Asmodee Q1 2026 Earnings Release

Asmodee achieved a robust start to the 2026 fiscal year, characterized by significant top-line expansion and enhanced operational profitability. Net sales reached 422.1 million euros, marking a 20.9 percent increase over the prior-year period, with organic growth contributing 20.2 percent to this performance. This momentum was primarily fueled by double-digit gains across the board game and trading card game segments. Profitability metrics also showed marked improvement, as adjusted EBITDA rose to 61.9 million euros, resulting in an adjusted EBITDA margin of 14.7 percent and a substantial increase in adjusted net profit to 31.8 million euros.

Strategic capital management and aggressive portfolio expansion defined the quarter’s corporate activity. The company finalized the acquisition of ATM Gaming and secured full ownership of Exploding Kittens, moves supported by a directed share issue and the utilization of revolving credit facilities. To stabilize its long-term financial foundation, the firm successfully refinanced 320 million euros of debt into a fixed-rate bond structure maturing in 2031, effectively insulating the balance sheet from interest rate volatility. These efforts earned credit rating upgrades from Moody’s, S&P, and Fitch, signaling strong market confidence in the company’s fiscal trajectory.

Despite a temporary decline in cash flow from operating activities due to seasonal working capital requirements and acquisition-related outflows, the company maintained a healthy free cash flow conversion rate of 88.8 percent. With cash reserves at 196.5 million euros, management demonstrated optimism regarding future liquidity by proposing a dividend of 0.17 euros per share. By balancing disciplined debt restructuring with targeted investments in the social games market, the company has positioned itself to sustain its growth trajectory while navigating the complexities of its recent expansion.