Interim report
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Q3 25/26 RECORD QUARTER FOR SALES AND EBITDA THIRD QUARTER, OCTOBER-DECEMBER 2025 » Net sales amounted to EUR 524.1 million (429.0), an increase of 22.2%, of which 25.6% organic growth1. » Games published by asmodee studios decreased by -12.7%. » Games published by partners increased by 50.3%. » Others decreased by -8.5%. » Adjusted EBITDA1 amounted to EUR 114.5 million (89.3), corresponding to an adjusted EBITDA margin1 of 21.8% (20.8). » Adjusted EBIT1 amounted to EUR 107.2 million (82.9). EBIT1 amounted to EUR 91.3 million (37.4). » Adjusted profit/loss1 for the quarter was EUR 64.4 million (41.6), which equates to adjusted earnings per share of EUR 0.28 (0.25). » Profit/loss for the quarter amounted to EUR 49.1 million (3.5), which equates to basic earnings per share of EUR 0.21 (0.02). » Free cash flow after income tax and lease payments1 amounted to EUR 76.5 million (71.8), resulting in a free cash flow conversion1 relative to adjusted EBITDA of 67% (80). THE PERIOD, APRIL-DECEMBER 2025 » Net sales amounted to EUR 1,276.5 million (1,027.3), an increase of 24.3%, of which 27.1% organic growth1. » Games published by asmodee studios decreased by -4.9% » Games published by partners increased by 43.3%. » Others decreased by -8.3%. » Adjusted EBITDA1 amounted to EUR 230.5 million (187.4), corresponding to an adjusted EBITDA margin1 of 18.1% (18.2). » Adjusted EBIT1 amounted to EUR 208.7 million (165.4). EBIT1 amounted to EUR 160.9 million (85.9). » Adjusted profit/loss1 for the period was EUR 110.5 million (73.8), which equates to adjusted earnings per share of EUR 0.47 (0.47). » Profit/loss for the period amounted to EUR 41.3 million (4.8), which equates to basic earnings per share of EUR 0.18 (0.03). » Free cash flow after income tax and lease payments1 amounted to EUR 78.0 million (102.1), resulting in a free cash flow conversion1 relative to adjusted EBITDA of 34% (54). » Net debt/EBITDA1 amounted to 1.4x (3.6) and 1.9x (4.2) before and after M&A commitments respectively. MATERIAL EVENTS DURING AND AFTER THE REPORTING PERIOD » No material events during or after 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-December 2025 1 See section definitions of Alternative Performance Measures (APM) €524m NET SALES 21.8% ADJUSTED EBITDA MARGIN 67% CASH CONVERSION 1.9x NET DEBT/EBITDA AFTER M&A COMMITMENTS
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FINANCIAL SUMMARY Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Net sales 524,083 428,958 1,276,484 1,027,318 1,368,762 Operating profit/loss (EBIT) 91,296 37,374 160,881 85,878 116,747 Operating profit/loss (EBIT) margin 17.4 % 8.7 % 12.6 % 8.4 % 8.5 % Profit / loss for the period 49,081 3,487 41,277 4,807 4,699 Basic earnings per share 0.2100 0.0211 0.1766 0.0306 0.0275 Cash flow for the period 64,231 63,994 42,454 54,108 193,304 Adjusted EBITDA 114,500 89,285 230,498 187,422 228,188 Adjusted EBITDA margin 21.8 % 20.8 % 18.1 % 18.2 % 16.7 % Adjusted EBIT 107,206 82,866 208,720 165,367 198,200 Adjusted EBIT margin 20.5 % 19.3 % 16.4 % 16.1 % 14.5 % Adjusted profit/loss for the period 64,407 41,642 110,541 73,803 70,556 Adjusted Earnings per share, EUR 0.2756 0.2521 0.4730 0.4695 0.4122 Free cash flow before income tax and lease payments 98,922 81,385 122,826 126,489 239,142 Free cash flow after income tax and lease payments 76,543 71,811 78,025 102,102 197,274 Net debt (-) / Net Cash (+) before M&A commitments -369,162 -837,501 -369,162 -837,501 -409,826 Leverage ratio on Net Debt (–) / Net Cash (+) before M&A commitments 1.4x 3.6x 1.4x 3.6x 1.8x Net debt (-) / Net Cash (+) after M&A commitments -507,936 -956,813 -507,936 -956,813 -517,705 Leverage ratio on Net Debt (–) / Net Cash (+) after M&A commitments 1.9x 4.2x 1.9x 4.2x 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-December 2025
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COMMENT FROM THE CEO I am very pleased with this past quarter, which marks the strongest sales and EBITDA performance in the history of asmodee. Growth was mainly driven by the European market, primarily supported by the continued success of Trading Card Games (TCGs). The third quarter is structurally the strongest quarter in our financial year and this year featured increased business activity, major consumer events including the international game show SPIEL Essen, and high-profile transmedia partnerships that further extended the reach of our brands. Our performance this quarter continues to underscore the strength of our diversified ecosystem across products and geographies, and I would like to extend my gratitude to our teams, business partners, and players whose dedication continues to drive our success. RECORD QUARTER FOR SALES AND EBITDA Net sales increased by 22.2%, with organic growth of 25.6%, driven by continued strong TCG dynamics in Europe. Sales of Games published by partners increased by 50.3% and were driven by successful TCG releases, including Mega-Evolution – Phantasmal Flames, the latest Pokémon Trading Card Game expansion, as well as seasonal and gift items. TCGs published by Bandai also contributed to sales growth, including the continued success of One Piece and its latest set Carrying On His Will, distributed in English and French by asmodee in several geographies. This quarter saw the successful release of the highly anticipated TCG from the League of Legends universe, Riftbound, with asmodee acting as a leading distribution partner in Europe. Additionally, the launch of Magic: The Gathering | Avatar: The Last Airbender this quarter was met with high player demand. Sales of Games published by asmodee studios decreased by -12.7%, against an exceptionally strong performance in the same quarter last year. The development reflects a combination of factors isolated to the US. This includes lower sell-in to larger retailers on certain product lines whilst overall consumer demand on our products remained stable, as well as an unfavourable foreign exchange impact. We continue to work closely with our US teams and partners to adapt to the market evolution. Games published by asmodee studios achieved overall stable performance in Europe. Notable releases in the quarter included Take Time, The Hobbit™: There and Back Again, Forest Shuffle: Dartmoor, and STAR WARS™: Unlimited - Secrets of Power (Set 6). The adjusted EBITDA grew by 28% driven by the strong sales growth and the adjusted EBITDA margin increased by 100 bps to 21.8% despite a less favourable sales mix, supported by continued cost control. The free cash flow was healthy and driven by the higher EBITDA, with a free cash conversion at 67%. We ended the quarter with a net debt/EBITDA of 1.9x (4.2) after M&A commitments. During the quarter, we successfully refinanced our EUR 320 million floating rate bonds, extending maturity to 2031 and moving to a fixed rate. The refinancing lowers our interest expenses by around EUR 5 million annually, improves visibility on future expenses, and strengthens our debt maturity profile. EXECUTING ON STRATEGIC PRIORITIES During the quarter, we announced a new strategic licensing agreement between asmodee and Middle-earth™ Enterprise, under which asmodee will act as the exclusive category manager for tabletop games based on The Lord of the Rings™ and The Hobbit™ franchises. Building on 25 years of active collaboration between Middle-earth™ Enterprises and asmodee, this agreement will continue to expand the line-up of Middle-earth tabletop games, including to titles published or distributed by third-parties to asmodee. This winter season was rich in terms of consumer events and shows, where we presented our new refreshed brand and our 30th anniversary campaign. A highlight was the international game show SPIEL Essen, where asmodee had the largest footprint, showcasing new releases to 220,000 visitors and business partners. Other notable events during the quarter included asmodee partnering with the GP Explorer in France, a leading influencer event that attracted large audiences, participation in Italy's leading pop-culture event LUCCA Games Festival, and a presence in the UK at Outernet, London’s most-visited cultural attraction, which our teams transformed into a giant interactive playground showcasing asmodee and its games. We continued to execute on our M&A strategy, actively sourcing new opportunities. During the quarter we closed the acquisition of the Cthulhu: Death May Die IP and games. Furthermore, our call option to acquire the remaining 45% minority stake in Exploding Kittens was exercised during the quarter, with closing expected during the first half of the calendar year 2026. After the end of the quarter, we also completed a bolt-on acquisition of Sheriff of Nottingham, further strengthening our portfolio of 400+ IPs with a well-established evergreen card game built around bluffing, negotiation, and player interaction. This quarter saw high-profile transmedia announcements, starting with the international expansion of the Werewolves of Miller’s Hollow® unscripted game show across more than ten territories through a deal with Banijay, the world’s largest independent content creation group for TV and multimedia. This follows the successful launch of season 2 of the show in France, with record viewing numbers accompanied by significant advertising visibility during the holiday season. The show was also successfully launched with its first season in Germany. Furthermore, together with Netflix, we announced an all-encompassing media partnership on the CATAN® franchise for upcoming scripted and unscripted content, underscoring that some of our leading IPs have become truly part of pop culture. After the end of the quarter, we also announced a new transmedia deal with Netflix on our Ticket to Ride franchise. A DIVERSIFIED PORTFOLIO FOR CONTINUED GROWTH Our uniquely integrated global publishing and distribution model is a core competitive advantage, with our distribution platform also enhancing the reach, performance, and long-term value creation of our owned IP portfolio. The strong performance delivered during the third quarter is expected to translate into further cash generation in the fourth quarter, in line with the seasonality of our business. The next quarters will also feature new releases including new LEGO® and Middle-earth games, as well as new TCG sets. This past quarter demonstrates the strength of our business model and our ability to capture opportunities as they arise, working closely with our long-standing partners. Supported by strong underlying trends in TCGs, the current market environment reinforces my confidence that our diversified portfolio positions us to deliver continued growth. 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-December 2025
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FINANCIAL OVERVIEW THIRD QUARTER DEVELOPMENT NET SALES Net sales amounted to EUR 524.1 million (429.0), an increase of 22.2% compared to the same quarter last year. Organically, sales increased by 25.6%. Structural changes1 had an effect of -0.5% and the impact of changes in exchange rates was -3.0%. Games published by asmodee studios decreased by -12.7%, driven by lower sell-in to larger retailers in the US and negative foreign exchange effects while the performance in Europe was overall stable, despite an exceptionally strong prior-year comparison. Games published by partners increased by 50.3%, supported by the continued success of TCGs. Others decreased by -8.5%, impacted by the disposal of Twin Sails Interactive. Sales by game publisher Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Change Games published by asmodee studios 154,452 177,017 -12.7% Games published by partners 355,631 236,646 50.3% Others 14,001 15,295 -8.5% Revenue from contract with customer 524,083 428,958 22.2% ADJUSTED EBITDA2 AND EBIT2 Adjusted EBITDA2 amounted to EUR 114.5 million (89.3). The increase in adjusted EBITDA2 was driven by higher volumes, partly offset by higher personnel costs. The adjusted EBITDA margin2 was 21.8% (20.8) and was driven by lower relative other operating expenses and personnel costs, due to both strong cost control and the timing of planned recruitments, partly offset by a less favourable sales mix. Adjusted EBIT2 amounted to EUR 107.2 million (82.9), corresponding to a margin of 20.5% (19.3). EBIT2 amounted to EUR 91.3 million (37.4) and included items affecting comparability2 of EUR -0.8 million (-29.4), where last year was impacted by costs related to the listing. EBIT2 also included personnel costs related to acquisitions of EUR -2.5 million (-3.1) and amortization of publishing and distribution rights of EUR -12.6 million (-12.9). Net sales (EUR million) and Adj. EBITDA margin (%) by quarter Net sales Adj. EBITDA margin Q1 24/25 Q2 Q3 Q4 Q1 25/26 Q2 Q3 0 300 600 —% 5% 10% 15% 20% 25% NET FINANCIALS Net financials amounted to EUR -19.0 million (-16.8). Financial expenses of EUR -21.3 million (-16.2) were impacted by interest expenses of EUR -10.7 million (-25.4) primarily related to interest expenses on bonds. Financial expenses were further impacted by EUR -5.7 million related to the write- down of implementation costs for the previous bond, with costs for the new bond capitalized. Last year was impacted by EUR -11.3 million related to the implementation costs of the bridge loan and RCF. Financial expenses were also impacted by the change in fair value of contingent consideration and put/call options on non-controlling interests of EUR -3.4 million (-2.6) and foreign exchange effects of EUR -1.3 million (15.2). Financial income of EUR 2.3 million (-0.7) was mainly impacted by interest on cash equivalents of EUR 0.9 million (0.1), foreign exchange effects of EUR 1.3 million (-2.8) and other financial income of EUR 0.1 million (2.1). PROFIT/LOSS FOR THE QUARTER Profit/loss2 for the quarter was EUR 49.1 million (3.5), which equates to basic earnings per share of EUR 0.21 (0.02). Income tax for the quarter was EUR -23.2 million (-17.1). Adjusted net profit/loss2 for the quarter was EUR 64.4 million (41.6), which equates to adjusted earnings per share of EUR 0.28 (0.25). CASH FLOW Free cash flow after income tax and lease payments amounted to EUR 76.5 million (71.8), resulting in a free cash flow conversion2 relative to adjusted EBITDA of 67% (80). Cash flow from operating activities amounted to EUR 82.3 million (76.9) during the quarter. The cash flow from operating activities was impacted by higher income tax paid of EUR -19.0 million (-6.4), mainly driven by the higher profit before tax, as well as the earn-out payment related to Venross of EUR -7.1 million. Changes in working capital amounted to EUR -8.4 million (17.9) positively impacted by a decrease in inventories of EUR 55.4 million (53.5). This was offset by an increase in receivables of EUR -45.6 million (-39.6) and a decrease in payables of EUR -29.0 million (2.1), where last year was favourably impacted by items affecting comparability related to the listing. The working capital development compared to last year mainly reflects the strong growth in the TCG category, which at current sales levels leads to a different cash flow pattern than historically. Furthermore, quarter-end inventory levels were impacted by TCG inventory held for sale in the fourth quarter. Cash flow from investing activities was EUR -7.2 million (-2.9) and mainly related to investments in games developments and the acquisition of Cthulhu: Death May Die IP rights. Cash flow from financing activities was EUR -10.8 million (-9.9) mainly impacted by interests paid of EUR -14.6 million (-49.4). Last year, the net effect of the refinancing activities primarily related to the bridge loan and the bonds amounted to EUR 36.1 million. 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-December 2025 1 Structural changes refer to the divestment of Twin Sales Interactive 2 See section definitions of Alternative Performance Measures (APM)
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YEAR TO DATE DEVELOPMENT NET SALES Net sales amounted to EUR 1,276.5 million (1,027.3), an increase of 24.3% compared to the same period last year. Organically, sales increased by 27.1%. Structural changes1 had an effect of -0.5% and the impact of changes in exchange rates was -2.4%. Games published by asmodee studios decreased by -4.9%, driven by lower sell-in to larger retailers in the US and negative foreign exchange effects, partially offset by overall stable performance in Europe. Games published by partners increased by 43.3%, supported by the continued success of TCGs. Others decreased by -8.3%, impacted by the disposal of Twin Sails Interactive. Sales by game publisher Amounts in k.EUR Apr-Dec 25 Apr-Dec 24 Change Games published by asmodee studios 347,229 365,050 -4.9% Games published by partners 894,295 624,124 43.3% Others 34,961 38,144 -8.3% Revenue from contract with customer 1,276,484 1,027,318 24.3% ADJUSTED EBITDA2 AND EBIT2 Adjusted EBITDA2 amounted to EUR 230.5 million (187.4). The increase in adjusted EBITDA2 was driven by higher volumes, partly offset by higher personnel costs, increased marketing costs, higher shipping costs and other operating expenses that were partly related to becoming a stand- alone listed company. The adjusted EBITDA margin2 was 18.1% (18.2%) and was impacted by a less favourable sales mix, offset by lower relative personnel costs and other operating expenses, due to both strong cost control and the timing of planned recruitments. Adjusted EBIT2 amounted to EUR 208.7 million (165.4), corresponding to a margin of 16.4% (16.1). EBIT2 amounted to EUR 160.9 million (85.9) and included items affecting comparability2 of EUR -3.4 million (-32.1), where last year was impacted by costs related to the listing. EBIT2 also included personnel costs related to acquisitions of EUR -6.8 million (-8.9) and amortization of publishing and distribution rights of EUR -37.6 million (-38.4). Net sales (EUR millions) and Adj EBITDA margin (%) YTD Net sales EBITDA margin Apr- Jun 24/25 Apr- Sep Apr- Dec Apr- Mar Apr- Jun 25/26 Apr- Sep Apr- Dec 0 500 1,000 1,500 —% 5% 10% 15% 20% 25% NET FINANCIALS Net financials amounted to EUR -78.7 million (-61.0). Financial expenses of EUR -86.3 million (-88.3) were mainly impacted by interest expenses of EUR -32.0 million (-60.8) primarily related to interest expenses on bonds. Financial expenses were further impacted by EUR -5.7 million related to the write-down of implementation costs for the previous bond, with costs for the new bond capitalized. Last year was impacted by EUR -15.2 million related to the implementation costs of the bridge loan and RCF. Financial expenses were also impacted by the change in fair value of contingent consideration and put/call options on non-controlling interests of EUR -39.4 million (-7.4), primarily related to the improvement in the current and expected operational performance of Exploding Kittens3, and foreign exchange effects of EUR -7.8 million (-16.6). Financial income of EUR 7.6 million (27.3) was mainly impacted by interest on cash equivalents of EUR 2.6 million (0.4), foreign exchange effects of EUR 4.2 million (25.1) and other financial income of EUR 0.6 million (1.7). PROFIT/LOSS FOR THE PERIOD Profit/loss2 for the period was EUR 41.3 million (4.8), which equates to basic earnings per share of EUR 0.18 (0.03). Income tax for the period was EUR -40.9 million (-20.1). Adjusted net profit2 for the period was EUR 110.5 million (73.8), which equates to adjusted earnings per share of EUR 0.47 (0.47). The difference between profit/loss2 and the adjusted net profit/ loss2 for the period was mainly due to the change in fair value of contingent consideration and put/call option on non-controlling interests primarily related to the improvement in the current and expected operational performance of Exploding Kittens3 as well as other non-cash items. CASH FLOW Free cash flow after tax and capitalized lease payments amounted to EUR 78.0 million (102.1), resulting in a free cash flow conversion2 relative to adjusted EBITDA of 34% (54). Cash flow from operating activities amounted to EUR 101.0 million (114.5) during the period. The cash flow from operating activities was impacted by higher income tax paid of EUR -34.6 million (-15.4), mainly driven by the higher profit before tax, as well as the earn-out payment related to Venross of EUR -7.1 million. Changes in working capital amounted to EUR -89.2 million (-23.1), negatively impacted by an increase in inventories for an amount of EUR -34.5 million (2.3) and an increase in receivables of EUR -84.9 million (-84.6). This was partly offset by an increase in payables of EUR 19.3 million (60.1). The working capital development compared to last year mainly reflects the strong growth in the TCG category, which at current sales levels leads to a different cash flow pattern than historically. Furthermore, inventory levels at the end of the period were impacted by TCG inventory held for sale in the fourth quarter. Cash flow from investing activities was EUR -19.1 million (-16.0) and mainly relates to investments in games developments as well as the acquisitions of the Zombicide and the Cthulhu: Death May Die IP rights. Cash flow from financing activities was EUR -39.5 million (-44.4) mainly driven by interest paid for EUR -34.4 million (-66.7). Last year, the net effect of the refinancing activities primarily related to the bridge loan and the bonds amounted to EUR 37.9 million. FINANCIAL POSITION Net debt before and after M&A commitments2 at the end of the period amounted to EUR -369.2 million (-837.5) and EUR -507.9 million (-956.8) respectively, resulting in a net debt/EBITDA2 before and after M&A commitments of 1.4x (3.6) and 1.9x (4.2) 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 debt, as well as the free cash flow development. This was partly offset by 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-December 2025 1 Structural changes refer to the divestment of Twin Sales Interactive 2 See section definitions of Alternative Performance Measures (APM)
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the change in fair value of M&A commitments, primarily related to the improvement in the current and expected operational performance of Exploding Kittens1. As per December 31, 2025 the total outstanding bond debt amounted to EUR 630.5 million. Cash and cash equivalents at the end of the period amounted to EUR 322.1 million (155.8). The increase is due to the financing activities mentioned above. 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 December 31, 2025 of EUR 0.1 million (2.2), and profit/loss before tax was EUR -18.5 million (-44.7). Profit/loss for the period was EUR -18.5 million (-44.0). Cash and cash equivalent as December 31, 2025 were EUR 24.5 million (19.3). Liabilities mainly relate to bonds for EUR 629.3 million (972.5). The parent company’s equity at the end of the period was EUR 1,998.8 million (1,634.1). 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 7 asmodee April-December 2025 1 See Notes 8 and 9 for more information about Exploding Kittens
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OTHER INFORMATION RISKS AND UNCERTAINTY FACTORS Asmodee is exposed to risks, particularly the evolution of the tabletop market, dependence on key persons for the success of game development, the sales performance of launched games, the continuation of certain commercial relationships and key licensing agreements and the success and performance of acquisitions. While asmodee’s production prioritizes proximity to market, the introduction of various tariffs between different countries could also have a negative effect on asmodee’s business in the short and long term. The complete risk analysis is found in the group’s most recent Annual and Sustainability Report. SEASONAL FLUCTUATIONS Due to the cyclical nature of consumer demand in the tabletop gaming industry, asmodee's sales are subject to seasonality. Seasonality typically manifests in higher sales during the second half of the financial year (FY), driven by holiday-related purchases, particularly 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 DURING AND AFTER THE REPORTING PERIOD No material events during or after the reporting period. ANNUAL GENERAL MEETING 24/25 Asmodee's Annual General Meeting 24/25 was held in Karlstad, Sweden, on September 18, 2025. AUDITOR'S REVIEW The information in this interim report has not been reviewed by the company's auditors. FINANCIAL CALENDAR Report date Year-end Report Q4 25/26 May 21, 2026 Annual Report 25/26 June 29, 2026 Interim Report Q1 26/27 August 4, 2026 Annual General Meeting 25/26 September 24, 2026 Interim Report Q2 26/27 November 13, 2026 Interim Report Q3 26/27 February 10, 2027 Year-end Report Q4 26/27 May 19, 2027 CONTACTS Nathalie Redmo Head of Investor Relations +46 768 10 22 43 Investor relations: 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 8 asmodee April-December 2025
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SUSTAINABILITY AND GOVERNANCE SUSTAINABILITY AND ESG: A CORE PART OF ASMODEE'S BUSINESS APPROACH Sustainability at asmodee reflects the commitment to creating long-term value by integrating environmental, social, and governance (ESG) considerations into strategy, operations, and culture. By addressing environmental and social impacts in a structured manner, the company aims to support responsible growth, strengthen stakeholder trust, and contribute positively through games, partnerships, and global presence. During the third quarter, asmodee continued to advance its sustainability agenda with a focus on further developing the company’s sustainability strategy, working on defining overarching sustainability targets, and progressing the work of dedicated internal focus groups. These efforts are part of the ongoing work to establish a coherent framework that supports long-term value creation and alignment with stakeholder expectations. Dialogue with selected external stakeholders during the quarter indicated that financial actors and other stakeholders generally view asmodee as a responsible and sustainable company. At the same time, these discussions highlighted that awareness of the company's sustainability risks, opportunities, and performance remains limited among certain key stakeholders, including investors. These insights will inform future communication and engagement efforts. In parallel, asmodee continued to promote the positive social impact of board games. During Spiel Essen, the company supported a knowledge- sharing session led by Game in Lab and the NeuroPGA research team, presenting ten years of academic research on how modern board games can support children’s cognitive development. This initiative illustrates asmodee’s commitment to evidence-based approaches and to fostering inclusive and meaningful play experiences. Overall, these activities demonstrate asmodee’s continued progress in embedding sustainability considerations across the organization, while laying the foundation for enhanced transparency and stakeholder engagement in the period ahead. 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-December 2025
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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 Stéphane Carville Board member Eugene Evans Board member Linda Höljö Board member Jacob Jonmyren Board member Marc Nunes Board member Thomas Kœgler CEO Karlstad, Sweden, February 19, 2026 This information is information that Asmodee Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 7:00 a.m. CET on February 19, 2026. This report contains forward-looking statements that reflect the Board of Directors’ and management’s current views with respect to certain future events and potential financial performance. Forward-looking statements are subject to risks and uncertainties. Results could differ materially from forward-looking statements as a result of, among other factors, (i) changes in economic, market and competitive conditions, (ii) success of business initiatives, (iii) changes in the regulatory environment and other government actions, (iv) fluctuations in exchange rates and (v) business risk management. This report is based solely on the circumstances at the date of publication and except to the extent required under applicable law or applicable 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 10 asmodee April-December 2025
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CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OF ASMODEE GROUP AB INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS Amounts in k.EUR Note Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Net sales 4 524,083 428,958 1,276,484 1,027,318 1,368,762 Goods for resale -292,857 -226,620 -724,816 -555,810 -756,727 Personnel expenses -46,981 -44,136 -131,977 -123,479 -167,590 Other operating income 1,582 2,427 9,420 6,675 13,254 Other operating expenses -73,474 -104,467 -207,613 -210,540 -271,212 Depreciation, amortization and impairment -19,905 -19,345 -59,420 -60,496 -71,899 Share of profit/loss of associates after tax -1,152 557 -1,197 2,210 2,159 Operating profit/loss (EBIT) 91,296 37,374 160,881 85,878 116,747 Financial income 5 2,284 -664 7,570 27,265 75,323 Financial expenses 5 -21,253 -16,154 -86,299 -88,283 -167,385 Financial results -18,969 -16,818 -78,729 -61,018 -92,062 Profit/loss before tax 72,327 20,556 82,152 24,860 24,685 Income tax -23,246 -17,069 -40,875 -20,053 -19,986 Profit/loss for the period 49,081 3,487 41,277 4,807 4,699 Profit/loss for the period attributable to: Equity holders of the parent 49,081 3,487 41,277 4,807 4,699 Non-controlling interests — — — — — Earnings per share Basic earnings per share (EUR) 6 0.2100 0.0211 0.1766 0.0306 0.0275 Diluted earnings per share (EUR) 6 0.2100 0.0211 0.1766 0.0306 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 11 asmodee April-December 2025
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INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Amounts in k.EUR Note Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Profit/loss for the period 49,081 3,482 41,277 4,807 4,699 Other comprehensive income, net of tax 73 20,708 -31,991 6,998 -3,563 Items that will be reclassified to profit or loss: Exchange differences on translation of foreign operations 72 20,697 -31,983 7,011 -3,513 Items that will not be reclassified to profit or loss: Remeasurement of defined benefit plans for employees 1 11 -8 -13 -50 Total comprehensive income for the period, net of tax 49,154 24,190 9,286 11,805 1,136 Total comprehensive income attributable to: Equity holders of the parent 49,154 24,190 9,286 11,805 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 12 asmodee April-December 2025
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INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION Amounts in k.EUR Note Dec 31, 25 Mar 31, 25 Goodwill 1,178,884 1,179,039 Publication and distribution rights 1,054,194 1,126,161 Other intangible assets 26,768 27,935 Property, plant and equipment 19,275 20,130 Right of use assets 48,395 49,591 Investments in associates — 1,198 Other non-current financial assets 4,474 3,779 Deferred tax assets 6,914 5,832 Total non-current assets 2,338,904 2,413,665 Inventories 253,728 225,352 Trade receivables 284,781 195,903 Advances and prepaid expenses 40,135 28,199 Other current financial assets 2,007 9,865 Other current assets 34,083 28,357 Cash and cash equivalent 322,141 286,396 Total current assets 936,875 774,072 Total assets 3,275,779 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 13 asmodee April-December 2025
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INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONT.) Amounts in k.EUR Note Dec 31, 25 Mar 31, 25 Share capital 78 78 Other contributed capital 3,334,658 3,334,658 Currency translation adjustment reserve -32,796 -812 Retained earnings -1,449,703 -1,454,419 Profit/loss for the period 41,277 4,699 Total equity attributable to equity holders of the parent 1,893,514 1,884,204 Total equity 6 1,893,514 1,884,204 Non-current provisions 750 1,228 Employee benefits 1,442 1,319 Deferred tax liabilities 194,564 214,469 Lease liabilities 40,979 42,731 Bonds 7 629,301 626,778 Liabilities to credit institutions 8 62 1,714 Deferred considerations 9 512 542 Liabilities to employees related to acquisitions 9 5,479 3,798 Other non-current liabilities — 1,400 Total non-current liabilities 873,089 893,979 Current provisions 2,272 1,789 Employee benefits 193 196 Trade payables 223,662 193,198 Advances and deferred incomes 32,024 17,857 Lease liabilities 10,835 9,984 Bonds 7 1,220 6,298 Liabilities to credit institutions 8 8,884 7,862 Put/call options on non-controlling interests 9, 10 101,067 75,826 Deferred considerations 9 660 163 Liabilities to employees related to acquisitions 9 31,056 27,550 Other current financial liabilities 22 855 Other current liabilities 97,281 67,976 Total current liabilities 509,176 409,554 Total equity & liabilities 3,275,779 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 14 asmodee April-December 2025
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INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to equity holders of the parent Amounts in k.EUR Note Share capital Other contributed capital Currency translation adjustment reserve Retained earnings Profit/loss for the period Total equity Opening balance - Apr 1, 24 2 2,796,828 26,995 12,302 -541,156 2,294,971 Appropriation of earnings — — — -541,156 541,156 — Profit/loss for the period — — — — 4,807 4,807 Other comprehensive income — — 7,022 -24 — 6,998 Total comprehensive income for the period — — 7,022 -24 4,807 11,805 Transactions with the owners Capital increase 49 — — -49 — — Contribution in kind 6 — 113,531 — — — 113,531 Dividend distribution 6 — — — -892,178 — -892,178 Other 6, 10 — — — -34,628 — -34,628 Other changes in equity 49 113,531 — -926,855 — -813,275 Closing balance - Dec 31, 24 51 2,910,359 34,016 -1,455,733 4,808 1,493,501 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 — — — — 41,277 41,277 Other comprehensive income 6 — — -31,983 -8 — -31,991 Total comprehensive income for the period — — -31,983 -8 41,277 9,286 Transactions with the owners Capital Increase — — — 23 — 23 Other changes in equity — — — 23 — 23 Closing balance - Dec 31, 25 78 3,334,658 -32,796 -1,449,703 41,277 1,893,514 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-December 2025
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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 6 71 400,006 — 1,285 — 401,362 Contribution in kind 6 — 113,531 — — — 113,531 Dividend distribution 6 — — — -892,178 — -892,178 Change in perimeter — — — — — — Effect of the change in functional currency of the Parent company 6 4 24,294 -24,298 — — — Other 6, 10 — — — -34,616 — -34,616 Other changes in equity 75 537,831 -24,298 -925,509 — -411,901 Closing balance - 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 16 asmodee April-December 2025
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INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS Amounts in k.EUR Note Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Operating activities Operating profit/loss (EBIT) 91,296 37,374 160,881 85,878 116,747 Adjustment for: Amortization, Depreciation, Impairment 19,906 19,345 59,421 60,496 71,899 Provision 1,834 5,983 1,270 4,115 -4,750 Profit shares in associated companies 1,152 -557 1,197 -2,210 -2,159 Personnel expenses related to acquisitions 2,474 3,124 6,847 8,903 8,087 Net gain/loss on disposal of fixed assets 82 8 2,342 52 -69 Movements in working capital (Excluding income taxes) Decrease/increase in inventories 55,386 53,475 -34,505 2,341 -4,001 Decrease/increase in trade receivables -45,640 -39,569 -84,886 -84,648 -21,848 Decrease/increase in trade payables -29,038 2,075 19,297 60,095 47,224 Decrease/increase in other receivables/payables 10,942 1,901 10,892 -932 7,824 Payment of liabilities to employees related to acquisitions -7,115 76 -7,115 -4,189 -4,163 Income tax paid -18,957 -6,362 -34,645 -15,428 -28,875 Cash flow from operating activities 82,322 76,873 100,996 114,473 185,916 Investing activities Purchases of intangible assets -5,608 -1,527 -14,695 -10,491 -12,693 Proceeds on disposal of intangible assets 1 -1 8 6 188 Purchases of tangible assets -1,620 -786 -3,797 -3,996 -5,021 Proceeds on disposal of tangible assets -1 33 14 193 214 Purchases of subsidiaries (net of cash acquired) — -649 — -1,713 -1,708 Disposal of subsidiary (net of cash disposed) — — -2,361 -2 105 Purchases of associates, equity instruments and joint ventures -433 — -433 — — Disposal of associates, equity instruments and joint ventures — — — — — Lending to associates, joint ventures and other entities -433 — -433 — — Repayment of loans from associates, joint ventures and other entities — — — — — Interests received 851 — 2,635 — — Cash flow from investing activities -7,243 -2,930 -19,062 -16,003 -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 17 asmodee April-December 2025
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Amounts in k.EUR Note Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Financing activities Proceeds from capital increase 24 — 24 — 400,027 Dividends paid 6 — — — -892,178 -892,178 Repayments of shareholders and other loans and borrowings — 489 -1 -449 -432 Proceeds from liabilities to credit institutions 8 2,889 960 4,900 915,738 920,621 Repayments from liabilities to credit institutions 8 -3,648 -906,599 -6,912 -926,507 -940,554 Proceeds from Bonds 7 320,000 941,255 320,000 941,255 946,224 Repayments from Bonds 7 -320,000 — -320,000 — -301,304 Repayment of lease liabilities -3,422 -3,212 -10,156 -8,959 -12,993 Interests paid -14,595 -49,426 -34,436 -66,661 -84,225 Other financing activities 7,904 6,584 7,101 -6,601 -8,883 Net cash (used in)/from financing activities -10,848 -9,949 -39,480 -44,362 26,303 Cash flow for the period 64,231 63,994 42,454 54,108 193,304 Cash and cash equivalents at the beginning of period 257,932 87,904 286,396 99,441 99,441 Cash flow for the period 64,231 63,994 42,454 54,108 193,304 Exchange rate differences -22 3,901 -6,709 2,250 -6,350 Cash and cash equivalents at the end of period 322,141 155,799 322,141 155,799 286,396 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 18 asmodee April-December 2025
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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 February 19, 2026. The Consolidated financial statements of the group have been prepared in accordance with IFRS® Accounting Standards (IFRS) published by the International Accounting Standards Board (IASB) and interpretations that have been issued by IFRS Interpretations Committee (IFRS IC) as they have been adopted by the European Union (EU). The group's interim report is prepared in accordance with IAS 34 Interim Financial Reporting and applicable parts of the Swedish Annual Accounts Act (1995:1554). The group has applied the same accounting policies, basis of calculation and assumptions as those applied in the consolidated financial statements of Asmodee Group AB as for the financial year ending March 31, 2025. In accordance with IAS 34, income tax expense for interim periods is recognized based on management's best estimate of the weighted average annual effective income tax rate expected for the full financial year, applied to the pre-tax income of the interim period. The applicability and scope of the Safe Harbour rules remain under review with the Swedish tax authorities for the financial year ending March 31, 2025, in the context of the separation with Embracer Group. Nevertheless, management has estimated the group’s is not exposed to a potential Pillar Two tax expense based on the most likely outcome of these rules. During the period ending December 31, 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 the financial year ending March 31, 2025. Some reclassifications related to the presentation of comparative figures could have been realized in order to be compliant with the presentation of the current period or to IFRS standards. Disclosures according to IAS 34 are presented in these unaudited condensed financial statements as well as corresponding notes. Due to the cyclical nature of consumer demand in the tabletop gaming industry, asmodee’s operations are subject to seasonality, typically resulting in significantly higher sales and earnings during the second half of the financial year, driven by holiday-related purchases. This seasonal pattern also impacts the group's working capital and cash flow from operating activities, primarily through an increase in inventories during the second and third financial quarters and a subsequent reduction during the late third and fourth financial quarters. 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 the financial year ending March 31, 2025. 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-December 2025
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NOTE 3 OPERATING SEGMENT NOTE 3.1 REVENUE BY GEOGRAPHY The group has no customer, that represents more than 10% of net sales on the period ending December 31, 2025. The following net sales are based on the seller's location. Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24- Mar 25 Sweden 3,181 1,132 5,571 2,756 3,740 Other Europe 154,534 102,905 349,601 234,973 323,430 France 111,697 75,633 278,853 198,595 272,926 United Kingdom 82,793 58,380 196,708 124,202 174,138 Germany 52,707 55,946 150,730 158,181 204,995 United States 70,421 91,568 167,057 191,107 236,730 Other Americas 25,198 21,155 67,495 61,391 79,953 Rest of the world 23,552 22,239 60,469 56,115 72,850 Net sales 524,083 428,958 1,276,484 1,027,318 1,368,762 NOTE 3.2 ASSETS BY GEOGRAPHY Amounts in k.EUR Dec 31, 25 Mar 31, 25 Publication and distribution rights 1,054,194 1,126,161 Sweden — — France 521,394 539,926 United States 427,425 474,822 Other 105,375 111,413 Other Intangible assets 26,768 27,935 Sweden — — France 7,206 8,046 United States 15,959 16,098 Other 3,603 3,791 Property, plant and equipment 19,275 20,130 Sweden — — France 1,900 2,198 United States 2,601 3,128 United Kingdom 9,614 10,226 Other 5,160 4,578 Right-of-use assets 48,395 49,591 Sweden — — Canada 6,497 7,547 France 9,150 7,069 Germany 3,618 4,436 United States 4,066 5,518 United Kingdom 11,655 12,921 Other 13,409 12,100 Total 1,148,632 1,223,817 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-December 2025
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NOTE 4 REVENUE FROM CONTRACTS WITH CUSTOMERS NOTE 4.1 REVENUE BY GAME CATEGORY Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24- Mar 25 Board games 197,799 213,488 427,854 439,151 535,729 Trading Card Games (TCG) 285,729 176,242 743,880 485,238 695,992 Other categories 40,556 39,228 104,750 102,930 137,041 Revenue from contracts with customer 524,083 428,958 1,276,484 1,027,318 1,368,762 The classification of some games was revised and the presentation of the comparable figures for the periods Apr 24-Mar 25 , Oct-Dec 24 and Apr- Dec 24 were amended in consequence. NOTE 4.2 REVENUE BY PUBLISHER Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24- Mar 25 Games published by asmodee studios 154,452 177,017 347,229 365,050 453,559 Games published by partners 355,631 236,646 894,295 624,124 864,469 Others 14,001 15,295 34,961 38,144 50,734 Revenue from contracts with customer 524,083 428,958 1,276,484 1,027,318 1,368,762 NOTE 4.3 REVENUE BY GEOGRAPHY See Note 3.1. NOTE 5 FINANCIAL RESULT In k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Change in fair value of put/call options on non-controlling interests — — — — 8,938 Exchange gains on financial items 1,270 -2,825 4,201 25,104 63,271 Other gains on financial items 1,014 2,161 3,369 2,161 3,114 Financial income 2,284 -664 7,570 27,265 75,323 Change in fair value of put/call options on non-controlling interests -2,491 -1,962 -31,805 -5,657 -8,778 Interest expenses related to Bonds -10,080 -3,137 -29,962 -3,137 -21,962 Interest expenses related to credit institutions -55 -21,638 -208 -56,052 -56,587 Interest expenses related to leases liabilities -612 -587 -1,836 -1,648 -2,249 Exchange losses on financial items -1,320 15,157 -7,836 -16,618 -66,053 Other losses on financial items -6,695 -3,987 -14,652 -5,171 -11,756 Financial expenses -21,253 -16,154 -86,299 -88,283 -167,385 Financial result -18,969 -16,818 -78,729 -61,018 -92,062 For the period ending December 31, 2025, the financial result amounts to EUR -78,729 thousand, mainly driven by Interest expenses related to Bonds for EUR -29,962 thousand, and Change in fair value of put/call options on non-controlling interests for EUR -31,805 thousand (see Note 10.4). Furthermore, Other losses on financial items includes the unwinding of discount on contingent considerations for EUR -7,608 thousand and an expense of EUR -5,714 thousand corresponding to the remaining unamortized issuance costs, recognized immediately upon the early repayment of the variable interests bonds (see Note 7). It should be noted that unrealized foreign exchange losses on certain intercompany loans have been reclassified to Other Comprehensive Income in the current period, as these loans now qualify as part of the net investment in a foreign operation, for an amount of EUR -11,926 thousand. The unrealized foreign exchange losses related to these loans were accounted in the Statements of Profit or loss on comparable periods. See Note 6.3 for details on Other Comprehensive Income. For the period ending December 31, 2024, the financial result amounts to EUR -61,018 thousand, mainly driven by the interest expenses of the bridge loan for EUR -55,408 thousand. For the period ending March 31, 2025, the financial result amounts to EUR -92,062 thousand and is mainly driven by the interest expenses of the bridge loan for EUR -55,736 thousand, 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"). Interest expenses from bonds and from loans from credit institutions for the financial year 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 7 and 8. 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-December 2025
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NOTE 6 EQUITY NOTE 6.1 SHARE CAPITAL On April 19, 2024 the share capital was changed in preparation for the separate listing of asmodee and the 250 shares were split: 10 shares become 54,000,000 “A shares” (10 vote rights) and 240 shares become 1,335,952,865 “B shares” (1 vote right). On September 18, 2024, the company increased the share capital through a bonus issue for SEK 557,266 by transferring non-restricted equity (i.e. retained earnings). It resulted in a new par value of SEK 0.0004. On January 2, 2025, the company carried out a reverse share split where six shares, regardless of share class, were consolidated into one share of each share class respectively. To facilitate the reverse share split the company also carried out a new share issue, by issuing 113 B shares, paid in cash, with a price per share of SEK 1 and a total subscription price of SEK 113. As a result of the share issue, the share capital increased by SEK 0.0452. The new share capital amounts to SEK 583,503.8544002, and each share has a par value per share of SEK 0.0004. Through the reverse share split the number of A shares decreased from 54,000,000 to 9,000,000 and the number of class B shares decreased from 1,404,759,636 to 234,126,606, with a total number of shares in the company of 243,126,606. On January 2, 2025, the company proceeded at an increase of share capital through bonus issue without issuance of shares for SEK 291,751.9272 by transferring non-restricted equity (i.e. retained earnings) into share capital. The share capital resulting from the bonus issue amounts to SEK 875,255.78162, and each share with a new par value of SEK 0.0036. The number of “A shares” and “B shares” remained unchanged. On January 2, 2025, the company proceeded at a reduction of share capital with redemption of shares without repayment to shareholders by transferring SEK 280,515.40202 into non-restricted equity (i.e. retained earnings). The share capital resulting from this reduction amounts to SEK 594 740.37962, with a par value of SEK 0.0036 per share. The number of “B shares” was reduced by 77,920,945, to 156,205,661, with a total number of shares in the company of 165,205,661. The number of “A shares” remained unchanged. On January 24, 2025, the company proceeded with a new share issue, by issuing 68,486,367 class B shares with a price per share of EUR 5.841 and a total subscription price of EUR 400,028,869.6470, paid in cash. The capital increase was fully subscribed by Embracer Group AB. The share capital increased by SEK 246,550.92122. The new share capital amounts to SEK 841,291.30082, with a par value of SEK 0.0036 per share. The total number of class B shares in the company is 224,692,028, with a total number of shares in the company of 233,692,028. On February 7, 2025, class B shares of the company were listed in Nasdaq Stockholm. Changes in the number of shares Number of shares AGM/EGM date Registration date Ordinary shares A-shares B-shares Number of shares at closing Number of shares upon incorporation of the company 250 — — 250 Reclassification of ordinary shares to introduce two shares classes and share split 19/04/2024 03/05/2024 -250 54,000,000 1,335,952,865 Share issue paid in-kind 19/04/2024 03/05/2024 — — 68,806,658 Bonus issue without issuance of shares 18/09/2024 04/10/2024 — — — Reduction of share capital with redemption of shares 18/09/2024 04/10/2024 — -54,000,000 -1,335,952,865 Share issue paid in cash 18/09/2024 04/10/2024 — 54,000,000 1,335,952,865 Share issue paid in cash 02/01/2025 14/01/2025 — — 113 Reverse share split 1:6 02/01/2025 14/01/2025 — -45,000,000 -1,170,633,030 Bonus issue without issuance of shares 02/01/2025 14/01/2025 — — — Reduction of share capital with redemption of shares 02/01/2025 14/01/2025 — — -77,920,945 New share issue paid in cash 24/01/2025 27/01/2025 — — 68,486,367 Number of shares at closing — 9,000,000 224,692,028 233,692,028 The amount of existing shares at the date of publication of these condensed consolidated interim financial statements is 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 6.2 OTHER CONTRIBUTED CAPITAL Other contributed capital consists of capital contributed by asmodee owners in the form of cash and the share premium in direct shares issues, as well as, in the form of group contributions (amounting to EUR 4,863 thousand). On April 19, 2024, it was resolved to issue 68,806,658 class B shares to the shareholders (excluding Asmodee Group AB) of Les Nouveaux Amis d’Asmodee SAS and Asmodee III SAS who contributed the shares they held in Les Nouveaux Amis d’Asmodee SAS and Asmodee III SAS as payment for the shares in Asmodee Group AB. This operation resulted in an additional “Other contributed capital” of EUR 113,531 thousand. On January 24, 2025, the company proceeded with a new share issue resulting in an additional “Other contributed capital” of EUR 400,006 thousand. NOTE 6.3 CURRENCY TRANSLATION ADJUSTMENT RESERVES The variance of the currency translation adjustment reserves for the period ending December 31, 2025 amounted to EUR -31,983 thousand, out of which EUR -11,926 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 22 asmodee April-December 2025
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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 -11,926 thousand (net of deferred taxes). NOTE 6.4 DIVIDENDS DISTRIBUTIONS No dividends were distributed on the current period. During the financial year ending March 31, 2025, the total amount of dividend distribution amounted to EUR -892,178 thousand: » On April 11, 2024, a dividend of EUR 1,178 thousand was distributed to Embracer Group AB. » On April 16, 2024, a dividend of EUR 848,549 thousand was distributed to Embracer Group AB. » On April 19, 2024, a dividend of EUR 42,451 thousand was distributed to shareholders other than Embracer Group AB. NOTE 6.5 CHANGE IN FUNCTIONAL CURRENCY OF THE PARENT COMPANY During the financial year ending March 31, 2025, it was identified that the functional currency of the parent company (Asmodee Group AB) should be changed to EUR due to material transactions being denominated in EUR (see Note 7 - Bonds, Note 8 - Liabilities to credit institutions and changes on the share capital and Other contributed capital). It was determined that the most appropriate date for the change in functional currency was March 31, 2025, in regards to the feasibility of an implementation. The EUR -24,298 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 6.6 EARNINGS PER SHARE The weighted average number of shares outstanding adjusted for retrospective events during the period ending December 31, 2025 amounted to 233,692,028 (157,198,955). NOTE 7 BONDS Amounts in k.EUR Dec 31, 25 Mar 31, 25 At the beginning of year 633,076 — Business combinations — — Bond issuance 320,000 946,224 Bond repayment -320,000 -301,304 Interests accruals of the period 27,981 14,590 Interests repayment -33,059 -8,454 Costs incurred for Bond issuance -5,173 -20,764 Effective Interest Rate amortization 1,982 7,375 Foreign exchange gains/losses — -4,592 Scope exit — — Other 5,714 — Carrying amount at end of year 630,522 633,076 of which non-current 629,301 626,778 of which current 1,220 6,298 of which principal 629,301 626,778 of which interests 1,220 6,298 Refinancing of the Floating Rate Notes During the financial year ending December 31, 2025, the group successfully completed the refinancing of EUR 320,000 thousand Senior Secured Floating Rate Notes due 2029, with a Senior Secured Fixed Rate Note in the same amount. The new bond serves a coupon of 4.25%, paid on a semi-annual basis, with a maturity date of December 15, 2031. Following this transaction, the group's bond debt structure is entirely fixed-rate, reducing exposure to interest rate volatility. The transaction resulted in an immediate expense recognized in Other losses on financial items (see Note 5), of EUR -5,714 thousand, corresponding to the write-off of the remaining unamortized issuance costs associated with the extinguished Senior Secured Floating Rate Notes. The issuance costs for the new bond amounted to EUR -5,173 thousand. Payments1 related to these costs for the period amounted to EUR -550 thousand. Financing transactions in the previous year During the financial year ending March 31, 2025, the group raised a financing by issuing an aggregate principal amount of EUR 940,000 thousand2 Senior Secured Notes denominated in EUR. The costs incurred by the group to issue this financing amounted to EUR -20,764 thousand. Those issuance costs were paid1 in the amount of EUR -1,460 thousand during the period December 31, 2025 (for EUR -19,304 thousand on the period ending March 31, 2025). In February 2025, the company proceeded with a voluntary early repayment of EUR 300,000 thousand. Following this early repayment, the aggregated principal amount of Senior Secured Notes 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 Notes bearing interest at a floating rate amounted to EUR 320,000 thousand. This early repayment resulted in a redemption fee of EUR 6,000 thousand (presented in the line "Other financing activities" of the Consolidated Statement of Cash Flow). It also significantly impacted the interests payments (for EUR -2,960 thousand) and amortization of costs incurred for bond issuance (for EUR 6,519 thousand) of the financial year ending March 31, 2025. Security and Listing The senior secured bonds 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. 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-December 2025 1 Issuance costs payments are presented in the consolidated statement of cash flows under "Paid interests". 2 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.
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NOTE 8 LIABILITIES TO CREDIT INSTITUTIONS Amounts in k.EUR Dec 31, 25 Mar 31, 25 At the beginning of year 9,576 29,356 Business combinations — — New loan 4,900 920,621 Loan repayment -6,911 -940,554 Interests accruals of the period 207 43,594 Interests repayments -259 -43,559 Costs incurred for new loans — -12,992 Effective Interest Rate amortization — 12,992 Changes in bank overdraft 704 — Foreign exchange gains/losses -117 115 Scope exit — — Other 847 1 Carrying amount at end of year 8,946 9,576 of which non-current 62 1,714 of which current 8,883 7,862 of which principal 8,916 9,493 of which interests 30 83 During the financial year ending March 31, 2025 new loans amounted to EUR 920,621 thousand. This increase is mainly driven by the financing agreement ("bridge loan") which Asmodee Group AB entered into on April 16, 2024, for an amount of EUR 916,7521 thousand. On December 12, 2024 this bridge loan was fully repaid, following to the issuance of bonds by the company (See Note 7). During the financial year ending March 31, 2025, the company also repaid other liabilities to credit institutions for EUR -23,802 thousand. The bridge loan was accounted for at amortized cost using the effective interest rate method. The amount of costs incurred by the company to set this financing amounted to EUR -12,992 thousand (fully amortized following repayment on December 12, 2024) and is presented in the consolidated statement of cash flows under "Paid interests". 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 5). The Revolving Credit Facility had not been utilized during the periods ending December 31, 2025 and March 31, 2025. Certain liabilities to credit institutions are secured by pledges on tangible assets. The "Changes in bank overdraft" are presented in the consolidated statement of cash flows under "Other financing activities". NOTE 9 LIABILITIES RELATED TO ACQUISITIONS Carrying value in the consolidated statement of financial position Amounts in k.EUR Dec 31, 25 Mar 31, 25 Put/call options on non-controlling interests — — Deferred considerations 512 542 Liabilities to employees related to acquisitions 5,479 3,798 Non-current 5,991 4,340 Put/call options on non-controlling interests 101,067 75,826 Deferred considerations 660 163 Liabilities to employees related to acquisitions 31,056 27,550 Current 132,783 103,539 Total liabilities related to acquisitions 138,774 107,879 For more information on "Put/call options on non-controlling interests", see Note 10.2 and Note 10.4. During the first quarter of the period, the group proceeded with the acquisition of the intellectual property "Zombicide" (presented under "Publication and Distribution rights"). A deferred consideration associated with performance conditions and a maturity on 2027 and 2029, was accounted for and remeasured at fair value through profit and loss. As of December 31, 2025, undiscounted expected payments amounted to EUR 147,380 thousand (128,415), with an increase mostly driven by the Exploding Kittens acquisition (See Note 10.4). 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 24 asmodee April-December 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.
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Undiscounted expected payments Amounts in k.EUR Dec 31, 25 Less than 1 year More than 1 year Put/call options on non-controlling interests 103,631 103,631 — Deferred considerations 1,175 660 515 Liabilities to employees related to acquisitions 42,574 33,749 8,825 Total undiscounted expected payments 147,380 138,040 9,340 Amounts in k.EUR Mar 31, 25 Less than 1 year More than 1 year Put/call options on non-controlling interests 83,389 83,389 — Deferred considerations 704 163 542 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 10 FINANCIAL INSTRUMENTS NOTE 10.1 FAIR VALUE MEASUREMENT Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement is based on the fair value hierarchy which includes the following levels: » Level 1 - Quoted (unadjusted) market prices for identical assets or liabilities in active markets. » Level 2 - Inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (i.e. price quotations) or indirectly (i.e. derived from price quotations). » Level 3 - Input data for the asset or liability which is not based on observable market data (i.e. unobservable input data). NOTE 10.2 FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE As of December 31, 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 101,067 thousand. NOTE 10.3 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 10.4 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 the group will purchase the remaining interest if the holder of the option determines to exercise. The group’s put/call options will be settled in cash. The fair value has been calculated based on expected outcome of financial targets for each individual agreement. The estimated expected settlement will vary over time depending on, among other things, the degree of fulfillment of the conditions for the put/call options. The group’s put/call options are measured at fair value by discounting expected cash flows at a risk-adjusted discount rate. Measurement is therefore in accordance with Level 3 in the fair value hierarchy. Significant unobservable input data consists of forecasted financial targets. Amounts in k.EUR Dec 31, 25 Mar 31, 25 Opening balance 75,826 154,602 Business combination — — Revaluation 31,805 -160 Payment — — Foreign exchange gains/losses -6,564 287 Cancellations — -78,901 Closing balance 101,067 75,826 The net change in fair value for the period ending December 31, 2025 relates to the change in net present value of Exploding Kittens put option of EUR 31,805 thousand. This change in fair value is driven by the improvement in the expected Exploding Kittens operational performance (on which the exercise price of the shares for the put option is based). On December 22, 2025, the group exercised its call option regarding the remaining minority interests in Exploding Kittens. As of December 31, 2025, the financial liability recognized represents the management’s best estimate. Following the exercise of the option, a formal process to review and determine the "normalized" operational performance, as per transaction terms, has been initiated. The group expects to finalize the valuation during during the first half of calendar year 2026. The net change in fair value for the financial year 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). 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-December 2025
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On April 19, 2024, the March 2022 shareholders’ agreement between the Embracer Group AB and the non-controlling interest of Financière Amuse Topco was replaced by a new shareholders’ agreement. In application of this agreement the put / call options on the non-controlling interests of Financière Amuse Topco were canceled, for an amount of EUR -78,901 thousand, and the non-controlling interest subscribed to a capital increase in kind in Asmodee Group AB, by contributing the shares they held in Les Nouveaux Amis d’Asmodee SAS and Asmodee III SAS as payment for the newly issued 68,806,658 B shares of Asmodee Group AB (see Note 6.2). As a result of these transactions, the companies Financière Amuse Topco, Les Nouveaux Amis d’Asmodee SAS and Asmodee III SAS are all owned at 100% by Asmodee Group AB. The simultaneous acquisition of non- controlling interest and of the put option cancellation generated a loss of EUR -34,628 thousand (accounted in Retained Earnings). The loss represents the difference between the carrying amount of the previously held interest and the consideration paid for the non-controlling interest. SENSITIVITY ANALYSIS 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 December 31, 2025, of EUR -335 thousand. NOTE 11 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 26 asmodee April-December 2025
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SEPARATE INTERIM FINANCIAL STATEMENTS OF ASMODEE GROUP AB PARENT COMPANY'S INCOME STATEMENT Amounts in k.EUR Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Net sales 87 2,241 2,602 Other operating income 27 51 794 Personnel expenses -931 -25 -3,276 Impairment expected credit losses — -7,412 — Other external expenses -2,454 -8,450 -23,861 Operating profit/loss -3,271 -13,594 -23,741 Financial net items -15,180 -31,082 -58,923 Profit/loss before tax -18,451 -44,675 -82,664 Income tax — 664 -652 Profit/loss for the period -18,451 -44,011 -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 27 asmodee April-December 2025
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PARENT COMPANY'S BALANCE SHEET Amounts in k.EUR Dec 31, 25 Dec 31, 24 Mar 31, 25 ASSETS Non-current assets Financial assets Shares in Group companies 1,926,174 1,926,174 1,926,174 Receivables from Group companies 684,541 679,052 643,367 Deferred tax assets — 1,902 — Total financial assets 2,610,715 2,607,128 2,569,542 Total non-current assets 2,610,715 2,607,128 2,569,542 Current assets Receivables from Group companies 36 208 131 Other current assets 673 2,200 1,031 Total current receivables 709 2,408 1,162 Cash and cash equivalent 24,549 19,294 87,431 Total current assets 25,258 21,702 88,593 Total assets 2,635,973 2,628,830 2,658,134 EQUITY AND LIABILITIES Restricted equity 78 54 78 Unrestricted equity 1,998,770 1,634,028 2,017,221 Total equity 1,998,848 1,634,082 2,017,298 Non-current liabilities Bonds 629,301 972,507 626,778 Total non-current liabilities 629,301 972,507 626,778 Current liabilities Trade payables 2,130 — 225 Liabilities to Group companies — — 4,494 Other current liabilities — 19,465 84 Accrued expenses and prepaid income 5,694 2,776 9,254 Total current liabilities 7,824 22,241 14,058 Total equity & liabilities 2,635,973 2,628,830 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 28 asmodee April-December 2025
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NOTES TO THE FINANCIAL STATEMENTS OF ASMODEE GROUP AB NOTE P1 PARENT COMPANY'S ACCOUNTING POLICIES This interim report for the Parent company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act (1995:1554), Interim reports, and the recommendation issued by The Swedish Corporate Reporting Board RFR 2 “Accounting for legal entities”. The same accounting principles and significant estimates and assumptions have been applied as applied in the Annual and Sustainability Report 2024/2025, which can be found in Note P1 in the most recent Annual Report. PRESENTATION CURRENCY On April 1, 2025 the presentation and accounting currency for the parent company was changed from SEK to EUR. Assets and liabilities in the parent company was converted to EUR using the foreign exchange rate 10,849 SEK/EUR. Comparative periods have been restated from SEK to EUR using the same foreign exchange rate. All amounts are presented in thousands of Euro (“k.EUR”), unless otherwise indicated. Rounding differences may occur. 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-December 2025
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DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES In accordance with the guidelines from ESMA (European Securities and Markets Authority), regarding the disclosure of alternative performance measures, the definition and reconciliation of asmodee’s alternative performance measures (APM's) are presented below. The guidelines entail increased disclosures regarding the financial measures that are not defined by IFRS. The performance measures presented below are reported in this report. They are used for internal control and follow-up. Since not all companies calculate financial measures in the same way, these are not always comparable to measures used by other companies. An important part of asmodee’s strategy is to pursue inorganic growth opportunities through acquisitions, thereby expanding the group’s IP portfolio, geographic reach and pool of creative talent. An acquisitive strategy is associated with certain complexity in terms of accounting for business combinations. The board and management of asmodee believe that it is important to separate the underlying operational performance of the business from impacts arising from acquisitions. In addition, asmodee, from time to time, implements strategic programs or initiatives including business restructurings and transformations. In some cases, these initiatives can give rise to one-off costs that are sufficiently material, in the board and management’s judgement, to impact the reliable comparison of asmodee’s underlying operating results from period to period. Certain APM’s are thus used to provide internal and external stakeholders the best picture of the underlying operational performance of the business, by the measurement of performance excluding specific items related to acquisitions and, when relevant, items affecting comparability The individual APM's, definitions and purpose are described in more detail in the following table. 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-December 2025
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DEFINITIONS OF APM'S (CONT.) EBITDA EBTIDA (earnings before interest, taxes, depreciation and amortization) corresponds to the Operating profits / losses, in the Consolidated Statements of profit and loss, excluding depreciation, amortization and impairments. This metric is commonly used by investors, financial analysts and other stakeholders. Adjusted EBITDA EBITDA excluding specific items related to acquisitions and items affecting comparability. Provides an indication of the underlying operational performance. Adjusted EBITDA margin Adjusted EBITDA as a percentage of net sales. Provides an indication of operating profitability. EBIT EBIT (Earning before interests and taxes) equals Operating profits / losses in the Consolidated statements of profit and loss. This metric is commonly used by investors, financial analysts and other stakeholders. EBIT Margin EBIT as a percentage of Net Sales. Provides an indication of operating profitability. Adjusted EBIT Adjusted EBITDA less depreciation and amortization from which amortization of publishing and distribution rights of acquired intangible assets are excluded. Provides an indication of the underlying operational performance. Adjusted EBIT margin Adjusted EBIT as a percentage of net sales. Provides an indication of operating profitability. Adjusted profit / loss of the period Profit / loss of the period excluding specific items related to acquisitions (incl. changes in fair value affecting the financial result) and items affecting comparability, net of tax. Taxes are calculated using the parent company income tax rate. Provides an indication of the overall company performance. Adjusted earning per share Adjusted Profit / Loss of the period divided by the weighted average number of shares. Provides an indication of overall profitability per share. Items affecting comparability IAC include capital gains and losses from divestments , impairments, capital gains and losses from divestments of financial assets, M&A related costs as well as other items having an impact on the comparability. Provides a consistent view of operational trends over time. LTM adjusted EBITDA Last twelve months adjusted EBITDA as a cumulative value. Provides a measure which is used as an input to calculate the net debt leverage. Organic growth Organic growth represents the increase in net sales generated from the company's existing operations, excluding the effects of acquisitions, divestments, discontinued operations, and foreign currency fluctuations. Previously published organic growth figures for comparable periods may be restated to reflect acquisitions, divestments, or discontinued operations that have occurred subsequent to their original publication to ensure a consistent like-for-like comparison. Growth measure for companies that has been part of the Asmodee Group for more than one year excluding effects of acquisitions, divestments, discontinued operations, and foreign currency fluctuations. Free cash flow before income tax and lease payments Adjusted EBITDA, less capital expenditures (purchases of intangible and tangible assets), plus movements in working capital (excluding income taxes and IAC related cash impacts). Lease payments relate to leases recognized in the Statement of Financial Position in accordance with IFRS 16. Provides a measure of the company’s ability to convert Adjusted EBITDA into operational cash flow. Free cash flow conversion before income tax and lease payments Free cash flow before tax and lease payments divided by Adjusted EBITDA. Provides a measure of the company’s ability to convert Adjusted EBITDA into operational cash flow. Free cash flow after income tax and lease payments Adjusted EBITDA, less capital expenditures (purchases of intangible and tangible assets), plus movements in working capital (including income taxes and excluding IAC related cash impacts), net of income tax paid. Lease payments relate to leases recognized in the Statement of Financial Position in accordance with IFRS 16. Provides a measure of the company’s ability to convert Adjusted EBITDA into operational cash flow. Free cash flow conversion after income tax and lease payments Free cash flow after tax and lease payments divided by Adjusted EBITDA. Provides a measure of the company’s ability to convert Adjusted EBITDA into operational cash flow. 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 31 asmodee April-December 2025
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Net Debt (–) / Net Cash (+) before M&A commitments The Net Debt corresponds to the Bonds, Liabilities to credit institutions and lease liabilities, net of the Cash and cash equivalents. M&A commitments related to acquisition (put/call options on non-controlling interests, deferred consideration, and liabilities to employees related to acquisitions). Provides a measure of the debt before M&A commitments compared to its liquid assets. This metric is also used to calculate the Company’s financial leverage before M&A commitments. Leverage ratio on Net Debt (–) / Net Cash (+) before M&A commitments Net Debt before M&A commitments divided by the last 12 months Adjusted EBITDA. Provides a measure of financial leverage before M&A commitments. Net Debt (–) / Net Cash (+) after M&A commitments The Net Debt corresponds to the Bonds, Liabilities to credit to institutions, lease liabilities and M&A commitments, net of the Cash and cash equivalents. Provides a measure of the debt after M&A commitments compared to its liquid assets. This metric is also used to calculate the Company’s financial leverage after M&A commitments. Leverage ratio on Net Debt (–) / Net Cash (+) after M&A commitments Net Debt after M&A commitments divided by the last 12 months Adjusted EBITDA. Provides a measure of financial leverage after M&A commitments. 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 32 asmodee April-December 2025
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DERIVATIONS OF APM'S APM Table Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 EBITDA 111,201 56,719 220,301 146,374 188,646 Adjusted EBITDA 114,500 89,285 230,498 187,422 228,188 Adjusted EBITDA margin 21.8 % 20.8 % 18.1 % 18.2 % 16.7 % EBIT 91,296 37,374 160,881 85,878 116,747 Adjusted EBIT 107,206 82,866 208,720 165,367 198,200 Adjusted EBIT margin 20.5 % 19.3 % 16.4 % 16.1 % 14.5 % Adjusted profit / loss of the period 64,407 41,642 110,541 73,803 70,556 Adjusted Earning per share 0.276 0.252 0.473 0.469 0.412 Items affecting comparability 825 29,442 3,350 32,145 22,210 LTM Adjusted EBITDA 271,264 229,706 271,264 229,706 228,188 Free cash flow before income tax and lease payments 98,922 81,385 122,826 126,489 239,142 Free cash flow before income tax and lease payments conversion 86 % 91 % 53 % 67 % 105 % Free cash flow after tax and lease payments 76,543 71,811 78,025 102,102 197,274 Free cash flow after tax and lease payments conversion 67 % 80 % 34 % 54 % 86 % Net debt (-) / Net Cash (+) before M&A commitments -369,162 -837,501 -369,162 -837,501 -409,826 Net debt (-) / Net Cash (+) after M&A commitments -507,936 -956,813 -507,936 -956,813 -517,705 Leverage ratio on Net Debt (–) / Net Cash (+) before M&A commitments 1.4x 3.6x 1.4x 3.6x 1.8x Leverage ratio on Net Debt (–) / Net Cash (+) after M&A commitments 1.9x 4.2x 1.9x 4.2x 2.3x Net Sales growth 22.2 % 11.3 % 24.3 % 1.7 % 6.3 % Organic growth 25.6 % 13.3 % 27.1 % 3.5 % 7.7 % Adjusted EBITDA and Adjusted EBIT Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Operating profit (EBIT) 91,296 37,374 160,881 85,878 116,747 Depreciation, amortization and impairment 19,905 19,345 59,420 60,496 71,899 EBITDA 111,201 56,719 220,301 146,374 188,646 Personnel costs related to acquisitions 2,474 3,124 6,847 8,903 8,087 Acquisition costs — — — — — Items affecting comparability 825 29,442 3,350 32,145 31,455 Adjusted EBITDA 114,500 89,285 230,498 187,422 228,188 Depreciation, amortization and impairment -19,905 -19,345 -59,420 -60,496 -71,899 Items affecting comparability — — — — -9,245 Amortization of publishing and distribution rights 12,611 12,926 37,642 38,441 51,156 Adjusted EBIT 107,206 82,866 208,720 165,367 198,200 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 33 asmodee April-December 2025
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EBIT margin Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Net sales A 524,083 428,958 1,276,484 1,027,318 1,368,762 EBIT B 91,296 37,374 160,881 85,878 116,747 EBIT margin B/A 17.4 % 8.7 % 12.6 % 8.4 % 8.5 % Adjusted EBITDA margin Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Net sales A 524,083 428,958 1,276,484 1,027,318 1,368,762 Adjusted EBITDA B 114,500 89,285 230,498 187,422 228,188 Adjusted EBITDA margin B/A 21.8 % 20.8 % 18.1 % 18.2 % 16.7 % Adjusted EBIT margin Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Net sales A 524,083 428,958 1,276,484 1,027,318 1,368,762 Adjusted EBIT B 107,206 82,866 208,720 165,367 198,200 Adjusted EBIT margin B/A 20.5 % 19.3 % 16.4 % 16.1 % 14.5 % LTM Adjusted EBITDA Amounts in k.EUR Dec 31, 25 Dec 31, 24 Mar 31, 25 Adjusted EBITDA of the period A 230,498 187,422 228,188 Adjusted EBITDA of the previous year B 228,188 211,671 Adjusted EBITDA of the previous period C 187,422 169,387 LTM ADJUSTED EBITDA A+B-C 271,264 229,706 228,188 Net sales organic growth Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Change Apr-Dec 25 Apr-Dec 24 Change Net sales 524,083 428,958 22.2 % 1,276,484 1,027,318 24.3 % Net sales from divested companies 2,041 — n.a. 4,664 — n.a. Difference in exchange rate 12,757 — n.a. 24,864 — n.a. Organic net sales 538,881 428,958 25.6 % 1,306,012 1,027,318 27.1 % 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 34 asmodee April-December 2025
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Net debt and financial leverage Amounts in k.EUR Dec 31, 25 Dec 31, 24 Mar 31, 25 Cash and cash equivalents 322,141 155,799 286,396 Bonds -630,521 -923,366 -633,076 Liabilities to credit institutions -8,946 -18,738 -9,576 Financial liabilities -22 -829 -855 Lease liabilities -51,814 -50,367 -52,715 Net debt before M&A commitments A -369,162 -837,501 -409,826 Put/call options on non-controlling interests -101,067 -84,986 -75,826 Deferred considerations -1,172 -740 -705 Liabilities to employees related to acquisitions -36,535 -33,586 -31,348 Net debt after M&A commitments B -507,936 -956,813 -517,705 LTM Adjusted EBITDA C 271,264 229,706 228,188 Leverage ratio on Net Debt (–) / Net Cash (+) before M&A commitments A/C 1.4x 3.6x 1.8x Leverage ratio on Net Debt (–) / Net Cash (+) after M&A commitments B/C 1.9x 4.2x 2.3x Adjusted net profit/loss Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Profit/loss for the period 49,081 3,487 41,277 4,807 4,699 Adjustments Personnel costs related to acquisitions 2,474 3,124 6,847 8,903 8,087 Acquisition costs — — — — — Items affecting comparability 825 29,442 3,350 32,145 22,210 Amortization of publishing and distribution rights 12,611 12,926 37,642 38,441 51,156 Change in fair value of contingent consideration and put/call options on non- controlling interests 3,393 2,562 39,395 7,408 1,490 Adjustments before tax 19,303 48,054 87,234 86,897 82,943 Tax effects on adjustments -3,976 -9,899 -17,970 -17,901 -17,086 Adjustments after tax 15,326 38,155 69,264 68,996 65,857 Total adjusted net profit/loss 64,407 41,642 110,541 73,803 70,556 Weighted average number of ordinary shares outstanding, million 234 165 234 157 171 Adjusted Earning per share, EUR 0.2756 0.2521 0.4730 0.4695 0.4122 Change in fair value of contingent consideration and put/call options on non-controlling interests’ has been refined to incorporate additional M&A-related contingent considerations remeasurements previously not included in this table. Comparative periods have been restated on a pro forma basis. 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 35 asmodee April-December 2025
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Free cash flow before and after income tax and lease payments and conversion ratio Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Adjusted EBITDA 114,500 89,285 230,498 187,422 228,188 Purchase of intangible assets -5,607 -1,528 -14,687 -10,485 -12,505 Purchase of property, plant and equipment -1,621 -753 -3,783 -3,803 -4,807 Movement in working capital (excluding income tax and IAC) -8,350 -5,619 -89,202 -46,645 28,266 Free cash flow before income tax and lease payments 98,922 81,385 122,826 126,489 239,142 Conversion rate 86.4 % 91.2 % 53.3 % 67.5 % 104.8 % Repayments of lease liabilities -3,422 -3,212 -10,156 -8,959 -12,993 Income tax paid -18,957 -6,362 -34,645 -15,428 -28,875 Free cash flow after income tax and lease payments 76,543 71,811 78,025 102,102 197,274 Conversion rate 66.8 % 80.4 % 33.9 % 54.5 % 86.5 % Items affecting comparability Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 Apr 24-Mar 25 Other external expenses 825 29,442 969 32,145 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 825 29,442 3,350 32,145 31,455 Impairment 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 36 asmodee April-December 2025