Ten Square Games (TEN) Q3 2025 earnings summary

Executive summary

• Q3 2025 featured strong execution of portfolio transformation, with new launches Trophy Hunter and Wings of Heroes showing robust KPIs and revenue growth, offsetting declines in core titles Fishing Clash and Hunting Clash.

• Strategic overhauls and A/B testing in flagship titles aimed to stabilize long-term performance, with segmentation and system updates improving retention and monetization.

• Real Combat Simulator and other prototypes launched or entered early development, leveraging learnings for faster cycles and diversifying future growth.

• Group bookings in Q3 2025 rose 4.4% sequentially, driven by new titles, but remained below prior year due to core title declines and currency effects.

• Record marketing spend supported new launches, with external expertise and live-ops specialists driving ongoing transformation.

Financial highlights

• Q3 2025 bookings reached PLN 85.0 million, up 4.4% quarter-over-quarter, driven by Wings of Heroes, Trophy Hunter, and Real Flight Simulator.

• Net profit for Q3 2025 was PLN 17.8 million, a 10.9% decrease quarter-over-quarter but a 42.3% increase year-over-year; 9M 2025 net profit was PLN 65.2 million.

• Adjusted EBITDA for Q3 2025 was PLN 22.1 million, down 18.4% quarter-over-quarter due to higher marketing spend; 9M 2025 adjusted EBITDA was PLN 79.6 million.

• Cash and cash equivalents at 30.09.2025 stood at PLN 107.5 million, reflecting strong operating cash flow and recovery after a PLN 100 million dividend payment in June.

• Marketing expenses rose to PLN 20 million in Q3, up from under PLN 13 million in the prior quarter, mainly for new titles.

Outlook and guidance

• Focus remains on rebuilding core titles, scaling new growth engines, and validating new projects for long-term diversification.

• Q4 2025 priorities include further monetization improvements, new social features, and continued marketing investment, though intense advertising competition may limit activity.

• Initial profit guidance to be provided in January; full-year financial report to be published in March 2026.