Ten Square Games Sa · GPW:TEN
Ten Square Games Sa — Q4 2025 Earnings Presentation
47 slides from Ten Square Games Sa's earnings presentation, Mar 24, 2026
Slide 1: Q4 & 2025 presentation
Q4 & 2025 presentation March 24th, 2026
Slide 2: 2025: Strong operational year and a transition toward future growth
2025: Strong operational year and a transition toward future growth
Slide 3: 2025: a strong operational progress, foundation for future growth
2025: a strong operational progress, FOUNDATION FOR FUTURE GROWTH 2025 was a good year for TSG and we enter 2026 with strong momentum, a clear strategy and a pipeline of projects ready to scale Strong operations progress, driven by a strategic shift, not yet reflected in financial results AI 3
Slide 4: 2025: Strengthening the foundation for TSG's next growth phase
2025: STRENGTHENING THE FOUNDATION FOR TSG’S NEXT GROWTH PHASE Foundation growth drivers future Trophy Hunter ■ first successful new game launch Strengthening the core portfolio in almost three years ■ major product improvements in Fishing Investing in future growth ■ strong scaling after global lau
Slide 5: Product update: Performance & Key Initiatives
product update: Performance & Key Initiatives
Slide 6: Core titles generating strong cash flows with stable monetization backbone
CORE TITLES GENERATING STrong CASH FLOWS WITH STable monetization backbone Bookings and marketing expense (PLN M) & Large-scale titles with global player base M PLN Core titles generated 74.1% of Group bookings in 2025 Fishing Clash and Hunting Clash remain the financial backbone of TSG, generating s
Slide 7: Real flight simulator: Subscription as a stable revenue pillar
Real flight simulator: Subscription as a Stable revenue Pillar SUBSCRIPTION-BASED MODEL recurring revenues high player retention long lifecycle products Real flight Simulator: consistent bookings growth Real Combat Simulator: available globally on all platforms since October 7, 2025 Development focu
Slide 8: Wings of Heroes
Wings of Heroes SCALING SUCCESSFULLY WITH RECORD BOOKINGS Profitable scaling of user acquisition record high bookings in Q4 2025 and in 2025 Q4 2025 2025 M PLN PLN 9.8 M PLN 31.8 M +16.7% q-o-q +66.0% y-o-y In 2025 the team focused on developing game depth, improving quality of game and adding new fe
Slide 9: Trophy Hunter
Trophy Hunter rapidly EMERGING AS A KEY GROWTH DRIVER Fastest scaling title in TSG history Trophy Hunter rapidly scaling after global launch: real combat ■ increasing contribution to Group bookings simulator ■ PLN 10.2M bookings in Q4 2025 – already the M PLN 3rd largest title in the Group ■ strong
Slide 10: Scaling a new gameplay line
SCALING A NEW GAMEPLAY LINE
Slide 11: Medal Hunter: replicating the Trophy Hunter gameplay model in a new genre
Medal Hunter: replicating the Trophy Hunter gameplay model in a new genre Military-themed PvP action game ■ Multiple target types: aircraft, warships and tanks ■ Varied battlefields across historical and geographical environments ■ Designed for scalable UA and competitive gameplay ■ Hybrid monetizati
Slide 12: Evolution of the TSG Store into D2C Platform
Evolution of the TSG StorE into D2C Platform
Slide 13: TSG Store share diluted by strong growth of new non-store titles
TSG STORE SHARE DILUTED BY STRONG GROWTH OF NEW NON-STORE TITLES 18.7% TSG Store’s share of TSG Store in Group bookings % share of Group bookings (December 2025) impacted by: ■ stable TSG Store share in Fishing Clash bookings (32.0% December 2025) ■ declining share of TSG Store in Hunting Clash (16.
Slide 14: TSG expands D2C model beyond TSG Store
TSG EXPANDS D2C MODEL BEYOND TSG STORE NEW D2C OPPORTUNITIES IN THE US TSG D2C platform Recent regulatory changes enable alternative payment methods in games in the US TSG Store Alternative payment methods BENEFITS USA Global reach ■ no complex infrastructure needed ■ lower platform fees & ■ faster
Slide 15: Increasing openness of platform ecosystems
INCREASING OPENNESS OF PLATFORM ECOSYSTEMS TODAY BEFORE BREAKTHROUGH Growing openness USA: ■ Closed ecosystems Epic vs Apple / Google ■ external web store with possibility ■ Full control by Apple 2023/2024 to promote it in game & Google ~30% fee ■ alternative payment methods Regulatory ■ first signal
Slide 16: Financial results
Fond ai a. " BS tage Oe tensquare games he a oe he \o’ FINANCIAL — RESULTS
Slide 17: 2025: Shift of marketing spend towards growth drivers
2025: SHIFT OF MARKETING SPEND TOWARDS GROWTH DRIVERS Higher UA investments reduce short-term EBITDA and profitability with prospects of driving long - term growth M PLN Q1 2025 Q2 2025 Q3 2025 Q4 2025 Bookings Marketing spend Adjusted EBITDA Bookings MARKETING SPEND Adjusted EBITDA Net profit Q4 202
Slide 18: Financial results in 2025
financial results in 2025 PLN m Q1’24 Q2’24 Q3’24 Q4’24 2024 Q1’25 Q2’25 Q3’25 Q4’25 2025 1 In 2025 Group bookings decreased by 11.5% y/y mainly as a result of declines in main titles Fishing Clash and Hunting Revenues from 100.1 98.0 94.0 94.4 386.5 96.7 84.4 90.4 90.4 361.9 Clash. In Q4’25 booking
Slide 19: Strong cash flow generation despite high investment in future growth
strong Cash flow generation despite high investment in future growth M PLN Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Adjusted EBITDA 27.5 27.3 26.5 28.4 30.5 27.0 22.1 18.5 Growing cash position at the Net Cash Flows from Operating Activities 32.4 26.8 28.1 26.5 30.0 26.3 27.0 14.6 end of Q4 2
Slide 20: Important additional information: MSOP
important additional information: MSOP
Slide 21: Target for the second tranche 2026-2028
target for the second tranche 2026-2028 Proposed financial performance condition for the second tranche of MSOP submitted for the approval of Extraordinary General Meeting on 21 April 2026 by Supervisory Board Adjusted EBITDA with marketing cost recognition over time % of shares for 2026-2028 allocat
Slide 22: New growth model of games
new growth model of games Temporary delay between Early launch UA first UA investment and revenues Shift in growth model Previous development model New model increased time lag between (core titles ) UA investment and bookings (growth titles ) Product ready Early product Investment ↓ based on ↓ new K
Slide 23: Ambitious target for Tranche II MSOP in a new operating model
ambitious target for Tranche ii MSOP in a new operating model Target reflects a structurally different growth profile Core titles: stable but no longer a major growth driver New titles: upfront UA investment ahead of monetization Regular pipeline of new launches to follow the same pattern of UA inve
Slide 24: Proposed changes to the tranche II & III
proposed changes to the tranche II & III Proposed changes for I TRANCHE - no changes II TRANCHE & III TRANCHE 2025-2027 2026-2028 & 2027-2029 CUMULATIVE 3-YEARS FINANCIAL RESULT Financial performance condition 80% WEIGHT 60% WEIGHT TSG STOCK PERFORMANCE higher by 10 pp than WIG index Market cONDITIO
Slide 25: Marketing costs gradually recognized in Adjusted EBITDA
Marketing costs gradually recognized in Adjusted EBITDA Marketing costs are gradually recognized in Adjusted EBITDA depending on when the spend occurred before the end of a tranche. % of marketing cost marketing spend Impact on Adjusted EBITDA in time: recognized in before tranche end Adjusted EBITD
Slide 26: Example of theoretical impact of gradual UA cost recognition on Adjusted EBITDA
Example of THEORETICAL Impact of gradual UA cost recognition on Adjusted EBITDA Illustrative scenario assuming global launch in the final year of the tranche in PLN M Q1 2028 Q2 2028 Q3 2028 Q4 2028 Total Project EXAMPLE bookings in the final year of the tranche 0.5 1.0 2.0 6.0 9.5 Project EXAMPLE UA
Slide 27: TSG's commitment to maximize shareholders returns
tsg’s commitment to maximize shareholders returns
Slide 28: History of profit distribution to shareholders
History of profit DiSTRIBUTION TO shareholders* PLN 549 M distributed to shareholders in the form of dividend (PLN 416 M) and buyback (PLN 133 M) till 2026 TSG’s Board recommendation to pay out PLN 63.7 M in the form of dividend *TSG became publicly listed company in May 2018. Presented profit distri
Slide 29: Sharing profits with shareholders PLN 63.7 M
sharing profits with shareholders Dividend proposal demonstrating TSG’s commitment to shareholders submitted for the approval by General Meeting of Shareholders PLN 63.7 M The proposal exceeds TSG’s dividend policy of to be paid out to shareholders in the form of dividend in 2026 allocation of up to
Slide 30: Rortos: Corporate update
rortos: Corporate update
Slide 31: Rortos: final earn-out payment in 2026 and management continuity
RORTOS: FINAL EARN-OUT PAYMENT IN 2026 AND MANAGEMENT CONTINUITY Earn-out payments in PLN m linked to Rortos performance Strategic contribution of Rortos (2021–2025) ■ strong position in flight simulation genre ■ recurring subscription revenues ■ long lifecycle products Completion of earn-out payment
Slide 32: Investor's calendar
Investor’s calendar
Slide 33: Investor's calendar
Investor’s calendar Company news flow: ■ Q1 2026 Sales Update – early April 2026 ■ General & Extraordinary Meeting of Shareholders - April 21, 2026 ■ Q1 2026 Financial report - May 11, 2026 Investors’ conferences: ■ mBank conference - 19-20 May, 2026, Kazimierz Dolny ■ Erste: The Finest CEElection Eq
Slide 34: Summary
re ics & ten square games S q SUMMARY —_-
Slide 35: Strengthening the core while investing in the next wave of growth
STRENGTHENING THE CORE WHILE INVESTING IN THE NEXT WAVE OF GROWTH Strong core portfolio Growth drivers Pipeline of new projects Future growth drivers Medal Hunter technical launch planned for Q2 large-scale titles with significant long-term successful launch of Trophy Hunter – already among 2026 mone
Slide 36: Thank you!
Thank you! Contact details: Nina Graboś – IR, PR & ESG Director nina.grabos@tensquaregames.com
Slide 37: Financial results
Financial results
Slide 38: Balance sheet
Balance sheet Selected positions in k PLN* 31.03.24 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 30.09.25 31.12.2025 ASSETS Fixed assets 214,234 212,420 208,412 206,436 198,609 198,595 198,771 194,253 Receivables 36,253 33,742 32,760 33,155 31,788 27,746 29,104 33,479 Cash and cash equivalents 76,78
Slide 39: Profit and loss report
Profit and loss report Selected positions in k PLN Q1’24 Q2’24 Q3’24 Q4’24 2024 Q1’25 Q2’25 Q3’25 Q4’25 2025 Revenues from sales 100,118 97,998 93,979 94,357 386,543 96,653 84,435 90,384 90,431 361,903 Bookings 99,661 96,230 102,306 99,939 398,136 90,461 81,396 84,993 95,499 352,350 Fishing Clash 61
Slide 40: Cash flow report
Cash flow report Selected positions in k PLN Q1’24 Q2’24 Q3’24 Q4’24 2024 Q1’25 Q2’25 Q3’25 Q4’25 2025 OPERATING ACTIVITIES Profit/loss before tax 20,720 23,266 13,888 16,227 74,102 30,280 22,427 19,649 13,261 85,618 Total adjustments 13,803 (1,784) 16,397 12,627 41,043 0,9 6,113 8,426 5,106 20,532 A
Slide 41: 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 Q3’25 Q4’25 2025 Operating profit IFRS 19,108 23,278 15,607 18,247 76,241 30,619 23,662 21,678 11,742 87,700 Amortisation +4,506 +4,429 +3,953 +3,873 +16,761 +3,173 +3,113 +3,28
Slide 42: 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 Q3’25 Q4’25 2025 Recurring costs 6,288 6,905 6,453 6,554 26,201 6,087 5,996 5,405 6,029 23,517 Salaries, subcontractor services 3,039 3,011 3,081 2,749 11,881 2,826 2,924 2,690 2,564 11,004
Slide 43: Ten Square Games group: team
Ten Square Games group: team Total: 335 Source: Company’s data as of 31 December 2025; MJ Evergreen: Let’s Fish, Wild Hunt, Airline Commander Other games: Rortos+Medal Hunter Shared serviced related to games: Customer support, Localization, Marketing, Analysis, R&D 43
Slide 44: 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 45: Introduction to the change: marketing investments recovered over player lifetime
INTRODUCTION TO THE CHANGE: MARKETING INVESTMENTS IS RECOVERED OVER PLAYER LIFETIME TSG invests in user acquisition only when lifetime player revenues exceed acquisition costs Investing in User Acquisition: ■ user acquisition cost is incurred upfront - at point 0 ■ player revenues accumulate over ti
Slide 46: 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 47: Thank you!
Thank you! Contact details: Nina Graboś – IR, PR & ESG Director nina.grabos@tensquaregames.com