Slide 1: Q1 2026 presentation
Q1 2026 presentation May 12th, 2026
Slide 2: Stable base, clear growth agenda
Q1 2026 STABLE BASE, CLEAR GROWTH AGENDA
Slide 3: Balancing stability and growth
Q1 2026 BALANCING STABILITY AND GROWTH In Q1 2026, TSG focused on stabilizing its core portfolio, scaling growth titles and advancing the pipeline of new games under a faster, KPI-driven development model. CORE PORTFOLIO Growth titles new projects & D2C Stable monetization backbone Scaling new reven
Slide 4: Product update: Performance & Key Initiatives
product update: Performance & Key Initiatives
Slide 5: Core titles remain TSG's stable cash flow engine
CORE TITLES REMAIN TSG’S STABLE CASH FLOW ENGINE Bookings and marketing expense (PLN M) & Disciplined UA and stable monetization M PLN -20.1% -25.8% Marketing spend normalized after Q4 q-o-q q-o-q investment peak, while core titles maintained strong monetization and cash generation. Lower UA spend r
Slide 6: Simulation portfolio builds a predictable, subscription-based revenue pillar
SIMULATION PORTFOLIO BUILDS A PREDICTABLE, SUBSCRIPTION - BASED REVENUE PILLAR SUBSCRIPTION-BASED recurring high long product MODEL bookings retention lifecycle Real Flight Simulator: Real Combat Simulator: STABLE SUBSCRIPTION-DRIVEN BOOKINGS developing the next long-lifecycle simulation product Q1
Slide 7: Wings of Heroes continues its growth trajectory with record bookings
Wings of Heroes CONTINUES ITS GROWTH TRAJECTORY WITH RECORD BOOKINGS Profitable scaling of user acquisition Third consecutive quarter of growth with RECORD BOOKINGS IN Q1 2026 Q1 2026 +13.3% q-o-q M PLN PLN 11.1 M +13.3% q-o-q +52.3% y-o-y Wings of Heroes supports TSG’s growth strategy by adding a sc
Slide 8: Trophy Hunter: new growth engine for TSG
Trophy Hunter NEW GROWTH ENGINE FOR TSG Fastest scaling title in TSG history Trophy Hunter combines: ■ rapid bookings growth real combat ■ expanding player base simulator ■ strong monetization metrics M PLN This validates TSG’s new approach to developing and scaling growth titles. key product develo
Slide 9: Scaling a new gameplay line
é & ten square games — <4 SCALING A NE GAMEPLAY LIP
Slide 10: Medal Hunter enters soft launch
Medal Hunter enters soft launch Testing TSG’s scalable growth model in a new mobile action segment Medal Hunter is a military-themed mobile PvP action game inspired by historical battles, combining fast-paced competitive rounds with simple shooting mechanics designed for mobile gameplay. Staged roll
Slide 11: Medal Hunter: proven gameplay, new action setting
MEDAL HUNTER: PROVEN GAMEPLAY, NEW ACTION SETTING Medal Hunter builds on Trophy Hunter’s proven core gameplay, enabling faster development while adapting the experience to a military-themed PvP action game. Proven gameplay foundation Content at launch ■ proven shooting loop from Trophy Hunter ■ 5 pl
Slide 12: Testing new concepts in core segments
Testing new concepts in core segments Hunter’s Lodge and Fishing Trip show how TSG applies its new development model within the outdoor categories where the Group has deep expertise. Purpose of market tests Early concept validation Testing new ideas with real users at an early stage to identify pote
Slide 13: Evolution of the TSG Store into D2C Platform
Evolution of the TSG StorE into D2C Platform
Slide 14: 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 20% share of D2C platform in Group bookings in March 2026 TSG D2C platform % share of Group bookings 33% share of D2C platf
Slide 15: Financial results
Fond ai a. " BS tage Oe tensquare games he a oe he \o’ FINANCIAL — RESULTS
Slide 16: Q1 2026 financial performance: growth titles driving bookings
Q1 2026 FINANCIAL PERFORMANCE GROWTH TITLES DRIVING BOOKINGS The third consecutive quarter of bookings growth, supported by the increasing contribution of growth titles and stabilization of core products. Group bookings in Q1 2026 driven by the increasing PLN 98.4 M contribution of Trophy Hunter and
Slide 17: Financial results in Q1 2026
financial results in Q1 2026 PLN m Q1’25 Q2’25 Q3’25 Q4’25 2025 Q1’26 In Q1 2026, Group bookings increased by 3.0% q/q, Revenues from sales 96.7 84.4 90.4 90.4 361.9 98.6 1 primarily driven by Trophy Hunter and Wings of Heroes, supported by stabilization of the core portfolio and stable 1 Bookings 9
Slide 18: Strong cash flow generation while investing in future growth
STRONG CASH FLOW GENERATION WHILE INVESTING IN FUTURE GROWTH M PLN Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Cash and cash equivalents Adjusted EBITDA 30.5 27.0 22.1 18.5 18.9 increased to PLN 137.2m at the Net Cash Flows from Operating end of Q1 2026, supported by 30.0 26.3 27.0 14.6 19.2 Activities strong ope
Slide 19: Balance sheet - selected data
BALANCE SHEET - selected data Selected positions in M PLN Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 ASSETS Fixed assets 198.6 198.6 198.8 194.3 195.4 Tangible fixed assets 10.8 10.0 9.4 8.5 7.8 Intangible assets other than goodwill, incl.: 53.9 53.4 51.5 49.3 48.8 - Rortos games at the acquisition date 50.5 49.2
Slide 20: TSG's commitment to maximize shareholders returns
tsg’s commitment to maximize shareholders returns
Slide 21: TSG's commitment to shareholder returns
TSG’S COMMITMENT TO SHAREHOLDER RETURNS Dividend approved by the General Meeting of Shareholders PLN 63.7 M The approved dividend exceeds TSG’s dividend policy of allocating up to 75% of consolidated net to be paid out to shareholders in the form of dividend in 2026 profit = 83% of 2025 consolidated
Slide 22: Investor's calendar
Investor’s calendar
Slide 23: Investor's calendar
Investor’s calendar Company news flow: ■ Q2 2026 Sales Update – early July 2026 ■ H1 2026 Financial report - August 24, 2026 Investors’ conferences: ■ mBank conference - 19 May, 2026, Warsaw ■ Erste: The Finest CEElection Equity Investor Conference 2026 in Warsaw - May 26, 2026 ■ WallStreet conferenc
Slide 24: Summary
re ics & ten square games S q SUMMARY —_-
Slide 25: Executing a clear growth strategy through benchmark-driven development
EXECUTING A CLEAR GROWTH STRATEGY THROUGH BENCHMARK-DRIVEN DEVELOPMENT Q1 2026 marked further progress in TSG’s growth strategy, with focus on scaling promising titles, advancing Medal Hunter toward global launch and testing new concepts directly in the market. Scaling new growth Medal Hunter progre
Slide 26: Thank you!
Thank you! Contact details: Nina Graboś – IR, PR & ESG Director nina.grabos@tensquaregames.com
Slide 27: Financial results
Financial results
Slide 28: 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 ASSETS Fixed assets 214,234 212,420 208,412 206,436 198,609 198,595 198,771 194,253 195,374 Receivables 36,253 33,742 32,760 33,155 31,788 27,746 29,104 33,479 35,275 Cash and
Slide 29: 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 Q1’26 Revenues from sales 100,118 97,998 93,979 94,357 386,543 96,653 84,435 90,384 90,431 361,903 98,594 Bookings 99,661 96,230 102,306 99,939 398,136 90,461 81,396 84,993 95,499 352,350 98,
Slide 30: 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 Q1’26 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 15,886 Total adjustments 13,803 (1,784) 16,397 12,627 41,043 0,9 6,113 8,426 5
Slide 31: 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 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 Amortisation +4,506 +4,429 +3,953 +3,873 +16,761 +3,173
Slide 32: 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 Recurring costs 6,288 6,905 6,453 6,554 26,201 6,087 5,996 5,405 6,029 23,517 6,187 Salaries, subcontractor 3,039 3,011 3,081 2,749 11,881 2,826 2,924 2,690 2,564 11,
Slide 33: Ten Square Games group: team
Ten Square Games group: team Total: 341 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 33
Slide 34: 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 35: Marketing investment 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 36: 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 37: Thank you!
Thank you! Contact details: Nina Graboś – IR, PR & ESG Director nina.grabos@tensquaregames.com