Slides
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August 26th, 2025
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Focus Strategyin Action for Long-Term Growth 3AI Transformation in Fishing Clash and Hunting ClashDevelopment of Wings of HeroesPreparation for global launch of Trophy Hunter Segmentation & FTUEGame depthJuly 3, 2025
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Q22025Q22025 Bookings and marketing expense (PLN M) 5 M PLN Performance Shaped byA/b testing &Reduced Marketing AI ■Q2 2025 key focus:■start of redesign of the first stage of players’ journey (FTUE)■implementation of segmentation tests ■Successful test of lapse players treatment (HC)■Positive results will be visible in level of bookings when changes will affect larger group of players ■Lower UA expenditure in Q1 & Q2 2025 negatively impacting level of bookings ■Improvement in key KPIs necessary to increase marketing expenditure■Extensive A/B tests: of new features (FC) and segmentation of offers and difficulty of events (HC).■Technical improvements.BookingsPLN 48.7M-7.5% q-o-qMarketing expenditurePLN7.6M -7.2% q-o-qBookingsPLN15.2M-18.3% q-o-qMarketing expenditurePLN2.8M-36.5% q-o-q redesign of the first stage of players’ journey in the games(first 7 days) - visible change in HCsegmentation Key focus inQ3 2025exciting gameplayvisual quality improvements &
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v4v3v2v1IterationVIPs and topspenderssmall group of high spenderssmall group of mid spenders large group of low spendersAudiencemajority of revenuemedium share in bookingslow share in bookingsvery low share in bookingsShare in bookingsplanned: estimated durationtime: 8 weeks6 weeks and ongoing6 weeks6 weeksDuration??22% uplift in bookingsfor the group participating in the test21% uplift in bookings for the group participating in the testResult* Early tests on smaller segments show positive uplift; impact on core groups will take more time as larger-scale tests continue 6 Segmentation Tests: Solid Progress, Impact Still Ahead AI segmentation - objective: improve monetization *results only in tested group during the duration of A/B test
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7 lifecycle PersonalizationTests Deliver Strong Results AI Personalizing treatment for players’ life cycle - objective: improve monetization v5v4v3v2v1 Mid game boostLocation engagement boostLapsed payer treatmentNew type of offerReturning treatment for lapsed players Version players who had the game installed 1 month agoPlayers who unengaged with a locationLapsed payers (inactive payers)New installsLapsed players (very small portion of DAU)Audienceplanned estimated time: 8 weeksplanned estimated time: 4 weeksplanned estimated time: 8 weeks4 weeks8 weeksDurationobjective: uplift in bookings intested groupobjective: uplift in bookings in tested groupobjective: uplift in bookings in tested groupca. 90% revenue per install (RPI) improvement■ca. 80% uplift in bookings for this group of players■double digit retention improvementsResult**results only in tested group during the duration of A/B test
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8 M PLN Wings of Heroesready to take off AI ■Drop in bookings by 13.7% q-o-q in Q2’25 as a result of lower UA costand challenges with first iteration of Battle Pass■In Q2 2025the team focused on:■the depth of the game: introduction of a new game mode - Total Defense■LiveOps: iterating events, adding new events and events formats■monetization: introduction of Battle Pass, new offer (Pilot subscription) and formats of offer (chain offers)■improving the first time user experience ■In july bookings amounted to PLN 2.5 million -up by 30.5% vs June 2025 Users in M PLNpriorities for Q3 2025 Enriching the social sphere of the game to add more depth:■play with friends■avatars■hangar crews■VIP chatIteration of previously introduced features and modes Boosting marketing efforts to capture the game’s full growth potential.
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Trophy Hunter: Strong Global Launch 10 TROPHY HUNTER AI real combat simulatorJuly 3rd, 2025global launch of Trophy HunterTotal registrations after global launch0.5 M Growing number of Daily Active Users(DAU) Trophy Hunter supported by growing UA expenditure July 2025 August 2025 Hybrid monetization: in-app payments & advertisementTeam expandedto 11 people
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Exceptional Early KPIsIndicate Growth Opportunity for Trophy Hunter 11AI retentionDay 7 conversion rate Early KPIs surpass those of ALL OF TSG’s TITLES, confirming strong monetizationand retention potential Xhigher than in Xhigher (on average) than in other TSG’s titles
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Packed Roadmapto Unlock Trophy Hunter’s Full Potential 12 TROPHY HUNTER AI real combat simulator Main focus till the end of 2025:Content and features designed to strengthen retention and engagement.Q3 2024retention D1-D14new arenasQ4 2024long-term retentionnew feature Anew feature Bnew feature C new arenasnew game modenew feature Dnew feature E
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progress in development of real combat simulator 13AI New update coming with multiplayer feature early in SeptemberExpansion with new content On the path to global launch Subscription basedTeam: 3-4 people
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Record Store Sharesin Fishing Clash & Hunting Clash 15 JD Fishing Clash with record high share32.9% 21.7% Hunting Clash with record high share Still space for growth, especially in Hunting Clash.
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TSG STOREwith record high share 16 TSG Store’s% share in Group’s bookings23.4%share of TSG Store bookings(June 2025)share of TSG Store grew to record high levels in both products: Fishing Clash & Hunting Clash JD introduction of exclusive premium currency in Hunting Clash - deerbucks US federal court ruling enabling direct marketing of TSG Stores’s offer in the USA on App Store changes in Fishing Clash TSG Store’s interface improving user experience changes in the loyalty program in Fishing Clash
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1H 2025 in tsg shows long term financial resilience 18MJ Adjusted EBITDA Q2 2025PLN27.0MLN-11.4% q/q1H 2025PLN57.6MLN +5.0% y/y Profitability Net profit Q2 2025PLN20.0MLN-27.4% q/q1H 2025PLN47.4MLN +18.7% y/y Strong cash generationAdjusted EBITDANet profit Bookings Q2 2025PLN81.4MLN-10.0% q/q1H 2025PLN171.9MLN-12.3% y/y Consistent distributionof profits to shareholdersPLN 100MLNrecord high dividend paid outin Q2 2025Total of PLN 485 Mdistributed to shareholders to this date (since IPO) M PLN M PLN Operating Cash Flow in Q2 2025PLN 26.3MLN +5.0% y/y+18.7% y/y
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financial results in Q2 2025 19MJ Q2’25Q1’252024Q4’24Q3’24Q2’24Q1’242023PLN m84.496.7386.594.494.098.0100.1436.0Revenues from sales81.490.5398.199.9102.396.299.7443.7Bookings69.681.6320.179.178.282.180.7363.3Gross profit on sales82%85%83%84%83%84%81%83%margin39.144.8215.853.055.952.055.0239.5Selling costs, including: 12.715.686.522.724.719.419.886.8User Acquisition costs20.524.2105.725.925.026.428.4123.6Commissions7.06.427.96.76.77.17.538.7General and Administrative costs001.21.200078.2Write-downs27.030.5109.728.426.527.327.5118.5Adjusted EBITDA32%32%24%25%28%28%27%27%margin20.027.567.114.612.522.017.915.2Net Profit/Loss 234 10.0% q/q decrease in bookings, due to extensive A/B tests in main products and lower UA expenditure. User Acquisition costs decreased in Q2’25 by 18.4% q/q due to decision to withhold intensive UA activity until better early game KPIs are achieved.General and Administrative costs increased in Q2’25 by 9.3% q/q mainly as a results of the cost of a new non-cash incentive program for the years 2025–2029 recognized for the first time. The cost of PLN 0.7m recognized in Q2 2025 relates to the period January - June 2025.Adjusted EBITDA in Q2’25 decreased by 11.4% q/q but maintained on similar level y/y. However, in 1H 2025 Adjusted EBITDA grew by 5.0% y/y. Net profitdecreased by 27.4% q/q and 9.4% y/y. However, in 1H 2025 it grew by 18.7% y/y..__________________________________________________________In the long terma possible positive impact on results may have the release of PLN 12.5 M tax provision. The tax control has been prolonged till end of October 2025. 12345 5 1
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MJ Cash flow generation with a strong cash poolQ2’25Q1’25Q4’24Q3’24Q2’24Q1’24M PLN27.030.528.426.527.327.5Adjusted EBITDA26.330.026.528.126.832.4Net Cash Flows from Operating Activities(15.7)(0.9)(2.3)(1.4)(12.5)(1.4)Net Cash Flows from Investing Activities(100.1)(0.7)(1.0)(1.0)(0.7)(114.4)Net Cash Flows from Financing Activities(90.2)28.423.325.713.6(83.4)Total Net Cash Flows172.4143.8121.495.076.8Cash and cash equivalents20 Strong cash positionat the end of Q2 2025 -PLN 83.4 M despite large outflows of cash including:■dividend payment of PLN 100m -15.73 PLN per share (27 June 2025),■earnout payment to Rortos’ shareholders ofPLN 14.7m.83.4
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Investor’s calendar 22 Company news flow:■Q3 2025 Sales Update – early October 2025■Q3 2025 Financial report -November 12th, 2025 Investors’ conferences:■DM BOŚ Back to School 2025 Conference -September 2nd, 2025■Trigon: TMT & Gaming - October 9th, 2025■Wood’s Winter Prague- December 4th, 2025NG
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24 Executing with Persistence:Driving Transformationand Growth AI Trophy Hunter –Exceptional early KPIs and a dynamic roadmap demonstrate strong growth potential.Real Combat Simulator – Progressing toward global launch; may strengthen TSG’s position in the flight simulation segment. ■Relentless focus on transformational initiatives in all product teams■Material impact requires time – A/B testing cycle defines the timeline■Results become visible once larger player groups are involved and changes are introduced at scaleBuilding the depth of the game and scaling with increased marketing– determined to unlock growth potentialNew projects
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Contact details:Nina Graboś– IR, PR & ESG Directornina.grabos@tensquaregames.com
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Balance sheet 30.06.2531.03.2531.12.2430.09.2430.06.2431.03.2431.12.23Selected positions in k PLN*ASSETS198,595198,609206,436208,412212,420214,234215,778Fixed assets27,74631,78833,15532,76033,74236,25338,937Receivables83,422172,377143,755121,38994,97176,784162,826Cash and cash equivalents137,161323,816210,414187,623158,748152,186242,325Current assets335,757431,424416,850396,035371,168366,420458,103Total assetsEQUITY AND LIABILITIES190,873266,575243,263228,612217,607194,689291,011Equity 4,3294,8755,5866,1916,8637,4201,379Lease liabilities6,96623,00125,41024,36424,22334,88129,465Total long term liabilities9,10112,41710,54315,42110,25116,09310,422Trade payables137,918141,848148,176143,059129,338136,850137,627Total short term liabilities144,844164,849173,586167,423153,561171,731167,092Total liabilities337,757431,424416,850396,035371,168366,420458,103Total equity and liabilities27*restated data
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Profit andloss reportQ2’25Q1’252024Q4’24Q3’24Q2’24Q1’242023Selected positions in k PLN84,43596,653386,54394,35793,97997,998100,118436,076Revenues from sales81,39690,461398,13699,939102,30696,23099,661443,682Bookings48,71052,643242,62059,64462,15859,59761,219274,232Fishing Clash2,1912,0257,3332,2271,6091,7631,7327,529Let’s Fish1,7002,0008,3992,2591,8982,0332,2098,131Wild Hunt15,22718,63890,17521,35322,97922,10923,732110,497Hunting Clash6,2947,29119,1427,0865,6393,4952,92211,526Wings of Heroes5,1945,29820,4275,2385,4684,7614,96018,179Real Flight Simulator2,0792,56710,0402,1312,5532,4702,88613,588Others 3,0406,192-11,683-5,582-8,327-1,769-457-7,606Deferred revenues14,79615,01366,32115,28215,78515,86319,38972,717COGS 69,63981,640320,13279,07578,19382,13680,728363,359Gross profit on sales82%84%83%84%83%84%81%83%GPS margin39,14244,824215,85053,04955,89651,95454,950239,574Selling costs46%46%56%56%59%53%55%55%As % of revenues6,9766,38327,9736,7326,6837,0587,50938,613G&A costs001,21.200078,306Write-downs23,66230,61976,24118,24715,60723,27819,1083,518EBIT 26,77530,79294,19623,31519,56027,70723,614101,531EBITDA 32%35%24%25%21%28%24%23%EBITDA margin19,95727,48667,07714,60912,50522,02317,93915,207Net profit24%28%17%15%13%22%18%3%Net profit margin27,04530,509109,73428,38626,51627,34327,489118,583Adjusted EBITDA
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Cash flow reportQ2’25Q1’252024Q4’24Q3’24Q2’24Q1’24Selected positions in k PLNOPERATING ACTIVITIES22,42730,28074,10216,22713,88823,26620,720Profit/loss before tax6,1130,941,04312,62716,397(1,784)13,803Total adjustments3,1133,17316,7613,8733,9534,4294,506Amortisation28,54131,166115,14528,85430,28521,48234,523Cash from operations-2,221-1,171-1,261-2,305-2,225-5,346-2,077Income tax paid26,32029,995113,88326,54926,82826,82832,446Net cash flows from operating activitiesINVESTMENT ACTIVITIES2711356162113306Inflows -15,699-881-17,952-2,302-1,384-12,527-1,739Outflows-15,671-870-17,595-2,286-1,363-12,514-1,433Net cash flows from investing activitiesFINANCIAL ACTIVITIES201,449002651,184Inflows -100,900-689-118,510-988-979-967-115,576Outflows-100,041------Dividends-100,898-689-117,061-987-979-702-114,391Net cash flows from financing activities-90,25028,436-20,77323,27625,71813,611-83.378Total net cash flows 29
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Method of determining adjusted EBITDA 30 Q2’25Q1’252024Q4’24Q3’24Q2’24Q1’24Selected items of the P&L Statement in k PLN23,66230,61976,24118,24715,60723,27819,108Operating profit IFRS+3,113+3,173+16,761+3,873+3,953+4,429+4,506Amortisation00+1,194+1,194000Write-down for impairment26,77533,79294,19623,31519,56027,70723,614EBITDA IFRSAdjustments:+1,605+495+3,977+369+441+311+2,855Non-cash impact of the incentive programs-1,335-3,768+11,914+4,745+6,515-675+1,331Deferred result (unused virtual currency and durables)0-10-354-43---310M&A costs0000000Other 27,04530,509109,73428,38626,51627,34327,490Adjusted EBITDA
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General ANDadministrative costs 31 Q2’25Q1’252024Q4’24Q3’24Q2’24Q1’24General administrative costs (PLN k)5,9966,08726,2016,5546,4536,9056,288Recurring costs2,9242,82611,8812,7493,0813,0113,039Salaries, subcontractor services8709494,1561,2061,0001,024926Subsidiaries costs5906782,689749674705561Office rental and maintenance1,6121,6337,4751,8501,6982,1651,762Other 9802971,7731692301531,221Non - recurring costs9803062,1262122301531,531MSOP cost0-10-354-4300-310M&A cost0000000Other one-off costs6,9766,38327,9736,7236,6837,0587,509General and administrative costsMJ
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32 Ten Square Games group: teamTSG group 317people Source: Company’s data as of 30 June 2025;Evergreen: Let’s Fish, Wild Hunt, Airline CommanderOther games: RortosShared serviced related to games Customer support, Localization, Marketing, Analysis, R&DMJ
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History of profitDiSTRIBUTION TO shareholders* 33*TSG became publicly listed company in May 2018. Presented profit distribution does not include dividends paid out before TSG became listed company. PLN100.0 Mpaid out in the form of dividend on June 27th, 2025 MJ PLN485Mdistributed to shareholders in the form of dividend (PLN 352 M) and buyback (PLN 133 M)
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2025: on the path to turnaround 35AI Stabilizing the performance of &Personalisation of user experience& offers to improve player retention and spending New segmentation strategiesfor targeted monetization improvements Reaching 25% share of bookings in Fishing Clashvia TSG StoreContent management optimization(balancing old and new content to sustain engagement) Accelerating growth ofExpanding game modesto enhance engagementDeveloping a additional social layerto increase player retention and community involvementDeepening monetization mechanisms Adding new game(s) to the portfolioFinal decision on the future of Trophy Hunter & Real Combat Simulatorbased on ongoing testsValidating long-term market potentialbefore full-scale launchEnrichment of content
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2026 &beyondlong-term vision 36AI Expanding Market Reach& Strengthening PortfolioStrategically targeted acquisitionsto strengthen the portfolioAdding new games through a mix of in-house development & M&AContinued distribution of profits to shareholdersensuring financial stability & investor confidenceReplicate the success of FC and HC with new projects
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Accounting principles for revenues– IFRS 15 38 Virtual currency „Durable” BookingsSales revenueDeferred revenue/Unearned revenue■Revenue -> the player uses the virtual currency to purchase a virtual goods (e.g. rods, lure packs)■Deferred revenue -> unused balance of virtual currency booked as „Unearned revenue” on the balance sheet■Payment -> a player purchases virtual currency+ / -BookingPeriod 1Period XPeriod 1 – user makes a payment for a durable good in a game (e.g., a fishing rod) - a cash flow is generated. The revenue for the period is the value of the payment divided by X; the remaining value of the payment is booked as deferred revenue.Periods from 2 to X – in each period the same value (equal to revenue recognized in period 1) is reclassified from deferred revenue to current period revenue.X – the number of periods that paying players on average stay in a game
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Marketing expenses policyMarketing expenses model cumulative approach■The Group invests in marketing at point „0”. Cohort acquired in this period analyzed throughout user lifetime (period „0” to „n”)■The Group monitors the current performance of acquired user cohorts■Decision regarding marketing expenses based on several basic variables (user profitability, user acquisition cost, user life cycle) Marketing expenses„We invest in marketing provided we get positive returns throughout user lifetime” 0 1 2 3 4 5 n Cumulative paymentsMarketing expenses 39
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Legal disclaimer 40 ■Neither this presentation (the “Presentation”, references to which shall be deemed to include any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further enquiries) nor any copy of it nor the information contained herein is being issued and may be distributed directly or indirectly to or into the United States, Canada, Australia or Japan, except as stated below. 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Contact details:Nina Graboś– IR, PR & ESG Directornina.grabos@tensquaregames.com