Asmodee Group (ASMDEE) Q1 26/27 earnings summary

Executive summary

• Achieved double-digit growth in both sales and profit, with net sales up 20.9% year-over-year to EUR 422.1 million, driven by strong performance in Board games and Trading Card Games (TCGs) across all continents.

• Adjusted EBITDA increased by 55% to EUR 61.9 million, with margin expanding to 14.7% from 11.4% year-over-year, reflecting scalability and cost discipline.

• Free cash flow after tax and lease payments reached EUR 37.5 million, with a conversion rate of 61%.

• Integration of ATM Gaming and acquisition of Time's Up! publishing rights further strengthened the portfolio and supported multi-territory distribution.

• Credit ratings were upgraded by Moody's, S&P, and Fitch, and a new EUR 20 million unsecured credit facility was secured.

Financial highlights

• Net sales reached EUR 422.1 million, up 20.9% year-over-year (20.2% organic growth).

• Adjusted EBITDA: EUR 61.9 million (margin 14.7%), up from EUR 39.9 million (margin 11.4%).

• Adjusted EBIT: EUR 54.1 million (margin 12.8%), up from EUR 32.9 million (margin 9.4%).

• Adjusted profit for the quarter: EUR 31.8 million (EPS EUR 0.13), up from EUR 14.1 million (EPS EUR 0.06).

• Reported profit for the quarter: EUR 17.0 million (EPS EUR 0.07), compared to a loss of EUR -1.6 million (EPS EUR -0.01) last year.

Outlook and guidance

• Expect continued growth in both board games and TCGs, supported by a strong release pipeline, new partnerships, and robust release calendar.

• Remain on track to achieve medium-term ambition of adjusted EBITDA margin above 18%.

• Confident in Pokémon's 30th anniversary and World Championships driving strong demand.

• Anticipated benefits from tariff refunds in coming quarters.