Asmodee Group (ASMDEE) Q1 25/26 earnings summary

Executive summary

• Q1 2025-2026 delivered strong sales and EBITDA growth, with organic net sales up 34.4% year-over-year to €349 million, driven by trading card games and partner-published titles, while board games softened due to US consumer sentiment and FX effects.

• Adjusted EBITDA increased to €39.9 million (margin 11.4%), and free cash flow improved to €24.7 million with a 62% conversion rate.

• Net debt/EBITDA after M&A commitments reduced to 2.1x, supported by a €400 million capital injection and debt repayment.

• Strategic moves included the acquisition of the Zombicide IP, divestment of Twin Sails Interactive, and launch of a new brand identity.

• Awards, successful events, and a renewed M&A agenda highlighted product and community engagement and future growth positioning.

Financial highlights

• Net sales reached €349 million, up 34.4% organically and 32% reported year-over-year.

• Adjusted EBITDA rose to €39.9 million, with margin up to 11.4%.

• Free cash flow after tax and lease payments was €24.7 million, with a 62% cash conversion rate.

• Net debt/EBITDA after M&A at 2.1x, down from 4.6x year-over-year.

• Cash and cash equivalents at quarter-end were €286.6 million, with access to €150 million undrawn RCF.

Outlook and guidance

• Favorable comparables for partner-published TCGs expected through early Q2, with more challenging comps in the second half as Pokémon performance normalizes.

• Continued investment in marketing, organizational strengthening, and a strong pipeline of new releases to support long-term growth.

• Tariff-related effects and mitigation measures expected to impact coming quarters; cautious short-term outlook for US consumer demand.

• No dividend proposed for FY 24/25; focus remains on reinvestment and long-term value creation.

• Navigating an uncertain environment with agility and focus on long-term opportunities.