AI Terminal
Asmodee Group
Earnings Release • Aug 8, 2025
9985_10-q_2025-08-08_c8ee3879-d34a-4924-873e-97d01b15df6f.pdf
Earnings Release
Open in ViewerOpens in native device viewer
Q1 25/26
STRONG GROWTH IN SALES AND EBITDA
Other information Sustainability
Financial statements Separate financial statements
FIRST QUARTER, APRIL-JUNE 2025
- » Net sales amounted to EUR 349.0 million (264.4), an increase of 32.0%, of which 34.4% relates to organic growth1 .
- » Games published by asmodee studios decreased by -1.0%.
- » Games published by partners increased by 49.9%.
- » Others decreased by -12.4%.
- » Adjusted EBITDA1 amounted to EUR 39.9 million (29.6), corresponding to an adjusted EBITDA margin1 of 11.4% (11.2).
- » Adjusted EBIT1 amounted to EUR 32.9 million (21.9) and EBIT1 amounted to EUR 15.3 million (5.8).
- » Adjusted net profit/loss1 for the quarter was EUR 13.7 million (7.4), which equates to adjusted earnings per share of EUR 0.06 (0.05).
- » Profit/loss for the quarter amounted to EUR -1.6 million (-6.9), which equates to basic earnings per share of EUR -0.01 (-0.05).
- » Free cash flow after tax and lease payments1 amounted to EUR 24.7 million (14.9), resulting in a free cash conversion1 relative to adjusted EBITDA of 62% (50).
- » Net debt/EBITDA1 amounted to 1.7x (4.1) and 2.1x (4.6) before and after M&A commitments respectively.
MATERIAL EVENTS AFTER THE END OF THE REPORTING PERIOD
» No material events after the end of the reporting period.
1 See section definitions of Alternative Performance Measures (APM)
»€349m » NET SALES
» 11.4% » ADJUSTED EBITDA MARGIN
» 62% » CASH CONVERSION
» 2.1x » NET DEBT/EBITDA AFTER M&A COMMITMENTS
Sustainability and governance Signatures
Financial statements Separate financial statements
Definitions of APM's Derivations of
FINANCIAL SUMMARY
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|
| Net sales | 349,016 | 264,353 | 1,368,762 |
| Operating profit/loss (EBIT) | 15,319 | 5,785 | 116,747 |
| Operating profit/loss (EBIT) margin | 4.4 % | 2.2 % | 8.5 % |
| Profit / loss for the period | -1,598 | -6,867 | 4,699 |
| Basic earnings per share | -0.0068 | -0.0487 | 0.0275 |
| Cash flow for the period | 6,185 | -1,403 | 193,304 |
| Adjusted EBITDA | 39,917 | 29,627 | 228,188 |
| Adjusted EBITDA margin | 11.4 % | 11.2 % | 16.7 % |
| Adjusted EBIT | 32,870 | 21,860 | 198,200 |
| Adjusted EBIT margin | 9.4 % | 8.3 % | 14.5 % |
| Adjusted profit/loss for the period | 13,718 | 7,353 | 69,246 |
| Adjusted Earnings per share, EUR | 0.0587 | 0.0521 | 0.4045 |
| Free cash flow before tax and lease payments | 33,551 | 22,676 | 239,142 |
| Free cash flow after tax and lease payments | 24,739 | 14,870 | 197,274 |
| Net debt (-) / Net Cash (+) before M&A commitments | -404,003 | -882,099 | -409,826 |
| Leverage ratio on Net Debt (–) / Net Cash (+) before M&A commitments | 1.7x | 4.1x | 1.8x |
| Net debt (-) / Net Cash (+) after M&A commitments | -509,182 | -988,118 | -517,705 |
| Leverage ratio on Net Debt (–) / Net Cash (+) after M&A commitments | 2.1x | 4.6x | 2.3x |
Comment from the CEO
COMMENT FROM THE CEO
I am very pleased with our start to the fiscal year, with strong growth in sales and EBITDA driven by continued momentum in Games published by partners. While the first quarter is seasonally small, its performance reflects the strength of our portfolio and the dedication and ability of our teams to seize commercial opportunities. At the same time, we remain attentive to a more uncertain external environment. With the beginning of our 30th anniversary celebration and a new brand visual identity revealed to the world, I would like to thank all our players, business partners and teams for keeping asmodee inspired and growing.
STRONG GROWTH IN SALES AND EBITDA
Net sales increased by 32.0% during the quarter and organic growth accounted for 34.4%. Sales of Games published by asmodee studios decreased by -1.0% and sales of Games published by partners increased by 49.9%. The adjusted EBITDA margin was 11.4% (11.2), positively impacted by lower relative personnel costs, partly offset by a less favourable sales mix. The free cash flow increased and we ended the quarter at a net debt/EBITDA of 2.1x (4.6) after M&A commitments.
STRONG TCG PERFORMANCE IN A SEASONALLY SOFT BOARD GAME QUARTER
Activity in Games published by asmodee studios during the quarter was driven by sales of Star Wars™: Unlimited, including sustained demand for the Jump to Lightspeed set and early sell-in of the Legends of the Force ahead of its public release in July. As is typical, most board game sales were driven by long-selling games. Notable new releases included the 6th edition of CATAN®, Toy Battle and Dobble®/Spot-it™! - Stitch, which sold out at launch. The quarter also saw initial sell-in of The Lord of the Rings™: Fate of the Fellowship, and Exploding Kittens The Boardgame, with the full Exploding Kittens range benefiting from increased visibility during the brand's 10th anniversary.
The strong performance in Games published by partners was driven by successful new releases, including Scarlet & Violet – Glory of Team Rocket, the latest set in The Pokémon® Trading Card Game. Sales of this set were further boosted by official complementary Pokémon products, including special boxes and gift items. The quarter also saw solid performance from other Trading Card Games, including the continued success of One Piece, which asmodee distributes in English and French across several territories. Additionally, the launch of the Magic The Gathering – FINAL FANTASY set in June, also distributed by asmodee in several geographies, was met with strong player demand.
A QUARTER LAYING LONG-TERM FOUNDATIONS
We were honored to receive three Golden Geek Awards from the leading community platform BoardGameGeek, recognizing standout titles across multiple categories. The Lord of the Rings™: Duel for Middle-earth™ won Best 2-Player Game, The Fellowship of the Ring™: Trick-Taking Game was awarded Best Cooperative Game, and Harmonies received the Best Medium Game of the Year award.
This quarter's event activity focused on deepening engagement with our retail partners, including major retailer events across the UK, Nordics, and Italy. We were also pleased to host the in-person finals of the Ticket to Ride® 20th anniversary tournament in Paris, following its digital kickoff on our leading online platform, Board Game Arena in 2024. We are now ramping up for an active second-quarter event season, highlighted by a major asmodee presence at GenCon—the leading tabletop games convention in North America.
In our entertainment activity, the second season of Werewolves of Miller's Hollow unscripted game show completed filming and is set to air on Canal+ later this year. The first season was a major success, boosting sales
of the board game version during its broadcast in France. The show has also been adapted for the German market and will be broadcast by ARD in autumn 2025. Furthermore, at the beginning of the quarter, we divested Twin Sails Interactive—our sole in-house video game publisher — as part of our refocus on core tabletop activities.
On June 5th, asmodee celebrated International Tabletop Day with all our teams across the company—from warehouses to offices—coming together to play. We look forward to this annual milestone as an opportunity to also engage our retail and player communities in celebrating the joy of playing together.
During the quarter, we reignited our value-accretive M&A strategy with the acquisition of the iconic Zombicide IP. A genre-defining brand that pioneered crowdfunding in tabletop gaming, Zombicide combines lifestyle appeal, miniature-driven gameplay, and a proven community model. While near-term financial impact is limited, the acquisition represents a strategic addition with long-term potential to drive innovation and growth.
The direct impact of tariffs on margins in the first quarter was limited, as we continued to sell inventory purchased prior to the new measures. That said, US sales—mostly composed of published games—were down, partly due to softer consumer sentiment, some distribution friction linked to retail uncertainty and impact from foreign exchange. As part of our tariff preparedness, we have adjusted pricing on select titles, optimized supply chains, and postponed certain imports, which also contributed to the timing shift of several new releases for the US. We continue to monitor the situation closely, with tariff-related effects as well as our measures taken expected to unfold in the coming quarters.
SHAPING THE FUTURE OF PLAY
The next quarter will feature highly anticipated releases across both published games and distributed lines, including the refresh of the original Ticket to Ride®, LEGO® Brick Like This! and Star Wars™: Battle of Hoth. Star Wars™: Unlimited just saw its first Galactic Championship finals, a tournament of over 3,500 players who started qualifying through over 350 organized play tournaments since October 2024.
Following the successful launch of our new brand identity in June with a preview at UK Games Expo, we are working closely with retail and
manufacturing partners to strengthen asmodee's consumer-facing visibility. The asmodee brand will over time become more visible to players in stores and at events, with game boxes and on-site displays featuring the new asmodee logo.
We remain focused on navigating an increasingly uncertain world with agility and ambition. Backed by our resilient model, trusted partnerships, and strong portfolio, we are well positioned to capture new opportunities and continue delivering long-term shareholder value through the power of play.
Financial overview
Sustainability and governance Signatures
FINANCIAL OVERVIEW
FIRST QUARTER DEVELOPMENT
NET SALES
Net sales amounted to EUR 349.0 million (264.4), an increase of 32.0% compared to the same period last year. Organically, sales increased by 34.4%. Structural changes1 had an effect of -0.5% and the impact of changes in exchange rates was -1.9%. Games published by asmodee studios decreased by -1.0%, impacted by foreign exchange, fluctuating consumer sentiment in the US and high inventory levels at online retailers, who maintained sell-out but placed fewer replenishment orders. Games published by partners increased by 49.9%, supported by stronger growth momentum in distributed product lines, which benefited from favourable year-over-year comparisons. Others decreased by -12.4%, impacted by the disposal of Twin Sails Interactive.
Sales by game publisher
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Change |
|---|---|---|---|
| Games published by asmodee studios |
78,450 | 79,224 | -1.0% |
| Games published by partners |
260,861 | 174,044 | 49.9% |
| Others | 9,706 | 11,085 | -12.4% |
| Revenue from contract with customer |
349,016 | 264,353 | 32.0% |
ADJUSTED EBITDA2 AND EBIT2
Adjusted EBITDA2 amounted to EUR 39.9 million (29.6). The increase in adjusted EBITDA2 was driven by higher volumes, partly offset by higher shipping costs, increased marketing costs, higher royalty costs to licensors, other operating expenses partly linked to becoming a standalone listed company as well as increased personnel costs. The adjusted EBITDA margin2 was 11.4% (11.2), positively impacted by lower relative personnel costs due to both the timing of planned recruitments and strong top-line growth, partly offset by a less favourable sales mix.
Adjusted EBIT2 amounted to EUR 32.9 million (21.9), corresponding to a margin of 9.4% (8.3). EBIT2 amounted to EUR 15.3 million (5.8) and included items affecting comparability2 of EUR -2.4 million (-0.5), related to the disposal of Twin Sales Interactive. EBIT2 also included personnel costs related to acquisitions of EUR -2.6 million (-2.8) and amortization of publishing and distribution rights of EUR -12.5 million (-12.7).
Net sales (EUR million) and Adj. EBITDA margin (%) by quarter
NET FINANCIALS
Net financials amounted to EUR -15.3 million (-11.9). Financial expenses of EUR -19.1 million (-26.2) were mainly impacted by interest expenses of EUR -10.9 million (-15.7) primarily related to interest expenses on the bonds. Financial expenses were further impacted by the change in fair value on put/call option on non-controlling interests of EUR -1.7 million (-1.8) and foreign exchange effects of EUR -5.3 million (-8.1). Financial income of EUR 3.7 million (14.3) was mainly impacted by foreign exchange effects of EUR 2.6 million (14.3).
PROFIT/LOSS FOR THE QUARTER
Profit/loss2 for the quarter was EUR -1.6 million (-6.9), which equates to basic earnings per share of EUR -0.01 (-0.05). Income tax for the quarter was EUR -1.6 million (-0.8). Adjusted net profit/loss2 for the quarter was EUR 13.7 million (7.4), which equates to adjusted earnings per share of EUR 0.06 (0.05).
CASH FLOW
Free cash flow after tax and lease payments amounted to EUR 24.7 million (14.9), resulting in a free cash conversion2 relative to adjusted EBITDA of 62% (50).
Cash flow from operating activities amounted to EUR 34.7 million (18.0) during the quarter, whereof changes in working capital amounted to EUR 0.3 million (-0.4). The cash flow from changes in working capital was favourably impacted by an increase in payables of EUR 34.6 million (14.3), a decrease in receivables of EUR 3.4 million (6.2), partly offset by an increase in inventories of EUR -32.2 million (-15.5) and other receivables and payables of EUR -5.5 million (-5.4).
Cash flow from investing activities was EUR -9.2 million (-7.1) and mainly related to investments in games developments as well as the acquisition of the Zombicide IP.3
Cash flow from financing activities was EUR -19.3 million (-12.4), mainly driven by interest paid.
1 Structural changes refer to the divestment of Twin Sales Interactive 2 See section definitions of Alternative Performance Measures (APM) 3 See Note 8 for more information on the acquisition
Sustainability and governance Signatures
FINANCIAL POSITION
Net debt before and after M&A commitments1 at the end of the quarter amounted to EUR -404.0 million (-882.1) and EUR -509.2 million (-988.1) respectively, resulting in a net debt/EBITDA1 before and after M&A commitments of 1.7x (4.1) and 2.1x (4.6) respectively.
The decrease in net debt is driven by the EUR 400 million capital injection from Embracer Group, of which EUR 300 million was used to repay gross debt2 . As per June 30, 2025 the total outstanding bond debt amounted to EUR 628.9 million.
Cash and cash equivalents at the end of the quarter amounted to EUR 286.6 million (98.6). The increase is due to the capital injection mentioned above, as well as continued cash flow generation over the course of the year.
PARENT COMPANY
The parent company acquires and conducts operations through its directly and indirectly owned subsidiaries.
The parent company had net sales for the period ending June 30, 2025 of EUR 0.0 million (0.6), and profit/loss before tax was EUR -4.9 million (4.0). Profit/loss for the period was EUR -4.9 million (3.4).
Cash and cash equivalent as June 30, 2025 were EUR 16.9 million (0.2). Liabilities mainly relate to the bonds issued on December 12, 2024 for EUR 627.4 million (0.0).
The parent company's equity at the end of the period was EUR 2,012.4 million (1,560.1).
1 See section definitions of Alternative Performance Measures (APM) 2 See Notes 5,6 and 7 for more details on capital increase and refinancing
Other
OTHER INFORMATION
RISKS AND UNCERTAINTY FACTORS
Asmodee is exposed to risks, particularly the evolution of the tabletop market, dependence on key persons for the success of game development, the sales performance of launched games, the continuation of certain commercial relationships and key licensing agreements and the success and performance of acquisitions. While asmodee's production prioritizes proximity to market, the introduction of various tariffs between different countries could also have a negative effect on asmodee's business in the short and long term. The complete risk analysis is found in the group's most recent Annual and Sustainability Report.
SEASONAL FLUCTUATIONS
Due to the cyclical nature of consumer demand in the tabletop gaming industry, asmodee's sales are subject to seasonality. Seasonality typically manifests in higher sales during the second half of the fiscal year (FY), driven by holiday-related purchases, particularly in view of Christmas and New Year. The increase in sales in view of the holiday season results from high demand, special editions and new launches. The company strategically times product launches based on the seasonal pattern, while relying on a strong base of evergreen titles that generate consistent revenue throughout the year. There are also seasonal variations in cash flow from operating activities, primarily driven by an increase in inventories during the second and third financial quarters and subsequent reduction during the late third and fourth financial quarters. The seasonal trend in cash flow from operating activities is expected to remain going forward.
MATERIAL EVENTS AFTER THE END OF THE REPORTING PERIOD
No material events after the end of the reporting period.
ANNUAL GENERAL MEETING 24/25
Asmodee's Annual General Meeting 24/25 will be held in Karlstad, Sweden, on September 18, 2025.
Proposed dividends
The Board of Directors proposes that no dividend shall be paid for FY 24/25 and that retained earnings shall be carried forward.
AUDITOR'S REVIEW
The information in this interim report has not been reviewed by the company's auditors.
FINANCIAL CALENDAR
Report date
| Annual General Meeting 24/25 | September 18, 2025 |
|---|---|
| Interim Report Q2 25/26 | November 20, 2025 |
| Interim Report Q3 25/26 | February 19, 2026 |
| Year-end Report Q4 25/26 | May 21, 2026 |
CONTACTS
Nathalie Redmo Head of Investor Relations +46 768 10 22 43
Investor relations: [email protected] Media relations: [email protected]
Website: asmodee.com
Sustainability and governance Signatures
SUSTAINABILITY AND GOVERNANCE
SUSTAINABILITY AND ESG: A CORE PART OF OUR BUSINESS APPROACH
During the first quarter, asmodee published its first standalone annual and sustainability report for FY 24/25, presenting full-year performance data and key milestones achieved across ESG areas. This represents a significant step in asmodee's journey toward enhanced transparency and accountability, and lays the groundwork for compliance with the upcoming Corporate Sustainability Reporting Directive (CSRD), which comes into effect from FY 25/26. Sustainability is a crucial element of the business and organization, embedded in the risk management, business development, and company culture.
To enhance accessibility and ease of reference for investors and other stakeholders, asmodee has also released an ESG Fact Sheet that summarizes the company's approach to sustainability and ESG, along with key performance metrics. As this is the first year of formal sustainability/ ESG reporting, the company lacks a long-term data history. Asmodee's initial MSCI ESG rating was assigned before the publication of the first Sustainability Report and ESG Fact Sheet, which were both released on June 24, 2025. At that time, public ESG disclosures were limited, which impacted the assessment from MSCI. Asmodee recognizes that transparency is critical to a more accurate evaluation, and believes its disclosures during this quarter provide a much more comprehensive view of the company's environmental and social commitments.
SIGNATURES
The Board of Directors and Chief Executive Officer offer their assurance that this interim report gives a true and fair view of the group's and parent company's operations, financial position and results of operations and describes the significant risks and uncertainties facing the group and the parent company.
Lars Wingefors Chair of the Board
Marc Nunes Board member
Linda Höljö Board member
Thomas Kœgler CEO
Karlstad, Sweden, August 8, 2025
This information is information that Asmodee Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 7:00 a.m. CEST on August 8, 2025.
This report contains forward-looking statements that reflect the Board of Directors' and management's current views with respect to certain future events and potential financial performance. Forward-looking statements are subject to risks and uncertainties. Results could differ materially from forward-looking statements as a result of, among other factors, (i) changes in economic, market and competitive conditions, (ii) success of business initiatives, (iii) changes in the regulatory environment and other government actions, (iv) fluctuations in exchange rates and (v) business risk management.
This report is based solely on the circumstances at the date of publication and except to the extent required under applicable law or applicable
Kicki Wallje-Lund Deputy Chair
Stéphane Carville Board member
Jacob Jonmyren Board member
marketplace regulations, Asmodee Group AB is under no obligation to update the information, opinions or forward-looking statements in this report.
The original version of this report has been written in Swedish. The English version is a translation.
Asmodee Group AB is a Swedish public limited liability company. It was incorporated in Sweden on June 15, 2020. It is registered in Sweden with the Swedish Companies Registration Office under number 559273-8016. Its registered office is located at Tullhusgatan 1B, 652 09 Karlstad, Sweden.
Its telephone number is +33 1 34 52 19 70
Its LEI code is 636700G5993BBAFDYD02
Sustainability and governance Signatures
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OF ASMODEE GROUP AB
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS
| Amounts in k.EUR | Note | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Net sales | 3 | 349,016 | 264,353 | 1,368,762 |
| Goods for resale | -209,955 | -150,135 | -756,727 | |
| Personnel expenses | -43,504 | -41,115 | -167,590 | |
| Other operating income | 3,796 | 1,443 | 13,254 | |
| Other operating expenses | -64,611 | -47,903 | -271,212 | |
| Depreciation, amortization and impairment | -19,579 | -20,516 | -71,899 | |
| Share of profit/loss of associates after tax | 156 | -342 | 2,159 | |
| Operating profit/loss (EBIT) | 15,319 | 5,785 | 116,747 | |
| Financial income | 4 | 3,745 | 14,329 | 75,323 |
| Financial expenses | 4 | -19,075 | -26,209 | -167,385 |
| Financial results | -15,330 | -11,880 | -92,062 | |
| Profit/loss before tax | -11 | -6,095 | 24,685 | |
| Income tax | -1,587 | -772 | -19,986 | |
| Profit/loss for the period | -1,598 | -6,867 | 4,699 | |
| Profit/loss for the period attributable to: | ||||
| Equity holders of the parent | -1,598 | -6,867 | 4,699 | |
| Non-controlling interests | — | — | — | |
| Earnings per share | ||||
| Basic earnings per share (EUR) | 5 | -0.0068 | -0.0487 | 0.0275 |
| Diluted earnings per share (EUR) | 5 | -0.0068 | -0.0487 | 0.0275 |
11 asmodee April-June 2025
Financial statements
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Amounts in k.EUR Note |
Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|
| Profit/loss for the period | -1,598 | -6,867 | 4,699 |
| Other comprehensive income, net of tax | -35,007 | -2,276 | -3,563 |
| Items that will be reclassified to profit or loss: | |||
| Exchange differences on translation of foreign operations | -35,007 | -2,276 | -3,513 |
| Items that will not be reclassified to profit or loss: | |||
| Remeasurement of defined benefit plans for employees | — | — | -50 |
| Total comprehensive income for the period, net of tax | -36,605 | -9,143 | 1,136 |
| Total comprehensive income attributable to: | |||
| Equity holders of the parent | -36,605 | -9,143 | 1,136 |
| Non-controlling interests | — | — | — |
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Amounts in k.EUR Note |
Jun 30, 25 | Mar 31, 25 |
|---|---|---|
| Goodwill | 1,178,698 | 1,179,039 |
| Publication and distribution rights | 1,078,037 | 1,126,161 |
| Other intangible assets | 26,777 | 27,935 |
| Property, plant and equipment | 19,226 | 20,130 |
| Right of use assets | 49,986 | 49,591 |
| Investments in associates | 1,353 | 1,198 |
| Other non-current financial assets | 3,880 | 3,779 |
| Deferred tax assets | 9,645 | 5,832 |
| Total non-current assets | 2,367,602 | 2,413,665 |
| Inventories | 251,710 | 225,352 |
| Trade receivables | 188,414 | 195,903 |
| Advances and prepaid expenses | 31,624 | 28,199 |
| Other current financial assets | 9,762 | 9,865 |
| Other current assets | 27,573 | 28,357 |
| Cash and cash equivalent | 286,595 | 286,396 |
| Total current assets | 795,678 | 774,072 |
| Total assets | 3,163,280 | 3,187,737 |
Cont.>>
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONT.)
| Amounts in k.EUR | Note | Jun 30, 25 | Mar 31, 25 |
|---|---|---|---|
| Share capital | 78 | 78 | |
| Other contributed capital | 3,334,658 | 3,334,658 | |
| Currency translation adjustment reserve | -35,821 | -812 | |
| Retained earnings | -1,449,719 | -1,454,419 | |
| Profit/loss for the period | -1,598 | 4,699 | |
| Total equity attributable to equity holders of the parent | 1,847,598 | 1,884,204 | |
| Total equity | 6 | 1,847,598 | 1,884,204 |
| Non-current provisions | 1,048 | 1,228 | |
| Employee benefits | 1,305 | 1,319 | |
| Deferred tax liabilities | 205,329 | 214,469 | |
| Lease liabilities | 42,611 | 42,731 | |
| Bonds | 7 | 627,407 | 626,778 |
| Liabilities to credit institutions | 8 | 1,285 | 1,714 |
| Deferred considerations | 8 | 981 | 542 |
| Liabilities to employees related to acquisitions | 8 | 3,855 | 3,798 |
| Other non-current liabilities | 1,323 | 1,400 | |
| Total non-current liabilities | 885,144 | 893,979 | |
| Current provisions | 1,613 | 1,789 | |
| Employee benefits | 228 | 196 | |
| Trade payables | 227,241 | 193,198 | |
| Advances and deferred incomes | 18,161 | 17,857 | |
| Lease liabilities | 10,420 | 9,984 | |
| Bonds | 6 | 1,479 | 6,298 |
| Liabilities to credit institutions | 7 | 6,229 | 7,862 |
| Put/call options on non-controlling interests | 8,9 | 71,653 | 75,826 |
| Deferred considerations | 8 | 154 | 163 |
| Liabilities to employees related to acquisitions | 8 | 28,536 | 27,550 |
| Other current financial liabilities | 1,167 | 855 | |
| Other current liabilities | 63,657 | 67,976 | |
| Total current liabilities | 430,538 | 409,554 | |
| Total equity & liabilities | 3,163,280 | 3,187,737 |
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of the parent
| Amounts in k.EUR | Note | Share capital | Other contributed capital |
Currency translation adjustment reserve |
Retained earnings |
Profit/loss for the period |
Total equity |
|---|---|---|---|---|---|---|---|
| Opening balance - Apr 1, 24 | 2 | 2,796,828 | 26,995 | 12,302 | -541,156 | 2,294,971 | |
| Appropriation of earnings | — | — | — | -541,156 | 541,156 | — | |
| Profit/loss for the period | — | — | — | — | -6,867 | -6,867 | |
| Other comprehensive income | — | — | -2,276 | — | — | -2,276 | |
| Total comprehensive income for the period |
— | — | -2,276 | — | -6,867 | -9,143 | |
| Transactions with the owners | |||||||
| Contribution in kind | 5 | — | 113,531 | — | — | — | 113,531 |
| Dividend distribution | 5 | — | — | — | -892,178 | — | -892,178 |
| Other | 5, 9 | — | — | — | -34,823 | — | -34,823 |
| Other changes in equity | — | 113,531 | — | -927,001 | — | -813,470 | |
| Closing balance - Jun 30, 24 | 2 | 2,910,358 | 24,718 | -1,455,856 | -6,867 | 1,472,355 |
Equity attributable to equity holders of the parent
| Amounts in k.EUR | Note | Share capital | Other contributed capital |
Currency translation adjustment reserve |
Retained earnings |
Profit/loss for the period |
Total equity |
|---|---|---|---|---|---|---|---|
| Opening balance - Apr 1, 25 | 78 | 3,334,658 | -812 | -1,454,419 | 4,699 | 1,884,204 | |
| Appropriation of earnings | — | — | — | 4,699 | -4,699 | — | |
| Profit/loss for the period | — | — | — | — | -1,598 | -1,598 | |
| Other comprehensive income | — | — | -35,007 | — | — | -35,007 | |
| Total comprehensive income for the period |
— | — | -35,007 | — | -1,598 | -36,605 | |
| Other changes in equity | — | — | — | — | — | — | |
| Closing balance - Jun 30, 25 | 78 | 3,334,658 | -35,821 | -1,449,719 | -1,598 | 1,847,598 |
Equity attributable to equity holders of the parent
| Other | Currency translation |
||||||
|---|---|---|---|---|---|---|---|
| Amounts in k.EUR | Note | Share capital | contributed capital |
adjustment reserve |
Retained earnings |
Profit/loss for the period |
Total equity |
| Opening balance - Apr 1, 24 | 2 | 2,796,828 | 26,995 | 12,302 | -541,156 | 2,294,971 | |
| Appropriation of earnings | — | — | — | -541,156 | 541,156 | — | |
| Profit/loss for the period | — | — | — | — | 4,699 | 4,699 | |
| Other comprehensive income | — | — | -3,508 | -55 | — | -3,563 | |
| Total comprehensive income for the period |
— | — | -3,508 | -55 | 4,699 | 1,136 | |
| Transactions with the owners | |||||||
| Capital Increase | 5 | 71 | 400,006 | — | 1,285 | — | 401,362 |
| Contribution in kind | 5 | — | 113,531 | — | — | — | 113,531 |
| Dividend distribution | 5 | — | — | — | -892,178 | — | -892,178 |
| Change in perimeter | — | — | — | — | — | — | |
| Effect of the change in functional currency of the Parent company |
5 | 4 | 24,294 | -24,298 | — | — | — |
| Other | 5, 9 | — | — | — | -34,616 | — | -34,616 |
| Other changes in equity | 75 | 537,831 | -24,298 | -925,509 | — | -411,901 | |
| Closing balance - March 31, 25 | 78 | 3,334,658 | -812 | -1,454,419 | 4,699 | 1,884,204 |
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
| Amounts in k.EUR | Note | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Operating activities | ||||
| Operating profit/loss (EBIT) | 15,319 | 5,785 | 116,747 | |
| Adjustment for: | ||||
| Amortization, Depreciation, Impairment | 19,579 | 20,516 | 71,899 | |
| Provision | 124 | -1,633 | -4,750 | |
| Profit shares in associated companies | -156 | 342 | -2,159 | |
| Personnel expenses related to acquisitions | 2,638 | 2,784 | 8,087 | |
| Net gain/loss on disposal of fixed assets | 2,418 | -4 | -69 | |
| Movements in working capital (Excluding income taxes) | ||||
| Decrease/increase in inventories | -32,211 | -15,530 | -4,001 | |
| Decrease/increase in trade receivables | 3,361 | 6,238 | -21,848 | |
| Decrease/increase in trade payables | 34,623 | 14,333 | 47,224 | |
| Decrease/increase in other receivables/payables | -5,473 | -5,406 | 7,824 | |
| Payment of liabilities to employees related to acquisitions | — | -4,226 | -4,163 | |
| Income tax paid | -5,531 | -5,156 | -28,875 | |
| Cash flow from operating activities | 34,691 | 18,043 | 185,916 | |
| Investing activities | ||||
| Purchases of intangible assets | -5,808 | -4,556 | -12,693 | |
| Proceeds on disposal of intangible assets | — | 6 | 188 | |
| Purchases of tangible assets | -864 | -1,575 | -5,021 | |
| Proceeds on disposal of tangible assets | 6 | 81 | 214 | |
| Purchases of subsidiaries (net of cash acquired) | — | -1,039 | -1,708 | |
| Disposal of subsidiary (net of cash disposed) | -2,577 | — | 105 | |
| Cash flow from investing activities | -9,243 | -7,083 | -18,915 |
Cont.>>
| Comment from the | |
|---|---|
| Introduction | CEO |
Separate financial statements Definitions of
| Amounts in k.EUR | Note | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Financing activities | ||||
| Proceeds from capital increase | — | — | 400,027 | |
| Dividends paid | 5 | — | -892,178 | -892,178 |
| Proceeds from shareholders and other loans and borrowings | — | -39 | — | |
| Repayments of shareholders and other loans and borrowings | -1 | -945 | -432 | |
| Proceeds from liabilities to credit institutions | 7 | — | 910,606 | 920,621 |
| Repayments from liabilities to credit institutions | 7 | -1,958 | -7,168 | -940,554 |
| Proceeds from Bonds | 6 | — | — | 946,224 |
| Repayments from Bonds | — | — | -301,304 | |
| Repayment of lease liabilities | -3,281 | -2,650 | -12,993 | |
| Interests paid | -14,612 | -9,181 | -84,225 | |
| Other financing activities | 589 | -10,808 | -8,883 | |
| Net cash (used in)/from financing activities | -19,263 | -12,363 | 26,303 | |
| Cash flow for the period | 6,185 | -1,403 | 193,304 | |
| Cash and cash equivalents at the beginning of period | 286,396 | 99,441 | 99,441 | |
| Cash flow for the period | 6,185 | -1,403 | 193,304 | |
| Exchange rate differences | -5,986 | 531 | -6,350 | |
| Cash and cash equivalents at the end of period | 286,595 | 98,569 | 286,396 |
Sustainability and governance Signatures
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 MATERIAL ACCOUNTING POLICIES
The consolidated financial statements comprise Asmodee Group AB with corporate identity number 559273-8016 ("the parent company" or "the company") and its subsidiaries (together "the group" or "asmodee") and the group's interest in associated companies and joint ventures. The parent company is a limited liability company with its registered office at Tullhusgatan 1B, 652 09, Karlstad, Sweden. These financial statements were authorized for issue by the Board on August 8, 2025.
The Consolidated financial statements of the group have been prepared in accordance with IFRS® Accounting Standards (IFRS) published by the International Accounting Standards Board (IASB) and interpretations that have been issued by IFRS Interpretations Committee (IFRS IC) as they have been adopted by the European Union (EU). The group's interim report is prepared in accordance with IAS 34 Interim Financial Reporting and applicable parts of the Swedish Annual Accounts Act (1995:1554).
The group has applied the same accounting policies, basis of calculation and assumptions (including those related to the income tax expense and balances) as those applied in the consolidated financial statements of Asmodee Group AB as of FY ending March 31, 2025.
On June 30, 2025, the group has had exchange differences arising from monetary items classified as part of the net investment in a foreign operation. The exchange difference is initially recognized in other
comprehensive income and reclassified from equity to profit or loss on disposal of the net investment.
For a complete description of the group's material accounting policies, see the notes of the consolidated financial statements for FY ending March 31, 2025. Some reclassifications related to the presentation of comparative figures could have been realized in order to be compliant with the presentation of the current period or to IFRS standards.
Disclosures according to IAS 34 are presented in these unaudited condensed financial statements as well as corresponding notes.
All amounts are presented in thousands of Euro (k.EUR) unless otherwise indicated. Rounding differences may occur.
NOTE 2 SIGNIFICANT ESTIMATES AND ASSUMPTIONS
When preparing the financial statements, management and the Board of Directors must make certain assessments and assumptions that impact the carrying amount of assets and liabilities and revenue and expense items, as well as other provided information. Actual outcome may differ from the estimates if the estimates or circumstances change. The significant estimates and assumptions correspond to the ones described in the consolidated financial statements of Asmodee Group AB for FY ending March 31, 2025.
NOTE 3 REVENUE FROM CONTRACTS WITH CUSTOMERS
NOTE 3.1 REVENUE BY PUBLISHER
| Amounts in k.EUR | Apr-Jun 25 Apr-Jun 24 | Apr 24-Mar 25 | |
|---|---|---|---|
| Games published by asmodee studios |
78,450 | 79,224 | 453,559 |
| Games published by partners |
260,861 | 174,044 | 864,469 |
| Others | 9,706 | 11,085 | 50,734 |
| Revenue from contract with customer |
349,016 | 264,353 | 1,368,762 |
NOTE 3.2 REVENUE BY GAME CATEGORY
| Amounts in k.EUR | Apr-Jun 25 Apr-Jun 24 | Apr 24-Mar 25 | |
|---|---|---|---|
| Board Games | 88,597 | 93,052 | 535,729 |
| Trading Card Games (TCG) | 231,307 | 141,179 | 695,992 |
| Other categories | 29,112 | 30,122 | 137,041 |
| Revenue from contract with customer |
349,016 | 264,353 | 1,368,762 |
The classification of some games was revised and the presentation of the comparable figures for the period Apr 24-Mar 25 was amended in consequence.
NOTE 3.3 REVENUE BY GEOGRAPHY
| Amounts in k.EUR | Apr-Jun 25 Apr-Jun 24 | Apr 24-Mar 25 | |
|---|---|---|---|
| Sweden | 1,063 | 552 | 3,740 |
| Other Europe | 92,602 | 56,423 | 323,430 |
| France | 78,449 | 51,204 | 272,926 |
| United Kingdom | 51,766 | 24,187 | 174,138 |
| Germany | 46,955 | 51,316 | 204,995 |
| United States | 41,556 | 46,283 | 236,730 |
| Other Americas | 19,192 | 18,842 | 79,953 |
| Rest of the world | 17,433 | 15,546 | 72,850 |
| Net sales | 349,016 | 264,353 | 1,368,762 |
NOTE 4 FINANCIAL RESULT
| In k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|
| Change in fair value of put/call options on non-controlling interests | — | — | 8,938 |
| Exchange gains on financial items | 2,559 | 14,329 | 63,271 |
| Other gains on financial items | 1,186 | — | 3,114 |
| Financial income | 3,745 | 14,329 | 75,323 |
| Change in fair value of put/call options on non-controlling interests | -1,738 | -1,834 | -8,778 |
| Interest expenses related to Bonds | -10,220 | — | -21,962 |
| Interest expenses related to credit institutions | -95 | -15,340 | -56,587 |
| Interest expenses related to leases liabilities | -621 | -314 | -2,249 |
| Exchange losses on financial items | -5,296 | -8,135 | -66,053 |
| Other losses on financial items | -1,105 | -586 | -11,756 |
| Financial expenses | -19,075 | -26,209 | -167,385 |
| Financial result | -15,330 | -11,880 | -92,062 |
As of June 30, 2025, the financial result amounts to EUR -15,330 thousand, mainly driven by Interest expenses related to Bonds for EUR -10,220 thousand.
As of June 30, 2024, the financial result amounts to EUR -11,880 thousand, mainly driven by the interest expenses of the bridge loan for EUR -15,125 thousand.
As of March 31, 2025, the financial result amounts to EUR -92,062 thousand and is manly driven by the interest expenses of the bridge loan for EUR -55,736 thousand, the interest expenses related to bonds for EUR -21,962 thousand, FX gains and losses for EUR -2,781 thousand,
transaction costs related to the RCF for EUR -3,086 thousand ("Other losses on financial items") and the bonds redemption fees for EUR -6,000 thousand ("Other losses on financial items"). The bonds and credit to institutions interest expenses for FY ending March 31, 2025 were significantly increased by the transaction costs recognized as interests expenses under the effective interest method for a total amount to EUR -20,364 thousand, out of which EUR -12,992 thousand relates to the bridge loan and EUR -7,372 thousand relates to the bonds.
For more information on bonds and bridge loan, see Notes 6 and 7.
Other information Definitions of APM's
NOTE 5 EQUITY
NOTE 5.1 SHARE CAPITAL
On April 19, 2024 the share capital was changed in preparation for the separate listing of asmodee and the 250 shares were split: 10 shares become 54,000,000 "A shares" (10 vote rights) and 240 shares become 1,335,952,865 "B shares" (1 vote right).
On September 18, 2024, the company increased the share capital through a bonus issue for SEK 557,266 by transferring non-restricted equity (i.e. retained earnings). It resulted in a new par value of SEK 0.0004.
On January 2, 2025, the company carried out a reverse share split where six shares, regardless of share class, were consolidated into one share of each share class respectively. To facilitate the reverse share split the company also carried out a new share issue, by issuing 113 B shares, paid in cash, with a price per share of SEK 1 and a total subscription price of SEK 113. As a result of the share issue, the share capital increased by SEK 0.0452. The new share capital amounts to SEK 583,503.8544002, and each share has a par value per share of SEK 0.0004. Through the reverse share split the number of A shares decreased from 54,000,000 to 9,000,000 and the number of class B shares decreased from 1,404,759,636 to 234,126,606, with a total number of shares in the company of 243,126,606.
On January 2, 2025, the company proceeded at an increase of share capital through bonus issue without issuance of shares for SEK 291,751.9272 by transferring non-restricted equity (i.e. retained earnings) into share capital. The share capital resulting from the bonus issue amounts to SEK 875,255.78162, and each share with a new par value of SEK 0.0036. The number of "A shares" and "B shares" remained unchanged.
On January 2, 2025, the company proceeded at a reduction of share capital with redemption of shares without repayment to shareholders by transferring SEK 280,515.40202 into non-restricted equity (i.e. retained earnings). The share capital resulting from this reduction amounts to SEK 594 740.37962, with a par value of SEK 0.0036 per share. The number of "B shares" was reduced by 77,920,945, to 156,205,661, with a total number of shares in the company of 165,205,661. The number of "A shares" remained unchanged.
On January 24, 2025, the company proceeded at a new share issue, by issuing 68,486,367 class B shares with a price per share of EUR 5.841 and a total subscription price of EUR 400,028,869.6470, paid in cash. The capital increase was fully subscribed by Embracer Group AB. The share capital increased by SEK 246,550.92122. The new share capital amounts to SEK 841,291.30082, with a par value of SEK 0.0036 per share. The total number of class B shares in the company is 224,692,028, with a total number of shares in the company of 233,692,028.
On February 7, 2025, class B shares of the company were listed in Nasdaq Stockholm.
Changes in the number of shares
| Number of | ||||||
|---|---|---|---|---|---|---|
| Number of shares | AGM/EGM date |
Registration date |
Ordinary shares |
A-shares | B-shares | shares at closing |
| Number of shares at opening | 250 | — | — | 250 | ||
| Reclassification of ordinary shares to introduce two shares classes and share split |
19/04/2024 | 03/05/2024 | -250 | 54,000,000 | 1,335,952,865 | |
| Share issue paid in-kind | 19/04/2024 | 03/05/2024 | — | — | 68,806,658 | |
| Bonus issue without issuance of shares | 18/09/2024 | 04/10/2024 | — | — | — | |
| Reduction of share capital with redemption of shares |
18/09/2024 | 04/10/2024 | — | -54,000,000 | -1,335,952,865 | |
| Share issue paid in cash | 18/09/2024 | 04/10/2024 | — | 54,000,000 | 1,335,952,865 | |
| Share issue paid in cash | 02/01/2025 | 14/01/2025 | — | — | 113 | |
| Reverse share split 1:6 | 02/01/2025 | 14/01/2025 | — | -45,000,000 | -1,170,633,030 | |
| Bonus issue without issuance of shares | 02/01/2025 | 14/01/2025 | — | — | — | |
| Reduction of share capital with redemption of shares |
02/01/2025 | 14/01/2025 | — | — | -77,920,945 | |
| New share issue paid in cash | 24/01/2025 | 27/01/2025 | — | — | 68,486,367 | |
| Number of shares at closing | — | 9,000,000 | 224,692,028 | 233,692,028 |
The amount of existing shares at the date of publication of these condensed consolidated interim financial statements is 233,692,028 and is composed of 9,000,000 A-shares (10 vote rights) and 224,692,028 B-Shares (1 vote right).
NOTE 5.2 OTHER CONTRIBUTED CAPITAL
Other contributed capital consists of capital contributed by asmodee owners in the form of cash and the share premium in direct shares issues, as well as, in the form of group contributions (amounting to EUR 4,863 thousand).
On April 19, 2024 it was resolved to issue 68,806,658 class B shares to the shareholders (excluding Asmodee Group AB) of Les Nouveaux Amis d'Asmodee SAS and Asmodee III SAS who contributed the shares they held in Les Nouveaux Amis d'Asmodee SAS and Asmodee III SAS as
payment for the shares in Asmodee Group AB. This operation resulted in an additional "Other contributed capital" of EUR 113,531 thousand.
On January 24, 2025, the company proceeded at a new share issue resulting in an additional "Other contributed capital" of EUR 400,006 thousand.
NOTE 5.3 CURRENCY TRANSLATION ADJUSTMENT RESERVES
The variance of the currency translation adjustment reserves for the period ending June 30, 2025 amounted to EUR -35,007 thousand, out of which EUR -15,604 thousand relates to exchange differences arising from
information Sustainability and governance Signatures
monetary items classified as part of the net investment in a foreign operation. The total closing balance related to exchange differences arising from monetary items classified as part of the net investment in a foreign operation amounts to EUR -15,604 thousand.
NOTE 5.4 DIVIDENDS DISTRIBUTIONS
During FY ending March 31, 2025, the total amount of dividend distribution amounted to EUR -892,178 thousand:
- » On April 11, 2024, a dividend of EUR 1,178 thousand was distributed to Embracer Group AB.
- » On April 16, 2024, a dividend of EUR 848,549 thousand was distributed to Embracer Group AB.
- » On April 19, 2024, a dividend of EUR 42,451 thousand was distributed to shareholders other than Embracer Group AB.
NOTE 5.5 CHANGE IN FUNCTIONAL CURRENCY OF THE PARENT COMPANY
During FY ending March 31, 2025, it was identified that the functional currency of the parent company (Asmodee Group AB) should be changed to EUR due to material transactions being denominated in EUR (see Note 6 - Bonds, Note 7 - Liabilities to credit institutions and changes on the share capital and Other contributed capital). It was determined that the most appropriate date for the change in functional currency was March 31, 2025, in regards to the feasibility of an implementation.
The EUR -24,298 of "Effect of the change in functional currency of the Parent company" relates to the remeasurement of the share capital and other contributed capital, at their EUR value as per Asmodee Group AB statutory books, following to her change in functional currency on April 1, 2025.
NOTE 5.6 EARNINGS PER SHARE
The weighted average number of shares outstanding adjusted for retrospective events during the period ending June 30, 2025 amounted to 233,692,028 (141,009,800).
NOTE 6 BONDS
| Amounts in k.EUR | Jun 30, 25 | Mar 31, 25 |
|---|---|---|
| At the beginning of year | 633,076 | — |
| Business combinations | — | — |
| Bond issuance | — | 946,224 |
| Bond repayment | — | -301,304 |
| Interests accruals of the period | 9,590 | 14,590 |
| Interests repayment | -14,409 | -8,454 |
| Costs incurred for Bond issuance | — | -20,764 |
| Effective Interest Rate amortization | 629 | 7,375 |
| Foreign exchange gains/losses | — | -4,592 |
| Scope exit | — | — |
| Other | — | — |
| Carrying amount at end of year | 628,886 | 633,076 |
| of which non-current | 627,407 | 626,778 |
| of which current | 1,479 | 6,298 |
| of which principal | 627,407 | 626,778 |
| of which interests | 1,479 | 6,298 |
During FY ending March 31, 2025, the group raised a financing by issuing an aggregate principal amount of EUR 940,000 thousand1 senior secured bonds denominated in EUR. On February 3, 2025, the company notified the bondholders of an anticipated repayment for EUR 300,000 thousand. Following repayment, the aggregated principal amount of senior secured bonds bearing interest at a fixed rate (5.75%, paid on a semi-annual basis, with a maturity date of December 15, 2029) amounted to EUR 320,000 thousand and the principal amount of senior secured bonds bearing interest at a floating rate (three-month EURIBOR, subject to a 0% floor, plus 3.75% per annum, reset quarterly) amounted to EUR 320,000 thousand.
The senior secured bonds are listed on a non-regulated market (The International Stock Exchange). The Bonds are secured by pledges on the shares of certain material subsidiaries, and certain material bank accounts. The Bonds were listed without any financial covenants.
The amount of costs incurred by the group to issue these bonds amounted to EUR -20,764 thousand. As of June 30, 2025, paid issuance costs amounted to EUR -1,460 thousand (EUR -19,304 thousand as of March 31, 2025) and are presented in the consolidated statement of cash flows under "Paid interests".
The anticipated repayment of February 3, 2025, significantly impacted the interests payments (for EUR -2,960 thousand) and amortization of costs incurred for bond issuance (for EUR 6,519 thousand) during FY ending March 31, 2025. The group paid a redemption fee of EUR 6,000 thousand (presented in the line "Other financing activities" of the Consolidated Statement of Cash Flow).
1 The bonds denominated in EUR are accounted by a company with SEK as its accounting currency, resulting in recorded amounts for bond movements (issuances, repayments, etc.) being influenced by the average SEK/EUR exchange rates during the reporting period. This affects the values recognized in the financial statements and the notes.
NOTE 7 LIABILITIES TO CREDIT INSTITUTIONS
| At the beginning of year 9,576 29,356 Business combinations — — New loan — 920,621 Loan repayment -1,958 -940,554 Interests accruals of the period 94 43,594 Interests repayments -109 -43,559 Costs incurred for new loans — -12,992 Effective Interest Rate amortization — 12,992 Foreign exchange gains/losses -87 115 Scope exit — — Carrying amount at end of year 7,514 9,576 of which non-current 1,285 1,714 of which current 6,229 7,862 |
Amounts in k.EUR | Jun 30, 25 | Mar 31, 25 |
|---|---|---|---|
| of which principal | 7,447 | 9,493 | |
| of which interests 67 83 |
During FY ending March 31, 2025 new loans amounted to EUR 920,621 thousand. This increase is manly driven by the financing agreement ("bridge loan") which Asmodee Group AB entered into on April 16, 2024, for an amount of EUR 916,7521 thousand. On December 12, 2024 this bridge loan was fully repaid, following to the issuance of bonds by the company (See Note 6). During FY ending March 31, 2025, the company also repaid other liabilities to credit institutions for EUR -23,802 thousand.
The bridge loan was accounted at amortized cost using the effective interest rate method. The amount of costs incurred by the company to set this financing amounted to EUR -12,992 thousand (fully amortized following repayment on December 12, 2024) and is presented in the consolidated statement of cash flows under "Paid interests".
On December 12, 2024, the company also entered into a lending agreement under which certain lenders provide a Revolving Credit Facility of up to EUR 150 million. The transaction costs and non-utilization fee in relation with the RCF amounted to EUR 3,086 thousand and are presented in the line "Other financing activities" of the Consolidated Statement of Cash Flow, and in the line "Other losses on financial items" of the Financial Result (see Note 4).
The Revolving Credit Facility had not been utilized during the periods ending June 30, 2025 and March 31, 2025.
Certain liabilities to credit institutions are secured by pledges on tangible assets.
NOTE 8 LIABILITIES RELATED TO ACQUISITIONS
Carrying value in the consolidated statement of financial position
| Amounts in k.EUR | Jun 30, 25 | Mar 31, 25 |
|---|---|---|
| Put/call options on non-controlling interests |
— | — |
| Deferred considerations | 981 | 542 |
| Liabilities to employees related to acquisitions |
3,855 | 3,798 |
| Non-current | 4,836 | 4,340 |
| Put/call options on non-controlling interests |
71,653 | 75,826 |
| Deferred considerations | 154 | 163 |
| Liabilities to employees related to acquisitions |
28,536 | 27,550 |
| Current | 100,343 | 103,539 |
| Total liabilities related to acquisitions | 105,179 | 107,879 |
For more information on "Put/call options on non-controlling interests", see notes 9.2 and Note 9.4.
During the period ending June 30, 2025, the group finalized the acquisition of intangibles and tangibles fixed assets in relation to the Intellectual Property "Zombicide".
Undiscounted expected payments
| Amounts in k.EUR | Jun 30, 25 | Less than 1 year | More than 1 year |
|---|---|---|---|
| Put/call options on non-controlling interest | 76,950 | 76,950 | — |
| Deferred considerations | 1,166 | 150 | 1,016 |
| Liabilities to employees related to acquisitions | 41,826 | 33,077 | 8,749 |
| Total undiscounted expected payments | 119,943 | 110,177 | 9,765 |
1 This EUR 900 million bridge loan is accounted by a company with SEK as its accounting currency, resulting in recorded amounts for liabilities to credit institutions (new loan, repayments, etc.) being influenced by the average SEK/EUR exchange rates during the reporting period. This affects the values recognized in the financial statements and the notes.
| Introduction | Comment from the CEO |
Financial overview |
Other information |
Sustainability and governance |
Signatures | Financial statements |
Separate financial statements |
Definitions of APM's |
Derivations of APM's |
|---|---|---|---|---|---|---|---|---|---|
| Amounts in k.EUR | Mar 31, 25 | Less than 1 year | More than 1 year |
|---|---|---|---|
| Put/call options on non-controlling interest | 83,389 | 83,389 | — |
| Deferred considerations | 704 | 163 | 542 |
| Liabilities to employees related to acquisitions | 44,322 | 35,314 | 9,008 |
| Total undiscounted expected payments | 128,415 | 118,866 | 9,549 |
Undiscounted expected payments are estimates based on expected outcome of financial targets for each individual agreement and applicable terms. The settlement of the underlying acquisitions may vary over time depending on, among other things, the terms and conditions of the relevant agreements and, the degree of performance fulfillment relating to the acquired businesses.
NOTE 9 FINANCIAL INSTRUMENTS
NOTE 9.1 FAIR VALUE MEASUREMENT
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement is based on the fair value hierarchy which includes the following levels:
- » Level 1 Quoted (unadjusted) market prices for identical assets or liabilities in active markets.
- » Level 2 Inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (i.e. price quotations) or indirectly (i.e. derived from price quotations).
- » Level 3 Input data for the asset or liability which is not based on observable market data (i.e. unobservable input data).
NOTE 9.2 FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
As of June 30, 2025, the only significant financial assets and liabilities measured at fair value relates to the financial liabilities "Put / Call options on non-controlling interests", classified under "Level 3", and amounting to EUR 71,653 thousand.
NOTE 9.3 CURRENT RECEIVABLES AND CURRENT LIABILITIES
For current receivables and liabilities, such as trade receivables and trade payables and for liabilities to credit institutions at variable interest rate, the carrying amount is considered to be a good approximation of the fair value.
NOTE 9.4 PUT/CALL OPTION ON NON-CONTROLLING INTERESTS
Put/call options on non-controlling interest refers to put/call options on non-controlling interests in business combinations where the selling shareholders keep some ownership and there is a contractual obligation where asmodee will purchase the remaining interest if the holder of the option determines to exercise.
The group's put/call options will be settled in cash. The fair value has been calculated based on expected outcome of financial targets for each individual agreement. The estimated expected settlement will vary over time depending on, among other things, the degree of fulfillment of the conditions for the put/call options.
The group's put/call options are measured at fair value by discounting expected cash flows at a risk-adjusted discount rate. Measurement is therefore in accordance with Level 3 in the fair value hierarchy. Significant unobservable input data consists of forecasted financial targets.
| Amounts in k.EUR | Jun 30, 25 | Mar 31, 25 |
|---|---|---|
| Opening balance | 75,826 | 154,602 |
| Business combination | — | — |
| Revaluation | 1,738 | -160 |
| Payment | — | — |
| Foreign exchange gains/losses | -5,911 | 287 |
| Cancellations | — | -78,901 |
| Closing balance | 71,653 | 75,826 |
| o/w - Related to Exploding Kittens | 71,653 | 75,826 |
The net change in fair value for the period ending June 30, 2025 relates to the change in net present value of Exploding Kittens put option for EUR 1,738 thousand.
The net change in fair value for FY ending March 31, 2025 relates to the put option related to Exploding Kittens and amounts to EUR -160 thousand. This change in fair value is driven by the net present value calculation for EUR 8,778 thousand (significantly impacted by a revision of the settlement date of the put option); and the put option revaluation for the period for EUR -8,938 thousand (reflecting the decrease in the expected Exploding Kittens operational performance, on which the exercise price of the shares for the put option related is based).
On April 19, 2024, the March 2022 shareholders' agreement between the Embracer Group AB and the non-controlling interest of Financière Amuse Topco was replaced by a new shareholders' agreement. In application of this agreement the put / call options on the non-controlling interests of Financière Amuse Topco were canceled, for an amount of EUR -78,901 thousand, and the non-controlling interest proceeded at a capital increase in kind in Asmodee Group AB, by contributing the shares they held in Les Nouveaux Amis d'Asmodee SAS and Asmodee III SAS as payment for the newly issued 68,806,658 B shares of Asmodee Group AB (see Note 5.2). As a result of these transactions, the companies Financière Amuse Topco, Les Nouveaux Amis d'Asmodee SAS and Asmodee III SAS are all owned at 100% by Asmodee Group AB. The simultaneous acquisition of noncontrolling interest and of the put option cancellation generated a loss of EUR -34,628 thousand (accounted in Retained Earnings). Such a loss represents the difference between the carrying amount of the previously held interest and the consideration paid for the non-controlling interest.
SENSITIVITY ANALYSIS
Given the put/call options on non-controlling interest recognized at the end of the reporting period, a higher discount factor of 1.5 percentage points will have an impact on the fair value of the put/call options on noncontrolling interest, as of June 30, 2025, of EUR -0.7 thousand.
NOTE 10 MATERIAL EVENTS AFTER THE REPORTING PERIOD
No material events after the end of the reporting period.
Other information Sustainability
SEPARATE INTERIM FINANCIAL STATEMENTS OF ASMODEE GROUP AB
PARENT COMPANY'S INCOME STATEMENT
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|
| Net sales | — | 576 | 2,602 |
| Other operating income | 26 | — | 794 |
| Personnel expenses | -308 | — | -3,276 |
| Other external expenses | -871 | -599 | -23,861 |
| Operating profit/loss | -1,153 | -23 | -23,741 |
| Financial net items | -3,770 | ||
| Profit/loss before tax | -4,923 | 3,972 | -82,664 |
| Income tax | — | -541 | -652 |
| Profit/loss for the period | -4,923 | 3,431 | -83,316 |
Other information Definitions of APM's
PARENT COMPANY'S BALANCE SHEET
| Amounts in k.EUR | Jun 30, 25 | Jun 30, 24 | Mar 31, 25 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Financial assets | |||
| Shares in Group companies | 1,926,174 | 1,804,753 | 1,926,174 |
| Receivables from Group companies | 700,288 | 704,003 | 643,367 |
| Deferred tax assets | — | 650 | — |
| Total financial assets | 2,626,462 | 2,509,406 | 2,569,542 |
| Total non-current assets | 2,626,462 | 2,509,406 | 2,569,542 |
| Current assets | |||
| Receivables from Group companies | 131 | 383 | 131 |
| Other current assets | 513 | 7,903 | 1,031 |
| Total current receivables | 644 | 8,286 | 1,162 |
| Cash and cash equivalent | 16,874 | 192 | 87,431 |
| Total current assets | 17,518 | 8,477 | 88,593 |
| Total assets | 2,643,980 | 2,517,883 | 2,658,134 |
| EQUITY AND LIABILITIES | |||
| Restricted equity | 78 | 2 | 78 |
| Unrestricted equity | 2,012,298 | 1,560,097 | 2,017,221 |
| Total equity | 2,012,376 | 1,560,100 | 2,017,298 |
| Non-current liabilities | |||
| Bonds | 627,407 | — | 626,778 |
| Total non-current liabilities | 627,407 | — | 626,778 |
| Current liabilities | |||
| Liabilities to credit institutions | — | 956,498 | — |
| Trade payables | 1,213 | 25 | 225 |
| Liabilities to Group companies | 53 | 719 | 4,494 |
| Other current liabilities | 229 | 540 | 84 |
| Accrued expenses and prepaid income | 2,702 | 2 | 9,254 |
| Total current liabilities | 4,197 | 957,783 | 14,058 |
| Total equity & liabilities | 2,643,980 | 2,517,883 | 2,658,134 |
NOTES TO THE FINANCIAL STATEMENTS OF ASMODEE GROUP AB
NOTE P1 PARENT COMPANY'S ACCOUNTING POLICIES
This interim report for the Parent company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act (1995:1554), Interim reports, and the recommendation issued by The Swedish Corporate Reporting Board RFR 2 "Accounting for legal entities".
The same accounting principles and significant estimates and assumptions have been applied as applied in the Annual and Sustainability Report 2024/2025, which can be found in Note P1 in the most recent Annual Report.
PRESENTATION CURRENCY
On April 1, 2025 the presentation and accounting currency for the parent company was changed from SEK to EUR. Assets and liabilities in the parent company was converted to EUR using the foreign exchange rate 10,849 SEK/EUR. Comparative periods have been restated from SEK to EUR using the same foreign exchange rate.
All amounts are presented in thousands of Euro ("k.EUR"), unless otherwise indicated. Rounding differences may occur.
Sustainability and governance Signatures
DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES
In accordance with the guidelines from ESMA (European Securities and Markets Authority), regarding the disclosure of alternative performance measures, the definition and reconciliation of asmodee's alternative performance measures (APM's) are presented below. The guidelines entail increased disclosures regarding the financial measures that are not defined by IFRS. The performance measures presented below are reported in this report. They are used for internal control and follow-up. Since not all companies calculate financial measures in the same way, these are not always comparable to measures used by other companies.
An important part of asmodee's strategy is to pursue inorganic growth opportunities through acquisitions, thereby expanding the group's IP portfolio, geographic reach and pool of creative talent. An acquisitive strategy is associated with certain complexity in terms of accounting for business combinations. The board and management of asmodee believe that it is important to separate the underlying operational performance of the business from impacts arising from acquisitions.
In addition, asmodee, from time to time, implements strategic programs or initiatives including business restructurings and transformations. In some cases, these initiatives can give rise to one-off costs that are sufficiently material, in the board and management's judgement, to impact the reliable comparison of asmodee's underlying operating results from period to period.
Certain APM's are thus used to provide internal and external stakeholders the best picture of the underlying operational performance of the business, by the measurement of performance excluding specific items related to acquisitions and, when relevant, items affecting comparability
The individual APM's, definitions and purpose are described in more detail in the following table.
DEFINITIONS OF APM'S (CONT.)
| Name | Definition | Reason for Use |
|---|---|---|
| EBITDA | Earnings before interest, taxes, depreciation and amortization. |
EBITDA is reported because this metric is commonly used by investors, financial analysts and other stakeholders to measure the company's financial results. |
| Adjusted EBITDA | EBITDA excluding specific items related to acquisitions and items affecting comparability. |
Provide a picture of the underlying operational performance, by excluding specific items related to acquisitions and items affecting comparability. |
| Adjusted EBITDA margin |
Adjusted EBITDA as a percentage of net sales. | Provides an indication of operating profitability. |
| EBIT | EBIT (Earning before interests and taxes) equals the IFRS definition for "Operating profits / losses". |
This metric is commonly used by investors, financial analysts and other stakeholders to measure the company's financial results. |
| EBIT Margin | EBIT as a percentage of Net Sales | |
| Adjusted EBIT | Adjusted EBITDA less depreciation and amortization from which amortization of publishing and distribution rights of acquired intangible assets are excluded. |
Adjusted EBIT in order to provide a true and fair picture of the underlying operational performance, by excluding specific items related to acquisitions and items affecting comparability. |
| Adjusted EBIT margin |
Adjusted EBIT as a percentage of net sales. | Provides an indication of operating profitability. |
| Adjusted Profit / Loss |
Net profit or loss excluding specific items related to historical acquisitions and items affecting comparability net of tax, change in fair value contingent consideration and put/call options on non-controlling interests net of tax and Interest expense contingent consideration net of tax. Net taxes are calculated using parent company income tax rate. |
Adjusted Profit / Loss in order to provide a true and fair picture of the underlying operational performance. |
| Adjusted earning per share |
Adjusted Profit / Loss divided by the average number of shares in the period. |
Shows earnings per share based on Adjusted Profit / Loss. |
| Items affecting comparability |
IAC include capital gains and losses from divestments , impairments, capital gains and losses from divestments of financial assets, M&A related costs as well as other items having an impact on the comparability. |
By identifying and excluding these items, analysts can better compare performance over time and focus on trends in operating performance. |
| LTM adjusted EBITDA |
Last twelve months adjusted EBITDA as a cumulative value. |
Provides a measure to calculate the debt leverage. |
| Organic growth | Organic growth represents the increase in net revenue generated from the company's existing operations, excluding the effects of acquisitions, divestments, discontinued operations, and foreign currency fluctuations. Previously published organic growth figures for comparable periods may be restated to reflect acquisitions, divestments, or discontinued operations that have occurred subsequent to their original publication to ensure a consistent like-for-like comparison. |
Growth measure for companies that has been part of the Asmodee Group for more than one year excluding effects of acquisitions, divestments, discontinued operations, and foreign currency fluctuations. |
| Free cash flow before tax and lease payments |
Adjusted EBITDA less capital expenditures, plus or minus movements in net working capital excluding the working capital cash impacts of adjustments made to EBITDA. |
Provide a true and fair picture according to company's management of the underlying operational performance, by excluding cash flow from specific items related to acquisitions and items affecting comparability. |
| Free cash flow before tax and lease payments conversion |
Free cash flow before tax and lease payments divided by Adjusted EBITDA. |
Provides an indication of the extent to which Adjusted EBITDA has been converted to cash during the given period, not taking into account tax and leases payments. |
| Free cash flow after tax and lease payments |
Adjusted EBITDA less capital expenditures, plus or minus movements in net working capital excluding the working capital cash impacts of adjustments made to EBITDA, less cash payments related to leases not recognized in the P&L in accordance with IFRS16 and net income tax paid. |
Provide a true and fair picture according to company's management of the underlying operational performance, by excluding cash flow from specific items related to acquisitions and items affecting comparability. |
| Free cash flow after tax and capitalized lease payments conversion |
Free cash flow after tax and lease payments divided by Adjusted EBITDA. |
Provides an indication of the extent to which Adjusted EBITDA has been converted to cash during the given period. |
| Introduction | CEO overview |
information | and governance | Signatures | statements | statements | APM's | APM's |
|---|---|---|---|---|---|---|---|---|
| Name | Definition | Reason for Use | ||||||
| Net Debt (–) / Net Cash (+) before M&A commitments |
The company's cash and short-term investments decreased with the company's short- and long-term interest-bearing liabilities, leasing liabilities according to IFRS16. |
Provide a metric to measure the debt before M&A commitments compared to its liquid assets. This metric is also used to calculate the Company's financial leverage before M&A commitments. |
||||||
| Leverage ratio on Net Debt (–) / Net Cash (+) before M&A commitments |
Net Debt before M&A commitments divided by the last 12 months Adjusted EBITDA. |
Provides a measure of financial leverage before M&A commitments. | ||||||
| Net Debt (–) / Net Cash (+) after M&A commitments |
The company's cash and short-term investments decreased with the company's short- and long-term interest-bearing liabilities, leasing liabilities according to IFRS16, contingent consideration, put/call on non controlling interest, liabilities to employees related to historic acquisitions and deferred consideration. |
financial leverage. | The metric is commonly used by investors, financial analysts and other stakeholders to measure the debt compared to its liquid assets. This metric is also used for calculating the company's |
|||||
| Leverage ratio on Net Debt (–) / Net Cash (+) after M&A commitments |
Net Debt after M&A commitments divided by the last 12 months Adjusted EBITDA. |
Provides a measure of financial leverage after M&A commitments. |
DERIVATIONS OF APM'S
APM Table
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|
| EBITDA | 34,898 | 26,301 | 188,646 |
| Adjusted EBITDA | 39,917 | 29,627 | 228,188 |
| Adjusted EBITDA margin | 11.4 % | 11.2 % | 16.7 % |
| EBIT | 15,319 | 5,785 | 116,747 |
| Adjusted EBIT | 32,870 | 21,860 | 198,200 |
| Adjusted EBIT margin | 9.4 % | 8.3 % | 14.5 % |
| Adjusted profit / loss of the period | 13,718 | 7,353 | 69,246 |
| Adjusted Earning per share | 0.059 | 0.052 | 0.405 |
| Items affecting comparability | 2,381 | 542 | 22,210 |
| LTM Adjusted EBITDA | 238,478 | 214,657 | 228,188 |
| Free cash flow before tax and lease payments | 33,551 | 22,676 | 239,142 |
| Free cash flow before tax and lease payments conversion | 84 % | 77 % | 105 % |
| Free cash flow after tax and lease payments | 24,739 | 14,870 | 197,274 |
| Free cash flow after tax and lease payments conversion | 62 % | 50 % | 86 % |
| Net debt (-) / Net Cash (+) before M&A commitments | -404,003 | -882,099 | -409,826 |
| Net debt (-) / Net Cash (+) after M&A commitments | -509,182 | -988,118 | -517,705 |
| Leverage ratio on Net Debt (–) / Net Cash (+) before M&A commitments | 1.7x | 4.1x | 1.8x |
| Leverage ratio on Net Debt (–) / Net Cash (+) after M&A commitments | 2.1x | 4.6x | 2.3x |
| Net Sales growth | 32.0 % | -4.9 % | 6.3 % |
| Organic growth | 34.4 % | -3.1 % | 7.7 % |
| Amortization of publishing and distribution rights | 12,532 | 12,749 | 51,156 |
Adjusted EBITDA and Adjusted EBIT
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|
| Operating profit (EBIT) | 15,319 | 5,785 | 116,747 |
| Depreciation, amortization and impairment | 19,579 | 20,516 | 71,899 |
| EBITDA | 34,898 | 26,301 | 188,646 |
| Personnel costs related to acquisitions | 2,638 | 2,784 | 8,087 |
| Acquisition costs | — | — | — |
| Items affecting comparability | 2,381 | 542 | 31,455 |
| Adjusted EBITDA | 39,917 | 29,627 | 228,188 |
| Depreciation, amortization and impairment | -19,579 | -20,516 | -71,899 |
| Items affecting comparability | — | — | -9,245 |
| Amortization of publishing and distribution rights | 12,532 | 12,749 | 51,156 |
| Adjusted EBIT | 32,870 | 21,860 | 198,200 |
| EBIT margin | ||||
|---|---|---|---|---|
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 | |
| Net sales | A | 349,016 | 264,353 | 1,368,762 |
| EBIT | B | 15,319 | 5,785 | 116,747 |
Financial statements Separate financial statements
EBIT margin B/A 4.4 % 2.2 % 8.5 %
Adjusted EBITDA margin
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 | |
|---|---|---|---|---|
| Net sales | A | 349,016 | 264,353 | 1,368,762 |
| Adjusted EBITDA | B | 39,917 | 29,627 | 228,188 |
| Adjusted EBITDA margin | B/A | 11.4 % | 11.2 % | 16.7 % |
Adjusted EBIT margin
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 | |
|---|---|---|---|---|
| Net sales | A | 349,016 | 264,353 | 1,368,762 |
| Adjusted EBIT | B | 32,870 | 21,860 | 198,200 |
| Adjusted EBIT margin | B/A | 9.4 % | 8.3 % | 14.5 % |
LTM Adjusted EBITDA
| Amounts in k.EUR | Jun 30, 25 | |
|---|---|---|
| Adjusted EBITDA of the period | A | 39,917 |
| Adjusted EBITDA of the previous year | B | 228,188 |
| Adjusted EBITDA of the previous period | C | 29,627 |
| LTM ADJUSTED EBITDA | A+B-C | 238,478 |
Net sales organic growth
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Change |
|---|---|---|---|
| Net sales | 349,016 | 264,353 | 32.0 % |
| Net sales from acquired or divested companies | 1,225 | — | n.a. |
| Difference in exchange rate | 4,684 | -287 | n.a. |
| Organic net sales | 354,925 | 264,066 | 34.4 % |
| Comment from the | |
|---|---|
| Introduction | CEO |
Financial statements Definitions of Derivations of APM's
Net debt and financial leverage
| Amounts in k.EUR | Jun 30, 25 | Mar 31, 25 | |
|---|---|---|---|
| Cash and cash equivalents | 286,595 | 286,396 | |
| Bonds | -628,886 | -633,076 | |
| Liabilities to credit institutions | -7,514 | -9,576 | |
| Financial liabilities | -1,167 | -855 | |
| Lease liabilities | -53,031 | -52,715 | |
| Net debt before M&A commitments | A | -404,003 | -409,826 |
| Put/call options on non-controlling interests | -71,653 | -75,826 | |
| Deferred considerations | -1,135 | -705 | |
| Liabilities to employees related to acquisitions | -32,391 | -31,348 | |
| Net debt after M&A commitments | B | -509,182 | -517,705 |
| LTM Adjusted EBITDA | C | 238,478 | 228,188 |
| Leverage ratio on Net Debt (–) / Net Cash (+) before M&A commitments | A/C | 1.7x | 1.8x |
| Leverage ratio on Net Debt (–) / Net Cash (+) after M&A commitments | B/C | 2.1x | 2.3x |
Adjusted net profit/loss
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|
| Profit/loss for the period | -1,598 | -6,867 | 4,699 |
| Adjustments | |||
| Personnel costs related to acquisitions | 2,638 | 2,784 | 8,087 |
| Acquisition costs | — | — | — |
| Items affecting comparability | 2,381 | 542 | 22,210 |
| Amortization of publishing and distribution rights | 12,532 | 12,749 | 51,156 |
| Change in fair value contingent consideration and put/call options on non controlling interests |
1,738 | 1,834 | -160 |
| Adjustments before tax | 19,289 | 17,909 | 81,293 |
| Tax effects on adjustments | -3,974 | -3,689 | -16,746 |
| Adjustments after tax | 15,316 | 14,220 | 64,547 |
| Total | 13,718 | 7,353 | 69,246 |
| Weighted average number of ordinary shares outstanding, million | 234 | 141 | 171 |
| Adjusted Earning per share, EUR | 0.06 | 0.05 | 0.40 |
| Introduction | |
|---|---|
Financial statements Separate financial statements
Free cash flow before and after tax and capitalized lease payments and conversion ratio
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|
| Adjusted EBITDA | 39,917 | 29,627 | 228,188 |
| Other non-cash items | — | — | — |
| Purchase of intangible assets | -5,808 | -4,550 | -12,505 |
| Purchase of property, plant and equipment | -858 | -1,494 | -4,807 |
| Movement in working capital (excluding income tax and IAC) | 300 | -907 | 28,266 |
| Free cash flow before tax and capitalized lease payments | 33,551 | 22,676 | 239,142 |
| Conversion rate | 84.1 % | 76.5 % | 104.8 % |
| Repayments of lease liabilities | -3,281 | -2,650 | -12,993 |
| Income tax paid | -5,531 | -5,156 | -28,875 |
| Free cash flow after tax and capitalized lease payments | 24,739 | 14,870 | 197,274 |
| Conversion rate | 62.0 % | 50.2 % | 86.5 % |
Items affecting comparability
| Amounts in k.EUR | Apr-Jun 25 | Apr-Jun 24 | Apr 24-Mar 25 |
|---|---|---|---|
| Other external expenses | — | 542 | 30,211 |
| Personnel expenses | — | — | 1,480 |
| Net gain/loss on disposal of fixed assets | 2,381 | — | — |
| Goods for resale | — | — | -236 |
| Items affecting comparability in EBITDA | 2,381 | 542 | 31,455 |
| Write down of intangible assets | — | — | — |
| Write down of tangible assets | — | — | — |
| Impairment of goodwill | — | — | — |
| Impairment of intangible assets | — | — | -9,245 |
| Items affecting comparability in EBIT | — | — | -9,245 |
