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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.
The post Q3 2025 financial results: Ten Square Games delivers solid progress in portfolio transformation appeared first on European Gaming Industry News.
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HIPTHER’s European Gaming Congress 2025 Marks Record Attendance and Announces Marek Plota as Ambassador of the HIPTHER Warsaw Summit
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The 2025 edition of the European Gaming Congress (EGC) closed its doors in Warsaw with record-breaking attendance, a strengthened industry footprint, and an announcement that marks a new chapter for HIPTHER’s European expansion: in 2026, EGC officially evolves into the HIPTHER Warsaw Summit with renowned legal expert Marek Plota appointed as its first Ambassador.
Held across two content-rich stages – the Compliance & Operations Lad and the TechXperience Stage – alongside the hands-on HIPTHER Academy Workshops, EGC 2025 delivered its most ambitious program to date. Attendance has now tripled compared to its reintroduction in 2023, establishing Warsaw as one of the most dynamic conversation hubs for gaming, compliance, and tech in Europe.
A European Outlook With Global Relevance
The Compliance & Operations Lab brought together regulators, lawyers, and industry specialists for a panoramic review of the evolving European ecosystem. Discussions spanned the Polish market’s legal framework, cross-border compliance from Paris to Berlin, key CEE territories, the Czech Republic and Romania, and an outlook on emerging priorities in the Baltics. Experts also explored global trends with a timely update on several LATAM jurisdictions.
A highlight of the Agenda was the IMGL Masterclass – “Regulators, Legislators, and the Power of One Voice: A Legal Strategy for Industry Unity” – which explored the future of collaborative governance and harmonization.
Fintech, taxation, licensing, and responsible gaming standards added essential layers to a program designed to help operators and suppliers navigate an increasingly interconnected regulatory landscape.
Tech, Innovation, and the Human Factor
On the TechXperience Stage, conversations shifted to the future:
– AI for competitive advantage
– The evolution of esports and startup innovation
– AEO & SEO trends redefining discoverability
– Personalization and the new player journey
– Cyber resilience in iGaming
– Strategic Event Preparation in B2B PR, Marketing & BizDev
These sessions brought together marketing leaders, technologists, founders, and innovators across iGaming, fintech, digital entertainment, and cybersecurity, underlining Warsaw’s emerging status as a cross-industry meeting point in Europe.
A Key Voice: Marek Plota’s Impactful Participation
Throughout the Congress, Marek Plota – Founding Attorney at RM Legal & Gaming in Poland – played a leading role as both moderator and speaker. His contributions spanned Poland’s gambling framework, European lessons for CEE markets, and strategic taxation and licensing standards. He also brought legal depth to the IMGL Masterclass, adding critical clarity to one of the most pressing topics for operators in the region.
Marek’s widely respected presence across national and international gaming markets, combined with his years-long collaboration with HIPTHER as panelist, moderator, sponsor, and advisor, made this year’s Congress a natural moment to formalize the partnership.
Introducing the Ambassador of the HIPTHER Warsaw Summit
HIPTHER is proud to announce Marek Plota as the Ambassador of the HIPTHER Warsaw Summit, beginning with the 2026 edition.
In his own words: “It’s a real honor to serve as an ambassador for the Hipther Warsaw Summit and the European Gaming Congress. My collaboration with Zoltan Tundik and the Hipther team goes back many years as a panelist, moderator, sponsor, and above all, as a friend. These events are truly unique in the global gaming and gambling conference calendar — intimate, insightful, and refreshingly personal. Unlike the vast expos, Hipther events give people a genuine chance to meet, talk, and exchange ideas without walking 50,000 steps from one meeting to another. We are already looking forward to the next editions and to working together to make these conferences a true must-have for everyone in the industry.”
Marek is a founder and a head of the legal team at RM Legal Law Firm and Gaming In Poland, jointly providing multidisciplinary and multijurisdictional support for leading international gambling operators in the Polish, European Union, and African markets. His gambling practice includes regulatory support at the pre and post-licensing stage, IT, and taxation services, as well as the unique service of performing a function of a gambling representative. RM Legal is the only law firm in Poland representing offshore companies operating legally in the Polish gambling market. Apart from gambling Marek specializes in corporate commercial law and international investment projects.
A New Era for Warsaw, Europe, and the Global Market
The transition from EGC to the HIPTHER Warsaw Summit marks a strategic evolution with HIPTHER enhancing the region’s growing importance: Poland now stands as a crossroads of regulatory influence, iGaming innovation, and international market expansion – connecting Western Europe, CEE, and fast-emerging global markets, from Africa to LATAM.
In 2026, the HIPTHER Warsaw Summit will continue shaping the conversations and connections that define the future of gaming and tech.
HIPTHER looks forward to welcoming the industry back to Warsaw next year for an even bigger, more influential, and more globally connected event – assisted by the expertise and vision of its new Ambassador.
The post HIPTHER’s European Gaming Congress 2025 Marks Record Attendance and Announces Marek Plota as Ambassador of the HIPTHER Warsaw Summit appeared first on European Gaming Industry News.
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The Malta Gaming Authority (MGA) has officially recognized Asensi Technologies as a System and Compliance Audit Service Provider, thereby granting the company authorization to conduct technical audits (System Audits) and regulatory compliance reviews (Compliance Audits) on online gaming systems operating under Maltese jurisdiction.
Following a rigorous accreditation process, Asensi Technologies expands its international presence and demonstrates its ability to meet the demands of a sector that is constantly growing and evolving.
“Malta, one of the leading international hubs for the online gaming industry, represents a strategic step in the company’s global expansion,” states Teté Asensi, CEO of the company.
“This recognition is particularly gratifying as it strengthens our position as a specialized laboratory for the evaluation and certification of online gaming systems in a key market such as Malta, and reflects further confidence in our work,” she adds.
Since its accreditation in 2017 by the Dirección General de Ordenación del Juego (DGOJ) as an authorized laboratory in Spain, Asensi Technologies has maintained a strong commitment to technical excellence and regulatory compliance, earning recognition on numerous occasions as one of the best service providers in the sector within the country.
Over the past year, the company has embarked on an international expansion process, achieving official accreditation from MINCETUR to operate in Peru, recognition from the Kahnawake Gaming Commission in Kahnawake, and now this milestone in Malta, where it expects to replicate the positive results already recorded in the three jurisdictions where it currently operates.
CEO Teté Asensi highlights the significance of obtaining these accreditations and international recognition for a company like Asensi Technologies: “We are extremely proud of this new achievement. We are a boutique laboratory undergoing rapid expansion thanks to a highly qualified and committed team capable of offering a close and personalized approach to our clients, accompanying them throughout their processes with tailored solutions that meet their needs. This milestone reflects and acknowledges all our effort and dedication,” she concludes.
The post Asensi Technologies Obtains Accreditation as an Online Gaming Laboratory in Malta appeared first on European Gaming Industry News.
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Max Level, a leading marketing and PR agency built by gamers, has been appointed as the official PR and communications partner for LVL Zero, a first-of-its-kind incubator program spearheaded by ChimeraVC in partnership with MIXI Global Investments and Nazara Technologies. The initiative aims to accelerate the growth of early-stage gaming startups in India through a 100-day structured program combining mentorship, product acceleration and capital access.
LVL Zero offers an equity-free grant pool worth USD 100,000, open to all startups across the gaming ecosystem. Each cohort will see 10 startups receive a USD 10,000 equity-free grant. The program is designed to help startups accelerate product development through targeted mentorship, access to funding opportunities, and connections with publishing networks. Over the next five years, LVL Zero aims to empower more than 100 promising startups to build sustainable businesses and compete globally.
Speaking on the partnership, Krish Anurag, Managing Partner at ChimeraVC and Founding Partner at LVL Zero said: “LVL Zero is our commitment to catalysing the next generation of gaming founders from India and Asia. We’re thrilled to have Max Level on board as our communications partner. Their deep understanding of the gaming ecosystem, narrative expertise, and proven network within the media landscape make them the ideal agency to help us amplify this initiative and the founders who will shape the future of gaming.”
As the PR and communications partner for LVL Zero, Max Level will lead the initiative’s storytelling and thought leadership strategy, spotlighting the success stories emerging from each cohort to highlight the program’s impact on the gaming startup ecosystem. With a proven track record as the communications partner for some of India’s leading gaming and esports brands, including NODWIN Gaming, S8UL Esports, Riot Games, and CyberPowerPC India, Max Level brings deep industry insight, strategic narrative expertise, and an authentic understanding of the gaming community to help LVL Zero achieve its vision and amplify its influence across the region.
Siddharth Nayyar, Co-Founder and Chief Executive Officer at Max Level, added: “LVL Zero is an incredible incubator program for gaming startups in India, and we’re excited to help tell its story. The program is perfectly aligned with our mission to support the growth of India’s gaming and creator economy, and we look forward to driving awareness around the founders, ideas, and innovations emerging from LVL Zero’s cohorts.”
In addition to PR and communications, Max Level provides gaming and esports brands with an array of services, including campaign management, brand building, production, video editing, social media marketing, influencer programs, and consultancy. The agency’s portfolio spans leading names such as NODWIN Gaming, S8UL, Riot Games India and South Asia, CyberPowerPC India, KRAFTON, the Saudi Esports Federation, ESL FACEIT Group, The Esports World Cup, ASUS ROG, Jio Games, TVS, and HyperX, among others.
This partnership marks another milestone in Max Level’s mission to power narratives that elevate India’s gaming, esports, and tech ecosystem globally.
The post Max Level wins PR & Communications mandate for LVL Zero Gaming Incubator appeared first on European Gaming Industry News.
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