Slides
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Investor presentation Thomas Kœgler, CEO Andrea Gasparini, CFO
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2 This presentation, which should be understood to include these slides, their contents or any part of them, any oral presentation, and any question or answer session (the "Presentation") has been prepared by Asmodee Group AB (the "Company") in relation to the presentation of its interim report for the first quarter of the financial year ending 31 March 2026. None of the Company, or any of its affiliates or employees, directors, representatives, officers, agents or advisors shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. The Presentation does not constitute or form part of, and should not be construed as, any offer, invitation, solicitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and the Presentation does not constitute, and should not be considered as, a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation"). The Presentation is intended to present background information on the Company, its business and financials and the industry in which it operates and is not intended to provide complete disclosure. The content of this Presentation should not be construed as legal, tax, accounting or investment advice, representation or a personal recommendation. This Presentation includes information pertaining to the Company's market and its competitive position therein. Certain market information has been obtained from sources prepared by other parties that the Company has deemed to be relevant and trustworthy. The Company has not made any independent review of information based on public statistics or information from an independent third party regarding the market information that has been provided by such third party, the industry or general publications. Some of the financial information contained in the Presentation are not directly extracted from the Company's accounting systems or records and/or are not International Financial Reporting Standards ("IFRS") accounting measures. Such information has not under any circumstance been independently reviewed, audited or verified by the Company's auditors. Non-IFRS financial measures in the Presentation may not be comparable to similarly titled measures as presented by other companies, nor should they be considered as an alternative to historical financial results or other indicators of the Company's performance which are based on IFRS. Certain statements in the Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. These forward-looking statements are based on a series of assumptions, both general and specific, and have been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. Although the Company believes its expectations are based on reasonable assumptions, everyone taking part of the Presentation are cautioned that, by their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors as they relate to events and depend on circumstances that will or may occur in the future, whether or not outside the control of the Company. The Company is unable to anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences and evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in the Presentation. No assurance is given that such forward-looking statements will prove to be correct. Undue reliance should not be placed on such forward-looking statements. They speak only as at the date of this Presentation
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3 PUBLISHED GAMES DRIVEN BY SW:U MOMENTUM, EVERGREEN SALES & NOTABLE RELEASES CATAN 6 TOY BATTLE DOBBLE/SPOT IT LILO & STITCH STRONG PERFORMANCE IN GAMES PUBLISHED BY PARTNERS Substantial growth in a seasonally small quarter **JUST 2 SECTIONS, NO NEED FOR A THIRD** Published games driven by long-sellers and new releases
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4 PUBLISHED GAMES DRIVEN BY SW:U MOMENTUM, EVERGREEN SALES & NOTABLE RELEASES CATAN 6 TOY BATTLE DOBBLE/SPOT IT LILO & STITCH STRONG PERFORMANCE IN GAMES PUBLISHED BY PARTNERS Substantial growth in a seasonally small quarter **JUST 2 SECTIONS, NO NEED FOR A THIRD** Strong performance of Trading Card Games published by partners
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5 A first quarter laying long-term foundations
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6 Q1: Strong sales and EBITDA growth • Solid start to the fiscal year, with strong growth in sales and EBITDA • Performance in Games published by partners driven by enhanced growth momentum for distributed product lines • Activity in Games published by Asmodee mainly driven by long-sellers and new releases • Adjusted EBITDA margin driven by lower relative personnel costs, partly offset by sales mix • Increased free cash flow driven by higher adjusted EBITDA • Net debt/EBITDA at 2.1x(2) (4.6) • Limited Q1 tariff margin impact; US sales softer due to consumer sentiment, retail friction and FX headwinds 1. Free cash flow after tax and capitalized lease payments 2. After M&A commitments €349.0m €39.9m €24.7m(1) (LY : €264.4m) Net sales Growth: 32.0% Organic growth: 34.4% (LY : €29.6m) Adj. EBITDA Adj. EBITDA margin: 11.4% Var: 0.2 p.p (LY : €14.9m) Free Cash Flow Cash conversion: 62% (LY : 50%)
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8 8 Strong sales growth driven by Games published by partners o/w organic : +34.4% Others Games published by partners Games published by asmodee studios Growth Q1 Net Sales • Activity in Games published by asmodee impacted by FX, consumer sentiment in the US and high inventory levels at online retailers • Strong performance in Games published by partners, driven by continued momentum in major TCGs • Strong TCG performance in a seasonally soft board game quarter +32.0%Amounts in m.EUR 11 10
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9 9 • Increase in adj. EBITDA driven by higher volumes, partly offset by higher shipping costs, increased marketing costs, higher royalty costs, other operating expenses as well as increased personnel costs • Adj. EBITDA margin positively impacted by lower relative personnel costs, partly offset by a less favourable sales mix Higher volumes drive adj. EBITDA and margins % Adj. EBITDA margin Q1 Adjusted EBITDA 11.2% 11.4% (3.4) p.p. +2.8 p.p. +0.8 p.p.Amounts in m.EUR
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10 Free cash flow Higher adjusted EBITDA drives free cash flow • Q1 free cash flow1) of EUR 24.7m (14.9), corresponding to a free cash conversion of 62.0% (50.2%) • Q1 free cash flow compared to last year favourably impacted by higher adj. EBITDA • Large movements in working capital offset overall: • Increase in payables benefited from strong sales on products with favourable cash cycle • Increase in inventory driven by the higher sales and seasonality Amounts in k.EUR Apr-Jun 25 Apr-Jun 24 Adjusted EBITDA 39.9 29.6 Other non-cash items 0.0 0.0 Purchase of intangible assets -5.8 -4.6 Purchase of property, plant and equipment -0.9 -1.5 Movement in working capital (excluding income tax and IAC) 0.3 -0.9 Free cash flow before tax and capitalized lease payments 33.6 22.7 Conversion rate 84.1 % 76.5 % Repayments of lease liabilities -3.3 -2.7 Income tax paid -5.5 -5.2 Free cash flow after tax and capitalized lease payments 24.7 14.9 Conversion rate 62.0 % 50.2 % 1. Free cash flow after tax and capitalized lease payments Net Working Capital seasonality
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11 Lower net debt and leverage • Net debt/EBITDA before and after M&A commitments of 1.7x (4.1) and 2.1x (4.6) respectively • EUR 400m capital injection from Embracer Group and free cash flow generation • Cash and cash equivalents of EUR 286.6m (98.6) • Access to unutilized RCF of EUR 150m Target 2x Amounts in m.EUR
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• Strong Q1 performance: • Solid TCG Performance in a soft board game quarter • Increase in adjusted EBITDA and free cash flow • Net debt/EBITDA at 2.1x - close to medium-term target • M&A agenda re-ignited; ready to seize additional value-accretive opportunities • Looking forward: • Strong line-up of new releases and new consumer-facing identity of asmodee • Strong performance meeting tougher comparables for Games published by partners • Positive dynamics expected for Games published by asmodee, subject to evolution of US market • Continued investments in marketing and organization to support long-term growth • Tariff-related effects as well as measures expected to unfold in the coming quarters • Navigating an increasingly uncertain environment with agility and a focus on long-term opportunities Conclusions
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16 16 Net sales by product category Q1 performance o/w organic : +34.4% +32% Growth Other categories Trading card games Board games Amounts in m.EUR
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17 17 Bridge IFRS to Adjusted - QTD Amounts in m.EUR
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18 18 Net debt x Leverage ratio 2.3x 2.1x Amounts in m.EUR