Ten Square Games Q1 2026 Financial Results Presentation

Key insights

6 takeaways

01
Ten Square Games reported Q1 2026 bookings of 98.4 million PLN and revenue of 98.6 million PLN, marking a 3% quarter-over-quarter increase.See it on page 17
02
The company’s direct-to-consumer platform has become a significant revenue channel, accounting for 20% of total group bookings by the end of March 2026.See it on page 14
03
Management approved a dividend payout of 63.7 million PLN, representing 83% of the 2025 consolidated net profit.See it on page 21
04
Adjusted EBITDA for the first quarter of 2026 reached 18.9 million PLN, supported by a balance sheet containing 196.4 million PLN in current assets.See it on page 31
05
Growth in the quarter was primarily driven by the scaling of specific titles, namely Trophy Hunter and Wings of Heroes.See it on page 16
06
The firm continues to prioritize operational efficiency through a KPI-driven development model and disciplined control of user acquisition costs.See it on page 12

Summary

Ten Square Games demonstrated operational resilience and strategic refinement during the first quarter of 2026, achieving 98.4 million PLN in bookings and 98.6 million PLN in revenue. This performance represents a 3% quarter-over-quarter increase, primarily fueled by the successful scaling of growth titles such as Trophy Hunter and Wings of Heroes. By stabilizing its core portfolio and adhering to a rigorous, KPI-driven development model, the company has effectively balanced product innovation with disciplined marketing expenditures. A notable shift in distribution strategy is underway, as the firm’s direct-to-consumer platform gained significant traction, accounting for 20% of total group bookings by the end of March.

Financial stability remains a cornerstone of the company’s current trajectory, evidenced by an adjusted EBITDA of 18.9 million PLN and a robust balance sheet featuring 196.4 million PLN in current assets. Reflecting confidence in its long-term cash flow generation, management approved a dividend payout of 63.7 million PLN, which equates to 83% of the 2025 consolidated net profit. This capital allocation strategy underscores a commitment to rewarding shareholders while maintaining the liquidity necessary to fund ongoing product development and future growth initiatives.

The company continues to operate within a framework of controlled user acquisition costs and benchmark-driven testing to mitigate market volatility. While these results highlight a period of steady growth and operational efficiency, all forward-looking statements and market data remain subject to inherent industry risks and uncertainties. The firm maintains a cautious stance regarding the interpretation of these financial metrics, emphasizing that its strategic outlook is contingent upon evolving market conditions and the successful execution of its current development pipeline.