, while a broader portfolio, further development of monetisation and increasing scaling efficiency translate over time into higher profitability, stronger cash generation and greater value for the Group.

About Ten Square Games

Ten Square Games is a mobile game developer and publisher based in Poland and listed on the Warsaw Stock Exchange. The company specializes in free-to-play mobile games. The Group’s portfolio includes titles such as Let’s Fish, Fishing Clash, Hunting Clash, Trophy Hunter, Medal Hunter and Wings of Heroes. The Group also includes Rortos, its Italian studio based in Verona, which develops Real Flight Simulator and Real Combat Simulator. Ten Square Games develops and operates games for players around the world, combining live operations, data-driven product development and expertise in mobile entertainment.