Ten Square Games (TEN) Q2 2026 earnings summary

Executive summary

• Strategy shifted to a product line-based development model, leveraging shared technology and KPI-driven validation for scalable growth.

• Core portfolio remains the foundation, with new titles like Medal Hunter and Fishing Trip validating the repeatable product line strategy.

• Q2 2026 bookings reached PLN 93.3M, up 14.6% year-over-year, with H1 2026 bookings up 11.5%.

• Revenue for H1 2026 was PLN 192.3 million, up 6.2% year-over-year, but net profit fell 40.5% to PLN 28.2 million.

• Dividend of PLN 63.7 million paid in May 2026 from 2025 profits.

Financial highlights

• H1 2026 bookings totaled PLN 191.7 million, up 11.5% year-over-year.

• Q2 2026 Adjusted EBITDA was PLN 21.4M, up 13.5% quarter-over-quarter but down 20.8% year-over-year.

• Gross margin on sales was 83.1% in H1 2026.

• Cash and cash equivalents at period end were PLN 73.1 million.

• Marketing expenditure in Q2 2026 was PLN 25.9M, up 103.3% year-over-year.

Outlook and guidance

• Continued focus on growth through new product lines, rapid game development, and mobile game monetization.

• Scaling of new titles depends on product maturity, cohort quality, and UA payback potential.

• New incentive programs for 2025–2029 tied to cumulative Adjusted EBITDA and share price performance.

• Dividend policy remains, with decisions deferred until year-end based on performance.