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