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TSG Group’s Q1 2025 financial results: strong profitability and solid cash generation despite market and product challenges
In Q1 2025, Ten Square Games demonstrated the strength of its business model by delivering strong profitability and solid cash flow despite a decline in bookings from its main titles. It was a period of intense focus on product quality, finalizing the roadmap for necessary changes in each project, and conducting large-scale testing of new features. The company continues to lay the groundwork for improved monetization over the long term. At the same time, TSG Store delivered record results, and the development of two prototypes accelerated.
TSG Group in Q1 2025
In Q1 2025, bookings across the Group’s games totaled PLN 90.5 million, marking a decline compared to both Q4 and Q1 2024. This was primarily due to decreases in the Group’s two main titles. At the same time, both Wings of Heroes and Real Flight Simulator maintained their positive momentum, recording growth in bookings.
Adjusted EBITDA came in at PLN 30.5 million, representing a 7.5% increase q-o-q and an 11.0% increase y-o-y. This result was largely driven by the decision to reduce marketing spend. While this decision has a short-term negative impact on bookings, it is expected to improve the effectiveness of future user acquisition investments over the long term.
The Group continues to closely monitor and optimize its operating costs. As a result, TSG Group reported a net profit of PLN 27.5 million for the reporting period – significantly higher than in both Q4 and Q1 2024. A key strength of the Group’s business model remains its robust cash-generating capacity. As of the end of Q1 2025, TSG Group held cash and cash equivalents of PLN 172.4 million.
– Q1 2025 brought mixed results for our operations. On one hand, we recorded weaker performance in our two main titles, due to the slower-than-expected pace of implementing changes. On the other hand, we delivered strong financial results, achieved a record-high share of TSG Store in Group bookings, continued growth in Wings of Heroes and Real Flight Simulator, and intensified prototypes development. Despite the challenges in our core titles, we believe in the chosen strategy and are already seeing the first positive effects – even if they are not yet reflected in financial results. In the near term, our goal is to improve team efficiency and consistently build the foundation for the Group’s long-term value growth.” – said Andrzej Ilczuk, CEO of Ten Square Games S.A.
Flagship titles: laying the foundation for future growth
In Q1 2025, the teams behind Fishing Clash and Hunting Clash focused on improving player retention and enhancing the overall user experience. Bookings in both titles were affected by a reduced number of new locations added to the games compared to previous quarters, as well as a strategic reduction in marketing spend. The implementation of structural changes in both projects is taking longer than originally planned, meaning their impact will become visible at a later stage. As a result, bookings in Fishing Clash dropped to PLN 52.6 million, and in Hunting Clash to PLN 18.6 million.
The reduced marketing spend stemmed from the broad scope of changes being implemented in the core titles, which focused primarily on player retention and engagement. At the same time, work was underway to prepare both games for further changes in monetization. Investments in user acquisition during this period would not have delivered the expected return, which is why both teams focused on reworking the early stages of gameplay – the first 7 days of a player’s experience. The goal of these changes is to increase new user retention, establish regular gameplay habits, and better tailor offers to players at various levels of experience. By introducing advanced segmentation and personalizing the player experience, the Group expects to improve key monetization metrics in the long run, enabling a return to increased advertising spend on user acquisition above the levels seen in Q1 2025.
Wings of Heroes maintained its strong growth momentum, with bookings reaching PLN 7.3 million (+2.9% q-o-q; +149.5% y-o-y). The game received a range of technical and functional improvements. The most significant changes focused on the early stages of gameplay to make it easier for new players to get started. The team also worked on implementing a Battle Pass system – a new player progression path which launched on April 1.
Real Flight Simulator also sustained its positive trend in bookings, which reached PLN 5.3 million in Q1 2025 – up by 1.1% q-o-q and 6.8% y-o-y.
TSG Store: record results and a growing role in the Group’s business model
TSG Store has become one of the key pillars supporting the Group’s profitability. In March 2025, the platform’s share of the Group’s total bookings exceeded 19%. In the case of Fishing Clash, not only was the 25% target share reached in February 2025, but it was also surpassed in March, reaching over 26%. Intensified efforts by the Hunting Clash team since the beginning of the year translated into a strong increase in TSG Store’s share of that game’s bookings – reaching 17.5% in March. TSG Store achieved its best results in history, both overall and across individual products.
Ongoing development efforts and recent regulatory changes that expand developers’ ability to promote their own sales platforms significantly boost the potential for further growth of TSG Store’s share in Group bookings in the coming quarters.
New Games: Trophy Hunter nears global launch, real Combat Simulator advances
Around the turn of Q2 and Q3 of 2025, Trophy Hunter – a new hunting title from the TSG portfolio – is set to launch globally. The game targets a broader, more casual audience than Hunting Clash. It is a dynamic, skill-based game featuring fast-paced gameplay and progression centered around arena-based duels. Trophy Hunter uses a hybrid monetization model combining in-app purchases with ads and includes robust social features designed to foster an active player community.
At the same time, Real Combat Simulator, developed by TSG’s Italian studio Rortos, continues to evolve. In recent months, the game has been enhanced with additional aircraft models – M346, F18, and A10 – as well as new gameplay features. A multiplayer mode, planned for release in June, is expected to significantly boost the game’s appeal. The team is also working on communication systems between pilots and refining the realism of all gameplay elements. In addition, work is underway on a dedicated tutorial for new players entering the world of advanced flight simulators. The game is currently in a testing phase and is steadily approaching commercial readiness.
Incentive program and profit distribution to shareholders
In May 2025, the General Meeting of Shareholders approved a new incentive program for the years 2025 – 2029, aimed at increasing the Company’s value and market capitalization. The program consists of three tranches, each tied to a three-year period: 2025–2027 (Tranche I), 2026–2028 (Tranche II), and 2027–2029 (Tranche III). Participants may be granted up to 323.8 thousand shares in total – equivalent to approximately 5% of TSG’s share capital – provided that two independent conditions are met: a financial performance condition (weighted at 80%) and a market-based condition (weighted at 20%).
The performance condition for Tranche I assumes the achievement of an ambitious, cumulative Adjusted EBITDA target of PLN 438 million for the years 2025 – 2027. The market-based condition requires that TSG’s share price on the Warsaw Stock Exchange outperform the WIG index by at least 10 percentage points during the respective period.
-In 2025, we’re executing many key projects simultaneously. Our top priorities are changes in our core games and ensuring continued development of Wings of Heroes. These initiatives demand full team focus. At the same time, we’re intensively working on the development of two new prototypes – both of which currently rely primarily on internal resources rather than significant financial investment. This allows us to responsibly consider larger investments in new ventures no earlier than next year. That’s why we’ve decided to recommend a record dividend payout to our shareholders. – said Andrzej Ilczuk, CEO of Ten Square Games.
The General Meeting approved the Management Board’s recommendation to pay out PLN 100 million in dividends. The dividend record date is June 20, 2025, with the payment scheduled for June 27, 2025.
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International Chess Day: How India’s ancient game is evolving into a rising force in esports
Few games can boast a history as rich and enduring as chess. Originating in ancient India as Chaturanga, chess has evolved over centuries into one of the world’s most popular and celebrated sports. For a game with roots tracing back nearly 1500 years, it is rare to find renewed relevance in the digital era, but chess has done exactly that. Today, it thrives not only as a timeless sport of intellect and strategy but also as a modern source of entertainment, with millions of active players, vibrant communities, and massive global viewership.
This transformation has been driven by the meteoric rise of online chess, especially during the 2020 lockdown, which acted as an unexpected catalyst. The global success of the Netflix series The Queen’s Gambit, combined with the rapid growth of chess streamers across platforms like Chess.com, Twitch, and YouTube, propelled the game into mainstream pop culture.
Tournament series like PogChamps, launched by Chess.com in 2020, introduced chess to millions by featuring popular streamers and celebrities, each mentored by elite Grandmasters. Adding to this momentum were leading streaming personalities like Levy Rozman, known as GothamChess, and the Botez sisters, Alexandra and Andrea, who have built massive followings on both Twitch and YouTube. The accessible, educational, and entertaining style of these streamers has made chess more engaging and relatable to younger audiences than ever before.
Since then, online chess has seen explosive growth. In 2024 alone, Chess.com recorded over 7.6 billion games played. The platform has surpassed 200 million registered users globally, with India contributing over 9 million monthly active players and adding an average of 550,000 new signups each month. Beyond gameplay, viewership numbers have soared, with chess amassing 925 million organic views this year, reflecting an incredible 640 percent year-on-year growth. With its easy-to-play format and accessibility anytime, anywhere, chess has cemented itself as a universal sport for the digital generation.
This digital success naturally extended into the competitive esports world. The chess esports revolution accelerated in 2020 when world-renowned Grandmasters such as Qiyu Zhou, Hikaru Nakamura, and Andrew Tang joined established esports organizations like Counter Logic Gaming, Team SoloMid (TSM), and Cloud9 respectively, blending the traditions of chess with the excitement of competitive gaming.
The momentum continued when the International Chess Federation (FIDE) and Chess.com included chess in the inaugural Olympic Esports Week in 2023 in Singapore. This evolution reached a landmark moment with chess officially becoming part of the prestigious Esports World Cup (EWC) 2025 in Riyadh, with Norwegian legend Magnus Carlsen serving as the tournament’s ambassador. Organized in partnership with Chess.com, this year’s EWC features a prize pool of $1.5 million (approximately INR 12.8 crore), bringing together the world’s top chess players to compete in the fast-paced 10+0 rapid format, while representing leading esports organizations from across the globe.
Indian chess is making its presence felt on this grand stage. Grandmaster Arjun Erigaisi, signed with global esports organization Gen.G, has already secured his place at EWC 2025 through the Champions Chess Tour. The final four spots will be decided through the Last Chance Qualifier from July 24 to 26, where top Indian players, including Grandmasters Nihal Sarin and Aravindh Chithambaram, will compete.
Both Nihal and Aravindh have joined S8UL, a global powerhouse in esports and gaming content to compete at EWC 2025. S8UL is the only Indian organization selected among the 40 elite global teams in the Esports World Cup Foundation’s (EWCF) Club Partner Program. The organisation has earned its place to compete among the world’s best in Apex Legends and EAFC, and will also be fighting for qualification in Tekken 8 through the Last Chance Qualifier, further expanding its presence across multiple esports titles.
“It’s incredible to watch chess evolve from a quiet, traditional sport into a bold, global movement. Being part of S8UL has introduced me to the world of esports and content creation, opening up new ways to connect with people. Today, chess isn’t just about strategy, it’s about storytelling, culture and community. I’m proud to be part of this exciting shift, as the game steps into a whole new era,” shares Nihal Sarin.
The chess esports revolution in India is also being championed by NODWIN Gaming, a leader in South Asia’s esports and gaming ecosystem. The company recently announced a strategic partnership with Chess.com and ChessBase India aimed at building the future of chess esports in the country. This collaboration has already delivered remarkable success, most notably with the exclusive streaming of the recent World Chess Championship, where India’s Gukesh Dommaraju defeated Ding Liren to become the World Chess Champion. The event garnered over 24 million views, with peak concurrent viewership reaching 200,000.
Akshat Rathee, Co-founder and Managing Director of NODWIN Gaming, says, “The rise of online chess shows how even the most traditional games can reinvent themselves in a digital-first world. Chess has always stood for intellect and discipline, but with streaming, new formats, and structured esports competitions, it’s now more accessible and entertaining than ever, especially for younger audiences.”
Over the years, NODWIN Gaming has consistently driven the mainstream growth of chess through innovative initiatives. The Chess Super League in 2021 brought together a unique mix of top international Grandmasters, leading Indian Grandmasters, International Masters, and promising junior players, offering fans a fresh, competitive, and entertaining viewing experience. Chess has also featured prominently at DreamHack Hyderabad, India’s largest gaming festival, further reinforcing its place within the broader gaming and esports ecosystem.
“At NODWIN, we’ve always focused on youth entertainment across gaming, esports, and digital culture. Chess fits right into that vision. We’re excited to keep reimagining how the game is experienced and to help it grow as a meaningful part of the broader digital entertainment ecosystem,” adds Akshat Rathee.
On the occasion of International Chess Day, it serves as a fitting reminder that chess has always been more than just a game in India. Its digital evolution has unlocked exciting new avenues for competition, community building, and content creation. The board may remain the same, but the game continues to evolve, inspiring new generations of players and fans in the digital era.
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The Philippine Amusement and Gaming Corporation (PAGCOR) turned over five Patient Transport Vehicles (PTVs) to select military units and a local government unit on Tuesday, July 16, in line with the order of President Ferdinand Marcos Jr. to enhance emergency medical services in underserved and high-risk areas.
The newest PTV recipients were the Municipality of Liliw in Laguna; the Army’s 7th Infantry Division, Light Reaction Regiment and Fort Magsaysay Army Station Hospital, all based in Nueva Ecija; and the Headquarters Force Reconnaissance Group of the Philippine Marines in Ternate, Cavite.
The turnover ceremony was held at the PAGCOR Corporate Office in Pasay City and was led by PAGCOR Chairman and CEO Alejandro H. Tengco.
“These donations are part of our ongoing commitment to boost the government’s emergency response efforts, especially in areas where every second can mean the difference between life and death,” he said.
“It also reflects PAGCOR’s commitment to national service beyond gaming as ordered by President Ferdinand R. Marcos Jr.”
The donated vehicles are expected to boost the recipients’ capacity for medical evacuation and transport during military operations, natural disasters, and other emergencies in remote or conflict-prone areas.
Lt. Col. Arsen Boy D. De Guzman, the 7thID’s Assistant Chief of Staff for Logistics, thanked PAGCOR for the support and cited the critical role of PTVs during calamities and rescue missions.
“Taos-puso po kaming nagpapasalamat sa ibinigay ninyong Patient Transport Vehicle. Rest assured po na ito ay pangangalagaan namin at gagamitin sa tamang layunin,” he said.
To date, PAGCOR has donated a total of 40 PTVs to LGUs, public hospitals, and frontline agencies nationwide as part of its socio-civic programs.
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InnoGames Unveils Cozy Coast, a Heartwarming Beach Adventure Featuring Relaxed Gameplay and a Captivating Story
InnoGames, one of Germany’s leading developers and publishers of mobile and browser games, is announcing Cozy Coast, an adventure game that combines an emotional storyline, richly developed characters, and engaging puzzle mechanics based on the popular Merge-2 system. The game will launch later this year on iOS and Android. Pre-registration is already available in selected regions.
With Cozy Coast, the studio highlights its versatility by introducing a new genre to its portfolio, which includes internationally acclaimed strategy games like Forge of Empires, Tribal Wars, and Heroes of History. The game combines a sunny, feel-good atmosphere with diverse entertainment, targeting discerning casual gamers who appreciate relaxing gameplay just as much as an engaging story.
Adventures Featuring Building Mechanics and Puzzle Challenges
In Cozy Coast, players accompany best friends Mia and Elara on a journey across the picturesque Mediterranean island of Calista. For Mia, the island holds treasured memories of a carefree childhood, yet the once idyllic place has somehow lost its charm. Together, the two young women set out on a mission to restore the original beauty of Calista.
Merging items is the central gameplay mechanic in Cozy Coast. By skillfully combining items, players fulfill the wishes of island residents while gathering resources to repair buildings and unlock new areas. Along the way, Mia and Elara encounter other characters and gradually uncover the island’s secrets. With its lovingly crafted environments, Cozy Coast invites players to explore every hidden corner of Calista.
“With Cozy Coast, we’re creating an inviting game world that offers players a break from everyday life while delivering challenging gameplay. For the first time in InnoGames’ history, we’re introducing a title that combines emotional storytelling with strategic merge mechanics. We look forward to welcoming players from around the world to Cozy Coast very soon,” says Christian Reshöft, Chief Product Officer at InnoGames.
Key Features of Cozy Coast
- Merge items: Strategically combine items to create new and higher-value objects
- Restore the seaside promenade: Renovate abandoned buildings to unlock new areas
- Adventure in paradise: Discover hidden places together with your best friend and uncover the secrets of a corporation with questionable intentions
- Characters with personality: Meet fascinating characters. Every encounter comes with a story – sometimes touching, sometimes mysterious, but always full of emotion
- Fresh challenges every day: Participate in daily, weekly, and seasonal events like exploration quests, puzzle collections, and special story-driven missions to receive exciting rewards and enjoy lasting gameplay
- Unwind in a Mediterranean setting: Experience stress-free gameplay paired with a captivating story of friendship, courage, and hope
- Free to play without restrictions: Launching soon worldwide on iOS and Android
Cozy Coast was already launched in selected regions on iOS and Android, with players giving it an average rating of 4.8 out of 5 stars. Pre-registration on the App Store and Google Play is now available in Germany, Austria and Switzerland. More regions to follow soon.
The post InnoGames Unveils Cozy Coast, a Heartwarming Beach Adventure Featuring Relaxed Gameplay and a Captivating Story appeared first on European Gaming Industry News.
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