Strong 1H, Conservative 2H Setup. REIT Buy.

研报英文原文证据摘录

Strong 1H, Conservative 2H Setup. REIT Buy.

USA | Toys

Hasbro, Inc. EquityJulyResearch21, 2026

ESTIMATE CHANGEStrong 1H, Conservative 2H Setup. REIT Buy.

HAS delivered another meaningful beat as MTG revenue surpassed $500M for RATING BUY

the first time, driven by strong performance from Marvel Super Heroes and PRICE $81.59^

continued player/distribution growth. Mgmt raised FY26 guidance but largely PRICE TARGET | % TO PT $110.00 | +35%

passed through 1H upside, leaving the 2H setup conservative in our view. We 52W HIGH-LOW $106.98 - $69.50

continue to see HAS as the best idea in toys, with the key debate remaining MTG FLOAT (%) | ADV MM (USD) 98.8% | 165.98

durability rather than NT demand. MARKET CAP $11.6B

TICKER HAS

What We DID LIKE in the Quarter ^Prior trading day's closing price unless otherwise noted.

1) Wizards/MTG Once Again Drove A Meaningful Beat. HAS delivered a strong Q2, with revenue of

$1.14B (+16% Y/Y) and adj. EPS of $1.28, both ahead of expectations. WotC revenue grew 27% to FY (Dec) CHANGE TO JEFe JEF vs CONS

$664M, driven by MTG revenue of $545M (+32%), marking the first quarter in MTG's history above 2026 2027 2026 2027

$500M. Marvel Super Heroes became the fastest MTG set ever to reach $300M of revenue, while

REV <-1% +1% +1% +2%

mgmt highlighted strong sell-through and reorder activity across channels.

EPS +2% +3% +3% +1%

2) Growth Extended Beyond Wizards. CP grew ~5% despite the cyber disruption, marking a third

consecutive quarter of toy and game growth. Mgmt cited strength across Star Wars, Marvel, Peppa 2026 ($) Q1 Q2 Q3 Q4 FY

Pig, Hasbro Gaming, and GEM² categories. EPS -- -- -- -- 6.14

PREV 6.01

3) Guidance Raised. Mgmt increased FY26 guidance to revenue growth of +5-7% (vs. +3-5% prior),

adj. op margin of 25-26% (vs. 24-25%), and adj.