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Ten Square Games (TEN) investor relations material
Ten Square Games Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 bookings dropped 10% quarter-over-quarter to PLN 81.4M, mainly due to reduced user acquisition and extensive A/B testing, while H1 2025 bookings fell 12.3% year-over-year to PLN 171.9M.
Adjusted EBITDA for Q2 2025 was PLN 27M, flat year-over-year but down 11.4% quarter-over-quarter; H1 2025 Adjusted EBITDA rose 5% year-over-year to PLN 57.6M.
Net profit in Q2 2025 was PLN 20M, a 27.4% decrease quarter-over-quarter, but H1 2025 net profit rose 18.7% year-over-year to PLN 47.4M.
New games like Wings of Heroes and Trophy Hunter launched, with Trophy Hunter showing early KPIs 3x higher than other titles and strong ad revenue contribution.
A record PLN 100M dividend was paid in June 2025, bringing total distributions since IPO to PLN 485M.
Financial highlights
Revenues from sales in Q2 2025 were PLN 84.4M, with gross profit margin at 82% and net profit margin at 24%.
Adjusted EBITDA margin in Q2 2025 was 32%; H1 2025 Adjusted EBITDA margin improved to 31.7% from 27.6% year-over-year.
Operating cash flow in Q2 2025 was PLN 26.3M, with cash and cash equivalents at period end at PLN 83.4M.
Total assets decreased to PLN 335.8M from PLN 416.8M at year-end 2024.
User acquisition costs dropped 18.4% quarter-over-quarter, reflecting a strategic pause in marketing.
Outlook and guidance
Management expects continued pressure on bookings but aims to maintain profitability through cost discipline and ongoing product iterations.
A/B testing cycles and transformational initiatives are expected to yield results as changes scale to larger player groups.
Wings of Heroes will focus on enriching social features and boosting marketing in Q3 2025.
New incentive programs for 2025–2029 target cumulative Adjusted EBITDA of PLN 438M.
Preliminary Q3 revenue and final financial report to be published in October and November, respectively.
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