1Q Beat and Tracking Ahead of Pace for the Full Year...

研报英文原文证据摘录

1Q Beat and Tracking Ahead of Pace for the Full Year...

Consumer

Leisure - Market Weight

HASBRO (HAS) May 20, 2026

1Q Beat and Tracking Ahead of Pace for the Full Year... Rating:

Outperform

The Wolfe Byte Price: $97.18

HAS beat 1Q expectations from its pre-announced results in late April but Price Target:

reiterated the guide despite the strong start to the year. Difficult YoY compares $115

could impact momentum at Wizards while the strong movie slate should be a % Upside:

18.3%tailwind to Consumer Products in the 2H.

View HAS Model

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1Q26 results beat expectations and pre-announcement. Sales increased +13% to Company Information

$1.0bn, which surpassed the pre-announced results of $970-$985mm. Adj. EBIT 52-Week Range $65 - $106

margins increased +360bps YoY to 28.7% vs consensus at 26.1% while adj. EBIT Market Cap. (MM) $13,750

of $287mm was also above the pre-announcement of $250-$260mm. EPS of $1.47 Enterprise Value (MM) $16,460

Shares Out. (MM) 141.5

beat consensus at $1.20. Avg. Value Traded (MM) $199.99

SI% of Float 5.3%

Management reiterated the 2026 guide despite the stronger-than-expected start

to the year. Hasbro continues to expect 3-5% topline growth for the year, excluding

105FX vs consensus expecting +5.5% (inclusive of FX). Management continues to expect

adjusted EBITDA of $1.40-$1.45bn vs consensus already at the high end at $1.44bn. 10095

The reluctance to increase the full year guide is consistent with management's 9085

decisions in prior years to reiterate the guide following 1Q results. See Exhibit 1 for 8075

full guidance details. 7065

Wizards momentum continues, though expect a softer 2H of the year. Tabletop Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26