The successful launch of Trophy Hunter opened a new stage in the development of Ten Square Games’ portfolio and confirmed the Company’s ability to create and scale new games. At the same time, Wings of Heroesdelivered record results and entered a new phase of marketing scale-up. The transformation of the Group’s largest titles strengthens its business model and provides resources for further investments in new projects.

– “2025 was a year of strategic portfolio transformation for Ten Square Games. We focused on strengthening the foundations of our business, rebuilding our largest titles and restoring the pipeline of new games. The most important event of the year was the launch of Trophy Hunter. The title not only quickly confirmed its potential but also allowed us to develop a more replicable model for game development, based on rapid concept validation and scaling investments based on data. This approach enables us to develop new projects more efficiently and build a portfolio of new titles, while our largest games remain a stable financial foundation for the Group. These actions allow us to enter a new stage of Ten Square Games’ development – a stage focused on investing in new projects and building additional growth engines.”– Andrzej Ilczuk, CEO of Ten Square Games S.A.

The foundation of the Group’s business: Fishing Clash and Hunting Clash

Fishing Clash and Hunting Clash remain the largest titles in Ten Square Games’ portfolio and constitute a stable financial pillar of the Group, generating resources for the Group’s current activities, development of its existing portfolio and building additional growth engines. Both products also offer attractive long-term monetization potential, which is why the Company continues to focus on improving their key operating metrics.

Given the scale of these games, even small improvements in metrics such as retention, conversion or average player spending can translate into significant financial benefits for the entire organization. Therefore, improving these parameters and increasing payments remain at the center of the Group’s efforts.

In 2025, Fishing Clash generated PLN 197.5 million in bookings, representing a decrease of 18.6% y/y. The lower booking level was partly the result of a deliberate reduction in marketing spending – particularly in the first half of the year – during a period of intensive testing of changes in the game economy, player segmentation and retention improvements. User acquisition spending amounted to PLN 29.4 million, down 39.4% y/y. In Q4 2025, bookings in Fishing Clash reached PLN 49.0 million, representing an improvement compared to Q2 and Q3 and indicating gradual stabilization of the game’s performance and positive effects of the transformation initiatives implemented during the year.

Hunting Clash generated PLN 63.7 million in bookings in 2025, representing a decline of 29.3% y/y. During the year, marketing investments were significantly reduced – user acquisition spending amounted to PLN 12.1 million, the lowest annual level in the game’s history. This decision reflected the need to improve retention and monetization metrics before marketing could again be scaled with satisfactory return on investment. 2025 was therefore a year of intensive product transformation for Hunting Clash. In Q4 2025, the game generated PLN 15.3 million in bookings, representing a  5.0%.increase q/q. 

Growth engines of the TSG Group

The most important 2025 event for the Group  was the global launch of Trophy Hunter in July 2025. It was the first new title introduced to the Group’s portfolio in nearly three years. The game quickly confirmed its potential, achieving very attractive retention and monetization metrics and becoming the fastest-scaling project in the history of Ten Square Games. Thanks to intensive marketing scale-up in Q4 2025, Trophy Hunter became the third largest title in the Group’s portfolio in terms of bookings.

The importance of Trophy Hunter goes beyond the performance of the game itself. The experience gained from this project enabled the Company to develop a more replicable model for creating new games, based on rapid concept validation, iterative product development and data-driven scaling of marketing investments. This model opens the possibility of building a new production line of games, enabling faster development and testing of new projects.

The second important growth driver in 2025 was Wings of Heroes, which continued its dynamic development and achieved record bookings of PLN 31.8 million, representing a 66.0% y/y increase. The Q4 was particularly strong, with the game generating PLN 9.8 million in bookings – the best quarterly result in its history. Improvements in key retention and monetization metrics allowed the game to enter a new phase of marketing scale-up. In Q4 2025, the Group invested PLN 5.7 million in user acquisition for Wings of Heroes (an increase of 19.5% q-o-q), while for the full year the total amounted to PLN 15.6 million (an increase of 89.1% y/y).

The development of Wings of Heroes and the rapid scaling of Trophy Hunter strengthen the diversification of the Group’s revenue sources and gradually increase the share of new titles in Ten Square Games’ results, reducing the Group’s dependence on the performance of individual projects.

New projects – investment in future growth

An important element of Ten Square Games’ strategy is the development of a pipeline of new games, enabling the Group to systematically strengthen its portfolio and build additional growth engines based on a repeatable model of creating and testing projects.

One of the most important projects currently under development is Medal Hunter, with a soft launch planned for the second quarter of 2026. The game builds on the proven mechanics of Trophy Hunter, while introducing gameplay set in battle environments inspired by real events, thereby expanding beyond the Group’s existing segments of activity.

The project represents another step in building a replicable model of game development, in which proven gameplay mechanics can be applied across different environments and market segments. The model is based on rapid validation of concepts with real users and scaling investments only after confirming the market potential of a project. Such an approach allows the portfolio to be regularly expanded with new titles while limiting development risk.

At the same time, Ten Square Games remains open both to developing games in new segments and to further strengthening the areas in which it already has strong competencies and an established market position. The goal is to build an increasingly diversified portfolio, where growth will be driven by multiple projects rather than individual titles.

Strong business model and solid financial position

-“Stable cash generation remains one of the key pillars of Ten Square Games’ business model. It allows us to invest in the development of new projects while regularly sharing profits with our shareholders. That’s why despite plans to increase investments in new projects, the Board was able to recommend a dividend for 2025 exceeding the Company’s dividend policy at PLN 10 per share.” –  Magdalena Jurewicz, CFO of Ten Square Games S.A.

Ten Square Games’ business model enables the Group to generate stable cash flows that finance operating activities, support the development of new projects and allow the Company to share profits with shareholders.

In 2025, the Group generated PLN 352.3 million in bookings and reported Adjusted EBITDA of PLN 98.2 million. Despite lower y/y bookings, the Group maintained strong operating profitability and the ability to generate solid cash flows. This made it possible to pay in June 2025 a record dividend of PLN 100.0 million while simultaneously rebuilding the level of cash and cash equivalents to PLN 120.3 million at year-end.

The Group closed 2025 with net profit of PLN 77.0 million, representing an increase compared to 2024. The result was significantly influenced by non-cash accounting adjustments related to deferred revenues and costs – which reduced profit by PLN 11.9 million in 2024 but increased it by PLN 5.2 million in 2025.

The financial results achieved in 2025 allowed the Management Board to once again propose a profit distribution above the level resulting from the Company’s dividend policy. The Board recommended the distribution of PLN 63.7 million in the form of dividend, corresponding to PLN 10 per share. The final decision on the dividend will be made by the General Meeting of Shareholders.

Development of the direct-to-consumer platform

– “The development of the direct-to-consumer platform is a natural step in strengthening the efficiency of our business model. It allows us to improve monetization efficiency and build a direct relationship with players. At the same time, we are automating an increasing number of analytical and operational processes, allowing our teams to focus on what matters most – creating better and better experiences for players.” – Janusz Dziemidowicz, CTO of Ten Square Games S.A.

An important element supporting the efficiency of Ten Square Games’ business model is the evolution of its sales channels towards a full direct-to-consumer (D2C) platform. This includes not only the development of the TSG Store but also the use of new payment solutions that allow players to purchase virtual goods through alternative payment channels, currently available in only the United States.

North America is the largest market for Ten Square Games, which makes this solution particularly important for the Group. The solution is easy to implement and does not require complex technological infrastructure. It has already been tested in Fishing Clash and Hunting Clash, and in the beginning of 2026 the implementation started in Wings of Heroes and Trophy Hunter.

These solutions increase the Group’s control over the player relationship, improve margins on virtual goods sales and strengthen the Company’s resilience to regulatory and commission changes within major distribution platform ecosystems.

Outlook: a new stage of Ten Square Games’ development

Ten Square Games sees 2026 as the beginning of a new stage in the Group’s development. The Company’s strategy focuses on building an increasingly diversified and resilient portfolio of games.

The Group aims to strengthen its position in the segments where it already has strong competencies and an established market presence, while cautiously exploring new segments that could become future growth engines. At the same time, maintaining strong business foundations in the form of the Group’s largest games remains a priority, as they generate stable cash flows and finance the development of new projects.

This approach combines the stability of the Group’s business model with investments in future growth and long-term growth.

About Ten Square Games

Ten Square Games Group is one of the largest Polish producers of mobile games in the free-to-play model and the leader in the outdoor hobbies mobile-game segment (fishing and hunting). The Group includes the Rortos studio in Verona and holds a minority stake in Kraków-based Gamesture. The Group portfolio features titles such as Fishing Clash – one of the world’s most popular 3D fishing games, Hunting Clash – a realistic hunting simulator, Real Flight Simulator, and the fast-growing Wings of Heroes. In 2025, the TSG Group launched two new titles globally: Trophy Hunter and Real Combat Simulator. With a team of around 330 specialists, the company continues to raise the bar in the mobile gaming industry, creating engaging and realistic experiences for millions of players worldwide.