Ten Square Games (TEN) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year, breaking a product impasse and launching new titles, notably Trophy Hunter, which quickly became a top-three revenue generator.

• The company is focused on long-term growth, with a clear plan for new products and a robust pipeline, including unannounced projects and upcoming launches like Medal Hunter.

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

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

Financial highlights

• Annual adjusted EBITDA slightly above PLN 98 million, with net profit at PLN 77 million for 2025.

• Q4 saw the highest marketing spend, primarily to scale Trophy Hunter, resulting in lower EBITDA but expected future bookings growth.

• Bookings for the year were lower than the previous year, mainly due to declines in Fishing Clash and Hunting Clash, partially offset by the mid-year launch of Trophy Hunter.

• Record dividend of PLN 100 million paid in 2025; cash position at year-end was PLN 120 million.

Outlook and guidance

• Continued investment in new products, with two unannounced projects entering marketing tests in Q2 2026.

• Medal Hunter soft 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 360 million for the next MSOP tranche (2026–2028), shifting focus from EBITDA to revenue growth.