Ten Square Games S.A. — Call Transcript 2025

Good afternoon, everybody. A warm welcome to you to our conference summarizing Q2 at TSG. My name is Andrzej Ilczuk, I'm CEO and President of the Management Board. I'm joined by Magdalena Jurewicz, our CFO. Good afternoon. Janusz Dziemidowicz, CTO. As always, Nina Graboś, responsible for contacting our investors. [Foreign language], allow us now to move to our priorities and the performance of the group in Q2 2025. [Foreign language]. We wish to bring closer to you a few aspects. [Foreign language]. Q2 saw a very consistent following of our strategic plan. At the basis of the plan, we intend to increase our revenue. The transformation of the product is strongly based on data. Hard data, not belief, not opinions. The data begin to demonstrate that we are following the right path. On top of that, we have started scaling Wings of Heroes since Q3 of this year. We've had a great start of Trophy Hunter. All these components brought together demonstrate that Ten Square Games is capable of creating new games. We know how to market these games. We know how to scale them. We have a full package under our wings. We believe that each of these elements brings us closer to achieving our main goal, which is, of course, increasing our revenue. Concentrating now on the performance of our key products, which are Fishing Clash and Hunting Clash. As we said in the previous conference, we had a very limited marketing budget, which was obviously intentional. We reduced our revenue base. Why did we decide to decrease our expenditure on marketing? Simply because we believe that the changes in our games that are taking place are going to have a very positive impact on marketing in quarters to come. Additionally, given the ongoing numerous tests, we have a much more stable marketing base, or foundation, if you like. The mix month-to-month of players is very similar. The mix is almost identical, allowing us to be much more precise in our determination on whether these changes have a positive impact on the performance of our games. After we have concluded all our A/B tests, our marketing expenditure is going to be increased gradually. Moving on, allow me now to speak about some practical examples. I would like to devote some attention to segmentation. We have reached a third iteration of segmentation. Why is it so important? First of all, as you remember, employing new people responsible for the product, changing our way of thinking about the product, working with the product, is an ongoing, constant change in Ten Square Games. Looking back in time on our way of working with the product, we had a somewhat startup approach. We had an idea, we tested the idea. If it worked, we would apply it. If it didn't, we would move to another one. We have completely changed our way of working with products. In the first assessment run by persons responsible for the product, we defined a few areas for improvement. One of these rooms was segmentation. In the first iteration, we saw a 21% uplift in bookings for the group participating in the test. However, we weren't shy by the fact that we didn't improve in this field. Nonetheless, the team consistently continued in the test because they didn't understand why they saw the uplift in only one of the segments. In the following iteration, we saw an uplift in two segments. I believe that in next iterations to come, similar changes will follow. We are shifting our startup-like approach to an iteration-based approach, where on a daily basis, we look for answers to why some things work and why others don't. All that in order to make sure that these results improve iteration by iteration. Obviously, segmentation is not everything. There are hosts of others, smaller or bigger projects, such as segmentation or the ones that you are looking at on the screen. Some of these initiatives are very bullet-oriented on much smaller groups of players. In other cases, segmentations concern entire games. The reason why we believe this is the right thing to do is that although we work with mature products, products that have been present on the market for many years, we still see that the increases or the improvement of performance in particular segments or features are not single digits. This proves that there is still a lot of potential in our games. As we look at Wings of Heroes, you might remember that in the second quarter, we concentrated on adding depth to the game. We have concluded this stage by increased marketing expenses starting in Q3. This increase in marketing expenditure has translated into a 30% increase of our revenue. Scaling of Wings of Heroes is not only increasing our marketing expenses, also reaching higher C's with this project. We have started this project as a flight game set in the reality of World War II. Now we are concentrating on an action games segment. We are leaving the segment of flight simulators, so we see broader segments where we can offer our game to a bigger pool of players. In the third and fourth quarter, we count on increased revenue from this game, followed by increased marketing expenditure, but also at the same time, we are going to look for bigger blue oceans for this product. Allow me to say a few words about our new title, which is Trophy Hunter. Trophy Hunter has had a great debut. It's our third hunting-type game. It's the best-looking product in the market. Why is it important? It's mostly due to the fact that our players are looking for realistic settings, realistic animations, realistic animals where the feeling of shooting is very accurate. This game has demonstrated that the players are very happy with it. It's very playable and enjoyable to play. One more important piece of information, it's a hybrid game. This means that these games also provide revenue from advertisement. This is important. Some of the revenue might not be reflected in our financial data. What is important with Trophy Hunter is that Ten Square Games is capable of creating new games and releasing new games. This skill is in great demand in our market. We are happy with the fact that after Wings of Heroes, Trophy Hunter is another game demonstrating that we are capable of creating new products. Moving on, these are just a number of KPIs we want to share with you, but others, they look very promising as well. We have a much greater retention, much greater conversion. This game, as I said, started off really well. We have a solid product with a lot of potential for the future. The one thing we need to do now is to work with this product in such a way as to make sure that the early stage KPIs show an even higher figure. To make sure that the later stage KPIs do not deviate strongly from the early stage ones. How to do that, how to achieve it? This is something we excel at as well. The upscaling of our products. The third and the fourth quarter are the quarters where our roadmap in Trophy Hunter is very, very packed. We have a lot of content. We have new, well-tailored features. Those are the elements that are meant to make sure that KPIs over the seventh and the 30th day will look very good and will be able to effectively upscale this project and the product. When we move on to Real Combat Simulator, one information for starters, this will be a subscription-based game. Therefore, we will see whether or not this product could be comparable to Real Flight Simulator at the end of the day. A bit of a commentary on TSG Store in terms of Fishing Clash. The share is over 32% currently, and this is the share that we want to maintain definitely. We keep working on new initiatives in order to increase this share if possible. For Hunting Clash, it's more than 21% currently. Here we also are rolling up our sleeve in order to increase it. We want to catch up with Fishing Clash. All in all, we're talking about 23% versus the total revenue of the company. There are a couple of initiatives in Hunting Clash versus Deer Bucks, which is the same as Fish Bucks for Fishing Clash. We have a special currency, loyalty currency in our store. We are fine-tuning the interface. We are working with commission providers. One more thing, which calls for a longer commentary, your questions concerning the regulatory environments and the background. A lot of things have been going on. Let me go back to the past a little bit to discuss the most important events that have an impact on our store. Last year, we had the DMA, the so-called DMA EU directive, which enforced certain changes on Apple. Apple did follow up. However, most of these changes had a high entry level. In our opinion, for instance, we had to resign from the bookings via Apple platform. We decided not to use it, this opportunity. We didn't know any company who would actually go towards that direction. What we decided to do is to lower a little bit of our commission on the European platform from 30% to 20% according to Apple's recommendation. Thanks to those very subtle tweaks in the definition, in practice, we saw a change from 30% to 24%. We're talking about Apple platform only and European Union only, which happened in June last year. During the spring break, May spring break last year, we saw a ruling in the Epic versus Apple case. It turned out in the end that we are able to advertise alternative payment methods or booking methods via Apple platform. Again, we're talking about Apple platform only. We immediately started tapping into this opportunity, advertising our options via Apple platform in the United States of America. In June, we had yet another stage of this tug of war between Apple and the European Union. Again, we had some new changes, which theoretically were supposed to adjust Apple's ways to the European Union regulations. We had certain newspapers' headlines that Apple would change commissions. We looked into this subject. We are keeping a watchful eye on these developments. We believe this is just a make-believe. If we were to tap into those new opportunities and lower down our commission, we would, first of all, need to switch off Apple payments. We wouldn't know how to survive without the app because we live off the app. We would have to actually switch off certain search options. There were a number of other difficulties that it would pose for us. In our opinion, this would be to the detriment of our company. We decided not to use that option because the losses would actually exceed the profits or the benefits. We don't know of any company in the market that would actually go for this particular option. The European Union obviously will continue to work in this area. We have just been asked by the European Commission about our assessment or evaluation of those changes concerning Apple platform. We will definitely voice our feedback here. We believe that the legislation and the legislators in the U.S. are introducing certain changes which will affect us. Those changes will definitely persist in the future as well. We lowered the commission on Apple in the European Union from 30% to 24%, as I said before. This year, we started to advertise our store in the United States freely without any restrictions. However, other options that are on the table are not to our benefit. We decided not to use them. Moving on to the summary and the financial facts and figures. First of all, we'd like to focus on a bigger picture because we're talking about quarter on quarter results. We're talking about quarter two, but we should also look at the year-to-date results or even a larger window. Obviously, the quarter on quarter results in terms of adjusted EBITDA and net profit have gone down a little bit. As we said before, this came from lower marketing spend in the middle of the quarter. We'll see the full effect of those lower payments. This will be visible in a second quarter. Invariably, we are generating solid results. We're generating strong cash flows. The adjusted EBITDA indicator went up 5% year on year and 18% or 18.5%, actually 7% in terms of net profit. Looking at our iterations and any changes in the games that we are introducing, we need a longer time for those effects to be visible. What makes us really happy always is the fact that we are stable in our performance. We are able to manage this company in a safe way, in a secure way. We are able to generate strong cash and strong results. We're also able to share our profits with our shareholders. We're talking about a dividend of PLN 100 million. Looking at our entire company, our entire track record, we're talking about the total of PLN 485 million distributed to our shareholders. We do generate cash. We do hope that it will not change in the future. To summarize the quarter, in a nutshell, our performance explains our results. The falling bookings, mainly on the back of lower marketing spend, this was a deliberate decision. We do believe that in the reporting periods to come, these investments will be more fruitful over the longer term. In terms of our operating expenses, the costs, everything is under control. We have a lot of cost discipline. It's very strong. We maintain it. Let me just remind you that the second quarter always has a bit of a higher cost of our employees' incentive program. We reported it in the second quarter because it was adopted in May 2025 only. However, these figures, these amounts are not very significant in terms of their impact on our financial results. At the level of adjusted EBITDA, we are closing the quarter at PLN 27 million, which is pretty comparable to the result we reported last year. Year on year, it is pretty flat, which makes us really happy. The net profit is at PLN 20 million. All in all, from the results perspective, a bottom line perspective, we're faring pretty well. It's important to remember that the decreasing exchange rate of the U.S. dollar against the Polish złoty affects our reported cost of marketing. However, as an exporter, we are impacted by the exchange rate of the U.S. dollar against the Polish złoty. Another thing which has been disclosed in our report is the famous tax control. It has been extended until October this year. We are expecting further extensions. We are not likely to close this subject this year. It is outside of our control. All the files that we need to file with the tax office are immediately reviewed. We provide ongoing support to the tax auditor. We do cooperate with the office. However, we have no way of affecting the end date of the audit. A few words about our cash position. As you can see, our cash position is stable. We are capable of financing everything from our own financial resources. There have been major outflows, which is a dividend, which is recorded in our cash flow. When it comes to investment activity, we can see earnout payment to former owners of Rortos. This is under our contract for the acquisition of this company. This year, we have paid earnout for 2024. A similar situation will be repeated next year. It will be the last part of earnout for 2025. This quarter, we have concluded with PLN 83.4 million in cash in our bank accounts. Everything's fine. Our business is stable. As far as more information goes, in the beginning of October, we are going to publish a report announcing preliminary revenue in Q3 as well as the final financial report, which is due on November 12th. In the meantime, you might expect to hear from us in a product newsletter, which we have been sharing for some time now. In the newsletter, you will find more information on our progress on particular products and what to expect from them. As a company, we are going to be present at a few of incoming conferences. If you are capable of joining us, please be with us. There you'll have an opportunity to ask more questions, to inquire about our progress. The nearest such date falls on the 2nd of September, followed by October 9th and December 4th. All those of you who are interested are encouraged to subscribe to our newsletter, through which we will share with you latest updates, including links to our future conferences. I believe this will allow you to easier obtain information from the company, which are always verified and up to date. Thank you so much. Now, I understand time has come to entertain the questions from the investors. Before this happens, I would like to leave you with a few important messages about Ten Square Games. Thanks to our precise measurements, we know how our games and products perform. We see that our strengthened product team is tackling every challenge head-on. We see how it is reflected in our products. We also know what works and what doesn't. We see a lot of potential for improving our results. We just need time. As you have seen, all these iterations have been balanced. We are planning to conclude them and translate them into our full population of players. We've had Wings of Heroes, which we started scaling in terms of marketing. Real Flight Simulator is increasing in scale. We are planning to add a Real Combat Simulator. We are growing really big in the entire flight simulator segment. We have added an additional game with very good early KPIs, thus demonstrating that we know how to create new games, we know how to add depth to these games, and we know how to scale them. Ten Square Games has a full package. We have everything we need to grow and to achieve success. Having said that, I wish to conclude the official part of the presentation. Thank you for your attention. I wish to give the floor to Nina, who is going to read questions from the chat with the investors. Thank you so much for giving me the floor. The majority of these questions concern Trophy Hunter. Why don't we start with these questions? Could you tell us a bit more about what percentage of revenue in Trophy Hunter comes from advertisements and what percentage of the payments from the revenue comes from payment bookings in the game? The market benchmark is more or less 20% advertising. In our case, it is slightly more than that. To be precise, it's around 25%. Still, it's a very immature product. It's just July and half of August. The dates are very early, and this product is going to stabilize later in the year. Obviously, it's going to be affected by marketing expenditure depending on each particular market. This will also fluctuate over months to come. Do the current expenditure on user acquisition exceed the revenue achieved by the game? We are not offering any comment on that. Could you tell us a bit more about the scale of revenue and marketing for this game? What levels could we expect in August? We are not planning to comment on something which hasn't happened yet. August hasn't finished yet. We would like to leave something to comment on in the next quarter. We'll tell you more about that in a few months' time. What is your assessment of the risk of closing Trophy Hunter? Do you consider the game to be a 100% confident product and an element of the company's portfolio? As of now, we treat it as a safe bet. It's a sure shot. We know we will know with time. For now, it looks like a sure shot. What KPIs of Trophy Hunter are you happy with? Which of these areas do you believe could improve? It's hard to answer this question because this game has been on the market for seven weeks. Marketing hasn't started from day one. As you know, we have still around four to five weeks' worth of data to collect. We don't know a lot. However, for the time being, we know that we need more content. That's for starters. The rest of the game looks exceptionally good. It has exceeded my expectations, to be honest. Are you planning to expand the team working on Trophy Hunter? What would be the scale of expansion? Are you planning to move employees from one project to another? Are you planning to hire some people externally? It all depends, as you might expect. Every team has what they need to achieve success. If we have our internal resources, we will use them. However, we know we might need some additional workforce because some people might not be simply with us. It all differs situation to situation. Still, our teams receive full support. It's all about success, not about hiring two or three or four more people. There are some more questions flowing from the chat. Let us move now to Real Combat Simulator. When can we expect a global launch of the game? Rortos has a different style of working. They are never fixed on a particular deadline. Nothing has changed in this field. We do not want to impose our will on the team of Rortos. We wouldn't like to distort their style of working. Their job is to create the best possible product. This is what we are intending to achieve together. The next group of questions concerns marketing expenditure. Let's start with a general question, not focusing on any particular game. I expect it applies to general marketing spend across the company, across the board. To which level would you be willing to increase your marketing spend in current conditions, assuming that you have a satisfactory return on the acquired cohorts of players? We have never worked based on budgets. We always work based on rates of return. If it turns out that we need $1 million, we'll spend $1 million. If $10 million will be necessary, we'll spend $10 million. This is how we work. Coming back to the rates of return and the times for return, we can extend it. We can juggle it. We don't have a specific set limit. In fact, we would rather spend more and more, acquire more and more players at the cheapest price possible. We don't have any budgets, and we'll stick to it. This is our way, unless obviously we run out of cash because we spend so much on marketing. If this problem appears, we'll talk about it. We'll handle it. Have you managed to increase marketing spend over the past weeks for your flagship titles? Should we expect any increases in marketing spend in the third quarter versus the previous quarter? As you saw, A/B tests are not concluded yet. The changes are still in progress. I wouldn't expect that. We wouldn't like to rush too much. Whether it happens a few weeks later or earlier does not have a major impact on our performance. We want these changes to be measured precisely. We want them to get tested thoroughly before we actually decide on any marketing spend. What would you expect? When will you go back to the scaling of marketing spend in Fishing Clash and Hunting Clash? How long could it take to test new features, segmentation, and monetization for these two games? We winked at you a little bit here. We showed you how much time it takes, assuming that everything runs smoothly. You can imagine how long it will take. However, a bit of a disclaimer here. It doesn't always run smoothly. We managed to improve our segmentation in two segments, going up by 20%. It's a great, great achievement, more than expected. We outperformed our assumptions. What will it look like in the future? It's difficult to say at that point because the beauty of this business is the fact that players can always catch us by surprise with their erratic, sometimes erratic behavior. A couple of questions on your core products. Do you assume that in your core products, can you see any potential improvement already this year? Still, anything can happen. We're working in the... We have been working on a free-to-play business for years now. The beauty of this business is the fact that you have to adapt your ways quickly. You have to react and think on your feet. You can expect everything. You can expect the unexpected. All the product work. We have been talking about a number of initiatives, but we have more. It may turn out that one of those major initiatives will become a huge success in the very first iteration. We will not need the second one at all. A lot can happen product-wise. What is really important and what makes us really happy is the new product know-how that we captured from the market, the new ways of work, the higher product standards because they are higher. We have raised the bar. The teams are working in a totally different standard, totally different manner. We do hope that you will soon be able to enjoy the better performance and higher marketing spend with us. What would you do in a scenario if you do not manage to improve performance on your flagship titles? Honestly speaking, we do not see it happening at all. We do not allow for such a possibility. We see that we are doing very well in the first iteration. The segmentation is really effective. The team is thinking what to do if we have a performance that is not satisfactory in a given segment and the work brings fruit. We do not expect anything like that happening. We see how it changes. We see how our teams perform. We do not see such a risk on the horizon at all. Are you considering any reduction in headcounts in project or product teams? If so, when? No, we are not talking about any reduction in headcount. July was a period of solid results reported for Wings of Heroes. Will you be increasing the marketing spend for this title in August? Again, no comment. A couple of questions from another area. One of our viewers wants to make sure whether data concerning Sensor Tower include TSG Store booking. Any platforms, Data AI, and others only show in-app bookings via Apple platform purchases and pay purchases. It doesn't include TSG Store or Apple. Another question. Did you see any changes in terms of the implementation of the privacy policy at Google? Nothing has happened since our last conference call. Do you see any new technologies that would allow you to create content and games more quickly? It depends what you mean if you're talking about new technologies. Obviously, generative AI is growing as we speak and growing very fast. All the models that are used to create text, videos, and graphics. Obviously, these technologies will not allow us to replace people who create our games. We use those tools as aids. For instance, people did not have Photoshop in the past. After Photoshop appeared in the market, everybody uses Photoshop. Those generative AI tools are the tools that are being used heavily by everybody because they make our work easier but did not replace people. What is developing dynamically is the creation of video content because this is the element that is really important for us. We see a lot of progress here. The costs are there. They're pretty high. We're talking about $6 per each prompt. Not nice much, but we need a lot of prompts in order to make sure that something reasonable is created. This is a considerable cost. We keep experimenting in terms of ad generation, graphics generation, the graphics and content that will be used in our games, and also code generation because we have a number of tools such as CourseOr [Cursor], which is used to support programming and development. These are the tools that we're using to make our work easier. We see signals from the market that companies are letting people go because of AI. Actually, they're not letting people go because of the AI developments. They do it because of the market. Obviously, this is a hot potato. Sometimes it shows a wrong and sends a wrong signal and creates a wrong picture. AI will help us to create relatively simple graphics but will not create an animal animation. They will not create an entire game. Again, it's a hot potato. There is a lot of fake news here. A lot of companies are using AI as an excuse, saying that they are dismissing people. They are letting people go because of AI. That is not true. I would be very cautious with those comments because it's all fake. Some of them are fake news, actually. [Foreign Language] The next question concerns strategy. Has anything changed in terms of potential acquisitions? As I've said, we operate on many fronts. We simply have not enough capacity to think about acquisitions, not to mention post-merger integration. We simply do not have enough time to think about it. Fishing, Hunting, Wings of Heroes, Trophy Hunter, Real Flight Combat Simulator. We have a lot of open subjects. This is what we are working on for now. Have you seen any measured impacts of employing specialists at the beginning of 2025? As you've seen in the presentation, we are talking about changes in pacelifts. We can't say we have revitalized an entire feature, which has increased our pool of players by 20%. These are only fragments of what we do. We have assumed it might look like that. We are taking baby steps, especially in complex games. Our products are complex games. Segmentation is quite difficult. You would expect a system to work in every case in the same way, affect every player in the same way. However, in some segments, it equals zero. Understanding why it works on this segment but not on the other is what matters. That's the essence of our work on products: understanding the product, making the necessary adjustments, and trying again and again if necessary. We might have a series of failed iterations, five, six, or seven of them. However, it's important for you to understand that there are hugely successful companies who perform best when they make a lot of changes in segmentation, for instance. There are a few financial questions. Have you got any plans concerning GameShare? We have an investment agreement, which we concluded a few years ago. This contract has specified a few investment windows. We do work with GameShare on a daily basis. However, as of now, we are not considering increasing our share in the company. There's also one question concerning the tax audit that you've mentioned. What period does it concern? What exactly? What numbers are in discussion? We always disclose this information in our financial report. However, it concerns our CIT for 2020. It concerns IP Box. Many companies didn't know how to calculate this relief. After a few years, we knew we could, we were ready to use it to a full extent. We disclose a surplus of income tax. We have this cash on our bank accounts. However, the tax office has initiated an audit for 2022, and it concerns PLN 9 million. We corrected 2019 in the same way, so this audit might concern a longer period. In the next year, we have a surplus of PLN 3.3 million. We are talking about PLN 12.5 million in total. However, we have a tax provision so that we maintain the right amount of cash. We are talking in total around... let me do the math quick. In total, it's about PLN 23 million. This is our income tax provision. If the audit is positive, we are able to release this tax provision, and it will increase our net result. We have this money on our accounts. Are you planning to pay dividends in the next year? It's far too soon to discuss it. However, allow me to remind you that we want to share our profit with our shareholders. Nothing has changed in our dividend policy. We are going to do it either by means of a dividend or buyback. It's far too soon to talk about it. We'd also like you to precise something on Real Flight Combat Simulator. The timeline, monetization assumptions, and plans for the game. Again, it's a subscription-based game. I would suggest you look at RFS on Sensor Tower and similar games. To cut a long story short, that's all. It's going to be a spin of Wings of Heroes, something in the type. We'll see how it performs. There isn't a similar product in the market. Therefore, it's difficult for us to say what is the exact potential of the game. We know more about Real Flight Simulator. With time, I believe we'll know something more. When it comes to the deadline for a timeline, we are not pushing on Rortos. It's going to be ready when it's ready. That's the way it is. Nothing has changed in this respect. A few questions concerning Trophy Hunter. What is the maximum level to which you would be capable of increasing marketing expenditure, maintaining a satisfactory increase effect of the cohort? The longer the game is present in the market, the more we know about it. It's intentional that we do not spend four to five times more in marketing because we don't know how these cohorts are going to perform. We have some assumptions. These assumptions have been right so far on every stage of development. What is great at Ten Square Games S.A. is that we have a high accuracy of prediction even before the product is present for a long time in the market. It usually overlaps with our calculations. The maximum marketing expenditure would be very hard to determine. With each passing month, we'll know more and we'll be able to discuss increasing our marketing expenditure as long as we run out of cash. Hopefully, we are not facing such problems in the future. Fingers crossed. Talking about cash, given initial data for Q3, could you also say something about revenue from Trophy Hunter? I understand we are talking about ESPI released at the beginning of the next quarter and we are planning to release such data. The launch of Trophy Hunter opens a new chapter in the history of the company. What is the potential of the game in global markets? I don't know if you remember, but at some of the previous conferences, we talked about why we believe Wings of Heroes was our future, why some KPIs of Wings of Heroes were better than in the case of Fishing Clash or Hunting Clash. This is exactly the same story. How this game performs remains to be seen. No one knows that. We need for the revenue to be visible. However, the early KPIs are very satisfactory because they demonstrate we know how to create good games. We can create games that are better than their predecessors. It's usually a reverse trend because companies tend to follow a downgrading slope. We are basically doing it the other way. We are creating better games with every new title. We have proved that we can create a game with a lot of quality. We have a team of experts who can deliver the best-looking product, which is appreciated by our players. Now we just need to follow this path and avoid making the mistakes our competitors have made working on their products. We strongly believe we know how to do it. We know we can follow the path of Ten Square Games. This has been the path that has brought us to where we are today. Allow us to wait a few more months. We'll be able to tell you a bit more. We'll see how the game performs in the longer perspective, how it's created, and what is the retention rate of its players. Now we need to do whatever we can to make sure this product is the best, as best as possible. We only need to make sure that our players remain with us for years to come. Another question on the product. Where can we expect? If we can expect an update for RFS in this quarter still, quarter three, or maybe later on into the year, frankly speaking, I don't know. I cannot answer this question. I believe that we will come back with an answer later on. I don't have it in the back of my head, unfortunately. A more general question about the falling revenues. Is this an effect of a lower marketing spend, or rather an effect of the ever-evolving situation in the market, changing expectations of the players, or maybe other externalities? I would say that it is due mainly to the lower marketing spend because we have lower revenue in the first cohort and each month. They are overlapping. This is why we see a decline in revenues. This is why we are struggling to make sure that those positive changes, those A/B tests actually are translated into some benefits. They are directed to a certain cohort population of the players. Yes, basically, it's due to marketing spending, which was reduced. A question on tax authorities and tax audit. Does the tax authority have any limit, any deadline to close these proceedings? It's been six years already. What can I say? Unfortunately, those proceedings are very lengthy in Poland. The tax audits are extended every quarter. There is an extension for the next three quarters. Everything is in accordance with the regulations. They can extend and prolong forever. Actually, let me go back to the RFS update, version 3.0. We have corrected certain errors in terms of this game. We believe that we have certain problems with the realistic imaging of the ground level. I would take a cautious approach here. A strategic question concerning M&As. A few expect potential M&As in the future. Do you actually assume such a long-term earnout just in the case as it happened when in Rortos? It will depend on the market situation. It is difficult to say whether we will have actually any acquisitions in the future. All scenarios are on the table. We will obviously pick the scenario that will be the most beneficial. It is difficult to discuss it because we haven't discussed it with anybody yet. We haven't started any negotiations. It is difficult actually to refer to such questions at this point. A question on TSG Store, which is growing dynamically. What are your next steps in order to tap into it, in order to increase the margins and become more independent of the platforms? We are testing booking providers. We're just testing the new one in order to optimize the margins. If we're talking about margins, we do not see any major fluctuations. We do not expect them. We are looking at the regulatory environment. We are keeping a watchful eye on what is going on in the EU and the United States. We are tapping into every opportunity that emerges. We're talking about work related to the offer of the TSG Store. Our basic observation is as follows. For a player to actually consider using a store, the players need to have any added value. The secret is actually to create an added value. We're not talking about promotions like 80%. This will actually disrupt the economy of the game over the long term. The trick is to balance it and we're doing our best in order to make sure that the offering in the store is attractive to the players. At the same time, it will not disrupt our game and its economy. A question on your strategy. Do you plan to revise your strategy within any timeline? Actually, it is being verified. It is analyzed as we speak. We can analyze the changes that we see, whether they're positive or negative. It is an ongoing verification of the strategy. It's not that we have fixed points at which we can decide whether or not a game should be continued or dropped. We are verifying our performance on an ongoing basis. If something is not working, we will drop it. If it works, we'll continue it. This is what it looks like as a day in, day out work, month in, month out, week in, week out. It's not that we have set deadlines to meet, for instance, after 14 days to discuss our performance. Everybody has their own opinion. We're looking at the data. We are trying to pin down whether or not something works, whether or not it brings benefits, brings fruits. If we are testing a big new feature based on the cohort of 5% of our players, then the impact on our overall performance will not be noticeable. We cannot test it for 100% of our population of players because the risk would be too big. We are talking about a living organism. If we omit or skip one or two elements, the whole economy of the game could blow up. We need to make sure that we are proceeding in a stable manner to make sure that a change, any change, actually can be translated into a success. Let me remind you, if a game change is effective on the most so-called calorific, promising players, we're talking about players from the United States, from other countries, just European countries. We're talking about tier two and tier three markets that can, and we can trickle it down in this way. This is why we have a cautious approach. Six months have passed. It's not that we have been working and tweaking something for six months. We spent two or three months at the very beginning in order to make sure that the team is ready and able to work in a different way according to different requirements. Somebody had been working in a totally different standard, totally different manner than he or she, or they need some time to readjust themselves. We're not talking about product team only. We're talking about R&D, the marketing, any customer support teams, and so on. These standards have been revamped. They have changed across the board throughout the organization. The change that we are talking about takes time. We are not replacing a single element, or we're not revamping a single method of work. We are reconstructing and rebuilding the entire way of working across the organization. Thank you very much. We have a couple of questions. However, I cannot hear the speaker. Yes, the question was about the return to the growth path. It depends. The answer is it depends. I want to give you specific examples, such as in the case of segmentation. Each of those tests takes about six to eight weeks. It worked for a single segment. The uplift was noticed in the first segment. It could have been noticed on four segments. It's difficult to say whether we achieve that in the coming six, ten, fourteen weeks because we don't know, honestly speaking, how players will react. We can assume that we will have an uplift of 5% or 15%. It does happen that we are caught by surprise by players' behavior. It did happen in the case of segmentation that the lowest segment, the lowest paying segment, actually showed such increases. Honestly speaking, we had assumed that it would be easier to change player behavior in higher segments, higher paying segments because it usually happens like that. They react to changes quickly, more quickly than lower paying players. It's difficult to say what it will look like. We are at the third stage of the segmentation. Maybe we'll have three or four or maybe five. It's difficult to say whether we'll close this process in a month or two or in 14 months, for instance. This is the problem where the problem comes from, players' behavior. [Foreign language] This is exactly why we can't say when it's going to happen precisely. We are impatient, just as you are. We want to know we're here and now. We want to increase our revenue from day one. Believe me. What is your assessment of your competitive advantage in this hobby segment of games? We have a very good position. We have the biggest fishing game. Third, fourth, biggest hunting game, Wings of Heroes, is doing great compared to its competitors, especially where games in similar segments are simply abandoned by our competitors because they can't maintain the pace of growth. We, in reverse, are increasing our expenditure of Wings of Heroes. RFS is doing equally well. Our position is very robust. We're happy with the fact that we are capable of acquiring new employees from the market. We are testing new ideas. There are still so many things we didn't know we could improve that we are discovering now. All that has improved our potential. We are very hopeful about the future. There is a question concerning one product by GameShare. Cooking Wars. Do you know any KPIs for this project? It's a very fresh product. Trophy Hunter has been with us for seven weeks. We have already told you we know nothing about it. Cooking Wars is even less mature, so we have no data to discuss. There are a few more questions we have received before the conference. We are rather limited in time. We are going to brush over them quite quickly. There is one question concerning the company's strategy, as well as some framework, activity, or plan of working. I believe this has been clarified by the Management Board already. We know what the plan is. We know how much time we need to perform A/B tests. However, let's move on to the questions which haven't been repeated yet. Is the company planning to release new titles? Always. However, as I've already said, now we are working on what we have at the moment in our portfolio. We are going to think about new projects, especially given that we have been emboldened by Wings of Heroes and Trophy Hunter. These are our most promising products. Have you identified any offers for acquisition? Is the company still hungry for acquisitions? We are always hungry for acquisitions, but we have no resources to work with. At the moment, it's all hands on desks, working on the games that we are currently developing. We do believe in the force of concentration. We don't want to spread ourselves too thin over too many products because we might start considering whether a particular strategy works or doesn't work. We want one person to work on one or two things tops, and we want to deliver what we have committed to. As soon as we have delivered, we are going to think about our next steps. When it comes to GameShare, we have talked about the schedule of reversing the trend in terms of payments. There is one more question concerning games from the evergreen segment, Wild Hunt and Let's Fish. Is it the end of these games because they haven't performed too well? Again, we have a team working on the portfolio of evergreen. We update content in these games. Sometimes we add new features to them. Indeed, we do not develop these games so aggressively. The evergreen segments are beautiful products, and this is the reason why we keep them. [Foreign language]. Again, some of our players want to play Let's Fish only. Players are fans of Wild Hunt. Still, these games allow us to test certain solutions in a safer environment. [Foreign language]. Therefore, allow me to repeat that these games, although they might be small, they are very profitable, and we are happy to have them. [Foreign language] Do you have any roadmap for developing Trophy Hunter and other titles for the next year, or are you planning month to month when it comes to development? We have so-called North Stars for every product. We have roadmaps for a longer perspective, longer than three to six months. Still, we are not working on three, five, or fifteen year roadmaps as in Airbus. The market changes too rapidly for us to be able to be locked on a three or five year plan. [Foreign language] Yes, we are working on the long-term perspective. Yes, there are some elements we want to improve with every feature. We are testing whether our changes are effective, but we are not Airbus. We do not have 10 to 15 years roadmaps. One more question. This question concerns the valuation of the company. Again, it's at the lowest level in history. It's around PLN 500 million. Do you believe that the payment of a high dividend was a good decision in the context of your shareholders and increasing the value of the company? It's a somewhat philosophical question. We believe that if we have cash available and we can finance our operation from our own resources, we wish to share it with our shareholders. I understand somebody didn't want to receive that money, sorry for that, but we do not need to rely on external creditors. We do whatever we want and we don't think that the payment of dividend prevented us to make some investment decision because we are short of cash. No, this wasn't the case. What we had to do, we did right. We had an alternative of keeping it in our bank account. You need to assess what's better. It's a very profitable deposit, as you might believe, of 5% a year. We have run out of time. I believe that we have addressed the majority of questions concerning the company strategy as well as the current progress on our projects, which is why we are going to conclude the meeting. Should you have any more questions, please send them to us directly. We'll be very happy to respond to all of them. Thank you for being with us and see you at the next.

Speaker 2: Good afternoon, everybody. A warm welcome to you to our conference summarizing Q2 at TSG. My name is Andrzej Ilczuk, I'm CEO and President of the Management Board. I'm joined by Magdalena Jurewicz, our CFO. Good afternoon. Janusz Dziemidowicz, CTO. As always, Nina Graboś, responsible for contacting our investors. [Foreign language], allow us now to move to our priorities and the performance of the group in Q2 2025. [Foreign language]. We wish to bring closer to you a few aspects. [Foreign language]. Q2 saw a very consistent following of our strategic plan. At the basis of the plan, we intend to increase our revenue. The transformation of the product is strongly based on data. Hard data, not belief, not opinions. The data begin to demonstrate that we are following the right path. Good afternoon, everybody. good afternoon everybody A warm welcome to you to our conference summarizing Q2 at TSG. a warm welcome to you to our conference summarizing q2 at tsg My name is Andrzej Ilczuk, I'm CEO and President of the Management Board. my name is andrzej ilczuk i'm ceo and president of the management board I'm joined by Magdalena Jurewicz, our CFO. i'm joined by magdalena jurewicz our cfo Good afternoon. good afternoon Janusz Dziemidowicz, CTO. janusz dziemidowicz cto As always, Nina Graboś, responsible for contacting our investors. [Foreign language] , allow us now to move to our priorities and the performance of the group in Q2 2025. [Foreign language] . as always nina graboś responsible for contacting our investors [foreign language] allow us now to move to our priorities and the performance of the group in q2 2025 [foreign language] we We wish to bring closer to you a few aspects. [Foreign language] . we wish to bring closer to you a few aspects [foreign language] q2 Q2 saw a very consistent following of our strategic plan. q2 saw a very consistent following of our strategic plan At the basis of the plan, we intend to increase our revenue. at the basis of the plan we intend to increase our revenue The transformation of the product is strongly based on data. the transformation of the product is strongly based on data Hard data, not belief, not opinions. hard data not belief not opinions The data begin to demonstrate that we are following the right path. the data begin to demonstrate that we are following the right path On top of that, we have started scaling Wings of Heroes since Q3 of this year. We've had a great start of Trophy Hunter. All these components brought together demonstrate that Ten Square Games is capable of creating new games. We know how to market these games. We know how to scale them. We have a full package under our wings. We believe that each of these elements brings us closer to achieving our main goal, which is, of course, increasing our revenue. Concentrating now on the performance of our key products, which are Fishing Clash and Hunting Clash. As we said in the previous conference, we had a very limited marketing budget, which was obviously intentional. We reduced our revenue base. Why did we decide to decrease our expenditure on marketing? On top of that, we have started scaling Wings of Heroes since Q3 of this year. on top of that we have started scaling wings of heroes since q3 of this year We've had a great start of Trophy Hunter. we've had a great start of trophy hunter All these components brought together demonstrate that Ten Square Games is capable of creating new games. all these components brought together demonstrate that ten square games is capable of creating new games We know how to market these games. we know how to market these games We know how to scale them. we know how to scale them We have a full package under our wings. we have a full package under our wings We believe that each of these elements brings us closer to achieving our main goal, which is, of course, increasing our revenue. we believe that each of these elements brings us closer to achieving our main goal which is of course increasing our revenue Concentrating now on the performance of our key products, which are Fishing Clash and Hunting Clash. concentrating now on the performance of our key products which are fishing clash and hunting clash As we said in the previous conference, we had a very limited marketing budget, which was obviously intentional. as we said in the previous conference we had a very limited marketing budget which was obviously intentional We reduced our revenue base. we reduced our revenue base Why did we decide to decrease our expenditure on marketing? why did we decide to decrease our expenditure on marketing Simply because we believe that the changes in our games that are taking place are going to have a very positive impact on marketing in quarters to come. Additionally, given the ongoing numerous tests, we have a much more stable marketing base, or foundation, if you like. The mix month-to-month of players is very similar. The mix is almost identical, allowing us to be much more precise in our determination on whether these changes have a positive impact on the performance of our games. After we have concluded all our A/B tests, our marketing expenditure is going to be increased gradually. Moving on, allow me now to speak about some practical examples. I would like to devote some attention to segmentation. We have reached a third iteration of segmentation. Why is it so important? Simply because we believe that the changes in our games that are taking place are going to have a very positive impact on marketing in quarters to come. simply because we believe that the changes in our games that are taking place are going to have a very positive impact on marketing in quarters to come Additionally, given the ongoing numerous tests, we have a much more stable marketing base, or foundation, if you like. additionally given the ongoing numerous tests we have a much more stable marketing base or foundation if you like The mix month-to-month of players is very similar. the mix month-to-month of players is very similar The mix is almost identical, allowing us to be much more precise in our determination on whether these changes have a positive impact on the performance of our games. the mix is almost identical allowing us to be much more precise in our determination on whether these changes have a positive impact on the performance of our games After we have concluded all our A/B tests, our marketing expenditure is going to be increased gradually. after we have concluded all our a/b tests our marketing expenditure is going to be increased gradually Moving on, allow me now to speak about some practical examples. moving on allow me now to speak about some practical examples I would like to devote some attention to segmentation. i would like to devote some attention to segmentation We have reached a third iteration of segmentation. we have reached a third iteration of segmentation Why is it so important? why is it so important First of all, as you remember, employing new people responsible for the product, changing our way of thinking about the product, working with the product, is an ongoing, constant change in Ten Square Games. Looking back in time on our way of working with the product, we had a somewhat startup approach. We had an idea, we tested the idea. If it worked, we would apply it. If it didn't, we would move to another one. We have completely changed our way of working with products. In the first assessment run by persons responsible for the product, we defined a few areas for improvement. One of these rooms was segmentation. In the first iteration, we saw a 21% uplift in bookings for the group participating in the test. However, we weren't shy by the fact that we didn't improve in this field. First of all, as you remember, employing new people responsible for the product, changing our way of thinking about the product, working with the product, is an ongoing, constant change in Ten Square Games. first of all as you remember employing new people responsible for the product changing our way of thinking about the product working with the product is an ongoing constant change in ten square games Looking back in time on our way of working with the product, we had a somewhat startup approach. looking back in time on our way of working with the product we had a somewhat startup approach We had an idea, we tested the idea. we had an idea we tested the idea If it worked, we would apply it. if it worked we would apply it If it didn't, we would move to another one. if it didn't we would move to another one We have completely changed our way of working with products. we have completely changed our way of working with products In the first assessment run by persons responsible for the product, we defined a few areas for improvement. in the first assessment run by persons responsible for the product we defined a few areas for improvement One of these rooms was segmentation. one of these rooms was segmentation In the first iteration, we saw a 21% uplift in bookings for the group participating in the test. in the first iteration we saw a 21% uplift in bookings for the group participating in the test However, we weren't shy by the fact that we didn't improve in this field. however we weren't shy by the fact that we didn't improve in this field Nonetheless, the team consistently continued in the test because they didn't understand why they saw the uplift in only one of the segments. In the following iteration, we saw an uplift in two segments. I believe that in next iterations to come, similar changes will follow. We are shifting our startup-like approach to an iteration-based approach, where on a daily basis, we look for answers to why some things work and why others don't. All that in order to make sure that these results improve iteration by iteration. Obviously, segmentation is not everything. There are hosts of others, smaller or bigger projects, such as segmentation or the ones that you are looking at on the screen. Some of these initiatives are very bullet-oriented on much smaller groups of players. In other cases, segmentations concern entire games. Nonetheless, the team consistently continued in the test because they didn't understand why they saw the uplift in only one of the segments. nonetheless the team consistently continued in the test because they didn't understand why they saw the uplift in only one of the segments In the following iteration, we saw an uplift in two segments. in the following iteration we saw an uplift in two segments I believe that in next iterations to come, similar changes will follow. i believe that in next iterations to come similar changes will follow We are shifting our startup-like approach to an iteration-based approach, where on a daily basis, we look for answers to why some things work and why others don't. we are shifting our startup-like approach to an iteration-based approach where on a daily basis we look for answers to why some things work and why others don't All that in order to make sure that these results improve iteration by iteration. all that in order to make sure that these results improve iteration by iteration Obviously, segmentation is not everything. obviously segmentation is not everything There are hosts of others, smaller or bigger projects, such as segmentation or the ones that you are looking at on the screen. there are hosts of others smaller or bigger projects such as segmentation or the ones that you are looking at on the screen Some of these initiatives are very bullet-oriented on much smaller groups of players. some of these initiatives are very bullet-oriented on much smaller groups of players In other cases, segmentations concern entire games. in other cases segmentations concern entire games The reason why we believe this is the right thing to do is that although we work with mature products, products that have been present on the market for many years, we still see that the increases or the improvement of performance in particular segments or features are not single digits. This proves that there is still a lot of potential in our games. As we look at Wings of Heroes, you might remember that in the second quarter, we concentrated on adding depth to the game. We have concluded this stage by increased marketing expenses starting in Q3. This increase in marketing expenditure has translated into a 30% increase of our revenue. Scaling of Wings of Heroes is not only increasing our marketing expenses, also reaching higher C's with this project. We have started this project as a flight game set in the reality of World War II. The reason why we believe this is the right thing to do is that although we work with mature products, products that have been present on the market for many years, we still see that the increases or the improvement of performance in particular segments or features are not single digits. the reason why we believe this is the right thing to do is that although we work with mature products products that have been present on the market for many years we still see that the increases or the improvement of performance in particular segments or features are not single digits This proves that there is still a lot of potential in our games. this proves that there is still a lot of potential in our games As we look at Wings of Heroes, you might remember that in the second quarter, we concentrated on adding depth to the game. as we look at wings of heroes you might remember that in the second quarter we concentrated on adding depth to the game We have concluded this stage by increased marketing expenses starting in Q3. we have concluded this stage by increased marketing expenses starting in q3 This increase in marketing expenditure has translated into a 30% increase of our revenue. this increase in marketing expenditure has translated into a 30% increase of our revenue Scaling of Wings of Heroes is not only increasing our marketing expenses, also reaching higher C's with this project. scaling of wings of heroes is not only increasing our marketing expenses also reaching higher c's with this project We have started this project as a flight game set in the reality of World War II. we have started this project as a flight game set in the reality of world war ii Now we are concentrating on an action games segment. We are leaving the segment of flight simulators, so we see broader segments where we can offer our game to a bigger pool of players. In the third and fourth quarter, we count on increased revenue from this game, followed by increased marketing expenditure, but also at the same time, we are going to look for bigger blue oceans for this product. Allow me to say a few words about our new title, which is Trophy Hunter. Trophy Hunter has had a great debut. It's our third hunting-type game. It's the best-looking product in the market. Why is it important? It's mostly due to the fact that our players are looking for realistic settings, realistic animations, realistic animals where the feeling of shooting is very accurate. This game has demonstrated that the players are very happy with it. Now we are concentrating on an action games segment. now we are concentrating on an action games segment We are leaving the segment of flight simulators, so we see broader segments where we can offer our game to a bigger pool of players. we are leaving the segment of flight simulators so we see broader segments where we can offer our game to a bigger pool of players In the third and fourth quarter, we count on increased revenue from this game, followed by increased marketing expenditure, but also at the same time, we are going to look for bigger blue oceans for this product. in the third and fourth quarter we count on increased revenue from this game followed by increased marketing expenditure but also at the same time we are going to look for bigger blue oceans for this product Allow me to say a few words about our new title, which is Trophy Hunter. allow me to say a few words about our new title which is trophy hunter Trophy Hunter has had a great debut. trophy hunter has had a great debut It's our third hunting-type game. it's our third hunting-type game It's the best-looking product in the market. it's the best-looking product in the market Why is it important? why is it important It's mostly due to the fact that our players are looking for realistic settings, realistic animations, realistic animals where the feeling of shooting is very accurate. it's mostly due to the fact that our players are looking for realistic settings realistic animations realistic animals where the feeling of shooting is very accurate This game has demonstrated that the players are very happy with it. this game has demonstrated that the players are very happy with it It's very playable and enjoyable to play. One more important piece of information, it's a hybrid game. This means that these games also provide revenue from advertisement. This is important. Some of the revenue might not be reflected in our financial data. What is important with Trophy Hunter is that Ten Square Games is capable of creating new games and releasing new games. This skill is in great demand in our market. We are happy with the fact that after Wings of Heroes, Trophy Hunter is another game demonstrating that we are capable of creating new products. It's very playable and enjoyable to play. it's very playable and enjoyable to play One more important piece of information, it's a hybrid game. one more important piece of information it's a hybrid game This means that these games also provide revenue from advertisement. this means that these games also provide revenue from advertisement This is important. this is important Some of the revenue might not be reflected in our financial data. some of the revenue might not be reflected in our financial data What is important with Trophy Hunter is that Ten Square Games is capable of creating new games and releasing new games. what is important with trophy hunter is that ten square games is capable of creating new games and releasing new games This skill is in great demand in our market. this skill is in great demand in our market We are happy with the fact that after Wings of Heroes, Trophy Hunter is another game demonstrating that we are capable of creating new products. we are happy with the fact that after wings of heroes trophy hunter is another game demonstrating that we are capable of creating new products

Speaker 1: Moving on, these are just a number of KPIs we want to share with you, but others, they look very promising as well. We have a much greater retention, much greater conversion. This game, as I said, started off really well. Moving on, these are just a number of KPIs we want to share with you, but others, they look very promising as well. moving on these are just a number of kpis we want to share with you but others they look very promising as well We have a much greater retention, much greater conversion. we have a much greater retention much greater conversion This game, as I said, started off really well. this game as i said started off really well We have a solid product with a lot of potential for the future. The one thing we need to do now is to work with this product in such a way as to make sure that the early stage KPIs show an even higher figure. To make sure that the later stage KPIs do not deviate strongly from the early stage ones. How to do that, how to achieve it? This is something we excel at as well. The upscaling of our products. The third and the fourth quarter are the quarters where our roadmap in Trophy Hunter is very, very packed. We have a lot of content. We have new, well-tailored features. Those are the elements that are meant to make sure that KPIs over the seventh and the 30th day will look very good and will be able to effectively upscale this project and the product. We have a solid product with a lot of potential for the future. we have a solid product with a lot of potential for the future The one thing we need to do now is to work with this product in such a way as to make sure that the early stage KPIs show an even higher figure. the one thing we need to do now is to work with this product in such a way as to make sure that the early stage kpis show an even higher figure To make sure that the later stage KPIs do not deviate strongly from the early stage ones. to make sure that the later stage kpis do not deviate strongly from the early stage ones How to do that, how to achieve it? how to do that how to achieve it This is something we excel at as well. this is something we excel at as well The upscaling of our products. the upscaling of our products The third and the fourth quarter are the quarters where our roadmap in Trophy Hunter is very, very packed. the third and the fourth quarter are the quarters where our roadmap in trophy hunter is very very packed We have a lot of content. we have a lot of content We have new, well-tailored features. we have new well-tailored features Those are the elements that are meant to make sure that KPIs over the seventh and the 30th day will look very good and will be able to effectively upscale this project and the product. those are the elements that are meant to make sure that kpis over the seventh and the 30th day will look very good and will be able to effectively upscale this project and the product When we move on to Real Combat Simulator, one information for starters, this will be a subscription-based game. Therefore, we will see whether or not this product could be comparable to Real Flight Simulator at the end of the day. A bit of a commentary on TSG Store in terms of Fishing Clash. The share is over 32% currently, and this is the share that we want to maintain definitely. We keep working on new initiatives in order to increase this share if possible. For Hunting Clash, it's more than 21% currently. Here we also are rolling up our sleeve in order to increase it. We want to catch up with Fishing Clash. All in all, we're talking about 23% versus the total revenue of the company. There are a couple of initiatives in Hunting Clash versus Deer Bucks, which is the same as Fish Bucks for Fishing Clash. When we move on to Real Combat Simulator, one information for starters, this will be a subscription-based game. when we move on to real combat simulator one information for starters this will be a subscription-based game Therefore, we will see whether or not this product could be comparable to Real Flight Simulator at the end of the day. therefore we will see whether or not this product could be comparable to real flight simulator at the end of the day A bit of a commentary on TSG Store in terms of Fishing Clash. a bit of a commentary on tsg store in terms of fishing clash The share is over 32% currently, and this is the share that we want to maintain definitely. the share is over 32% currently and this is the share that we want to maintain definitely We keep working on new initiatives in order to increase this share if possible. we keep working on new initiatives in order to increase this share if possible For Hunting Clash, it's more than 21% currently. for hunting clash it's more than 21% currently Here we also are rolling up our sleeve in order to increase it. here we also are rolling up our sleeve in order to increase it We want to catch up with Fishing Clash. we want to catch up with fishing clash All in all, we're talking about 23% versus the total revenue of the company. all in all we're talking about 23% versus the total revenue of the company There are a couple of initiatives in Hunting Clash versus Deer Bucks, which is the same as Fish Bucks for Fishing Clash. there are a couple of initiatives in hunting clash versus deer bucks which is the same as fish bucks for fishing clash We have a special currency, loyalty currency in our store. We are fine-tuning the interface. We are working with commission providers. One more thing, which calls for a longer commentary, your questions concerning the regulatory environments and the background. A lot of things have been going on. Let me go back to the past a little bit to discuss the most important events that have an impact on our store. Last year, we had the DMA, the so-called DMA EU directive, which enforced certain changes on Apple. Apple did follow up. However, most of these changes had a high entry level. In our opinion, for instance, we had to resign from the bookings via Apple platform. We decided not to use it, this opportunity. We didn't know any company who would actually go towards that direction. We have a special currency, loyalty currency in our store. we have a special currency loyalty currency in our store We are fine-tuning the interface. we are fine-tuning the interface We are working with commission providers. we are working with commission providers One more thing, which calls for a longer commentary, your questions concerning the regulatory environments and the background. one more thing which calls for a longer commentary your questions concerning the regulatory environments and the background A lot of things have been going on. a lot of things have been going on Let me go back to the past a little bit to discuss the most important events that have an impact on our store. let me go back to the past a little bit to discuss the most important events that have an impact on our store Last year, we had the DMA , the so-called DMA EU directive, which enforced certain changes on Apple. last year we had the dma the so-called dma eu directive which enforced certain changes on apple Apple did follow up. apple did follow up However, most of these changes had a high entry level. however most of these changes had a high entry level In our opinion, for instance, we had to resign from the bookings via Apple platform. in our opinion for instance we had to resign from the bookings via apple platform We decided not to use it, this opportunity. we decided not to use it this opportunity We didn't know any company who would actually go towards that direction. we didn't know any company who would actually go towards that direction What we decided to do is to lower a little bit of our commission on the European platform from 30% to 20% according to Apple's recommendation. Thanks to those very subtle tweaks in the definition, in practice, we saw a change from 30% to 24%. We're talking about Apple platform only and European Union only, which happened in June last year. During the spring break, May spring break last year, we saw a ruling in the Epic versus Apple case. It turned out in the end that we are able to advertise alternative payment methods or booking methods via Apple platform. Again, we're talking about Apple platform only. We immediately started tapping into this opportunity, advertising our options via Apple platform in the United States of America. In June, we had yet another stage of this tug of war between Apple and the European Union. What we decided to do is to lower a little bit of our commission on the European platform from 30% to 20% according to Apple's recommendation. what we decided to do is to lower a little bit of our commission on the european platform from 30% to 20% according to apple's recommendation Thanks to those very subtle tweaks in the definition, in practice, we saw a change from 30% to 24%. thanks to those very subtle tweaks in the definition in practice we saw a change from 30% to 24% We're talking about Apple platform only and European Union only, which happened in June last year. we're talking about apple platform only and european union only which happened in june last year During the spring break, May spring break last year, we saw a ruling in the Epic versus Apple case. during the spring break may spring break last year we saw a ruling in the epic versus apple case It turned out in the end that we are able to advertise alternative payment methods or booking methods via Apple platform. it turned out in the end that we are able to advertise alternative payment methods or booking methods via apple platform Again, we're talking about Apple platform only. again we're talking about apple platform only We immediately started tapping into this opportunity, advertising our options via Apple platform in the United States of America. we immediately started tapping into this opportunity advertising our options via apple platform in the united states of america In June, we had yet another stage of this tug of war between Apple and the European Union. in june we had yet another stage of this tug of war between apple and the european union Again, we had some new changes, which theoretically were supposed to adjust Apple's ways to the European Union regulations. We had certain newspapers' headlines that Apple would change commissions. We looked into this subject. We are keeping a watchful eye on these developments. We believe this is just a make-believe. If we were to tap into those new opportunities and lower down our commission, we would, first of all, need to switch off Apple payments. We wouldn't know how to survive without the app because we live off the app. We would have to actually switch off certain search options. There were a number of other difficulties that it would pose for us. In our opinion, this would be to the detriment of our company. We decided not to use that option because the losses would actually exceed the profits or the benefits. Again, we had some new changes, which theoretically were supposed to adjust Apple's ways to the European Union regulations. again we had some new changes which theoretically were supposed to adjust apple's ways to the european union regulations We had certain newspapers' headlines that Apple would change commissions. we had certain newspapers' headlines that apple would change commissions We looked into this subject. we looked into this subject We are keeping a watchful eye on these developments. we are keeping a watchful eye on these developments We believe this is just a make-believe. we believe this is just a make-believe If we were to tap into those new opportunities and lower down our commission, we would, first of all, need to switch off Apple payments. if we were to tap into those new opportunities and lower down our commission we would first of all need to switch off apple payments We wouldn't know how to survive without the app because we live off the app. we wouldn't know how to survive without the app because we live off the app We would have to actually switch off certain search options. we would have to actually switch off certain search options There were a number of other difficulties that it would pose for us. there were a number of other difficulties that it would pose for us In our opinion, this would be to the detriment of our company. in our opinion this would be to the detriment of our company We decided not to use that option because the losses would actually exceed the profits or the benefits. we decided not to use that option because the losses would actually exceed the profits or the benefits We don't know of any company in the market that would actually go for this particular option. The European Union obviously will continue to work in this area. We have just been asked by the European Commission about our assessment or evaluation of those changes concerning Apple platform. We will definitely voice our feedback here. We believe that the legislation and the legislators in the U.S. are introducing certain changes which will affect us. Those changes will definitely persist in the future as well. We lowered the commission on Apple in the European Union from 30% to 24%, as I said before. This year, we started to advertise our store in the United States freely without any restrictions. However, other options that are on the table are not to our benefit. We decided not to use them. Moving on to the summary and the financial facts and figures. We don't know of any company in the market that would actually go for this particular option. we don't know of any company in the market that would actually go for this particular option The European Union obviously will continue to work in this area. the european union obviously will continue to work in this area We have just been asked by the European Commission about our assessment or evaluation of those changes concerning Apple platform. we have just been asked by the european commission about our assessment or evaluation of those changes concerning apple platform We will definitely voice our feedback here. we will definitely voice our feedback here We believe that the legislation and the legislators in the U.S. are introducing certain changes which will affect us. we believe that the legislation and the legislators in the u.s are introducing certain changes which will affect us Those changes will definitely persist in the future as well. those changes will definitely persist in the future as well We lowered the commission on Apple in the European Union from 30% to 24%, as I said before. we lowered the commission on apple in the european union from 30% to 24% as i said before This year, we started to advertise our store in the United States freely without any restrictions. this year we started to advertise our store in the united states freely without any restrictions However, other options that are on the table are not to our benefit. however other options that are on the table are not to our benefit We decided not to use them. we decided not to use them Moving on to the summary and the financial facts and figures. moving on to the summary and the financial facts and figures First of all, we'd like to focus on a bigger picture because we're talking about quarter on quarter results. We're talking about quarter two, but we should also look at the year-to-date results or even a larger window. Obviously, the quarter on quarter results in terms of adjusted EBITDA and net profit have gone down a little bit. As we said before, this came from lower marketing spend in the middle of the quarter. We'll see the full effect of those lower payments. This will be visible in a second quarter. Invariably, we are generating solid results. We're generating strong cash flows. The adjusted EBITDA indicator went up 5% year on year and 18% or 18.5%, actually 7% in terms of net profit. Looking at our iterations and any changes in the games that we are introducing, we need a longer time for those effects to be visible. First of all, we'd like to focus on a bigger picture because we're talking about quarter on quarter results. first of all we'd like to focus on a bigger picture because we're talking about quarter on quarter results We're talking about quarter two, but we should also look at the year-to-date results or even a larger window. we're talking about quarter two but we should also look at the year-to-date results or even a larger window Obviously, the quarter on quarter results in terms of adjusted EBITDA and net profit have gone down a little bit. obviously the quarter on quarter results in terms of adjusted ebitda and net profit have gone down a little bit As we said before, this came from lower marketing spend in the middle of the quarter. as we said before this came from lower marketing spend in the middle of the quarter We'll see the full effect of those lower payments. we'll see the full effect of those lower payments This will be visible in a second quarter. this will be visible in a second quarter Invariably, we are generating solid results. invariably we are generating solid results We're generating strong cash flows. we're generating strong cash flows The adjusted EBITDA indicator went up 5% year on year and 18% or 18.5%, actually 7% in terms of net profit. the adjusted ebitda indicator went up 5% year on year and 18% or 18.5% actually 7% in terms of net profit Looking at our iterations and any changes in the games that we are introducing, we need a longer time for those effects to be visible. looking at our iterations and any changes in the games that we are introducing we need a longer time for those effects to be visible What makes us really happy always is the fact that we are stable in our performance. We are able to manage this company in a safe way, in a secure way. We are able to generate strong cash and strong results. We're also able to share our profits with our shareholders. We're talking about a dividend of PLN 100 million. Looking at our entire company, our entire track record, we're talking about the total of PLN 485 million distributed to our shareholders. We do generate cash. We do hope that it will not change in the future. To summarize the quarter, in a nutshell, our performance explains our results. The falling bookings, mainly on the back of lower marketing spend, this was a deliberate decision. We do believe that in the reporting periods to come, these investments will be more fruitful over the longer term. What makes us really happy always is the fact that we are stable in our performance. what makes us really happy always is the fact that we are stable in our performance We are able to manage this company in a safe way, in a secure way. we are able to manage this company in a safe way in a secure way We are able to generate strong cash and strong results. we are able to generate strong cash and strong results We're also able to share our profits with our shareholders. we're also able to share our profits with our shareholders We're talking about a dividend of PLN 100 million. we're talking about a dividend of pln 100 million Looking at our entire company, our entire track record, we're talking about the total of PLN 485 million distributed to our shareholders. looking at our entire company our entire track record we're talking about the total of pln 485 million distributed to our shareholders We do generate cash. we do generate cash We do hope that it will not change in the future. we do hope that it will not change in the future To summarize the quarter, in a nutshell, our performance explains our results. to summarize the quarter in a nutshell our performance explains our results The falling bookings, mainly on the back of lower marketing spend, this was a deliberate decision. the falling bookings mainly on the back of lower marketing spend this was a deliberate decision We do believe that in the reporting periods to come, these investments will be more fruitful over the longer term. we do believe that in the reporting periods to come these investments will be more fruitful over the longer term In terms of our operating expenses, the costs, everything is under control. We have a lot of cost discipline. It's very strong. We maintain it. Let me just remind you that the second quarter always has a bit of a higher cost of our employees' incentive program. We reported it in the second quarter because it was adopted in May 2025 only. However, these figures, these amounts are not very significant in terms of their impact on our financial results. At the level of adjusted EBITDA, we are closing the quarter at PLN 27 million, which is pretty comparable to the result we reported last year. Year on year, it is pretty flat, which makes us really happy. The net profit is at PLN 20 million. All in all, from the results perspective, a bottom line perspective, we're faring pretty well. In terms of our operating expenses, the costs, everything is under control. in terms of our operating expenses the costs everything is under control We have a lot of cost discipline. we have a lot of cost discipline It's very strong. it's very strong We maintain it. we maintain it Let me just remind you that the second quarter always has a bit of a higher cost of our employees' incentive program. let me just remind you that the second quarter always has a bit of a higher cost of our employees' incentive program We reported it in the second quarter because it was adopted in May 2025 only. we reported it in the second quarter because it was adopted in may 2025 only However, these figures, these amounts are not very significant in terms of their impact on our financial results. however these figures these amounts are not very significant in terms of their impact on our financial results At the level of adjusted EBITDA, we are closing the quarter at PLN 27 million, which is pretty comparable to the result we reported last year. at the level of adjusted ebitda we are closing the quarter at pln 27 million which is pretty comparable to the result we reported last year Year on year, it is pretty flat, which makes us really happy. year on year it is pretty flat which makes us really happy The net profit is at PLN 20 million. the net profit is at pln 20 million All in all, from the results perspective, a bottom line perspective, we're faring pretty well. all in all from the results perspective a bottom line perspective we're faring pretty well

Speaker 2: It's important to remember that the decreasing exchange rate of the U.S. dollar against the Polish złoty affects our reported cost of marketing. However, as an exporter, we are impacted by the exchange rate of the U.S. dollar against the Polish złoty. Another thing which has been disclosed in our report is the famous tax control. It has been extended until October this year. We are expecting further extensions. We are not likely to close this subject this year. It is outside of our control. All the files that we need to file with the tax office are immediately reviewed. We provide ongoing support to the tax auditor. We do cooperate with the office. However, we have no way of affecting the end date of the audit. A few words about our cash position. As you can see, our cash position is stable. It's important to remember that the decreasing exchange rate of the U.S. dollar against the Polish złoty affects our reported cost of marketing. it's important to remember that the decreasing exchange rate of the u.s dollar against the polish złoty affects our reported cost of marketing However, as an exporter, we are impacted by the exchange rate of the U.S. dollar against the Polish złoty. however as an exporter we are impacted by the exchange rate of the u.s dollar against the polish złoty Another thing which has been disclosed in our report is the famous tax control. another thing which has been disclosed in our report is the famous tax control It has been extended until October this year. it has been extended until october this year We are expecting further extensions. we are expecting further extensions We are not likely to close this subject this year. we are not likely to close this subject this year It is outside of our control. it is outside of our control All the files that we need to file with the tax office are immediately reviewed. all the files that we need to file with the tax office are immediately reviewed We provide ongoing support to the tax auditor. we provide ongoing support to the tax auditor We do cooperate with the office. we do cooperate with the office However, we have no way of affecting the end date of the audit. however we have no way of affecting the end date of the audit A few words about our cash position. a few words about our cash position As you can see, our cash position is stable. as you can see our cash position is stable We are capable of financing everything from our own financial resources. There have been major outflows, which is a dividend, which is recorded in our cash flow. When it comes to investment activity, we can see earnout payment to former owners of Rortos. This is under our contract for the acquisition of this company. This year, we have paid earnout for 2024. A similar situation will be repeated next year. It will be the last part of earnout for 2025. This quarter, we have concluded with PLN 83.4 million in cash in our bank accounts. Everything's fine. Our business is stable. As far as more information goes, in the beginning of October, we are going to publish a report announcing preliminary revenue in Q3 as well as the final financial report, which is due on November 12th. We are capable of financing everything from our own financial resources. we are capable of financing everything from our own financial resources There have been major outflows, which is a dividend, which is recorded in our cash flow. there have been major outflows which is a dividend which is recorded in our cash flow When it comes to investment activity, we can see earnout payment to former owners of Rortos. when it comes to investment activity we can see earnout payment to former owners of rortos This is under our contract for the acquisition of this company. this is under our contract for the acquisition of this company This year, we have paid earnout for 2024. this year we have paid earnout for 2024 A similar situation will be repeated next year. a similar situation will be repeated next year It will be the last part of earnout for 2025. it will be the last part of earnout for 2025 This quarter, we have concluded with PLN 83.4 million in cash in our bank accounts. this quarter we have concluded with pln 83.4 million in cash in our bank accounts Everything's fine. everything's fine Our business is stable. our business is stable As far as more information goes, in the beginning of October, we are going to publish a report announcing preliminary revenue in Q3 as well as the final financial report, which is due on November 12th. as far as more information goes in the beginning of october we are going to publish a report announcing preliminary revenue in q3 as well as the final financial report which is due on november 12th In the meantime, you might expect to hear from us in a product newsletter, which we have been sharing for some time now. In the newsletter, you will find more information on our progress on particular products and what to expect from them. As a company, we are going to be present at a few of incoming conferences. If you are capable of joining us, please be with us. There you'll have an opportunity to ask more questions, to inquire about our progress. The nearest such date falls on the 2nd of September, followed by October 9th and December 4th. All those of you who are interested are encouraged to subscribe to our newsletter, through which we will share with you latest updates, including links to our future conferences. I believe this will allow you to easier obtain information from the company, which are always verified and up to date. In the meantime, you might expect to hear from us in a product newsletter, which we have been sharing for some time now. in the meantime you might expect to hear from us in a product newsletter which we have been sharing for some time now In the newsletter, you will find more information on our progress on particular products and what to expect from them. in the newsletter you will find more information on our progress on particular products and what to expect from them As a company, we are going to be present at a few of incoming conferences. as a company we are going to be present at a few of incoming conferences If you are capable of joining us, please be with us. if you are capable of joining us please be with us There you'll have an opportunity to ask more questions, to inquire about our progress. there you'll have an opportunity to ask more questions to inquire about our progress The nearest such date falls on the 2nd of September, followed by October 9th and December 4th. the nearest such date falls on the 2nd of september followed by october 9th and december 4th All those of you who are interested are encouraged to subscribe to our newsletter, through which we will share with you latest updates, including links to our future conferences. all those of you who are interested are encouraged to subscribe to our newsletter through which we will share with you latest updates including links to our future conferences I believe this will allow you to easier obtain information from the company, which are always verified and up to date. i believe this will allow you to easier obtain information from the company which are always verified and up to date Thank you so much. Now, I understand time has come to entertain the questions from the investors. Before this happens, I would like to leave you with a few important messages about Ten Square Games. Thanks to our precise measurements, we know how our games and products perform. We see that our strengthened product team is tackling every challenge head-on. We see how it is reflected in our products. We also know what works and what doesn't. We see a lot of potential for improving our results. We just need time. As you have seen, all these iterations have been balanced. We are planning to conclude them and translate them into our full population of players. We've had Wings of Heroes, which we started scaling in terms of marketing. Real Flight Simulator is increasing in scale. We are planning to add a Real Combat Simulator. Thank you so much. thank you so much Now, I understand time has come to entertain the questions from the investors. now i understand time has come to entertain the questions from the investors Before this happens, I would like to leave you with a few important messages about Ten Square Games . before this happens i would like to leave you with a few important messages about ten square games Thanks to our precise measurements, we know how our games and products perform. thanks to our precise measurements we know how our games and products perform We see that our strengthened product team is tackling every challenge head-on. we see that our strengthened product team is tackling every challenge head-on We see how it is reflected in our products. we see how it is reflected in our products We also know what works and what doesn't. we also know what works and what doesn't We see a lot of potential for improving our results. we see a lot of potential for improving our results We just need time. we just need time As you have seen, all these iterations have been balanced. as you have seen all these iterations have been balanced We are planning to conclude them and translate them into our full population of players. we are planning to conclude them and translate them into our full population of players We've had Wings of Heroes, which we started scaling in terms of marketing. we've had wings of heroes which we started scaling in terms of marketing Real Flight Simulator is increasing in scale. real flight simulator is increasing in scale We are planning to add a Real Combat Simulator. we are planning to add a real combat simulator We are growing really big in the entire flight simulator segment. We have added an additional game with very good early KPIs, thus demonstrating that we know how to create new games, we know how to add depth to these games, and we know how to scale them. Ten Square Games has a full package. We have everything we need to grow and to achieve success. Having said that, I wish to conclude the official part of the presentation. Thank you for your attention. I wish to give the floor to Nina, who is going to read questions from the chat with the investors. Thank you so much for giving me the floor. The majority of these questions concern Trophy Hunter. Why don't we start with these questions? We are growing really big in the entire flight simulator segment. we are growing really big in the entire flight simulator segment We have added an additional game with very good early KPIs, thus demonstrating that we know how to create new games, we know how to add depth to these games, and we know how to scale them. we have added an additional game with very good early kpis thus demonstrating that we know how to create new games we know how to add depth to these games and we know how to scale them Ten Square Games has a full package. ten square games has a full package We have everything we need to grow and to achieve success. we have everything we need to grow and to achieve success Having said that, I wish to conclude the official part of the presentation. having said that i wish to conclude the official part of the presentation Thank you for your attention. thank you for your attention I wish to give the floor to Nina, who is going to read questions from the chat with the investors. i wish to give the floor to nina who is going to read questions from the chat with the investors Thank you so much for giving me the floor. thank you so much for giving me the floor The majority of these questions concern Trophy Hunter. the majority of these questions concern trophy hunter Why don't we start with these questions? why don't we start with these questions Could you tell us a bit more about what percentage of revenue in Trophy Hunter comes from advertisements and what percentage of the payments from the revenue comes from payment bookings in the game? The market benchmark is more or less 20% advertising. In our case, it is slightly more than that. To be precise, it's around 25%. Still, it's a very immature product. It's just July and half of August. The dates are very early, and this product is going to stabilize later in the year. Obviously, it's going to be affected by marketing expenditure depending on each particular market. This will also fluctuate over months to come. Do the current expenditure on user acquisition exceed the revenue achieved by the game? We are not offering any comment on that. Could you tell us a bit more about the scale of revenue and marketing for this game? Could you tell us a bit more about what percentage of revenue in Trophy Hunter comes from advertisements and what percentage of the payments from the revenue comes from payment bookings in the game? could you tell us a bit more about what percentage of revenue in trophy hunter comes from advertisements and what percentage of the payments from the revenue comes from payment bookings in the game The market benchmark is more or less 20% advertising. the market benchmark is more or less 20% advertising In our case, it is slightly more than that. in our case it is slightly more than that To be precise, it's around 25%. to be precise it's around 25% Still, it's a very immature product. still it's a very immature product It's just July and half of August. it's just july and half of august The dates are very early, and this product is going to stabilize later in the year. the dates are very early and this product is going to stabilize later in the year Obviously, it's going to be affected by marketing expenditure depending on each particular market. obviously it's going to be affected by marketing expenditure depending on each particular market This will also fluctuate over months to come. this will also fluctuate over months to come Do the current expenditure on user acquisition exceed the revenue achieved by the game? do the current expenditure on user acquisition exceed the revenue achieved by the game We are not offering any comment on that. we are not offering any comment on that Could you tell us a bit more about the scale of revenue and marketing for this game? could you tell us a bit more about the scale of revenue and marketing for this game What levels could we expect in August? We are not planning to comment on something which hasn't happened yet. August hasn't finished yet. We would like to leave something to comment on in the next quarter. We'll tell you more about that in a few months' time. What is your assessment of the risk of closing Trophy Hunter? Do you consider the game to be a 100% confident product and an element of the company's portfolio? As of now, we treat it as a safe bet. It's a sure shot. We know we will know with time. For now, it looks like a sure shot. What KPIs of Trophy Hunter are you happy with? Which of these areas do you believe could improve? It's hard to answer this question because this game has been on the market for seven weeks. Marketing hasn't started from day one. What levels could we expect in August? what levels could we expect in august We are not planning to comment on something which hasn't happened yet. we are not planning to comment on something which hasn't happened yet August hasn't finished yet. august hasn't finished yet We would like to leave something to comment on in the next quarter. we would like to leave something to comment on in the next quarter We'll tell you more about that in a few months' time. we'll tell you more about that in a few months' time What is your assessment of the risk of closing Trophy Hunter? what is your assessment of the risk of closing trophy hunter Do you consider the game to be a 100% confident product and an element of the company's portfolio? do you consider the game to be a 100% confident product and an element of the company's portfolio As of now, we treat it as a safe bet. as of now we treat it as a safe bet It's a sure shot. it's a sure shot We know we will know with time. we know we will know with time For now, it looks like a sure shot. for now it looks like a sure shot What KPIs of Trophy Hunter are you happy with? what kpis of trophy hunter are you happy with Which of these areas do you believe could improve? which of these areas do you believe could improve It's hard to answer this question because this game has been on the market for seven weeks. it's hard to answer this question because this game has been on the market for seven weeks Marketing hasn't started from day one. marketing hasn't started from day one As you know, we have still around four to five weeks' worth of data to collect. We don't know a lot. However, for the time being, we know that we need more content. That's for starters. The rest of the game looks exceptionally good. It has exceeded my expectations, to be honest. Are you planning to expand the team working on Trophy Hunter? What would be the scale of expansion? Are you planning to move employees from one project to another? Are you planning to hire some people externally? It all depends, as you might expect. Every team has what they need to achieve success. If we have our internal resources, we will use them. However, we know we might need some additional workforce because some people might not be simply with us. It all differs situation to situation. Still, our teams receive full support. As you know, we have still around four to five weeks' worth of data to collect. as you know we have still around four to five weeks' worth of data to collect We don't know a lot. we don't know a lot However, for the time being, we know that we need more content. however for the time being we know that we need more content That's for starters. that's for starters The rest of the game looks exceptionally good. the rest of the game looks exceptionally good It has exceeded my expectations, to be honest. it has exceeded my expectations to be honest Are you planning to expand the team working on Trophy Hunter? are you planning to expand the team working on trophy hunter What would be the scale of expansion? what would be the scale of expansion Are you planning to move employees from one project to another? are you planning to move employees from one project to another Are you planning to hire some people externally? are you planning to hire some people externally It all depends, as you might expect. it all depends as you might expect Every team has what they need to achieve success. every team has what they need to achieve success If we have our internal resources, we will use them. if we have our internal resources we will use them However, we know we might need some additional workforce because some people might not be simply with us. however we know we might need some additional workforce because some people might not be simply with us It all differs situation to situation. it all differs situation to situation Still, our teams receive full support. still our teams receive full support It's all about success, not about hiring two or three or four more people. There are some more questions flowing from the chat. Let us move now to Real Combat Simulator. When can we expect a global launch of the game? Rortos has a different style of working. They are never fixed on a particular deadline. Nothing has changed in this field. We do not want to impose our will on the team of Rortos. We wouldn't like to distort their style of working. Their job is to create the best possible product. This is what we are intending to achieve together. The next group of questions concerns marketing expenditure. It's all about success, not about hiring two or three or four more people. it's all about success not about hiring two or three or four more people There are some more questions flowing from the chat. there are some more questions flowing from the chat Let us move now to Real Combat Simulator. let us move now to real combat simulator When can we expect a global launch of the game? when can we expect a global launch of the game Rortos has a different style of working. rortos has a different style of working They are never fixed on a particular deadline. they are never fixed on a particular deadline Nothing has changed in this field. nothing has changed in this field We do not want to impose our will on the team of Rortos. we do not want to impose our will on the team of rortos We wouldn't like to distort their style of working. we wouldn't like to distort their style of working Their job is to create the best possible product. their job is to create the best possible product This is what we are intending to achieve together. this is what we are intending to achieve together The next group of questions concerns marketing expenditure. the next group of questions concerns marketing expenditure

Speaker 1: Let's start with a general question, not focusing on any particular game. I expect it applies to general marketing spend across the company, across the board. Let's start with a general question, not focusing on any particular game. let's start with a general question not focusing on any particular game I expect it applies to general marketing spend across the company, across the board. i expect it applies to general marketing spend across the company across the board To which level would you be willing to increase your marketing spend in current conditions, assuming that you have a satisfactory return on the acquired cohorts of players? We have never worked based on budgets. We always work based on rates of return. If it turns out that we need $1 million, we'll spend $1 million. If $10 million will be necessary, we'll spend $10 million. This is how we work. Coming back to the rates of return and the times for return, we can extend it. We can juggle it. We don't have a specific set limit. In fact, we would rather spend more and more, acquire more and more players at the cheapest price possible. We don't have any budgets, and we'll stick to it. This is our way, unless obviously we run out of cash because we spend so much on marketing. To which level would you be willing to increase your marketing spend in current conditions, assuming that you have a satisfactory return on the acquired cohorts of players? to which level would you be willing to increase your marketing spend in current conditions assuming that you have a satisfactory return on the acquired cohorts of players We have never worked based on budgets. we have never worked based on budgets We always work based on rates of return. we always work based on rates of return If it turns out that we need $1 million, we'll spend $1 million. if it turns out that we need $1 million we'll spend $1 million If $10 million will be necessary, we'll spend $10 million. if $10 million will be necessary we'll spend $10 million This is how we work. this is how we work Coming back to the rates of return and the times for return, we can extend it. coming back to the rates of return and the times for return we can extend it We can juggle it. we can juggle it We don't have a specific set limit. we don't have a specific set limit In fact, we would rather spend more and more, acquire more and more players at the cheapest price possible. in fact we would rather spend more and more acquire more and more players at the cheapest price possible We don't have any budgets, and we'll stick to it. we don't have any budgets and we'll stick to it This is our way, unless obviously we run out of cash because we spend so much on marketing. this is our way unless obviously we run out of cash because we spend so much on marketing If this problem appears, we'll talk about it. We'll handle it. Have you managed to increase marketing spend over the past weeks for your flagship titles? Should we expect any increases in marketing spend in the third quarter versus the previous quarter? As you saw, A/B tests are not concluded yet. The changes are still in progress. I wouldn't expect that. We wouldn't like to rush too much. Whether it happens a few weeks later or earlier does not have a major impact on our performance. We want these changes to be measured precisely. We want them to get tested thoroughly before we actually decide on any marketing spend. What would you expect? When will you go back to the scaling of marketing spend in Fishing Clash and Hunting Clash? How long could it take to test new features, segmentation, and monetization for these two games? If this problem appears, we'll talk about it. if this problem appears we'll talk about it We'll handle it. we'll handle it Have you managed to increase marketing spend over the past weeks for your flagship titles? have you managed to increase marketing spend over the past weeks for your flagship titles Should we expect any increases in marketing spend in the third quarter versus the previous quarter? should we expect any increases in marketing spend in the third quarter versus the previous quarter As you saw, A/B tests are not concluded yet. as you saw a/b tests are not concluded yet The changes are still in progress. the changes are still in progress I wouldn't expect that. i wouldn't expect that We wouldn't like to rush too much. we wouldn't like to rush too much Whether it happens a few weeks later or earlier does not have a major impact on our performance. whether it happens a few weeks later or earlier does not have a major impact on our performance We want these changes to be measured precisely. we want these changes to be measured precisely We want them to get tested thoroughly before we actually decide on any marketing spend. we want them to get tested thoroughly before we actually decide on any marketing spend What would you expect? what would you expect When will you go back to the scaling of marketing spend in Fishing Clash and Hunting Clash? when will you go back to the scaling of marketing spend in fishing clash and hunting clash How long could it take to test new features, segmentation, and monetization for these two games? how long could it take to test new features segmentation and monetization for these two games We winked at you a little bit here. We showed you how much time it takes, assuming that everything runs smoothly. You can imagine how long it will take. However, a bit of a disclaimer here. It doesn't always run smoothly. We managed to improve our segmentation in two segments, going up by 20%. It's a great, great achievement, more than expected. We outperformed our assumptions. What will it look like in the future? It's difficult to say at that point because the beauty of this business is the fact that players can always catch us by surprise with their erratic, sometimes erratic behavior. A couple of questions on your core products. Do you assume that in your core products, can you see any potential improvement already this year? Still, anything can happen. We're working in the... We have been working on a free-to-play business for years now. We winked at you a little bit here. we winked at you a little bit here We showed you how much time it takes, assuming that everything runs smoothly. we showed you how much time it takes assuming that everything runs smoothly You can imagine how long it will take. you can imagine how long it will take However, a bit of a disclaimer here. however a bit of a disclaimer here It doesn't always run smoothly. it doesn't always run smoothly We managed to improve our segmentation in two segments, going up by 20%. we managed to improve our segmentation in two segments going up by 20% It's a great, great achievement, more than expected. it's a great great achievement more than expected We outperformed our assumptions. we outperformed our assumptions What will it look like in the future? what will it look like in the future It's difficult to say at that point because the beauty of this business is the fact that players can always catch us by surprise with their erratic, sometimes erratic behavior. it's difficult to say at that point because the beauty of this business is the fact that players can always catch us by surprise with their erratic sometimes erratic behavior A couple of questions on your core products. a couple of questions on your core products Do you assume that in your core products, can you see any potential improvement already this year? do you assume that in your core products can you see any potential improvement already this year Still, anything can happen. still anything can happen We're working in the... we're working in the we have We have been working on a free-to-play business for years now. working in the we have been working on a free-to-play business for years now The beauty of this business is the fact that you have to adapt your ways quickly. You have to react and think on your feet. You can expect everything. You can expect the unexpected. All the product work. We have been talking about a number of initiatives, but we have more. It may turn out that one of those major initiatives will become a huge success in the very first iteration. We will not need the second one at all. A lot can happen product-wise. What is really important and what makes us really happy is the new product know-how that we captured from the market, the new ways of work, the higher product standards because they are higher. We have raised the bar. The teams are working in a totally different standard, totally different manner. The beauty of this business is the fact that you have to adapt your ways quickly. the beauty of this business is the fact that you have to adapt your ways quickly You have to react and think on your feet. you have to react and think on your feet You can expect everything. you can expect everything You can expect the unexpected. you can expect the unexpected All the product work. all the product work We have been talking about a number of initiatives, but we have more. we have been talking about a number of initiatives but we have more It may turn out that one of those major initiatives will become a huge success in the very first iteration. it may turn out that one of those major initiatives will become a huge success in the very first iteration We will not need the second one at all. we will not need the second one at all A lot can happen product-wise. a lot can happen product-wise What is really important and what makes us really happy is the new product know-how that we captured from the market, the new ways of work, the higher product standards because they are higher. what is really important and what makes us really happy is the new product know-how that we captured from the market the new ways of work the higher product standards because they are higher We have raised the bar. we have raised the bar The teams are working in a totally different standard, totally different manner. the teams are working in a totally different standard totally different manner We do hope that you will soon be able to enjoy the better performance and higher marketing spend with us. What would you do in a scenario if you do not manage to improve performance on your flagship titles? Honestly speaking, we do not see it happening at all. We do not allow for such a possibility. We see that we are doing very well in the first iteration. The segmentation is really effective. The team is thinking what to do if we have a performance that is not satisfactory in a given segment and the work brings fruit. We do not expect anything like that happening. We see how it changes. We see how our teams perform. We do not see such a risk on the horizon at all. Are you considering any reduction in headcounts in project or product teams? If so, when? We do hope that you will soon be able to enjoy the better performance and higher marketing spend with us. we do hope that you will soon be able to enjoy the better performance and higher marketing spend with us What would you do in a scenario if you do not manage to improve performance on your flagship titles? what would you do in a scenario if you do not manage to improve performance on your flagship titles Honestly speaking, we do not see it happening at all. honestly speaking we do not see it happening at all We do not allow for such a possibility. we do not allow for such a possibility We see that we are doing very well in the first iteration. we see that we are doing very well in the first iteration The segmentation is really effective. the segmentation is really effective The team is thinking what to do if we have a performance that is not satisfactory in a given segment and the work brings fruit. the team is thinking what to do if we have a performance that is not satisfactory in a given segment and the work brings fruit We do not expect anything like that happening. we do not expect anything like that happening We see how it changes. we see how it changes We see how our teams perform. we see how our teams perform We do not see such a risk on the horizon at all. we do not see such a risk on the horizon at all Are you considering any reduction in headcounts in project or product teams? are you considering any reduction in headcounts in project or product teams If so, when? if so when No, we are not talking about any reduction in headcount. July was a period of solid results reported for Wings of Heroes. Will you be increasing the marketing spend for this title in August? Again, no comment. A couple of questions from another area. One of our viewers wants to make sure whether data concerning Sensor Tower include TSG Store booking. Any platforms, Data AI, and others only show in-app bookings via Apple platform purchases and pay purchases. It doesn't include TSG Store or Apple. Another question. Did you see any changes in terms of the implementation of the privacy policy at Google? Nothing has happened since our last conference call. Do you see any new technologies that would allow you to create content and games more quickly? It depends what you mean if you're talking about new technologies. No, we are not talking about any reduction in headcount. no we are not talking about any reduction in headcount July was a period of solid results reported for Wings of Heroes. july was a period of solid results reported for wings of heroes Will you be increasing the marketing spend for this title in August? will you be increasing the marketing spend for this title in august Again, no comment. again no comment A couple of questions from another area. a couple of questions from another area One of our viewers wants to make sure whether data concerning Sensor Tower include TSG Store booking. one of our viewers wants to make sure whether data concerning sensor tower include tsg store booking Any platforms, Data AI, and others only show in-app bookings via Apple platform purchases and pay purchases. any platforms data ai and others only show in-app bookings via apple platform purchases and pay purchases It doesn't include TSG Store or Apple. it doesn't include tsg store or apple Another question. another question Did you see any changes in terms of the implementation of the privacy policy at Google? did you see any changes in terms of the implementation of the privacy policy at google Nothing has happened since our last conference call. nothing has happened since our last conference call Do you see any new technologies that would allow you to create content and games more quickly? do you see any new technologies that would allow you to create content and games more quickly It depends what you mean if you're talking about new technologies. it depends what you mean if you're talking about new technologies Obviously, generative AI is growing as we speak and growing very fast. All the models that are used to create text, videos, and graphics. Obviously, these technologies will not allow us to replace people who create our games. We use those tools as aids. For instance, people did not have Photoshop in the past. After Photoshop appeared in the market, everybody uses Photoshop. Those generative AI tools are the tools that are being used heavily by everybody because they make our work easier but did not replace people. What is developing dynamically is the creation of video content because this is the element that is really important for us. We see a lot of progress here. The costs are there. They're pretty high. We're talking about $6 per each prompt. Not nice much, but we need a lot of prompts in order to make sure that something reasonable is created. Obviously, generative AI is growing as we speak and growing very fast. obviously generative ai is growing as we speak and growing very fast All the models that are used to create text, videos, and graphics. all the models that are used to create text videos and graphics Obviously, these technologies will not allow us to replace people who create our games. obviously these technologies will not allow us to replace people who create our games We use those tools as aids. we use those tools as aids For instance, people did not have Photoshop in the past. for instance people did not have photoshop in the past After Photoshop appeared in the market, everybody uses Photoshop. after photoshop appeared in the market everybody uses photoshop Those generative AI tools are the tools that are being used heavily by everybody because they make our work easier but did not replace people. those generative ai tools are the tools that are being used heavily by everybody because they make our work easier but did not replace people What is developing dynamically is the creation of video content because this is the element that is really important for us. what is developing dynamically is the creation of video content because this is the element that is really important for us We see a lot of progress here. we see a lot of progress here The costs are there. the costs are there They're pretty high. they're pretty high We're talking about $6 per each prompt. we're talking about $6 per each prompt Not nice much, but we need a lot of prompts in order to make sure that something reasonable is created. not nice much but we need a lot of prompts in order to make sure that something reasonable is created This is a considerable cost. We keep experimenting in terms of ad generation, graphics generation, the graphics and content that will be used in our games, and also code generation because we have a number of tools such as CourseOr [Cursor], which is used to support programming and development. These are the tools that we're using to make our work easier. We see signals from the market that companies are letting people go because of AI. Actually, they're not letting people go because of the AI developments. They do it because of the market. Obviously, this is a hot potato. Sometimes it shows a wrong and sends a wrong signal and creates a wrong picture. AI will help us to create relatively simple graphics but will not create an animal animation. They will not create an entire game. Again, it's a hot potato. There is a lot of fake news here. This is a considerable cost. this is a considerable cost We keep experimenting in terms of ad generation, graphics generation, the graphics and content that will be used in our games, and also code generation because we have a number of tools such as CourseOr [Cursor], which is used to support programming and development. we keep experimenting in terms of ad generation graphics generation the graphics and content that will be used in our games and also code generation because we have a number of tools such as courseor [cursor] which is used to support programming and development These are the tools that we're using to make our work easier. these are the tools that we're using to make our work easier We see signals from the market that companies are letting people go because of AI. we see signals from the market that companies are letting people go because of ai Actually, they're not letting people go because of the AI developments. actually they're not letting people go because of the ai developments They do it because of the market. they do it because of the market Obviously, this is a hot potato. obviously this is a hot potato Sometimes it shows a wrong and sends a wrong signal and creates a wrong picture. sometimes it shows a wrong and sends a wrong signal and creates a wrong picture AI will help us to create relatively simple graphics but will not create an animal animation. ai will help us to create relatively simple graphics but will not create an animal animation They will not create an entire game. they will not create an entire game Again, it's a hot potato. again it's a hot potato There is a lot of fake news here. there is a lot of fake news here A lot of companies are using AI as an excuse, saying that they are dismissing people. They are letting people go because of AI. That is not true. I would be very cautious with those comments because it's all fake. Some of them are fake news, actually. [Foreign Language] A lot of companies are using AI as an excuse, saying that they are dismissing people. a lot of companies are using ai as an excuse saying that they are dismissing people They are letting people go because of AI. they are letting people go because of ai That is not true. that is not true I would be very cautious with those comments because it's all fake. i would be very cautious with those comments because it's all fake Some of them are fake news, actually. [Foreign Language] some of them are fake news actually [foreign language]

Speaker 2: The next question concerns strategy. Has anything changed in terms of potential acquisitions? As I've said, we operate on many fronts. We simply have not enough capacity to think about acquisitions, not to mention post-merger integration. We simply do not have enough time to think about it. Fishing, Hunting, Wings of Heroes, Trophy Hunter, Real Flight Combat Simulator. We have a lot of open subjects. This is what we are working on for now. Have you seen any measured impacts of employing specialists at the beginning of 2025? The next question concerns strategy. the next question concerns strategy Has anything changed in terms of potential acquisitions? has anything changed in terms of potential acquisitions As I've said, we operate on many fronts. as i've said we operate on many fronts We simply have not enough capacity to think about acquisitions, not to mention post-merger integration. we simply have not enough capacity to think about acquisitions not to mention post-merger integration We simply do not have enough time to think about it. we simply do not have enough time to think about it Fishing, Hunting , Wings of Heroes, Trophy Hunter, Real Flight Combat Simulator. fishing hunting wings of heroes trophy hunter real flight combat simulator We have a lot of open subjects. we have a lot of open subjects This is what we are working on for now. this is what we are working on for now Have you seen any measured impacts of employing specialists at the beginning of 2025? have you seen any measured impacts of employing specialists at the beginning of 2025 As you've seen in the presentation, we are talking about changes in pacelifts. We can't say we have revitalized an entire feature, which has increased our pool of players by 20%. These are only fragments of what we do. We have assumed it might look like that. We are taking baby steps, especially in complex games. Our products are complex games. Segmentation is quite difficult. You would expect a system to work in every case in the same way, affect every player in the same way. However, in some segments, it equals zero. Understanding why it works on this segment but not on the other is what matters. That's the essence of our work on products: understanding the product, making the necessary adjustments, and trying again and again if necessary. We might have a series of failed iterations, five, six, or seven of them. As you've seen in the presentation, we are talking about changes in pacelifts. as you've seen in the presentation we are talking about changes in pacelifts We can't say we have revitalized an entire feature, which has increased our pool of players by 20%. we can't say we have revitalized an entire feature which has increased our pool of players by 20% These are only fragments of what we do. these are only fragments of what we do We have assumed it might look like that. we have assumed it might look like that We are taking baby steps, especially in complex games. we are taking baby steps especially in complex games Our products are complex games. our products are complex games Segmentation is quite difficult. segmentation is quite difficult You would expect a system to work in every case in the same way, affect every player in the same way. you would expect a system to work in every case in the same way affect every player in the same way However, in some segments, it equals zero. however in some segments it equals zero Understanding why it works on this segment but not on the other is what matters. understanding why it works on this segment but not on the other is what matters That's the essence of our work on products: understanding the product, making the necessary adjustments, and trying again and again if necessary. that's the essence of our work on products understanding the product making the necessary adjustments and trying again and again if necessary We might have a series of failed iterations, five, six, or seven of them. we might have a series of failed iterations five six or seven of them However, it's important for you to understand that there are hugely successful companies who perform best when they make a lot of changes in segmentation, for instance. There are a few financial questions. Have you got any plans concerning GameShare? We have an investment agreement, which we concluded a few years ago. This contract has specified a few investment windows. We do work with GameShare on a daily basis. However, as of now, we are not considering increasing our share in the company. There's also one question concerning the tax audit that you've mentioned. What period does it concern? What exactly? What numbers are in discussion? We always disclose this information in our financial report. However, it concerns our CIT for 2020. It concerns IP Box. Many companies didn't know how to calculate this relief. However, it's important for you to understand that there are hugely successful companies who perform best when they make a lot of changes in segmentation, for instance. however it's important for you to understand that there are hugely successful companies who perform best when they make a lot of changes in segmentation for instance There are a few financial questions. there are a few financial questions Have you got any plans concerning GameShare? have you got any plans concerning gameshare We have an investment agreement, which we concluded a few years ago. we have an investment agreement which we concluded a few years ago This contract has specified a few investment windows. this contract has specified a few investment windows We do work with GameShare on a daily basis. we do work with gameshare on a daily basis However, as of now, we are not considering increasing our share in the company. however as of now we are not considering increasing our share in the company There's also one question concerning the tax audit that you've mentioned. there's also one question concerning the tax audit that you've mentioned What period does it concern? what period does it concern What exactly? what exactly What numbers are in discussion? what numbers are in discussion We always disclose this information in our financial report. we always disclose this information in our financial report However, it concerns our CIT for 2020. however it concerns our cit for 2020 It concerns IP Box. it concerns ip box Many companies didn't know how to calculate this relief. many companies didn't know how to calculate this relief After a few years, we knew we could, we were ready to use it to a full extent. We disclose a surplus of income tax. We have this cash on our bank accounts. However, the tax office has initiated an audit for 2022, and it concerns PLN 9 million. We corrected 2019 in the same way, so this audit might concern a longer period. In the next year, we have a surplus of PLN 3.3 million. We are talking about PLN 12.5 million in total. However, we have a tax provision so that we maintain the right amount of cash. We are talking in total around... let me do the math quick. In total, it's about PLN 23 million. This is our income tax provision. If the audit is positive, we are able to release this tax provision, and it will increase our net result. After a few years, we knew we could, we were ready to use it to a full extent. after a few years we knew we could we were ready to use it to a full extent We disclose a surplus of income tax. we disclose a surplus of income tax We have this cash on our bank accounts. we have this cash on our bank accounts However, the tax office has initiated an audit for 2022, and it concerns PLN 9 million. however the tax office has initiated an audit for 2022 and it concerns pln 9 million We corrected 2019 in the same way, so this audit might concern a longer period. we corrected 2019 in the same way so this audit might concern a longer period In the next year, we have a surplus of PLN 3.3 million. in the next year we have a surplus of pln 3.3 million We are talking about PLN 12.5 million in total. we are talking about pln 12.5 million in total However, we have a tax provision so that we maintain the right amount of cash. however we have a tax provision so that we maintain the right amount of cash We are talking in total around... let me do the math quick. we are talking in total around let me do the math quick In total, it's about PLN 23 million. in total it's about pln 23 million This is our income tax provision. this is our income tax provision If the audit is positive, we are able to release this tax provision, and it will increase our net result. if the audit is positive we are able to release this tax provision and it will increase our net result We have this money on our accounts. Are you planning to pay dividends in the next year? It's far too soon to discuss it. However, allow me to remind you that we want to share our profit with our shareholders. Nothing has changed in our dividend policy. We are going to do it either by means of a dividend or buyback. It's far too soon to talk about it. We'd also like you to precise something on Real Flight Combat Simulator. The timeline, monetization assumptions, and plans for the game. Again, it's a subscription-based game. I would suggest you look at RFS on Sensor Tower and similar games. To cut a long story short, that's all. It's going to be a spin of Wings of Heroes, something in the type. We'll see how it performs. There isn't a similar product in the market. We have this money on our accounts. we have this money on our accounts Are you planning to pay dividends in the next year? are you planning to pay dividends in the next year It's far too soon to discuss it. it's far too soon to discuss it However, allow me to remind you that we want to share our profit with our shareholders. however allow me to remind you that we want to share our profit with our shareholders Nothing has changed in our dividend policy. nothing has changed in our dividend policy We are going to do it either by means of a dividend or buyback. we are going to do it either by means of a dividend or buyback It's far too soon to talk about it. it's far too soon to talk about it We'd also like you to precise something on Real Flight Combat Simulator. we'd also like you to precise something on real flight combat simulator The timeline, monetization assumptions, and plans for the game. the timeline monetization assumptions and plans for the game Again, it's a subscription-based game. again it's a subscription-based game I would suggest you look at RFS on Sensor Tower and similar games. i would suggest you look at rfs on sensor tower and similar games To cut a long story short, that's all. to cut a long story short that's all It's going to be a spin of Wings of Heroes, something in the type. it's going to be a spin of wings of heroes something in the type We'll see how it performs. we'll see how it performs There isn't a similar product in the market. there isn't a similar product in the market Therefore, it's difficult for us to say what is the exact potential of the game. We know more about Real Flight Simulator. With time, I believe we'll know something more. When it comes to the deadline for a timeline, we are not pushing on Rortos. It's going to be ready when it's ready. That's the way it is. Nothing has changed in this respect. A few questions concerning Trophy Hunter. What is the maximum level to which you would be capable of increasing marketing expenditure, maintaining a satisfactory increase effect of the cohort? The longer the game is present in the market, the more we know about it. It's intentional that we do not spend four to five times more in marketing because we don't know how these cohorts are going to perform. We have some assumptions. These assumptions have been right so far on every stage of development. Therefore, it's difficult for us to say what is the exact potential of the game. therefore it's difficult for us to say what is the exact potential of the game We know more about Real Flight Simulator. we know more about real flight simulator With time, I believe we'll know something more. with time i believe we'll know something more When it comes to the deadline for a timeline, we are not pushing on Rortos. when it comes to the deadline for a timeline we are not pushing on rortos It's going to be ready when it's ready. it's going to be ready when it's ready That's the way it is. that's the way it is Nothing has changed in this respect. nothing has changed in this respect A few questions concerning Trophy Hunter. a few questions concerning trophy hunter What is the maximum level to which you would be capable of increasing marketing expenditure, maintaining a satisfactory increase effect of the cohort? what is the maximum level to which you would be capable of increasing marketing expenditure maintaining a satisfactory increase effect of the cohort The longer the game is present in the market, the more we know about it. the longer the game is present in the market the more we know about it It's intentional that we do not spend four to five times more in marketing because we don't know how these cohorts are going to perform. it's intentional that we do not spend four to five times more in marketing because we don't know how these cohorts are going to perform We have some assumptions. we have some assumptions These assumptions have been right so far on every stage of development. these assumptions have been right so far on every stage of development What is great at Ten Square Games S.A. is that we have a high accuracy of prediction even before the product is present for a long time in the market. It usually overlaps with our calculations. The maximum marketing expenditure would be very hard to determine. With each passing month, we'll know more and we'll be able to discuss increasing our marketing expenditure as long as we run out of cash. Hopefully, we are not facing such problems in the future. Fingers crossed. Talking about cash, given initial data for Q3, could you also say something about revenue from Trophy Hunter? I understand we are talking about ESPI released at the beginning of the next quarter and we are planning to release such data. The launch of Trophy Hunter opens a new chapter in the history of the company. What is the potential of the game in global markets? What is great at Ten Square Games S.A. is that we have a high accuracy of prediction even before the product is present for a long time in the market. what is great at ten square games s.a is that we have a high accuracy of prediction even before the product is present for a long time in the market It usually overlaps with our calculations. it usually overlaps with our calculations The maximum marketing expenditure would be very hard to determine. the maximum marketing expenditure would be very hard to determine With each passing month, we'll know more and we'll be able to discuss increasing our marketing expenditure as long as we run out of cash. with each passing month we'll know more and we'll be able to discuss increasing our marketing expenditure as long as we run out of cash Hopefully, we are not facing such problems in the future. hopefully we are not facing such problems in the future Fingers crossed. fingers crossed Talking about cash, given initial data for Q3, could you also say something about revenue from Trophy Hunter? talking about cash given initial data for q3 could you also say something about revenue from trophy hunter I understand we are talking about ESPI released at the beginning of the next quarter and we are planning to release such data. i understand we are talking about espi released at the beginning of the next quarter and we are planning to release such data The launch of Trophy Hunter opens a new chapter in the history of the company. the launch of trophy hunter opens a new chapter in the history of the company What is the potential of the game in global markets? what is the potential of the game in global markets I don't know if you remember, but at some of the previous conferences, we talked about why we believe Wings of Heroes was our future, why some KPIs of Wings of Heroes were better than in the case of Fishing Clash or Hunting Clash. This is exactly the same story. How this game performs remains to be seen. No one knows that. We need for the revenue to be visible. However, the early KPIs are very satisfactory because they demonstrate we know how to create good games. We can create games that are better than their predecessors. It's usually a reverse trend because companies tend to follow a downgrading slope. We are basically doing it the other way. We are creating better games with every new title. We have proved that we can create a game with a lot of quality. I don't know if you remember, but at some of the previous conferences, we talked about why we believe Wings of Heroes was our future, why some KPIs of Wings of Heroes were better than in the case of Fishing Clash or Hunting Clash. i don't know if you remember but at some of the previous conferences we talked about why we believe wings of heroes was our future why some kpis of wings of heroes were better than in the case of fishing clash or hunting clash This is exactly the same story. this is exactly the same story How this game performs remains to be seen. how this game performs remains to be seen No one knows that. no one knows that We need for the revenue to be visible. we need for the revenue to be visible However, the early KPIs are very satisfactory because they demonstrate we know how to create good games. however the early kpis are very satisfactory because they demonstrate we know how to create good games We can create games that are better than their predecessors. we can create games that are better than their predecessors It's usually a reverse trend because companies tend to follow a downgrading slope. it's usually a reverse trend because companies tend to follow a downgrading slope We are basically doing it the other way. we are basically doing it the other way We are creating better games with every new title. we are creating better games with every new title We have proved that we can create a game with a lot of quality. we have proved that we can create a game with a lot of quality We have a team of experts who can deliver the best-looking product, which is appreciated by our players. Now we just need to follow this path and avoid making the mistakes our competitors have made working on their products. We strongly believe we know how to do it. We know we can follow the path of Ten Square Games. This has been the path that has brought us to where we are today. Allow us to wait a few more months. We'll be able to tell you a bit more. We'll see how the game performs in the longer perspective, how it's created, and what is the retention rate of its players. Now we need to do whatever we can to make sure this product is the best, as best as possible. We only need to make sure that our players remain with us for years to come. We have a team of experts who can deliver the best-looking product, which is appreciated by our players. we have a team of experts who can deliver the best-looking product which is appreciated by our players Now we just need to follow this path and avoid making the mistakes our competitors have made working on their products. now we just need to follow this path and avoid making the mistakes our competitors have made working on their products We strongly believe we know how to do it. we strongly believe we know how to do it We know we can follow the path of Ten Square Games. we know we can follow the path of ten square games This has been the path that has brought us to where we are today. this has been the path that has brought us to where we are today Allow us to wait a few more months. allow us to wait a few more months We'll be able to tell you a bit more. we'll be able to tell you a bit more We'll see how the game performs in the longer perspective, how it's created, and what is the retention rate of its players. we'll see how the game performs in the longer perspective how it's created and what is the retention rate of its players Now we need to do whatever we can to make sure this product is the best, as best as possible. now we need to do whatever we can to make sure this product is the best as best as possible We only need to make sure that our players remain with us for years to come. we only need to make sure that our players remain with us for years to come

Speaker 1: Another question on the product. Where can we expect? If we can expect an update for RFS in this quarter still, quarter three, or maybe later on into the year, frankly speaking, I don't know. I cannot answer this question. I believe that we will come back with an answer later on. I don't have it in the back of my head, unfortunately. A more general question about the falling revenues. Is this an effect of a lower marketing spend, or rather an effect of the ever-evolving situation in the market, changing expectations of the players, or maybe other externalities? I would say that it is due mainly to the lower marketing spend because we have lower revenue in the first cohort and each month. They are overlapping. This is why we see a decline in revenues. Another question on the product. another question on the product Where can we expect? where can we expect If we can expect an update for RFS in this quarter still, quarter three, or maybe later on into the year, frankly speaking, I don't know. if we can expect an update for rfs in this quarter still quarter three or maybe later on into the year frankly speaking i don't know I cannot answer this question. i cannot answer this question I believe that we will come back with an answer later on. i believe that we will come back with an answer later on I don't have it in the back of my head, unfortunately. i don't have it in the back of my head unfortunately A more general question about the falling revenues. a more general question about the falling revenues Is this an effect of a lower marketing spend, or rather an effect of the ever-evolving situation in the market, changing expectations of the players, or maybe other externalities? is this an effect of a lower marketing spend or rather an effect of the ever-evolving situation in the market changing expectations of the players or maybe other externalities I would say that it is due mainly to the lower marketing spend because we have lower revenue in the first cohort and each month. i would say that it is due mainly to the lower marketing spend because we have lower revenue in the first cohort and each month They are overlapping. they are overlapping This is why we see a decline in revenues. this is why we see a decline in revenues This is why we are struggling to make sure that those positive changes, those A/B tests actually are translated into some benefits. They are directed to a certain cohort population of the players. Yes, basically, it's due to marketing spending, which was reduced. A question on tax authorities and tax audit. Does the tax authority have any limit, any deadline to close these proceedings? It's been six years already. What can I say? Unfortunately, those proceedings are very lengthy in Poland. The tax audits are extended every quarter. There is an extension for the next three quarters. Everything is in accordance with the regulations. They can extend and prolong forever. Actually, let me go back to the RFS update, version 3.0. We have corrected certain errors in terms of this game. We believe that we have certain problems with the realistic imaging of the ground level. This is why we are struggling to make sure that those positive changes, those A/B tests actually are translated into some benefits. this is why we are struggling to make sure that those positive changes those a/b tests actually are translated into some benefits They are directed to a certain cohort population of the players. they are directed to a certain cohort population of the players Yes, basically, it's due to marketing spending, which was reduced. yes basically it's due to marketing spending which was reduced A question on tax authorities and tax audit. a question on tax authorities and tax audit Does the tax authority have any limit, any deadline to close these proceedings? does the tax authority have any limit any deadline to close these proceedings It's been six years already. it's been six years already What can I say? what can i say Unfortunately, those proceedings are very lengthy in Poland. unfortunately those proceedings are very lengthy in poland The tax audits are extended every quarter. the tax audits are extended every quarter There is an extension for the next three quarters. there is an extension for the next three quarters Everything is in accordance with the regulations. everything is in accordance with the regulations They can extend and prolong forever. they can extend and prolong forever Actually, let me go back to the RFS update, version 3.0. actually let me go back to the rfs update version 3.0 We have corrected certain errors in terms of this game. we have corrected certain errors in terms of this game We believe that we have certain problems with the realistic imaging of the ground level. we believe that we have certain problems with the realistic imaging of the ground level I would take a cautious approach here. A strategic question concerning M&As. A few expect potential M&As in the future. Do you actually assume such a long-term earnout just in the case as it happened when in Rortos? It will depend on the market situation. It is difficult to say whether we will have actually any acquisitions in the future. All scenarios are on the table. We will obviously pick the scenario that will be the most beneficial. It is difficult to discuss it because we haven't discussed it with anybody yet. We haven't started any negotiations. It is difficult actually to refer to such questions at this point. A question on TSG Store, which is growing dynamically. What are your next steps in order to tap into it, in order to increase the margins and become more independent of the platforms? We are testing booking providers. I would take a cautious approach here. i would take a cautious approach here A strategic question concerning M&As. a strategic question concerning m&as A few expect potential M&As in the future. a few expect potential m&as in the future Do you actually assume such a long-term earnout just in the case as it happened when in Rortos? do you actually assume such a long-term earnout just in the case as it happened when in rortos It will depend on the market situation. it will depend on the market situation It is difficult to say whether we will have actually any acquisitions in the future. it is difficult to say whether we will have actually any acquisitions in the future All scenarios are on the table. all scenarios are on the table We will obviously pick the scenario that will be the most beneficial. we will obviously pick the scenario that will be the most beneficial It is difficult to discuss it because we haven't discussed it with anybody yet. it is difficult to discuss it because we haven't discussed it with anybody yet We haven't started any negotiations. we haven't started any negotiations It is difficult actually to refer to such questions at this point. it is difficult actually to refer to such questions at this point A question on TSG Store, which is growing dynamically. a question on tsg store which is growing dynamically What are your next steps in order to tap into it, in order to increase the margins and become more independent of the platforms? what are your next steps in order to tap into it in order to increase the margins and become more independent of the platforms We are testing booking providers. we are testing booking providers We're just testing the new one in order to optimize the margins. If we're talking about margins, we do not see any major fluctuations. We do not expect them. We are looking at the regulatory environment. We are keeping a watchful eye on what is going on in the EU and the United States. We are tapping into every opportunity that emerges. We're talking about work related to the offer of the TSG Store. Our basic observation is as follows. For a player to actually consider using a store, the players need to have any added value. The secret is actually to create an added value. We're not talking about promotions like 80%. This will actually disrupt the economy of the game over the long term. We're just testing the new one in order to optimize the margins. we're just testing the new one in order to optimize the margins If we're talking about margins, we do not see any major fluctuations. if we're talking about margins we do not see any major fluctuations We do not expect them. we do not expect them We are looking at the regulatory environment. we are looking at the regulatory environment We are keeping a watchful eye on what is going on in the EU and the United States. we are keeping a watchful eye on what is going on in the eu and the united states We are tapping into every opportunity that emerges. we are tapping into every opportunity that emerges We're talking about work related to the offer of the TSG Store. we're talking about work related to the offer of the tsg store Our basic observation is as follows. our basic observation is as follows For a player to actually consider using a store, the players need to have any added value. for a player to actually consider using a store the players need to have any added value The secret is actually to create an added value. the secret is actually to create an added value We're not talking about promotions like 80%. we're not talking about promotions like 80% This will actually disrupt the economy of the game over the long term. this will actually disrupt the economy of the game over the long term The trick is to balance it and we're doing our best in order to make sure that the offering in the store is attractive to the players. At the same time, it will not disrupt our game and its economy. A question on your strategy. Do you plan to revise your strategy within any timeline? Actually, it is being verified. It is analyzed as we speak. We can analyze the changes that we see, whether they're positive or negative. It is an ongoing verification of the strategy. It's not that we have fixed points at which we can decide whether or not a game should be continued or dropped. We are verifying our performance on an ongoing basis. If something is not working, we will drop it. If it works, we'll continue it. The trick is to balance it and we're doing our best in order to make sure that the offering in the store is attractive to the players. the trick is to balance it and we're doing our best in order to make sure that the offering in the store is attractive to the players At the same time, it will not disrupt our game and its economy. at the same time it will not disrupt our game and its economy A question on your strategy. a question on your strategy Do you plan to revise your strategy within any timeline? do you plan to revise your strategy within any timeline Actually, it is being verified. actually it is being verified It is analyzed as we speak. it is analyzed as we speak We can analyze the changes that we see, whether they're positive or negative. we can analyze the changes that we see whether they're positive or negative It is an ongoing verification of the strategy. it is an ongoing verification of the strategy It's not that we have fixed points at which we can decide whether or not a game should be continued or dropped. it's not that we have fixed points at which we can decide whether or not a game should be continued or dropped We are verifying our performance on an ongoing basis. we are verifying our performance on an ongoing basis If something is not working, we will drop it. if something is not working we will drop it If it works, we'll continue it. if it works we'll continue it This is what it looks like as a day in, day out work, month in, month out, week in, week out. It's not that we have set deadlines to meet, for instance, after 14 days to discuss our performance. Everybody has their own opinion. We're looking at the data. We are trying to pin down whether or not something works, whether or not it brings benefits, brings fruits. If we are testing a big new feature based on the cohort of 5% of our players, then the impact on our overall performance will not be noticeable. We cannot test it for 100% of our population of players because the risk would be too big. We are talking about a living organism. If we omit or skip one or two elements, the whole economy of the game could blow up. This is what it looks like as a day in, day out work, month in, month out, week in, week out. this is what it looks like as a day in day out work month in month out week in week out It's not that we have set deadlines to meet, for instance, after 14 days to discuss our performance. it's not that we have set deadlines to meet for instance after 14 days to discuss our performance Everybody has their own opinion. everybody has their own opinion We're looking at the data. we're looking at the data We are trying to pin down whether or not something works, whether or not it brings benefits, brings fruits. we are trying to pin down whether or not something works whether or not it brings benefits brings fruits If we are testing a big new feature based on the cohort of 5% of our players, then the impact on our overall performance will not be noticeable. if we are testing a big new feature based on the cohort of 5% of our players then the impact on our overall performance will not be noticeable We cannot test it for 100% of our population of players because the risk would be too big. we cannot test it for 100% of our population of players because the risk would be too big We are talking about a living organism. we are talking about a living organism If we omit or skip one or two elements, the whole economy of the game could blow up. if we omit or skip one or two elements the whole economy of the game could blow up We need to make sure that we are proceeding in a stable manner to make sure that a change, any change, actually can be translated into a success. Let me remind you, if a game change is effective on the most so-called calorific, promising players, we're talking about players from the United States, from other countries, just European countries. We're talking about tier two and tier three markets that can, and we can trickle it down in this way. This is why we have a cautious approach. Six months have passed. It's not that we have been working and tweaking something for six months. We spent two or three months at the very beginning in order to make sure that the team is ready and able to work in a different way according to different requirements. We need to make sure that we are proceeding in a stable manner to make sure that a change, any change, actually can be translated into a success. we need to make sure that we are proceeding in a stable manner to make sure that a change any change actually can be translated into a success Let me remind you, if a game change is effective on the most so-called calorific, promising players, we're talking about players from the United States, from other countries, just European countries. let me remind you if a game change is effective on the most so-called calorific promising players we're talking about players from the united states from other countries just european countries We're talking about tier two and tier three markets that can, and we can trickle it down in this way. we're talking about tier two and tier three markets that can and we can trickle it down in this way This is why we have a cautious approach. this is why we have a cautious approach Six months have passed. six months have passed It's not that we have been working and tweaking something for six months. it's not that we have been working and tweaking something for six months We spent two or three months at the very beginning in order to make sure that the team is ready and able to work in a different way according to different requirements. we spent two or three months at the very beginning in order to make sure that the team is ready and able to work in a different way according to different requirements Somebody had been working in a totally different standard, totally different manner than he or she, or they need some time to readjust themselves. We're not talking about product team only. We're talking about R&D, the marketing, any customer support teams, and so on. These standards have been revamped. They have changed across the board throughout the organization. The change that we are talking about takes time. We are not replacing a single element, or we're not revamping a single method of work. We are reconstructing and rebuilding the entire way of working across the organization. Thank you very much. We have a couple of questions. However, I cannot hear the speaker. Yes, the question was about the return to the growth path. It depends. The answer is it depends. I want to give you specific examples, such as in the case of segmentation. Somebody had been working in a totally different standard, totally different manner than he or she, or they need some time to readjust themselves. somebody had been working in a totally different standard totally different manner than he or she or they need some time to readjust themselves We're not talking about product team only. we're not talking about product team only We're talking about R&D, the marketing, any customer support teams, and so on. we're talking about r&d the marketing any customer support teams and so on These standards have been revamped. these standards have been revamped They have changed across the board throughout the organization. they have changed across the board throughout the organization The change that we are talking about takes time. the change that we are talking about takes time We are not replacing a single element, or we're not revamping a single method of work. we are not replacing a single element or we're not revamping a single method of work We are reconstructing and rebuilding the entire way of working across the organization. we are reconstructing and rebuilding the entire way of working across the organization Thank you very much. thank you very much We have a couple of questions. we have a couple of questions However, I cannot hear the speaker. however i cannot hear the speaker Yes, the question was about the return to the growth path. yes the question was about the return to the growth path It depends. it depends The answer is it depends. the answer is it depends I want to give you specific examples, such as in the case of segmentation. i want to give you specific examples such as in the case of segmentation Each of those tests takes about six to eight weeks. It worked for a single segment. The uplift was noticed in the first segment. It could have been noticed on four segments. It's difficult to say whether we achieve that in the coming six, ten, fourteen weeks because we don't know, honestly speaking, how players will react. We can assume that we will have an uplift of 5% or 15%. It does happen that we are caught by surprise by players' behavior. It did happen in the case of segmentation that the lowest segment, the lowest paying segment, actually showed such increases. Honestly speaking, we had assumed that it would be easier to change player behavior in higher segments, higher paying segments because it usually happens like that. They react to changes quickly, more quickly than lower paying players. It's difficult to say what it will look like. Each of those tests takes about six to eight weeks. each of those tests takes about six to eight weeks It worked for a single segment. it worked for a single segment The uplift was noticed in the first segment. the uplift was noticed in the first segment It could have been noticed on four segments. it could have been noticed on four segments It's difficult to say whether we achieve that in the coming six, ten, fourteen weeks because we don't know, honestly speaking, how players will react. it's difficult to say whether we achieve that in the coming six ten fourteen weeks because we don't know honestly speaking how players will react We can assume that we will have an uplift of 5% or 15%. we can assume that we will have an uplift of 5% or 15% It does happen that we are caught by surprise by players' behavior. it does happen that we are caught by surprise by players' behavior It did happen in the case of segmentation that the lowest segment, the lowest paying segment, actually showed such increases. it did happen in the case of segmentation that the lowest segment the lowest paying segment actually showed such increases Honestly speaking, we had assumed that it would be easier to change player behavior in higher segments, higher paying segments because it usually happens like that. honestly speaking we had assumed that it would be easier to change player behavior in higher segments higher paying segments because it usually happens like that They react to changes quickly, more quickly than lower paying players. they react to changes quickly more quickly than lower paying players It's difficult to say what it will look like. it's difficult to say what it will look like We are at the third stage of the segmentation. Maybe we'll have three or four or maybe five. It's difficult to say whether we'll close this process in a month or two or in 14 months, for instance. This is the problem where the problem comes from, players' behavior. [Foreign language] We are at the third stage of the segmentation. we are at the third stage of the segmentation Maybe we'll have three or four or maybe five. maybe we'll have three or four or maybe five It's difficult to say whether we'll close this process in a month or two or in 14 months, for instance. it's difficult to say whether we'll close this process in a month or two or in 14 months for instance This is the problem where the problem comes from, players' behavior. [Foreign language] this is the problem where the problem comes from players' behavior [foreign language]

Speaker 2: This is exactly why we can't say when it's going to happen precisely. We are impatient, just as you are. We want to know we're here and now. We want to increase our revenue from day one. Believe me. What is your assessment of your competitive advantage in this hobby segment of games? We have a very good position. We have the biggest fishing game. This is exactly why we can't say when it's going to happen precisely. this is exactly why we can't say when it's going to happen precisely We are impatient, just as you are. we are impatient just as you are We want to know we're here and now. we want to know we're here and now We want to increase our revenue from day one. we want to increase our revenue from day one Believe me. believe me What is your assessment of your competitive advantage in this hobby segment of games? what is your assessment of your competitive advantage in this hobby segment of games We have a very good position. we have a very good position We have the biggest fishing game. we have the biggest fishing game Third, fourth, biggest hunting game, Wings of Heroes, is doing great compared to its competitors, especially where games in similar segments are simply abandoned by our competitors because they can't maintain the pace of growth. We, in reverse, are increasing our expenditure of Wings of Heroes. RFS is doing equally well. Our position is very robust. We're happy with the fact that we are capable of acquiring new employees from the market. We are testing new ideas. There are still so many things we didn't know we could improve that we are discovering now. All that has improved our potential. We are very hopeful about the future. There is a question concerning one product by GameShare. Cooking Wars. Do you know any KPIs for this project? It's a very fresh product. Trophy Hunter has been with us for seven weeks. We have already told you we know nothing about it. Third, fourth, biggest hunting game, Wings of Heroes, is doing great compared to its competitors, especially where games in similar segments are simply abandoned by our competitors because they can't maintain the pace of growth. third fourth biggest hunting game wings of heroes is doing great compared to its competitors especially where games in similar segments are simply abandoned by our competitors because they can't maintain the pace of growth We, in reverse, are increasing our expenditure of Wings of Heroes. we in reverse are increasing our expenditure of wings of heroes RFS is doing equally well. rfs is doing equally well Our position is very robust. our position is very robust We're happy with the fact that we are capable of acquiring new employees from the market. we're happy with the fact that we are capable of acquiring new employees from the market We are testing new ideas. we are testing new ideas There are still so many things we didn't know we could improve that we are discovering now. there are still so many things we didn't know we could improve that we are discovering now All that has improved our potential. all that has improved our potential We are very hopeful about the future. we are very hopeful about the future There is a question concerning one product by GameShare. there is a question concerning one product by gameshare Cooking Wars. cooking wars Do you know any KPIs for this project? do you know any kpis for this project It's a very fresh product. it's a very fresh product Trophy Hunter has been with us for seven weeks. trophy hunter has been with us for seven weeks We have already told you we know nothing about it. we have already told you we know nothing about it Cooking Wars is even less mature, so we have no data to discuss. There are a few more questions we have received before the conference. We are rather limited in time. We are going to brush over them quite quickly. There is one question concerning the company's strategy, as well as some framework, activity, or plan of working. I believe this has been clarified by the Management Board already. We know what the plan is. We know how much time we need to perform A/B tests. However, let's move on to the questions which haven't been repeated yet. Is the company planning to release new titles? Always. However, as I've already said, now we are working on what we have at the moment in our portfolio. We are going to think about new projects, especially given that we have been emboldened by Wings of Heroes and Trophy Hunter. Cooking Wars is even less mature, so we have no data to discuss. cooking wars is even less mature so we have no data to discuss There are a few more questions we have received before the conference. there are a few more questions we have received before the conference We are rather limited in time. we are rather limited in time We are going to brush over them quite quickly. we are going to brush over them quite quickly There is one question concerning the company's strategy, as well as some framework, activity, or plan of working. there is one question concerning the company's strategy as well as some framework activity or plan of working I believe this has been clarified by the Management Board already. i believe this has been clarified by the management board already We know what the plan is. we know what the plan is We know how much time we need to perform A/B tests. we know how much time we need to perform a/b tests However, let's move on to the questions which haven't been repeated yet. however let's move on to the questions which haven't been repeated yet Is the company planning to release new titles? is the company planning to release new titles Always. always However, as I've already said, now we are working on what we have at the moment in our portfolio. however as i've already said now we are working on what we have at the moment in our portfolio We are going to think about new projects, especially given that we have been emboldened by Wings of Heroes and Trophy Hunter. we are going to think about new projects especially given that we have been emboldened by wings of heroes and trophy hunter These are our most promising products. Have you identified any offers for acquisition? Is the company still hungry for acquisitions? We are always hungry for acquisitions, but we have no resources to work with. At the moment, it's all hands on desks, working on the games that we are currently developing. We do believe in the force of concentration. We don't want to spread ourselves too thin over too many products because we might start considering whether a particular strategy works or doesn't work. We want one person to work on one or two things tops, and we want to deliver what we have committed to. As soon as we have delivered, we are going to think about our next steps. When it comes to GameShare, we have talked about the schedule of reversing the trend in terms of payments. These are our most promising products. these are our most promising products Have you identified any offers for acquisition? have you identified any offers for acquisition Is the company still hungry for acquisitions? is the company still hungry for acquisitions We are always hungry for acquisitions, but we have no resources to work with. we are always hungry for acquisitions but we have no resources to work with At the moment, it's all hands on desks, working on the games that we are currently developing. at the moment it's all hands on desks working on the games that we are currently developing We do believe in the force of concentration. we do believe in the force of concentration We don't want to spread ourselves too thin over too many products because we might start considering whether a particular strategy works or doesn't work. we don't want to spread ourselves too thin over too many products because we might start considering whether a particular strategy works or doesn't work We want one person to work on one or two things tops, and we want to deliver what we have committed to. we want one person to work on one or two things tops and we want to deliver what we have committed to As soon as we have delivered, we are going to think about our next steps. as soon as we have delivered we are going to think about our next steps When it comes to GameShare, we have talked about the schedule of reversing the trend in terms of payments. when it comes to gameshare we have talked about the schedule of reversing the trend in terms of payments There is one more question concerning games from the evergreen segment, Wild Hunt and Let's Fish. Is it the end of these games because they haven't performed too well? Again, we have a team working on the portfolio of evergreen. We update content in these games. Sometimes we add new features to them. Indeed, we do not develop these games so aggressively. The evergreen segments are beautiful products, and this is the reason why we keep them. [Foreign language]. Again, some of our players want to play Let's Fish only. Players are fans of Wild Hunt. Still, these games allow us to test certain solutions in a safer environment. [Foreign language]. There is one more question concerning games from the evergreen segment, Wild Hunt and Let's Fish. there is one more question concerning games from the evergreen segment wild hunt and let's fish Is it the end of these games because they haven't performed too well? is it the end of these games because they haven't performed too well Again, we have a team working on the portfolio of evergreen. again we have a team working on the portfolio of evergreen We update content in these games. we update content in these games Sometimes we add new features to them. sometimes we add new features to them Indeed, we do not develop these games so aggressively. indeed we do not develop these games so aggressively The evergreen segments are beautiful products, and this is the reason why we keep them. [Foreign language] . the evergreen segments are beautiful products and this is the reason why we keep them [foreign language] Again, some of our players want to play Let's Fish only. again some of our players want to play let's fish only Players are fans of Wild Hunt. players are fans of wild hunt Still, these games allow us to test certain solutions in a safer environment. [Foreign language]. still these games allow us to test certain solutions in a safer environment. [foreign language] Therefore, allow me to repeat that these games, although they might be small, they are very profitable, and we are happy to have them. [Foreign language] Therefore, allow me to repeat that these games, although they might be small, they are very profitable, and we are happy to have them. [Foreign language] therefore allow me to repeat that these games although they might be small they are very profitable and we are happy to have them. [foreign language] Do you have any roadmap for developing Trophy Hunter and other titles for the next year, or are you planning month to month when it comes to development? We have so-called North Stars for every product. We have roadmaps for a longer perspective, longer than three to six months. Still, we are not working on three, five, or fifteen year roadmaps as in Airbus. The market changes too rapidly for us to be able to be locked on a three or five year plan. [Foreign language] Do you have any roadmap for developing Trophy Hunter and other titles for the next year, or are you planning month to month when it comes to development? do you have any roadmap for developing trophy hunter and other titles for the next year or are you planning month to month when it comes to development We have so-called North Stars for every product. we have so-called north stars for every product We have roadmaps for a longer perspective, longer than three to six months. we have roadmaps for a longer perspective longer than three to six months Still, we are not working on three, five, or fifteen year roadmaps as in Airbus. still we are not working on three five or fifteen year roadmaps as in airbus The market changes too rapidly for us to be able to be locked on a three or five year plan. [Foreign language] the market changes too rapidly for us to be able to be locked on a three or five year plan. [foreign language] Yes, we are working on the long-term perspective. Yes, there are some elements we want to improve with every feature. We are testing whether our changes are effective, but we are not Airbus. We do not have 10 to 15 years roadmaps. One more question. This question concerns the valuation of the company. Again, it's at the lowest level in history. It's around PLN 500 million. Do you believe that the payment of a high dividend was a good decision in the context of your shareholders and increasing the value of the company? It's a somewhat philosophical question. We believe that if we have cash available and we can finance our operation from our own resources, we wish to share it with our shareholders. I understand somebody didn't want to receive that money, sorry for that, but we do not need to rely on external creditors. Yes, we are working on the long-term perspective. yes we are working on the long-term perspective Yes, there are some elements we want to improve with every feature. yes there are some elements we want to improve with every feature We are testing whether our changes are effective, but we are not Airbus. we are testing whether our changes are effective but we are not airbus We do not have 10 to 15 years roadmaps. we do not have 10 to 15 years roadmaps One more question. one more question This question concerns the valuation of the company. this question concerns the valuation of the company Again, it's at the lowest level in history. again it's at the lowest level in history It's around PLN 500 million. it's around pln 500 million Do you believe that the payment of a high dividend was a good decision in the context of your shareholders and increasing the value of the company? do you believe that the payment of a high dividend was a good decision in the context of your shareholders and increasing the value of the company It's a somewhat philosophical question. it's a somewhat philosophical question We believe that if we have cash available and we can finance our operation from our own resources, we wish to share it with our shareholders. we believe that if we have cash available and we can finance our operation from our own resources we wish to share it with our shareholders I understand somebody didn't want to receive that money, sorry for that, but we do not need to rely on external creditors. i understand somebody didn't want to receive that money sorry for that but we do not need to rely on external creditors We do whatever we want and we don't think that the payment of dividend prevented us to make some investment decision because we are short of cash. No, this wasn't the case. What we had to do, we did right. We had an alternative of keeping it in our bank account. You need to assess what's better. It's a very profitable deposit, as you might believe, of 5% a year. We have run out of time. I believe that we have addressed the majority of questions concerning the company strategy as well as the current progress on our projects, which is why we are going to conclude the meeting. Should you have any more questions, please send them to us directly. We'll be very happy to respond to all of them. Thank you for being with us and see you at the next. We do whatever we want and we don't think that the payment of dividend prevented us to make some investment decision because we are short of cash. we do whatever we want and we don't think that the payment of dividend prevented us to make some investment decision because we are short of cash No, this wasn't the case. no this wasn't the case What we had to do, we did right. what we had to do we did right We had an alternative of keeping it in our bank account. we had an alternative of keeping it in our bank account You need to assess what's better. you need to assess what's better It's a very profitable deposit, as you might believe, of 5% a year. it's a very profitable deposit as you might believe of 5% a year We have run out of time. we have run out of time I believe that we have addressed the majority of questions concerning the company strategy as well as the current progress on our projects, which is why we are going to conclude the meeting. i believe that we have addressed the majority of questions concerning the company strategy as well as the current progress on our projects which is why we are going to conclude the meeting Should you have any more questions, please send them to us directly. should you have any more questions please send them to us directly We'll be very happy to respond to all of them. we'll be very happy to respond to all of them Thank you for being with us and see you at the next. thank you for being with us and see you at the next