Hasbro: 1Q26 earnings review: MAGIC continues to be key to revenue momentum

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Hasbro: 1Q26 earnings review: MAGIC continues to be key to revenue momentum

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Hasbro

1Q26 earnings review: MAGIC continues to

be key to revenue momentum

Reiterate Rating: BUY | PO: 115.00 USD | Price: 88.60 USD

Strong start supported by Wizards-driven growth 21 May 2026

Hasbro delivered a strong start to the year, with 1Q26 revenue +13% and EPS of $1.47 Equity

beating consensus of $1.39. Performance was led by Wizards of the Coast, where

favorable mix and scale continue to drive strong profitability (>50% margins in 1Q),

Key Changesreinforcing confidence in the long-term earnings power of the segment. With 1Q26

upside and unchanged 2026 guidance, we raise our 2026E adj. EPS to $6.08 from $5.81 (US$) Previous Current

(consensus $6.09), which considers the high end of sales, margin, and EBITDA guidance. Price Obj. 113.00 115.00

We reiterate our Buy rating and raise our PO to $115 from $113 on higher estimates. 2026E Rev (m) 4,926.8 4,908.0

2027E Rev (m) 5,109.1 5,089.0

2028E Rev (m) 5,260.1 5,239.4MAGIC momentum remains a key pillar

Management highlighted continued strength across the MAGIC ecosystem, with record 2026E EPS 5.72 6.08

set performance, robust backlist demand, and strong engagement trends (events, 2027E EPS 6.26 6.44

organized play, new player acquisition). MAGIC revenues grew +36% in 1Q26 on top of 2028E EPS 6.58 6.75

+46% growth last year. The player base is broadening out, while digital initiatives and 2026E DPS 2.76 2.75

live experiences further extend reach and support sustained growth.

Andrew G. Didora, CFA

Consumer Products stabilizing with improved POS trends ResearchBofAS Analyst

Consumer Products remained stable in 1Q26 (revenues flat Y/Y), with positive point-of- +1 646 855 2924

andrew.didora@bofa.com