Slide 1: Investor presentation
5/ 2 6 Q2 2 Novembe 20, 2025 r 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: Growth in Published Games
The Lord of the Rings™: = a | ~ The Fate of the Fellowship Fe oe rick Like This! Star Wars™. Unlimited Galactic Championship Growth in Published Games Ticket to Ride WE . ae t US New Edition ‘ a 5) iw, bs Exploding Kittens®; a 8 e { Star Wars™: Unlimited ms (@ BS ey te ae sai < Dobble® / Spot It PA
Slide 4: Successful distributed releases in Trading Card Games
STRONG **JUST 2 SECTIONS, PERFORMANCE IN NO NEED FOR A GAMES PUBLISHED THIRD** BY PARTNERS Successful distributed releases in Trading Card Games 4
Slide 5: A second quarter paving the way for the rest of FY 25/26
A second quarter paving the way for the rest of FY 25/26 5
Slide 6: Q2: Sustained growth and EBITDA improvement
Q2: Sustained growth and EBITDA improvement €403.4m (LY : €334.0m) • Healthy sales and EBITDA growth Net sales • Performance in Games published by partners continues to be mainly driven by TCGs Growth: 20.8% • Sales in Games published by asmodee driven by both long-sellers and new releases Organic g
Slide 7: Financial performance
Slide 8: Sales growth across key categories
Sales growth across key categories Q2 Net Sales YTD Net Sales +20.8% +25.7% Amounts in Amounts in m.EUR m.EUR o/w organic : +23.4% o/w organic : +28.2% 403 752 11 334 21 21 12 Growth 598 Growth 23 23 278 -4.3% -8.3% 30.2% 539 39.0% 213 5.1% 387 2.5% 109 114 188 193 Q2 24/25 Q2 25/26 Apr-Sep 24 Apr-S
Slide 9: Higher volumes drive increase in adjusted EBITDA
Higher volumes drive increase in adjusted EBITDA Q2 Adjusted EBITDA YTD Adjusted EBITDA (1.4) p.p. +0.7 p.p. (0.9) p.p. (2.4) p.p. +1.6 p.p. (0.2) p.p. Amounts in Amounts in m.EUR 69.4 m.EUR 154.0 -42.9 76.1 68.5 -4.5 -14.3 -102.8 116.0 98.1 -7.1 -26.4 20.5% 18.9% 16.4% 15.4% Adj. Net Sales Goods fo
Slide 10: Adjusted EBITDA seasonally invested in working capital
Adjusted EBITDA seasonally invested in working capital Free cash flow Amounts in k.EUR Jul-Sep 25 Jul-Sep 24 Apr-Sep 25 Apr-Sep 24 • Q2 free cash flow1 of EUR -23.3m (15.4), Adjusted EBITDA 76.1 68.5 116.0 98.1 corresponding to a free cash flow Other non-cash items 0.0 0.0 0.0 0.0 Purchase of intang
Slide 11: Higher leverage due to seasonality and change in fair value of past M&A commitment
Higher leverage due to seasonality and change in fair value of past M&A commitment Amounts in m.EUR 6.0x • Net debt/EBITDA before and after M&A 1,200 commitments of 1.8x (4.1) and 2.4x (4.5) 119.3 respectively 1,000 106.9 4.0x • Impacted by the seasonality of free cash 800 140.0 flow and the change
Slide 12: Conclusions
Slide 13: Conclusions
Conclusions • Solid Q2 performance: • Growth across both TCGs and Board games • Increase in adjusted EBITDA • Free cash flow decreased; higher EBITDA offset by working capital effects • Solid balance sheet; Net debt/EBITDA at 2.4x • Looking forward: • Entering the most active and dynamic period of t
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Slide 16: Net sales by product category
Net sales by product category Q2 performance YTD performance Amounts in Amounts in m.EUR +20.8% m.EUR +25.7% o/w organic : +23.4% o/w organic : +28.2% 403 752 35 334 64 227 598 34 458 Growth Growth 168 64 4.5% 0.8% 309 35.2% 48.3% 6.7% 1.9% 133 141 230 226 Q2 24/25 Q2 25/26 Apr-Sep 24 Apr-Sep 25 Oth
Slide 17: Bridge IFRS to Adjusted - QTD
Bridge IFRS to Adjusted - QTD Amounts in m.EUR 1.7 0.0 0.1 76.1 19.9 74.2 12.5 68.6 0.0 54.3 -19.9 Operating Depreciation, EBITDA Personnel Acquisition Items Adjusted Depreciation, Items Amortization Adjusted profit amortization costs costs affecting EBITDA amortization affecting of EBIT (EBIT) and
Slide 18: Bridge IFRS to Adjusted - YTD
Bridge IFRS to Adjusted - YTD Amounts in m.EUR 2.5 116.0 4.4 0.0 39.5 109.1 25.0 101.5 0.0 69.6 -39.5 Operating Depreciation, EBITDA Personnel Acquisition Items Adjusted Depreciation, Items Amortization Adjusted profit amortization costs costs affecting EBITDA amortization affecting of EBIT (EBIT) a
Slide 19: Net debt
Net debt Amounts in m.EUR 22.8 0.5 8.9 578.9 28.5 0.8 1.1 517.7 -0.5 -0.8 2.3x 2.4x Net Debt FY Cash and Bonds Liabilities to Financial Lease Put/call Deferred Liabilities to Net Debt Q2 24/25 cash equiv. credit liabilities liabilities options on considerations employees 25/26 institutions non- rela