Sweden · Delayed Price · Currency is SEK Asmodee Group AB Earnings Call Transcripts
Fiscal Year 2026
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The acquisition of a leading social games company enhances market leadership and digital capabilities, with a EUR 180 million deal structure and up to EUR 70 million in earn-outs tied to performance. The integration leverages complementary strengths and supports global expansion.
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Record Q3 sales and EBITDA driven by strong TCG performance, especially in Europe, while board games faced U.S. headwinds. Free cash flow and margins improved, leverage remains below 2x, and new IP acquisitions and partnerships support future growth.
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Q2 saw net sales rise 23% organically to EUR 403 million, with adjusted EBITDA up 11% and strong growth in both TCGs and board games. Free cash flow declined due to working capital, while M&A and media deals expanded the portfolio. Inventory and tariff impacts remain key watchpoints.
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Q1 delivered strong organic sales and EBITDA growth, led by trading card games and partner-published titles, while board games softened due to U.S. consumer sentiment and FX. Strategic moves included the Zombicide IP acquisition and a new brand identity, with tariff and margin impacts closely monitored.
Fiscal Year 2025
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The meeting marked the first AGM as an independent listed entity, highlighting strong financial growth, successful product launches, and a renewed M&A focus. All governance, remuneration, and strategic proposals were approved, with no dividend declared for 2024-25.
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Net sales grew 23.6% in Q4 and 7.7% organically for the year, driven by strong TCG and core franchise performance. Adjusted EBITDA margin improved annually but declined in Q4 due to higher costs. Tariff and supply chain risks are actively managed, with no change to long-term margin guidance.
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Q3 saw record net sales and double-digit profit growth, driven by strong published games and new releases. Cash flow and margins improved, with robust investor support and a solid M&A pipeline, while guidance remains for stable margins and low single-digit sales growth.
Fiscal Year 2024
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Clear strategy targets mid-single-digit organic growth and EBITDA margin above 18%, driven by IP development, disciplined acquisitions, and enhanced retailer and consumer engagement. Sustainability and inclusivity are core, with robust financials and a scalable, diversified business model supporting future expansion.