Slide 1: Q3 Investor presentation
5/ 2 6 Q3 2 February 2026 19, Investor presentation Thomas Kœgler, CEO Andrea Gasparini, CFO
Slide 2: Disclaimer
This presentation, which should be understood to include these slides, their contents or any part of them, any oral presentation, and any question or answer session (the "Presentation") has been prepared by Asmodee Group AB (the "Company") in relation to the presentation of its interim report for th
Slide 3: Successful distributed Trading Card Game releases
Successful distributed Trading Card Game releases 3
Slide 4: Published Games: sales softness in the US, overall stable in Europe
Take Time Exploding Kittens: The Card Game Published Games: sales softness in the US, overall stable in Europe The HobbitTM: Exploding Kittens: STAR WARSTM: Unlimited There & Back AgainTM The Board Game Secrets of Power
Slide 5: Executing on strategic priorities
Executing on strategic priorities 5
Slide 6: Q3: Record quarter for sales and EBITDA
Q3: Record quarter for sales and EBITDA €524.1m (LY : €429.0m) • Strongest sales and EBITDA performance in the history of asmodee Net sales • Successful TCG releases drive strong performance in Games published by partners Growth: 22.2% • Sales softness in Games published by asmodee isolated to the U
Slide 7: Financial performance
Slide 8: Broad catalogue and global presence drive double-digit growth
Broad catalogue and global presence drive double-digit growth Q3 Net Sales YTD Net Sales +22.2% +24.3% Amounts in Amounts in m.EUR m.EUR o/w organic : +25.6% o/w organic : +27.1% 524 1,276 35 429 14 35 1,027 15 Growth 38 Growth 38 356 894 237 -8.5% -8.3% 50.3% 624 43.3% -12.7% -4.9% 177 154 365 347
Slide 9: Strong volumes and cost discipline fuel Q3 EBITDA, YTD margin in line with LY
Strong volumes and cost discipline fuel Q3 EBITDA, YTD margin in line with LY Q3 Adjusted EBITDA YTD Adjusted EBITDA (3.0) p.p. +1.1 p.p. +3.0 p.p. (2.7) p.p. +1.4 p.p. +1.1 p.p. Amounts in Amounts in m.EUR 95.1 m.EUR 249.2 114.5 89.3 -66.2 -3.5 -0.2 230.5 187.4 -169.0 -10.6 -26.5 20.8% 21.8% 18.2%
Slide 10: Increase in free cash flow driven by higher EBITDA
Increase in free cash flow driven by higher EBITDA Free cash flow Amounts in k.EUR Oct-Dec 25 Oct-Dec 24 Apr-Dec 25 Apr-Dec 24 • Q3 free cash flow1 of EUR 76.5m (71.8), Adjusted EBITDA 114.5 89.3 230.5 187.4 corresponding to a free cash flow Other non-cash items 0.0 0.0 0.0 0.0 Purchase of intangibl
Slide 11: Deleveraging supported by free cash flow generation towards the end of the FY
Deleveraging supported by free cash flow generation towards the end of the FY Amounts in m.EUR 6.0x • Net debt/EBITDA before and after M&A 1,200 commitments of 1.4x (3.6) and 1.9x (4.2) 119.3 respectively 1,000 4.0x • Stronger cash generation and adjusted 800 140.0 138.8 EBITDA drive improvement com
Slide 12: Conclusions
Slide 13: Conclusions
Conclusions • Record Q3 performance: • Sales and EBITDA at historically high levels • Growth driven by the European market supported by TCGs; softness isolated to the US • Strong sales growth and continued cost control drive increase in adjusted EBITDA and margins • Healthy free cash flow, net debt/
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Slide 16: Net sales by product category
Net sales by product category Q3 performance YTD performance Amounts in Amounts in m.EUR +22.2% m.EUR +24.3% o/w organic : +25.6% 524 o/w organic : +27.1% 1,276 41 105 429 286 1,027 744 39 103 176 Growth Growth 485 3.4% 1.8% 62.1% 53.3% -7.3% -2.6% 213 198 439 428 Q3 24/25 Q3 25/26 Apr-Dec 24 Apr-De
Slide 17: Bridge IFRS to Adjusted - QTD
Bridge IFRS to Adjusted - QTD Amounts in m.EUR 2.5 0.0 0.8 114.5 19.9 111.2 12.6 107.2 0.0 91.3 -19.9 Operating Depreciation, EBITDA Personnel Acquisition Items Adjusted Depreciation, Items Amortization Adjusted profit amortization costs costs affecting EBITDA amortization affecting of EBIT (EBIT) a
Slide 18: Bridge IFRS to Adjusted - YTD
Bridge IFRS to Adjusted - YTD Amounts in m.EUR 6.8 0.0 3.4 230.5 59.4 220.3 37.6 208.7 0.0 160.9 -59.4 Operating Depreciation, EBITDA Personnel Acquisition Items Adjusted Depreciation, Items Amortization Adjusted profit amortization costs costs affecting EBITDA amortization affecting of EBIT (EBIT)
Slide 19: Net debt
Net debt Amounts in m.EUR 517.7 5.2 507.9 25.2 0.5 -35.7 -2.6 -0.6 -0.8 -0.9 2.3x 1.9x Net Debt FY Cash and Bonds Liabilities to Financial Lease Put/call Deferred Liabilities to Net Debt Q3 24/25 cash equiv. credit liabilities liabilities options on considerations employees 25/26 institutions non- r