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Asmodee Group Annual Report 2026
9985_10-k_2026-05-21_11812c3d-5079-4af6-ae94-142a3aeddb53.pdf
Annual Report
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Year-end Report 25/26
Game starts here.
asmo66e
Inspired by Players
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
Q4 25/26
STRONG SALES AND MARGIN EXPANSION
FOURTH QUARTER, JANUARY-MARCH 2026
- Net sales amounted to EUR 407.1 million (341.4), an increase of 19.2%, of which 22.3% organic growth¹.
- Games published by asmodee studios decreased by -9.8%.
- Games published by partners increased by 31.6%.
- Others decreased by -12.7%.
- Adjusted EBITDA¹ amounted to EUR 54.9 million (40.8), corresponding to an adjusted EBITDA margin² of 13.5% (11.9).
- Adjusted EBIT¹ amounted to EUR 48.6 million (32.8). EBIT¹ amounted to EUR 6.7 million (30.9), including a non-cash impairment of EUR -23.6 million, related to a limited number of IPs in the back catalogue.
- Adjusted profit/loss¹ for the quarter was EUR 29.2 million (-3.2), which equates to adjusted earnings per share of EUR 0.13 (-0.02).
- Profit/loss for the quarter amounted to EUR -13.6 million (-0.1), which equates to basic earnings per share of EUR -0.06 (0.00).
- Free cash flow after income tax and lease payments¹ amounted to EUR 121.3 million (95.1), resulting in a free cash flow conversion¹ relative to adjusted EBITDA of 221% (233).
FULL-YEAR, APRIL 2025-MARCH 2026
- Net sales amounted to EUR 1,683.6 million (1,368.8), an increase of 23.0%, of which 25.9% organic growth¹.
- Games published by asmodee studios decreased by -5.8%.
- Games published by partners increased by 40.0%.
- Others decreased by -9.4%.
- Adjusted EBITDA¹ amounted to EUR 285.4 million (228.2), corresponding to an adjusted EBITDA margin² of 17.0% (16.7).
- Adjusted EBIT¹ amounted to EUR 257.3 million (198.2). EBIT¹ amounted to EUR 167.6 million (116.7), including a non-cash impairment of EUR -23.6 million, related to a limited number of IPs in the back catalogue.
- Adjusted profit/loss¹ for the full-year was EUR 139.8 million (70.6), which equates to adjusted earnings per share of EUR 0.60 (0.41).
- Profit/loss for the full-year amounted to EUR 27.7 million (4.7), which equates to basic earnings per share of EUR 0.12 (0.03).
- Free cash flow after income tax and lease payments¹ amounted to EUR 199.4 million (197.3), resulting in a free cash flow conversion¹ relative to adjusted EBITDA of 70% (86).
- Net debt/EBITDA¹ amounted to 0.9x (1.8) and 1.5x (2.3) before and after M&A commitments respectively.
- The Board of Directors proposes a dividend of EUR 0.17 (0.00) per share to be paid in four installments.
MATERIAL EVENTS DURING AND AFTER THE REPORTING PERIOD
- After the end of the quarter, asmodee completed the acquisition of board game publisher ATM Gaming with payment in cash and issuance of class B shares.
¹ See section definitions of Alternative Performance Measures (APM)
€407m
NET SALES
13.5%
ADJUSTED EBITDA MARGIN
221%
CASH CONVERSION
1.5x
NET DEBT/EBITDA AFTER M&A COMMITMENTS
asmodee April 2025-March 2026
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
FINANCIAL SUMMARY
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Net sales | 407,078 | 341,444 | 1,683,562 | 1,368,762 |
| Net sales growth | 19.2 % | 23.0 % | 23.0 % | 6.3 % |
| Organic growth | 22.3 % | 23.6 % | 25.9 % | 7.7 % |
| Operating profit/loss (EBIT) | 6,599 | 30,869 | 167,580 | 116,747 |
| Operating profit/loss (EBIT) margin | 1.6 % | 9.0 % | 10.0 % | 8.5 % |
| Profit / loss for the period | -13,572 | -108 | 27,705 | 4,699 |
| Basic earnings per share | -0.0581 | -0.0007 | 0.1186 | 0.0275 |
| Cash flow for the period | 112,031 | 139,196 | 154,485 | 193,304 |
| EBITDA | 48,944 | 42,272 | 269,244 | 188,646 |
| Adjusted EBITDA | 54,920 | 40,766 | 285,417 | 228,188 |
| Adjusted EBITDA margin | 13.5 % | 11.9 % | 17.0 % | 16.7 % |
| Adjusted EBIT | 48,560 | 32,833 | 257,280 | 198,200 |
| Adjusted EBIT margin | 11.9 % | 9.6 % | 15.3 % | 14.5 % |
| Adjusted profit/loss for the period | 29,219 | -3,248 | 139,758 | 70,556 |
| Adjusted earnings per share, EUR | 0.1350 | -0.0197 | 0.5980 | 0.4122 |
| Free cash flow before income tax and lease payments | 139,454 | 112,608 | 262,279 | 239,142 |
| Free cash flow after income tax and lease payments | 121,348 | 95,127 | 199,372 | 197,274 |
| Net debt (-) / Net Cash (+) before M&A commitments | -257,509 | -409,826 | -257,509 | -409,826 |
| Leverage ratio on Net Debt (-) / Net Cash (+) before M&A commitments | 0.9x | 1.8x | 0.9x | 1.8x |
| Net debt (-) / Net Cash (+) after M&A commitments | -416,248 | -517,705 | -416,248 | -517,705 |
| Leverage ratio on Net Debt (-) / Net Cash (+) after M&A commitments | 1.5x | 2.3x | 1.5x | 2.3x |
asmodee April 2025-March 2026
asmodee
Introduction
Gammage
1
Other Information
Sustainability and governance
Signatures
Financial Services
Separate financial institutions
Definitions of GAM
Biomarkers of GAM
COMMENT FROM THE CEO
Over the past months, the world has demonstrated how quickly conditions can shift, with geopolitical conflicts, and economic uncertainty creating challenges for both society and businesses. Even in this context, asmodee delivered double-digit growth in both sales and EBITDA over the fiscal year, alongside margin expansion and healthy cash flow generation. The development was primarily driven by Europe and the continued strong momentum in Trading Card Games (TCGs).
While the fourth quarter is seasonally softer following the holiday-driven third quarter, performance remained strong due to the following core drivers: our diversified model across categories and geographies, our continued focus on high-quality, long-lasting games developed by asmodee and partners, and our ability to adapt and invest for the future, including through targeted M&A.
I would like to thank our teams, partners, and players for their contribution to a successful quarter and a strong first year as a public company, and our shareholders for their continued trust.
STRONG SALES AND MARGIN EXPANSION
Net sales in the fourth quarter increased by 19.2%, with organic growth of 22.3%, primarily driven by continued strong TCG performance in Europe, alongside sales growth within Board games in all regions.
Sales of Games published by partners increased by 31.6% and were driven by successful TCG releases. These included Mega-Evolution - Ascended Heroes and Perfect Order, the latest Pokémon Trading Card Game expansions, further supported by strong momentum around Pokémon Day on February 27 and the launch of celebrations for the franchise's 30th anniversary. Bandai, one of our other TCG partners, performed well with its One Piece range, including the latest set The Azure Sea's Seven, distributed in English and French by asmodee across several geographies. In addition, several key releases launched successfully during the quarter, including the second set of Riftbound, the TCG set in the League of Legends universe, as well as Magic: The Gathering - Teenage Mutant Ninja Turtles and Magic: The Gathering - Lorwyn Eclipsed. The latter was further supported by a new range of accessories from our Gamegenic studio.
Sales of Games published by asmodee studios decreased by -9.8%, reflecting a combination of mid-single-digit growth in Board games, offset by negative foreign exchange effects primarily related to the USD, and lower sales of Star Wars: Unlimited compared to a strong post-launch period last year. The positive consumer reception reflects our commitment to Star Wars: Unlimited that continues to generate substantial sales while maintaining strong profitability. Board game sales increased in all regions with continued strong dynamics within social games. In the US, sell-in to retailers improved throughout the quarter as inventory levels began to normalize thanks to commercial and marketing initiatives, and sell-out was strong. Notable releases during the quarter included Dewan, Cozy Stickerville, The Lord of the Rings™: The Two Towers trick-taking game, Bloops, Dixit Kids and STAR WARS™: Unlimited - A Lawless Time (Set 7).
The adjusted EBITDA grew by 35%, driven by the strong sales growth and the adjusted EBITDA margin increased by 160 bps to 13.5% despite a less favourable sales mix, supported by continued cost control. The free cash flow was strong, with a free cash conversion at 221%, and we ended the quarter with a net debt/EBITDA of 1.5x (2.3) after M&A commitments, and 2.0x on a pro forma basis including the ATM Gaming acquisition. In light of asmodee's strong financial position and cash flow generation, the Board proposes a dividend of EUR 0.17 per share.
EXPANDING OUR PORTFOLIO AND REACH
During the quarter, asmodee demonstrated the strength of our creativity and innovation, with several games receiving major industry recognition. Dixit Kids was named Best Game of the Fair at InterOcio in Madrid and won the overall award across all categories. Heat received the Golden Meeple Award for Best Expansion at GAMA, while Toy Battle won the prestigious As d'Or - Game of the Year at the Festival International des Jeux in Cannes. These award-winning and other key titles were supported by events and activations across regions, underscoring the importance of community and play in our strategy. Key moments included asmodee Spain's Retailer Day, the CATAN® Americas Championship, our first participation in the Melbourne Toy Fair, and a strong presence at the Festival International des Jeux in Cannes, including the return of the popular TCG Village and dedicated initiatives such as Game in Lab and Access+. These activities also reflect our commitment to sustainability and social impact, with a focus on accessibility, inclusion, and the positive role games can play in local communities.
This quarter also featured a number of impactful partnerships and brand activations, further strengthening the connection between our games and pop culture. Our Licensing team expanded the reach of several brands through partnerships with leading quick-service restaurant chains in France and the UK. We also announced a new partnership between Netflix and Ticket to Ride, following the recent CATAN® announcement, further illustrating the transmedia potential of our IP portfolio. In parallel, The Werewolves of Miller's Hollow celebrated its 25th anniversary through a series of high-visibility activations in Cannes and beyond.
During the quarter, we announced the acquisition of ATM Gaming, a leader in social games — the fastest-growing category of the board games market. Since the announcement, we have focused on a smooth onboarding. ATM Gaming continues to operate as an independent studio while beginning to benefit from asmodee's global scale and distribution capabilities as exemplified by the internalization of their distribution in France that is now in effect. ATM Gaming has delivered strong growth in recent years and the momentum has continued into 2026, with last twelve months' sales as of the end of March showing double-digit growth in line with expectations. For FY 26/27, ATM Gaming is expected to contribute at least EUR 50 million in net sales and more than EUR 25 million in EBITDA before synergies. We also welcomed Japon Brand and launched our new creative entity, Nekuma Studio, marking an important step in building our presence in Japan and expanding access to talented game authors for upcoming global releases. Furthermore, after the end of the quarter we also acquired the remaining 45% minority stake in Exploding Kittens at a purchase price of EUR 151 million. The purchase price is broadly in line with the valuation of Exploding Kittens in our Q3 report and reflects its strong operational performance.
NAVIGATING AN EVOLVING ENVIRONMENT
We remain mindful of the evolving geopolitical and macroeconomic environment, including pressure on transportation and energy costs. The impact in the fourth quarter has been limited, and we are actively managing these dynamics, taking appropriate mitigation measures and leveraging our experience from similar situations, supported by a favorable product mix with TCGs being less costly to transport. We continue to expect growth in the coming quarters.
Times like these highlight the enduring importance of connection, community, and shared experiences. These values sit at the heart of tabletop gaming and continue to guide asmodee's teams and leadership in supporting our players and partners.
asmodee April 2025-March 2026
THOMAS KOEGLER, CEO
asmodee
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
FINANCIAL OVERVIEW
FOURTH QUARTER DEVELOPMENT
NET SALES
Net sales amounted to EUR 407.1 million (341.4), an increase of 19.2% compared to the same quarter last year. Organically, sales increased by 22.3%. Structural changes¹ had an effect of -0.5% and the impact of changes in exchange rates was -2.6%. Games published by asmodee studios decreased by -9.8%, driven by negative foreign exchange effects and lower sales of Star Wars: Unlimited compared to a strong post-launch period last year, partly offset by increasing Board game sales in all regions. Games published by partners increased by 31.6%, supported by the continued success of TCGs. Others decreased by -12.7%, impacted by the disposal of Twin Sails Interactive.
Sales by game publisher
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Change |
|---|---|---|---|
| Games published by asmodee studios | 79,827 | 88,509 | -9.8% |
| Games published by partners | 316,271 | 240,345 | 31.6% |
| Others | 10,989 | 12,590 | -12.7% |
| Revenue from contracts with customer | 407,078 | 341,444 | 19.2% |
ADJUSTED EBITDA² AND EBIT²
Adjusted EBITDA² amounted to EUR 54.9 million (40.8). The increase in adjusted EBITDA² was driven by higher volumes and lower royalty costs, partly offset by higher personnel costs and higher marketing costs. The adjusted EBITDA margin² was 13.5% (11.9) and was driven by lower relative other operating expenses and personnel costs, due to both strong cost control and the timing of planned recruitments, partly offset by a less favourable sales mix.
Adjusted EBIT² amounted to EUR 48.6 million (32.8), corresponding to a margin of 11.9% (9.6). EBIT² amounted to EUR 6.7 million (30.9) and included items affecting comparability³ of EUR -23.6 million (9.9), related to an impairment of EUR -23.6 million that was recognized following an assessment of the carrying value of publishing and distribution rights. This non-cash adjustment relates to a limited number of IPs in the back catalogue and reflects the regular review of carrying values across a broad portfolio of titles. EBIT² also included acquisition costs of EUR -1.5 million (0.0) related to ATM Gaming and Exploding Kittens, personnel costs related to acquisitions of EUR -4.5 million (0.8) and amortization of publishing and distribution rights of EUR -12.3 million (-12.7).
Net sales (EUR million) and Adj. EBITDA margin (%) by quarter
NET FINANCIALS
Net financials amounted to EUR -18.9 million (-31.0). Financial expenses of EUR -23.0 million (-79.1) included interest expenses of EUR -9.1 million (-20.0) primarily related to interest expenses on bonds. Last year financial expenses were further impacted by EUR -6.0 million of costs related to the early repayment of bonds. Financial expenses were also impacted by the change in fair value of contingent consideration and put/call options on non-controlling interests of EUR -10.0 million (-3.1) related to the final purchase price of Exploding Kittens³ and foreign exchange effects of EUR 0.5 million (-49.4). Financial income of EUR 4.1 million (48.1) mainly consisted of interest on cash equivalents of EUR 1.7 million (0.3), foreign exchange effects of EUR 2.4 million (38.2) and other financial income of EUR 0.1 million (2.1).
PROFIT/LOSS FOR THE QUARTER
Profit/loss² for the quarter was EUR -13.6 million (-0.1), which equates to basic earnings per share of EUR -0.06 (0.00). Income tax for the quarter was EUR -1.3 million (0.1). Adjusted net profit/loss² for the quarter was EUR 29.2 million (-3.2), which equates to adjusted earnings per share of EUR 0.13 (-0.02). The difference between profit/loss² and the adjusted net profit/loss² for the quarter was mainly due to the non-cash impairment of EUR -23.6 million and the change in fair value of contingent consideration and put/call option on non-controlling interests primarily related to the final purchase price of Exploding Kittens³ and other non-cash items.
CASH FLOW
Free cash flow after income tax and lease payments amounted to EUR 139.5 million (112.6), resulting in a free cash flow conversion² relative to adjusted EBITDA of 221% (233).
Cash flow from operating activities amounted to EUR 131.7 million (71.6) during the quarter, whereof changes in working capital amounted to EUR 90.8 million (52.3) positively impacted by a decrease in inventories of EUR 7.0 million (-6.3), a decrease in receivables of EUR 70.7 million (62.8) and an increase in payables of EUR 10.4 million (-12.9).
Cash flow from investing activities was EUR -3.1 million (-2.9) and mainly related to investments in games developments and the acquisitions of Japon Brand and the Sheriff of Nottingham IP rights.
Cash flow from financing activities was EUR -16.6 million (70.6) mainly impacted by repayment of loans to credit institutions of EUR -7.7 million (-14.0) and interests paid of EUR -4.3 million (-17.6). Last year was impacted by the implementation of a new capital structure.
¹ Structural changes refer to the divestment of Twin Sales Interactive
² See section definitions of Alternative Performance Measures (APM)
³ See Notes 8 and 9 for more information about Exploding Kittens
asmodee April 2025-March 2026
asmodee
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
YEAR TO DATE DEVELOPMENT
NET SALES
Net sales amounted to EUR 1,683.6 million (1,368.8), an increase of 23.0% compared to the same period last year. Organically, sales increased by 25.9%. Structural changes¹ had an effect of -0.4% and the impact of changes in exchange rates was -2.5%. Games published by asmodee studios decreased by -5.8%, driven by negative foreign exchange effects and lower sales of Star Wars: Unlimited compared to a strong post-launch period last year. Games published by partners increased by 40.0%, supported by the continued success of TCGs. Others decreased by -9.4%, impacted by the disposal of Twin Sails Interactive.
Sales by game publisher
| Amounts in k.EUR | Apr 25-Mar 26 | Apr 24-Mar 25 | Change |
|---|---|---|---|
| Games published by asmodee studios | 427,046 | 453,559 | -5.8% |
| Games published by partners | 1,210,566 | 864,469 | 40.0% |
| Others | 45,950 | 50,734 | -9.4% |
| Revenue from contracts with customer | 1,683,562 | 1,368,762 | 23.0% |
ADJUSTED EBITDA² AND EBIT²
Adjusted EBITDA² amounted to EUR 285.4 million (228.2). The increase in adjusted EBITDA² was driven by higher volumes, partly offset by higher personnel costs, increased marketing costs, higher shipping costs and other operating expenses that were partly related to becoming a standalone listed company. The adjusted EBITDA margin² was 17.0% (16.7%) and was driven by lower relative personnel costs and other operating expenses, due to both the timing of planned recruitments and overall strong cost control, partly offset by a less favourable sales mix.
Adjusted EBIT² amounted to EUR 257.3 million (198.2), corresponding to a margin of 15.3% (14.5). EBIT² amounted to EUR 167.6 million (116.7) and included items affecting comparability² of EUR -26.9 million (-22.2), related to an impairment of EUR -23.6 million that was recognized following an assessment of the carrying value of publishing and distribution rights. This non-cash adjustment relates to a limited number of IPs in the back catalogue and reflects the regular review of carrying values across a broad portfolio of titles. Last year, items affecting comparability was impacted by costs related to the listing. EBIT² also included acquisition costs of EUR -1.5 million (0.0) related to ATM Gaming and Exploding Kittens, personnel costs related to acquisitions of EUR -11.4 million (-8.1) and amortization of publishing and distribution rights of EUR -49.9 million (-51.2).
Net sales (EUR millions) and Adj EBITDA margin (%) YTD
NET FINANCIALS
Net financials amounted to EUR -97.7 million (-92.1). Financial expenses of EUR -109.3 million (-167.4) included interest expenses of EUR -41.1 million (-80.8) primarily related to interest expenses on bonds. Financial expenses were further impacted by EUR -5.7 million related to the write-down of implementation costs for the previous bond, with costs for the new bond capitalized. Last year was impacted by EUR -22.1 million related to the implementation costs of the bridge loan and RCF and early repayment of bonds. Financial expenses were also impacted by the change in fair value of contingent consideration and put/call options on non-controlling interests of EUR -41.8 million (-8.8), primarily related to the improvement in the operational performance of Exploding Kittens³, and foreign exchange effects of EUR -7.4 million (-66.1). Financial income of EUR 11.7 million (75.3) was mainly impacted by interest on cash equivalents of EUR 4.3 million (0.7) and foreign exchange effects of EUR 6.6 million (63.3).
PROFIT/LOSS FOR THE PERIOD
Profit/loss² for the period was EUR 27.7 million (4.7), which equates to basic earnings per share of EUR 0.12 (0.03). Income tax for the period was EUR -42.2 million (-20.0). Adjusted net profit² for the period was EUR 139.8 million (70.6), which equates to adjusted earnings per share of EUR 0.60 (0.41). The difference between profit/loss² and the adjusted net profit/loss¹ for the period was mainly due to the change in fair value of contingent consideration and put/call option on non-controlling interests primarily related to the improvement in the operational performance of Exploding Kittens³ as well as the non-cash impairment of EUR -23.6 million and other non-cash items.
CASH FLOW
Free cash flow after income tax and capitalized lease payments amounted to EUR 199.4 million (197.3), resulting in a free cash flow conversion² relative to adjusted EBITDA of 70% (86).
Cash flow from operating activities amounted to EUR 232.7 million (185.9) during the period. The cash flow from operating activities was impacted by higher income tax paid of EUR -48.8 million (-28.9), mainly driven by the higher profit before tax, as well as the earn-out payment related to Venross of EUR -7.2 million. Changes in working capital amounted to EUR 1.6 million (29.2), negatively impacted by an increase in inventories for an amount of EUR -27.5 million (-4.0) and an increase in receivables of EUR -14.2 million (-21.8). This was partly offset by an increase in payables of EUR 29.7 million (47.2). The working capital development compared to last year mainly reflects the strong growth in the TCG category, which at current sales levels leads to a different cash flow pattern than historically.
¹ Structural changes refer to the divestment of Twin Sales Interactive
² See section definitions of Alternative Performance Measures (APM)
³ See Notes 8 and 9 for more information about Exploding Kittens
asmodee April 2025-March 2026
asmodee
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
Cash flow from investing activities was EUR -22.1 million (-18.9) and mainly relates to investments in games developments as well as the acquisitions of the Zombicide, the Cthulhu: Death May Die, the Sheriff of Nottingham IP rights as well as the acquisition of Japon Brand.
Cash flow from financing activities was EUR -56.1 million (26.3) mainly driven by interest paid for EUR -38.7 million (-84.2). Last year was impacted by the implementation of a new capital structure.
FINANCIAL POSITION
Net debt before and after M&A commitments¹ at the end of the period amounted to EUR -257.5 million (-409.8) and EUR -416.2 million (-517.7) respectively, resulting in a net debt/EBITDA¹ before and after M&A commitments of 0.9x (1.8) and 1.5x (2.3) respectively.
The decrease in net debt is driven by the free cash flow generation during the period. This was partly offset by the change in fair value of M&A commitments, primarily related to the improvement in the operational performance of Exploding Kittens².
As per March 31, 2026 the total outstanding bond debt amounted to EUR 638.7 million (633.1).
Cash and cash equivalents at the end of the period amounted to EUR 436.9 million (286.4). The increase is mainly due to the free cash flow generation during the period.
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 March 31, 2026 of EUR 0.1 million (2.6), and profit/loss before tax was EUR -21.5 million (-82.7). Profit/loss for the period was EUR -21.5 million (-83.3).
Cash and cash equivalents as of March 31, 2026 were EUR 25.9 million (87.4). Liabilities mainly relate to bonds of EUR 638.7 million (633.1).
The parent company's equity at the end of the period was EUR 1,995.8 million (2,017.3).
1 See section definitions of Alternative Performance Measures (APM)
2 See Notes 8 and 9 for more information about Exploding Kittens
asmodee April 2025-March 2026
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
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 financial year (FY), driven by holiday-related purchases, particularly connected to Christmas and New Year. The increase in sales related to the holiday season is a result of 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 DURING AND AFTER THE REPORTING PERIOD
After the end of the quarter, asmodee completed the acquisition of board game publisher ATM Gaming with payment in cash and issuance of class B shares. For more details, please refer to note 11.
ANNUAL GENERAL MEETING 25/26
Asmodee's Annual General Meeting 25/26 will be held in Karlstad, Sweden, on September 24, 2026.
AUDITOR'S REVIEW
The information in this year-end report has not been reviewed by the company's auditors.
PROPOSED DIVIDEND
In light of asmodee's strong financial position and cash flow generation, the Board of Directors proposes a dividend of EUR 0.17 (0.00) per share for the fiscal year 25/26, to be paid in four installments.
The proposal is subject to approval by the Annual General Meeting on September 24, 2026. If approved, the dividend will be paid through Euroclear Sweden AB. Proposed record dates will be presented in the notice to the Annual General Meeting.
FINANCIAL CALENDAR
| Report date | |
|---|---|
| Annual Report 25/26 | June 29, 2026 |
| Interim Report Q1 26/27 | August 4, 2026 |
| Annual General Meeting 25/26 | September 24, 2026 |
| Interim Report Q2 26/27 | November 13, 2026 |
| Interim Report Q3 26/27 | February 10, 2027 |
| Year-end Report Q4 26/27 | May 19, 2027 |
CONTACTS
Nathalie Redmo
Head of Investor Relations
+46 768 10 22 43
Investor relations: [email protected]
Media relations: [email protected]
Website: asmodee.com
asmodee April 2025-March 2026
asmodee
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
SUSTAINABILITY AND GOVERNANCE
SUSTAINABILITY AND ESG: A CORE PART OF ASMODEE'S BUSINESS APPROACH
The Festival International des Jeux in Cannes 2026 served as a key venue to showcase the group's breadth, featuring extensive gameplay activities, tournaments and product demonstrations. Multiple titles were nominated for the prestigious As d'Or award (the most prestigious board game award in France).
At Cannes, members of the asmodee Sustainability team also trained healthcare professionals, caregivers, and their patients on how to use board games to assist those with cognitive disabilities. These activities took place in a space within the event that was carefully designed by asmodee for people with cognitive disabilities, supervised by trained aides.
During the event, asmodee hosted a conference to showcase research conducted through Game in Lab (an initiative launched by asmodee that supports scientific research on the social, cognitive, and educational benefits of board games). Researchers from France presented their findings on the benefits of board games for emotional regulation in adults and children, and a practitioner from Canada shared her work using board games with children and teenagers to help them regulate negative emotions.
During this quarter, the group's Sustainability team conducted a series of workshops with Supply Chain and studios to develop the group's sustainability strategy around reducing the environmental impact of the games through design and production. The workshops demonstrated a strong commitment to sustainability from asmodee's business leaders and organization. The results of the workshops will guide initiatives to reduce the negative environmental impact of games while maintaining quality, durability, and profitability, supporting long-term value for shareholders and other stakeholders.
SIGNATURES
The Board of Directors and Chief Executive Officer offer their assurance that this year-end 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
Stéphane Carville
Board member
Linda Höljö
Board member
Marc Nunes
Board member
Karlstad, Sweden, May 21, 2026
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 May 21, 2026.
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
Eugene Evans
Board member
Jacob Jonmyren
Board member
Thomas Kægler
CEO
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
asmodee April 2025-March 2026
asmodee
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
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OF ASMODEE GROUP AB
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS
| Amounts in k.EUR | Note | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|---|
| Net sales | 4 | 407,078 | 341,444 | 1,683,562 | 1,368,762 |
| Goods for resale | -243,890 | -200,917 | -968,706 | -756,727 | |
| Personnel expenses | -52,598 | -44,111 | -184,575 | -167,590 | |
| Other operating income | 4,996 | 6,579 | 14,416 | 13,254 | |
| Other operating expenses | -66,644 | -60,672 | -274,257 | -271,212 | |
| Depreciation, amortization and impairment | -42,244 | -11,403 | -101,664 | -71,899 | |
| Share of profit/loss of associates after tax | 1 | -51 | -1,196 | 2,159 | |
| Operating profit/loss (EBIT) | 6,699 | 30,869 | 167,580 | 116,747 | |
| Financial income | 5 | 4,092 | 48,058 | 11,667 | 75,323 |
| Financial expenses | 5 | -23,034 | -79,102 | -109,333 | -167,385 |
| Financial results | -18,937 | -31,044 | -97,666 | -92,062 | |
| Profit/loss before tax | -12,238 | -175 | 69,914 | 24,685 | |
| Income tax | -1,334 | 67 | -42,209 | -19,986 | |
| Profit/loss for the period | -13,572 | -108 | 27,705 | 4,699 | |
| Profit/loss for the period attributable to: | |||||
| Equity holders of the parent | -13,572 | -108 | 27,705 | 4,699 | |
| Non-controlling interests | — | — | — | — | |
| Earnings per share (in EUR) | |||||
| Basic earnings per share | 6 | -0.0881 | -0.0007 | 0.1186 | 0.0275 |
| Diluted earnings per share | 6 | -0.0881 | -0.0007 | 0.1186 | 0.0275 |
asmodee April 2025-March 2026
asmodee
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
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Amounts in k.EUR | Note | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|---|
| Profit/loss for the period | -13,572 | -108 | 27,705 | 4,699 | |
| Other comprehensive income, net of tax | 6,274 | -10,561 | -25,717 | -3,563 | |
| Items that will be reclassified to profit or loss: | |||||
| Exchange differences on translation of foreign operations | 6,241 | -10,524 | -25,742 | -3,513 | |
| Items that will not be reclassified to profit or loss: | |||||
| Remeasurement of defined benefit plans for employees | 33 | -37 | 25 | -50 | |
| Total comprehensive income for the period, net of tax | -7,298 | -10,669 | 1,988 | 1,136 | |
| Total comprehensive income attributable to: | |||||
| Equity holders of the parent | -7,298 | -10,669 | 1,988 | 1,136 | |
| Non-controlling interests | — | — | — | — |
asmodee April 2025-March 2026
asmodee
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
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Amounts in k.EUR | Note | Mar 31, 26 | Mar 31, 25 |
|---|---|---|---|
| Goodwill | 1,179,386 | 1,179,039 | |
| Publication and distribution rights | 1,028,119 | 1,126,161 | |
| Other intangible assets | 28,735 | 27,935 | |
| Property, plant and equipment | 18,976 | 20,130 | |
| Right-of-use assets | 50,915 | 49,591 | |
| Investments in associates | — | 1,198 | |
| Other non-current financial assets | 2,408 | 3,779 | |
| Deferred tax assets | 8,951 | 5,832 | |
| Total non-current assets | 2,317,488 | 2,413,665 | |
| Inventories | 248,641 | 225,352 | |
| Trade receivables | 212,049 | 195,903 | |
| Advances and prepaid expenses | 34,179 | 28,199 | |
| Other current financial assets | 2,443 | 9,865 | |
| Other current assets | 21,525 | 28,357 | |
| Cash and cash equivalent | 436,869 | 286,396 | |
| Total current assets | 955,706 | 774,072 | |
| Total assets | 3,273,194 | 3,187,737 |
Cont.>>
asmodee April 2025-March 2026
asmodee
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
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONT.)
| Amounts in k.EUR | Note | Mar 31, 26 | Mar 31, 25 |
|---|---|---|---|
| Share capital | 78 | 78 | |
| Other contributed capital | 3,334,658 | 3,334,658 | |
| Currency translation adjustment reserve | -26,556 | -812 | |
| Retained earnings | -1,449,658 | -1,454,419 | |
| Profit/loss for the period | 27,705 | 4,699 | |
| Total equity attributable to equity holders of the parent | 1,886,227 | 1,884,204 | |
| Total equity | 6 | 1,886,227 | 1,884,204 |
| Non-current provisions | 1,754 | 1,228 | |
| Employee benefits | 1,473 | 1,319 | |
| Deferred tax liabilities | 195,095 | 214,469 | |
| Lease liabilities | 42,423 | 42,731 | |
| Bonds | 7 | 629,527 | 626,778 |
| Liabilities to credit institutions | 8 | 51 | 1,714 |
| Deferred and contingent considerations | 9 | 477 | 542 |
| Liabilities to employees related to acquisitions | 9 | 6,295 | 3,798 |
| Other non-current liabilities | 2,000 | 1,400 | |
| Total non-current liabilities | 879,055 | 893,979 | |
| Current provisions | 4,183 | 1,789 | |
| Employee benefits | 203 | 196 | |
| Trade payables | 224,459 | 193,198 | |
| Advances and deferred incomes | 27,588 | 17,857 | |
| Lease liabilities | 11,597 | 9,984 | |
| Bonds | 7 | 9,220 | 6,298 |
| Liabilities to credit institutions | 8 | 1,593 | 7,862 |
| Put/call options on non-controlling interests | 9, 10 | 113,462 | 75,826 |
| Deferred and contingent considerations | 9 | 706 | 163 |
| Liabilities to employees related to acquisitions | 9 | 37,799 | 27,550 |
| Other current financial liabilities | 7 | 855 | |
| Other current liabilities | 77,095 | 67,976 | |
| Total current liabilities | 507,912 | 409,554 | |
| Total equity & liabilities | 3,273,194 | 3,187,737 |
asmodee April 2025-March 2026
asmodee
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
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 | — | — | — | — | 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 | 71 | 400,006 | — | 1,285 | — | 401,362 | |
| Contribution in kind | 6 | — | 113,531 | — | — | — | 113,531 |
| Dividend distribution | 6 | — | — | — | -892,178 | — | -892,178 |
| Effect of the change in functional currency of the Parent company | 4 | 24,294 | -24,298 | — | — | — | |
| Other | 6, 10 | — | — | — | -34,616 | — | -34,616 |
| Other changes in equity | 75 | 537,831 | -24,298 | -925,509 | — | -411,901 | |
| Closing balance - Mar 31, 25 | 78 | 3,334,658 | -812 | -1,454,419 | 4,699 | 1,884,204 |
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 | — | — | — | — | 27,705 | 27,705 | |
| Other comprehensive income | 6 | — | — | -25,742 | 25 | — | -25,717 |
| Total comprehensive income for the period | — | — | -25,742 | 25 | 27,705 | 1,988 | |
| Transactions with the owners | |||||||
| Capital Increase | — | — | — | 36 | — | 36 | |
| Contribution in kind | — | — | — | — | — | — | |
| Dividend distribution | — | — | — | — | — | — | |
| Effect of the change in functional currency of the Parent company | — | — | — | — | — | — | |
| Other | — | — | — | — | — | — | |
| Other changes in equity | — | — | — | 36 | — | 36 | |
| Closing balance - Mar 31, 26 | 78 | 3,334,658 | -26,556 | -1,449,658 | 27,705 | 1,886,227 |
asmodee April 2025-March 2026
asmodee
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
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
| Amounts in k.EUR | Note | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|---|
| Operating activities | |||||
| Operating profit/loss (EBIT) | 6,699 | 30,869 | 167,580 | 116,747 | |
| Adjustment for: | |||||
| Amortization, Depreciation, Impairment | 42,243 | 11,403 | 101,664 | 71,899 | |
| Provision | 1,650 | -8,751 | 2,920 | -4,750 | |
| Profit shares in associated companies | -1 | 51 | 1,196 | -2,159 | |
| Personnel expenses related to acquisitions | 4,532 | -816 | 11,379 | 8,087 | |
| Net gain/loss on disposal of fixed assets | 36 | -121 | 2,378 | -69 | |
| Movements in working capital (Excluding income taxes) | |||||
| Decrease/increase in inventories | 6,966 | -6,342 | -27,539 | -4,001 | |
| Decrease/increase in trade receivables | 70,707 | 62,800 | -14,179 | -21,848 | |
| Decrease/increase in trade payables | 10,426 | -12,871 | 29,723 | 47,224 | |
| Decrease/increase in other receivables/payables | 2,669 | 8,756 | 13,561 | 7,824 | |
| Payment of liabilities to employees related to acquisitions | -90 | 26 | -7,205 | -4,163 | |
| Income tax paid | -14,122 | -13,447 | -48,767 | -28,875 | |
| Cash flow from operating activities | 131,715 | 71,557 | 232,711 | 185,916 | |
| Investing activities | |||||
| Purchases of intangible assets | -3,757 | -2,202 | -18,452 | -12,693 | |
| Proceeds on disposal of intangible assets | -1 | 182 | 7 | 188 | |
| Purchases of tangible assets | -875 | -1,025 | -4,672 | -5,021 | |
| Proceeds on disposal of tangible assets | 11 | 21 | 25 | 214 | |
| Purchases of subsidiaries (net of cash acquired) | -122 | 5 | -122 | -1,708 | |
| Disposal of subsidiary (net of cash disposed) | 1 | 107 | -2,360 | 105 | |
| Purchases of associates, equity instruments and joint ventures | 2 | — | -431 | — | |
| Disposal of associates, equity instruments and joint ventures | — | — | — | — | |
| Lending to associates, joint ventures and other entities | 2 | — | -431 | — | |
| Repayment of loans from associates, joint ventures and other entities | — | — | — | — | |
| Interests received | 1,688 | — | 4,323 | — | |
| Cash flow from investing activities | -3,051 | -2,912 | -22,113 | -18,915 |
Cont.>>
asmodee April 2025-March 2026
asmodee
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 | Note | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|---|
| Financing activities | |||||
| Proceeds from capital increase | 12 | 400,027 | 36 | 400,027 | |
| Dividends paid | 6 | — | — | — | -892,178 |
| Repayments of shareholders and other loans and borrowings | — | 17 | -1 | -432 | |
| Proceeds from liabilities to credit institutions | 8 | 863 | 4,883 | 5,763 | 920,621 |
| Repayments from liabilities to credit institutions | 8 | -7,676 | -14,047 | -14,588 | -940,554 |
| Proceeds from Bonds | 7 | — | 4,969 | 320,000 | 946,224 |
| Repayments from Bonds | 7 | — | -301,304 | -320,000 | -301,304 |
| Repayment of lease liabilities | -3,984 | -4,148 | -14,140 | -12,993 | |
| Interests paid | -4,250 | -17,564 | -38,686 | -84,225 | |
| Other financing activities | -1,598 | -2,282 | 5,503 | -8,883 | |
| Net cash (used in)/from financing activities | -16,633 | 70,551 | -56,113 | 26,303 | |
| Cash flow for the period | 112,031 | 139,196 | 154,485 | 193,304 | |
| Cash and cash equivalents at the beginning of period | 322,141 | 155,799 | 286,396 | 99,441 | |
| Cash flow for the period | 112,031 | 139,196 | 154,485 | 193,304 | |
| Exchange rate differences | 2,692 | -8,600 | -4,012 | -6,350 | |
| Cash and cash equivalents at the end of period | 436,869 | 286,396 | 436,869 | 286,396 |
asmodee April 2025-March 2026
asmodee
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
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 MATERIAL ACCOUNTING POLICIES
General information
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 May 21, 2026.
Basis of preparation
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 as those applied in the consolidated financial statements of Asmodee Group AB as for the financial year ending March 31, 2025.
The applicability and scope of the Safe Harbour rules for the period ending March 31, 2025 was confirmed by the Swedish tax authorities which confirmed the group position (for more details, refer to the consolidated financial statements of Asmodee Group AB for the financial year ending March 31, 2025, Note 8.9).
During the period ending March 31, 2026, 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 the financial year 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.
Due to the cyclical nature of consumer demand in the tabletop gaming industry, asmodee's operations are subject to seasonality, typically resulting in significantly higher sales and earnings during the second half of the financial year, driven by holiday-related purchases. This seasonal pattern also impacts the group's working capital and cash flow from operating activities, primarily through an increase in inventories during the second and third financial quarters and a subsequent reduction during the late third and fourth financial quarters.
Presentation currency
All amounts are presented in thousands of Euro (k.EUR) unless otherwise indicated. Rounding differences may occur.
Change in Level of Rounding (Presentation Unit)
To enhance the readability of the consolidated financial statements and ensure that material information is not obscured by immaterial details, the group will revise its presentation rounding level in accordance with IAS 1 Presentation of Financial Statements. Effective from June 2026 (Q1 2026/2027), the consolidated financial statements and all accompanying notes will be presented in Millions of Euros (m.EUR) with one decimal. This change represents a change in presentation only. Accordingly, all comparative figures for the prior periods will be re-presented in Millions of Euros to ensure comparability. This change has no impact on the underlying accounting policies, nor will it affect the previously reported financial position, financial performance, or cash flows of the group.
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 the financial year ending March 31, 2025.
asmodee April 2025-March 2026
asmodee
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
NOTE 3 OPERATING SEGMENT
NOTE 3.1 REVENUE BY GEOGRAPHY
The group has no customer, that represents more than 10% of net sales on the period ending March 31, 2026.
The following net sales are based on the seller's location.
| Amounts in k.EUR | Jan-Mar 25 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Sweden | 1,344 | 983 | 6,915 | 3,740 |
| France | 84,516 | 74,333 | 363,369 | 272,926 |
| Germany | 55,893 | 46,815 | 206,623 | 204,995 |
| United Kingdom | 68,302 | 49,937 | 265,010 | 174,138 |
| United States | 38,765 | 45,624 | 205,840 | 236,730 |
| Other Americas | 25,977 | 18,563 | 93,472 | 79,953 |
| Other Europe | 113,967 | 88,459 | 463,568 | 323,430 |
| Rest of the world | 18,296 | 16,730 | 78,765 | 72,850 |
| Net sales | 407,078 | 341,444 | 1,683,562 | 1,368,762 |
NOTE 3.2 ASSETS BY GEOGRAPHY
| Amounts in k.EUR | Mar 31, 26 | Mar 31, 25 | |
|---|---|---|---|
| Publication and distribution rights | 1,028,119 | 1,126,161 | |
| Sweden | — | — | |
| France | 515,792 | 539,926 | |
| United States | 407,688 | 474,822 | |
| Other | 104,639 | 111,413 | |
| Other Intangible assets | 28,733 | 27,935 | |
| Sweden | — | — | |
| France | 8,135 | 8,046 | |
| United States | 16,816 | 16,098 | |
| Other | 3,782 | 3,791 | |
| Property, Plant and Equipment | 18,976 | 20,130 | |
| Sweden | — | — | |
| France | 1,821 | 2,198 | |
| United States | 2,380 | 3,128 | |
| United Kingdom | 9,270 | 10,226 | |
| Other | 5,505 | 4,578 | |
| Right-of-use assets | 50,915 | 49,591 | |
| Sweden | — | — | |
| Canada | 6,310 | 7,547 | |
| France | 8,677 | 7,069 | |
| Germany | 3,271 | 4,436 | |
| United States | 3,811 | 5,518 | |
| United Kingdom | 12,013 | 12,921 | |
| Other | 16,833 | 12,100 | |
| Total | 1,126,743 | 1,223,817 |
asmodee April 2025-March 2026
asmodee
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
NOTE 4 REVENUE FROM CONTRACTS WITH CUSTOMERS
NOTE 4.1 REVENUE BY GAME CATEGORY
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Board games | 99,420 | 96,578 | 527,174 | 535,729 |
| Trading Card Games | 276,570 | 210,754 | 1,020,451 | 695,992 |
| Other categories | 31,187 | 34,112 | 135,937 | 137,041 |
| Revenue from contracts with customer | 407,078 | 341,444 | 1,683,562 | 1,368,762 |
NOTE 4.2 REVENUE BY PUBLISHER
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Games published by asmodee studios | 79,812 | 88,509 | 427,046 | 453,559 |
| Games published by partners | 316,271 | 240,345 | 1,210,566 | 864,469 |
| Others | 10,988 | 12,590 | 45,950 | 50,734 |
| Revenue from contracts with customer | 407,078 | 341,444 | 1,683,562 | 1,368,762 |
NOTE 4.3 REVENUE BY GEOGRAPHY
See Note 3.1.
NOTE 5 FINANCIAL RESULT
| In k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Change in fair value of put/call options on non-controlling interests | — | 8,938 | — | 8,938 |
| Exchange gains on financial items | 2,391 | 38,167 | 6,592 | 63,271 |
| Other gains on financial items | 1,706 | 953 | 5,075 | 3,114 |
| Financial income | 4,097 | 48,058 | 11,667 | 75,323 |
| Change in fair value of put/call options on non-controlling interests | -9,999 | -3,121 | -41,804 | -8,778 |
| Interest expenses related to Bonds | -8,351 | -18,825 | -38,313 | -21,962 |
| Interest expenses related to credit institutions | -103 | -535 | -311 | -56,587 |
| Interest expenses related to leases liabilities | -670 | -601 | -2,506 | -2,249 |
| Exchange losses on financial items | 457 | -49,435 | -7,379 | -66,053 |
| Other losses on financial items | -4,368 | -6,585 | -19,020 | -11,756 |
| Financial expenses | -23,034 | -79,102 | -109,333 | -167,385 |
| Financial result | -18,937 | -31,044 | -97,666 | -92,062 |
For the period ending March 31, 2026, the financial result amounts to EUR -97,666 thousand, mainly driven by Interest expenses related to Bonds for EUR -38,313 thousand (see Note 7), and Change in fair value of put/call options on non-controlling interests for EUR -41,804 thousand (see Note 10.3). Furthermore, Other losses on financial items includes the unwinding of discount on contingent considerations for EUR -9,637 thousand, an expense of EUR -5,714 thousand corresponding to the remaining unamortized bonds issuance costs, recognized immediately upon the early repayment of the variable interests bonds (see Note 7) and a non-utilization fee in relation with the RCF amounting to EUR -1,303 thousand.
It should be noted that unrealized foreign exchange losses on certain intercompany loans have been reclassified to Other Comprehensive Income in the current period, as these loans now qualify as part of the net investment in a foreign operation, for an amount of EUR -12,004 thousand (see Note 6.3 for details on Other Comprehensive Income). The unrealized foreign exchange losses related to these loans were accounted in the Statements of Profit or loss on comparable periods.
For the period ending March 31, 2025, the financial result amounts to EUR -92,062 thousand and is mainly driven by the interest expenses of the bridge loan for EUR -55,736 thousand (see Note 8), the interest expenses related to bonds for EUR -21,962 thousand (see Note 7) and FX gains and losses for EUR -2,782 thousand. Furthermore, Other losses on financial items includes the transaction costs related to the RCF for EUR -3,086 thousand (see Note 8) and the bonds redemption fees for EUR -6,000 thousand (see Note 7).
Interest expenses for the financial year ending March 31, 2025 amount to EUR -80,798 thousand and 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 (see Notes 7 and 8).
asmodee April 2025-March 2026
asmodee
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
NOTE 6 EQUITY
NOTE 6.1 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 with 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.
Refer to Note 11 for transactions affecting the share capital after the reporting period.
Changes in the number of shares
| Number of shares | AGM/EGM date | Registration date | Ordinary shares | A-shares | B-shares | Number of shares at closing |
|---|---|---|---|---|---|---|
| Number of shares upon incorporation of the company | 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 236,721,491 and is composed of 9,000,000 A-shares (10 vote rights) and 227,721,491 B-Shares (1 vote right). For more details, see Note 11.
asmodee April 2025-March 2026
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NOTE 6.2 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 with a new share issue resulting in an additional "Other contributed capital" of EUR 400,006 thousand.
NOTE 6.3 CURRENCY TRANSLATION ADJUSTMENT RESERVES
The variance of the currency translation adjustment reserves for the period ending March 31, 2026 amounted to EUR -25,742 thousand, out of which EUR -12,004 thousand relates to exchange differences arising from 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 -8,903 thousand (net of deferred taxes).
NOTE 6.4 DIVIDENDS DISTRIBUTIONS
No dividends were distributed during the current period.
During the financial year 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 6.5 CHANGE IN FUNCTIONAL CURRENCY OF THE PARENT COMPANY
During the financial year 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 7 - Bonds, Note 8 - 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 thousand 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 the change in functional currency on April 1, 2025.
NOTE 6.6 EARNINGS PER SHARE
The weighted average number of shares outstanding adjusted for retrospective events during the period ending March 31, 2026 amounted to 233,692,000 (171,182,000).
asmodee April 2025-March 2026
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NOTE 7 BONDS
| Amounts in k.EUR | Mar 31, 26 | Mar 31, 25 |
|---|---|---|
| At the beginning of year | 633,076 | — |
| Business combinations | — | — |
| Bond issuance | 320,000 | 946,224 |
| Bond repayment | 320,000 | -301,304 |
| Interests accruals of the period | 35,981 | 14,590 |
| Interests repayment | -33,059 | -8,454 |
| Costs incurred for Bond issuance | -5,298 | -20,764 |
| Effective Interest Rate amortization | 2,333 | 7,375 |
| Foreign exchange gains/losses | — | -4,592 |
| Scope exit | — | — |
| Other | 5,714 | — |
| Carrying amount at end of year | 638,747 | 633,076 |
| of which non-current | 629,527 | 626,778 |
| of which current | 9,220 | 6,298 |
| of which principal | 629,527 | 626,778 |
| of which interests | 9,220 | 6,298 |
Refinancing of the Floating Rate Notes
During the financial year ending March 31, 2026, the group successfully completed the refinancing of EUR 320,000 thousand Senior Secured Floating Rate Notes due 2029, with a Senior Secured Fixed Rate Note in the same amount. The new bond carries a coupon of 4.25%, paid semi-annually, with a maturity date of December 15, 2031.
Following this transaction, the group's bond debt structure is entirely fixed-rate, reducing exposure to interest rate volatility.
The transaction resulted in an immediate expense recognized in Other losses on financial items (see Note 5), of EUR -5,714 thousand, corresponding to the write-off of the remaining unamortized issuance costs associated with the extinguished Senior Secured Floating Rate Notes.
The issuance costs for the new bond amounted to EUR -5,298 thousand. Payments³ related to these costs for the period amounted to EUR -4,489 thousand.
Financing transactions in the previous year
During the financial year ending March 31, 2025, the group raised a financing by issuing an aggregate principal amount of EUR 940,000 thousand⁵ Senior Secured Notes denominated in EUR. The costs incurred by the group to issue this financing amounted to EUR -20,764 thousand. Those issuance costs were paid⁶ in the amount of EUR -1,460 thousand during the period ending March 31, 2026 (for EUR -19,304 thousand on the period ending March 31, 2025).
In February 2025, the company proceeded with a voluntary early repayment of EUR 300,000 thousand. Following this early repayment, the aggregated principal amount of fixed rate Senior Secured Notes bearing interest (5.75%, paid semi-annually, with a maturity date of December 15, 2029) amounted to EUR 320,000 thousand and the principal amount of floating rate Senior Secured Notes bearing interest amounted to EUR 320,000 thousand.
This early repayment resulted in a redemption fee of EUR 6,000 thousand (presented in the line "Other financing activities" of the Consolidated Statement of Cash Flow). It also significantly impacted the interest payments (for EUR -2,960 thousand) and amortization of costs incurred for bond issuance (for EUR 6,519 thousand) of the financial year ending March 31, 2025.
Security and Listing
The senior secured bonds issued on December 2024 are listed on a non-regulated market (The International Stock Exchange). The senior secured bonds issued on December 2025 will be listed on 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.
³ Issuance costs payments are presented in the consolidated statement of cash flows under "Paid interests".
⁵ 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.
asmodee April 2025-March 2026
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NOTE 8 LIABILITIES TO CREDIT INSTITUTIONS
| Amounts in k.EUR | Mar 31, 26 | Mar 31, 25 |
|---|---|---|
| At the beginning of year | 9,576 | 29,356 |
| Business combinations | — | — |
| New loans | 5,763 | 920,621 |
| Loans repayment | -14,588 | -940,554 |
| Interests accruals of the period | 310 | 43,594 |
| Interests repayments | -367 | -43,559 |
| Costs incurred for new loans | — | -12,992 |
| Effective Interest Rate amortization | — | 12,992 |
| Changes in bank overdraft | 122 | — |
| Foreign exchange gains/losses | -58 | 115 |
| Scope exit | — | — |
| Other | 847 | 1 |
| Carrying amount at end of year | 1,604 | 9,576 |
| of which non-current | II | 1,714 |
| of which current | 1,593 | 7,862 |
| of which principal | 1,579 | 9,493 |
| of which interests | 25 | 83 |
During the financial year ending March 31, 2026, the group repaid liabilities to credit institutions for EUR -14,588 thousand. At the reporting date, most of the remaining carrying amount of EUR 1,604 thousand is due for settlement within 12 months.
During the financial year ending March 31, 2025 new loans amounted to EUR 920,621 thousand. This increase is mainly 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 7). During the financial year ending March 31, 2025, the company also repaid other liabilities to credit institutions for EUR -23,802 thousand.
The bridge loan was accounted for 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".
Revolving Credit Facility (RCF)
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 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 5).
The Revolving Credit Facility had not been utilized during the periods ending March 31, 2026 and March 31, 2025.
Other information
The RCF is secured by pledges on the shares of certain material subsidiaries, and certain material bank accounts. The "Changes in bank overdraft" are presented in the consolidated statement of cash flows under "Other financing activities".
NOTE 9 LIABILITIES RELATED TO ACQUISITIONS
Carrying value in the consolidated statement of financial position
| Amounts in k.EUR | Mar 31, 26 | Mar 31, 25 |
|---|---|---|
| Put/call options on non-controlling interests | — | — |
| Deferred considerations | — | 542 |
| Contingent considerations | 477 | — |
| Liabilities to employees related to acquisitions | 6,295 | 3,798 |
| Non-current | 6,772 | 4,340 |
| Put/call options on non-controlling interests | 113,462 | 75,826 |
| Deferred considerations | 538 | 163 |
| Contingent considerations | 168 | — |
| Liabilities to employees related to acquisitions | 37,799 | 27,550 |
| Current | 151,967 | 103,539 |
| Total liabilities related to acquisitions | 158,739 | 107,879 |
During the financial year ending March 31, 2026, the group acquired the intellectual properties "Zombicide" and "Cthulhu Death May Die". These intellectual properties were recognized as intangible assets and are included in the line item "Publication and Distribution rights" in the Statement of financial position.
Contingent considerations resulting from those acquisitions are associated with performance conditions and were accounted for and remeasured at fair value through profit and loss for a total amount of EUR 645 thousand.
Undiscounted expected payments amount to EUR 161,687 thousand (128,415) and mainly increased due to Exploding Kittens (See Notes 10).
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.
asmodee April 2025-March 2026
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Undiscounted expected payments - March 31, 2026
| Amounts in k.EUR | Mar 31, 26 | Less than 1 year | More than 1 year |
|---|---|---|---|
| Put/call options on non-controlling interests | 113,462 | 113,462 | — |
| Deferred considerations | 538 | 538 | — |
| Contingent considerations | 648 | 168 | 480 |
| Liabilities to employees related to acquisitions | 47,039 | 37,799 | 9,239 |
| Total undiscounted expected payments | 161,687 | 151,967 | 9,719 |
Undiscounted expected payments - March 31, 2025
| Amounts in k.EUR | Mar 31, 25 | Less than 1 year | More than 1 year |
|---|---|---|---|
| Put/call options on non-controlling interests | 83,389 | 83,389 | — |
| Deferred considerations | 704 | 163 | 542 |
| Contingent considerations | — | — | — |
| Liabilities to employees related to acquisitions | 44,322 | 35,314 | 9,008 |
| Total undiscounted expected payments | 128,415 | 118,866 | 9,550 |
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 10 FINANCIAL INSTRUMENTS
NOTE 10.1 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 10.2 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 10.3 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 the group 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 | Mar 31, 26 | Mar 31, 25 |
|---|---|---|
| Opening balance | 75,826 | 154,602 |
| Business combinations | — | — |
| Revaluation | 41,804 | -160 |
| Payment | — | — |
| Foreign exchange gains/losses | -4,167 | 287 |
| Cancellations | — | -78,901 |
| Closing balance | 113,462 | 75,826 |
asmodee April 2025-March 2026
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For the period ending March 31, 2026, the net change in fair value relates to the change in net present value of Exploding Kittens put option of EUR 41,804 thousand. This change in fair value is driven by the improvement in the Exploding Kittens operational performance (on which the exercise price of the shares for the put option is based). On December 22, 2025, the group exercised its call option regarding the remaining minority interests in Exploding Kittens. The transaction was finalized after the closing date (see Note 11).
For the financial year ending March 31, 2025, the net change in fair value 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 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 subscribed to 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 6.2).
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 non-controlling interest and of the put option cancellation generated a loss of EUR -34,628 thousand (accounted in Retained Earnings). The loss represents the difference between the carrying amount of the previously held interest and the consideration paid for the non-controlling interest.
SENSITIVITY ANALYSIS
Following the final recognition of the put/call options on non-controlling interest on March 31, 2026, the associated financial liability is no longer sensitive to changes in the discount factor or other unobservable inputs, and thus no sensitivity analysis is provided.
NOTE 11 MATERIAL EVENTS AFTER THE REPORTING PERIOD
Acquisition of ATM Gaming SAS
On April 8, 2026 (the "Acquisition Date"), the group completed the acquisition of 100% of the voting rights and outstanding shares of ATM Gaming SAS. ATM Gaming is a publisher of board games specializing in the "social games" segment, with hit titles such as Speed Bac/Quickstop, Mouton Mouton and Pili Pili. This acquisition aligns with the group's strategy to strengthen its global position in the high-growth party games market.
Based on the terms of the transaction, the maximum payout is estimated at EUR 250.0 million, structured as follows:
- Upfront Cash Consideration: EUR 120.0 million.
- Upfront Equity Consideration: Issuance of Class B shares of Asmodee Group AB representing a value of approximately EUR 30.0 million.
- Deferred Consideration: A deferred cash payment of EUR 30.0 million, payable in 2027.
- Contingent Consideration (Earn-out): An additional payment of up to EUR 70.0 million payable in newly issued Class B shares in 2031, of which up to EUR 25.0 million could be payable in 2027 as an early payment.
The group is currently evaluating the Share Purchase Agreement to determine the accounting treatment of the contingent consideration.
Capital increase
On April 8, 2026, the share capital of Asmodee Group AB increased through a directed share issue resolved by the Board of Directors on April 8, 2026, pursuant to the authorization granted by the Annual General Meeting held on September 18, 2025. A total of 3,029,463 new class B shares were issued with deviation from the shareholders' preferential rights, at a subscription price of EUR 9,90274514 per share, corresponding to a total issue amount of EUR 30,000,000. The share issue was carried out in connection with the acquisition of ATM Gaming SAS and constituted part of the purchase price, payable through set-off against the Company's liabilities to the sellers. As a result of the share issue, the Company's share capital increased by EUR 1,005,260153 and the total number of shares in the Company amounts to 236,721,491, of which 9,000,000 are class A shares and 227,721,491 are class B shares.
Settlement of Non-Controlling Interest Put Option and Acquisition of 100% of Exploding Kittens Inc.
On May 6, 2026, the group completed the acquisition of the remaining 45% non-controlling interest in Exploding Kittens Inc. for a total cash consideration of USD 173.8 million (EUR 147.7 million). The Group now controls 100% of the votes and shares outstanding in the company. In December 2021, because the initial transaction included put/call options, no non-controlling interests were ever recognized in the consolidated financial statements.
This transaction settles the corresponding financial liabilities recognized in the consolidated statement of financial position as of March 31, 2026, which amounted to EUR 151.1 million (USD 173.6 million). These liabilities comprised Put/call options on non-controlling interests and Liabilities to employees related to acquisitions. The difference between the consideration paid and the carrying amount of the financial liability of EUR 0.2 million will be recognized in the consolidated statement of profit or loss. The remaining variance strictly represents the foreign currency translation effect, which is recognized in the currency translation adjustment reserve, via Other Comprehensive Income.
asmodee April 2025-March 2026
asmodee
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SEPARATE INTERIM FINANCIAL STATEMENTS OF ASMODEE GROUP AB
PARENT COMPANY'S INCOME STATEMENT
| Amounts in k.EUR | Apr 25-Mar 25 | Apr 24-Mar 25 |
|---|---|---|
| Net sales | 121 | 2,602 |
| Other operating income | 48 | 794 |
| Personnel expenses | -1,265 | -3,276 |
| Other external expenses | -3,043 | -23,861 |
| Operating profit/loss | -4,137 | -23,741 |
| Financial net items | -17,364 | -58,923 |
| Profit/loss before tax | -21,501 | -82,664 |
| Income tax | — | -652 |
| Profit/loss for the period | -21,501 | -83,316 |
asmodee April 2025-March 2026
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PARENT COMPANY'S BALANCE SHEET
| Amounts in k.EUR | Mar 31, 26 | Mar 31, 25 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Financial assets | ||
| Shares in group companies | 1,926,174 | 1,926,174 |
| Receivables from group companies | 684,235 | 643,367 |
| Total financial assets | 2,610,409 | 2,569,542 |
| Total non-current assets | 2,610,409 | 2,569,542 |
| Current assets | ||
| Receivables from group companies | 39 | 131 |
| Other current assets | 471 | 1,031 |
| Total current receivables | 510 | 1,162 |
| Cash and cash equivalent | 85,907 | 87,431 |
| Total current assets | 26,417 | 88,593 |
| Total assets | 2,636,826 | 2,658,134 |
| EQUITY AND LIABILITIES | ||
| Restricted equity | 78 | 78 |
| Unrestricted equity | 1,995,719 | 2,017,221 |
| Total equity | 1,995,797 | 2,017,298 |
| Non-current liabilities | ||
| Bonds | 629,527 | 626,778 |
| Total non-current liabilities | 629,527 | 626,778 |
| Current liabilities | ||
| Bonds | 9,020 | 6,298 |
| Trade payables | 254 | 225 |
| Liabilities to group companies | — | 4,494 |
| Other current liabilities | 98 | 84 |
| Accrued expenses and prepaid income | 1,930 | 2,956 |
| Total current liabilities | 11,502 | 14,058 |
| Total equity & liabilities | 2,636,826 | 2,658,134 |
asmodee April 2025-March 2026
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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.
asmodee April 2025-March 2026
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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.
asmodee April 2025-March 2026
asmodee
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
DEFINITIONS OF APM'S (CONT.)
| Name | Definition | Reason for Use |
|---|---|---|
| EBITDA | EBITDA (earnings before interest, taxes, depreciation and amortization) corresponds to the Operating profits / losses, in the Consolidated Statements of profit and loss, excluding depreciation, amortization and impairments. | This metric is commonly used by investors, financial analysts and other stakeholders. |
| Adjusted EBITDA | EBITDA excluding specific items related to acquisitions and items affecting comparability. | Provides an indication of the underlying operational performance. |
| 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 Operating profits / losses in the Consolidated statements of profit and loss. | This metric is commonly used by investors, financial analysts and other stakeholders. |
| EBIT Margin | EBIT as a percentage of Net Sales. | Provides an indication of operating profitability. |
| Adjusted EBIT | Adjusted EBITDA less depreciation and amortization from which amortization of publishing and distribution rights of acquired intangible assets are excluded. | Provides an indication of the underlying operational performance. |
| Adjusted EBIT margin | Adjusted EBIT as a percentage of net sales. | Provides an indication of operating profitability. |
| Adjusted profit / loss of the period | Profit / loss of the period excluding specific items related to acquisitions (incl. changes in fair value affecting the financial result) and items affecting comparability, net of tax. Taxes are calculated using the parent company income tax rate. | Provides an indication of the overall company performance. |
| Adjusted earning per share | Adjusted Profit / Loss of the period divided by the weighted average number of shares. | Provides an indication of overall profitability per share. |
| 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. | Provides a consistent view of operational trends over time. |
| LTM adjusted EBITDA | Last twelve months adjusted EBITDA as a cumulative value. | Provides a measure which is used as an input to calculate the net debt leverage. |
| Organic growth | Organic growth represents the increase in net sales 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 income tax and lease payments | Adjusted EBITDA, less capital expenditures (purchases of intangible and tangible assets), plus movements in working capital (excluding income taxes and IAC related cash impacts). Lease payments relate to leases recognized in the Statement of Financial Position in accordance with IFRS 16. | Provides a measure of the company's ability to convert Adjusted EBITDA into operational cash flow. |
| Free cash flow conversion before income tax and lease payments | Free cash flow before income tax and lease payments divided by Adjusted EBITDA. | Provides a measure of the company's ability to convert Adjusted EBITDA into operational cash flow. |
| Free cash flow after income tax and lease payments | Adjusted EBITDA, less capital expenditures (purchases of intangible and tangible assets), plus movements in working capital (including income taxes and excluding IAC related cash impacts), net of income tax paid. Lease payments relate to leases recognized in the Statement of Financial Position in accordance with IFRS 16. | Provides a measure of the company's ability to convert Adjusted EBITDA into operational cash flow. |
| Free cash flow conversion after income tax and lease payments | Free cash flow after income tax and lease payments divided by Adjusted EBITDA. | Provides a measure of the company's ability to convert Adjusted EBITDA into operational cash flow. |
asmodee April 2025-March 2026
asmodee
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
| Name | Definition | Reason for Use |
|---|---|---|
| Net Debt (-) / Net Cash (+) before M&A commitments | The Net Debt corresponds to the Bonds, Liabilities to credit institutions and lease liabilities, net of the Cash and cash equivalents. M&A commitments related to acquisition (put/call options on non-controlling interests, deferred consideration, and liabilities to employees related to acquisitions). | Provides a measure of 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 Net Debt corresponds to the Bonds, Liabilities to credit to institutions, lease liabilities and M&A commitments, net of the Cash and cash equivalents. | Provides a measure of the debt after M&A commitments compared to its liquid assets. This metric is also used to calculate the Company's financial leverage after M&A commitments. |
| 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. |
asmodee April 2025-March 2026
asmodee
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
DERIVATIONS OF APM'S
APM Table
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|
| EBITDA | 48,944 | 42,272 | 269,244 | 188,646 |
| Adjusted EBITDA | 54,920 | 40,766 | 285,417 | 228,188 |
| Adjusted EBITDA margin | 13.5 % | 11.9 % | 17.0 % | 16.7 % |
| EBIT | 6,699 | 30,869 | 167,580 | 116,747 |
| Adjusted EBIT | 48,560 | 32,833 | 257,280 | 198,200 |
| Adjusted EBIT margin | 11.9 % | 9.6 % | 15.3 % | 14.5 % |
| Adjusted profit / loss of the period | 29,219 | -3,248 | 139,758 | 70,556 |
| Adjusted Earning per share | 0.1250 | -0.0197 | 0.5980 | 0.4122 |
| Items affecting comparability | 24 | -9,935 | 26,908 | 22,210 |
| LTM Adjusted EBITDA | 285,417 | 228,188 | 285,417 | 228,188 |
| Free cash flow before income tax and lease payments | 139,454 | 112,608 | 262,279 | 239,142 |
| Free cash flow before income tax and lease payments conversion | 254 % | 276 % | 92 % | 105 % |
| Free cash flow after income tax and lease payments | 121,548 | 95,127 | 199,372 | 197,274 |
| Free cash flow after income tax and lease payments conversion | 221 % | 233 % | 70 % | 86 % |
| Net debt (-) / Net Cash (+) before M&A commitments | -257,509 | -409,826 | -257,509 | -409,826 |
| Net debt (-) / Net Cash (+) after M&A commitments | -416,248 | -517,705 | -416,248 | -517,705 |
| Leverage ratio on Net Debt (-) / Net Cash (+) before M&A commitments | 0.9x | 1.8x | 0.9x | 1.8x |
| Leverage ratio on Net Debt (-) / Net Cash (+) after M&A commitments | 1.5x | 2.3x | 1.5x | 2.3x |
| Net Sales growth | 19.2 % | — % | 23.0 % | — % |
| Organic growth | 22.3 % | — % | 25.9 % | — % |
Adjusted EBITDA and Adjusted EBIT
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Operating profit (EBIT) | 6,699 | 30,869 | 167,580 | 116,747 |
| Depreciation, amortization and impairment | 42,244 | 11,403 | 101,664 | 71,899 |
| EBITDA | 48,944 | 42,272 | 269,244 | 188,646 |
| Personnel costs related to acquisitions | 4,332 | -816 | 11,379 | 8,087 |
| Acquisition costs | 1,485 | — | 1,485 | — |
| Items affecting comparability | -41 | -690 | 3,309 | 31,455 |
| Adjusted EBITDA | 54,920 | 40,766 | 285,417 | 228,188 |
| Depreciation, amortization and impairment | -42,244 | -11,403 | -101,664 | -71,899 |
| Items affecting comparability | 23,599 | -9,245 | 23,599 | -9,245 |
| Amortization of publishing and distribution rights | 12,385 | 12,715 | 49,927 | 51,156 |
| Adjusted EBIT | 48,560 | 32,833 | 257,280 | 198,200 |
asmodee April 2025-March 2026
asmodee
Introduction
Comment from the CEO
Financial overview
Other information
Sustainability and governance
Signatures
Financial statements
Separate financial statements
Definitions of APM's
Derivatives of APM's
EBIT margin
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 | |
|---|---|---|---|---|---|
| Net sales | A | 407,078 | 341,444 | 1,683,562 | 1,368,762 |
| EBIT | B | 6,699 | 30,869 | 167,580 | 116,747 |
| EBIT margin | B/A | 1.6% | 9.0% | 10.0% | 8.5% |
Adjusted EBITDA margin
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 | |
|---|---|---|---|---|---|
| Net sales | A | 407,078 | 341,444 | 1,683,562 | 1,368,762 |
| Adjusted EBITDA | B | 54,920 | 40,766 | 285,417 | 228,188 |
| Adjusted EBITDA margin | B/A | 13.5% | 11.9% | 17.0% | 16.7% |
Adjusted EBIT margin
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 | |
|---|---|---|---|---|---|
| Net sales | A | 407,078 | 341,444 | 1,683,562 | 1,368,762 |
| Adjusted EBIT | B | 48,560 | 32,833 | 257,280 | 198,200 |
| Adjusted EBIT margin | B/A | 11.9% | 9.6% | 15.3% | 14.5% |
LTM Adjusted EBITDA
| Amounts in k.EUR | Mar 31, 26 | Mar 31, 25 | |
|---|---|---|---|
| Adjusted EBITDA of the period | A | 285,417 | 228,188 |
| Adjusted EBITDA of the previous year | B | 228,188 | 211,671 |
| Adjusted EBITDA of the previous period | C | 228,188 | 211,671 |
| LTM ADJUSTED EBITDA | A+B-C | 285,417 | 228,188 |
Net sales organic growth
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Change | Apr 25-Mar 26 | Apr 24-Mar 25 | Change |
|---|---|---|---|---|---|---|
| Net sales | 407,078 | 341,444 | 19.2% | 1,683,562 | 1,368,762 | 23.0% |
| Net sales from divested companies | 1,560 | — | n.a. | 6,224 | — | n.a. |
| Difference in exchange rate | 8,863 | — | n.a. | 33,727 | — | n.a. |
| Organic net sales | 417,502 | 341,444 | 22.3% | 1,723,513 | 1,368,762 | 25.9% |
asmodee April 2025-March 2026
asmodee
Introduction
Comment from the CEO
Financial overview
Other information
Sustainability and governance
Signatures
Financial statements
Separate financial statements
Definitions of APM's
Derivatives of APM's
Net debt and financial leverage
| Amounts in k.EUR | Mar 31, 26 | Mar 31, 25 | |
|---|---|---|---|
| Cash and cash equivalents | 436,869 | 286,396 | |
| Bonds | -638,747 | -633,076 | |
| Liabilities to credit institutions | -1,604 | -9,576 | |
| Financial liabilities | -7 | -855 | |
| Lease liabilities | -54,020 | -52,715 | |
| Net debt before M&A commitments | A | -257,509 | -409,826 |
| Put/call options on non-controlling interests | -113,462 | -75,826 | |
| Deferred considerations | -1,183 | -705 | |
| Liabilities to employees related to acquisitions | -44,094 | -31,348 | |
| Net debt after M&A commitments | B | -416,248 | -517,705 |
| LTM Adjusted EBITDA | C | 285,417 | 228,188 |
| Leverage ratio on Net Debt (-) / Net Cash (+) before M&A commitments | A/C | 0.9x | 1.8x |
| Leverage ratio on Net Debt (-) / Net Cash (+) after M&A commitments | B/C | 1.5x | 2.3x |
Adjusted net profit/loss
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Profit/loss for the period | -13,572 | -108 | 27,705 | 4,699 |
| Adjustments | — | — | — | — |
| Personnel costs related to acquisitions | 4,532 | -816 | 11,379 | 8,087 |
| Acquisition costs | 1,485 | — | 1,485 | — |
| Items affecting comparability | 23,559 | -9,935 | 26,908 | 22,210 |
| Amortization of publishing and distribution rights | 12,285 | 12,715 | 49,927 | 51,156 |
| Change in fair value of contingent consideration and put/call options on non-controlling interests | 12,032 | -5,919 | 51,427 | 1,490 |
| Adjustments before tax | 53,893 | -3,954 | 141,126 | 82,943 |
| Tax effects on adjustments | -11,102 | 815 | -29,072 | -17,086 |
| Adjustments after tax | 42,791 | -3,139 | 112,054 | 65,857 |
| Total adjusted net profit/loss | 29,219 | -3,248 | 139,758 | 70,556 |
| Weighted average number of ordinary shares outstanding, million | 233,692,028 | 165,205,548 | 233,692,028 | 171,181,807 |
| Adjusted Earning per share, EUR | 0.1250 | -0.0197 | 0.5980 | 0.4122 |
Change in fair value of contingent consideration and put/call options on non-controlling interests' has been refined to incorporate additional M&A-related contingent considerations remeasurements previously not included in this table. Comparative periods have been restated on a pro forma basis.
asmodee April 2025-March 2026
asmodee
Introduction
Comment from the CEO
Financial overview
Other information
Sustainability and governance
Signatures
Financial statements
Separate financial statements
Definitions of APM's
Derivatives of APM's
Free cash flow before and after income tax and lease payments and conversion ratio
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Adjusted EBITDA | 54,920 | 40,766 | 285,417 | 228,188 |
| Purchase of intangible assets | -3,758 | -2,020 | -18,445 | -12,505 |
| Purchase of property, plant and equipment | -864 | -1,004 | -4,647 | -4,807 |
| Movement in working capital (excluding income tax and IAC) | 69,156 | 74,866 | -46 | 28,266 |
| Free cash flow before income tax and lease payments | 139,454 | 112,608 | 262,279 | 239,142 |
| Conversion rate | 253,99 | 276.2 % | 91.9 % | 104.8 % |
| Repayments of lease liabilities | -3,984 | -4,034 | -14,140 | -12,993 |
| Income tax paid | -14,122 | -13,447 | -48,767 | -28,875 |
| Free cash flow after income tax and lease payments | 121,348 | 95,127 | 199,372 | 197,274 |
| Conversion rate | 221.0% | 233.3 % | 69.9 % | 86.5 % |
Items affecting comparability
| Amounts in k.EUR | Jan-Mar 26 | Jan-Mar 25 | Apr 25-Mar 26 | Apr 24-Mar 25 |
|---|---|---|---|---|
| Other external expenses | -468 | -1,934 | 501 | 30,211 |
| Personnel expenses | 427 | 1,480 | 427 | 1,480 |
| Net gain/loss on disposal of fixed assets | — | — | 2,381 | — |
| Goods for resale | — | -236 | — | -236 |
| Items affecting comparability in EBITDA | -41 | -690 | 3,309 | 31,455 |
| Impairment of tangible assets | — | — | — | — |
| Impairment of goodwill | — | — | — | — |
| Impairment of intangible assets | 23,599 | -9,245 | 23,599 | -9,245 |
| Items affecting comparability in EBIT | 23,599 | -9,245 | 23,599 | -9,245 |
asmodee April 2025-March 2026
asmodee
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