Ten Square Games Sa · GPW:TEN
Ten Square Games Sa — Q2 2025 Earnings Presentation
41 slides from Ten Square Games Sa's earnings presentation, Aug 26, 2025
Slide 1: Q2 2025 Presentation
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Slide 2: Key Priorities Performance
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Slide 3: Focus Strategy in Action for Long-Term Growth
Focus Strategy in Action for Long-Term Growth Transformation in Fishing Clash Segmentation & FTUE and Hunting Clash Development of Wings of Heroes Game depth Preparation for global launch July 3, 2025 of Trophy Hunter 3 AI
Slide 4: Product Updates Performance & Key Initiatives
tensquare games oe =i # pa. PRODUCT UPD ATES Bay PERFORMANCE & KEY . INITIATIVES
Slide 5: Performance Shaped by A/B Testing & Reduced Marketing
Performance Shaped by A/b testing & Reduced Marketing Bookings and marketing & expense (PLN M) ■ Q2 2025 key focus: ■ start of redesign of the first stage of players’ journey (FTUE) M PLN ■ implementation of segmentation tests ■ Successful test of lapse players treatment (HC) ■ Positive results will
Slide 6: Segmentation Tests: Solid Progress, Impact Still Ahead
Segmentation Tests: Solid Progress, Impact Still Ahead segmentation - objective: improve monetization Early tests on smaller segments show positive uplift; impact on core groups will take more time as larger-scale tests continue Iteration v1 v2 v3 v4 Audience large group of small group of mid small
Slide 7: Lifecycle Personalization Tests Deliver Strong Results
lifecycle Personalization Tests Deliver Strong Results Personalizing treatment for players’ life cycle - objective: improve monetization v1 v2 v3 v4 v5 Returning treatment Lapsed payer Location engagement Version New type of offer Mid game boost for lapsed players treatment boost Audience Lapsed pla
Slide 8: Wings of Heroes ready to take off
Wings of Heroes ready to take off ■ Drop in bookings by 13.7% q-o-q in Q2’25 as a result of lower UA cost and challenges with first iteration of Battle Pass ■ In Q2 2025 the team focused on: ■ the depth of the game: introduction of a new game mode - Total Defense ■ LiveOps: iterating events, adding
Slide 9: New Titles
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Slide 10: Trophy Hunter: Strong Global Launch
Trophy Hunter: Strong Global Launch TROPHY HUNTER real Growing combat number of Daily Active Users (DAU) simulator July 3rd, 2025 global launch of Trophy Hunter Team expanded to 11 people July 2025 August 2025 Total registrations after global launch 0.5 M Hybrid monetization: in-app payments & adver
Slide 11: Exceptional Early KPIs Indicate Growth Opportunity for Trophy Hunter
Exceptional Early KPIs Indicate Growth Opportunity for Trophy Hunter retention Day 7 conversion rate X X higher than in higher (on average) than in other TSG’s titles Early KPIs surpass those of ALL OF TSG’s TITLES, confirming strong monetization and retention potential AI 11
Slide 12: Packed Roadmap to Unlock Trophy Hunter's Full Potential
Packed Roadmap to Unlock Trophy Hunter’s Full Potential Main focus till the end of 2025: Content and features designed to strengthenreal combat retention and engagement. TROPHY HUNTER simulator Q3 2024 Q4 2024 retention D1-D14 long-term retention new arenas new arenas new feature A new game mode new
Slide 13: Progress in development of real combat simulator
progress in development of real combat simulator On the path to global launch New update coming with multiplayer feature early in September Expansion with new content Subscription based Team: 3-4 people AI 13
Slide 14: Store
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Slide 15: Record Store Shares in Fishing Clash & Hunting Clash
Record Store Shares in Fishing Clash & Hunting Clash Fishing Clash Hunting Clash with record high share with record high share 32.9% 21.7% Still space for growth, especially in Hunting Clash. JD 15
Slide 16: TSG Store with record high share
TSG STORE with record high share TSG Store’s 23.4% % share in Group’s bookings share of TSG Store bookings (June 2025) share of TSG Store grew to record high levels in both products: Fishing Clash & Hunting Clash introduction of exclusive premium currency in Hunting Clash - deerbucks changes in Fish
Slide 17: Financial Results
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Slide 18: 1H 2025 in TSG shows long term financial resilience
1H 2025 in tsg shows long term financial resilience Profitability Strong cash generation Adjusted EBITDA Net profit Operating Cash Flow in Q2 2025 PLN 26.3 MLN +5.0% +18.7% y/y y/y M PLN M PLN Consistent distribution of profits to shareholders PLN 100 MLN 20.0 MLN Net profit Q2 2025 81.4 MLN 27.0 ML
Slide 19: Financial results in Q2 2025
financial results in Q2 2025 PLN m 2023 Q1’24 Q2’24 Q3’24 Q4’24 2024 Q1’25 Q2’25 1 10.0% q/q decrease in bookings, due to extensive A/B Revenues from sales 436.0 100.1 98.0 94.0 94.4 386.5 96.7 84.4 tests in main products and lower UA expenditure. 1 Bookings 443.7 99.7 96.2 102.3 99.9 398.1 90.5 81.
Slide 20: Cash flow generation with a strong cash pool
Cash flow generation with a strong cash pool M PLN Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Adjusted EBITDA 27.5 27.3 26.5 28.4 30.5 27.0 Strong cash position at the end of Q2 2025 - Net Cash Flows from 32.4 26.8 28.1 26.5 30.0 26.3 PLN 83.4 M despite large outflows of cash Operating Activities including
Slide 21: Calendar
CALENDAR
Slide 22: Investor's calendar
Investor’s calendar Company news flow: ■ Q3 2025 Sales Update – early October 2025 ■ Q3 2025 Financial report - November 12th, 2025 Investors’ conferences: ■ DM BOŚ Back to School 2025 Conference - September 2nd, 2025 ■ Trigon: TMT & Gaming - October 9th, 2025 ■ Wood’s Winter Prague - December 4th,
Slide 23: Summary
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Slide 24: Executing with Persistence: Driving Transformation and Growth
Executing with Persistence: Driving Transformation and Growth ■ Relentless focus on transformational initiatives in all product teams ■ Material impact requires time – A/B testing cycle defines the timeline ■ Results become visible once larger player groups are involved and changes are introduced at
Slide 25: Contact details
Contact details: Nina Graboś – IR, PR & ESG Director nina.grabos@tensquaregames.com
Slide 26: Financial Results
FINANCIAL RESULTS
Slide 27: Balance sheet
Balance sheet Selected positions in k PLN* 31.12.23 31.03.24 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 ASSETS Fixed assets 215,778 214,234 212,420 208,412 206,436 198,609 198,595 Receivables 38,937 36,253 33,742 32,760 33,155 31,788 27,746 Cash and cash equivalents 162,826 76,784 94,971 121,389 1
Slide 28: Profit and loss report
Profit and loss report Selected positions in k PLN 2023 Q1’24 Q2’24 Q3’24 Q4’24 2024 Q1’25 Q2’25 Revenues from sales 436,076 100,118 97,998 93,979 94,357 386,543 96,653 84,435 Bookings 443,682 99,661 96,230 102,306 99,939 398,136 90,461 81,396 Fishing Clash 274,232 61,219 59,597 62,158 59,644 242,62
Slide 29: Cash flow report
Cash flow report Selected positions in k PLN Q1’24 Q2’24 Q3’24 Q4’24 2024 Q1’25 Q2’25 OPERATING ACTIVITIES Profit/loss before tax 20,720 23,266 13,888 16,227 74,102 30,280 22,427 Total adjustments 13,803 (1,784) 16,397 12,627 41,043 0,9 6,113 Amortisation 4,506 4,429 3,953 3,873 16,761 3,173 3,113 C
Slide 30: Method of determining adjusted EBITDA
Method of determining adjusted EBITDA Selected items of the P&L Statement in k PLN Q1’24 Q2’24 Q3’24 Q4’24 2024 Q1’25 Q2’25 Operating profit IFRS 19,108 23,278 15,607 18,247 76,241 30,619 23,662 Amortisation +4,506 +4,429 +3,953 +3,873 +16,761 +3,173 +3,113 Write-down for impairment 0 0 0 +1,194 +1,
Slide 31: General and administrative costs
General AND administrative costs General administrative costs (PLN k) Q1’24 Q2’24 Q3’24 Q4’24 2024 Q1’25 Q2’25 Recurring costs 6,288 6,905 6,453 6,554 26,201 6,087 5,996 Salaries, subcontractor services 3,039 3,011 3,081 2,749 11,881 2,826 2,924 Subsidiaries costs 926 1,024 1,000 1,206 4,156 949 870
Slide 32: Ten Square Games group: team
Ten Square Games group: team 317 TSG group people Source: Company’s data as of 30 June 2025; MJ Evergreen: Let’s Fish, Wild Hunt, Airline Commander Other games: Rortos Shared serviced related to games Customer support, Localization, Marketing, Analysis, R&D 32
Slide 33: PLN 485 M distributed to shareholders in the form of dividend
History of profit DiSTRIBUTION TO shareholders* PLN 485 M distributed to shareholders in the form of dividend (PLN 352 M) and buyback (PLN 133 M) PLN 100.0 M paid out in the form of dividend on June 27th, 2025 *TSG became publicly listed company in May 2018. Presented profit distribution does not in
Slide 34: TSG in 2025 & Beyond
TSG IN 2025 & BEYOND
Slide 35: 2025: on the path to turnaround
2025: on the path to turnaround Stabilizing the performance of Accelerating growth of Adding new game(s) & to the portfolio Final decision on the future of Trophy Hunter Personalisation of user experience & offers Expanding game modes to enhance & Real Combat Simulator to improve player retention an
Slide 36: 2026 & beyond long-term vision
2026 & beyond long-term vision Expanding Market Reach & Strengthening Portfolio Strategically targeted acquisitions to strengthen the portfolio Adding new games through a mix of in-house development & M&A Replicate the success of FC and HC with new projects Continued distribution of profits to share
Slide 37: Additional Information
ADDITIONAL INFORMATION
Slide 38: Accounting principles for revenues – IFRS 15
Accounting principles for revenues – IFRS 15 Virtual currency ■ Payment -> a player purchases virtual currency Bookings Sales revenue ■ Revenue -> the player uses the virtual currency to purchase a virtual goods (e.g. rods, lure packs) +/ - ■ Deferred revenue -> unused balance of virtual currency bo
Slide 39: Marketing expenses policy
Marketing expenses policy Marketing expenses „We invest in marketing provided we get positive returns throughout user lifetime” Marketing expenses model cumulative approach ■ The Group invests in marketing at point „0”. Cohort acquired in this period analyzed throughout user lifetime (period „0” to
Slide 40: Legal disclaimer
Legal disclaimer ■ Neither this presentation (the “Presentation”, references to which shall be deemed to include any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further enquiries) nor any copy of it nor the information contained
Slide 41: Contact details
Contact details: Nina Graboś – IR, PR & ESG Director nina.grabos@tensquaregames.com