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Q3 2025 financial results: Ten Square Games delivers solid progress in portfolio transformation
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In Q3 2025, Ten Square Games Group recorded 4.4% q/q growth in bookings, reaching PLN 85.0 million, driven by the continued growth of Wings of Heroes and the entire flight simulation segment, as well as the addition of Trophy Hunter to the Group’s portfolio. At the same time, the Group advanced its strategic portfolio transformation by executing the rebuild process in its core titles. During the quarter, Ten Square Games successfully launched Trophy Hunter, which had a positive impact on Group’s bookings, finalized preparations for the global launch of Real Combat Simulator, and initiated work on a new prototype scheduled for market testing in Q4 2025 to broaden the Group’s future potential.
-“The third quarter of 2025 brought clear progress in delivering on the key pillars of our strategy: rebuilding the foundations of our core titles, accelerating the growth of Wings of Heroes, and investing in new projects. The successful launch of Trophy Hunter, combined with the dynamic growth of Wings of Heroes, helped offset weaker performance of our main titles and increase the Group’s total bookings. This shows that our ongoing initiatives are beginning to deliver tangible results.”
– said Andrzej Ilczuk, CEO of Ten Square Games S.A.
Global launch of Trophy Hunter
A major highlight of the quarter was the global launch of Trophy Hunter. The game generated PLN 3.2 million in bookings in its debut quarter, supported by PLN 6.1 million in marketing expenditures, and has maintained attractive retention and monetization metrics justifying continued scaling. Since launch, the Trophy Hunter team has executed an ambitious development roadmap packed with new arenas and features that further strengthen the product and keep players engaged. In Q4 2025, the game will be further expanded with a major new social feature and additional arenas. The new feature is designed to further boost player engagement.
Rebuild of the Group’s two largest titles
A key project in the third quarter of 2025 remained the transformation process of the Group’s two largest titles – Fishing Clash and Hunting Clash. Both teams continued intensive A/B testing aimed at improving player segmentation and the first-time user experience (FTUE), while also implementing a series of technical enhancements to improve game stability and performance.
The main challenge of this process lies in its time-consuming and large-scale nature – each A/B test typically lasts at least three months, and not all of them deliver positive results, often requiring the team to redesign and rerun tests. In addition, the number of tests that can be conducted simultaneously is limited to avoid distorting the results. Ongoing activities may temporarily affect game operations, player experience, and marketing activity levels.
Despite these challenges, a systematic, data-driven approach remains the most effective method to identify the root causes of game performance issues and to implement lasting improvements that can, over time, help restore growth in the Group’s flagship titles.
Scaling Wings of Heroes
In Q3 2025, Wings of Heroes recorded a 33.4% q/q increase in bookings, driven by record marketing investment and new social features that enhanced player engagement. The game’s strong performance, together with the continued stable growth of Real Flight Simulator – one of the most advanced mobile flight simulation games on the market – strengthened the entire segment’s contribution to the Group’s results.
In September 2025, the Real Flight Simulator team launched the Real World Engine, delivering the most comprehensive visual and technical upgrade to date and setting new standards for immersion, realism, and navigational accuracy in a mobile flight simulation.
The systematic development of flight simulation titles and their stable growth help the Ten Square Games Group stabilize overall bookings and partly offset weaker performance in its main titles.
New projects
In Q3 2025, the Group focused on preparing for the global launch of Real Combat Simulator, which took place on October 7, 2025. The title, developed in a subscription-based model, is unique in the mobile market, with no direct competitors in its segment. With this launch, the Ten Square Games Group is testing the potential of the mobile flight combat game segment.
The launch took place without marketing support, and the game is scheduled to be featured on major distribution platforms at the beginning of 2026.
In Q3 2025, the Ten Square Games team worked intensively on a new prototype inspired by the proven gameplay model of Trophy Hunter and built on the Group’s experience from previous projects. The first market test, across two selected markets, will take place in Q4 2025. A decision regarding the further development of the prototype into a full game will be made no earlier than in the first half of 2026.
The project represents an attempt to broaden the Group’s portfolio beyond the segments in which Ten Square Games currently specializes, marking an important step toward greater diversification and long-term growth.
Financial performance
In Q3 2025, the Ten Square Games Group recorded bookings of PLN 85.0 million, representing an increase of 4.4% q/q, primarily driven by Wings of Heroes, Trophy Hunter, and Real Flight Simulator. Adjusted EBITDA decreased to PLN 22.1 million, mainly due to the highest quarterly marketing investment in 2025. The net profit amounted to PLN 17.8 million. Cumulatively for the first nine months of 2025, the Group’s bookings totaled PLN 256.9 million, adjusted EBITDA stood at a strong PLN 79.6 million, and net profit increased by 24.3% y/y to PLN 65.2 million, confirming the financial resilience and efficiency of the Company’s operating model, despite lower overall bookings compared to the previous year.
The share of TSG Store in total bookings amounted to 20.3% in September 2025, reflecting the shift in Group’s portfolio and strong performance of titles without TSG Store integration.
Q4 2025 Focus and Outlook
In the fourth quarter of 2025, Ten Square Games Group will continue to focus on three strategic pillars:
- Rebuilding and optimizing core titles to stabilize performance and rebuild long-term value.
- Supporting the growth of Wings of Heroes and the flight simulation segment through continued product, supported by marketing investments in Wings of Heroes.
- Developing new projects with the potential to diversify and strengthen the Group’s portfolio.
The fourth quarter is traditionally a highly competitive period in digital marketing due to the holiday season. As a result, user acquisition costs are expected to rise, which may temporarily reduce marketing activity in selected titles.
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