Asmodee board game empire - From

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Record quarter for sales and EBITDA

[ https://corporate.asmodee.com/news/asmodees-interim-report-april-december-2025-record-quarter-for-sales-and-ebitda ]

Third quarter, October-December 2025

Net sales amounted to EUR 524.1 million (429.0), an increase of 22.2%, of which 25.6% organic growth.
Games published by asmodee studios decreased by -12.7%.
Games published by partners increased by 50.3%.
Others decreased by -8.5%.
Adjusted EBITDA amounted to EUR 114.5 million (89.3), corresponding to an adjusted EBITDA margin of 21.8% (20.8).
Adjusted EBIT amounted to EUR 107.2 million (82.9). EBIT amounted to EUR 91.3 million (37.4).
Adjusted profit/loss for the quarter was EUR 64.4 million (41.6), which equates to adjusted earnings per share of EUR 0.28 (0.25).
Profit/loss for the quarter amounted to EUR 49.1 million (3.5), which equates to basic earnings per share of EUR 0.21 (0.02).
Free cash flow after income tax and lease payments amounted to EUR 76.5 million (71.8), resulting in a free cash flow conversion relative to adjusted EBITDA of 67% (80).

Organic growth (+25.6%) stems largely from the previously announced partnership with Hasbro. This means card production is driving growth significantly.

Figures set by Fitch for a credit rating upgrade. Most of these have already been achieved, though we are still slightly short in terms of EBITDA.

  • Increasing scale with Fitch-calculated EBITDA maintained above EUR250 million on a sustained basis

  • Established record of strong commitment to its financial policy, with total debt below 3.5x Fitch-calculated EBITDA on a sustained basis, including consistency with the stated shareholder policy and a conservative stance on debt-funded M&A

  • FCF margins sustained at mid-single digits

  • EBITDA interest cover sustained above 4.5x

The shareholder remuneration policy is based on the EBITDA-to-debt ratio. Here, too, we have already fallen below the target set at the Capital Markets Days; though back then, it wasn’t known that Embracer would still provide funding when they spun off Asmodee.

I’m certainly sitting here with interest looking forward to the next interim report, which will conclude the fiscal year.

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