Asmodee Group (ASMDEE) Q4 25/26 earnings summary

Executive summary

• Achieved record year with double-digit growth in sales and EBITDA, margin expansion, and strong cash flow generation, primarily driven by Europe and Trading Card Games (TCGs), maintaining a solid financial position for FY 2025/2026.

• Q4 net sales exceeded €407 million, with organic growth above 22% despite tough comparables.

• Major industry recognition for games, new partnerships (e.g., Netflix and Ticket to Ride), and strategic acquisitions (ATM Gaming, Japon Brand, Exploding Kittens).

• Board proposes a dividend of €0.17 per share, to be paid in four installments.

Financial highlights

• Q4 net sales reached €407.1 million, up 19.2% year-over-year; organic sales growth was 22.3%.

• Adjusted EBITDA for Q4 grew 35% to €54.9 million; margin increased by 160 bps to 13.5%.

• Full-year sales were €1,683.6 million, up 23% year-over-year; adjusted EBITDA for the year rose 25% to €285.4 million, with margin at 17%.

• Free cash flow after tax and lease payments was €121.3 million in Q4 and €199.4 million for the year.

• Net debt to EBITDA reduced to 1.5x from 2.3x; cash position at €436.9 million at Q4 end.

Outlook and guidance

• Expect continued growth in board games and trading card games, supported by a strong portfolio and ongoing momentum.

• ATM Gaming acquisition expected to contribute at least €50 million in net sales and over €25 million in EBITDA for FY 26/27.

• Actively sourcing new M&A opportunities, with recent acquisitions expected to contribute positively.

• Limited impact from geopolitical and macroeconomic pressures, with mitigation measures in place.