Slides
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Investor presentation Thomas Kœgler, CEO Andrea Gasparini, CFO August 4, 2026 Q1 26/27
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2 This presentation, which should be understood to include these slides, their contents or any part of them, any oral presentation, and any question or answer session (the "Presentation") has been prepared by Asmodee Group AB (the "Company") in relation to the presentation of its interim report for the first quarter of the financial year ending 31 March 2027. None of the Company, or any of its affiliates or employees, directors, representatives, officers, agents or advisors shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. The Presentation does not constitute or form part of, and should not be construed as, any offer, invitation, solicitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and the Presentation does not constitute, and should not be considered as, a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation"). The Presentation is intended to present background information on the Company, its business and financials and the industry in which it operates and is not intended to provide complete disclosure. The content of this Presentation should not be construed as legal, tax, accounting or investment advice, representation or a personal recommendation. This Presentation includes information pertaining to the Company's market and its competitive position therein. Certain market information has been obtained from sources prepared by other parties that the Company has deemed to be relevant and trustworthy. The Company has not made any independent review of information based on public statistics or information from an independent third party regarding the market information that has been provided by such third party, the industry or general publications. Some of the financial information contained in the Presentation are not directly extracted from the Company's accounting systems or records and/or are not International Financial Reporting Standards ("IFRS") accounting measures. Such information has not under any circumstance been independently reviewed, audited or verified by the Company's auditors. Non-IFRS financial measures in the Presentation may not be comparable to similarly titled measures as presented by other companies, nor should they be considered as an alternative to historical financial results or other indicators of the Company's performance which are based on IFRS. Certain statements in the Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. These forward-looking statements are based on a series of assumptions, both general and specific, and have been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. Although the Company believes its expectations are based on reasonable assumptions, everyone taking part of the Presentation are cautioned that, by their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors as they relate to events and depend on circumstances that will or may occur in the future, whether or not outside the control of the Company. The Company is unable to anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences and evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in the Presentation. No assurance is given that such forward-looking statements will prove to be correct. Undue reliance should not be placed on such forward-looking statements. They speak only as at the date of this Presentation
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Double-digit growth in Board games Harmonies - Pulse (Expansion) HEAT - Legends (Expansion)JUMO dnup
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4 Strong performance of Trading Card Games
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5 Strengthening our leadership position Our upcoming Q2 releases Successful first crowdfunding campaign for Zombicide ATM Gaming and Time's Up acquisitions finalized The first Board Game barometer Kantar x asmodee NARUTO CARD GAME coming soon
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6 Q1: Strong growth across the business • Broad-based growth across publishing mix, categories and geographies • Growth was driven by double-digit growth in both Board games and TCGs, with growth on all continents • Partner-published games drove growth, while asmodee studios remained broadly stable organically despite STAR WARS™: Unlimited release timing • ATM Gaming delivered a strong start to the year, in line with expectations • 330 bps expansion in EBITDA margin reflects scalability, continued cost and inventory discipline • Healthy cash generation supported a net debt/EBITDA of 1.7x2 (2.1x) and improved credit profile 1. Free cash flow after income tax and lease payments 2. After M&A commitments €422.1m €61.9m €37.5m(1) (LY : €349.0m) Net sales Growth: 20.9% Organic growth: 20.2% (LY : €39.9m) Adj. EBITDA Adj. EBITDA margin: 14.7% Var: +3.3 p.p (LY : €24.7m) Free Cash Flow Cash conversion: 61% (LY: 62%)
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8 8 Games published by asmodee studios 349 422 78 80 261 331 10 11 13.1% 27.0% 1.8% Q1 25/26 Q1 26/27 Growth Q1 Net Sales by game publisher Amounts in m.EUR Q1 Net Sales by game category 349 422 89 103 231 285 29 35 18.6% 23.1% 16.0% Q1 25/26 Q1 26/27 Growth Amounts in m.EUR Double-digit growth in Board games and TCGs • Board games grew 16%, driven by evergreen franchises, new releases and expansions, supported by the ATM Gaming acquisition and distributed games • TCGs were driven by strong demand for Pokémon, Riftbound, Magic: The Gathering and STAR WARS™: Unlimited • Games published by asmodee studios were broadly flat organically, as double-digit Board game growth offset the timing of the latest STAR WARS™: Unlimited set release; the addition of ATM Gaming further supported net sales growth • Partner-published games increased 27%, driven by continued strength in distributed Trading Card Games • Others benefitted from solid performance in Board Game Arena and licensing activities Other categories 10 11 29 35 Board games Trading Card Games Games published by partners Others o/w organic : +20.2% +20.9% o/w organic : +20.2% +20.9%
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9 9 • Adjusted EBITDA increased 55% to EUR 61.9 million, driven by strong sales growth, lower inventory allowances and lower royalty costs • Adjusted EBITDA margin expanded 330 bps to 14.7%, supported by scalability, continued cost discipline and lower relative operating expenses • LTM adjusted EBITDA margin increased to 17.5%, trending towards the Group's medium-term target of an adjusted EBITDA margin in excess of 18% Strong profitability driven by sales growth and cost discipline % Adj. EBITDA margin Q1 Adjusted EBITDA 39.9 73.1 -39.1 -5.5 -6.5 61.9 Adj. EBITDA LY Net Sales Goods for resalePersonnel costsOther OPEX Adj. EBITDA 11.4% 14.7% +1.2 p.p. +1.5 p.p. +0.6 p.p.Amounts in m.EUR
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10 Free cash flow Healthy cash generation supported by operational performance • Q1 free cash flow1 of EUR 37.5m (24.7), corresponding to a free cash flow conversion of 60.5% (62.0%) • Q1 free cash flow1 positively impacted by higher adj. EBITDA partly offset by higher income tax paid • Neutral working capital development, in line with seasonality: • Seasonal inventory build-up • Higher trade receivables • Offset by higher trade payables Amounts in m.EUR Apr-Jun 26 Apr-Jun 25 Adjusted EBITDA 61.9 39.9 Other non-cash items -0.6 0.0 Purchase of intangible assets -6.4 -5.8 Purchase of property, plant and equipment -0.8 -0.9 Movement in working capital (excluding income tax and IAC) 0.9 0.3 Free cash flow before income tax and lease payments 55.0 33.6 Conversion rate 88.8% 84.1% Repayments of lease liabilities -3.7 -3.3 Income tax paid -13.8 -5.5 Free cash flow after income tax and lease payments 37.5 24.7 Conversion rate 60.5% 62.0% 1. Free cash flow after income tax and lease payments Inventories Receivables Payables Other Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 Net Working Capital development //
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11 690.6 696.9 691.3 694.4 691.0 105.2 140.0 138.8 158.1 36.5 -286.6 -257.9 -322.1 -436.9 -196.5 -150.0 -150.0 -150.0 -150.0 -150.0 -20.0 Gross Debt bf. M&A M&A Cash RCF Unsecured committed credit facilityLeverage Ratio bf. M&A Leverage Ratio aft. M&A Target Q1'25/26 Q2'25/26 Q3'25/26 Q4'25/26 Q1'26/27 -800 -600 -400 -200 0 200 400 600 800 1,000 -2.5x 0.0x 2.5x 5.0x • Net debt/EBITDA before and after M&A commitments of 1.6x (1.7) and 1.7x (2.1) • Higher LTM adjusted EBITDA more than offset acquisition-related cash outflows • Cash and cash equivalents of EUR 196.5m (286.6) • Lower cash balance following the acquisitions of ATM Gaming and Exploding Kittens • Access to RCF of EUR 150m • New EUR 20m unsecured committed credit facility • Credit profile strength confirmed by one- notch upgrades from all three major rating agencies in July 2026 • Current ratings: S&P BB (Stable), Fitch BB (Stable), Moody's Ba3 (Positive) Solid balance sheet with improved leverage and credit profile Target Amounts in m.EUR 36.5
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• Q1 execution • Strong start to FY 26/27 with broad-based growth across publisher, categories and geographies • Strong profitability, cash generation and continued balance sheet strengthening • ATM Gaming integration progressing well with multi-territory deployment of dual distribution playbook • Looking ahead • Well positioned to navigate the current macro environment • Continue to expect growth across both Board games and TCGs • Trending towards the medium-term adjusted EBITDA margin target in excess of 18% Conclusions
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16 16 Bridge IFRS to Adjusted - QTD 40.5 20.1 60.6 1.3 1.3 -1.3 61.9 -20.1 0.0 12.2 54.1 Operating profit (EBIT) Depreciation, amortization and impairment EBITDA Personnel costs related to acquisitions and share- based payments Acquisition costs Items affecting comparability Adjusted EBITDA Depreciation, amortization and impairment Items affecting comparability Amortization of publishing and distribution rights Adjusted EBIT Amounts in m.EUR
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17 17 416.2 240.4 -7.4 -0.4 0.1 4.3 -113.5 31.8 -37.0 534.6 Net Debt FY 25/26 Cash and cash equiv. Bonds Liabilities to credit institutions Financial liabilities Lease liabilities Put/call options on non- controlling interests Deferred and contingent considerations Liabilities to employees related to historical acq. Net Debt Q1 26/27 Net debt x Leverage ratio 1.5x 1.7x Amounts in m.EUR
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18 18 Past TCG key releases