ASMODEE (+) : Cash generative compounder

Research evidence excerpt

ASMODEE (+) : Cash generative compounder

Refinitiv

Q4 26 well above estimates

Q4 26 net sales increased +19% YoY at EUR407m (+8% vs. cons.). Organic growth was

up +22.3% (vs. cons. +13.2%) despite a challenging comp base (+23.6%). The growth

was primarily driven by continued strong TCG performance in Europe, alongside sales

growth within Board games in all regions.

Sales by game publisher

– Sales of games published by Asmodee studios decreased by -10%, reflecting a

combination of mid-single-digit growth in Board games offset by negative foreign

exchange effects primarily related to the USD, and lower sales of Star Wars: Unlimited

compared to a strong post-launch period last year. Board game sales increased in all

regions with continued strong dynamics within social games. In the US, sell-in to retailers

improved throughout the quarter as inventory levels began to normalize thanks to

commercial and marketing initiatives, and sell-out was strong.

Sales of Games published by partners

– Sales of games published by partners increased by 32%, driven by successful TCG

releases. These included Mega Evolution–Ascended Heroes and Perfect Order

(Pokémon), and One Piece (Bandai). In addition, several key releases were successfully

launched during the quarter, including the second set of Riftbound, the TCG set in the

League of Legends universe, as well as Magic: The Gathering – Teenage Mutant Ninja

Turtles and Magic: The Gathering – Lorwyn Eclipsed.

Figure 1: Asmodee quarterly revenue split by publisher type

EURm Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q1 26 Q2 26 Q3 26 Q4 26 FY 26

Games published by Asmodee

Net revenue 79 109 177 89 454 78 114 154 80 427

% change na na 29% 10% 17% -1% 5% -13% -10% -6%

Games published by partners

Net revenue 174 213 237 240 864 261 278 356 316 1211