Slide 1: Investor presentation
5/ 2 6 Q4 2 May 21, 2 026 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: Continued performance of distributed Trading Card Game releases
Continued performance of distributed Trading Card Game releases 3
Slide 4: Published Games: Growth in Board games in all regions, US recovering
Dewan Published Games: Growth in Board games in all regions, US recovering The Lord of the RingsTM TM STAR WARS : Unlimited The Two TowersTM Cozy Stickerville A Lawless Time Bloops Trick-taking Game
Slide 5: Expanding our portfolio and reach
Expanding our portfolio and reach 5
Slide 6: Q4: Strong sales and margin expansion
Q4: Strong sales and margin expansion €407.1m (LY : €341.4m) • Growth across both categories (Board games and TCGs); published games softness in the US whilst recovering • Limited impact from geopolitical challenges; mitigating measures in place Net sales • Sales growth and disciplined cost control
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Slide 8: +20% organic growth driven by both Board games and TCGs
+20% organic growth driven by both Board games and TCGs Q4 Net Sales YTD Net Sales +19.2% +23.0% Amounts in Amounts in m.EUR m.EUR o/w organic : +22.3% o/w organic : +25.9% 1,684 407 46 46 11 341 1,369 13 Growth 51 51 Growth -12.7% 1,211 -9.4% 316 240 31.6% 864 40.0% -9.8% -5.8% 89 454 427 80 Q4 24/
Slide 9: Strong profit expansion with improved margins in QTD and YTD
Strong profit expansion with improved margins in QTD and YTD Q4 Adjusted EBITDA YTD Adjusted EBITDA (1.0) p.p. +1.0 p.p. +1.5 p.p. (2.2) p.p. +1.3 p.p. +1.2 p.p. Amounts in Amounts in m.EUR m.EUR 314.8 65.6 285.4 -211.7 -14.7 54.9 228.2 -31.1 40.8 -42.7 -4.2 -4.6 11.9% 13.5% 16.7% 17.0% Adj. Net Sal
Slide 10: Strong cash conversion and free cash flow
Strong cash conversion and free cash flow Free cash flow Amounts in k.EUR Jan-Mar 26 Jan-Mar 25 Apr 25-Mar 26 Apr 24-Mar 25 • Q4 free cash flow1 of EUR 121.3m (95.1), Adjusted EBITDA 54.9 40.8 285.4 228.2 corresponding to a free cash flow Purchase of intangible assets -3.8 -2.0 -18.4 -12.5 Purchase
Slide 11: Fast deleveraging supported by free cash flow generation and higher EBITDA
Fast deleveraging supported by free cash flow generation and higher EBITDA Amounts in m.EUR 1,000 6.0x • Net debt/EBITDA before and after M&A commitments of 0.9x (1.8) and 1.5x (2.3) 800 107.9 105.2 140.0 138.8 158.7 respectively, 2.0x pro forma for ATM Gaming 600 4.0x • Cash generation and higher E
Slide 12: Financial performance
Slide 13: Conclusions
Conclusions • Strong FY delivery against medium-term targets: • Organic growth: +25%, significantly above mid-single-digit target • EBITDA margin: +30 bps to 17.0%, progress towards target of +18% • Net debt/EBITDA: reduced to 1.5x and below target of <2.0x (pro forma ATM Gaming 2.0x) • Dividend: EU
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Slide 16: Net sales by product category
Net sales by product category Q4 performance YTD performance Amounts in Amounts in m.EUR +19.2% m.EUR +23.0% o/w organic : +22.3% o/w organic : +25.9% 1,684 407 31 136 341 1,369 277 1,020 34 137 Growth Growth 211 696 (8.6)% (0.8)% 31.2% 46.6% 2.8% -1.6% 536 527 97 99 Q4 24/25 Q4 25/26 Apr 24-Mar 25
Slide 17: Bridge IFRS to Adjusted - QTD
Bridge IFRS to Adjusted - QTD Amounts in m.EUR 1.5 54.9 4.5 0.0 42.2 48.9 12.3 48.6 23.6 -42.2 6.7 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 11.4 1.5 3.3 285.4 101.7 269.2 49.9 257.3 23.6 167.6 -101.7 Operating Depreciation, EBITDA Personnel Acquisition Items Adjusted Depreciation, Items Amortization Adjusted profit amortization costs costs affecting EBITDA amortization affecting of EBIT (EB
Slide 19: Net debt
Net debt Amounts in m.EUR 517.7 12.7 416.2 37.6 0.5 5.7 1.3 -150.5 -8.0 -0.8 2.3x 1.5x Net Debt FY Cash and Bonds Liabilities to Financial Lease Put/call Deferred Liabilities to Net Debt Q4 24/25 cash equiv. credit liabilities liabilities options on considerations employees 25/26 institutions non- r