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Ten Square Games SATen Square Games posts PLN 28.4 mln adj. EBITDA in Q4 2024, above expectations
Listed mobile games producer and developer Ten Square Games (TSG) posted PLN 28.4 million (EUR 6.8 mln) of adjusted EBITDA and PLN 14.7 million (EUR 3.5 mln) in the fourth quarter of 2024, the company's financial report showed. The PAP Biznes consensus was for PLN 26.7 million (EUR 6.4 mln) of adjusted EBITDA and PLN 18.7 million (EUR 4.5 mln) net take.
---------- TSG Q4 2024 RESULTS VS. CONSENSUS EXPECTATIONS --------------
| 4Q2024 | results | consensus | difference | y/y | q/q | YTD 2024 | y/y |
| PLN mln | PLN mln | % | % | % | PLN mln | % | |
| Revenues | 94.4 | 99.9 | -5.50% | -12.70% | 0.40% | 386.5 | -12.60% |
| EBITDA | 28.4 | 26.7 | 6.30% | -19.50% | 7.20% | 109.7 | -7.30% |
| EBIT | 18.2 | 21.7 | -16.30% | -208.70% | 16.60% | 76.2 | 2102.60% |
| Attrib. net profit | 14.7 | 18.7 | -21.50% | -985.50% | 17.50% | 67.1 | 337.50% |
TSG's operating profit amounted to PLN 18.2 million (EUR 4.35 mln), against a consensus of PLN 21.7 million (EUR 5.2 mln).
The company's revenue in the fourth quarter of 2024 was PLN 94.4 million (EUR 22.6 mln), below the market expectations of PLN 99.9 million (EUR 23.9 mln). In January, the mobile games developer estimated fourth quarter's revenue at PLN 100.1 million (EUR 23.93 mln).
As stated in the press release, cash flow from operations amounted to PLN 113.9 million (EUR
27.23 mln) and the group had almost PLN 143.8 million (EUR 34.4 mln) in its accounts at the end of the year.
TSG pointed out that 2024 was a time of strategic transformation for its key titles, particularly Fishing Clash and Hunting Clash. Despite declining payments in both games, in the last quarter of 2024 the company focused on long-term player engagement at the expense of short-term monetisation, implementing new features focused on retention and improving the gaming experience.
The CEO of Ten Square Games Andrzej Ilczuk said that the company is prepared to stabilise the performance of its flagship titles and accelerate growth in the flight simulator segment.
"We also want to develop our portfolio - we plan to expand it with at least one, and potentially both prototypes into full-fledged products, provided they are commercially viable," he added.
TSG's management has developed a long-term vision for the group's development beyond 2025, which includes actively seeking selective acquisition opportunities to expand the portfolio and accelerate growth.
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