Ten Square Games Sa · GPW:TEN
Ten Square Games Sa — Q2 2026 Earnings Presentation
39 slides from Ten Square Games Sa's earnings presentation, Aug 25, 2026
Slide 1: Q2 2026 presentation
Q2 2026 presentation August 25th, 2026
Slide 2: Building product lines for future growth
Q2 2026 BUILDING PRODUCT LINES FOR FUTURE GROWTH Stable foundation Product rebuild Building future for growth and scaling potential growth levers Stabilise the core. Strengthen growth titles. Build product lines. AI 2
Slide 3: How marketing investment drives future growth
HOW MARKETING INVESTMENT DRIVES FUTURE GROWTH
Slide 4: How UA investment pays back over time
HOW UA INVESTMENT PAYS BACK OVER TIME UA spend is paid upfront, while acquired cohorts generate bookings gradually across future periods UA spend paid Return after upfront to acquire payback PAYBACK one cohort FROM EACH COHORT BUILDS Break-even level OVER TIME Bookings generated by acquired cohort i
Slide 5: How cohorts stack into current-period bookings
HOW COHORTS STACK INTO CURRENT-PERIOD BOOKINGS Bookings generated by acquired cohort in subsequent periods, each colour represents new cohort Current-period bookings are built by multiple cohorts acquired in previous periods Each cohort monetises over time and overlaps with newer cohorts ■ UA spend
Slide 6: Product update: Performance & Key Initiatives
product update: Performance & Key Initiatives
Slide 7: Core portfolio remains the Group's foundation
CORE PORTFOLIO REMAINS THE GROUP’S FOUNDATION Bookings and marketing spend (PLN M) & Core portfolio in Q2 2026 M PLN Fishing Clash: visible improvement in KPIs Fishing Clash: stronger KPIs create room for higher marketing investment in the upcoming months Q2 2026 Q2 2026 Bookings Marketing expenditu
Slide 8: Simulation portfolio: stable subscription base, product work ahead
SIMULATION PORTFOLIO: STABLE SUBSCRIPTION BASE, PRODUCT WORK AHEAD SUBSCRIPTION-BASED recurring high long product MODEL bookings retention lifecycle Real Combat Simulator: Real Flight Simulator: stable base under competitive pressure (on the market since 2025) improving accessibility before broader
Slide 9: Wings of Heroes: major product rebuild to unlock scale
Wings of Heroes MAJOR PRODUCT REBUILD TO UNLOCK SCALE A major product rebuild in 2023 unlocked a step-change in KPIs and bookings. In 2026, the team is applying the same playbook to test whether Wings of Heroes can reach the next scale level. Q2 Q2 2026 Step-change in bookings after the 2023 rebuild
Slide 10: Trophy Hunter: strengthening monetisation for future scale
Trophy Hunter STRENGTHENING MONETISATION FOR FUTURE SCALE After intensive UA scaling in previous quarters, Q2 focused on product maturity, monetisation depth and foundations for the next potential growth phase. Q2 marked the first quarter with bookings Preparing the next scaling phase: above current-
Slide 11: From new titles to repeatable product lines
FROM NEW TITLES TO repeatable PRODUCT LINES
Slide 12: From single titles to repeatable product lines
FROM SINGLE TITLES TO REPEATABLE PRODUCT LINES Shooter line Potential second product line trophy hunter fishing trip medal concept hunter generation Shared engine, duel-based framework, faster Core + transform framework, early validation, broader development, broader action segment. engagement model
Slide 13: Medal Hunter: next proof point of TSG's product line strategy
MEDAL HUNTER: NEXT PROOF POINT OF TSG’S PRODUCT LINE STRATEGY Medal Hunter extends TSG’s shooter line from Trophy Hunter into a new military-themed PvP action setting, using shared technology, mechanics and know-how to shorten development time and test a larger market segment. Strategic portfolio ex
Slide 14: Fishing Trip: potential start of TSG's second product line
FISHING TRIP: POTENTIAL START OF TSG’S SECOND PRODUCT LINE Development progressing in line with TSG’s iterative, KPI-driven development model Latest update expanded market testing Fishing Trip framework: core + transform ■ testing expanded from 4 to 9 countries, providing a ■ repeatable core activit
Slide 15: Fishing Trip in TSG's development funnel
FISHING TRIP IN TSG’S DEVELOPMENT FUNNEL A live example of staged validation before larger resource commitment. WE ARE HERE Concept Rapid Market Soft Global Generation Prototyping Testing Launch Scale Identified Validated fishing Early retention Retention, Scaled content underserved fishing + transform
Slide 16: D2C Platform
,@. & ten square games f D2C PLATFOR'
Slide 17: TSG D2C platform expanding direct monetization
TSG D2C PLATFORM EXPANDING DIRECT MONETIZATION From TSG Store in core titles to a broader D2C platform combining TSG Store and alternative payment methods across selected games 24% share of D2C platform in Group bookings in June 2026 TSG D2C platform % share of Group bookings 33% share of D2C platfo
Slide 18: Financial results
,@. & ten square games FINANCIAL — RESULTS
Slide 19: Q2 2026 financial performance: continued y-o-y growth of bookings
Q2 2026 FINANCIAL PERFORMANCE continued y-o-y growth of bookings Although bookings decreased q-o-q, they continued to grow y-o-y for another consecutive quarter, with H1 2026 bookings up 11.5% y-o-y. H1 2025 H1 2026 PLN 171.9M PLN 191.7M H1 2026 Bookings PLN 191.7 m +11.5% y-o-y M PLN Q2 2026 Bookin
Slide 20: Balancing marketing investment and profitability
Q2 2026 FINANCIAL PERFORMANCE: BALANCING MARKETING INVESTMENT AND PROFITABILITY Marketing expenditure decreased q-o-q in Q2, while Adjusted EBITDA improved, showing the Group’s ability to balance growth investment and profitability. Marketing expenditure Q2 2026 H1 2026 PLN 25.9 m PLN 58.3 m M PLN -2
Slide 21: Solid operating cash flow after planned cash outflows
SOLID OPERATING CASH FLOW AFTER PLANNED CASH OUTFLOWS M PLN Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Cash and cash equivalents decreased to Adjusted EBITDA 30.5 27.0 22.1 18.5 18.9 21.4 PLN 73.1M at the end of Q2 2026, mainly due to significant planned cash outflows: Net Cash Flows from 30.0 26.3 27.0 14.6
Slide 22: Low development costs before soft launch
LOW DEVELOPMENT COSTS BEFORE SOFT LAUNCH PLN 0.6M PLN 3.2 M PLN 1.7 M Development cost as at 30 June Development cost 2026, still capitalized, Development cost until soft launch until soft launch total cost until soft launch unknown yet shared engine, mechanics small teams allow the resources increa
Slide 23: Balance sheet - selected data
BALANCE SHEET - selected data Selected positions in M PLN Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 ASSETS Fixed assets 198.6 198.6 198.8 194.3 195.4 192.9 Pipeline Tangible fixed assets 10.8 10.0 9.4 8.5 7.8 6.6 development Intangible assets other than goodwill, incl.: 53.9 53.4 51.5 49.3 48.8 47.5 remain
Slide 24: Investor's calendar
Investor’s calendar
Slide 25: Investor's calendar
Investor’s calendar Company news flow: ■ Q3 2026 Sales Update – early October 2026 ■ Q3 2026 Financial report - November 9, 2026 Investors’ conferences: ■ BoŚ Back to School: September 3, 2026 ■ Trigon TMT & Gaming: October 8, 2026 NG 25
Slide 26: Summary
SUMMARY —_-
Slide 27: Growth strategy in progress: from core portfolio to repeatable growth options
GROWTH STRATEGY IN PROGRESS: FROM CORE PORTFOLIO TO REPEATABLE GROWTH OPTIONS TSG is moving from isolated title development toward a staged product-line model, where shared foundations, player data and KPI validation guide each next step. Stable core funds the strategy & transition Product line mode
Slide 28: Thank you!
Thank you! Contact details: ir@tensquaregames.com
Slide 29: Financial results
Financial results
Slide 30: 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 31.12.25 31.03.26 30.06.26 ASSETS Fixed assets 214,234 212,420 208,412 206,436 198,609 198,595 198,771 194,253 195,374 192,892 Receivables 36,253 33,742 32,760 33,155 31,788 27,746 29,104 33,479
Slide 31: Profit and loss report
Profit and loss report Selected positions in k PLN Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Revenues from sales 100,118 97,998 93,979 94,357 96,653 84,435 90,384 90,431 98,594 93,734 Bookings 99,661 96,230 102,306 99,939 90,461 81,396 84,993 95,499 98,363 93,318 Fishing Clash 61,2
Slide 32: Cash flow report
Cash flow report Selected positions in k PLN Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 OPERATING ACTIVITIES Profit/loss before tax 20,720 23,266 13,888 16,227 30,280 22,427 19,649 13,261 15,886 16,660 Total adjustments 13,803 (1,784) 16,397 12,627 0,9 6,113 8,426 5,106 4,313 5,830 A
Slide 33: 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 Q1’26 Q2’26 Operating profit IFRS 19,108 23,278 15,607 18,247 76,241 30,619 23,662 21,678 11,742 87,700 14,483 16,416 Amortisation +4,506 +4,429 +3,953 +3,873 +
Slide 34: 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 Q1’26 Q2’26 Recurring costs 6,288 6,905 6,453 6,554 26,201 6,087 5,996 5,405 6,029 23,517 6,187 6,725 Salaries, subcontractor 3,039 3,011 3,081 2,749 11,881 2,826 2,924 2,6
Slide 35: Ten Square Games group: team
Ten Square Games group: team Total: 345 Source: Company’s data as of 30 June 2026; Evergreen: Let’s Fish, Wild Hunt, Airline Commander Shared serviced related to games: Customer support, Localization, Marketing, Analysis, R&D 35 MJ
Slide 36: 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 37: Marketing investments is recovered over player lifetime
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 time: acquired cohort is analy
Slide 38: 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 39: Thank you!
Thank you! Contact details: Nina Graboś – IR, PR & ESG Director nina.grabos@tensquaregames.com