Ten Square Games (TEN) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with strong operational progress, breaking a product impasse and launching new titles, notably Trophy Hunter, which quickly became a top-three revenue generator and positioned the group for long-term growth.

• The company focused on long-term growth with a robust pipeline, including unannounced projects and upcoming launches like Medal Hunter, and momentum not yet fully reflected in financial results.

• Core titles Fishing Clash and Hunting Clash remained stable and profitable, financing development and supporting operational stability.

• Wings of Heroes achieved record bookings, and Real Combat Simulator and Real Flight Simulator showed year-over-year improvement, highlighting the strength of the subscription-based model.

• Marketing investments prioritized scaling new titles, temporarily impacting short-term profitability to build long-term value.

Financial highlights

• Group bookings in 2025 were PLN 352.3M, down 11.5% year-over-year, mainly due to declines in Fishing Clash and Hunting Clash, partially offset by the mid-year launch of Trophy Hunter.

• Annual adjusted EBITDA was PLN 98.2M, with net profit at PLN 77M for 2025, and gross margin stable at 83%.

• Q4 saw the highest marketing spend, primarily to scale Trophy Hunter, resulting in lower EBITDA but expected future bookings growth; Q4 bookings rose 12.4% sequentially to PLN 95.5M.

• Record dividend of PLN 100M paid in 2025; cash and cash equivalents at year-end were PLN 120.3M.

• Net profit for 2025 increased 14.7% year-over-year, aided by deferred revenue effects.

Outlook and guidance

• Continued investment in new products, with two unannounced projects entering marketing tests in Q2 2026 and Medal Hunter's technical launch planned for May–June 2026, with a potential full release by year-end if tests are successful.

• Focus on increasing monetization and player retention across all titles, especially new launches.

• Ambitious revenue target of PLN 360M for the next MSOP tranche (2026–2028), with a shift from EBITDA to revenue growth and ambitious Adjusted EBITDA targets.

• Entering 2026 with strong momentum, a clear strategy, and a pipeline of projects ready to scale.