Asmodee

Third quarter, October-December 2025

• Net sales amounted to EUR 524.1 million (429.0), an increase of 22.2%, of which 25.6% organic growth.
  • Games published by asmodee studios decreased by -12.7%.
  • Games published by partners increased by 50.3%.
  • Others decreased by -8.5%.
• Adjusted EBITDA amounted to EUR 114.5 million (89.3), corresponding to an adjusted EBITDA margin of 21.8% (20.8).
• Adjusted EBIT amounted to EUR 107.2 million (82.9). EBIT amounted to EUR 91.3 million (37.4).
• Adjusted profit/loss for the quarter was EUR 64.4 million (41.6), which equates to adjusted earnings per share of EUR 0.28 (0.25).
• Profit/loss for the quarter amounted to EUR 49.1 million (3.5), which equates to basic earnings per share of EUR 0.21 (0.02).
• Free cash flow after income tax and lease payments amounted to EUR 76.5 million (71.8), resulting in a free cash flow conversion relative to adjusted EBITDA of 67% (80).

The period, April-December 2025

• Net sales amounted to EUR 1,276.5 million (1,027.3), an increase of 24.3%, of which 27.1% organic growth.
  • Games published by asmodee studios decreased by -4.9%
  • Games published by partners increased by 43.3%.
  • Others decreased by -8.3%.
• Adjusted EBITDA amounted to EUR 230.5 million (187.4), corresponding to an adjusted EBITDA margin of 18.1% (18.2).
• Adjusted EBIT amounted to EUR 208.7 million (165.4). EBIT amounted to EUR 160.9 million (85.9).
• Adjusted profit/loss for the period was EUR 110.5 million (73.8), which equates to adjusted earnings per share of EUR 0.47 (0.47).
• Profit/loss for the period amounted to EUR 41.3 million (4.8), which equates to basic earnings per share of EUR 0.18 (0.03).
• Free cash flow after income tax and lease payments amounted to EUR 78.0 million (102.1), resulting in a free cash flow conversion relative to adjusted EBITDA of 34% (54).
• Net debt/EBITDA amounted to 1.4x (3.6) and 1.9x (4.2) before and after M&A commitments respectively.

Material events during and after the reporting period

• No material events during or after the reporting period.

Time for webcast and teleconference
Thursday February 19 at 9:00 a.m. CET

Participation options:

Webcast: If you wish to participate via webcast please use the link below. Via the webcast you are able to ask written questions.
https://asmodee.events.inderes.com/q3-report-2025-26

Teleconference: If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://events.inderes.com/asmodee/q3-report-2025-26/dial-in