Asmodee : 1Q27 earnings - Growth that perpetuates the positive dynamic.

Research evidence excerpt

Asmodee : 1Q27 earnings - Growth that perpetuates the positive dynamic.

STEIN FLASHMAIL

4 August 2026

Marie Line Fort

+33 1 42 13 85 21

European Media marie-line.fort@bernsteinsg.com

Asmodee

Rating

Outperform

Price Target

ASMDEE.SS 173.90 SEK

Asmodee : 1Q27 earnings - Growth that perpetuates the positive

dynamic.MIDCAPS

Asmodee has just published its 1Q27 earnings (March-June 26) which came above the consensus. Asmodee will hold a webcast at 9:00

CET available through this link.

Growth that remains strong in 1Q27. OSG came in well above expectations at 20.2% (vs the consensus estimate of 14.8%) with

the total top line growth of 20.9% driven by the Board games division (+16%) outpacing the Trading cards games division (+23%).

This strong momentum was led by evergreen franchises in boardgames (CATAN, Dobble/Spot-It) and in TCGs (good dynamic ahead

of Pokémon's upcoming 30th anniversary activations). The consolidation of ATM Gaming from April 8 had a scope effect of 0.7% only,

moderated by temporary timing effects of intra-group sales. On a standalone basis, ATM Gaming recorded sales of €10.5m.

Strong operating leverage. Robust organic growth is driving a significant margin improvement, coming in above consensus

expectations. The adjusted EBITDA margin came at 14.7% (vs the consensus estimate of 13.0%) and the adjusted EBIT margin improved

by more than 300 bp to 12.8%, significantly above consensus estimates of 10.8% as detailed in Exhibit 3.

Outlook 2027. Asmodee does not share precise guidance but continues to expect growth across both Board games and TCGs. In the

coming quarters, the group also expects to benefit from tariff refunds related to previously paid duties. The group is also confident to