Ten Square Games FY2025 Q3 Earnings Release

November 13
th
, 2025

Q3 2025: Advancing
TSG’s Portfolio Transformation
3
AI
Rebuilding Core Titles
advancing the complex rebuild process of Fishing
Clash and Hunting Clash
Strong execution across all segments: from rebuilding core titles to scaling new growth engines
Scaling Wings of Heroes
increased marketing investment based on new
benchmarks – record-high quarter for UA spend in
game’s history
Growing Trophy Hunter
expanding content and executing targeted
marketing strategy ahead of Q4 seasonality
Developing New Projects
Global launch of Real Combat Simulator and creation
of a new prototype: expanding the innovation pipeline

October booking higher vs September in
both titles.
Q3
2025
Q3
2025
Bookings and marketing expense
(PLN M)
5
M PLN
Performance Shaped by
the process of strategic overhaul
AI
Bookings
PLN
47.1
M
-3.2% q-o-q
Marketing expenditure
PLN
6.5
M
-13.8% q-o-q
Bookings
PLN
14.6
M
-4.3% q-o-q
Marketing expenditure
PLN
2.7
M
-3.4% q-o-q
FTUE:
the first stage of players’
journey in the games
to improve retention
economy
of the games
to improve
monetization
Key focus in Q4 2025
improvements
in matchmaking
to improve
engagement
visual
overhaul to
improve UX
&
The process of strategic overhaul aimed
at stabilizing long-term performance in
progress
Teams focused on A/B testing and iterative
tuning rather than introducing new features
Key areas of attention in Q3:
■
FTUE (First Time User Experience)
■
Segmentation and in-game economy
Positive impact observed from actions
targeting lapsed player reactivation &
matchmaking improvements
Marketing spend at low levels (aligned with
the strategic overhaul phase and test-driven
approach), in both titles throughout 2025
impacting games’ results

6
M PLN
Wings of Heroes
Effective Scaling Driven by Product
Development and increased Marketing
AI
■
Growth in bookings by 33.4% q-o-q supported by higher & effective UA
investment of PLN 4.7 (up by 118.9% q-o-q)
■
Bookings growth driven by both record-high marketing expenditure and
strong in-game initiatives improving engagement and monetization
■
Key actions impacting performance:
■
Launch of Formations – new cooperative feature enhancing the social
layer, engagement, and session length
■
Expansion of LiveOps events, boosting activity and in-game spending
■
Introduction of dedicated support for high-spending players
■
Increased ad visibility leading to higher ad revenue
■
In October 2025 bookings amounted to PLN 3.2M – the highest monthly
result in game’s history
Users in M
PLN
priorities for Q4 2025
■
New monetization feature : Hangar Workshop
■
Improvements in previously introduced features:
■
Formations
■
Wheel of Fortune
■
Battle Pass

Trophy Hunter:
Sustained Growth & Strong Scaling Momentum
8
AI
real combat
simulator
Robust growth of bookings since global launch
(PLN M)
Strong investment in marketing in Q3 2025
PLN 3.2M
in Q3 2025
Bookings
Marketing spend
High marketing spend , reflecting:
■
strong monetization and retention metrics vs. existing titles
■
favorable seasonal timing ahead of Q4 advertising cost
increase and market unpredictability
Dynamic product development:
■
4 new arenas expanding gameplay depth
■
friend invitation system enhancing community and
competition & asynchronous 1v1 duels introducing new
competitive layer
■
Progression plan for Arenas 1–9
Game’s performance supported by
Maintain the growth momentum
■
new big social feature
■
3 new arenas
■
Trophy Hunter continues to scale effectively with high KPIs
and rising contribution to Group bookings
■
The game generated PLN 3.2 m in revenue in Q3 2025
supported by PLN 6.1 m in marketing spend
■
maintained growth dynamics and good KPIs in Q4 2025
1
2
Q4 2025 priority

Real Combat Simulator:
Testing the Potential of a New Mobile Market Segment
9
AI
Title available on all main platforms globally
No marketing support at launch : initial organic rollout to
gather market feedback
October 7, 2025
Subscription based model
download for EUR 0.99.
1 month: EUR 5.99/ 6 months: EUR 30.99 / 12 months: EUR 40.99
Team: 3-4 people
No direct market competition
– testing potential of the air combat simulation genre
Featuring and broader marketing exposure
planned for early 2026

New Prototype:
Market Validation of a New Gameplay Concept
11
AI
The concept is based on TSG’s previous
experience and builds on gameplay model that
proved successful in Trophy Hunter
Free2Play model
Team: 6 people
The prototype explores potential portfolio
diversification beyond core game segments
A market validation test is scheduled for second
half of November 2025 in two selected markets
Decision on the future of the project to be made
not later than in H1 2026 , following analysis of
test results and player KPIs

TSG STORE result impacted by Decline in Core
Titles and Growth of Non-Store Games
13
TSG Store’s
% share in Group’s bookings
20.3
%
share of TSG Store bookings
(September 2025) impacted by:
JD
decline in bookings in
Fishing Clash & Hunting Clash
US federal court ruling enabling direct marketing of TSG
Stores’s offer in the USA on Android platform – changes
effective from October 29, 2025
growth of bookings in titles without
TSG Store offer:
Trophy Hunter, Wings of Heroes, Real Flight Simulator
increasing total Group bookings
decline in TSG Store’s share in bookings in
Fishing Clash ( 31.7% September 2025) & in Hunting Clash
(17.9% in September 2025)

Q3 2025 Adjusted EBITDA result impacted by highest quarterly
marketing spend in 2025
15
MJ
M PLN
+PLN 7.4 M increase in
marketing expense q/q
with other operating cost
under control
Increased marketing
expense is a result of
decision:
– to scale marketing
budget in Wings of
Heroes
– support global launch
of Trophy Hunter with
UA

financial results in Q3 2025
16
MJ
Q3’25 Q2’25
Q1’25 2024 Q4’24 Q3’24 Q2’24 Q1’24 PLN m
90.4 84.4 96.7 386.5 94.4 94.0 98.0 100.1 Revenues from sales
85.0 81.4 90.5 398.1 99.9 102.3 96.2 99.7 Bookings
74.8 69.6 81.6 320.1 79.1 78.2 82.1 80.7 Gross profit on sales
83% 82% 85% 83% 84% 83% 84% 81% margin
47.2 39.1 44.8 215.8 53.0 55.9 52.0 55.0 Selling costs, including:
20.1 12.7 15.6 86.5 22.7 24.7 19.4 19.8 User Acquisition costs
21.7 20.5 24.2 105.7 25.9 25.0 26.4 28.4 Commissions
6.0 7.0 6.4 27.9 6.7 6.7 7.1 7.5
General and
Administrative
costs
0 0 0 1.2 1.2 0 0 0 Write-downs
22.1 27.0 30.5 109.7 28.4 26.5 27.3 27.5 Adjusted EBITDA
24% 32% 32% 24% 25% 28% 28% 27% margin
17.8 20.0 27.5 67.1 14.6 12.5 22.0 17.9 Net Profit/Loss
2
3
4
4.4% q/q increase in bookings of the TSG Group thanks to
growth in Wings of Heroes, real Flight Simulator and adding to
portfolio Trophy Hunter. Growth maintained despite decline in 2
core titles.
User Acquisition costs increased in Q3’25 by 57.6% q/q due to
intensive UA support for Trophy Hunter and increase of
marketing spend in Wings of Heroes. Further declines in UA cost
in main titles.
General and Administrative costs decreased in Q3’25 by 13.3%
q/q mainly as a result of the cost of a new non-cash incentive
program for the years 2025–2029 recognized in Q2 2025 for
the first time. The cost of PLN 0.7m recognized in Q2 2025
relates to the period January – June 2025.
Adjusted EBITDA in Q3’25 decreased by 18.4% q/q due to
increased marketing expenditure .
Net profit decreased by 10.9% q/q buy it grew by 42.3% y/y. In 1-
3Q 2025 it grew by 24.3% y/y.
________________________________________________
_
In the long term a possible positive impact on results may have
the release of PLN 12.5 M tax provision . However, the tax
inspection has been suspended until tax authority receives
requested tax information from the authorities of other EU
Member States and third countries.
1
2
3
4
5
5
1

MJ
Cash flow generation
with a strong cash pool
Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 M PLN
22.1 27.0 30.5 28.4 26.5 27.3 27.5 Adjusted EBITDA
27.0 26.3 30.0 26.5 28.1 26.8 32.4
Net Cash Flows from
Operating Activities
(1.7) (15.7) (0.9) (2.3) (1.4) (12.5) (1.4)
Net Cash Flows from
Investing Activities
(0.8) (100.1) (0.7) (1.0) (1.0) (0.7) (114.4)
Net Cash Flows from
Financial Activities
24.6 (90.2) 28.4 23.3 25.7 13.6 (83.4) Total Net Cash Flows
83.4 172.4 143.8 121.4 95.0 76.8 Cash and cash equivalents
17
Growing cash position at the end
of Q3 2025 to PLN 107.5 M thanks
to high operating cash flow and
lack of significant cash outflows.
107.5
Solid financial position provides a
stable foundation for long-term
growth.

Resilient Business Model Delivering Higher Net Profit and
Strong adjusted EBITDA in 1-3Q 2025
18
MJ
Adjusted EBITDA Q3 2025
PLN
22.1
MLN
-18.4% q/q
1-3Q 2025
PLN
79.6
MLN
-2.1% y/y
Profitability
Net profit Q3 2025
PLN
17.8
MLN
-10.9% q/q
1-3Q 2025
PLN
65.2
MLN
+24.3% y/y
Adjusted EBITDA Net profit
Bookings Q3 2025
PLN
85.0
MLN
+4.4% q/q
1-3Q 2025
PLN
256.9
MLN
-13.9% y/y
M PLN
M PLN
-2.1%
y/y
+24.3%
y/y
After three quarters of 2025,
TSG confirms long-term
business model resilience
Adjusted EBITDA stable at PLN
79.6 m (-2.1% y/y) despite drop
in bookings
Net profit up 24.3% y/y ,
reflecting cost discipline and
operational efficiency
Higher profitability supports
strong cash generation and
dividend potential

Investor’s calendar
20
Company news flow:
■
Q4 2025 Sales Update – early January 2026
■
2025 Financial report – March 2026
Investors’ conferences:
■
Wood’s Winter Prague – December 4th, 2025
NG

22
Transforming the Portfolio
for Long-Term Growth and Resilience
AI
Rebuilding of core titles
to unlock their full potential
Ongoing rebuild of Fishing Clash and Hunting
Clash addressing games’ economy,
segmentation and FTUE
Focus on A/B testing, feature iteration,
and gameplay improvements
Complex, multi-quarter process designed to
stabilize performance and reignite growth
Strengthening Group’ s growth pillar :
Wings of Heroes and Flight Simulation
Segment
Wings of Heroes continues effective scaling
supported by strong KPIs
Strong & stable performance of Real Flight Simulator
supported by consistent game development
Development of Real Combat Simulator extends
presence in the flight simulation genre and tests the
scale of new mobile segment
Segment growth helps offset declines in core titles
New Projects and Innovation:
Future Growth Drivers
Trophy Hunter performing strongly
as the new growth engine
A new game prototype entering market test in
November 2025
New projects built on TSG’s proven know-how
and successful gameplay models , aimed at
broadening the portfolio and securing long-
term growth
Short & medium-term pressure, long-
term value creation
Medium-term driver supporting revenue
stability & growth
Long-term diversification & growth
built on proven foundations
Through the rebuild of core titles and the expansion of proven growth pillars, TSG is balancing near-term performance
with long-term portfolio transformation , ensuring sustainable growth, diversification, and shareholder value creation .

Contact details:
Nina Graboś
– IR, PR & ESG Director
nina.grabos@tensquaregames.com

Balance sheet
30.09.25 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 Selected positions in k PLN*
ASSETS
198,771 198,595 198,609 206,436 208,412 212,420 214,234 Fixed assets
29,104 27,746 31,788 33,155 32,760 33,742 36,253 Receivables
107,470 83,422 172,377 143,755 121,389 94,971 76,784 Cash and cash equivalents
159,498 137,161 323,816 210,414 187,623 158,748 152,186 Current assets
358,269 335,757 431,424 416,850 396,035 371,168 366,420 Total assets
EQUITY AND LIABILITIES
211,499 190,873 266,575 243,263 228,612 217,607 194,689 Equity
3,980 4,329 4,875 5,586 6,191 6,863 7,420 Lease liabilities
8,054 6,966 23,001 25,410 24,364 24,223 34,881 Total long term liabilities
13,568 9,101 12,417 10,543 15,421 10,251 16,093 Trade payables
138,715 137,918 141,848 148,176 143,059 129,338 136,850 Total short term liabilities
146,769 144,844 164,849 173,586 167,423 153,561 171,731 Total liabilities
358,269 337,757 431,424 416,850 396,035 371,168 366,420 Total equity and liabilities
25

Profit and loss report
Q3’25 Q2’25 Q1’25 2024 Q4’24 Q3’24 Q2’24 Q1’24
S
elected positions in k PLN
90,384 84,435 96,653 386,543 94,357 93,979 97,998 100,118 Revenues from sales
84,993 81,396 90,461 398,136 99,939 102,306 96,230 99,661 Bookings
47,134 48,710 52,643 242,620 59,644 62,158 59,597 61,219 Fishing Clash
2,275 2,191 2,025 7,333 2,227 1,609 1,763 1,732 Let’s Fish
1,648 1,700 2,000 8,399 2,259 1,898 2,033 2,209 Wild Hunt
14,569 15,227 18,638 90,175 21,353 22,979 22,109 23,732 Hunting Clash
8,398 6,294 7,291 19,142 7,086 5,639 3,495 2,922 Wings of Heroes
5,469 5,194 5,298 20,427 5,238 5,468 4,761 4,960 Real Flight Simulator
3,185 – – – – – – – Trophy Hunter
2,316 2,079 2,567 10,040 2,131 2,553 2,470 2,886 Others
5,391 3,040 6,192 -11,683 -5,582 -8,327 -1,769 -457 Deferred revenues
15,628 14,796 15,013 66,321 15,282 15,785 15,863 19,389 COGS
74,756 69,639 81,640 320,132 79,075 78,193 82,136 80,728 Gross profit on sales
83% 82% 84% 83% 84% 83% 84% 81% GPS margin
47,194 39,142 44,824 215,850 53,049 55,896 51,954 54,950 Selling costs
52% 46% 46% 56% 56% 59% 53% 55% As % of revenues
6,048 6,976 6,383 27,973 6,732 6,683 7,058 7,509 G&A costs
0 0 0 1,2 1.2 0 0 0 Write-downs
21,678 23,662
30,619
76,241 18,247 15,607 23,278 19,108 EBIT
24,958 26,775 30,792 94,196 23,315 19,560 27,707 23,614 EBITDA
28% 32% 35% 24% 25% 21% 28% 24% EBITDA margin
17,789 19,957 27,486 67,077 14,609 12,505 22,023 17,939 Net profit
20% 24% 28% 17% 15% 13% 22% 18% Net profit margin
22,080 27,045 30,509 109,734 28,386 26,516 27,343 27,489 Adjusted EBITDA

Cash flow report
Q3’25 Q2’25 Q1’25 2024 Q4’24 Q3’24 Q2’24 Q1’24 Selected positions in k PLN
OPERATING ACTIVITIES
19,649 22,427 30,280 74,102 16,227 13,888 23,266 20,720 Profit/loss before tax
8,426 6,113 0,9 41,043 12,627 16,397 (1,784) 13,803 Total adjustments
3,280 3,113 3,173 16,761 3,873 3,953 4,429 4,506 Amortisation
28,075 28,541 31,166 115,145 28,854 30,285 21,482 34,523 Cash from operations
-1,053 -2,221 -1,171 -1,261 -2,305 -2,225 -5,346 -2,077 Income tax paid
27,022 26,320 29,995 113,883 26,549 26,828 26,828 32,446 Net cash flows from operating activities
INVESTMENT ACTIVITIES
95 26 11 356 16 21 13 306 Inflows
-1,762 -15,699 -881 -17,952 -2,302 -1,384 -12,527 -1,739 Outflows
-1,667 -15,671 -870 -17,595 -2,286 -1,363 -12,514 -1,433 Net cash flows from investing activities
FINANCIAL ACTIVITIES
0 2 0 1,449 0 0 265 1,184 Inflows
-765 -100,900 -689 -118,510 -988 -979 -967 -115,576 Outflows
– -100,041 – – – – – – Dividends
-765 -100,898 -689 -117,061 -987 -979 -702 -114,391 Net cash flows from financial activities
24,590 -90,250 28,436 -20,773 23,276 25,718 13,611 -83.378 Total net cash flows
27

Method of determining adjusted EBITDA
28
Q3’25 Q2’25 Q1’25 2024 Q4’24 Q3’24 Q2’24 Q1’24
Selected items of the P&L Statement in k PLN
21,678 23,662 30,619 76,241 18,247 15,607 23,278 19,108
Operating profit IFRS
+3,280 +3,113 +3,173 +16,761 +3,873 +3,953 +4,429 +4,506
Amortisation
0 0 0 +1,194 +1,194 0 0 0
Write-down for impairment
24,958 26,775 33,792 94,196 23,315 19,560 27,707 23,614
EBITDA IFRS
Adjustments:
+1,050 +1,605 +495 +3,977 +369 +441 +311 +2,855
Non-cash impact of the incentive
programs
-3,928 -1,335 -3,768 +11,914 +4,745 +6,515 -675 +1,331
Deferred result
(unused virtual currency and durables)
0 0 -10 -354 -43 – – -310
M&A costs
0 0 0 0 0 0 0 0
Other
22,080 27,045 30,509 109,734 28,386 26,516 27,343 27,490
Adjusted EBITDA

General AND administrative costs
29
Q3’25 Q2’25 Q1’25 2024 Q4’24 Q3’24 Q2’24 Q1’24
General administrative costs (PLN k)
5,405 5,996 6,087 26,201 6,554 6,453 6,905 6,288
Recurring costs
2,690 2,924 2,826 11,881 2,749 3,081 3,011 3,039
Salaries, subcontractor services
828 870 949 4,156 1,206 1,000 1,024 926
Subsidiaries costs
572 590 678 2,689 749 674 705 561
Office rental and maintenance
1,315 1,612 1,633 7,475 1,850 1,698 2,165 1,762
Other
643 980 297 1,773 169 230 153 1,221
Non – recurring costs
643 980 306 2,126 212 230 153 1,531
MSOP cost
0 0 -10 -354 -43 0 0 -310
M&A cost
0 0 0 0 0 0 0 0
Other one-off costs
6,048 6,976 6,383 27,973 6,723 6,683 7,058 7,509
General and administrative costs
MJ

30
Ten Square Games group: team
MJ
Total:
321
Source: Company’s data as of 30 September 2025;
Evergreen: Let’s Fish, Wild Hunt, Airline Commander
Other games: Rortos
Shared serviced related to games: Customer support, Localization, Marketing, Analysis, R&D

History of profit DiSTRIBUTION TO shareholders*
31
*TSG became publicly listed company in May 2018. Presented profit distribution does not include dividends paid out before TSG became listed company.
PLN
100.0
M
paid out
in the form of
dividend on June
27th, 2025
MJ
PLN
485
M
distributed to shareholders in the form of dividend
(PLN 352 M) and buyback (PLN 133 M)

2025: on the path to turnaround
33
AI
Stabilizing the performance of
&
Personalisation of user experience & offers
to improve player retention and spending
New segmentation strategies for targeted
monetization improvements
Reaching 25% share of bookings
in Fishing Clash via TSG Store
Content management optimization
(balancing old and new content to sustain
engagement)
Accelerating growth of
Expanding game modes to enhance
engagement
Developing a additional social layer to
increase player retention and community
involvement
Deepening monetization mechanisms
Adding new game(s)
to the portfolio
Final decision on the future of Trophy Hunter
& Real Combat Simulator
based on ongoing tests
Validating long-term market potential before
full-scale launch
Enrichment of content

2026 & beyond
long-term vision
34
AI
Expanding Market Reach
& Strengthening Portfolio
Strategically targeted acquisitions to strengthen the portfolio
Adding new games through a mix of in-house development & M&A
Continued distribution of profits to shareholders
ensuring financial stability & investor confidence
Replicate the success of FC and HC with new projects

Accounting principles for revenues – IFRS 15
36
Virtual currency
„Durable”
Bookings
Sales revenue
Deferred revenue/
Unearned revenue
■
Revenue -> the player uses the virtual currency to purchase a
virtual goods (e.g. rods, lure packs)
■
Deferred revenue -> unused balance of virtual currency booked
as „Unearned revenue” on the balance sheet
■
Payment -> a player purchases virtual currency
+ / –
Booking
Period 1
Period X
Period 1 – user makes a payment for a durable good in a game (e.g., a fishing rod) – a cash flow is generated. The revenue for
the period is the value of the payment divided by X; the remaining value of the payment is booked as deferred revenue.
Periods from 2 to X – in each period the same value (equal to revenue recognized in period 1) is reclassified from deferred
revenue to current period revenue.
X – the number of periods that paying players on average stay in a game

Marketing expenses policy
Marketing expenses model
cumulative approach
■
The Group invests in marketing at point „0”. Cohort
acquired in this period analyzed throughout user
lifetime (period „0” to „n”)
■
The Group monitors the current performance of
acquired user cohorts
■
Decision regarding marketing expenses based on
several basic variables (user profitability, user
acquisition cost, user life cycle)
Marketing expenses
„We invest in marketing provided we get positive returns throughout user lifetime”
0 1 2 3 4 5 n
Cumulative
payments
Marketing
expenses
37

Legal disclaimer
38
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This Presentation is not for distribution or use by any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation or which would subject the Company or any of its affiliates to
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By attending the meeting at which this Presentation is made you represent that you meet all criteria and classify as “Qualified Institutional Buyers” as defined in Rule 144A under the U.S. Securities Act of 1933, as amended.

Contact details:
Nina Graboś
– IR, PR & ESG Director
nina.grabos@tensquaregames.com