Asmodee Group Ab Class B · OMXSTO:ASMDEE_B
Asmodee Group Ab Class B — Investor Day (November 2024)
141 slides from Asmodee Group Ab Class B's investor day presentation, November 2024
Slide 1: Capital Markets Day
Capital Markets Day asmodee
Slide 2: Agenda
AGENDA 01 02 03 INTRODUCTION STRONG ASMODEE’S TO ASMODEE TABLETOP UNIQUE MARKET ECOSYSTEM DYNAMICS Q&A Q&A COFFEE BREAK 04 05 06 07 SUSTAINABILITY ATTRACTIVE GROWTH CLOSING FINANCIAL AVENUES CONSIDERATIONS PROFILE & ROADMAP Q&A Final Q&A
Slide 3: General Strategy
GENERAL STRATEGY Thomas KŒGLER Chief Executive Officer
Slide 4: Market Dynamics
MARKET DYNAMICS Simon VIVIEN Chief Company Programs Officer
Slide 5: Distribution
DISTRIBUTION Steve BUCKMASTER Chief Commercial Officer & EVP Route-to-Market
Slide 6: Distribution
DISTRIBUTION Marjolein LUBBERMAN SVP Route-to-Market
Slide 7: Publishing
PUBLISHING Jean-Sébastien DE BARROS Chief Product Officer & EVP Publishing
Slide 8: Publishing
PUBLISHING Jim CARTWRIGHT Head of Fantasy Flight Games
Slide 9: Sustainability
SUSTAINABILITY Arianna RYAN Chief People Officer & EVP Sustainability
Slide 10: Sustainability
SUSTAINABILITY Emma IHRE Head of ESG & Nordic Public Affairs
Slide 11: Financials
FINANCIALS Andrea GASPARINI Chief Financial Officer
Slide 12: Final Remarks
FINAL REMARKS Lars WINGEFORS Chairman of the Board
Slide 13: Introduction to Asmodee
01 INTRODUCTION TO ASMODEE Thomas KŒGLER Chief Executive Officer
Slide 14: Our Vision & Mission
OUR VISION & MISSION “Asmodee’s vision is to celebrate all players with extraordinary shared experiences, with a mission to both craft and take to market the most innovative tabletop games for our players and partners, building a beloved portfolio of compelling IPs.” Source(s): Company information
Slide 15: Extensive portfolio of owned and 3rd party powerful brands
EXTENSIVE PORTFOLIO OF OWNED AND 3RD PARTY POWERFUL BRANDS Asmodee’s portfolio of globally-renowned games… … Supported by strong collaboration with leading brands… … Funneling customer attention to Asmodee’s rich catalogue of 400+ IPs… … Combined with the distribution of some of the greatest IPs pub
Slide 16: Our journey from a French player to a global IP-centered group
OUR JOURNEY FROM A FRENCH PLAYER TO A GLOBAL IP-CENTERED ENTERTAINMENT GROUP Net sales 1995 2013 2018 2021 2024 ~€110M ~€400M ~€1.0BN ~€1.3BN UNLOCK THE NEXT PHASE CUSTOMIZED OF GROWTH INTERNATIONAL THROUGH EUROPEAN INNOVATIVE GROUP ECOSYSTEM EXPANSION A PUBLIC LEADING DISTRIBUTOR EXCELLING BEYOND T
Slide 17: Diversified model de-risking the business to drive financial success
DIVERSIFIED MODEL DE-RISKING THE BUSINESS TO DRIVE FINANCIAL SUCCESS €1.3BN +22% ~16% 70%+ Net sales CAGR Net sales FY23/24 Adj. EBITDA average Cash Conversion(1) FY23/24 over FY15-FY23/24 margin over FY21/22-FY23/24 Well-balanced Diversified Only company in the market tabletop game geographical to
Slide 18: Global leader in the tabletop games industry
GLOBAL LEADER IN THE TABLETOP GAMES INDUSTRY, LEVERAGING A UNIQUELY INTEGRATED, IP-DRIVEN BUSINESS MODEL 01 02 03 04 05 Long-established One-of-a-kind Sustainably driven Attractive financial Operational leader in a large, integrated company creating profile and cash- excellence resilient, growing ec
Slide 19: Long-established leader in a large, resilient, growing and fragmented market
01 LONG-ESTABLISHED LEADER IN A LARGE, RESILIENT, GROWING AND FRAGMENTED MARKET SIZEABLE ADDRESSABLE SOLID FRAGMENTED UNIQUELY MARKET UNDERLYING GROWTH POSITIONED €13BN Mid-single digit 150-500 Leader (2) Global tabletop market size(1) Historical and future growth Companies per key market in key mar
Slide 20: Unique and virtuous ecosystem across distribution, creation, communities and IPs
02 ASMODEE HAS CREATED A UNIQUE AND VIRTUOUS ECOSYSTEM ACROSS DISTRIBUTION, CREATION, COMMUNITIES AND IPs DISTRIBUTION CREATION IPs COMMUNITIES Source(s): Company information
Slide 21: Full-channel and global go-to-market reach
02 FULL-CHANNEL AND GLOBAL GO-TO-MARKET REACH DISTRIBUTING BOTH OWNED AND PARTNER MARKET-LEADING GAMES Global reach with direct presence in 27 countries(1) Addressing all retail channels Asmodee’s direct presence Indirect presence through sub-distribution agreements Both own and partner market-leadi
Slide 22: Broad portfolio of innovative and long-lasting owned games and IPs
02 BROAD PORTFOLIO OF INNOVATIVE AND LONG-LASTING OWNED GAMES AND IPS… EVERGREEN BRANDS WITH STRONG AWARENESS SOCIAL GAMES Casual players, family players and fan players TABLETOP GAMES Family players and fan players LIFESTYLE GAMES Fan players Source(s): Company information © & Lucasfilm Ltd.
Slide 23: Complemented by long-term franchise collaborations
02 …COMPLEMENTED BY LONG-TERM FRANCHISE COLLABORATIONS since since since since since since since since since 2000 2003 2012 2017 2019 2019 2019 2021 2023 Source(s): Company information © Disney ; LOTR TM & © MEE ; © Netflix ; © 2024 Marvel ; LEGO, the LEGO logo, the Minifigure and the Brick and Knob
Slide 24: Leveraging a unique reach into engaged player communities
02 LEVERAGING A UNIQUE REACH INTO ENGAGED PLAYER COMMUNITIES… IN-STORE SHOWS & DEMOS ORGANIZED PLAY DIGITAL 7K+ 1M+ 200K+ events 95M games hobby stores audiences on our Star WarsTM: Unlimited played per year since launch Store owners and their buyer Attending ad-hoc Casual and competitive tournament
Slide 25: Promoting IP development through expert partners
02 …AND PROMOTING IP DEVELOPMENT THROUGH EXPERT PARTNERS ACROSS MOVIES, TV SHOWS AND VIDEOGAMES Best-in-class portfolio of high- MECHANICS quality games with strong storytelling potential GAMES UNIVERSE Best partners to develop a multi- platform narrative & immersive STORIES experience Source(s): Co
Slide 26: Sustainably driven company creating shared experiences
03 SUSTAINABLY DRIVEN COMPANY CREATING EXTRAORDINARY SHARED EXPERIENCES FOR A BETTER AND MORE INCLUSIVE WORLD PLAYER PRIORITY PLANET PRIORITY SOCIAL EQUITY INCLUSION FOR ALL PLAYERS RESPECT OUR PLANET Reconnecting people Positive impact games Eco-friendly process Great games and amazing stories to c
Slide 27: Attractive financial profile and cash-flow generation
04 ATTRACTIVE FINANCIAL PROFILE AND CASH-FLOW GENERATION… HIGH GROWTH ENGINE DELIVERING PROFITABILITY GENERATING CASH +500% in 9 years ~16% ~70% Net sales growth over FY15-FY23/24 FY23/24 Adj. EBITDA Average cash conversion(1) over L3Y Source(s): Company information Note(s): FY15–FY20 ending 31-Dec,
Slide 28: Clear organic and acquisition roadmap for future profitable growth
04 …WITH A CLEAR ORGANIC AND ACQUISITION ROADMAP FOR FUTURE PROFITABLE GROWTH Create, nurture and develop selected games into IPs Support and promote playing games Medium- term target Become the next-level retail partner Mid-single digit organic growth Increase awareness and make Asmodee a renowned
Slide 29: Operational excellence promoted by a proven leadership team
05 OPERATIONAL EXCELLENCE PROMOTED BY A PROVEN AND PASSIONATE LEADERSHIP TEAM Thomas KŒGLER Andrea GASPARINI Steve BUCKMASTER Jean-Sébastien Arianna RYAN Simon VIVIEN Jean-Christophe Flore BELBIS Chief Executive Chief Financial Chief Commercial DE BARROS Chief People Officer Chief Company GIRAUD EVP
Slide 30: Strong Tabletop Market Dynamics
02 STRONG TABLETOP MARKET DYNAMICS Simon VIVIEN Chief Company Programs Officer
Slide 31: 70% of the population play games in Europe and North America
70% of the population play games in Europe and North America Source(s): Arthur D. Little market study
Slide 32: Games are part of the content-based cultural leisure and entertainment industry
GAMES ARE PART OF THE CONTENT-BASED CULTURAL LEISURE AND ENTERTAINMENT INDUSTRY TELLING STORIES FOSTERING IMAGINATION TOYS CULTURAL & PLAY PRODUCTS Dolls & Accessories Books & Comics Model Vehicles Video Films / TV Action Figures GAMES Tabletop Games Music Interactive Games BUILDING COMMUNITIES CREA
Slide 33: Consumers drive tabletop growth by fulfilling need for social interaction
CONSUMERS DRIVE TABLETOP GROWTH BY FULFILLING NEED FOR SOCIAL INTERACTION GAME PLAYER # OF PLAYERS MAIN RETAIL CATEGORIES IN EUROPE AND NA AVENUES Casual Players Young Adults 16-35 y.o. 250M Online stores National, large catalogue, Play occasionally to socialize (30-40 % of players) reviews & price
Slide 34: Clearly identified drivers fueling future market growth
CLEARLY IDENTIFIED DRIVERS FUELING FUTURE MARKET GROWTH €15.6BN 2028E market size REAL-LIFE CONNECTIONS Multi dimensional COLLECTOR TRENDS trends fueling the boardgame COMMUNITIES global industry SUPPLY GROWTH GAMING CULTURE EVOLVING DEMOGRAPHICS €12.7BN AFFORDABILITY PER HOUR PLAYED 2023A market si
Slide 35: Large and growing market of c.€13BN
LARGE AND GROWING MARKET OF C.€13BN WHERE ASMODEE IS WELL POSITIONED FOR GROWTH Tabletop market evolution in value (Market includes boardgames and TCG, €BN) +4% +5% +19% 14.9 15.6 14.4 12.9 13.5 12.0 12.7 CAGR (%) +2% 11.5 10.5 7.9 8.2 7.2 2017A 2018 A 2019A 2020A 2021 A 2022 A 2023A 2024 E 2025 E 2
Slide 36: Boardgames and TCG markets disclose attractive mix of growth opportunities
BOARDGAMES AND TCG MARKETS TOGETHER DISCLOSE AN ATTRACTIVE MIX OF GROWTH OPPORTUNITIES Tabletop market evolution in value (Market includes boardgames and TCG, €BN) 14.9 15.6 14.4 12.9 13.5 12.0 12.7 11.5 +4% 10.5 CAGR 23A-28E 7.9 8.2 7.2 +4% CAGR 23A-28E 2017A 2018 A 2019A 2020A 2021 A 2022 A 2023A
Slide 37: Steady growth of the tabletop market and strong resilience through cycles
STEADY GROWTH OF THE TABLETOP MARKET AND STRONG RESILIENCE THROUGH CYCLES BENEFITTING FROM A COVID-SURGE IN THE 2020’S Tabletop market has been steadily growing over 2006-2023 Tabletop market evolution in value(1) Financial European Steady Covid Covid step-up crisis debt crisis growth step-up consol
Slide 38: Undisputed leader in a fragmented market with ample growth opportunities
UNDISPUTED LEADER IN A FRAGMENTED MARKET WITH AMPLE GROWTH OPPORTUNITIES …WITHIN A FRAGMENTED ACTIVE IN THE MOST … WITH MASSIVE MARKET …WHERE ASMODEE STANDS MARKET WITH ROOM FOR PROMINENT MARKETS… OPPORTUNITIES … AS A MARKET LEADER… EXPANSION 2023 market sizes # tabletop companies Global key markets
Slide 39: Very strong and balanced position on most dynamic categories
A VERY STRONG AND BALANCED POSITION ON MOST DYNAMIC CATEGORIES Boardgame mass market sales by category (2023) CAGR CAGR CAGR Mass-market Category 2017-19A 2019-23A 2023-28E Growth rationale 4% others Social 8-10% 4-8% 4-6% Successful new launches (e.g., Cards Against Humanity, Exploding Kittens) h
Slide 40: Key Takeaways
KEY TAKEAWAYS STRONG TABLETOP MARKET DYNAMICS Attractive and resilient c.€13BN global tabletop market Strong underlying market drivers resulting in 4% expected market growth Leading positions in a fragmented market fostering ample growth opportunities Demonstrated ability to outgrow the market and c
Slide 41: Asmodee Unique Ecosystem
03 ASMODEE UNIQUE ECOSYSTEM INTEGRATED MODEL Thomas KŒGLER Chief Executive Officer
Slide 42: We operate in a virtuous ecosystem
WE OPERATE IN A VIRTUOUS ECOSYSTEM ACROSS DISTRIBUTION, CREATION, COMMUNITIES AND IPs NEW GAMES DISTRIBUTION CREATION NEW STUDIOS Identified by Identified among route-to-market Global reach across 23 studios(2) fostering distributed games business 100+ countries(1) in-house creativity Diversified an
Slide 43: Only global group combining internal publishing and distribution
ONLY GLOBAL GROUP COMBINING INTERNAL PUBLISHING CAPABILITIES AND FIRST & 3RD PARTY DISTRIBUTION ACROSS ALL RETAIL CHANNELS positioning AUTHORSHIP PUBLISHING ROUTE-TO-MARKET RETAILERS Conceives games Publishes games Distributes Offers games in physical Description to sell or license to and sells them
Slide 44: Highly resilient business with diversified game types and geographic presence
HIGHLY RESILIENT BUSINESS WITH DIVERSIFIED GAME TYPES AND GEOGRAPHIC PRESENCE FY23/24 Net sales breakdown per game publisher type FY23/24 Net sales breakdown per geography Other Other (2) Americas RoW 6% Games published AMERICAS 5% by Asmodee Studios (1) 23% 6% France 19% 30% United States 17% €1.3B
Slide 45: Social Games
SOCIAL GAMES SHORTER, FASTER PACE, HIGHLY ACCESSIBLE FOR EVERY PLAYER TYPE Boardgames are an opportunity to have fun and socialize, they are played at home with friends or in bars / cafés Party games, trivia games <30min(1) easy game mechanics, affordable prices, high immediate replayability Casual
Slide 46: Tabletop Games
TABLETOP GAMES SPEND QUALITY TIME WITH FAMILY AND FRIENDS Boardgames are an opportunity to gather the family or spend time with friends, they are played at home / during vacation Family games, strategy games 30min-1h30(1) intermediate game mechanics, affordable prices Family players and fan players
Slide 47: Lifestyle Games
LIFESTYLE GAMES PLAYERS FULLY ENGAGED WITHIN IP UNIVERSE Boardgames are a main hobby, they are played during gatherings specifically dedicated to gaming or competitions, fans interact with the IP even when they are not playing by collecting / trading, painting, etc. Miniature games, trading card gam
Slide 48: Asmodee Unique Ecosystem: Distribution
03 ASMODEE UNIQUE ECOSYSTEM DISTRIBUTION Steve BUCKMASTER Marjolein LUBBERMAN Chief Commercial Officer SVP Route-to-market & EVP Route-to-market
Slide 49: Why is our unique business model so successful?
WHY IS OUR UNIQUE BUSINESS MODEL SO SUCCESSFUL? Route-to-Market is a complex distribution network; delivering to diverse channels, with different customer segmentation, adapting to market variability in a competitive landscape. Leveraged by technology integrations to master the supply chain, working
Slide 50: A strong go-to-market strategy implemented via route-to-market
A STRONG GO-TO-MARKET STRATEGY, IMPLEMENTED VIA OUR EXTENSIVE AND OWNED ROUTE-TO-MARKET BUSINESS GO-TO-MARKET IS A STRATEGY New product launches Reaching target markets with the right positioning & marketing mix ROUTE-TO-MARKET IS A PERMANENT BUSINESS SET UP Optimize sales channels Adapted to geogra
Slide 51: Optimized full route-to-market capabilities
OPTIMIZED FULL ROUTE-TO-MARKET CAPABILITIES ENABLING FULL- CHANNEL AND GLOBAL DISTRIBUTION REACH 3 regional leadership teams complemented by relevant Reaching consumers central function teams wherever they buy games, with a unique 1,500+ staff in distribution Route-to-Market model Think globally – 2
Slide 52: Broad product offering through mix of games by Asmodee and partners
BROAD PRODUCT OFFERING THROUGH A UNIQUE MIX OF HIGH-QUALITY GAMES PUBLISHED BY ASMODEE AND PARTNERS Social games Tabletop games Lifestyle games 30% (2) Games published by Asmodee Studios(1) 64% (2) Games published by partners(1) Extensive catalogue to meet local retailers and consumers needs while c
Slide 53: Long-standing relationships between 3rd party studios and Asmodee
LONG-STANDING RELATIONSHIPS BETWEEN 3RD PARTY STUDIO AND ASMODEE BASED ON LOYALTY AND TRUST Lifestyle 29+ y. 22+ y. 21+ y. 14+ y. 5+ y. Games Distributed via 14 Distributed across Partnership in 10 entities Partnership in EU, UK Local language distribution entities globally EU & UK across the EU, UK
Slide 54: Well placed as cross-channel distribution leader in growing TCG market
WITHIN A GROWING TCG MARKET, ASMODEE IS WELL PLACED AS A CROSS-CHANNEL DISTRIBUTION LEADER TO SUPPORT EXISTING AND NEW TCG’S LONG-STANDING PARTNERSHIPS AND EXPERTISE IN TCGS STRONG GROWTH ENGINE Since Since Since Since Since Since 1995 1999 2002 2010 2022 2024 01 Steady, strong, non-seasonal sales 0
Slide 55: A differentiated retail market, serving different consumer needs
A DIFFERENTIATED RETAIL MARKET, SERVING DIFFERENT CONSUMER NEEDS Player categories & retail type Main retail avenues Influential hubs acting as brand ambassadors Offer opportunity for deeper engagement into games Hobby and independent stores Advice as a Unique Selling Proposition Fan Casual
Slide 56: A differentiated channel strategy
A DIFFERENTIATED CHANNEL STRATEGY TO MAXIMIZE THE FULL POTENTIAL OF ASMODEE’S MARKET REACH TAILORMADE SALES & MARKETING APPROACH ADAPTED TO EACH CHANNEL TO ADDRESS SPECIFIC AUDIENCES TO ENHANCE VISIBILITY AND EXPERIENCE Player categories & retail type Go-to-Market Extensive support Organized play
Slide 57: Hobby, a critical component in route-to-market
HOBBY, A CRITICAL COMPONENT IN ASMODEE’S ROUTE-TO-MARKET Hobby retail Communities Network of entrepreneurs Commitment in money & time Game sales & organized play Hobby stores as a third place New products incubators Symbiotic relationship Higher engagement driving long-term success Reinf
Slide 58: Operational excellence and infrastructure support market reach
ASMODEE’S OPERATIONAL EXCELLENCE AND INFRASTRUCTURE SUPPORT THE MARKET REACH FOR BOTH PUBLISHERS AND RETAILERS Operational excellence embedded in our distribution culture Logistics Order Process Delivering above market standards, in a cost- effective way Delivering at scale and pace thanks to skille
Slide 59: 116+ million products shipped in 2023
116+ million products shipped in 2023 Source(s): Company information
Slide 60: 15 products per second
15 products per second Source(s): Company information
Slide 61: 58,000 products shipped since beginning of presentation
58,000 products shipped since the beginning of this presentation Source(s): Company information
Slide 62: Extensive and diversified client base
ASMODEE BENEFITS FROM AN EXTENSIVE AND DIVERSIFIED CLIENT BASE Balanced across channels Broad-base of clients Hobby and Online independent stores Top-10 customers Resilience through diversification Ability to reach end-consumer via Well-balanced Limited a multitude of routes between the 3 main depen
Slide 63: Optimized distribution expertise unlocking a virtuous cycle
OPTIMIZED DISTRIBUTION EXPERTISE, UNLOCKING A VIRTUOUS CYCLE FOR GROWTH Increased Profit VIRTUES OF STRONG PRODUCT BASE AND CUSTOMER REACH With great product, Asmodee can grow its distribution base Channel management With increased distribution, profits increase while attracting more publishers’ att
Slide 64: Key Takeaways: Distribution
KEY TAKEAWAYS DISTRIBUTION Diversified and well-balanced across all retail channels to address customer demands Customer focused structure with strong retail support, wide and relevant product portfolio combining 1st and 3rd party products Long-term trusted value-added partner to 100’s of publishers
Slide 65: Asmodee Unique Ecosystem: Publishing
03 ASMODEE UNIQUE ECOSYSTEM PUBLISHING Jean-Sebastien DE BARROS Chief Product Officer & EVP Publishing
Slide 66: Get people to play!
GET PEOPLE TO PLAY! We craft games that bring people together, support their passion, and create long lasting memories PUBLISHING: a design and entrepreneurial experience INNOVATE DEVELOP TO CREATE PRODUCT LINES GREAT GAMES AND UNIVERSES Source(s): Company information
Slide 67: From a first prototype to a successful game
• Meet specific market demands • 500+ playtests, i.e. 1,000+ hours • Efficient production & distribution > ~45 min average playtime management > Playable by up to 7 players • 11 months of development • Engaged communities hyped • Compelling theme inspired • 8 major evolutions from prototype pre-rele
Slide 68: Publisher is the creation coordinator
PUBLISHER IS THE CREATION COORDINATOR Manufacturer Licensor 8 factories Middle-earth enterprise worldwide Author Players Antoine Bauza Illustrator Distributor Miguel Coimbra Asmodee Source(s): Company information
Slide 69: Strong entrepreneurial spirit within 3 playtypes
STRONG ENTREPRENEURIAL SPIRIT WITHIN 3 PLAYTYPES Customer centric Targeted offering by approach player profile SOCIAL TABLETOP LIFESTYLE A studio for every game type, supported by centralized functions to preserve creativity and entrepreneurial DNA Source(s): Company information
Slide 70: Social Studios
SOCIAL STUDIOS Playing during a social activity Fast development cycles Portfolio diversification with licensing and partnerships Quick games, easy rules, highly interactive Fast evolving demand and trends Large audience target Strategic Multichannel approach Target large audiences model Worldwide f
Slide 71: Tabletop Studios
TABLETOP STUDIOS Creating memories while playing Continuous creativity and innovation Product line management and development Create and nurture the demand Progressive market Strategic penetration and nurturing model From communities to every household Source(s): Company information
Slide 72: Lifestyle Studios
LIFESTYLE STUDIOS Engaging beyond the play Longer development to refine games perfection, narrative and consistency Immersive experiences and universes Consumer acquisition for recurrent sales model Strategic Engaging long-term and passionate communities model Source(s): Company information ; © & Lu
Slide 73: Capex light game development business model
“CAPEX LIGHT” GAME DEVELOPMENT BUSINESS MODEL CAPEX-LIGHT BUSINESS MODEL GAMES DESIGNERS’ + GRAPHIC DESIGNER = LOW DEVELOPMENT COSTS Combined with an integrated model unlocking WAGES COSTS 6-DIGIT FIGURE economies of scale Publishing process with low development costs allows for continuous creative
Slide 74: Progressive investments enabling endless innovation and evergreens growth
PROGRESSIVE INVESTMENTS ENABLING ENDLESS INNOVATION AND EVERGREENS GROWTH DEVELOP AND LAUNCH NURTURE GROW EVERGREENS 1st print runs generating with long-term attractive … and strong ROI from most prompt pay-back… returns for long-sellers… successful games Product expansion & Develop brand awareness
Slide 75: Powerful catalog of best games over past 30 years
POWERFUL CATALOG WITH SOME OF THE BEST GAMES PUBLISHED OVER THE PAST 30 YEARS PILLAR BRANDS HIGH POTENTIAL Ongoing BRAND Product lifecycle AWARENESS management NEW Post launch PRODUCT classification BEDROCK CATALOGUE OF 400+ IPs Stop product development Source(s): Company information
Slide 76: From a game to an emerging brand: Ticket to Ride example
FROM A GAME TO AN EMERGING BRAND: TICKET TO RIDE EXAMPLE 26 REFERENCES 2 base games 9 map expansions IN THE PORTFOLIO 19 MILLION PRODUCTS SOLD Kid version SINCE 2004 2 Deluxe editions 6 City version (Lower price/quick game) COMMUNITY OVER 80 MILLION Legacy version (core player) Rails and sails (new
Slide 77: Asmodee's brands have significant room for future growth
ASMODEE’S BRANDS HAVE SIGNIFICANT ROOM FOR FUTURE GROWTH + WORLD-RENOWNED BRANDS NUMBER OF UNITS SOLD TOP-OF-MIND Further BOARDGAMES room to grow PILLAR BRANDS HIGH POTENTIAL BRANDS… - <30 years old GLOBAL AWARENESS >50 years old 100% + Games published by Asmodee have grown by +12% p.a. in revenues
Slide 78: Games publishing expertise for major entertainment franchises
GAMES PUBLISHING EXPERTISE FOR MAJOR ENTERTAINMENT FRANCHISES since since since since since since since since since 2000 2003 2012 2017 2019 2019 2019 2021 2023 Source(s): Company information © Disney ; LOTR TM & © MEE ; © Netflix ; © 2024 Marvel ; LEGO, the LEGO logo, the Minifigure and the Brick a
Slide 79: Asmodee Unique Ecosystem: Publishing, Fantasy Flight Games
03 ASMODEE UNIQUE ECOSYSTEM PUBLISHING Jim CARTWRIGHT Head of Fantasy Flight Games ©& Lucasfilm Ltd.
Slide 80: Source(s): Company information LOTR TM & © MEE ; © 2024 Marvel ; ©
Source(s): Company information LOTR TM & © MEE ; © 2024 Marvel ; © & Lucasfilm Ltd. ; Licensed by George RR Martin.
Slide 81: Source(s): Company information
Source(s): Company information
Slide 82: Source(s): Company information
Source(s): Company information
Slide 83: Source(s): Company information LOTR TM & © MEE ; © 2024 Marvel ; ©
Source(s): Company information LOTR TM & © MEE ; © 2024 Marvel ; © & Lucasfilm Ltd.
Slide 84: Source(s): Company information
Source(s): Company information
Slide 85: Source(s): Company information
Source(s): Company information ©& Lucasfilm Ltd.
Slide 86: Contents: Product Spotlight Booster Pack/Display Box
PRODUCT SPOTLIGHT: Booster Pack/Display Box DETAILS CONTENTS • Pricing: $4.99 USD • Product Detail: Each pack is guaranteed • 16 cards per pack to have AT LEAST: • 24 packs per box • 6 boxes per case • 1 Rare/Legendary • Built for Draft and Sealed • 1 Foil • 3 packs for Draft • 1 Leader • 6 packs fo
Slide 87: Showcase Leaders
SHOWCASE LEADERS Standard Frame Hyperspace Frame Showcase Frame Source(s): Company information © & TM Lucasfilm Ltd. ©& Lucasfilm Ltd.
Slide 88: Key Moments
KEY MOMENTS Set 1 “Spark of Set 3 “Twilight of the Project Begins Rebellion” Launch Republic” Launch June 2020 March 2024 November 2024 This is just the beginning… Public Announcement Set 2 “Shadows of the Galaxy” Launch May 2023 July 2024 Source(s): Company information ©& Lucasfilm Ltd.
Slide 89: Release Cadence
RELEASE CADENCE 2024 2025 MARCH JULY NOVEMBER Source(s): Company information ©& Lucasfilm Ltd.
Slide 90: Multi-dimensional community engagement strategy
A MULTI-DIMENSIONAL COMMUNITY ENGAGEMENT STRATEGY FOSTERING CONNECTIONS AND PLAYER LOYALTY SHOWS IN-STORE & DEMOS 7K+ 1M+ stores in the program Attendees GET in 2023 PEOPLE ORGANIZED PLAY TO PLAY ONLINE BOARDGAMING Tournament and activities 10M+ 200K players events on our Star Wars TM: Unlimited sin
Slide 91: Board Game Arena: a 10M user platform
BOARD GAME ARENA: A 10M USER PLATFORM ENHANCING DISCOVERY & REDUCING PLAY FRICTION ~10.5 MILLION 5 MILLION PLAYERS GAMES PLAYED EACH MONTH 40+ 1,000+ LANGUAGES GAMES Play from a computer, Play in real-time or a mobile phone or a turn-based, against tablet human opponents, enjoying complete The only
Slide 92: Key Takeaways: Publishing
KEY TAKEAWAYS PUBLISHING Proven know-how in exceptional games design Capex-light & progressive cash investment model ensuring endless creativity Great IPs with untapped potential for growth Consumer and community focus Source(s): Company information
Slide 93: Asmodee Unique Ecosystem: IP Diversification
03 ASMODEE UNIQUE ECOSYSTEM IP DIVERSIFICATION Thomas KŒGLER Chief Executive Officer
Slide 94: Leveraging unique reach with IP development through expert partners
LEVERAGING A UNIQUE REACH INTO ENGAGED PLAYER COMMUNITIES, WITH IP DEVELOPMENT THROUGH EXPERT PARTNERS ACROSS MOVIES, TV SHOWS AND VIDEOGAMES PREMIUM IPs CREATION VIDEO GAMES PUBLISHING IP DEVELOPMENT THROUGH BOARDGAMES FASHION APPAREL ACCESSORIES BEYOND BOARDGAMES NICHE IPS LOCATION BASED MEDIA / E
Slide 95: Videogames licensing: Embracer and external partners
VIDEOGAMES LICENSING: EMBRACER AND EXTERNAL PARTNERS STUDIOS HIGHLIGHT ASMODEE’S IPs THROUGH CROSS FERTILIZATION VIDEOGAMES FROM IPS BOARDGAME PORTS 12 IPs … … and more to come Source(s): Company information
Slide 96: Books: extending storylines, enhance universes
BOOKS: EXTENDING STORYLINES, ENHANCE UNIVERSES AND CONTINUE CREATING EMOTIONS FICTION NOVELS WORLD & ART BOOKS 3 RANGES 15+ NOVELS 3 RANGES 10+ NOVELS FULLY OWNED FICTION NOVELS CREATIVE STUDIO 100+ novels released so far Source(s): Company information
Slide 97: Linear media example: Werewolves with Netflix and Canal+
LINEAR MEDIA EXAMPLE: EXTERNAL MEDIA PROJECTS ON WEREWOLVES, A 6M PLAYER IP, WITH NETFLIX AND CANAL+ Available in 35 languages Top 1 10M+ viewers Ongoing negotiations and 190 countries Non-English Movies to adapt other IPs Seasons 2 & 3 with several partners #1 movie Top 10 confirmed in 25+ countrie
Slide 98: Key Takeaways: IP Diversification
KEY TAKEAWAYS IP DIVERSIFICATION High quality portfolio of well-known games with strong storytelling potential Well-equipped to create a rich transmedia narrative experience through key partnerships with best-in-class entertainment groups Extensive number of ongoing projects and first successful exp
Slide 99: Sustainability
04 SUSTAINABILITY Arianna RYAN Chief People Officer & EVP Sustainability Emma IHRE Head of ESG & Nordic Public Affairs
Slide 100: Sustainability is at the heart of our business
SUSTAINABILITY IS AT THE HEART OF OUR BUSINESS BRING PEOPLE TOGETHER CREATE MOMENTS OF JOY AND AUTHENTICITY Human connections Designed to be Creating with real & lasting cherished and used intergenerational ties interactions across generations Inherent benefits of Great games and Asmodee’s amazing s
Slide 101: Why sustainability is important for Asmodee
WHY SUSTAINABILITY IS IMPORTANT FOR ASMODEE Representation PLAYERS PLANET Office management Research Eco-design Accessibility Production Giving Back Distribution Source(s): Company information
Slide 102: Bringing people together by promoting social inclusion and equity
CLEAR AND COMMITTED GOAL OF BRINGING PEOPLE TOGETHER BY PROMOTING SOCIAL INCLUSION AND EQUITY PLAYERS DNA CONTRIBUTION Representation Expand player & inclusion communities Accessibility Strengthen employee engagement Research Enhance external Giving back partnerships Foundational Programs Newer Init
Slide 103: Access+ games enhance accessibility
ACCESS+ GAMES ENHANCE ACCESSIBILITY, COGNITIVE FUNCTION AND SOCIAL INTERACTION THE ACCESS+ STUDIO PROVIDES CREATING TITLES SUCH EQUAL ACCESS TO GAMES AS DOBBLE ACCESS+ Bigger cards and symbols Adapts classic Simplified rules games for cognitive disorder Stimulates accessibility memory and motor skil
Slide 104: Planet: eco-friendly company
ECO-FRIENDLY COMPANY COMMITTED TO SUSTAINABLE CONSUMPTION AND PRODUCTION PRACTICES PLANET Asmodee’s goal is to minimize its environmental footprint and promote the green transition to benefit both present and future generations ECO-DESIGN PRODUCTION Challenging design, production Rethinking game pro
Slide 105: The next chapter: quality, innovation and eco-responsibility
THE NEXT CHAPTER: WHERE QUALITY, INNOVATION AND ECO-RESPONSIBILITY MEET New Energies BOARDGAME ABOUT ENERGY STRATEGIC CARD GAME ABOUT TRIVIA GAME MIXING CHOICES & SUSTAINABILITY BUILDING BALANCED FORESTS KNOWLEDGE & TACTICS Before After Games integrating eco-design with reusable game elements, heavi
Slide 106: Asmodee supports sustainability across business units
ASMODEE SUPPORTS SUSTAINABILITY ACROSS BUSINESS UNITS THROUGH ITS DECISION-MAKING A TEAM DEDICATED …A TEAM DEDICATED TO FINANCIAL MARKETS… TO BUSINESS Investor Reports to CEO EMT member Sustainability* Relations WORKING CLOSELY Head of ESG and Chief People Officer Nordic Public Affairs TOGETHER AS E
Slide 107: Stakeholder dialogue part of our business development
PLAYERS & OTHER STAKEHOLDER DIALOGUE PART OF CUSTOMERS OUR BUSINESS DEVELOPMENT FINANCIAL MARKETS EMPLOYEES Stakeholder dialogue part of our business development Transparency and REGULATORS availability & AUTHORITIES NGOs Diverse perspectives enhance our competitive edge INDUSTRY MEDIA Source: Compa
Slide 108: Sustainable people, organization and business
SUSTAINABLE PEOPLE, ORGANIZATION AND BUSINESS COMPANY RISK BUSINESS AND CULTURE MANAGEMENT ORGANIZATION DEVELOPMENT Passion Environment and labor conditions in the value chain Daring Prioritize investment in New regulations, including initiatives that improve Integrity business sustainability and su
Slide 109: Our main focus for sustainability in the coming year
OUR MAIN FOCUS FOR SUSTAINABILITY IN THE COMING YEAR New legal sustainability Setting Dialogue with investors requirements sustainability goals and other stakeholders Comply with CSRD, Identify most material Taxonomy and sustainability risks and Engage players, other ESG-regulations opportunities em
Slide 110: Key Takeaways: Sustainability
KEY TAKEAWAYS SUSTAINABILITY Sustainability is a top priority for management, integrated into all aspects of our operations worldwide Through our business and organization, we truly make a difference for players and the planet We value your expectations and feedback on how we can further enhance our
Slide 111: Attractive Financial Profile
05 ATTRACTIVE FINANCIAL PROFILE Andrea GASPARINI Chief Financial Officer
Slide 112: Well-diversified presence across game categories and geographies
WELL-DIVERSIFIED PRESENCE ACROSS GAME CATEGORIES AND GEOGRAPHIES FY23/24 Net Sales breakdown Others(2) Other categories(3) RoW Other Games France Americas 6% published by 12% 5% 6% 19% Asmodee 30% Studios(1) 42% Boardgames Other Europe 24% €1.3BN €1.3BN €1.3BN 17% United States Games Trading card 46
Slide 113: Consistent track record of organic growth and accretive M&A
CONSISTENT TRACK RECORD OF BOTH ORGANIC GROWTH AND ACCRETIVE M&A LONG-TERM NET SALES EVOLUTION (€M) NET SALES CAGR +22% p.a. ORGANIC GROWTH +6% • High growth profile historically supported by catalogue +5% 1,288 1,215 and geographical expansion, and strategic acquisitions 1,076 • FY20-21/22 represen
Slide 114: Growth driven by strong performance across all geographies
GROWTH DRIVEN BY STRONG PERFORMANCE ACROSS ALL GEOGRAPHIES AND BENEFITTING FROM KEY RELATIONSHIPS WITH PARTNERS BY GEOGRAPHY BY PUBLISHER TYPE +9% growth p.a. Net sales evolution (€M) +9% growth p.a. Games published by partners: +14% growth p.a. 1,288 1,288 1,215 1,215 1,076 63 71 56 1,076 75 34 76
Slide 115: Increasing profitability reflecting disciplined cost management
INCREASING PROFITABILITY REFLECTING DISCIPLINED COST MANAGEMENT ADJUSTED EBITDA AND ADJUSTED EBIT EVOLUTION (€M) Adj. EBITDA Margin 12.5% 17.6% 16.4% 17.5% 214 212 220 • Stable margins post-FY21/22, in line with historical pre-Covid performance and representing the 135 baseline for profitability • F
Slide 116: Key historical profitability drivers demonstrate economies of scale
KEY HISTORICAL PROFITABILITY DRIVERS DEMONSTRATE ABILITY TO GENERATE ECONOMIES OF SCALE ADJUSTED EBITDA BRIDGE (€M) Margin contribution (2.4 p.p.) (0.6 p.p.) +1.8 p.p. 72 11 214 212 (71) (15) Sales mix effect driven by Strengthened Scale effect increasing sales of games organization and savings 17.6
Slide 117: Current trading reflects robust momentum
CURRENT TRADING REFLECTS ASMODEE'S ROBUST MOMENTUM, WITH A 10% YoY ADJ. EBITDA & ADJ. EBIT GROWTH NET SALES EVOLUTION (€M) ADJ. EBITDA EVOLUTION (€M) ADJ. EBIT EVOLUTION (€M) (4%) +10% +10% o/w (2%) organic 83 625 598 98 32 75 23 89 13.8% 16.4% 12.0% 14.3% 422 387 171 188 Apr-Sep-23 Apr-Sep-24 Apr-S
Slide 118: Strong cash flow generation during Q3/Q4
STRONG CASH FLOW GENERATION DURING Q3/Q4, DRIVEN BY PROFITABILITY AND NWC SEASONALITY HISTORICAL EVOLUTION OF KEY FINANCIALS (€M) ILLUSTRATIVE NET WORKING CAPITAL SEASONALITY Net Sales FY 23/24 FY 24/25 Q1 Q2 Q3 Q4 % of FY 22% 27% 30% 22% Typically stable NWC build-up during late Working capital 347
Slide 119: High cash conversion driven by efficient net working capital management
HIGH CASH CONVERSION, MAINLY DRIVEN BY EFFICIENT NET WORKING CAPITAL MANAGEMENT AND LIMITED CAPEX REQUIREMENT FREE CASH FLOW EVOLUTION (€M) (€M) FY21/22 FY22/23 FY23/24 Average • Low level of capex encompassing (i) game Adj. EBITDA 135 214 212 development and (ii) tangible capex mainly related to su
Slide 120: Long-term capital structure sets Asmodee up for continued growth
LONG-TERM CAPITAL STRUCTURE SETS ASMODEE UP FOR CONTINUED GROWTH NET DEBT OVERVIEW (€M) • Asmodee intends to refinance its current bank bridge debt (€M) Sep-24 of €900 million, provided by BNP PARIBAS, J.P. Morgan, Skandinaviska Enskilda Banken, Société Générale and Cash & cash equivalents 88 Swedba
Slide 121: Key Takeaways: Attractive Financial Profile
KEY TAKEAWAYS ATTRACTIVE FINANCIAL PROFILE Consistent track record of resilient organic growth and accretive M&A Well-diversified and performing business model across geographies and game categories Healthy and increasing profitability through operational efficiencies Highly sustainable cash flow ge
Slide 122: Growth Avenues & Roadmap
06 GROWTH AVENUES & ROADMAP Thomas KŒGLER Chief Executive Officer
Slide 123: Clear roadmap for future profitable growth
CLEAR ROADMAP FOR FUTURE PROFITABLE GROWTH ORGANIC GROWTH EXTERNAL GROWTH 01 Create, nurture and develop 05 Accelerate growth to expand selected games into IPs via acquisitive growth 02 Support and promote playing games 03 Become the next-level retail partner 04 Increase awareness and make Asmodee a
Slide 124: Create, nurture and develop selected games into IPs and brands
01 CREATE, NURTURE AND DEVELOP SELECTED GAMES INTO IPs AND BRANDS Expand IPs into broader Entertainment experiences to grow brand awareness, generate new revenue streams and increase brand value Invest in a selection of high potential games to become brands Develop game ranges to enlarge audience Id
Slide 125: Support and promote playing games
02 SUPPORT AND PROMOTE PLAYING GAMES LIVE AND BREATHE GAMES REINVENT MAKING PEOPLE PLAY: in our daily jobs to ignite and share passion Create a culture of discovery and play Reimagine and innovate on how to bring people to discover and experience game (in person or digitally / BGA) ENGAGE OUR EN
Slide 126: Become the next-level retail partner
03 BECOME THE NEXT-LEVEL RETAIL PARTNER Leverage our industry Cherish and upgrade our expertise to advise retailers relationship with our Hobby in successfully developing retail eco-system where their gaming segments successes start Strengthen our leadership Install Asmodee’s position to be recogniz
Slide 127: Increase awareness and make Asmodee a renowned brand
04 INCREASE AWARENESS AND MAKE ASMODEE A RENOWNED BRAND FROM AN ESTABLISHED B2B BRAND …TO A BELOVED CONSUMER WITH RENOWNED B2C PRODUCTS… FACING BRAND Products into Seal of quality people’s lives Asmodee brand to become a market standard Strengthen Loved connection with brands players In order
Slide 128: Clear criteria for value-accretive M&A
05 CLEAR CRITERIA FOR VALUE-ACCRETIVE M&A TO REINFORCE CORE BUSINESS, IN LINE WITH HISTORICAL ACHIEVEMENT Reinforced core business through portfolio diversification and geographic expansion A B Acquisition Acquisition of studios and IPs of distributors Directly expand product offer Grow games creati
Slide 129: Proven consolidation track-record with 40+ companies and IPs acquired
05 PROVEN CONSOLIDATION TRACK-RECORD WITH 40+ COMPANIES & IPS ACQUIRED IN THE LAST 10 YEARS Dozens of IPs acquired Netherlands through the acquisition of studios including iconic brands such as: Nordics 2014 2015 2016 2017 2018 2019 2020 2021 2022 Acquisitions 3 3 8 2 10 6 3 4 2 IPs / studios
Slide 130: Disciplined approach to M&A with proven consolidation platform
05 DISCIPLINED APPROACH TO M&A WITH A PROVEN CONSOLIDATION PLATFORM Extensive track record of successful consolidation Unique background of investing in key IPs, retaining key people and generating synergies within the Asmodee ecosystem Fragmented Proprietary Structured market pipeline processes Lar
Slide 131: Successfully integrated acquisitions
05 SUCCESSFULLY INTEGRATED ACQUISITIONS, NOTABLY OF FORMER BUSINESS PARTNERS UNLOCKING MATERIAL SYNERGIES Repos Production Libellud Plan B Exploding Kittens Creation / 2004 / 2019 2008 / 2020 2016 / 2021 2015 / 2021 STUDIO Acquisition date DESCRIPTION Key brand 3rd party publisher 3rd party publishe
Slide 132: Actionable acquisition pipeline
05 ACTIONABLE ACQUISITION PIPELINE TO LEVERAGE THE MOMENTUM IN THE INDUSTRY Social and party games studios and IPs (EU / US), to increase our portfolio effect in some of strongest Social growing categories 20+ Best selling distributed games by Asmodee PUBLISHING in certain regions Tabletop Miniature
Slide 133: Summary of mid-term financial profile and outlook
SUMMARY OF ASMODEE’S MID-TERM FINANCIAL PROFILE AND OUTLOOK METRIC AMBITION On average mid-single digit annual organic growth over Growth the medium term, further enhanced by M&A Achieve an Adjusted EBITDA margin(1) in excess of 18% in the Profitability medium-term Average Capex(2) expressed as a pe
Slide 134: Key Takeaways: Growth Avenues & Roadmap
KEY TAKEAWAYS GROWTH AVENUES & ROADMAP Further accelerate games’ development into renowned brands Multiply playtest touchpoints to promote game sales Action key levers to step up as the next-level retail partner Further position Asmodee as a consumer facing brand to boost awareness and sales Additio
Slide 135: Conclusion
CONCLUSION Thomas KŒGLER Chief Executive Officer
Slide 136: Robust group structure fostering cooperation and clear responsibilities
Jean-Christophe GIRAUD Andrea BUSINESS Steve Jean-Sébastien GASPARINI DEVELOPMENT BUCKMASTER DE BARROS FINANCE ROUTE-TO-MARKET PUBLISHING Flore Simon BELBIS VIVIEN OPERATIONS COMPANY PROGRAMS Arianna Thomas RYAN KŒGLER HR & CEO SUSTAINABILITY ROBUST GROUP STRUCTURE FOSTERING COOPERATION AND CLEAR RE
Slide 137: Efficient organization designed to drive growth and enhance performance culture
EFFICIENT ORGANIZATION DESIGNED TO DRIVE GROWTH AND ENHANCE PERFORMANCE CULTURE GLOBAL Studios regrouped in 3 play types (Lifestyle, Tabletop, Social) to address consumer needs PUBLISHING Improved global supply chain organization (e.g., sourcing, transport, logistics management) GLOBAL Central go-to
Slide 138: Management team backed by a deeply experienced board
MANAGEMENT TEAM BACKED BY A DEEPLY EXPERIENCED BOARD WITH STRONG TIES AND KNOWLEDGE OF ASMODEE’S STORY INDEPENDENT LARS WINGEFORS Co-founder, board member and CEO of KICKI WALLJE-LUND Chairman of the Board of Embracer Chairman of Embracer Group Board Member(2) Group the Board (1) Board member and CE
Slide 139: Employees
HIGH PERFORMANCE MINDSET UNITED BY THE SAME IN-HOUSE PASSION FOR INNOVATION BOARDGAMES PEOPLE CENTRIC ENTITY 2,200+ EMPLOYEES STRONG CORPORATE CULTURE CONTINUOUS TRANSFORMATION Source(s): Company information
Slide 140: Solid foundation for the next phase of growth
SOLID FOUNDATION FOR THE NEXT PHASE OF GROWTH DISTINCTIVE RIGHT INGREDIENTS CLEAR PATH FOR ENTREPRENEURIAL INTEGRATED MODEL FOR SUCCESS THE FUTURE TEAM We have created a We combine a We are well set to We are unique virtuous powerful IP accelerate passionate people ecosystem portfolio, future growth
Slide 141: Disclaimer
This presentation, which should be understood to include these slides, Company have not been verified by any independent source and there and prospects. Undue reliance should not be placed on such forward- their contents or any part of them, any oral presentation, any question or can be no assurance