Reported Earnings • May 15
First quarter 2026 earnings released: EPS: zł2.10 (vs zł4.33 in 1Q 2025) First quarter 2026 results: EPS: zł2.10 (down from zł4.33 in 1Q 2025). Revenue: zł98.6m (up 2.0% from 1Q 2025). Net income: zł13.6m (down 51% from 1Q 2025). Profit margin: 14% (down from 28% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 4.2% growth forecast for the Entertainment industry in Germany. Upcoming Dividend • May 07
Upcoming dividend of zł10.00 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 22 May 2026. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 9.3%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.6%). Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: zł11.88 (vs zł9.71 in FY 2024) Full year 2025 results: EPS: zł11.88 (up from zł9.71 in FY 2024). Revenue: zł361.9m (down 6.4% from FY 2024). Net income: zł77.0m (up 15% from FY 2024). Profit margin: 21% (up from 17% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 2 years compared to a 5.9% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Mar 25
Ten Square Games S.A., Annual General Meeting, Apr 21, 2026 Ten Square Games S.A., Annual General Meeting, Apr 21, 2026, at 10:15 Central European Standard Time. Announcement • Mar 24
Ten Square Games S.A. announces Annual dividend, payable on May 22, 2026 Ten Square Games S.A. announced Annual dividend of PLN 10.0000 per share payable on May 22, 2026, ex-date on May 14, 2026 and record date on May 15, 2026. Buy Or Sell Opportunity • Nov 25
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at €20.20. The fair value is estimated to be €16.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 0.9% in 2 years. Earnings are forecast to decline by 6.1% in the next 2 years. Announcement • Nov 10
Ten Square Games S.A. to Report Q3, 2025 Results on Nov 12, 2025 Ten Square Games S.A. announced that they will report Q3, 2025 results on Nov 12, 2025 Announcement • Aug 20
Ten Square Games S.A. to Report First Half, 2025 Results on Aug 25, 2025 Ten Square Games S.A. announced that they will report first half, 2025 results on Aug 25, 2025 Announcement • Apr 16
Ten Square Games S.A., Annual General Meeting, May 14, 2025 Ten Square Games S.A., Annual General Meeting, May 14, 2025. Announcement • Mar 25
Ten Square Games S.A. announces Annual dividend, payable on June 27, 2025 Ten Square Games S.A. announced Annual dividend of PLN 15.7300 per share payable on June 27, 2025, ex-date on June 18, 2025 and record date on June 20, 2025. New Risk • Sep 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (dividend per share is over 5x earnings per share). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €21.16, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Entertainment industry in Germany. Total loss to shareholders of 79% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €36.54 per share. Announcement • Apr 28
Ten Square Games S.A., Annual General Meeting, May 23, 2024 Ten Square Games S.A., Annual General Meeting, May 23, 2024, at 10:00 Central European Standard Time. Announcement • Jan 05
Ten Square Games S.A. Provides Revenue Guidance for the Fourth of 2023 Ten Square Games S.A. provided revenue guidance for the fourth of 2023. For the period, the company expects revenue of PLN 108.3 million. Upcoming Dividend • Jun 13
Upcoming dividend of zł7.20 per share at 8.8% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 28 June 2023. The company is paying out more than 100% of its profits and is paying out 91% of its cash flow. Trailing yield: 8.8%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.1%). Reported Earnings • May 25
First quarter 2023 earnings released: zł1.75 loss per share (vs zł3.50 profit in 1Q 2022) First quarter 2023 results: zł1.75 loss per share (down from zł3.50 profit in 1Q 2022). Revenue: zł117.4m (down 22% from 1Q 2022). Net loss: zł12.8m (down 150% from profit in 1Q 2022). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • May 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €18.91, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 19x in the Entertainment industry in Europe. Total loss to shareholders of 81% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €31.97 per share. Announcement • May 23
Ten Square Games S.A., Annual General Meeting, Jun 14, 2023 Ten Square Games S.A., Annual General Meeting, Jun 14, 2023, at 12:00 Central European Standard Time. Reported Earnings • Mar 30
Full year 2022 earnings released Full year 2022 results: Revenue: zł538.6m (down 15% from FY 2021). Net income: zł52.3m (down 63% from FY 2021). Profit margin: 9.7% (down from 22% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €22.50, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Entertainment industry in Europe. Total loss to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 18% share price gain to €27.90, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Entertainment industry in Europe. Total loss to shareholders of 21% over the past three years. Reported Earnings • Nov 22
Third quarter 2022 earnings released: EPS: zł2.61 (vs zł3.41 in 3Q 2021) Third quarter 2022 results: EPS: zł2.61 (down from zł3.41 in 3Q 2021). Revenue: zł132.9m (down 10% from 3Q 2021). Net income: zł19.1m (down 23% from 3Q 2021). Profit margin: 14% (down from 17% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 22% share price gain to €22.88, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Entertainment industry in Europe. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €35.73 per share. Reported Earnings • Sep 07
Second quarter 2022 earnings released: EPS: zł2.05 (vs zł4.60 in 2Q 2021) Second quarter 2022 results: EPS: zł2.05 (down from zł4.60 in 2Q 2021). Revenue: zł124.1m (down 25% from 2Q 2021). Net income: zł14.9m (down 55% from 2Q 2021). Profit margin: 12% (down from 20% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Entertainment industry in Germany are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorated over the past week After last week's 25% share price decline to €19.07, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Entertainment industry in Europe. Total loss to shareholders of 20% over the past three years. Announcement • Jun 14
Ten Square Games S.A. announced a financing transaction Ten Square Games S.A. announced a private placement of not more than 34,009 Series C shares on June 13, 2022. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €22.04, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 19x in the Entertainment industry in Europe. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • May 25
Upcoming dividend of zł10.00 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 16 June 2022. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 8.0%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (1.9%). Announcement • May 02
Ten Square Games S.A., Annual General Meeting, May 26, 2022 Ten Square Games S.A., Annual General Meeting, May 26, 2022, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorated over the past week After last week's 27% share price decline to €36.26, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Entertainment industry in Germany. Total returns to shareholders of 49% over the past three years. Announcement • Apr 01
Ten Square Games Plans Four Game Releases in 2022 Ten Square Games announced plans four game releases in 2022, including two in second quarter and further two in fourth quarter. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment deteriorated over the past week After last week's 22% share price decline to €44.73, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 19x in the Entertainment industry in Germany. Total returns to shareholders of 139% over the past three years. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €63.07, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 24x in the Entertainment industry in Europe. Total returns to shareholders of 237% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 15% share price gain to €84.70, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 25x in the Entertainment industry in Europe. Total returns to shareholders of 342% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €157 per share. Reported Earnings • Nov 24
Third quarter 2021 earnings: Revenues miss analyst expectations Third quarter 2021 results: Revenue: zł148.0m (down 18% from 3Q 2020). Net income: zł24.8m (down 58% from 3Q 2020). Profit margin: 17% (down from 33% in 3Q 2020). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 9.7%. Over the next year, revenue is forecast to grow 22%, compared to a 305% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €77.05, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 24x in the Entertainment industry in Europe. Total returns to shareholders of 396% over the past three years. Reported Earnings • Aug 25
Second quarter 2021 earnings released: EPS zł4.60 (vs zł3.54 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł164.9m (down 2.8% from 2Q 2020). Net income: zł33.4m (up 30% from 2Q 2020). Profit margin: 20% (up from 15% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 65% per year whereas the company’s share price has increased by 66% per year. Announcement • Jul 03
Ten Square Games S.A. (WSE:TEN) agreed to acquire Rortos Srl from Antonio Farina and Roberto Simonetti for €45 million. Ten Square Games S.A. (WSE:TEN) agreed to acquire Rortos Srl from Antonio Farina and Roberto Simonetti for €45 million on July 1, 2021. The consideration is paid on cash free and debt free basis. In addition, the seller will be entitled to earn-out payment depending on the results of Rortos in the period from July 1, 2021 to December 31, 2025, calculated in accordance with the formula agreed in the contract, in a maximum amount not higher than the EBITDA result achieved by Rortos in this period. Upcoming Dividend • Jun 25
Upcoming dividend of zł10.00 per share Eligible shareholders must have bought the stock before 02 July 2021. Payment date: 19 July 2021. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.9%). Reported Earnings • May 30
First quarter 2021 earnings released: EPS zł7.25 (vs zł4.88 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: zł174.1m (up 83% from 1Q 2020). Net income: zł52.7m (up 49% from 1Q 2020). Profit margin: 30% (down from 37% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has increased by 86% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS zł20.91 (vs zł10.55 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: zł578.2m (up 140% from FY 2019). Net income: zł151.6m (up 99% from FY 2019). Profit margin: 26% (down from 32% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Mar 12
New 90-day low: €106 The company is down 9.0% from its price of €116 on 11 December 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €140 per share. Is New 90 Day High Low • Jan 14
New 90-day low: €110 The company is down 27% from its price of €151 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €154 per share. Announcement • Jan 06
Ten Square Games S.A. to Report Fiscal Year 2020 Results on Mar 22, 2021 Ten Square Games S.A. announced that they will report fiscal year 2020 results on Mar 22, 2021 Is New 90 Day High Low • Dec 08
New 90-day low: €114 The company is down 5.0% from its price of €119 on 09 September 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €144 per share. Reported Earnings • Nov 27
Third quarter 2020 earnings released: EPS zł8.12 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł179.3m (up 165% from 3Q 2019). Net income: zł58.8m (up 224% from 3Q 2019). Profit margin: 33% (up from 27% in 3Q 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Nov 27
Revenue beats expectations Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 36%, compared to a 7.8% growth forecast for the Entertainment industry in Germany. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 21% share price gain to zł150, the stock is trading at a trailing P/E ratio of 41.2x, up from the previous P/E ratio of 34.1x. This compares to an average P/E of 31x in the Entertainment industry in Europe. Total returns to shareholders over the past year are 322%. Is New 90 Day High Low • Oct 12
New 90-day high: €145 The company is up 16% from its price of €125 on 14 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €138 per share. Announcement • Oct 08
Ten Square Games S.A. Announces Resignation of Arkadiusz Pernel as Deputy Chairman Ten Square Games S.A. announced that its deputy chairman of the board Arkadiusz Pernel resigned from the position effective end-December 2020. Pernel plans to stay in the company and join the supervisory board.