TEN TEN SQUARE GAMES Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 11, 2026

Q1 2026 report

Płatności Grupy rosną trzeci kwartał z rzędu (98,4 mln zł, +3% kw./kw., +9% r/r), napędzane przez rosnące tytuły Trophy Hunter i Wings of Heroes

Sentiment

Neutral No guidance change

Website

TEN Q1 2026 report

Revenue

98,593,996 PLN

— YoY

Net income

13,612,581 PLN

— YoY

EBITDA

17,651,906 PLN

— YoY

Gross margin

83.65%

— YoY

Summary

Investment thesis

Zysk operacyjny i netto spadły o ponad połowę r/r (odpowiednio -52,7% i -50,5%) - to swiadoma decyzja o zwiększeniu wydatkow marketingowych na nowe tytuły, nie pogorszenie jakosci biznesu
Filary portfolio (Fishing Clash, Hunting Clash) w trendzie spadkowego MAU - wzrost calkowitych platnosci Grupy opiera sie coraz mocniej na nowszych, wciaz inwestycyjnych tytulach
Bilans wyjatkowo mocny: zero zadluzenia bankowego, 137,2 mln zl gotowki, jedyne istotne zobowiazanie pozaoperacyjne to earn-out po akwizycji Rortos (18,3 mln zl)
Platforma D2C (sprzedaz bezposrednia) osiagnela 20% udzialu w platnosciach Grupy - strukturalna poprawa marzy poprzez nizsze prowizje wzgledem sklepow Google/Apple

Read the full analysis

Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.

Financials

BETA

Q1 2026

TEN · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue	98,593,996	—	—	reported	—	1.00
Gross profit	82,483,846	—	—	reported	—	1.00
EBITDA	17,651,906	—	—	reported	—	1.00
EBIT	14,483,480	—	—	reported	—	1.00
EBT	15,885,715	—	—	reported	—	1.00
Net income	13,612,581	—	—	reported	—	1.00
EPS (basic)	2.1	—	—	reported	—	1.00
EPS (diluted)	2.14	—	—	reported	—	1.00
D&A	3,168,426	—	—	reported	—	1.00
Interest expense	91,969	—	—	reported	—	0.90
Shares (basic) (units)	6,476,000	—	—	reported	—	1.00
Shares (diluted) (units)	6,362,865	—	—	reported	—	1.00

Gross margin	83.65%	—	—	reported	—	0.90
EBITDA margin	17.9%	—	—	reported	—	0.90
EBIT margin	14.69%	—	—	reported	—	0.90
Net margin	13.81%	—	—	reported	—	0.90

Cash	137,209,161	—	—	reported	—	1.00
Total debt	5,433,557	—	—	reported	—	0.70
Net debt	-131,775,604	—	—	derived	—	0.70
Equity	238,093,455	—	—	reported	—	1.00
Total assets	391,727,771	—	—	reported	—	1.00
Current assets	196,354,230	—	—	reported	—	1.00
Current liabilities	147,307,964	—	—	reported	—	1.00
Goodwill	157,796,026	—	—	reported	—	0.80

CFO	19,230,263	—	—	reported	—	1.00
CapEx	1,239,125	—	—	reported	—	0.80
FCF	17,991,138	—	—	derived	—	0.80
FCF conversion	101.92%	—	—	reported	—	0.80
CFO conversion	108.94%	—	—	reported	—	0.90

Current ratio	1.33x	—	—	reported	—	0.90
Cash ratio	0.93x	—	—	reported	—	0.90
Interest coverage	157.48x	—	—	reported	—	0.70

Debt / equity	0.02x	—	—	reported	—	0.70
Debt / assets	0.01x	—	—	reported	—	0.70
Net debt / equity	-0.55x	—	—	reported	—	0.70

Revenue growth (YoY)	2.01%	—	—	reported	—	1.00
EBITDA growth (YoY)	-47.76%	—	—	reported	—	1.00
EBIT growth (YoY)	-52.71%	—	—	reported	—	1.00
Net income growth (YoY)	-50.47%	—	—	reported	—	1.00
EPS growth (YoY)	-50.47%	—	—	reported	—	1.00

Q1 2026 · Δ YoY

Revenue

98,593,996 —

Q1 2025: —

Gross profit

82,483,846 —

Q1 2025: —

EBITDA

17,651,906 —

Q1 2025: —

EBIT

14,483,480 —

Q1 2025: —

EBT

15,885,715 —

Q1 2025: —

Net income

13,612,581 —

Q1 2025: —

EPS (basic)

2.1 —

Q1 2025: —

EPS (diluted)

2.14 —

Q1 2025: —

D&A

3,168,426 —

Q1 2025: —

Interest expense

91,969 —

Q1 2025: —

Shares (basic) (units)

6,476,000 —

Q1 2025: —

Shares (diluted) (units)

6,362,865 —

Q1 2025: —

Gross margin

83.65% —

Q1 2025: —

EBITDA margin

17.9% —

Q1 2025: —

EBIT margin

14.69% —

Q1 2025: —

Net margin

13.81% —

Q1 2025: —

Cash

137,209,161 —

Q1 2025: —

Total debt

5,433,557 —

Q1 2025: —

Net debt

-131,775,604 —

Q1 2025: —

Equity

238,093,455 —

Q1 2025: —

Total assets

391,727,771 —

Q1 2025: —

Current assets

196,354,230 —

Q1 2025: —

Current liabilities

147,307,964 —

Q1 2025: —

Goodwill

157,796,026 —

Q1 2025: —

CFO

19,230,263 —

Q1 2025: —

CapEx

1,239,125 —

Q1 2025: —

FCF

17,991,138 —

Q1 2025: —

FCF conversion

101.92% —

Q1 2025: —

CFO conversion

108.94% —

Q1 2025: —

Current ratio

1.33x —

Q1 2025: —

Cash ratio

0.93x —

Q1 2025: —

Interest coverage

157.48x —

Q1 2025: —

Debt / equity

0.02x —

Q1 2025: —

Debt / assets

0.01x —

Q1 2025: —

Net debt / equity

-0.55x —

Q1 2025: —

Revenue growth (YoY)

2.01% —

Q1 2025: —

EBITDA growth (YoY)

-47.76% —

Q1 2025: —

EBIT growth (YoY)

-52.71% —

Q1 2025: —

Net income growth (YoY)

-50.47% —

Q1 2025: —

EPS growth (YoY)

-50.47% —

Q1 2025: —