Ten Square Games in 2026: Wrocław leader of Polish mobile gaming, Fishing Clash and Hunting Clash, an mWIG40 issuer at the same address as Develia

Ten Square Games in 2026: leader of Polish mobile gaming, Fishing Clash + Hunting Clash, a Wrocław address shared with Develia

Ten Square Games S.A. - headquartered at ul. Gen. Romualda Traugutta 45 in Wrocław (postcode 50-416), registered in the KRS under number 0000704863 - is the leader of Polish mobile gaming, the creator and publisher of free-to-play games with a microtransaction-based monetisation model. A geographic signature: the same address (Traugutta 45) is occupied by two mWIG40 issuers - Ten Square Games and Develia. This is a rare configuration in the Polish mWIG40, where two tickers share the same office building.

The company has operated in its current legal form (joint-stock company under KRS 0000704863) since 20 November 2017 - the founding date is coordinated with preparation for the May 2018 stock-market debut, one of Poland's largest tech IPOs of the decade (with strong retail demand). Business roots go back to 2011, when Maciej Popowicz (previously creator of Polish social network nasza-klasa.pl, a Polish Facebook predecessor) founded the Wrocław mobile-gaming startup under the Ten Square Games name.

Governance: a three-member management board and a six-member supervisory board.

TEN Square Games

WROCŁAW · KRS 0000704863 · SPÓŁKA AKCYJNA

Revenue

361.9 M PLN

Traugutta 45, Wrocław: Wrocław's mobile-gaming hub

The address ul. Gen. Romualda Traugutta 45, 50-416 Wrocław, places Ten Square Games's seat in the centre of the Lower Silesia voivodeship capital. Wrocław is one of Poland's strongest gaming clusters - alongside Warsaw and Kraków. The Polish gaming sector in Wrocław includes:

• Ten Square Games - mobile free-to-play (Fishing Clash, Hunting Clash). mWIG40.
• Techland - premium PC/console (Dying Light, Dying Light 2). Unlisted, controlled by China's Tencent (since 2023).
• PCF Group (People Can Fly) - AAA co-development. mWIG40 / sWIG80 boundary.
• Smaller mobile + indie studios.

The company has a registered electronic-delivery address (ADE: PL-99298-16169-VGGWW-18) and a website at tensquaregames.com (.com reflects the global reach - most Ten Square Games revenue is generated outside Poland). Under Polish PKD codes the principal activity codes include 58 (publishing activities) - including 5821 (publishing of computer games) - and 62 (computer programming).

Polish gaming on the WSE: hierarchy by business model

The Polish stock-listed gaming sector on the Warsaw exchange has a multi-layered structure by business model:

• Premium PC/console (single-player) - CD Projekt (WIG20, Witcher/Cyberpunk), 11 bit studios (mWIG40, Frostpunk/The Alters). Rare launches, high production costs, high single-launch revenue.
• Mobile free-to-play (live-ops) - Ten Square Games (mWIG40, Fishing Clash), Huuuge (mWIG40, casino mobile). Continuous monetisation through microtransactions, lower per-title development costs.
• Co-development / contracts - PCF Group (mWIG40 / sWIG80, cooperation with Epic Games on Outriders, Squad-based). Contractual stability at the cost of own IP.

Three structural features of the Ten Square Games model that explain its mWIG40 positioning:

• Live-ops as an operational moat - Fishing Clash, Hunting Clash and other group titles are in continuous live-operations: regular updates, events, new locations, seasonal events. Every such update generates increased engagement and player spending. This is a recurring-monetisation business unavailable in the premium PC/console model.
• Free-to-play hit as an export-driven business - most Ten Square Games revenue (Fishing Clash) is generated by players outside Poland (US, Western Europe, East Asia). This makes the group clearly export-oriented - with USD/EUR currency exposure and low risk from the Polish consumer cycle.
• User-acquisition cost as a key parameter - in mobile gaming, net profit depends on the ratio of LTV (player lifetime value) to CAC (customer acquisition cost). Every tightening of this ratio (e.g. rising Meta/Google ad prices, lower acquisition efficiency) affects the margin. The industry is in a phase of consolidation and cautious marketing spend.

Implication for the investment profile: post-pandemic normalisation, generous dividend, USD exposure

“Ten Square Games is a classic case of Polish mobile gaming after the post-COVID cycle. In 2020–2021 the company generated record revenue on the wave of the pandemic mobile-gaming boom; in 2022–2024 it normalised alongside the market. In 2026 the ticker's valuation rests on classical mobile-gaming metrics (LTV/CAC, monthly active users, retention) and a regular dividend stream. The main risk: competition from AI-generated games and hyper-casual studios from Asia.”

Three expected consequences for the company's 2026 investment profile:

• Generous dividend policy - Ten Square Games has historically paid dividends in the PLN 4–10 per share range (yield 5–12%) - high for a tech company, thanks to low capital requirements and high cash flow from microtransactions. The policy remains oriented to regular payouts in 2026.
• USD/EUR currency exposure - most revenue in USD/EUR, most costs (Polish employment) in PLN. A weaker zloty against USD = higher reported profit; a stronger zloty = lower. This makes Ten Square Games structurally sensitive to the currency cycle.
• AI-generated games competition - in 2024–2026 first AI-generated mobile games appear (model: GPT-4-driven content + Stable-Diffusion graphics). This may long-term change the production-cost dynamics in the industry - with Ten Square Games as one of the most technologically advanced Polish mobile studios.

For Lower Silesia itself, Ten Square Games is the second mWIG40 gaming issuer in the region (alongside PCF Group, which is on the mWIG40/sWIG80 border) - Wrocław as the regional capital has unprecedented gaming-company concentration in the Polish mWIG40, together with AmRest Holdings SE (HoReCa) and Develia (real estate).

What you'll find in the Ten Square Games profile

The Ten Square Games S.A. profile in our database carries the full picture of the company: composition of the three-member management board, the six-member supervisory board, the KRS registration history from 20 November 2017 (with traces of the sp. z o.o. → S.A. conversion before the 2018 IPO), the registered address at ul. Gen. Romualda Traugutta 45 in Wrocław (shared with Develia), e-delivery status (ADE PL-99298-16169-VGGWW-18), website tensquaregames.com, and the assigned PKD codes classifying the activity as computer-game publishing. The profile is also available in English - important for international gaming/tech-fund investors, since Ten Square Games is one of the largest Polish public mobile-gaming developers.

Data: Polish KRS Court Register (KRS 0000704863); Ten Square Games S.A. - annual reports 2023–2025; PKD classification 58/62 (game publishing and software); company history - founded 2011 by Maciej Popowicz, S.A. 2017, WSE IPO May 2018; editorial estimates for the position in the Polish mobile-gaming sector, as of 2026-05-02.