Slides
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November 13th, 2025
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Q3 2025: Advancing TSG’s Portfolio Transformation 3AI Rebuilding Core Titlesadvancing the complex rebuild process of Fishing Clashand Hunting Clash Strong execution across all segments: from rebuilding core titles to scaling new growth engines Scaling Wings of Heroesincreased marketing investment based on new benchmarks – record-high quarter for UA spend in game’s history Growing Trophy Hunterexpanding content and executing targeted marketing strategy ahead of Q4 seasonalityDeveloping New ProjectsGlobal launch of Real Combat Simulatorand creation of a new prototype: expanding the innovation pipeline
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October booking higher vs September in both titles. Q32025Q32025 Bookings and marketing expense(PLN M) 5 M PLN Performance Shaped bythe process of strategic overhaul AI BookingsPLN 47.1M-3.2% q-o-qMarketing expenditurePLN6.5M -13.8% q-o-qBookingsPLN14.6M-4.3% q-o-qMarketing expenditurePLN2.7M-3.4% q-o-q FTUE: the first stage of players’ journey in the gamesto improve retentioneconomy of the games to improve monetizationKey focus inQ4 2025improvements in matchmaking to improve engagementvisual overhaul to improve UX & The process of strategic overhaul aimed at stabilizing long-term performance in progressTeams focused on A/B testing and iterative tuningrather than introducing new featuresKey areas of attention in Q3:■FTUE (First Time User Experience)■Segmentation and in-game economyPositive impactobserved from actions targeting lapsed player reactivation &matchmaking improvementsMarketing spend at low levels (aligned with the strategic overhaul phase and test-driven approach), in both titles throughout 2025 impacting games’ results
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6 M PLN Wings of HeroesEffective Scaling Driven by Product Development and increased Marketing AI ■Growth in bookings by 33.4% q-o-qsupported by higher & effective UA investment of PLN 4.7 (up by 118.9% q-o-q)■Bookings growthdriven by both record-high marketing expenditureand strong in-game initiativesimproving engagement and monetization■Key actions impacting performance:■Launch of Formations– new cooperative feature enhancing the social layer, engagement, and session length■Expansion of LiveOpsevents, boosting activity and in-game spending■Introduction of dedicated supportfor high-spending players■Increased ad visibilityleading to higher ad revenue■In October 2025 bookings amounted to PLN 3.2M - the highest monthly result in game’s history Users in M PLNpriorities for Q4 2025 ■New monetization feature: Hangar Workshop■Improvements in previously introduced features: ■Formations■Wheel of Fortune■Battle Pass
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Trophy Hunter:Sustained Growth &Strong Scaling Momentum 8AI real combat simulatorRobust growth of bookingssince global launch (PLN M) Strong investment in marketing in Q3 2025 PLN 3.2M in Q3 2025 BookingsMarketing spendHigh marketing spend, reflecting:■strong monetization and retention metrics vs. existing titles■favorable seasonal timing ahead of Q4 advertising cost increase and market unpredictabilityDynamic product development:■4 new arenasexpanding gameplay depth■friend invitation systemenhancing community and competition & asynchronous 1v1 duelsintroducing new competitive layer■Progression plan for Arenas 1–9 Game’s performance supported by Maintain the growth momentum ■new big social feature■3 new arenas ■Trophy Hunter continues to scale effectively with high KPIsand rising contribution to Group bookings■The game generated PLN 3.2 m in revenuein Q3 2025 supported by PLN 6.1 m in marketing spend■maintained growth dynamics and good KPIs in Q4 202512 Q4 2025 priority
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Real Combat Simulator: Testing the Potential of a New Mobile Market Segment 9AI Title available on all main platforms globally No marketing support at launch: initial organic rollout to gather market feedback October 7, 2025 Subscription based modeldownload for EUR 0.99.1 month: EUR 5.99/ 6 months: EUR 30.99 / 12 months: EUR 40.99Team: 3-4 people No direct market competition - testing potential of the air combat simulation genre Featuring and broader marketing exposureplanned for early 2026
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New Prototype:Market Validation of a New Gameplay Concept 11AI The concept is based on TSG’s previous experience and builds on gameplay model that proved successful in Trophy HunterFree2Play modelTeam: 6 peopleThe prototype explores potential portfolio diversificationbeyond core game segmentsA market validation testis scheduled for second half of November 2025in two selected marketsDecision on the future of the project to be made not later than in H1 2026, following analysis of test results and player KPIs
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TSG STOREresultimpacted byDecline in Core Titles and Growth of Non-Store Games 13 TSG Store’s% share in Group’s bookings20.3%share of TSG Store bookings(September 2025) impacted by: JD decline in bookings in Fishing Clash & Hunting Clash US federal court ruling enabling direct marketing of TSG Stores’s offer in the USA on Android platform - changes effective from October 29, 2025growth of bookings in titles without TSG Store offer:Trophy Hunter, Wings of Heroes, Real Flight Simulator increasing total Group bookings decline in TSG Store’s share in bookings in Fishing Clash ( 31.7% September 2025) & in Hunting Clash (17.9% in September 2025)
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Q3 2025 Adjusted EBITDA result impacted by highest quarterly marketing spendin 2025 15MJM PLN +PLN 7.4 M increase in marketing expenseq/q with other operating cost under controlIncreased marketing expense is a result of decision:- to scale marketing budget in Wings of Heroes- support global launch of Trophy Hunterwith UA
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financial results in Q3 2025 16MJ Q3’25Q2’25Q1’252024Q4’24Q3’24Q2’24Q1’24PLN m90.484.496.7386.594.494.098.0100.1Revenues from sales85.081.490.5398.199.9102.396.299.7Bookings74.869.681.6320.179.178.282.180.7Gross profit on sales83%82%85%83%84%83%84%81%margin47.239.144.8215.853.055.952.055.0Selling costs, including: 20.112.715.686.522.724.719.419.8User Acquisition costs21.720.524.2105.725.925.026.428.4Commissions6.07.06.427.96.76.77.17.5General and Administrative costs 0001.21.2000Write-downs22.127.030.5109.728.426.527.327.5Adjusted EBITDA24%32%32%24%25%28%28%27%margin17.820.027.567.114.612.522.017.9Net Profit/Loss 234 4.4% q/q increase in bookings of the TSG Group thanks to growth in Wings of Heroes, real Flight Simulator and adding to portfolio Trophy Hunter. Growth maintained despite decline in 2 core titles. User Acquisition costs increased in Q3’25 by 57.6% q/q due to intensive UA support for Trophy Hunter and increase of marketing spend in Wings of Heroes. Further declines in UA cost in main titles. General and Administrative costs decreased in Q3’25 by 13.3% q/q mainly as a result of the cost of a new non-cash incentive program for the years 2025–2029 recognized in Q2 2025 for the first time. The cost of PLN 0.7m recognized in Q2 2025 relates to the period January - June 2025. Adjusted EBITDA in Q3’25 decreased by 18.4% q/q due to increased marketing expenditure. Net profitdecreased by 10.9% q/q buy it grew by 42.3% y/y. In 1-3Q 2025 it grew by 24.3% y/y._________________________________________________In the long terma possible positive impact on results may have the release of PLN 12.5 M tax provision. However, the tax inspection has been suspended until tax authority receives requested tax information from the authorities of other EU Member States and third countries. 12345 5 1
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MJ Cash flow generation with a strong cash poolQ3’25Q2’25Q1’25Q4’24Q3’24Q2’24Q1’24M PLN22.127.030.528.426.527.327.5Adjusted EBITDA27.026.330.026.528.126.832.4Net Cash Flows from Operating Activities(1.7)(15.7)(0.9)(2.3)(1.4)(12.5)(1.4)Net Cash Flows from Investing Activities(0.8)(100.1)(0.7)(1.0)(1.0)(0.7)(114.4)Net Cash Flows from Financial Activities24.6(90.2)28.423.325.713.6(83.4)Total Net Cash Flows83.4172.4143.8121.495.076.8Cash and cash equivalents17 Growing cash positionat the end of Q3 2025 to PLN 107.5 M thanks to high operating cash flow and lack of significant cash outflows. 107.5Solid financial position provides a stable foundation for long-term growth.
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Resilient Business Model Delivering Higher Net Profitand Strong adjusted EBITDAin 1-3Q 2025 18MJAdjusted EBITDA Q3 2025PLN22.1MLN-18.4% q/q1-3Q 2025PLN79.6MLN -2.1% y/y Profitability Net profit Q3 2025PLN17.8MLN-10.9% q/q1-3Q 2025PLN65.2MLN +24.3% y/y Adjusted EBITDANet profit Bookings Q3 2025PLN85.0MLN+4.4% q/q1-3Q 2025PLN256.9MLN-13.9% y/yM PLN M PLN -2.1% y/y+24.3% y/y After three quarters of 2025, TSG confirms long-term business model resilienceAdjusted EBITDA stableat PLN 79.6 m (-2.1% y/y) despite drop in bookingsNet profit up 24.3% y/y, reflecting cost discipline and operational efficiencyHigher profitability supports strong cash generation and dividend potential
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Investor’s calendar 20 Company news flow:■Q4 2025 Sales Update – early January 2026■2025 Financial report -March 2026 Investors’ conferences:■Wood’s Winter Prague- December 4th, 2025NG
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22 Transforming the Portfolio for Long-Term Growthand Resilience AI Rebuilding of core titlesto unlock their full potentialOngoing rebuild of Fishing Clash and Hunting Clash addressing games’ economy, segmentation and FTUEFocus on A/B testing, feature iteration, and gameplay improvementsComplex, multi-quarter process designed to stabilize performance and reignite growth Strengthening Group’s growth pillar: Wings of Heroes and Flight Simulation SegmentWings of Heroes continues effective scaling supported by strong KPIsStrong & stable performance of Real Flight Simulator supported by consistent game developmentDevelopment of Real Combat Simulator extends presence in the flight simulation genre and tests the scale of new mobile segmentSegment growth helps offset declines in core titles New Projects and Innovation:Future Growth DriversTrophy Hunterperforming stronglyas the new growth engineA new game prototype entering market test in November 2025New projects built on TSG’sproven know-how and successful gameplay models, aimed at broadening the portfolio and securing long-term growthShort & medium-term pressure, long-term value creationMedium-term driver supporting revenue stability & growthLong-term diversification & growth built on proven foundationsThrough the rebuild of core titles and the expansion of proven growth pillars, TSG is balancing near-term performancewith long-term portfolio transformation, ensuring sustainable growth, diversification, and shareholder value creation.
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Contact details:Nina Graboś– IR, PR & ESG Directornina.grabos@tensquaregames.com
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Balance sheet 30.09.2530.06.2531.03.2531.12.2430.09.2430.06.2431.03.24Selected positions in k PLN*ASSETS198,771198,595198,609206,436208,412212,420214,234Fixed assets29,10427,74631,78833,15532,76033,74236,253Receivables107,47083,422172,377143,755121,38994,97176,784Cash and cash equivalents159,498137,161323,816210,414187,623158,748152,186Current assets358,269335,757431,424416,850396,035371,168366,420Total assetsEQUITY AND LIABILITIES211,499190,873266,575243,263228,612217,607194,689Equity 3,9804,3294,8755,5866,1916,8637,420Lease liabilities8,0546,96623,00125,41024,36424,22334,881Total long term liabilities13,5689,10112,41710,54315,42110,25116,093Trade payables138,715137,918141,848148,176143,059129,338136,850Total short term liabilities146,769144,844164,849173,586167,423153,561171,731Total liabilities358,269337,757431,424416,850396,035371,168366,420Total equity and liabilities25
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Profit andloss reportQ3’25Q2’25Q1’252024Q4’24Q3’24Q2’24Q1’24Selected positions in k PLN90,38484,43596,653386,54394,35793,97997,998100,118Revenues from sales84,99381,39690,461398,13699,939102,30696,23099,661Bookings47,13448,71052,643242,62059,64462,15859,59761,219Fishing Clash2,2752,1912,0257,3332,2271,6091,7631,732Let’s Fish1,6481,7002,0008,3992,2591,8982,0332,209Wild Hunt14,56915,22718,63890,17521,35322,97922,10923,732Hunting Clash8,3986,2947,29119,1427,0865,6393,4952,922Wings of Heroes5,4695,1945,29820,4275,2385,4684,7614,960Real Flight Simulator3,185-------Trophy Hunter2,3162,0792,56710,0402,1312,5532,4702,886Others 5,3913,0406,192-11,683-5,582-8,327-1,769-457Deferred revenues15,62814,79615,01366,32115,28215,78515,86319,389COGS 74,75669,63981,640320,13279,07578,19382,13680,728Gross profit on sales83%82%84%83%84%83%84%81%GPS margin47,19439,14244,824215,85053,04955,89651,95454,950Selling costs52%46%46%56%56%59%53%55%As % of revenues6,0486,9766,38327,9736,7326,6837,0587,509G&A costs0001,21.2000Write-downs21,67823,66230,61976,24118,24715,60723,27819,108EBIT 24,95826,77530,79294,19623,31519,56027,70723,614EBITDA 28%32%35%24%25%21%28%24%EBITDA margin17,78919,95727,48667,07714,60912,50522,02317,939Net profit20%24%28%17%15%13%22%18%Net profit margin22,08027,04530,509109,73428,38626,51627,34327,489Adjusted EBITDA
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Cash flow reportQ3’25Q2’25Q1’252024Q4’24Q3’24Q2’24Q1’24Selected positions in k PLNOPERATING ACTIVITIES19,64922,42730,28074,10216,22713,88823,26620,720Profit/loss before tax8,4266,1130,941,04312,62716,397(1,784)13,803Total adjustments3,2803,1133,17316,7613,8733,9534,4294,506Amortisation28,07528,54131,166115,14528,85430,28521,48234,523Cash from operations-1,053-2,221-1,171-1,261-2,305-2,225-5,346-2,077Income tax paid27,02226,32029,995113,88326,54926,82826,82832,446Net cash flows from operating activitiesINVESTMENT ACTIVITIES952611356162113306Inflows -1,762-15,699-881-17,952-2,302-1,384-12,527-1,739Outflows-1,667-15,671-870-17,595-2,286-1,363-12,514-1,433Net cash flows from investing activitiesFINANCIAL ACTIVITIES0201,449002651,184Inflows -765-100,900-689-118,510-988-979-967-115,576Outflows--100,041------Dividends-765-100,898-689-117,061-987-979-702-114,391Net cash flows from financial activities24,590-90,25028,436-20,77323,27625,71813,611-83.378Total net cash flows 27
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Method of determining adjusted EBITDA 28 Q3’25Q2’25Q1’252024Q4’24Q3’24Q2’24Q1’24Selected items of the P&L Statement in k PLN21,67823,66230,61976,24118,24715,60723,27819,108Operating profit IFRS+3,280+3,113+3,173+16,761+3,873+3,953+4,429+4,506Amortisation000+1,194+1,194000Write-down for impairment24,95826,77533,79294,19623,31519,56027,70723,614EBITDA IFRSAdjustments:+1,050+1,605+495+3,977+369+441+311+2,855Non-cash impact of the incentive programs-3,928-1,335-3,768+11,914+4,745+6,515-675+1,331Deferred result (unused virtual currency and durables)00-10-354-43---310M&A costs00000000Other 22,08027,04530,509109,73428,38626,51627,34327,490Adjusted EBITDA
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General ANDadministrative costs 29 Q3’25Q2’25Q1’252024Q4’24Q3’24Q2’24Q1’24General administrative costs (PLN k)5,4055,9966,08726,2016,5546,4536,9056,288Recurring costs2,6902,9242,82611,8812,7493,0813,0113,039Salaries, subcontractor services8288709494,1561,2061,0001,024926Subsidiaries costs5725906782,689749674705561Office rental and maintenance1,3151,6121,6337,4751,8501,6982,1651,762Other 6439802971,7731692301531,221Non - recurring costs6439803062,1262122301531,531MSOP cost00-10-354-4300-310M&A cost00000000Other one-off costs6,0486,9766,38327,9736,7236,6837,0587,509General and administrative costsMJ
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30 Ten Square Games group: team MJ Total:321 Source: Company’s data as of 30 September 2025;Evergreen: Let’s Fish, Wild Hunt, Airline CommanderOther games:RortosShared serviced related to games: Customer support, Localization, Marketing, Analysis, R&D
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History of profitDiSTRIBUTION TO shareholders* 31*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 33AI 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 34AI 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 36 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 37
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Legal disclaimer 38 ■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