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Asmodee Group
Asmodee Group (ASMDEE) investor relations material
Asmodee Group Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary20 Nov, 2025
Executive summary
Net sales reached EUR 403.4 million in Q2, up 23.4% organically year-over-year, driven by strong performance in both board games and trading card games (TCGs).
Adjusted EBITDA increased by 11% to EUR 76.1 million, though margin declined to 18.9% due to higher operating expenses and a less favorable sales mix.
Free cash flow declined to EUR -23.3 million, impacted by working capital and inventory build-up.
The company continued its M&A strategy, acquiring Cthulhu: Death May Die IPs and games, and announced media deals with Banijay and Netflix.
Net debt/EBITDA stands at 2.4x after M&A commitments, reflecting seasonal leverage.
Financial highlights
Q2 net sales: EUR 403.4 million (up 20.8% year-over-year); H1 net sales: EUR 752.4 million (up 25.7%).
Adjusted EBITDA: EUR 76.1 million, up from EUR 68.5 million last year; margin for Q2 at 18.9%.
Free cash flow for Q2: EUR -23.3 million, compared to EUR 15.4 million last year; conversion rate -31%.
Cash and cash equivalents at period end: EUR 257.9 million, with access to an unutilized EUR 150 million revolving credit facility.
Net debt before M&A: EUR 439 million (1.8x EBITDA), after M&A: EUR 579 million (2.4x EBITDA).
Outlook and guidance
Entering the most active period of the year with major releases and events expected to drive further growth.
Continued investment in marketing and organizational strengthening to support long-term growth.
Tariff-related effects and price increases will continue to impact results in upcoming quarters.
Management remains cautious due to less favorable year-over-year comparables and ongoing external uncertainties.
Working capital impact on free cash flow
Exploding Kittens' fair value impact on profit
Sales mix impact on EBITDA margin
Board game market share shift due to TCGs
New TCG-driven cash flow pattern implications
Lord of the Rings deal: key changes and timeline
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Next Asmodee Group earnings date
Q3 25/2619 Feb, 2026
Asmodee Group
Next Asmodee Group earnings date
Q3 25/2619 Feb, 2026
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Frequently asked questions
Asmodee Group is a France-based publisher and distributor of board games, trading card games, and digital games. The company develops original games and also licenses and distributes titles from third-party creators. Its portfolio includes a wide range of family, strategy, and party games across global markets. Asmodee serves both retail and online channels and operates studios and distribution subsidiaries in multiple countries. The company is headquartered in Guyancourt, France. Asmodee Group is privately held and not listed on a public stock exchange.
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