Regulatory press release

Asmodee’s year-end report 25/26: Strong sales and margin expansion

Asmodee

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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

About asmodee
Asmodee is a global leader in tabletop gaming. Inspired by players, asmodee has been crafting and taking to market immersive, shared experiences for over 30 years. Its portfolio includes beloved games and intellectual properties such as CATAN®, Ticket to Ride®, Dobble/Spot it!®, 7 Wonders, and Exploding Kittens®. Operationally headquartered in France, asmodee operates globally, making its games accessible to players in over 100 countries around the world. Asmodee group’s Class B shares are publicly traded on Nasdaq Stockholm under the ticker ASMDEE B. Learn more about asmodee here.