Asmodee (AO) | Buy | CEO Tomas Koegler at SMID CEO/CFO week

Research evidence excerpt

Asmodee (AO) | Buy | CEO Tomas Koegler at SMID CEO/CFO week

Marketing event feedback

Release date: 28 May 2026

Rasmus Engberg

Head of Swedish Equity Research

Buy +46 87 23 51 12Asmodee rengberg@keplercheuvreux.com

European SMID SelectedSweden | Travel & leisure MCap: SEK36.1bn List

Target Price: SEK157.00 Bloomberg: ASMDEE SS Reuters: ASMDEEb.ST

Current Price: SEK152.70 Free float 83%

Up/downside: 2.8% Avg. daily volume (SEKm) 48.3

YTD abs performance 44.1% Market data: 27 May 2026

52-week high/low (SEK) 152.70/95.93

CEO Tomas Koegler at SMID CEO/CFO week

Key points:

It is key to understand the business model of the company to appreciate the investment case. Asmodee generates strong cash

flow and good organic growth. Through its strong position in distribution, Asmodee has the opportunity to deploy money in

lower-risk M&A in companies they know, at single-digit EBITDA multiples, before synergies.

The business is running on all engines, with Asmodee-published games having passed an inventory correction, Partner games

continuing to grow, and M&A contributing meaningfully in 2026/27. CEO Koegler said there was a possibility that the expected

Pokémon-related revenue correction in 2027/28 could be offset, or at least mitigated, by smaller Pokémon releases and an

increasingly diversified portfolio of other trading cards (TCGs).

In a well-attended presentation, focus was on the sustainability of the TCG boom, the weak showing of Asmodee-games in recent

quarters (due to high retail inventories) and finally, M&A. Although the recently closed acquisition of ATM Gaming amounted to

EUR 180m upfront, almost four times the estimated "normal" yearly spend communicated at the time of the listing, it was clear

that management has an appetite for more.

Further details