Asmodee Group (ASMDEE) CMD 2024 summary

Strategic vision and growth levers

• Focuses on creating, nurturing, and developing selected games into IPs and brands, leveraging close collaboration between publishing and route-to-market teams to expand product ranges and audiences.

• Reinvents gameplay promotion by maximizing pre-purchase experiences, leveraging in-person events and online platforms like Board Game Arena, and expanding into new environments such as education and unreached communities.

• Upgrades retailer relationships to become true partners, offering innovative services and targeted recommendations, while enhancing the consumer-facing brand to boost awareness and sales.

• Accelerates growth through disciplined, value-accretive acquisitions, focusing on studios, IPs, and local distributors, with a proven track record of over 40 acquisitions in 10 years and a strong, qualified pipeline.

• Midterm financial targets include mid-single-digit organic growth, adjusted EBITDA margin above 18%, CapEx at 2%-3% of net sales, and deleveraging below three times adjusted EBITDA, with plans to distribute excess liquidity once leverage targets are met.

Strategic vision and business model

• Aims to create extraordinary shared experiences and build a beloved portfolio of innovative tabletop games and compelling IPs.

• Evolved from a French distributor to a global IP-centered entertainment group, with net sales growing from ~€110M in 2013 to ~€1.3BN in 2024.

• Operates a uniquely integrated, IP-driven business model, combining distribution, creation, and community engagement.

• Maintains a diversified model, distributing both owned and partner games across all retail channels in over 100 countries.

• Focuses on operational excellence, supported by a passionate leadership team and over 2,200 employees.

Market dynamics and growth drivers

• Global tabletop market valued at €13BN in 2023, expected to reach €15.6BN by 2028, with a 4% CAGR.

• Market is fragmented, with 150-500 companies per key market, offering ample room for expansion.

• Demonstrates ability to outgrow the market, with a 22% CAGR in net sales over FY15–FY24.

• Growth fueled by real-life connections, collector trends, evolving demographics, and affordability.

• Boardgames and trading card games both show attractive growth opportunities and resilience through cycles.