Profil:
Ten Square Games SAUPDATE: Ten Square Games posts net profit of PLN 17.8 mln, EBITDA of PLN 22.1 mln in Q3 2025
Listed mobile games producer and developer Ten Square Games posted a PLN 17.8 million (EUR 4.2 mln) attributable net profit and a PLN 22.1 million (EUR 5.2 mln) EBIDTA in the third quarter of 2025, the company's financial report showed.
TSG's flagship productions, "Fishing Clash" and "Hunting Clash," generated PLN 47.1 million (EUR 10.0 mln) and PLN 14.5 million (EUR 3.1 mln), respectively, in the third quarter.
Meanwhile, the monthly average active users (MAU) for these flagship games stood at 2.3 million for "Fishing Clash" and 1.6 million for "Hunting Clash."
"The third quarter of 2025 saw significant progress in delivering the main pillars of the strategy: rebuilding the foundations of key titles, accelerating the development of "Wings of Heroes," and investing in new projects," , said TSG's CEO Andrzej Ilczuk.
"The successful debut of "Trophy Hunter," combined with the dynamic growth of "Wings of Heroes," helped offset weaker results from the main games and increased the group's total payments. This demonstrates that current efforts are beginning to yield measurable results," he added.
Additionally, the company globally launched "Trophy Hunter" - the first new TSG title since 2021, which generated PLN 3.2 million (EUR 0.7 mln) in payments in its debut quarter, with marketing expenses of PLN 6.1 million (EUR 1.3 mln). The title maintains attractive retention and monetization metrics that justify further scaling.
It was announced that in the fourth quarter 2025, the game will be enhanced with major features strengthening its social aspect and additional arenas.
In the third quarter, payments in "Wings of Heroes" rose 33.4 percent quarter on quarter, attributed to a record marketing investment and the addition of new social functionalities that boosted player engagement.
The company's financial results for the third quarter are presented below:
| 3Q2025 | results | consensus | difference | y/y | q/q | YTD 2025 | y/y |
| revenues | 90.4 | 84.3 | 7.2% | -3.8% | 7.1% | 265.5 | -9.1% |
| EBITDA Adj. | 22.1 | 23.7 | -6.7% | -16.6% | -17.4% | 74.5 | -8.4% |
| EBIT | 21.7 | 18.7 | 15.9% | 38.8% | -8.4% | 66.9 | 15.6% |
| Attrib. net profit | 17.8 | 17.1 | 4.2% | 42.1% | -10.9% | 56.6 | 8.1% |
| EBITDA margin | 24.4% | 28.2% | -3.71 | -3.75 | -7.26 | 28.04% | 0.21 |
| EBIT margin | 24.0% | 22.2% | 1.78 | 7.36 | -4.05 | 25.21% | 5.38 |
| net margin | 19.7% | 20.3% | -0.59 | 6.36 | -3.97 | 21.33% | 3.39 |
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