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Asmodee Group
Asmodee Group (ASMDEE) investor relations material
Asmodee Group Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary19 Feb, 2026
Executive summary
Achieved record Q3 sales and EBITDA, with net sales reaching EUR 524.1 million, up 22.2% year-on-year, and organic growth at 25.6%, driven by strong TCG performance in Europe and robust partner-published games.
Growth was led by TCGs such as Pokémon, Magic: The Gathering, and One Piece, while Asmodee Studios' published games declined 12.7% due to US market factors and FX impacts.
Strategic M&A activity included acquisitions of Cthulhu: Death May Die and Sheriff of Nottingham IPs, and exercising the option to acquire the remaining stake in Exploding Kittens.
Healthy free cash flow and improved leverage, with net debt/EBITDA at 1.9x, supported by cost discipline and a solid balance sheet.
Major licensing and transmedia deals were signed, including with Netflix for Catan and Ticket to Ride, and Middle-earth Enterprises for Lord of the Rings and The Hobbit tabletop games.
Financial highlights
Q3 net sales reached EUR 524.1 million, up 22.2% year-on-year; organic sales growth was 25.6%.
Adjusted EBITDA grew by 28% to EUR 114.5 million, with margin up to 21.8%.
Year-to-date net sales at EUR 1,276 million, up 24.3% year-over-year; YTD adjusted EBITDA at EUR 230.5 million.
Free cash flow after tax and lease payments was EUR 76.5 million in Q3, with a conversion rate between 66.8% and 76%.
Net debt at EUR 322 million in Q3, with net debt/EBITDA at 1.9x after M&A commitments.
Outlook and guidance
Strong Q3 performance expected to drive further cash generation in Q4, consistent with seasonal trends.
Positive outlook for TCGs, supported by upcoming major anniversaries and new releases.
Board to provide recommendations on excess cash allocation, including potential dividends, with Q4 results.
Management confident in continued growth due to a diversified portfolio and robust market trends.
Asmodee studios vs. partner TCG sales divergence
Exploding Kittens valuation impact on financials
TCG growth impact on cash flow conversion
U.S. board game market: initiatives for growth?
Capital allocation: M&A vs. shareholder returns?
TCG vs. board game growth: future balance?
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Next Asmodee Group earnings date
Q4 25/2621 May, 2026
Asmodee Group
Next Asmodee Group earnings date
Q4 25/2621 May, 2026
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Frequently asked questions
Asmodee Group is a France-based publisher and distributor of board games, trading card games, and digital games. The company develops original games and also licenses and distributes titles from third-party creators. Its portfolio includes a wide range of family, strategy, and party games across global markets. Asmodee serves both retail and online channels and operates studios and distribution subsidiaries in multiple countries. The company is headquartered in Guyancourt, France. Asmodee Group is privately held and not listed on a public stock exchange.
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