Ten Square Games’ results for the second quarter of 2026 show increasingly visible progress in the execution of the Group’s growth strategy, based on a broader product portfolio and a more repeatable game development model. Bookings increased year-on-year both in the second quarter and in the first half of 2026, confirming the growing scale of the Group’s business. During the period, the Group made progress across all key areas of its strategy: strengthening its core titles, preparing Trophy Hunter and Wings of Heroes for the next stages of scaling, and developing its product line model. These efforts resulted, among others, in the global launch of Medal Hunter, which debuted on July 30, 2026 as the second title in the shooter line initiated by Trophy Hunter. At the same time, Fishing Trip continued market validation as a project that may become the beginning of another product line for the Group. 

“- Q2 shows that our growth strategy is starting to translate into visible progress across the portfolio. We are not building future growth around a single title, but around a more diversified model: a stronger core portfolio, growth titles with further scaling potential and new product lines that can open additional opportunities. In Fishing Clash, KPI improvement supports renewed marketing scaling, while Trophy Hunter and Wings of Heroes continued product work aimed at preparing them for their next growth phases. At the same time, our product-line model moved forward: Medal Hunter reached global launch as the second title in our shooter line, and Fishing Trip continued market validation as a potential next product line. We are still early in this process, but Q2 gives us more confidence that the elements of the strategy are beginning to come together. Positive signals continued in July, with bookings improving in key titles including Fishing Clash, Hunting Clash, Trophy Hunter and Wings of Heroes,” says Andrzej Ilczuk, CEO of Ten Square Games S.A.

Core portfolio: stable foundation with signs of renewed growth potential

Ten Square Games’ core portfolio remained the foundation of the Group’s performance in Q2 2026, with Fishing Clash and Hunting Clash continuing to provide the financial base for portfolio development and new product initiatives. At the same time, early signs from Q2 and July indicate that product improvements may support renewed scaling potential in selected titles.

The most important signal came from Fishing Clash, the Group’s largest title. KPI improvement in the game supports renewed marketing scaling, while bookings continued to grow in July after a stronger Q2 2026. This indicates that the work focused on strengthening the product and rebuilding its growth potential is beginning to translate into results.

In Hunting Clash, the Group improved the game’s technical foundations. This creates a stronger base for further work on retention, monetisation and engagement. Bookings in Hunting Clash also grew month-on-month in July, providing an early positive signal after the Q2 2026 technical improvements.

Growth titles: preparing for the next scaling phase

Beyond its core portfolio, Ten Square Games is developing an additional layer of growth, with Trophy Hunter and Wings of Heroes as the most advanced titles in that process. Both games have already shown that they can reach meaningful scale, and the current work is focused on increasing their future contribution to Group results. 

In Q2 2026 Trophy Hunter, the priority was to build monetisation systems that can improve player LTV and create more room for efficient user acquisition in future periods. The July level of bookings provided a positive signal: Trophy Hunter generated PLN 5.1 million in bookings, the second-highest monthly level in the game’s history.

In Wings of Heroes, Q2 2026 was about testing whether the game can repeat a step-change similar to the one achieved after its 2023 rebuild, when improved KPIs opened the way for scaling and stronger bookings growth. This time, the changes touched also the key areas of the product – progression, economy, campaigns, new gameplay modes, monetisation and the first controlled test of expanding beyond the historical World War II setting.

Because many of these changes were implemented toward the end of Q2 2026, the coming months will be key to assessing their full impact. 

Product lines: a KPI-driven model for future growth

A key element of Ten Square Games’ strategy is the transition from developing individual titles to building repeatable product lines. The product-line model is designed to create more growth options while keeping early-stage capital risk under control. New projects are built using shared tools, mechanics and production experience, allowing the Group to move faster, work with smaller teams and increase resources gradually – only when player data and market tests confirm that a project is ready for the next stage.

Medal Hunter is the first clear execution proof point of this model. The game was developed in less than 12 months after the global launch of Trophy Hunter and became the second title in the Group’s shooter product line. It entered the market as a more advanced product than Trophy Hunter at the time of its global release, with a broader content base, more features, high-quality graphics and a fuller monetisation setup.

Strategically, Medal Hunter also gives Ten Square Games access to a new area of the mobile games market: military-themed PvP action. This segment is broader than the Group’s historical fishing and hunting categories and may support further portfolio diversification. The game’s initial performance is in line with the Group’s expectations, and the Company is now entering the scaling and validation phase. Further support for the title will depend on cohort behaviour, retention, monetisation and return on marketing investment.

In parallel, Ten Square Games continued work on Fishing Trip, a project that may become the beginning of another product line. The project has progressed through market testing, with tests expanded to additional countries and each subsequent update improving key parameters. Fishing Trip is currently being prepared for the next stage of development – soft launch – provided that further data continues to support this step.

D2C: gaining importance in the business model

Direct-to-consumer sales remain an important element of Ten Square Games’ work to improve product economics and reduce dependence on traditional app store distribution. 

In June 2026, D2C accounted for 24% of the Group’s bookings. Its share was particularly strong in the core portfolio, reaching 33% in Fishing Clash and 26% in Hunting Clash. The Group also observed growing D2C contribution in newer titles, with direct sales representing 11% of Trophy Hunter bookings and 21% of Wings of Heroes bookings in June.

An important step was the implementation of alternative payment methods in Medal Hunter from global launch. This shows that D2C can increasingly be built into new products earlier in their lifecycle, supporting better transaction economics, monetisation flexibility and a more direct relationship with players.

Year-on-year bookings growth shows progress in building long-term growth 

Ten Square Games delivered year-on-year bookings growth in Q2 2026, with Group bookings reaching PLN 93.3 million, up 14.6% year-on-year. In the full first half of 2026, bookings amounted to PLN 191.7 million, 11.5% more than in the corresponding period of 2025. This growth shows that actions taken across the portfolio in previous periods are beginning to translate into a higher business scale.

Quarter-on-quarter, bookings were lower, mainly due to reduced marketing expenditure. At the same time, Adjusted EBITDA improved by 13.5% quarter-on-quarter to PLN 21.4 million, as the Group combined a lower marketing investment with continued cost discipline. Also, quarterly net profit improved to PLN 14.6 million.

Importantly, compared with Q2 2025, marketing expenditure remained more than twice as high, showing that the Group continues to support future growth, but does so selectively and based on product data.

“- Q2 shows that we can balance investment in growth with financial discipline. After a very intensive Q1, marketing spend decreased quarter-on-quarter as selected products were preparing for their next stage of scaling. At the same time, marketing investment remained significantly higher year-on-year, which shows that we continued to support the portfolio’s long-term development. Our approach is data-driven. Every marketing investment must have a clear rationale, a defined payback path and the potential to create value for the Group,” comments Magdalena Jurewicz, CFO of Ten Square Games S.A.

The Group maintained solid cash generation, with Q2 operating cash flow of PLN 20.1 million, close to Adjusted EBITDA. After the payment of a PLN 63.7 million dividend and the final earn-out tranche of PLN 18.0 million to previous owners of Rortos, cash and cash equivalents stood at PLN 73.1 million at the end of Q2, supporting ongoing operations and further portfolio development.

Outlook: growth built on strong foundations and staged validation of new projects 

“- Our objective is clear: we want Ten Square Games to grow. We are pursuing this growth in a disciplined way – by strengthening our core products, developing growth titles with increasing potential and building new product lines that can create additional opportunities while keeping capital risk under control. The coming quarters will be important for validating this model in practice, as Medal Hunter enters marketing scaling and Fishing Trip moves towards soft launch. With more new titles and concepts in development than in recent years, our focus is to manage growth selectively, based on data and with a clear view on long-term value creation,” concludes Andrzej Ilczuk, CEO of Ten Square Games S.A.

The coming quarters will test whether Ten Square Games can turn its broader portfolio into a more diversified growth engine. The Group’s strategy is not based on one title or one initiative, but on several growth levers at different stages of maturity.

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, Medal 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.