Ten Square Games Sa · GPW:TEN
Ten Square Games Sa — Q3 2025 Earnings Presentation
39 slides from Ten Square Games Sa's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Presentation, November 13, 2025
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Slide 2: Key Priorities Performance
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Slide 3: Q3 2025: Advancing TSG's Portfolio Transformation
Q3 2025: Advancing TSG’s Portfolio Transformation Strong execution across all segments: from rebuilding core titles to scaling new growth engines Growing Trophy Hunter Rebuilding Core Titles expanding content and executing targeted advancing the complex rebuild process of Fishing marketing strategy
Slide 4: Product Updates: Performance & Key Initiatives
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Slide 5: Performance Shaped by the process of strategic overhaul
Performance Shaped by the process of strategic overhaul Bookings and marketing expense (PLN M) & The process of strategic overhaul aimed at stabilizing long-term performance in progress M PLN Teams focused on A/B testing and iterative tuning rather than introducing new features Q3 Bookings PLN 47.1
Slide 6: Wings of Heroes
Wings of Heroes Effective Scaling Driven by Product Development and increased Marketing ■ Growth in bookings by 33.4% q-o-q supported by higher & effective UA investment of PLN 4.7 (up by 118.9% q-o-q) ■ Bookings growth driven by both record-high marketing expenditure and strong in-game initiatives
Slide 7: New Titles
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Slide 8: Trophy Hunter: Sustained Growth & Strong Scaling Momentum
Trophy Hunter: Sustained Growth & Strong Scaling Momentum Robust growth of bookings since global launch ■ Trophy Hunter continues to scale effectively with high KPIs (PLN M) real ■combat and rising contribution to Group bookings PLN 3.2M simulator The game generated PLN 3.2 m in revenue in Q3 2025 s
Slide 9: Real Combat Simulator: Testing the Potential of a New Mobile Market Segment
Real Combat Simulator: Testing the Potential of a New Mobile Market Segment October 7, 2025 Title available on all main platforms globally No direct market competition - testing potential of the air combat simulation genre Subscription based model download for EUR 0.99. 1 month: EUR 5.99/ 6 months:
Slide 10: New Prototype
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Slide 11: New Prototype: Market Validation of a New Gameplay Concept
New Prototype: Market Validation of a New Gameplay Concept The concept is based on TSG’s previous experience and builds on gameplay model that Free2Play model proved successful in Trophy Hunter The prototype explores potential portfolio diversification beyond core game segments Team: 6 people Decisi
Slide 12: Store
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Slide 13: TSG Store result impacted by Decline in Core Titles and Growth of Non-Store Games
TSG STORE result impacted by Decline in Core Titles and Growth of Non-Store Games TSG Store’s % share in Group’s bookings 20.3% share of TSG Store bookings (September 2025) impacted by: decline in bookings in Fishing Clash & Hunting Clash decline in TSG Store’s share in bookings in Fishing Clash ( 3
Slide 14: Financial Results
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Slide 15: Q3 2025 Adjusted EBITDA result impacted by highest quarterly marketing spend in 2025
Q3 2025 Adjusted EBITDA result impacted by highest quarterly marketing spend in 2025 +PLN 7.4 M increase in marketing expense q/q with other operating cost under control Increased marketing expense is a result of M PLN decision: - to scale marketing budget in Wings of Heroes - support global launch
Slide 16: Financial results in Q3 2025
financial results in Q3 2025 PLN m Q1’24 Q2’24 Q3’24 Q4’24 2024 Q1’25 Q2’25 Q3’25 1 4.4% q/q increase in bookings of the TSG Group thanks to growth in Wings of Heroes, real Flight Simulator and adding to Revenues from sales 100.1 98.0 94.0 94.4 386.5 96.7 84.4 90.4 portfolio Trophy Hunter. Growth ma
Slide 17: 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 Q3’25 Adjusted EBITDA 27.5 27.3 26.5 28.4 30.5 27.0 22.1 Growing cash position at the end of Q3 2025 to PLN 107.5 M thanks Net Cash Flows from 32.4 26.8 28.1 26.5 30.0 26.3 27.0 to high operating cash flow and Ope
Slide 18: Resilient Business Model Delivering Higher Net Profit and Strong adjusted EBITDA in 1-3Q 2025
Resilient Business Model Delivering Higher Net Profit and Strong adjusted EBITDA in 1-3Q 2025 Profitability After three quarters of 2025, TSG confirms long-term business model resilience Adjusted EBITDA Net profit -2.1% +24.3% y/y y/y Adjusted EBITDA stable at PLN M PLN M PLN 79.6 m (-2.1% y/y) desp
Slide 19: Calendar
CALENDAR
Slide 20: Investor's calendar
Investor’s calendar Company news flow: ■ Q4 2025 Sales Update – early January 2026 ■ 2025 Financial report - March 2026 Investors’ conferences: ■ Wood’s Winter Prague - December 4th, 2025 NG 20
Slide 21: Summary
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Slide 22: Transforming the Portfolio for Long-Term Growth and Resilience
Transforming the Portfolio for Long-Term Growth and Resilience Rebuilding of core titles Strengthening Group’s growth pillar: New Projects and Innovation: to unlock their full potential Wings of Heroes and Flight Simulation Future Growth Drivers Segment Ongoing rebuild of Fishing Clash and Hunting W
Slide 23: Contact details
Contact details: Nina Graboś – IR, PR & ESG Director nina.grabos@tensquaregames.com
Slide 24: Financial Results
FINANCIAL RESULTS
Slide 25: 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 ASSETS Fixed assets 214,234 212,420 208,412 206,436 198,609 198,595 198,771 Receivables 36,253 33,742 32,760 33,155 31,788 27,746 29,104 Cash and cash equivalents 76,784 94,971 121,389 143,755 1
Slide 26: 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 Revenues from sales 100,118 97,998 93,979 94,357 386,543 96,653 84,435 90,384 Bookings 99,661 96,230 102,306 99,939 398,136 90,461 81,396 84,993 Fishing Clash 61,219 59,597 62,158 59,644 242,620 52,643
Slide 27: 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 OPERATING ACTIVITIES Profit/loss before tax 20,720 23,266 13,888 16,227 74,102 30,280 22,427 19,649 Total adjustments 13,803 (1,784) 16,397 12,627 41,043 0,9 6,113 8,426 Amortisation 4,506 4,429 3,953 3,873 1
Slide 28: 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 Operating profit IFRS 19,108 23,278 15,607 18,247 76,241 30,619 23,662 21,678 Amortisation +4,506 +4,429 +3,953 +3,873 +16,761 +3,173 +3,113 +3,280 Write-down for impairm
Slide 29: 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 Recurring costs 6,288 6,905 6,453 6,554 26,201 6,087 5,996 5,405 Salaries, subcontractor services 3,039 3,011 3,081 2,749 11,881 2,826 2,924 2,690 Subsidiaries costs 926 1,024 1,000 1
Slide 30: Ten Square Games group: team
Ten Square Games group: team Total: 321 Source: Company’s data as of 30 September 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 30
Slide 31: 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 32: TSG in 2025 & Beyond
TSG IN 2025 & BEYOND
Slide 33: 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 34: 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 35: Additional Information
ADDITIONAL INFORMATION
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 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 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: Contact details
Contact details: Nina Graboś – IR, PR & ESG Director nina.grabos@tensquaregames.com