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.
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Adjusted EBITDA fell 18.4% QoQ in Q3 2025 due to a 57.6% surge in user acquisition and marketing costs.
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.
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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.
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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.
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Management projects 2026 revenue to reach PLN 485 million, supported by a strategy of portfolio diversification through in-house development and targeted M&A.
Insights
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.
02
Adjusted EBITDA fell 18.4% QoQ in Q3 2025 due to a 57.6% surge in user acquisition and marketing costs.
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.
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.
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.
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.