Asmodee Group (ASMDEE) Q4 24/25 earnings summary

Executive summary

• Achieved net sales of EUR 1,368.8 million for FY 24/25, with organic growth of 7.7% and Q4 net sales of EUR 341.4 million, up 23.6% year-on-year, driven by strong TCG demand and new releases.

• Adjusted EBITDA margin for the year improved to 16.7%, but Q4 margin declined to 11.9% due to sales mix and higher operating expenses.

• Strong cash flow generation, with Q4 free cash flow after tax and lease payments at EUR 95 million and a conversion rate of 233%.

• Successful Nasdaq Stockholm listing in February 2025 and strategic focus on core business, including divestment of Twin Sails Interactive.

• Profit for the year reached EUR 4.7 million, a turnaround from a loss of EUR -541.2 million last year.

Financial highlights

• FY net sales reached EUR 1,368.8 million, with organic growth of 7.7% and reported growth of 6.3%.

• Q4 net sales were EUR 341.4 million, up 23.0% year-on-year; organic growth at 23.6%.

• Adjusted EBITDA for Q4 was EUR 40.8 million (margin 11.9%), down from EUR 42.3 million last year.

• Free cash flow for the year was EUR 197.3 million, with a conversion rate of 86.5%.

• Net debt/EBITDA at year-end was 1.8x before M&A and 2.3x after M&A commitments.

Outlook and guidance

• Strong lineup of new releases planned, including the 6th Edition of CATAN and Star Wars: Battle of Hoth, with launches spread across the year.

• No change to medium- and long-term margin guidance; target remains above 18% EBITDA margin.

• Board proposes no dividend for FY up to March 2025, retaining earnings for investment and strategic initiatives.

• M&A strategy remains active, focused on bolt-on acquisitions in IP and game development.

• Strategic inventory positions and supply chain flexibility in place to mitigate tariff and geopolitical risks.