Ten Square Games Q4 and FY 2025 Financial Results Presentation

Key insights

6 takeaways

01
Ten Square Games generated 106.1 million PLN in operational cash flow during FY 2025, which is being deployed to fund user acquisition for new titles.See it on page 6
02
The company reported an adjusted EBITDA of 98.2 million PLN for 2025 as it prioritizes long-term portfolio diversification over immediate profitability.See it on page 18
03
Management has proposed a dividend of 63.7 million PLN for 2026, signaling a continued commitment to shareholder returns despite ongoing investment cycles.See it on page 29
04
The firm is pivoting its growth strategy toward scaling emerging titles 'Trophy Hunter' and 'Wings of Heroes' while maintaining 'Fishing Clash' and 'Hunting Clash' as its core revenue foundation.See it on page 4
05
To improve margins and reduce platform dependency, the company is actively expanding its proprietary Direct-to-Consumer platform.See it on page 15
06
New incentive programs for 2026–2029 will shift marketing expenditure recognition to better align with the extended lifetime value of player cohorts.See it on page 45

Summary

Ten Square Games concluded the 2025 fiscal year by prioritizing long-term portfolio diversification over immediate profitability, marking a strategic pivot toward scaling emerging titles such as Trophy Hunter and Wings of Heroes. While core franchises Fishing Clash and Hunting Clash continue to serve as the company’s primary financial foundation, the firm is actively expanding its Direct-to-Consumer platform to enhance margins and reduce reliance on third-party distribution. This transition is supported by a robust cash position, with 106.1 million PLN generated from operations throughout the year, providing the necessary liquidity to fund aggressive user acquisition campaigns for new product lines.

The financial performance for 2025 reflects this deliberate investment strategy, resulting in an adjusted EBITDA of 98.2 million PLN. To better align financial reporting with the long-term monetization cycles of player cohorts, the company is implementing updated incentive programs for 2026–2029 that feature a more gradual recognition of marketing expenditures. This approach acknowledges the reality of modern mobile gaming economics, where upfront user acquisition costs are recovered over the extended lifetime of the player base. Despite the temporary compression of short-term margins caused by these increased marketing investments, the company remains committed to shareholder value, proposing a dividend of 63.7 million PLN for 2026.

Looking toward 2026, the organization maintains a stable outlook characterized by a clear project pipeline and disciplined capital allocation. By balancing the maintenance of established titles with the scaling of new intellectual property, the company aims to sustain growth while managing the financial obligations associated with its dividend policy. This strategic framework positions the firm to navigate the competitive mobile gaming landscape by leveraging its operational cash flow to secure future market share and improve overall portfolio resilience.