Slide 1: Q2 2025 Earnings
Q2 2025 Earnings July 23, 2025
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 s
Slide 4: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights Total Hasbro revenue down 1%; growth in Wizards driven by the record-setting release of Final Fantasy nearly offset declines in Consumer Products Wizards segment increased 16% with growth across MAGIC: THE GATHERING and contributions from MonopolyGo! Consumer Products
Slide 5: Six Months 2025 Highlights
Six Months 2025 Highlights Total Hasbro revenues increased 7%, momentum in Wizards and licensing offset declines in Consumer Products Momentum across MAGIC: THE GATHERING and contributions from MonopolyGo! drove 28% growth in the Wizards and Digital Gaming segment Consumer Products segment declined
Slide 6: Second Quarter Highlights and Announcements
Second Quarter jest YmMaGic PINAL FANTASI Highlights _ Announcements
Slide 7: Hasbro, Inc. Second Quarter 2025 Performance
Hasbro, Inc. Second Quarter 2025 Performance B 2 2025 Reported Results OSC ae ce Revenue $522 $442 $16 N/A $981 ; % vs PY +16% 16% 15% N/A 1% ! f Operating Profit (Loss) $242 ($1,030) $6 ($17) ($798) Operating Margin % 46.3% NM 39.4% N/A -81.4% Q2 2024 Operating Margin % 54.7% -1.8% -5.3% N/A 21.3%
Slide 8: Hasbro, Inc. Second Quarter 2025 Performance - as Adjusted
Hasbro, Inc. Second Quarter 2025 Performance - as Adjusted B Q2 2025 Adjusted Results a jae ogi Ar Corporate ($ millions, except earnings per share) aie & Other Revenue $522 $442 $16 N/A $981 ; % vs PY +16% 16% 15% N/A -1% ' f Operating Profit (Loss) $242 $1 $10 ($6) $247 Operating Margin % 46.3% 0.
Slide 9: Hasbro, Inc. Six Months 2025 Performance
Hasbro, Inc. Six Months 2025 Performance B YTD 2025 Reported Results the La aad Entertainment eek ($ millions, except earnings per share) Gaming Products & Other Revenue $985 $341 $43 N/A $1,868 ; % vs PY +28% -10% -9% N/A +7% ! ' Operating Profit (Loss) $472 ($1,074) ($5) ($21) ($628) Operating Mar
Slide 10: Hasbro, Inc. Six Months 2025 Performance - as Adjusted
Hasbro, Inc. Six Months 2025 Performance - as Adjusted B YTD 2025 Adjusted Resuits [== jae ogi Ars Corporate ($ millions, except earnings per share) aie & Other Revenue $985 $841 $43 N/A $1,868 ; % vs PY +28% -10% -9% N/A +7% ' f Operating Profit (Loss) $472 ($30) $28 $0 $470 Operating Margin % 47.9
Slide 11: Q2 2025 Operating Margin Performance
Q2 2025 Operating Margin Performance B As Reported Operating Margin Drivers Adjusted Operating Margin Drivers ($ millions} Amounts may not sum due to rounding {$ millions) Amounts may not sum due to rounding Q2 2024 Op Margin 21.3% $212 Q2 2024 Op Margin (Adjusted) 25.0% $249 Volume & Mix* +0.1 pts
Slide 12: Six Months 2025 Operating Margin Performance
Six Months 2025 Operating Margin Performance B As Reported Operating Margin Drivers Adjusted Operating Margin Drivers ($ millions) Amounts may not sum due to rounding {$ millions) Amounts may not sum due to rounding YTD 2024 Op Margin 18.7% $328 YTD 2024 Op Margin (Adjusted) 22.7% $398 Volume & Mix*
Slide 13: Total Hasbro Owned Inventory
Total Hasbro Owned Inventory Up 17% vs. Q2 2024 Up 52% vs. Q4 2024 » Restarted production and shipments from China to the U.S. in May Q2 2024 Q4 2024 Q2.2025 » Aged inventory remains at all- time lows ($ in millions)
Slide 14: Wizards of the Coast Revenue Drivers
Q2 YTD Wizards of the Coast Revenue Drivers 21% 16% LI : = — —- A% -3% Wizards Tabletop Wizards Digital Digital Licensing FX Total Revenue Increase 28% 28% 2% e -2% Wizards Tabletop Wizards Digital Digital Licensing FX Total Revenue Increase “Total may not sum due to rounding Wizards Tabletop repres
Slide 15: Wizards of the Coast Op Margin Performance
Wizards of the Coast Op Margin Performance 2024 Op Margin Volume & Mix* Gross Sales to Net Sales Rate Royalties COS Savings > Cost Inflation* Operating Expenses Non-Recurring Items, All Other Volume/Mix repr olume impact 54.7% +0.1 pts +0.7 pts -5.0 pts +1.9 pts -5.7 pts -0.4 pts profit and impact o
Slide 16: Consumer Products Revenue Drivers
Consumer Products Revenue Drivers N YTD 2% 2% " =—z =—r -16% -19% Volume & Mix Selling Rate Licensing FX : Total Revenue Decline* 3% ee | - | -10% -12% Volume Mix Selling Rate Licensing FX Total Revenue Decline* Total may not sum due to rounding Volume/Mix represents gross sales volume impact to ope
Slide 17: Consumer Products Op Margin Performance
Consumer Products Op Margin Performance 2024 Op Margin (Adjusted) -0.1% ($0.3) Volume & Mix* -9.1 pts ($39) -4.2 pts ($31) Gross Sales to Net Sales Rate +2.2 pts $8 +0.5 pts $4 Higher royalty expense driven by business mix and growth in Transformers and Beyblade Royalties -1.2 pts ($5) -1.0 pts ($8)
Slide 18: Total Hasbro, Inc. Cash Flow & Metrics
Total Hasbro, Inc. Cash Flow & Metrics $365 $209 YTD 2024 YTD 2025 ($ in millions) Operating cash declined $156M year over year driven by tax payment timing and increased use of working capital Returned $196 million cash to shareholders via dividends Repurchased $12M of debt in Q2 and $62M YTD as we
Slide 19: 2025 Guidance
2025 Guidance’ FY Updated Guidance FY 2025 Original Guidance Net Revenues (Constant Currency) Up Mid-Single Digit Up Slightly Adjusted Operating Margin 22% to 23% 21% to 22% Adjusted EBITDA $1.17 billion to $1.20 billion $11 billion to $115 billion Tax Rate* 23% - 24% 23% - 24% Capex ~$250 million ~
Slide 20: 2025 Adj EBITDA: Drivers of Change From Initial Guidance
2025 Adj EBITDA: Drivers of Change From Initial Guidance CP: Q2 Lost 2025 Initial Mid-Point Revenue & 2025 Updated Mid-Point Guidance Wizards Momentum 2025 Tariff Impact Deleverage Guidance Above outlook will continue to be influenced by customer and consumer shifts and any changes in the macro trad
Slide 21: MAGIC: THE GATHERING
MAGIC: THE GATHERING ie 2025 Release Cadence : 2024 MAGIC Tentpole Sets 2025 MAGIC Tentpole Sets MAGIC Statistics “PlayerDemographics SS MURDERS ar - a KARLOV MANOR a3 SET HELTIEUFT » Average tabletop player is ~35 years old TAUNDER TARKIR » Average player tenure is 5+ years JUNCTION DRAGONSTORM » W
Slide 22: Operational Excellence Program
Operational Excellence Program Path to $1B of Gross Cost Savings O Approx. Net Savings $1B Né us reduction of Managed Expenses in Consumer Products Performance is in line with expectations, and we remain committed to achieve both our in- year and mid-term targets $370M $220M $175-$225M $115M $20M $6
Slide 23: Medium-Term Guidance (2025-2027)
Medium-Term Guidance (2025-2027)' B Key Metric Measure Revenue (Constant Currency) Mid-Single Digit Growth CAGR Adjusted Operating Margin 50bps to 100bps Average Expansion per year Cost Savings* $1B Gross Cost Savings Capital Allocation 2.5x Gross Debt to Adjusted EBITDA by 2026 *Cost savings are ca
Slide 24: Supplemental Financial Information
Supplemental Financial Information
Slide 25: Gross Margin Performance
Gross Margin Performance 2024 Gross Margin 75.3% $749 73.8% $1,294 : > YTD improvement +2.4 pts” Volume & Mix* +2.0 pts ($7) +2.0 pts $121 — Gross to Net Sales Rate +0.3 pts $17 +0.3 pts $21 nderlying Gross Margin COS Savings > Cost Inflation* +2.3 pts $23 +17 pts $32 drivers » Higher volume Non-Rec
Slide 26: Consolidated Balance Sheets
| a June 29, 2025 June 30, 2024 ASSETS Cash and Cash Equivalents $ 5469 $ 626.8 Short-term Investments - 483.0 Accounts Receivable, Net 7178 789.0 Inventories 417.4 357.6 Prepaid Expenses and Other Current Assets 359.4 418.0 (Unaudited) Total Current Assets 2,041.2 2674.4 (Millions of Dollars Proper
Slide 27: Consolidated Statements of Operations
(Millions 0 res Except Per Share Data) Sh Net revenues. Costs and exoenses: Cost of sales Program cost amortization Advertising Amortization of intangible assets Impairment of goodwill Loss on disposal of business Selling, distribution and administration Total costs and expenses Operating profit (lo
Slide 28: Consolidated Statements of Cash Flows
(Millions of Dollars Cash Flows from Operating Activities: Net Earnings Impairment of Goodwill Loss on Disposal of Business Other Non-Cash Adjustments Changes in Operating Assets and Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Additions to Property, Pl
Slide 29: Hasbro Q2 2025 Share in Focus Categories
Hasbro Q2 2025 Share in Focus Categories Focus Categories — Q2 2025 Q2 POS Growth: MONOPOLY, PLAY-DOH, SUPER Hasbro Hasbro Hasbro SOAKER, TRANSFORMERS (flat), Focus Category Share Change Share Position Beyblade, Marvel Action Figures & Accessories -0.6 pts 22.6% | Q2 POS Decline: HASBRO GAMING*, NER
Slide 30: Hasbro YTD 2025 Share in Focus Categories
Hasbro YTD 2025 Share in Focus Categories Focus Categories — YTD 2025 BOSC row: SUPER SOAKER, TRANSFORMERS, Hasbro Hasbro Hasbro Beyblade, Marvel, PL. DOH & Focus Category Share Change Share Position FURBY (flat) Action Figures & Accessories -0.5 pts 22.1% | YTD POS Decline: HASBRO GAMING*, NERF, PE
Slide 31: Segment Results - As Reported and As Adjusted Q2 2025
Segment Results-As Reported and As Adjusted! Q2 2025 (Unaudited) (Millions of Dollars Operating Results ‘Total Company Results External Net Revenues Operating Profit (Loss) Operating Margin Segment Results Wizards of the Coast and Digital Gaming: External Net Revenues Operating Profit Operating Marg
Slide 32: Segment Results continued
continued (Unaudited) (Millions of Dollars Wizards of the Coast and Digital Gaming Net Revenues by Category Tabletop Gaming Digital and Licensed Gaming Net revenues Consumer Products Segment Net Revenues by Major Geographic Region North America Europe Asia Pacific Latin America Net revenues Entertai
Slide 33: Segment Results - As Reported and As Adjusted YTD 2025
Segment Results-As Six Months Ended June 29, 2025 Six Months Ended June 30, 2024 Non-GAAP Non-GAAP. % e jefe) r e a n Operating Results (") As Reported Adjustments Adjusted As Reported —_ Adjustments Adjusted Change ‘Total Company Results As Adj usted! External Net Revenues $ 1,9679 $ — $18679 $ 1,7
Slide 34: Segment Results YTD continued
As Adjus (TD 202 continued (Unaudited) (Millions of Dollars Wizards of the Coast and Digital Gaming Net Revenues by Category Tabletop Gaming Digital and Licensed Gaming Net revenues Consumer Products Segment Net Revenues by Major Geographic Region North America Europe Asia Pacific Latin America Net
Slide 35: Reconciliation of EBITDA and Adjusted EBITDA
Three Months Ended Six Months Ended June 29, June 30, June 29, June 30, Reconciliation of EBITDA and Adjusted EBITDA \") 2025 2024 ——2025. ——2024 Net Earnings (Loss) Attributable to Hasbro, Inc. $ (855.8) $ 138.5 $ (757.2) $ 196.7 Interest expense 40.6 43.0 82.2 815 Income tax expense 40.0 44.4 774
Slide 36: Reconciliation of Adjusted Operating Profit
(Millions of Dollars) ‘Three Months Ended Six Months Ended June 29, June 30, ‘June 29, June 30, Reconciliation of Adjusted Operating Profit 2025 2024 2025 2024 Operating Profit (Loss) 5 (798.2) $ 224 $ (627.5) $ 328.3 Wezards of the Coast and Digital Gaming 2418 247.4 418 3699 Consumer Products (1,0
Slide 37: Reconciliation of Net Earnings and Earnings per Share
tion of Net Earnings and Earnings per Share "! Three Months Ended Diluted Per Diluted Per R econcli liati on June 29,2025 _shareamount__June 30,2024 _ share Amount Net Earnings (Loss) Attributable to Hasbro: $s (855.8) $ (6.10) $ 1385 $ 0.99 AAcqured intangible amortization a4 007 93 007 of Non-GAAP