Financial · May 1, 2025

Consolidated Quarterly Report of the Ten Square Games S.A. Group

Summary

Ten Square Games S.A. demonstrated a strategic pivot toward operational efficiency and profitability during the first quarter of 2025. Despite a 9.2% year-over-year decline in total bookings to PLN 90.5 million and a slight dip in total revenues to PLN 96.7 million, the Group achieved a significant increase in net profit, rising to PLN 27.5 million from PLN 17.9 million in the prior year. This financial performance was primarily driven by a disciplined reduction in operating costs, specifically within marketing and third-party services, alongside the continued growth of the proprietary "TSG Store." By bypassing traditional platform commissions, the direct-to-consumer channel reached a record 19.1% share of total bookings, substantially bolstering adjusted EBITDA to PLN 30.5 million. The Group’s portfolio performance showed a transition in product lifecycle management. While flagship titles Fishing Clash and Hunting Clash experienced declines in active users and bookings due to reduced user acquisition spending and geopolitical headwinds, the newer title Wings of Heroes saw its share of bookings climb to 8.1%. The Group maintains a robust balance sheet with PLN 431.4 million in total assets and a strong liquidity position, characterized by PLN 172.4 million in cash and equivalents and an absence of external debt. This financial stability supported the approval of a PLN 100 million dividend for the 2024 fiscal year. Looking ahead, the Group is focusing on long-term player retention and the global launch of Trophy Hunter in mid-2025. Management has aligned internal incentives with these growth objectives through a new 2025–2029 program tied to a cumulative Adjusted EBITDA target of PLN 438 million. Accounting practices remain conservative, particularly regarding the capitalization of development costs post-soft launch and the maintenance of tax provisions related to IP Box relief audits. The geographic scope remains global, with revenue primarily derived from micro-payments and advertisements across its mobile gaming ecosystem.

From the report

Wroclaw, May 19, 2025 Consolidated quarterly report of the Ten Square Games S.A. Group 1Q 2025 prepared for the period 01.01.2025 – 31.03.2025 This English language translation has been prepared solely for the convenience of English speaking readers. Despite all the efforts devoted to this translation discrepancies, omissions or approximations may exist. In case of any differences between the Polish and the English versions, the Polish version shall prevail. Ten Square Games S.A., its representatives and employees decline all responsibility in this regard.

SELECTED FINANCIAL DATA CONSOLIDATED DATA BALANCE SHEET PLN EUR 31.03.2025 31.12.2024 31.03.2025 31.12.2024 Fixed assets 198,608,607 206,435,574 47,469,731 48,311,625 Current assets 232,815,565 210,414,131 55,645,585 49,242,717 Equity 266,574,880 243,263,256 63,714,448 56,930,320 Long-term liabilities 23,000,858 25,410,058 5,497,468 5,946,655 Short-term liabilities 141,848,434 148,176,391 33,903,400 34,677,367 STATEMENT OF COMPREHENSIVE INCOME PLN EUR for the period 01.01.2025 – 31.03.2025 for the period 01.01.2024 – 31.03.2024 for the period 01.01.2025 – 31.03.2025 for the period 01.01.2024 – 31.03.2024 Bookings 90,461,427 99,660,700 21,525,110 23,063,734 Revenues 96,652,992 100,118,218 22,998,380 23,169,614 Cost of sales 15,012,917 19,389,790 3,572,293 4,487,235 Operating profit (loss) 30,618,819 19,108,496 7,285,685 4,422,137 Gross profit (loss) 30,279,537 20,719,834 7,204,953 4,795,037 Net profit (loss) 27,485,767 17,939,960 6,540,182 4,151,711 EBITDA 33,792,124 23,614,056 8,040,766 5,464,825 Adjusted EBITDA 30,509,397 27,489,559 7,259,648 6,361,704 CASH FLOW STATEMENT PLN EUR for the period 01.01.2025 – 31.03.2025 for the period 01.01.2024 – 31.03.2024 for the period 01.01.2025 – 31.03.2025 for the period 01.01.2024 – 31.03.2024 Net cash flows from operating activities 29,994,913 32,446,017 7,137,228 7,508,740 Net cash flows from investment activities -870,402 -1,432,947 -207,110 -331,616 Net cash flows from financial activities -688,636 -114,391,458 -163,860 -26,472,763 2 CONSOLIDATED QUARTERLY REPORT of the Ten Square Games S.A. Group for Q1 2025 This document is a non-binding translation of the graphical version of the official financial statements published by the ESPI channel.

Specification 1Q 2024 2Q 2024 3Q 2024 4Q 2024 TOTAL 2024 1Q 2025 Operating profit (EBIT) 19,108,496 23,278,311 15,606,945 18,247,197 76,240,949 30,618,819 Amortization and depreciation (excluding capitalized portion) 4,505,560 4,428,755 3,953,275 3,873,425 16,761,015 3,173,305 Write-downs for impairment 0 0 0 1,194,285 1,194,285 0 EBITDA 23,614,056 27,707,066 19,560,220 23,314,907 94,196,249 33,792,124 Non-cash impact of incentive scheme (excluding capitalized portion) 2,854,621 311,924 441,425 369,466 3,977,436 495,000 Deferred result (revenue minus commissions) – consumables 2,150,783 1,100,237 1,594,588 1,212,215 6,057,823 -500,670 Deferred result (revenue minus commissions) – durables -819,647 -1,775,914 4,919,341 3,532,579 5,856,359 -3,267,444 Costs of potential and completed acquisitions (M&A) and review of strategic options -310,254 0 0 -43,264 -353,518 -9,613 Adjusted EBITDA 27,489,559 27,343,313 26,515,574 28,385,903 109,734,349 30,509,397 The average exchange rate of the National Bank of Poland dated at the balance sheet date was used to convert the balance sheet data. In order to convert the positions under the comprehensive income statement and the cash flow statement, the exchange rate which is the arithmetical average of the exchange rates of National Bank of Poland effective at the last day of each month of a given period was adopted. EUR/PLN exchange rate 2025 2024 for the balance-sheet data 4.1839 4.2730 for the data from the profit and loss statement and cash flow statement 4.2026 4.3211 3 CONSOLIDATED QUARTERLY REPORT of the Ten Square Games S.A. Group for Q1 2025 This document is a non-binding translation of the graphical version of the official financial statements published by the ESPI channel.

TABLE OF CONTENTS SELECTED FINANCIAL DATA 2 I. GENERAL INFORMATION 6 1. COMPANY DATA 7 2. TEN SQUARE GAMES CAPITAL GROUP 8 3. SHAREHOLDING STRUCTURE 9 4. COMPOSITION OF THE COMPANY’S BODIES AS AT 19.05.2025 11 5. FORM OF CONDENSED STATEMENT 12 6. STATEMENT OF THE MANAGEMENT BOARD 14 II. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENT 15 1. INTERIM CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT 16 2. INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL SITUATION 18 3. INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 20 4. INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT 22 5. COMMENTS ON THE RESULTS 24 5.1. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 25 5.2. CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 5.3. CONSOLIDATED CASH FLOW STATEMENT 31 III. INTERIM CONDENSED STANDALONE FINANCIAL STATEMENT 32 1. INTERIM CONDENSED STANDALONE STATEMENT OF COMPREHENSIVE INCOME 33 2. INTERIM CONDENSED STANDALONE STATEMENT OF FINANCIAL SITUATION 35 3. INTERIM CONDENSED STANDALONE STATEMENT OF CHANGES IN EQUITY 37 4. INTERIM CONDENSED STANDALONE CASH FLOW STATEMENT 39 IV. ACCOUNTING PRINCIPLES 41 1. COMPLIANCE WITH THE INTERNATIONAL ACCOUNTING STANDARDS 42 2. CHANGES IN ACCOUNTING PRINCIPLES (POLICY) 42 3. DESCRIPTION OF THE ADOPTED ACCOUNTING PRINCIPLES (POLICY) 43 3.1. Consolidation – subsidiaries, associates 43 3.2. Earnings per share 44 3.3. Cash flows 44 3.4. Revenues and costs of operating activity 45 3.5. Revenues and costs of financial activity 47 3.6. Income tax 47 3.7. Tangible fixed assets 49 3.8. Intangible assets 50 3.9. Lease 52 3.10. Financial instruments 53 3.11. Transactions in foreign currencies 55 3.12. Receivables 55 3.13. Equity 56 3.14. Share-based payments 56 3.15. Payment of dividends 56 3.16. Provisions 56 3.17. Liabilities 57 3.18. Transactions with related parties 57 3.19. Significant values based on professional judgement and estimates 57 4 CONSOLIDATED QUARTERLY REPORT of the Ten Square Games S.A. Group for Q1 2025 This document is a non-binding translation of the graphical version of the official financial statements published by the ESPI channel.

V. NOTES TO THE FINANCIAL STATEMENT – CONSOLIDATED DATA 61 1. REVENUES 62 1.1. Information on operating segments and result performance indicators 63 1.2. Revenues – source 64 1.3. Revenues – games 65 1.4. Revenues by business partner 68 1.5. Revenues – distribution channels 68 1.6. Revenues – geographical breakdown 69 2. OPERATING COSTS 70 3. OTHER OPERATING REVENUE AND COSTS 72 4. FINANCIAL INCOME AND EXPENSE 73 5. CHANGES IN PROPERTY, PLANT, AND EQUIPMENT 74 6. CHANGES IN INTANGIBLE ASSETS AND GOODWILL 76 7. RECEIVABLES 78 8. OTHER FINANCIAL ASSETS 80 9. OTHER LIABILITIES 81 10. DISTRIBUTION OF PROFIT FOR 2024 82 11. INFORMATION ON AFFILIATED ENTITIES, INCLUDING INFORMATION ON REMUNERATION OF SENIOR MANAGEMENT AND THE SUPERVISORY BOARD 83 11.1. Management 83 11.2. Other affiliated parties 85 12. CURRENT AND DEFERRED TAX 86 13. PROVISIONS 88 14. INCENTIVE PROGRAMS 89 VI. OTHER ADDITIONAL INFORMATION 91 1. A BRIEF DESCRIPTION OF THE ISSUER’S MATERIAL ACCOMPLISHMENTS OR FAILURES IN THE PERIOD COVERED BY THE REPORT TOGETHER WITH A LIST OF THE MOST SIGNIFICANT EVENTS CONCERNING THE ISSUER 92 2. KPIs OF GAMES 99 3. IDENTIFICATION OF FACTORS AND EVENTS, INCLUDING THOSE OF AN UNTYPICAL NATURE, HAVING A SIGNIFICANT IMPACT ON THE ABBREVIATED FINANCIAL STATEMENTS 100 4. SIGNIFICANT EVENTS AFTER THE END OF THE INTERIM PERIOD THAT ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 100 5. INDICATION OF FACTORS WHICH, IN THE ISSUER’S OPINION, WILL AFFECT ITS RESULTS IN THE PERSPECTIVE OF AT LEAST THE NEXT QUARTER 101 6. OTHER INFORMATION RELEVANT TO THE ASSESSMENT OF THE ISSUER’S PERSONNEL, ASSETS, FINANCIAL SITUATION, FINANCIAL RESULT AND THEIR CHANGES AS WELL AS INFORMATION RELEVANT TO THE ASSESSMENT OF THE ISSUER’S ABILITY TO FULFIL ITS OBLIGATIONS 103 7. POSITION OF THE ISSUER’S MANAGEMENT BOARD REGARDING THE POSSIBILITY OF FULFILMENT OF PREVIOUSLY PUBLISHED RESULT FORECASTS FOR A GIVEN YEAR IN THE LIGHT OF THE RESULTS PRESENTED IN THE QUARTERLY REPORT IN RELATION TO THE FORECAST RESULTS 103 8. SEASONALITY OR CYCLICALITY OF ACTIVITIES 104 9. INDICATION OF MATERIAL PROCEEDINGS PENDING BEFORE COURT, COMPETENT ARBITRATION AUTHORITY OR PUBLIC ADMINISTRATION AUTHORITY, CONCERNING LIABILITIES AND RECEIVABLES OF THE ISSUER OR ITS SUBSIDIARY 104 10. LOANS, CREDITS, GUARANTEES 105 APPROVAL OF THE FINANCIAL STATEMENT 106 5 CONSOLIDATED QUARTERLY REPORT of the Ten Square Games S.A. Group for Q1 2025 This document is a non-binding translation of the graphical version of the official financial statements published by the ESPI channel.

Ten Square Games Sp. z o. o. was registered on 21 October 2011, entry no. 0000399940. Ten Square Games S.A. was established through the transformation of Ten Square Games Sp. z o. o., which was registered by the District Court on 20 November 2017. 1.COMPANY DATA Name Ten Square Games Legal form Joint-stock company Registered seat 45 Traugutta Street, 50-416 Wroclaw Registration country Poland Core business activity publishing activity with regard to computer games (58.21.Z) Authority keeping the register District Court, VI Commercial Division of the National Court Register Entry no. 0000704863 Statistical Business Number (REGON) 021744780 Tax Identification Number (NIP) 8982196752 Company duration indefinite 7 CONSOLIDATED QUARTERLY REPORT of the Ten Square Games S.A. Group for Q1 2025 This document is a non-binding translation of the graphical version of the official financial statements published by the ESPI channel.

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