Asmodee Group (ASMDEE) Q2 25/26 earnings summary

Executive summary

• Net sales reached EUR 403.4 million in Q2, up 23.4% organically year-over-year, driven by strong performance in both board games and trading card games (TCGs).

• Adjusted EBITDA increased by 11% to EUR 76.1 million, though margin declined to 18.9% due to higher operating expenses and a less favorable sales mix.

• Free cash flow declined to EUR -23.3 million, impacted by working capital and inventory build-up.

• The company continued its M&A strategy, acquiring Cthulhu: Death May Die IPs and games, and announced media deals with Banijay and Netflix.

• Net debt/EBITDA stands at 2.4x after M&A commitments, reflecting seasonal leverage.

Financial highlights

• Q2 net sales: EUR 403.4 million (up 20.8% year-over-year); H1 net sales: EUR 752.4 million (up 25.7%).

• Adjusted EBITDA: EUR 76.1 million, up from EUR 68.5 million last year; margin for Q2 at 18.9%.

• Free cash flow for Q2: EUR -23.3 million, compared to EUR 15.4 million last year; conversion rate -31%.

• Cash and cash equivalents at period end: EUR 257.9 million, with access to an unutilized EUR 150 million revolving credit facility.

• Net debt before M&A: EUR 439 million (1.8x EBITDA), after M&A: EUR 579 million (2.4x EBITDA).

Outlook and guidance

• Entering the most active period of the year with major releases and events expected to drive further growth.

• Continued investment in marketing and organizational strengthening to support long-term growth.

• Tariff-related effects and price increases will continue to impact results in upcoming quarters.

• Management remains cautious due to less favorable year-over-year comparables and ongoing external uncertainties.