Asmodee Group (ASMDEE) Q3 25/26 earnings summary

Executive summary

• Achieved record Q3 sales and EBITDA, with net sales reaching EUR 524.1 million, up 22.2% year-over-year, and organic growth of 25.6%, driven by strong TCG performance in Europe and successful partner-published releases.

• Growth was led by TCGs such as Pokémon, Magic, and One Piece, while board games published by Asmodee Studios declined 12.7% due to US market factors and FX impacts; European board game performance remained stable.

• Strategic partnerships and transmedia deals were announced, including collaborations with Netflix, Banijay, and a major licensing agreement for Lord of the Rings and The Hobbit tabletop games.

• Strategic acquisitions included Cthulhu: Death May Die, Sheriff of Nottingham, and the exercise of the option to acquire the remaining 45% of Exploding Kittens.

• Continued cost discipline and portfolio diversification supported improved margins and healthy free cash flow.

Financial highlights

• Q3 net sales reached EUR 524.1 million, up 22.2% year-over-year; organic sales growth was 25.6%.

• Adjusted EBITDA grew by 28% to EUR 114.5 million, with margin up to 21.8%; adjusted EBIT was EUR 107.2 million.

• Free cash flow after tax and lease payments was EUR 76.5 million, with a conversion rate of 67%.

• Year-to-date net sales at EUR 1,276.5 million, up 24.3% year-over-year; YTD adjusted EBITDA was EUR 230.5 million.

• Net debt/EBITDA ratio at 1.9x after M&A commitments, improved from 4.2x year-over-year.

Outlook and guidance

• Positive outlook for TCGs, supported by upcoming major anniversaries and new releases, with continued growth expected from a diversified portfolio.

• Board games expected to benefit from new launches and transmedia partnerships; focus remains on medium to long-term growth.

• Q4 is expected to deliver further cash generation, following seasonal patterns and strong Q3 momentum.

• Continued focus on M&A opportunities and leveraging a diversified portfolio to support ongoing growth.