Hasbro, Inc. · NASDAQ:HAS
Hasbro — Q4 2025 Earnings Presentation
38 slides from Hasbro's earnings presentation, Feb 10, 2026
Slide 1: Q4 and Full Year 2025 Earnings
Q4 and Full Year 2025 Earnings February 10, 2026
Slide 2: Use of Non-GAAP Financial Measures
USE OF NON-GAAP FINANCIAL MEASURES. y Supplemental Financial Data Bb The financial tables accompanying this presentation include non-GAAP financial measures as defined under SEC rules, specifically Adjusted operating profit, Adjusted operating margin, Adjusted net earnings and Adjusted net earnings
Slide 3: Safe Harbor
Safe Harbor Certain statements in this presentation contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be identified by the use of forward-looking words or phrases, include statements relating to: our business
Slide 4: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Total Hasbro revenue up 31% driven by strength in MAGIC: THE GATHERING 86% growth in Wizards led by MAGIC, specifically the Avatar: The Last Airbender set and Monopoly Go! Consumer Products grew 7% driven by HASBRO GAMING, PLAY-DOH, Marvel and Beyblade Adjusted operati
Slide 5: Full Year 2025 Highlights
Full Year 2025 Highlights Hasbro revenues up 14% driven by exceptional performance in Wizards Wizards revenue grew 45% behind Magic and Monopoly Go! Operating Profit of $1B was +56% versus prior year Consumer Products revenue declined 4% inline with expectations amongst macro and retailer volatility
Slide 6: Highlights: Fourth Quarter 2025
Highlights: Fourth Quarter 2025
Slide 7: Hasbro, Inc. Fourth Quarter 2025 Performance
Hasbro, Inc. Fourth Quarter 2025 Performance B $ vs PY Wizards of Q4 2025 Reported Results the tales & Digital aad Entertainment eek ($ millions, except earnings per share) Gami Products & Other ming 1 1 Revenue $630 $800 $16 N/A ' $1,446 ' i i % vs PY +86% +7% 5% N/A i +31% ; ! ' Operating Profit (
Slide 8: Hasbro, Inc. Fourth Quarter 2025 Performance - as Adjusted
Hasbro, Inc. Fourth Quarter 2025 Performance - as Adjusted B Q4 2025 Adjusted Results a jae ogi Ar Corporate ($ millions, except earnings per share) aie & Other Revenue $630 $800 $16 N/A $1,446 ; % vs PY +86% 47% -5% N/A +31% ' f Operating Profit (Loss) $284 $54 $1 ($23) $315 Operating Margin % 45.0
Slide 9: Hasbro, Inc. Full Year 2025 Performance
Hasbro, Inc. Full Year 2025 Performance FY 2025 Reported Results ($ millions, except earnings per share) Revenue % vs PY Operating Profit (Loss) Operating Margin % FY 2024 Operating Margin % Operating Profit (Loss) vs PY Hasbro Net Loss Net Loss vs. PY Loss Per Share $ vs PY NM =not meaningful Wizar
Slide 10: Hasbro, Inc. Full Year 2025 Performance - as Adjusted
Hasbro, Inc. Full Year 2025 Performance - as Adjusted FY 2025 Adjusted Results ($ millions, except earnings per share) Revenue % vs PY Operating Profit (Loss) Operating Margin % FY 2024 Operating Margin % Operating Profit vs PY Hasbro Net Earnings Net Earnings vs PY Diluted Earnings Per Share $ vs P
Slide 11: Q4 2025 Operating Margin Performance
Q4 2025 Operating Margin Performance Bb As Reported Operating Margin Drivers Adjusted Operating Margin Drivers ($ millions} Amounts may not sum due to rounding {$ millions) Amounts may not sum due to rounding Q4 2024 Op Margin 5.4% $60 Q4 2024 Op Margin (Adjusted) 10.2% $n3 Volume & Mix* +12.1 pts $
Slide 12: Full Year 2025 Operating Margin Performance
Full Year 2025 Operating Margin Performance Bb As Reported Operating Margin Drivers Adjusted Operating Margin Drivers ($ millions} Amounts may not sum due to rounding {$ millions) Amounts may not sum due to rounding FY 2024 Op Margin 16.7% $690 FY 2024 Op Margin (Adjusted) 20.3% $839 Volume & Mix* +
Slide 13: Total Hasbro Owned Inventory
{S in millions) Total Hasbro Owned Inventory Down 62% vs. Q4 2022 vs. Q4 2024 Q4 2022 Q4 2023 Q4 2024 Down 5% Q4 2025 management » Inventory, owned and at retail in healthy position at year- end
Slide 14: Wizards of the Coast Revenue Drivers
EY Wizards of the Coast Revenue Drivers 82% 86% : 1% 3% Wizards Tabletop Wizards Digital Digital Licensing FX Total Revenue Increase 42% 45% - 2% 1% Wizards Tabletop Wizards Digital Digital Licensing FX Total Revenue Increase “Total may not sum due to rounding Wizards Tabletop repres and Digital Lic
Slide 15: Wizards of the Coast Op Margin Performance
Wizards of the Coast Op Margin Performance 2024 Op Margin 23.9% $31 41.8% $632 Volume & Mix* +22.1 pts $205 +9.3 pts $468 my favorable margin mix Gross Sales to Net Sales Rate Opts - +0.5pts $21 » Increased royalty expense driven by Universes Beyond sets Royalties -1.6 pts ($10) -2.4 pts ($52) : “ak
Slide 16: Consumer Products Revenue Drivers
i Consumer Products Revenue Drivers Vey 7% 5% Et = | -2% ; Volume & Mix Selling Rate Licensing FX ‘Total Revenue Increase* é A 1% 5% 4% Volume & Mix Selling Rate Licensing FX Total Revenue Decline* Total may not sum due to rounding Volume/Mix represents gross sales volume impact to operating profit
Slide 17: Consumer Products Op Margin Performance
Consumer Products Op Margin Performance 2024 Op Margin (Adjusted) 8.0% $60 Volume & Mix* -1.8 pts ($13) -2.6 pts ($70) Gross Sales to Net Sales Rate +2.3 pts $20 +0.4 pts $n wae > Tariff expense driving 3-point margin headwind in Q4; “2 pts. for the FY Royalties -0.2 pts ($1) -0.2 pts ($6) COS Savin
Slide 18: Hasbro Cash Flow & Metrics
Hasbro Cash Flow & Metrics {$ in millions) $847 FY 2024 $893 FY 2025 ihe | flow increased $46M year over year driven by Magic revenue growth Spent $225 million on debt reduction through repurchases and prefunding Returned $393 million cash to shareholders via dividends
Slide 19: 2026 Guidance
2026 Guidance’ FY 2026 Guidance FY 2025 Actuals Net Revenues (Constant Currency) Up 3% to 5% $4,701M Adjusted Operating Margin 24% to 25% 24.2% Adjusted EBITDA $1.40B to $1.45B $1.36B Tax Rate* 23% - 24% 23.3% Capex ~$250M ~$200M ‘Adjusted operating margin, adjusted EBITDA and constant currency are
Slide 20: MAGIC: THE GATHERING 2025/2026 Release Cadence
MAGIC: THE GATHERING a 2025/2026 Release Cadence 2025 MAGIC Tentpole Sets 2026 MAGIC Tentpole Sets MAGIC Statisti ee yer grap! MET HLEFULIPEEFT Loui » Average tabletop player is tt R €& ipseD ~35 years old ARKI TEENAGE MUTANT NINJA » Average player tenure is 5+ years DRAGONSTORN TURTLES » Wizards Pl
Slide 21: Expanding Partnerships
Expanding Partnerships ies
Slide 22: Consumer Products: 2026 Releases
Consumer Products: 1H June 19 Release dates subjectto change. vy x tat =e 2H BRAND NEW DAY Pome ff, DECEMBER 18 July 31 December 18 22
Slide 23: Operational Excellence Program
Operational Excellence Program Path to $1B of Gross Cost Savings a Approx. Net Savings $1B Performance is in line with expectations, and we remain committed to achieve our mid- term targets $370M Expect approximately “50% of gross savings to flow through to bottom line $220M $175M $150M $20M $60M a
Slide 24: Medium-Term Guidance (2025-2027)
Medium-Term Guidance (2025-2027)' B Key Metric Measure Tracking Abosad Revenue (Constant Currency) Mid-Single Digit Growth CAGR — Adjusted Operating Margin 50bps to 100bps Average Expansion per year On g rack Cost Savings* $1B Gross Cost Savings Achieved Capital Allocation 2.5x Gross Debt to Adjuste
Slide 25: Supplemental Financial Information
Supplemental Financial Information
Slide 26: Gross Margin Performance
Gross Margin Performance 2024 Gross Margin 65.2% $718 70.3% $2,907 : » FY improvement +1.4 pts Volume & Mix* -0.3 pts $194 +11 pts $409 Gross to Net Sales Rate +0.6 pts $20 +0.2 pts $32 nderlying Gross Margin COS Savings vs. Cost Inflation* +1.4 pts $20 +0.7 pts $35 drivers » Business mix shift Non-
Slide 27: Consolidated Balance Sheet
(Millions of Dollars ASSETS Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Goodwill Other intangible assets, net Other assets Total assets December 28, 2025 Decemb
Slide 28: Consolidated Statement of Operations
Consolidated a Statement of Demat 2 Dumb. Oman Amount Revenues Amount Revenues: Amount Revenues Amount Revenues: Operations aa = 1aaso 000% Sa4018 1000" $4701 100% 841356 ~ 100% Costs and expenses Cost of sales 452.1 31.3% 358.7 32.6% 1,296.2 1.1795 28.5% (Unaudited) Program cost amortzaton 148 10%
Slide 29: Condensed Consolidated Statement of Cash Flows
Year Ended December 28, 2025 December 29, 2024 Condensed — . Net (loss) earnings $ (318.2) $ 394.4 Consolidated iinet pata me = Loss on disposal of business 25.0 374 Statement of Creer sass 356.1 Changes in operating assets and liabilities (320.3) 59.5 GC as h F | ows' Net cash provided by operating
Slide 30: Q4 2025 Share in Focus Categories
Q4 2025 Share in Focus Categories Q4 POS Growth: HASBRO GAMING*, PEPPA PIG, Hasbro Hasbro Hasbro GI JOE, Beyblade, Marvel Focus Category Share Change Share Position Action Figures & Accessories & +0.3 pts 23.2% 1 Q4 POS Decline: FURBY, NERF, PLAY-DOH, TRANSFORMERS, Star Wars Arts & Crafts -1.2 pts 1
Slide 31: FY 2025 Share in Focus Categories
FY 2025 Share in Focus Categories FY POS Growth: PEPPA PIG, Beyblade, Marvel Hasbro Hasbro Hasbro Focus Category Share Change Share Position FY POS Decline: Action Figures & Accessories A +0.2 pts 23.3% 1 FURBY, NERF, PLAY-DOH, TRANSFORMERS, Star Wars Arts & Crafts -1.1 pts 15.4% 1 Games excl. STCG*
Slide 32: Segment Results - As Reported and As Adjusted Q4 2025
Segment Results-As Reported and As Adjusted! Q4 2025 (Unaudited) (Millions of Dollars Operating Results ‘Total company results External net revenues Operating profit Operating margin Segment results Wizards of the Coast and Digital Gaming: External net revenues Operating profit Operating margin Cons
Slide 33: Segment Results continued
continued (Unaudited) (Millions of Dollars Three Months Ended December 28, December 29, 2025 2024 Wizards of the Coast and Digital Gaming net revenues by category % Change Tabletop Gaming $ 494.7 $ 207.0 139% Digital and Licensed Gaming 135.7 132.0 3% Netreveuee a Three Months Ended December 28, Dec
Slide 34: Segment Results - As Reported and As Adjusted FY 2025
Segment R es u Its-As Year Ended December 28, 2025 Year Ended December 29, 2024 Non-GAAP Non-GAAP % R e fe) fe) rt e d a ral d Operating Results AsReported Adjustments Adjusted As Reported _ Adjustments Adjusted Change ‘Total company results Fe External net revenues S$ 47013 $ — $ 47013 $ 41355 $ —
Slide 35: Segment Results continued
4 continued (Unaudited) (Millions of Dollars Year Ended December 28, December 29, f nd Digital Gamii vi 2025 2024 % Change Tabletop Gaming $ 1,686.6 $ 1,039.6 62% Digital and Licensed Gaming 500.3 471.7 6% iistroventes eS AL AR POLED Year Ended December 28, December 29, Consumer Products net revenue
Slide 36: Reconciliation of EBITDA and Adjusted EBITDA
Three Months Ended Year Ended Reconciliation ey Reconciliation of EBITDA and Adjusted EBITDA" 2025 2024 2025 2024 of No n-GAAP Net eamings (loss) attributable to Hasbro, Inc. $ 2016 $ (34.3) $ (322.4) $ 385.6 40.4 43. Financial 678 (30.7) 102.6 paming: e le S 1 7.8 4.2 8. M Depreciation 13.8 20.7 69
Slide 37: Reconciliation of Adjusted Operating Profit
Three Months Ended Year Ended December 28, December 29, December 28, December 29, ay Reconciliation of Adjusted Operating Profit 2025 2024 2025 2024 Dit tra R econ ci | i ati on Operating profit (loss) $ 275 $ 59.8 $ u4 $ 690.0 izards of the C Digital G 2 9 2 La of Non-GAAP Financial Non-GAAP adjust
Slide 38: Reconciliation of Net Earnings and Earnings Per Share
Reconciliation of Non-GAAP Financial Measures (Unaudited) (Millions of Dollars and Shares Except Per Share Data) Reconciliation of Net Earnings and Earnings Per Share! intiatves Three Months En nded December 28, _ Diluted Per December 29, _ Diluted Per 2025 Share Amount 2024 Share Amount $ 216 § as