This article first appeared on GuruFocus .
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Bookings Growth:Increased 11.5% year-on-year, driven mainly by new titles.
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Adjusted EBITDA:Higher in Q2 2026, thanks to lower marketing expenses.
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Operating Cash Flow:PLN20 million for the period.
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Cash Position:PLN73.1 million at the end of the half-year.
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Dividends Paid:PLN65 million.
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Production Costs:Trophy Hunter at just above PLN3 million; Medal Hunter at PLN1.7 million; Fishing Trip at PLN0.6 million.
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D2C Revenue Share:24% of total revenue; 33% for Fishing Clash, 26% for Hunting Clash, 11% for Trophy Hunter, and 21% for Wings of Heroes.
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Wings of Heroes Bookings:Stabilized at PLN2 million per quarter after global launch.
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Trophy Hunter Bookings:Reached PLN5.1 million in July; bookings per player improved nearly threefold.
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Medal Hunter Downloads:Twice the number of downloads compared to Trophy Hunter within the first 14 days.
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Release Date: August 25, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Improved KPIs in Fishing Clash, allowing for increased marketing spend while maintaining the same benchmarks, despite the game being nearly a decade old.
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Trophy Hunter's bookings per player improved nearly threefold, with July bookings reaching PLN5.1 million, aided by successful LiveOps operations.
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Successful launch of Medal Hunter, which achieved twice the downloads of Trophy Hunter in the same initial period and reached new markets like South Korea.
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The product line model is working, with Medal Hunter developed in 12 months at a cost of less than PLN2 million, enabling faster and cheaper game development.
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D2C platform is gaining traction, with 24% of revenue coming through direct channels, including a 33% share for Fishing Clash and 26% for Hunting Clash.
Negative Points
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Real Flight Simulator revenues slightly declined in Q2 due to a new feature in a competitive game causing some players to hop between titles.
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Trophy Hunter experienced production problems with one feature, causing a delay, which the CEO personally acknowledged as a concern.
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Medal Hunter's marketing costs are higher than Trophy Hunter's initial spend, and the company is still in the observation phase for algorithm optimization.
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New players are less eager to use alternative payment methods, which is a slight problem for the D2C platform's growth in newer titles.
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The company is cautious about the potential of Fishing Trip, noting it is too early to assess its potential as monetization has not yet been implemented.
Q & A Highlights
Q: What is the current expected return on marketing, and has it changed compared to a few years back? A: Andrzej Ilczuk (CEO) stated that the company now takes a shorter perspective on return on investment. He did not elaborate further, but the implication is that expectations have been adjusted to a more immediate timeframe in the current market environment.
Q: For Trophy Hunter, will the new monetization models in Q3 begin with limited tests? A: Andrzej Ilczuk (CEO) confirmed that every new feature goes through A/B tests. In 30% to 40% of cases, the test is rerun if there are concerns about balance, ensuring that monetization features are thoroughly vetted before a full rollout.
Q: What is the planned marketing expenditure for Trophy Hunter in the coming quarters? Will it remain aggressive or be reduced? A: Andrzej Ilczuk (CEO) clarified that the company does not operate with a fixed marketing budget. Instead, they follow strict performance parameters, scaling spend up or down based on the efficiency of each campaign. This approach is practical and focuses on maintaining healthy return levels rather than hitting a predetermined spending target.
Q: Is the current performance improvement in Trophy Hunter due to new monetization functions or greater marketing spend? A: Andrzej Ilczuk (CEO) explained that it is a combination of both. The cohorts acquired over time are accumulating, and in July, the game saw major spikes from LiveOps operations, indicating that the player base is becoming more mature and ready for monetization. This shows the game is progressing as a "system of communicating vessels" where product improvements and marketing work together.
Q: How many of the planned monetization systems for Trophy Hunter have been implemented so far? A: Andrzej Ilczuk (CEO) stated that while the first system has been tested, roughly 80% to 90% of the monetization systems are still to come. He noted that this is an expert's view, and player behavior can sometimes surprise, but the majority of the work is still ahead.
Q: MAU in Trophy Hunter is still declining despite higher marketing spend in Q1. Does this worry you? A: Andrzej Ilczuk (CEO) said no, because the game's "tail" is building well. The most engaged players are staying, and new players are joining. Trophy Hunter was never designed to be a mass-market game like Brawl Stars; its strategy is to build a strong, loyal player base over time, with each cohort adding to performance. MAU is not the primary KPI for this title.
Q: Are current investments in Medal Hunter greater or lower than those for Trophy Hunter at its launch? A: Andrzej Ilczuk (CEO) confirmed that the company is spending more on Medal Hunter. This is because they already have a proof of concept from Trophy Hunter, and the segment for Medal Hunter is larger, allowing for a worldwide campaign. The confidence in the product's performance has enabled a more aggressive initial marketing push.
Q: How does Medal Hunter's performance compare to Trophy Hunter's at a similar early stage? A: Andrzej Ilczuk (CEO) noted that the data is very early, but fresh retention looks slightly better. However, since there is a smaller share of US players, conversions are somewhat weaker. He emphasized that it is too early to draw conclusions and that they need two to three months of data to provide a more informed comparison.
Q: After the premiere of Medal Hunter, has anything surprised you positively or negatively? A: Andrzej Ilczuk (CEO) highlighted two positive surprises: the "Epic operation" in the game is showing better monetization even at a low scale, and the reception of marketing efforts, particularly the use of current and historical conflicts, has been very enthusiastic. This has resonated well with players and is a direction they will continue to pursue.
Q: Is there a risk of players migrating from Trophy Hunter to Medal Hunter? A: Andrzej Ilczuk (CEO) stated that they do not see any significant trend of migration. If a player does move between the company's titles, it is considered a positive outcome because it retains the player within the Ten Square Games ecosystem, even if they switch from one game to another.
Q: How do you evaluate the potential of Fishing Trip compared to other titles, and what about its KPIs? A: Andrzej Ilczuk (CEO) said it is too early to assess the potential since there is no monetization in the game yet. However, he noted that even low-cost CPI campaigns are performing well, which is a positive sign. The approach to marketing for this title will be more cautious, similar to the early stages of Trophy Hunter.
Q: What is the company's stance on dividends for 2026, given the current marketing expenditure and the costs for Medal Hunter? A: Magdalena Jurewicz (CFO) stated that the company is not thinking about dividends mid-year, as the focus is on building a long-term business. Andrzej Ilczuk (CEO) added that they still intend to be a dividend-paying company, but it is too early to make any commitments. The final decision will depend on the year-end numbers and the performance of new titles.
Q: Can you summarize the changes in the App Store and Google Play regarding D2C and alternative payments? Are these changes a big opportunity for TSG? A: Janusz Dziemidowicz (CTO) explained that the situation is country-specific. Third-party app stores are not user-friendly and are not being used. For payments, the US allows alternative methods, which the company is leveraging. In the EU, Apple's options are restricted and not user-friendly. Google's "Level Up" program can reduce fees to 25% for new players, and the company is working to meet those requirements. The changes are happening slowly, and enthusiasm for third-party stores is limited.
Q: Do you see a decrease in user acquisition costs in Europe after the July 1 restrictions on Chinese companies? A: Andrzej Ilczuk (CEO) responded that while there might have been a
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
