Slides
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Investor presentation Thomas Kœgler, CEO Andrea Gasparini, CFO February 19, 2026 Q3 25/26
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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 third 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 Successful distributed Trading Card Game releases
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Published Games: sales softness in the US, overall stable in Europe The HobbitTM: There & Back AgainTM Exploding Kittens: The Board Game STAR WARSTM: Unlimited Secrets of Power Exploding Kittens: The Card Game Take Time
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5 Executing on strategic priorities
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6 Q3: Record quarter for sales and EBITDA • Strongest sales and EBITDA performance in the history of asmodee • Successful TCG releases drive strong performance in Games published by partners • Sales softness in Games published by asmodee isolated to the US; Europe overall stable despite exceptionally strong prior-year comparison • Strong sales growth and cost control drive increase in adjusted EBITDA and margin • Healthy free cash flow and net debt/EBITDA at 1.9x(2) (4.2x) • EUR 320m bond refinancing lowering interest expenses by ~EUR 5m and strengthens debt profile 1. Free cash flow after income tax and lease payments 2. After M&A commitments €524.1m €114.5m €76.5m(1) (LY : €429.0m) Net sales Growth: 22.2% Organic growth: 25.6% (LY : €89.3m) Adj. EBITDA Adj. EBITDA margin: 21.8% Var: 1.0 p.p (LY : €71.8m) Free Cash Flow Cash conversion: 67% (LY : 80%)
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8 8 Broad catalogue and global presence drive double-digit growth 1,027 1,276 365 347 624 894 38 35 -8.3% 43.3% -4.9% Apr-Dec 24 Apr-Dec 25 429 524 177 154 237 356 -8.5% 50.3% -12.7% Q3 24/25 Q3 25/26 o/w organic : +25.6% Others Games published by partners Games published by asmodee studios Growth YTD Net SalesQ3 Net Sales • Strong performance in Games published by partners, driven by successful TCG releases, such as Pokémon®, Magic: The Gathering and One Piece. • Sales development in Games published by asmodee mainly coming from the US and driven by local market dynamics, FX impact and lifecycle normalization of certain product lines • Strong growth in TCGs; Board Games softer for higher-priced products while dynamic performance in Social games +22.2% Growth +24.3% o/w organic : +27.1% Amounts in m.EUR 15 Amounts in m.EUR 14 38 35
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9 9 Strong volumes and cost discipline fuel Q3 EBITDA, YTD margin in line with LY • Q3 adjusted EBITDA increased by 28%, driven by higher sales volumes, partly offset by higher personnel costs reflecting high activity • Adjusted EBITDA margin increased by 100 bps to 21.8% supported by disciplined cost control • YTD adjusted EBITDA increased by 23%, up EUR 43.1m. Profitability in % of sales broadly in line with LY thanks to strong EBITDA generation in Q3 % Adj. EBITDA margin Q3 Adjusted EBITDA YTD Adjusted EBITDA 89.3 95.1 -66.2 -3.5 -0.2 114.5 Adj. EBITDA LY Net Sales Goods for resale Personnel costs Other OPEX Adj. EBITDA 20.8% 21.8% (3.0) p.p. +3.0 p.p. 187.4 249.2 -169.0 -10.6 -26.5 230.5 Adj. EBITDA LY Net SalesGoods for resale Personnel costs Other OPEX Adj. EBITDA 18.2% 18.1% +1.4 p.p. Amounts in m.EUR Amounts in m.EUR +1.1 p.p. +1.1 p.p.(2.7) p.p.
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10 Free cash flow Increase in free cash flow driven by higher EBITDA • Q3 free cash flow1 of EUR 76.5m (71.8), corresponding to a free cash flow conversion of 66.8% (80.4%) • Q3 free cash flow1 positively impacted by higher adj. EBITDA, partly offset by working capital effects: • Inventory reduction both in absolute and in relative terms as a % of the sales • Increase in receivables due to strong sales in Q3 • Decrease in payables impacted by i) last year's position inflated by listing cost, and ii) different cash flow timing at current sales levels • Q3 free cash flow1 impacted by higher income taxes paid mainly driven by higher profit before tax Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Adjusted EBITDA 114.5 89.3 230.5 187.4 Other non-cash items 0.0 0.0 0.0 0.0 Purchase of intangible assets -5.6 -1.5 -14.7 -10.5 Purchase of property, plant and equipment -1.6 -0.8 -3.8 -3.8 Movement in working capital (excluding income tax and IAC) -8.4 -5.6 -89.2 -46.6 Free cash flow before income tax and lease payments 98.9 81.4 122.8 126.5 Conversion rate 86.4 % 91.2 % 53.3 % 67.5 % Repayments of lease liabilities -3.4 -3.2 -10.2 -9.0 Income tax paid -19.0 -6.4 -34.6 -15.4 Free cash flow after income tax and lease payments 76.5 71.8 78.0 102.1 Conversion rate 66.8 % 80.4 % 33.9 % 54.5 % 1. Free cash flow after income tax and lease payments Inventories Receivables Payables Other Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 Net Working Capital evolution //
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11 • Net debt/EBITDA before and after M&A commitments of 1.4x (3.6) and 1.9x (4.2) respectively • Stronger cash generation and adjusted EBITDA drive improvement compared to Q2 • Cash and cash equivalents of EUR 322.1m (155.8) • EUR 320m bond refinancing lowering interest expenses by ~EUR 5m while improving maturity profile and interest expense visibility • Fitch and S&P confirmed BB- rating; Moodys upgraded to B1 (positive outlook) • Access to unutilized RCF of EUR 150m Deleveraging supported by free cash flow generation towards the end of the FY 993.3 696.2 690.6 696.9 691.3 119.3 107.9 105.2 140.0 138.8 -155.8 -286.4 -286.6 -257.9 -322.1 -150.0 -150.0 -150.0 -150.0 Gross Debt bf. M&A M&A Cash RCF Leverage Ratio bf. M&ALeverage Ratio aft. M&A Target Q3'24/25 Q4'24/25 Q1'25/26 Q2'25/26 Q3'25/26 -400 -200 0 200 400 600 800 1,000 1,200 -4.0x -2.0x 0.0x 2.0x 4.0x 6.0x Target Amounts in m.EUR
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• Record Q3 performance: • Sales and EBITDA at historically high levels • Growth driven by the European market supported by TCGs; softness isolated to the US • Strong sales growth and continued cost control drive increase in adjusted EBITDA and margins • Healthy free cash flow, net debt/EBITDA at 1.9x with improved credit profile • Looking forward: • Strong Q3 P&L performance expected to translate into further cash generation in Q4, in line with seasonality • Actively converting M&A opportunities; Cthulhu: Death May Die, Sheriff of Nottingham and remaining stake in Exploding Kittens • Strong TCG market and our diversified portfolio support continued growth Conclusions
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16 16 Net sales by product category Q3 performance YTD performance 429 524 213 198 176 28639 41 3.4% 62.1% -7.3% Q3 24/25 Q3 25/26 o/w organic : +25.6% +22.2% 1,027 1,276 439 428 485 744 103 105 1.8% 53.3% -2.6% Apr-Dec 24 Apr-Dec 25 +24.3% o/w organic : +27.1% Growth Growth Other categories Trading Card Games Board games Amounts in m.EUR Amounts in m.EUR
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17 17 Bridge IFRS to Adjusted - QTD 91.3 19.9 111.2 2.5 0.0 0.8 114.5 -19.9 0.0 12.6 107.2 Operating profit (EBIT) Depreciation, amortization and impairment EBITDA Personnel costs related to acquisitions Acquisition costs Items affecting comparability Adjusted EBITDA Depreciation, amortization and impairment Items affecting comparability Amortization of publishing and distribution rights Adjusted EBIT Amounts in m.EUR
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18 18 Bridge IFRS to Adjusted - YTD 160.9 59.4 220.3 6.8 0.0 3.4 230.5 -59.4 0.0 37.6 208.7 Operating profit (EBIT) Depreciation, amortization and impairment EBITDA Personnel costs related to acquisitions Acquisition costs Items affecting comparability Adjusted EBITDA Depreciation, amortization and impairment Items affecting comparability Amortization of publishing and distribution rights Adjusted EBIT Amounts in m.EUR
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19 19 517.7 -35.7 -2.6 -0.6 -0.8 -0.9 25.2 0.5 5.2 507.9 Net Debt FY 24/25 Cash and cash equiv. Bonds Liabilities to credit institutions Financial liabilities Lease liabilities Put/call options on non- controlling interests Deferred considerations Liabilities to employees related to historical acq. Net Debt Q3 25/26 Net debt x Leverage ratio 2.3x 1.9x Amounts in m.EUR