Slide 1: Q4 24/25 earnings presentation
Q4 24/25 May 21, 2025 Thomas Kœgler, CEO Andrea Gasparini, CFO 1
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: A year of strong growth, novelties and collaborations
A year of strong growth, novelties and collaborations FISCAL YEAR HIGHLIGHTS A NOVELTY-DRIVEN YEAR, BUILDING FOR STRONG NEW & EXISTING THE FUTURE COLLABORATIONS €1,368.8m (1,287.7) Net sales +7.7% Organic growth 16.7% (16.4) Adj. EBITDA margin 86% (87) Cash conversion 150+ new releases in 2024/25 3
Slide 4: A milestone quarter
A milestone quarter PUBLIC LISTING INTERNATIONAL EVENTS TOP 10 MOST INNOVATIVE CSR COMPANY Picture Public listing Picture TCG Village Asmodee’s succesful listing on Nasdaq New York, Nuremberg Toy Fairs CATAN Studio in Fast Company's top 10 Stockholm on February 7th most innovative companies in CSR 2
Slide 5: Strong new releases in Q4
Strong new releases in Q4 The Fellowship of Azul Duel Pokémon SV8.5 & One Piece - Set 9, Star Wars™: Unlimited Set 4 - the Ring : Trick- SV9 English & French Taking Game Jump to Lightspeed January February Pokémon Day on Feb 27th March 14th 2025 2025 5
Slide 6: Q4: Sustained sales momentum and strong cash flow
Q4: Sustained sales momentum and strong cash flow €341.4m > Growth within Games published by Asmodee driven by both new releases and ongoing sales from core titles (LY : €277.5m) Net sales > Strong performance in Games published by partners driven by enhanced Growth: 23.0% growth momentum for distri
Slide 7: Financial performance
Financial performance 7
Slide 8: Sustained sales momentum across categories
Sustained sales momentum across categories Q4 Net Sales YTD Net Sales +23.0% +6.3% Amounts in Amounts in m.EUR o/w organic : +23.6% m.EUR o/w organic : +7.7% 1,369 341 1,288 51 51 13 13 71 71 277 16 16 Growth Growth 864 240 (20.2)% 829 (28.3)% 181 32.5% 4.3% 10.2% 16.9% 388 454 80 89 Q4 23/24 Q4 24/
Slide 9: Higher volumes, offset by other opex
Higher volumes, offset by other opex Q4 Adjusted EBITDA YTD Adjusted EBITDA (1.6) p.p. +0.1 p.p. (1.9) p.p. +1.7 p.p. (0.1) p.p. (1.4) p.p. Amounts in Amounts in m.EUR m.EUR 63.9 81.1 -22.4 228.2 211.7 -10.2 -32.0 -42.0 42.3 40.8 -11.7 -11.7 15.2% 11.9% 16.4% 16.7% Adj. EBITDA Net Sales Goods for Pe
Slide 10: Strong cash conversion and robust cash flow
Strong cash conversion and robust cash flow Free cash flow 1) > Q4 free cash flow of EUR 95m, corresponding to a free cash conversion of 233% Amounts in m. EUR Apr 24-Mar 25 Apr 23-Mar 24 Adjusted EBITDA 228.2 211.7 • Working capital management and strong Other non-cash items 0.0 0.0 sales on produc
Slide 11: New long-term financing structure in place strengthening our balance sheet
New long-term financing structure in place strengthening our balance sheet Amounts in m.EUR 999.7 956.8 > Net debt before M&A commitments driven by EUR 1,200 12.0x 400 million capital injection from Embracer Group 106.9 119.3 1,000 10.0x • Of which EUR 300 million was allocated to 804.1 repaying gro
Slide 12: Conclusions
Conclusions asmodee © —
Slide 13: Conclusions
Conclusions > A year like no other : • Strong growth in sales and improved profitability • Continued strong cash flow generation and solid balance sheet • Reinforced business relationships and successful novelties to build for the future • Successful listing on Nasdaq Stockholm • Looking forward: •
Slide 14: Q&A
Q&A 14
Slide 15: Appendix
Appendix asmodee
Slide 16: Net sales by product category
Net sales by product category Q4 performance YTD performance +23.0% +6.3% Amounts in Amounts in m.EUR o/w organic : +23.6% m.EUR o/w organic : +7.7% 1,369 341 1,288 137 34 157 277 696 211 607 35 Growth Growth 148 (3.7)% (12.5)% 42.7% 14.7% 2.3% 2.2% 524 536 94 97 Q4 23/24 Q4 24/25 Apr 23-Mar 24 Apr
Slide 17: Bridge IFRS to Adjusted - QTD
Bridge IFRS to Adjusted - QTD Amounts in m.EUR 11.4 42.3 0.0 40.8 -0.8 -0.7 12.7 32.8 30.9 -11.4 -9.2 Operating Depreciation, EBITDA Personnel Acquisition Items Adjusted Depreciation, Items Amortization Adjusted profit (EBIT) amortization costs costs affecting EBITDA amortization affecting of publis
Slide 18: Bridge IFRS to Adjusted - YTD
Bridge IFRS to Adjusted - YTD Amounts in m.EUR 31.5 228.2 8.1 0.0 51.2 198.2 71.9 188.6 -71.9 -9.2 116.7 Operating Depreciation, EBITDA Personnel Acquisition Items Adjusted Depreciation, Items Amortization Adjusted profit (EBIT) amortization costs costs affecting EBITDA amortization affecting of pub
Slide 19: Net debt
Net debt 633.1 1.6 Amounts in m.EUR -19.8 -2.9 4.6 648.3 -78.8 -1.7 0.8x 3.5x 168.4 -56.4 Net Debt FY Cash and Bonds Liabilities to Financial Lease Put/call Deferred Liabilities to Net Debt Q4 23/24 cash equiv. credit liabilities liabilities options on considerations employees 24/25 institutions non