Asmodee

Fourth quarter, January-March 2026

• Net sales amounted to EUR 407.1 million (341.4), an increase of 19.2%, of which 22.3% organic growth.
  • Games published by asmodee studios decreased by -9.8%.
  • Games published by partners increased by 31.6%.
  • Others decreased by -12.7%.
• Adjusted EBITDA amounted to EUR 54.9 million (40.8), corresponding to an adjusted EBITDA margin of 13.5% (11.9).
• Adjusted EBIT amounted to EUR 48.6 million (32.8). EBIT amounted to EUR 6.7 million (30.9), including a non-cash impairment of EUR -23.6 million, related to a limited number of IPs in the back catalogue.
• Adjusted profit/loss for the quarter was EUR 29.2 million (-3.2), which equates to adjusted earnings per share of EUR 0.13 (-0.02).
• Profit/loss for the quarter amounted to EUR -13.6 million (-0.1), which equates to basic earnings per share of EUR -0.06 (0.00).
• Free cash flow after income tax and lease payments amounted to EUR 121.3 million (95.1), resulting in a free cash flow conversion relative to adjusted EBITDA of 221% (233).

Full-year, April 2025-March 2026

• Net sales amounted to EUR 1,683.6 million (1,368.8), an increase of 23.0%, of which 25.9% organic growth.
  • Games published by asmodee studios decreased by -5.8%
  • Games published by partners increased by 40.0%.
  • Others decreased by -9.4%.
• Adjusted EBITDA amounted to EUR 285.4 million (228.2), corresponding to an adjusted EBITDA margin of 17.0% (16.7).
• Adjusted EBIT amounted to EUR 257.3 million (198.2). EBIT amounted to EUR 167.6 million (116.7), including a non-cash impairment of EUR -23.6 million, related to a limited number of IPs in the back catalogue.
• Adjusted profit/loss for the full-year was EUR 139.8 million (70.6), which equates to adjusted earnings per share of EUR 0.60 (0.41).
• Profit/loss for the full-year amounted to EUR 27.7 million (4.7), which equates to basic earnings per share of EUR 0.12 (0.03).
• Free cash flow after income tax and lease payments amounted to EUR 199.4 million (197.3), resulting in a free cash flow conversion relative to adjusted EBITDA of 70% (86).
• Net debt/EBITDA amounted to 0.9x (1.8) and 1.5x (2.3) before and after M&A commitments respectively.
• The Board of Directors proposes a dividend of EUR 0.17 (0.00) per share to be paid in four installments.

Material events during and after the reporting period

• After the end of the quarter, asmodee completed the acquisition of board game publisher ATM Gaming with payment in cash and issuance of class B shares.

Time for webcast and teleconference
Thursday May 21 at 9:00 a.m. CEST

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/q4-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/q4-report-2025-26/dial-in