Asmodee FY2026 Q1 Earnings Release

Dobble®/Spot it!®

Q 1 FY 26/27
Double-digit growth in Board
games and TCGs
First quarter , April-June 2026
» Net sales amounted to EUR 422.1 million 9 349.0 :, an increase of 20.9% ,
of which 20.2% organic growth 1
.
» Games published by asmodee studios increased by 1.% .
» Games published by partners increased by 27.0% .
» Others increased by 13.1 %.
» Adjusted EBITDA 1
amounted to EUR 61.9 million 9 39.9 :, corresponding
to an adjusted EBITDA margin 1
of 14.7% 9 11.4 :.
» Adjusted EBIT 1
amounted to EUR 54.1 million 9 32.9 :. EBIT 1
amounted to
EUR 40.5 million 9 15.3 :.
» A djusted profit/loss 1
for the quarter was EUR 31. million 9 14.1 :, which
equates to adjusted earnings per share of EUR 0.13 9 0.06 :.
» Profit/loss for the quarter amounted to EUR 17.0 million 9 -1.6 :, which
equates to basic earnings per share of EUR 0.07 9 -0.01 :.
» Free cash flow after income tax and lease payments 1
amounted to EUR
37.5 million 9 24.7 :, resulting in a free cash flow conversion 1
relative to
adjusted EBITDA of 61% 9 62 :.
» Net debt/EBITDA 1
amounted to 1.6x 9 1.7x : and 1.7x 9 2.1x : before and
after M&A commitments respectively.
Material events during and after the reporting
period
» During the quarter, asmodee completed the acquisition of
board game publisher ATM Gaming with payment in cash and issuance of
class B shares. Introduction Comment from the
CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
2 asmodee April – June 20261
See section definitions of Alternative Performance Measures 9APM: € 422m
14.7%
61%
1.7x
dnup

Financial summary
Amounts in m.ER Apr-Jun 26 Apr-Jun 25 Apr 25-Mar 26
Net sales 422.1 349.0 1,683.6
Net sales growth 20.9 32.0 23.0
Organic growth 20.2 34.4 25.9
Operating profit/loss (EBIT) 40.5 15.3 167.6
Operating profit/loss (EBIT) margin 9.6 4.4 10.0
Profit / loss for the period 17.0 -1.6 27.7
Basic earnings per share 0.0718 -0.0068 0.1186
Cash flow for the period -240.7 6.2 110.3
EBITDA 60.6 34.9 269.2
Adjusted EBITDA 61.9 39.9 285.4
Adjusted EBITDA margin 14.7 11.4 17.0
Adjusted EBIT 54.1 32.9 257.3
Adjusted EBIT margin 12.8 9.4 15.3
Adjusted profit/loss for the period 31.8 14.1 139.8
Adjusted earnings per share, ER 0.1344 0.0604 0.5980
Free cash flow before income ta and lease payments 55.0 33.6 266.4
Free cash flow after income ta and lease payments 37.5 24.7 203.5
Net debt (-) / Net Cash () before MXA commitments -494.5 -404.0 -257.5
Leverage ratio on Net Debt (0) / Net Cash () before MXA commitments 1.6 1.7 0.9
Net debt (-) / Net Cash () after MXA commitments -534.6 -509.2 -416.2
Leverage ratio on Net Debt (0) / Net Cash () after MXA commitments 1.7 2.1 1.5Introduction Comment from the
CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
3 asmodee April – June 2026

Introduction Comment from
the CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
4 asmodee April – June 2026Growth
a cro ss the
board

Comment from the CEO
e have made a strong start to the new fiscal year, delivering double-digit
growth in both sales and profit while continuing to epand margins and
generate healthy cash flow. Both our Board games and Trading Card
Games (TCGs) categories achieved double-digit growth, with all
c ontinents contri buting to the performance.
This was another quarter that demonstrated the strength of our
diversified business model. ith leading positions across categories and
geographies, and a balanced portfolio of new releases and evergreen titles
from both our own studios and publishing partners, we are well positioned
to capture growth opportunities wherever they arise .
Double-digit growth in Board games and TCGs
Net sales in the first quarter increased by 20.9 , with organic growth of
20.2 , driven by double-digit growth in Board games and TCGs.
Board games sales increased by 16.0 , with every continent
contributing to the growth. The performance was driven by continued
strength in our long-sellers catalogue, successful new releases and
epansions. In the S, growth was driven by the continued normaliation
of retailer inventory levels, alongside resilient c onsumer demand for
tabletop games and positive impact of our commercial and marketing
initiatives . Our evergreen franchises continued to perform well , driven by
CATAN\ (CATAN On the Road) and Dobble\/Spot-It\ (Dobble\/Spot-It\
Bluey). Several recent releases also contributed to growth, including dnup,
The Lord of the Rings]: Fate of the Fellowship] and Coy Stickerville, with
industry recognition further supporting their commercial momentum .
Epansions for Narmonies and NEAT also performed well, while our
Lifestyle games portfolio continued to benefit from solid demand for
Arkham Norror: The Card Game, STAR ARS]: Legion and Gamegenic
accessories for MAGIC: TNE GATNERING. Growth also benefited from the
addition of ATM Gaming, which delivered a strong performance across its
social games portfolio, including Speed Bac/uickstop and Pili Pili.
TCGs delivered another very strong quarter, with sales increasing by
23.1 . Despite t ough comparables from the prior year and a orld Cup
season , underlying demand and growth dynamics remained robust ahead
of Pok3mon’s upcoming 30th anniversary activations . Growth was
supported by successful new releases, including the Pok3mon Trading
Card Game Mega Evolution – Perfect Order and Mega Evolution – Chaos
Rising sets, Magic: The Gathering\ – Marvel Super Neroes as well as
nleashed for Riftbound, the League of Legends TCG, including its newly
localied French edition. STAR ARS]: nlimited also contributed to th e
category, although release timing affected comparability.
The strong performance across product categories was also reflected in
our publishing mi. Games published by partners grew by 27.0 , driven by
continued strength in distributed TCGs. Net sales of Games published by
asmodee studios increased by 1.8 . Organically, performance was broadly
flat, as double-digit growth in Board games was offset by the timing of
the latest STAR ARS]: nlimited set release reflecting a shift in sales
recognition from the first quarter last year into the second quarter this
year. The addition of ATM Gaming further supported net sales growth.
The adjusted EBITDA grew by 55, driven by the strong sales growth
and the adjusted EBITDA margin increased by 330 bps to 14.7 ,
supported by scalability as well as continued cost and inventory discipline.
The free cash flow was healthy with a free cash conversion at 61 , and we
ended the quarter with a net debt/EBITDA of 1.7 ( 2.1 ) after MXA
commitments.
Reflecting our improved financial performance, Moody’s, SXP and Fitch
each upgraded their credit ratings for asmodee by one notch in July. To
further enhance our financial fleibility, we entered into a new ER 20
million unsecured committed credit facility with a three-year maturity.
Strengthening our leadership position
Following the acquisition completed in early April, the integration of ATM
Gaming has progressed well, with the business performing in line with our
epectations. The distribution takeover of France became effective at the end of May and we have also begun deploying our hybrid distribution
playbook in multiple countries, such as Belgium and the Netherlands. ATM
Gaming has made an ecellent start t o the year, with Jumo winning the
Grand Pri du Jouet 2026 in France and a successful first partnership with
uick, a quick-service restaurant chain resulting in the distribution of more
than one million game samples. Our other recently acquired IPs also
continue to perform well. ombicide saw over 11.000 people pledging for
a total of more than ER 3 million through its first crowdfunding campaign
as part of asmodee, demonstrating the continued strength and
engagement of its player community and our first crowdfunding team
success. In May, we also announced our strategic ambitions for Time’s p
following the consolidation of the full publishing rights.
D uri ng the quarter , we published the first fantar asmodee Tabletop
Game Barometer, highlighting positive consumer trends that reinforce our
confidence in the long-term growth potential of tabletop gaming,
including that more than half of respondents would rather spend a
Saturday night playing a tabletop game than going out. The Barometer
was a key part of Board Game Fest by asmodee, our annual celebration of
tabletop gaming, with Oasmodee on TourO also introducing tabletop
gaming to new audiences at international music festivals.
Furthermore, our continued focus on our people was recognied during
the quarter, with asmodee named one of LinkedIn France’s Top
Companies for organiations with fewer than 5,000 employees. T he
ranking recognies talent practices across our global organiation .
Capturing future growth opportunities
e continue to see attractive opportunities to epand our Board game
portfolio organically, through both our evergreen franchises and new
releases, including The LEGO\ NINJAGO\ Board Game: DestinyJs Bounty
Adventures, Aul fids and The Lord of the Rings]: Circle of Conflict] , as
well as through disciplined acquisitions. The TCG market remains well
positioned for growth, supported by a compelling release calendar and
innovation from publishers. Looking ahead, the upcoming Pok3mon 30th
anniversary celebrations, together with the Pok3mon orld
Championships in San Francisco and the release of Mega Evolution – Pitch
Black are epected to be key highlights for the category. At the same
time, we continue to diversify our portfolio through new distribution
partnerships in select geographies, including the newly announced
NARTO CARD GAME TCG from Bandai and additional opportunities over
time .
hile we continue to monitor geopolitical developments and changes in
global trade policies closely, we remain well positioned to navigate the
current environment and continue to epect growth across both Board
games and TCGs. In the coming quarters, we also epect to benefit from
tariff refunds related to previously paid duties.
The strong profitability delivered during the quarter brought our
adjusted EBITDA margin on a last twelve months basis to 17.5.
Supported by the addition of ATM Gaming we are continuing to trend
towards our medium-term target of an adjusted EBITDA margin in ecess
of 18.
Finally, I would like to thank our employees, partners and players for
their commitment and contribution to another successful quarter , and our
shareholders for their trust as we remain focused on delivering sustainable
long-term value.Introduction Comment from
the CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
5 asmodee April – June 2026 Thomas fgler, CEO

Financial overview
First quarter development
Net sales
Net sales amounted to EUR 422.1 million 9 349.0 :, an increase of 20.9%
compared to the same quarter last year. Organically, sales increased by
20.2% . Structural changes 1
had an effect of 0.7% , reflecting the addition of
ATM Gaming from April , with the sales contribution moderated by
temporary timing effe cts of intra-group sales rela ted to the transition of
ATM Gaming studio sales into asmodee’s distribution entities . On a
standalone basis, ATM Gaming recorded sales of EUR 10.5 million, in line
with expectations, of which EUR 2.7 million was recognied in asmodee’s
consolidated net sales during the quarter. T he impact of changes in
exchange rates was 0.0 % . Games published by asmodee studios increased
by 1.% . Organically, performance was broadly flat, as double-digit growth
in Board Games was offset by the timing of the latest STAR ARS]
Unlimited set release reflecting a shift in sales recognition from the first
quarter last year into the second quarter this year. Games published by
partners increased by 27.0% , d riven by continued strength in distributed
TCGs . Others increased by 13.1% , driven by solid performance of Board
Game Arena and licensing activities.
Sales by game publisher
Amounts in m.EUR Apr-Jun 26 Apr-Jun 25 Change
Games published by
asmodee studios 79.9 7.5 1.%
Games published by
partners 331.2 260.9 27.0%
Others 11.0 9.7 13.1%
Revenue from contracts
with customer 422.1 349.0 20.9%
Sales by game c ategory
Amounts in m.EUR Apr-Jun 26 Apr-Jun 25 Change
Board games 102. .6 16.0%
Trading Card Games 24. 231.3 23.1%
Other categories 34.5 29.1 1.6%
Revenue from contracts
with customer 422.1 349.0 20.9%
Adjusted EBITDA 2
and EBIT 2
Adjusted EBITDA 2
amounted to EUR 61.9 million 9 39.9 :. The increase in
adjusted EBITDA 2
was driven by higher volume s, lower inventory
allowances and lo wer royalty costs, partly offset by higher personnel
costs, increased IT investments, higher shipping costs and other operating
expenses. The adjusted EBITDA margin 2
was 14.7% 9 11.4 : and was driven
by lower royalty costs, lower inventory allowances, lower relative
personnel costs and lower relative other operating expenses, supported
by scalability and continued cost discipline.
Adjusted EBIT 2
amounted to EUR 54.1 million 9 32.9 :, corresponding to a
margin of 12.% 9 9.4 :. EBIT 2
amounted to EUR 40.5 million 9 15.3 : and
included items affecting comparability 2
of EUR 1.3 million 9 -2.4 :, related to
tariff refunds on previously paid duties . EBIT 2
also included acquisition
costs of EUR -1.3 million 9 0.0 : mainly related to ATM Gaming, personnel costs related to acquisitions of EUR -1.3 million 9- 2.6 : and amortiation of
publishing and distribution rights of EUR -12.2 million 9 -12.5 :.
Net sales 9EUR million: a nd A dj . EBITDA margin 9%: by quarter
Net financials
Net financials amounted to EUR -12.9 million 9 -15.3 :. Financial expenses of
EUR -19.6 million 9 -19.1 : included interest expenses of EUR -9.4 million
9 -10.9 : primarily related to interest expenses on bonds, foreign exchange
effects of EUR -4. million 9 -5.3 : and change in fair value of contingent
considerations related to ATM Gaming of EUR – 4.6 million 90.0: following
the change in Asmodee Group AB’s share price since the acquisition date.
Financial income of EUR 6.7 million 9 3.7 : mainly consisted of foreign
exchange effects of EUR 5. million 9 2.6 : and interest on cash equivalents
of EUR 0. million 9 0.5 :.
Profit/loss for the quarter
Profit/loss 2
for the quarter was EUR 17.0 million 9 -1.6 :, which equates to
basic earnings per share of EUR 0.07 9 -0.01 :. Income tax for the quarter
was EUR -10.7 million 9 -1.6 :. Adjusted net profit/loss 2
for the quarter was
EUR 31. million 9 14.1 :, which equates to adjusted earnings per share of
EU R 0.13 9 0.06 :.
Cash flow
Free cash flow after income tax and lease payments amounted to EUR
37.5 million 9 24.7 :, resulting in a free cash flow conversion 2
relative to
adjusted EBITDA of 61% 9 62 :.
Cash flow from operating activities amounted to EUR 12.1 million 9 34.7 :
during the quarter. The cash flow from operating activities was impacted
by higher income tax paid of EUR -13. million 9-5.5:, mainly driven by the
higher profit before tax, as well as the payment of liabilities to employees
related to the acquisition of Exploding Kittens. Changes in worling capital
amounted to EUR 1.7 mil lion 9 0.3 :, positively impacted by an increase in
payables of EUR 56.2 million 9 34.6 :, partly offset by an increase in
inventories of EUR -43. million 9 -32.2 : and an increase in receivables of
EUR -4. million 9 3.4 :.
Cash flow from investing activities was EUR -233.7 million 9 -9.2 : and mainly
related to the acquisitions of ATM Gaming and Exploding Kittens. Introduction Comment from the
CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
6 asmodee April – June 2026 1
Structural changes refer to the acquisition of ATM Gaming
2
See section definitions of Alternative Performance Measures 9APM:

The cash flow from investing activities was also impacted by the
acquisition of the full publishing rights of T ime’s Up! as well as investments
in games development.
Cash flow from financing activities was EUR -19.2 million ( -19.3 ) mainly
impacted by interest paid of EUR -16.7 million ( -14.6 ).
Financial position
Net debt before and after M&A commitments at the end of the period
amounted to EUR -494.5 million ( -257.5 ) and EUR -534.6 million ( -416.2 )
respectively, resulting in a net debt/EBITDA 1
before and after M&A
commitments of 1.6x ( 1.7x ) and 1.7x ( 2.1x ) respectively.
As per June 30, 2026 the total outstanding bond debt amounted to EUR
631.4 million ( 638.7 ).
To further enhance its financial flexibility, asmodee entered into a new
EUR 20 million unsecured committed credit facility with a three-year
maturity.
Cash and cash equivalents at the end of the period amounted to EUR 196.5
million ( 436.9 ). The decrease is mainly due to the acquisitions of Exploding
Kittens and ATM Gaming.
The increase in net debt was driven by the lower cash position and the
decrease in net debt/EBITDA was driven by higher EBITDA.
In July 2026, Moody’s, S&P and Fitch each upgraded their credit ratings
for asmodee by one notch. The following ratings currently apply to
asmodee:
L BB with a stable outlook by S&P Global
L BB with a stable outlook by Fitch
L Ba3 with a positive outlook by Moody’s Parent company
The parent company acquires and conducts operations through its directly
and indirectly owned subsidiaries.
The parent company had net sales for the period ending June 30, 2026 of
EUR 0.0 million ( 0.0 ), and profit/loss before tax was EUR -2.7 million ( -4.9 ).
Profit/loss for the period was EUR -2.7 million ( -4.9 ).
Cash and cash equivalents as of June 30, 2026 were EUR 4.0 million ( 16.9 ).
Liabilities mainly relate to bonds of EUR 631.4 million ( 628.9 ).
The parent company’s equity at the end of the period was EUR 2,023.0
million ( 2,012.4 ).Introduction Comment from the
CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
7 asmodee April – June 2026

Other information
Risks and uncertainty factors
Asmodee is eposed to risks, particularly the evolution of the tabletop
market, dependence on key persons for the success of game
development, the sales performance of launched games, the continuation
of certain commercial relationships and key licensing agreements and the
success and performance of acquisitions. hile asmodeeJs production
priorities proimity to market, the introduction of various tariffs between
different countries could also have a negative effect on asmodeeJs
business in the short and long term. The complete risk analysis is found in
the groupJs most recent Annual and Sustainability Report.
Seasonal fluctuations
Due to the cyclical nature of consumer demand in the tabletop gaming
industry, asmodee’s sales are subject to seasonality. Seasonality typically
manifests in higher sales during the second half of the financial year (F),
driven by holiday-related purchases, particularly connected to Christmas
and New ear. The increase in sales related to the holiday season is a
result of high demand, special editions and new launches. The company
strategically times product launches based on the seasonal pattern, while
relying on a strong base of evergreen titles that generate consistent
revenue throughout the year. There are also seasonal variations in cash
flow from operating activities, primarily driven by an increase in
inventories during the second and third financial quarters and subsequent
reduction during the late third and fourth financial quarters. The seasonal
trend in cash flow from operating activities is epected to remain going
forward.
Material events during and after the reporting period
During the quarter, asmodee completed the acquisition of board game
publisher ATM Gaming with payment in cash and issuance of class B
shares. Annual General Meeting 25/26
Asmodee’s Annual General Meeting 25/26 will be held in farlstad, Sweden,
on September 24, 2026.
Auditor’s review
The information in this interim report has not been reviewed by the
company’s auditors.
P roposed dividend
In light of asmodee’s strong financial position and cash flow generation,
the Board of Directors proposes a dividend of ER 0.17 (0.00) per share
for the fiscal year 25/26, to be paid in four installments.
The proposal is subject to approval by the Annual General Meeting on
September 24, 2026. If approved, the dividend will be paid through
Euroclear Sweden AB. Proposed record dates will be presented in the
notice to the Annual General Meeting.
Financial calendar
Report date
Annual General Meeting 25/26 September 24, 2026
Interim Report 2 26/27 November 13, 2026
Interim Report 3 26/27 February 10, 2027
ear-end Report 4 26/27 May 19, 2027
Contacts
Nathalie Redmo
Nead of Investor Relations
46 768 10 22 43
Investor relations: irW asmodee.com
Media relations : pressWasmodee.com
ebsite : asmodee.com Introduction Comment from the
CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
8 asmodee April – June 2026Ticket to Ride\

Sustainability and Governance
Sustainability and ESG A Core Part of asmodee’s
Business Approach
During the quarter, asmodee published the Annual & Sustainability Report
for the FY 25/26 , introducing the group’s sustainability strategy built
around three pillars Players, Planet and Stewardship . The report outlines
five strategic sustainability goals and introduces the group’s first climate
target a 63% reduction in Scope 1 and 2 greenhouse gas emissions by FY
35/36, with a Scope 3 emissions reduction target to be defined by the end
of December 2026. hile environmental action is an important focus,
asmodee’s greatest positive impact is created through people and the
power of play.
Asmodee also participated in the Alheimer’s Disease International 9ADI:
Conference in Lyon, showcasing research from the Game in Lab initiative
on how tabletop games can support the well-being of people living with
Alheimer’s disease and other forms of dementia. The conference also
provided an opportunity to demonstrate accessible games developed
through Access in collaboration with researchers and healthcare
professionals.
The group also participated in the Learn Through Play conference in
France, where Game in Lab and asmodee Kids presented research on how
board games support children’s cognitive, emotional and social
development, highlighting Dixit Kids as an example of learning through
play. Introduction Comment from the
CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
9 asmodee April – June 2026

Signatures
The Board of Directors and Chief Executive Officer offer their assurance that this interim report gives a true and fair view of the groupJs and parent
companyJs operations, financial position and results of operations and describes the significant risls and uncertainties facing the group and the parent
company.
Lars ingefors
Chair of the Board Kicli allje-Lund
Deputy Chair
St3phane Carville
Board member Eugene Evans
Board member
Linda Nlj
Board member Jacob Jonmyren
Board member
Marc Nunes
Board member Thomas Kgler
CEO
Karlstad, Sweden, August 4, 2026
This information is information that Asmodee Group AB is obliged to male
public pursuant to the EU Marlet Abuse Regulation. The information was
submitted for publication, through the agency of the contact person set
out above, at 700 a.m. CEST on August 4, 2026.
This report contains forward-looling statements that reflect the Board of
DirectorsJ and managementJs current views with respect to certain future
events and potential financial performance. Forward-looling statements
are subject to risls and uncertainties. Results could differ materially from
forward-looling statements as a result of, among other factors, 9i:
changes in economic, marlet and competitive conditions, 9ii: success of
business initiatives, 9iii: changes in the regulatory environment and other
government actions, 9iv: fluctuations in exchange rates and 9v: business
risl management.
This report is based solely on the circumstances at the date of publication
and except to the extent required under applicable law or applicable marletplace regulations, Asmodee Group AB is under no obligation to
update the information, opinions or forward-looling statements in this
report.
The original version of this report has been written in Swedish. The English
version is a translation.
Asmodee Group AB is a Swedish public limited liability company. It was
incorporated in Sweden on June 15, 2020. It is registered in Sweden with
the Swedish Companies Registration Office under number 559273-016.
Its registered office is located at Tullhusgatan 1B, 652 09 Karlstad,
Sweden.
Its telephone number is 33 1 34 52 19 70
Its LEI code is 636700G5993BBAFDYD02Introduction Comment from the
CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
10 asmodee April – June 2026 Aul

Condensed consolidated interim
financial statements of Asmodee
Group AB
Interim consolidated statement of profit or loss
Amounts in m.EUR Note Apr-Jun 26 Apr-Jun 25 Apr 25-Mar 26
Net sales 4 422.1 349.0 1,63.6
Goods for resale -247.7 -210.0 -96.7
Personnel expenses -47.7 -43.5 -14.6
Other operating income 3.6 3. 14.4
Other operating expenses -69.6 -64.6 -274.3
Depreciation, amortiation and impairment -20.1 -19.6 -101.7
Share of profit/loss of associates after tax 1 0.2 -1.2
Operating profit/loss 9EBIT: 40.5 15.3 167.6
Financial income 5 6.7 3.7 11.7
Financial expenses 5 -19.6 -19.1 -109.3
Financial results -12.9 -15.3 -97.7
Profit/loss before tax 27.6 0.0 69.9
Income tax -10.7 -1.6 -42.2
Profit/loss for the period 17.0 -1.6 27.7
Profit/loss for the period attributable to
Equity holders of the parent 17.0 -1.6 27.7
Non-controlling interests 1 1 1
Earnings per share 9in EUR:
Basic earnings per share 6 0.071 -0.006 0.116
Diluted earnings per share 6 0.071 -0.006 0.116Introduction Comment from the
CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
11 asmodee April – June 2026

Interim consolidated statement of comprehensive income
Amounts in m.ER Note Apr-Jun 26 Apr-Jun 25 Apr 25-Mar 26
Profit/loss for the period 17.0 -1.6 27.7
Other comprehensive income, net of ta 2.5 -35.0 -25.7
Items that will be reclassified to profit or loss:
Echange differences on translation of foreign operations 6 2.5 -35.0 -25.7
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit plans for employees 1 1 0.0
Total comprehensive income for the period, net of ta 19.5 -36.6 2.0
Total comprehensive income attributable to:
Equity holders of the parent 19.5 -36.6 2.0
Non-controlling interests 1 1 1Introduction Comment from the
CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
12 asmodee April – June 2026

Interim consolidated statement of financial position
Amounts in m.ER Note Jun 30, 26 Mar 31, 26
Goodwill 9 1,370.0 1,179.4
Publication and distribution rights 1,022.3 1,028.1
Other intangible assets 29.6 28.7
Property, plant and equipment 18.6 19.0
Right-of-use assets 55.0 50.9
Investments in associates 1 1
Other non-current financial assets 2.5 2.4
Deferred ta assets 9.0 9.0
Total non-current assets 2,507.2 2,317.5
Inventories 295.6 248.6
Trade receivables 225.1 212.0
Advances and prepaid epenses 38.0 34.2
Other current financial assets 1.2 2.4
Other current assets 29.2 21.5
Cash and cash equivalent 196.5 436.9
Total current assets 785.5 955.7
Total assets 3,292.7 3,273.2
Cont. Introduction Comment from the
CEO Financial
overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
statements Definitions of
APM’s Derivations of
APM’s
13 asmodee April – June 2026

Interim consolidated statement of financial position (cont. )
Amounts in m.ER Note Jun 30, 26 Mar 31, 26
Share capital 0.1 0.1
Other contributed capital 3,365.6 3,334.7
Currency translation adjustment reserve -24.0 -26.6
Retained earnings -1,418.9 -1,449.7
Profit/loss for the period 17.0 27.7
Total equity attributable to equity holders of the parent 1,939.8 1,886.2
Total equity 6 1,939.8 1,886.2
Non-current provisions 1.8 1.8
Employee benefits 1.4 1.5
Deferred ta liabilities 189.1 195.1
Lease liabilities 46.6 42.4
Bonds 7 630.1 629.5
Liabilities to credit institutions 8 0.0 0.0
Deferred and contingent considerations 9 26.0 0.5
Liabilities to employees related to acquisitions 9 6.9 6.3
Non-current financial liabilities 0.1 1
Other non-current liabilities 1 2.0
Total non-current liabilities 901.9 879.1
Current provisions 3.8 4.2
Employee benefits 0.2 0.2
Trade payables 285.0 224.5
Advances and deferred incomes 30.1 27.6
Lease liabilities 11.7 11.6
Bonds 7 1.3 9.2
Liabilities to credit institutions 8 1.2 1.6
Put/call options on non-controlling interests 9, 10 1 113.5
Deferred and contingent considerations 9 30.0 0.7
Liabilities to employees related to acquisitions 9 0.2 37.8
Other current financial liabilities 0.0 0.0
Other current liabilities 87.4 77.1
Total current liabilities 451.0 507.9
Total equity X liabilities 3,292.7 3,273.2Introduction Comment from the
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overview Other
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and governance Signatures Financial
statements Separate financial
statements Definitions of
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APM’s
14 asmodee April – June 2026

Interim consolidated statement of changes in equity
Equity attributable to equity holders of the parent
Amounts in m.ER Note Share capital Other
contributed
capital Currency
translation
adjustment
reserve Retained
earnings Profit/loss for
the period Total equity
Opening balance – Apr 1, 25 0.1 3,334.7 -0.8 -1,454.4 4.7 1,884.2
Appropriation of earnings 1 1 1 4.7 -4.7 1
Profit/loss for the period 1 1 1 1 -1.6 -1.6
Other comprehensive income 1 1 -35.0 1 1 -35.0
Total comprehensive income for the
period 1 1 -35.0 1 -1.6 -36.6
Transactions with the owners
Capital increase 1 1 1 1 1 1
Contribution in kind 1 1 1 1 1 1
Dividend distribution 1 1 1 1 1 1
Share-based payments 1 1 1 1 1 1
Change in perimeter 1 1 1 1 1 1
Effect of the change in functional currency
of the Parent company 1 1 1 1 1 1
Other 1 1 1 1 1 1
Other changes in equity 1 1 1 1 1 1
Closing balance – Jun 30, 25 0.1 3,334.7 -35.8 -1,449.7 -1.6 1,847.6
Equity attributable to equity holders of the parent
Amounts in m.ER Note Share capital Other
contributed
capital Currency
translation
adjustment
reserve Retained
earnings Profit/loss for
the period Total equity
Opening balance – Apr 1, 26 0.1 3,334.7 -26.6 -1,449.7 27.7 1,886.2
Appropriation of earnings 1 1 1 27.7 -27.7 1
Profit/loss for the period 1 1 1 1 17.0 17.0
Other comprehensive income 6 1 1 2.5 1 1 2.5
Total comprehensive income for the
period 1 1 2.5 1 17.0 19.5
Transactions with the owners
Capital Increase 9 1 1 1 2.2 1 2.2
Contribution in kind 6, 9 1 31.0 1 1 1 31.0
Dividend distribution 1 1 1 1 1 1
Share-based payments 6, 9 1 1 1 0.9 1 0.9
Change in perimeter 1 1 1 1 1 1
Effect of the change in functional currency
of the Parent company 1 1 1 1 1 1
Other 6, 9 1 -0.1 1 1 1 -0.1
Other changes in equity 1 31.0 1 3.1 1 34.0
Closing balance – Jun 30, 26 0.1 3,365.6 -24.0 -1,418.9 17.0 1,939.8Introduction Comment from the
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APM’s
15 asmodee April – June 2026

Equity attributable to equity holders of the parent
Amounts in m.EUR Note Share capital Other
contributed
capital Currency
translation
adjustment
reserve Retained
earnings Profit/loss for
the period Total equity
Opening balance – Apr 1, 25 0.1 3,334.7 -0.8 -1,454.4 4.7 1,884.2
Appropriation of earnings — — — 4.7 -4.7 —
Profit/loss for the period — — — — 27.7 27.7
Other comprehensive income — — -25.7 — — -25.7
Total comprehensive income for the
period — — -25.7 0.0 27.7 2.0
Transactions with the owners
Capital Increase — — — — — —
Contribution in kind — — — — — —
Dividend distribution — — — — — —
Share-based payments — — — — — —
Change in perimeter — — — — — —
Effect of the change in functional currency
of the Parent company — — — — — —
Other — — — — — —
Other changes in equity — — — — — —
Closing balance – March 31, 26 0.1 3,334.7 -26.6 -1,449.7 27.7 1,886.2Introduction Comment from the
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overview Other
information Sustainability
and governance Signatures Financial
statements Separate financial
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APM’s
16 asmodee April – June 2026

Interim consolidated statement of cash flows
Amounts in m.ER Note Apr-Jun 26 Apr-Jun 25 Apr 25-Mar 26
Operating activities
Operating profit/loss (EBIT) 40.5 15.3 167.6
Adjustment for:
Amortiation, Depreciation, Impairment 20.1 19.6 101.7
Provision -0.5 0.1 2.9
Profit shares in associated companies 1 -0.2 1.2
Personnel epenses related to acquisitions 0.5 2.6 11.4
Net gain/loss on disposal of fied assets 1 2.4 2.4
Share-based payments 9 0.9 1 1
Movements in working capital (Ecluding income taes)
Decrease/increase in inventories -43.8 -32.2 -27.5
Decrease/increase in trade receivables -4.8 3.4 -14.2
Decrease/increase in trade payables 56.2 34.6 29.7
Decrease/increase in other receivables/payables -6.0 -5.5 13.6
Payment of liabilities to employees related to acquisitions 9, 10 -37.2 1 -7.2
Income ta paid -13.8 -5.5 -48.8
Cash flow from operating activities 12.1 34.7 232.7
Investing activities
Purchases of intangible assets -6.4 -5.8 -18.5
Proceeds on disposal of intangible assets 1 1 0.0
Purchases of tangible assets -0.9 -0.9 -4.7
Proceeds on disposal of tangible assets 1 0.0 0.0
Purchases of subsidiaries (net of cash acquired) 9, 10 -227.3 1 -0.1
Disposal of subsidiary (net of cash disposed) 1 -2.6 -2.4
Purchases of associates, equity instruments and joint ventures 1 1 -0.4
Disposal of associates, equity instruments and joint ventures 1 1 1
Lending to associates, joint ventures and other entities 1 1 -0.4
Repayment of loans from associates, joint ventures and other
entities 1 1 1
Interests received 0.8 1 4.3
Cash flow from investing activities -233.7 -9.2 -22.1
Cont. Introduction Comment from the
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17 asmodee April – June 2026

Amounts in m.EUR Note Apr-Jun 26 Apr-Jun 25 Apr 25-Mar 26
Financing activities
Proceeds from capital increase 9 3.4 — 0.0
Dividends paid 6 — — —
Repayments of shareholders and other loans and borrowings — 0.0 0.0
Proceeds from liabilities to credit institutions 8 60.9 — 5.8
Repayments from liabilities to credit institutions 8 -61.4 -2.0 -14.6
Proceeds from Bonds 7 — — 320.0
Repayments from Bonds 7 — — -320.0
Repayment of lease liabilities -3.7 -3.3 -14.1
Interests paid 7, 8 -16.7 -14.6 -38.7
Other financing activities -1.8 0.6 5.5
Net cash (used in)/from financing activities -19.2 -19.3 -56.1
Cash flow for the period -240.7 6.2 154.5
Cash and cash equivalents at the beginning of period 436.9 286.4 286.4
Cash flow for the period -240.7 6.2 154.5
Exchange rate differences 0.3 -6.0 -4.0
Cash and cash equivalents at the end of period 196.5 286.6 436.9Introduction Comment from the
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overview Other
information Sustainability
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APM’s
18 asmodee April – June 2026

Notes to the interim consolidated financial statements
NOTE 1 Material accounting policies
General information
The consolidated financial statements comprise Asmodee Group AB with
corporate identity number 559273-8016 (Gthe parent companyH or Gthe
companyH) and its subsidiaries (together Gthe groupH or GasmodeeH) and
the groupJs interest in associated companies and joint ventures. The
parent company is a limited liability company with its registered office at
Tullhusgatan 1B, 652 09, farlstad, Sweden. These financial statements
were authoried for issue by the Board on August 4, 2026 .
Basis of preparation
The Consolidated financial statements of the group have been prepared in
accordance with IFRS\ Accounting Standards (IFRS) published by the
International Accounting Standards Board (IASB) and interpretations that
have been issued by IFRS Interpretations Committee (IFRS IC) as they
have been adopted by the European nion (E). The group’s interim
report is prepared in accordance with IAS 34 Interim Financial Reporting
and applicable parts of the Swedish Annual Accounts Act (1995:1554).
The group has applied the same accounting policies, basis of calculation
and assumptions as those applied in the consolidated financial statements
of Asmodee Group AB as for the financial year ended March 31, 2026.
For a complete description of the group’s material accounting policies, see
the notes of the consolidated financial statements for the financial year
ended March 31, 2026. Some reclassifications related to the presentation
of comparative figures may have been done in order to be compliant with
the presentation of the current period or to IFRS standards.
Disclosures according to IAS 34 are presented in these unaudited
condensed financial statements as well as corresponding notes.
In accordance with IAS 34, income ta epense for interim periods is
recognied based on management’s best estimate of the weighted
average annual effective income ta rate epected for the full financial
year, applied to the pre-ta income of the interim period.
Due to the cyclical nature of consumer demand in the tabletop gaming
industry, asmodeeJs operations are subject to seasonality, typically
resulting in significantly higher sales and earnings during the second half
of the financial year, driven by holiday-related purchases. This seasonal
pattern also impacts the group’s working capital and cash flow from
operating activities, primarily through an increase in inventories during the
second and third financial quarters and a subsequent reduction during the
late third and fourth financial quarters.
Presentation currency
All amounts are presented in Millions of Euros (m.ER) with one decimal,
unless otherwise indicated. Rounding differences may occur.
Change in Level of Rounding (Presentation nit)
To enhance the readability of the consolidated financial statements and
ensure that material information is not obscured by immaterial details, the
group revised its presentation rounding level in accordance with IAS 1
Presentation of Financial Statements. This change represents a change in
presentation only. Accordingly, all comparative figures for the prior
periods are re-presented in Millions of Euros to ensure comparability. This
change has no impact on the underlying accounting policies, nor affecting
the previously reported financial position, financial performance, or cash
flows of the group. NOTE 2 Significant estimates and
assumptions
hen preparing the financial statements, management and the Board of
Directors must make certain assessments and assumptions that impact
the carrying amount of assets and liabilities and revenue and epense
items, as well as other provided information. Actual outcome may differ
from the estimates if the estimates or circumstances change. The
significant estimates and assumptions correspond to the ones described
in the consolidated financial statements of Asmodee Group AB for the
financial year ended March 31, 2026.
NOTE 3 Operating segments
NOTE 3.1 Revenue by geography
The group has no customer, that represents more than 10 of net sales on
the period ended June 30, 2026 .
The following net sales are based on the seller’s location.
Amounts in m.ER Apr-Jun 26 Apr-Jun 25 Apr 25-Mar 26
Sweden 1.3 1.1 6.9
France 91.4 78.4 363.4
Germany 56.6 47.0 206.6
nited fingdom 65.6 51.8 265.0
nited States 37.7 41.6 205.8
Other Americas 28.4 19.2 93.5
Other Europe 120.8 92.6 463.6
Rest of the world 20.2 17.4 78.8
Net sales 422.1 349.0 1,683.6Introduction Comment from the
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19 asmodee April – June 2026

NOTE 3.2 Assets by geography
Amounts in m.EUR Jun 30, 26 Mar 31, 26
Publication and
distribution rights 1,022.3 1,02.1
France 513.2 515.
United States 406.5 407.7
Other 102.6 104.6
Other Intangible
assets 29.6 2.7
France .5 .1
United States 17.3 16.
Other 3. 3.
Property, Plant and
Equipment 1.6 19.0
France 1. 1.
United States 2.2 2.4
United Kingdom 9.0 9.3
Other 5.6 5.5
Right-of-use assets 55.0 50.9
Canada 6.0 6.3
France 14.3 .7
United Kingdom 11.9 12.0
Other 22.9 23.9
Total 1,125.6 1,126.7
The carrying value of assets located in Sweden is nil or lower than
EUR0.1million.
NOTE 4 Revenue from contracts with
customers
For the period ended June 30, 2026, the increase in revenues from Games
published by asmodee studios was driven by double-digit growth in Board
Games and the contribution from ATM Gaming, partly offset by the timing
shift of the latest STAR ARS] Unlimited summer release. The increase in
revenues from Games published by partners was driven by continued
momentum in distributed Trading Card Games 9TCGs:.
NOTE 4.1 Revenue by game category
Amounts in
m.EUR Apr-Jun 26 Apr-Jun 25 Apr 25-Mar 26
Board games 102. .6 527.2
Trading Card
Games 24. 231.3 1,020.5
Other
categories 34.5 29.1 135.9
Revenue from
contracts with
customer 422.1 349.0 1,63.6 NOTE 4.2 Revenue by publisher
Amounts in m.EUR Apr-Jun 26 Apr-Jun 25 Apr 25-Mar 26
Games published by
asmodee studios 79.9 7.5 427.0
Games published by
partners 331.2 260.9 1,210.6
Others 11.0 9.7 46.0
Revenue from
contracts with
customer 422.1 349.0 1,63.6
NOTE 4.3 Revenue by geography
See Note 3.1 .
NOTE 5 Financial result
Amounts in m.EUR Apr-Jun
26 Apr-Jun
25 Apr 25-
Mar 26
Exchange gains on financial items 5. 2.6 6.6
Other gains on financial items 0.9 1.2 5.1
Financial income 6.7 3.7 11.7
Change in fair value of put/call
options on non-controlling interests -0.1 -1.7 -41.
Change in fair value of contingent
considerations -4.6 1 1
Interest expenses related to Bonds -.5 -10.2 -3.3
Interest expenses related to credit
institutions -0.2 -0.1 -0.3
Interest expenses related to leases
liabilities -0.7 -0.6 -2.5
Other interest expenses -0.4 -0.5 -9.7
Exchange losses on financial items -4. -5.3 -7.4
Other losses on financial items -0.3 -0.6 -9.4
Financial expenses -19.6 -19.1 -109.3
Financial result -12.9 -15.3 -97.7
For the period ended June30, 2026 , the financial result amounts to
EUR -12.9 million, mainly driven by Interest expenses related to Bonds of
EUR -.5 million 9see Note 7 :. Interest expenses related to credit
institutions includes interest related to the use of the RCF of
EUR -0.1 million 9see Note : . Other interest expenses relates to unwinding
of discount on contingent considerations . Change in fair value of
contingent considerations mainly relates to the change in fair value of the
ATM Gaming contingent consideration for EUR – 4.6 million , arising from
the change in Asmodee Group AB share value since acquisition date 9see
Note 6.1 :.
For the period ended March31, 2026 , the financial result amounts to
EUR -97.7 million and is mainly driven by the interest expenses related to
bonds for EUR -3.3 million 9see Note 7 : and change in fair value of put/
call options on non-controlling interests of EUR -41. million. Other
interest expenses relates to unwinding of discount on contingent
considerations. Other losses on financial items mostly relates to an
expense of EUR – 5.7 million corresponding to the remaining unamortied
bonds issuance costs, recognied immediately upon the early repayment
of the variable interest bonds 9see Note 7 : and a non-utiliation fee in
relation to the RCF amounting to EUR -1.3 million.Introduction Comment from the
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20 asmodee April – June 2026

NOTE 6 Equity
NOTE 6.1 Share capital X Other contributed capita l 1
Changes in the number of shares
Number of shares Decision date Registration date Ordinary
shares A-shares B-shares Number of
shares at
closing
Number of shares upon incorporation
of the company 250 1 1 250
Reclassification of ordinary shares to
introduce two shares classes and share
split April 19, 2024 May 3, 2024 -250 54,000,000 1,335,952,865 1
Share issue paid in-kind April 19, 2024 May 3, 2024 1 1 68,806,658 1
Bonus issue without issuance of shares September 18, 2024 October 4, 2024 1 1 1 1
Reduction of share capital with
redemption of shares September 18, 2024 October 4, 2024 1 -54,000,000 -1,335,952,865 1
Share issue paid in cash September 18, 2024 October 4, 2024 1 54,000,000 1,335,952,865 1
Share issue paid in cash January 2, 2025 January 14, 2025 1 1 113 1
Reverse share split 1:6 January 2, 2025 January 14, 2025 1 -45,000,000 -1,170,633,030 1
Bonus issue without issuance of shares January 2, 2025 January 14, 2025 1 1 1 1
Reduction of share capital with
redemption of shares January 2, 2025 January 14, 2025 1 1 -77,920,945 1
New share issue paid in cash January 24, 2025 January 27, 2025 1 1 68,486,367 1
New share issue paid by set-off April 8, 2026 April 9, 2026 1 1 3,029,463 1
Number of shares at closing 1 9,000,000 227,721,491 236,721,491
On April 8, 2026 , the share capital of Asmodee Group AB increased
through a directed share issue resolved by the Board of Directors on April
8, 2026, pursuant to the authoriation granted by the Annual General
Meeting held on September 18, 2025. The share issue was carried out in
connection with the acquisition of ATM Gaming on April 8, 2026. A total of
3,029,463 new class B shares were issued with deviation from the
shareholdersJ preferential rights, at a subscription price of ER 9,90274514
per share, corresponding to a total issue amount of ER 30,000,000.
Issuance costs amounted to ER -0.1 million. This share capital increase
was accounted based on a share value at acquisition date of SEf 110.40,
or ER 10.237, resulting in an additional GOther contributed capitalH for
ER 31.0 million, and is part of the ATM Gaming purchase price.
Shares at publication date
The amount of eisting shares at the date of publication of these
condensed consolidated interim financial statements is 236,721,491 and is
composed of 9,000,000 A-shares (10 vote rights) and 227,721,491 B-Shares
(1 vote right).
Potential ordinary shares
In connection with the acquisition of ATM Gaming, the Group may issue
class B shares to settle (i) the contingent consideration O2027O and (ii)
share-based payment relating to post-combination services. In both
cases, a fied monetary amount is settled in a variable number of class B
shares, the amount being contingent on the achievement of EBITDA
targets over the periods ending March 31, 2027 and March 31, 2031
respectively (see Note 9.1 ).
As the underlying performance conditions had not been met as at
June 30, 2026 , these contingently issuable shares are not included in the
weighted-average number of shares used to determine diluted earnings
per share. Based on the management’s best estimate of the EBITDA performance
epected to be achieved over the entire contingency period, the number
of class B shares that could potentially dilute basic