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Ten Square Games: Q3 2025 Presentation

Key insights

6 takeaways

01
Ten Square Games reported a 4.4% QoQ increase in Q3 2025 bookings, driven by growth in Wings of Heroes, Real Combat Simulator, and the launch of Trophy Hunter.See it on page 16
02
Adjusted EBITDA fell 18.4% QoQ in Q3 2025 due to a 57.6% surge in user acquisition and marketing costs.See it on page 16
03
Despite the quarterly EBITDA dip, net profit rose 24.3% YoY, supported by a solid cash position of PLN 107.5 million and an adjusted EBITDA margin of approximately 32% for the first nine months of 2025.See it on page 16
04
The company maintains a strong focus on shareholder returns, with total dividend and buyback payouts reaching €485 million, including a planned €100 million dividend for 2025.See it on page 31
05
Financial performance has shown a significant rebound since 2024, with EBITDA growing from €23 million to €94 million in Q1 2024 and net profit margins reaching 28% by Q2 2025.See it on page 16
06
Management projects 2026 revenue to reach PLN 485 million, supported by a strategy of portfolio diversification through in-house development and targeted M&A.See it on page 34

Summary

Ten Square Games reported a mixed Q3 2025 performance, with bookings up 4.4% quarter-over-quarter driven by strong growth in Wings of Heroes, Real Combat Simulator and the new Trophy Hunter launch. However, adjusted EBITDA fell 18.4% QoQ as marketing spend surged, particularly user acquisition costs that rose 57.6%. Despite the EBITDA dip, net profit climbed 24.3% year-over-year and cash flow remained solid, leaving a year-end cash pool of PLN 107.5 million and an adjusted EBITDA margin hovering around 32% for the first three quarters of 2025.

The company is pursuing a dual-track strategy that balances core title revitalisation—Fishing Clash, Hunting Clash, and Wings of Heroes—with the launch of new projects such as Real Combat Simulator. Financials from 2024-25 show a rebound in EBITDA, rising from €23 million to €94 million in Q1-24, and a net profit margin increase to 28% by Q2-25. This growth is attributed to robust core game performance and disciplined cost management, while dividend and buyback payouts total €485 million, including a planned €100 million dividend in 2025.

Looking ahead, Ten Square Games plans to expand market reach and strengthen its portfolio through targeted acquisitions and a blend of in-house development and M&A. Projections for 2026 call for revenue growth to PLN 485 million, with a focus on virtual-currency monetisation and IFRS 15 deferred-revenue accounting. The strategy underscores a commitment to shareholder value through durable dividends, disciplined marketing spend, and continued portfolio diversification.