TEN GPW mWIG40 Periodic report · PAP Biznes
Ten Square Games (TEN) · Q2 2026 results and valuation
Share price: 88.70 zł · 2026-11-10
Ten Square Games is a developer and publisher of mobile games available on iOS, Android, and web portals. The company offers titles using both free-to-play models with in-app purchases and subscription-based models. Sources: Half-year report (2026-08-24) · Wikipedia
Results Q2 2026 vs Q2 2025 · year over year · published 24 Aug 2026 and 25 Aug 2025
Net income down 40.5% year on year. The report's language is unchanged.
1 · Numbers
−40.5%
Net income vs Q2 2025
Net income 28.2M vs 47.4M
Revenue +6.2%
2 · How the report reads
Unchanged
Language tone vs last period
Report language: typical for a company report — about as upbeat as in Q2 2025.
Weak signal: formal report language, not a call.
3 · What stood out
In June 2026, the D2C platform's share of Group payments reached 24%.
Valuation
Is Ten Square Games undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −12.4% growth a year (3-year revenue growth), the model's fair value is 95.72 zł a share — the stock trades 7% below it. Today's price assumes −13.9% growth a year.
Current price
88.70 zł
close of 2026-11-10
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-13.9% for 10 yrs
Fair value / share
95.72 zł
Buy below
71.79 zł
Price vs fair value
Undervalued 7%
Price vs buy-below price
Overvalued 24%
Read between the lines
-
Figure
A total of 323,799 entitlements representing approximately 5% of the share capital can be granted across all batches.
Source quote
“A total of 323,799 entitlements (shares of the Company) may be granted across all tranches, which corresponds to approx. 5% of the Company's share capital.”
-
Figure
In 2026, as part of such programs, an initial allocation of 13,000 shares was made to key persons of the Group.
-
Figure
In June 2026, the D2C platform's share of Group payments reached 24%.
Source quote
“In June 2026, the share of the D2C platform in the Group's payments amounted to 24%.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q2 2025.
Typical for a company report — about as upbeat as in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“The most important project in this area was the development and testing of new, more complex monetization systems aimed at increasing the number of monetization points in the game and better aligning offers with the behaviors of different segments of players...”
“The objective of the project is to better align match progression with individual players to simultaneously improve their gaming experience and support revenue growth.”
Full figures
PLN · PAP Biznes report (2026-08-24)
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | 192.3M | 181.1M | +6.2% |
| Gross profit | 159.9M | 151.3M | +5.7% |
| EBITDA | 37.9M | 60.6M | −37.4% |
| Operating income | 30.9M | 54.3M | −43.1% |
| Net income | 28.2M | 47.4M | −40.5% |
| EPS | 4.36 | 4.24 | +2.8% |
| P/E today 7.7 | 8.6 | 8.3 | +0.3 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- The team's activities were not limited to the regular delivery of new content, but also included changes to the game's key fundamentals…
- The aim of these actions was primarily to streamline the product economics.
- Rising New content supported player activity, but with lower spending on acquiring new players, its impact on the payment level was limited.
- Due to the nature of the game as a system of interconnected mechanics, these changes were implemented in parallel and required adjusting…
- Preparing another game for global premiere in less than a year after the global launch of Trophy Hunter demonstrates the Group's ability to…
Faded since Q2 2025
- Fading The new content included, among others, Battle Pass features (with subsequent iterations throughout the quarter) and the new Total Defense…
- Fading Ten Square Games is responsible for formulating the opinion on the interim condensed consolidated financial statements based on the review…
- Fading On the first Tuesday of every month in the game Fishing Clash, a Green Bundle is made available, from the sale of which 50% of the proceeds…
- Fading Changes are being introduced gradually, covering increasingly larger areas of the game and successive segments of players.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Informacja o kwartalnych przychodach (płatnościach) ze sprzedaży - 3Q 2026 · ESPI 16/2026
Estimated consolidated user payments in games in the third quarter of 2026 amounted to 97.8 million PLN.
- Half-year report · ESPI periodic · routine
- Informacja o kwartalnych przychodach (płatnościach) ze sprzedaży - 2Q 2026 · ESPI 15/2026
Estimated consolidated user payments in games in the second quarter of 2026 amounted to 93.1 million PLN, with 46.5 million PLN coming from the game Fishing Clash.
- Zmiana daty i zakresu przygotowań do globalnej premiery gry Medal Hunter · ESPI 14/2026
The Management Board of Ten Square Games S.A. postponed the global premiere of Medal Hunter to a later date in 2026 to expand the scope of content and features.
- Quarterly report · ESPI periodic · routine
- Informacja o stanie stosowania Dobrych Praktyk 2021 · EBI 1/2026 · routine
- Powiadomienie o transakcjach wykonywanych przez osoby pełniące obowiązki zarządcze · ESPI 13/2026 · routine
- Wykaz akcjonariuszy posiadających co najmniej 5% głosów na Zwyczajnym Walnym Zgromadzeniu · ESPI 12/2026 · routine