First quarter, April-June 2025

• Net sales amounted to EUR 349.0 million (264.4), an increase of 32.0%, of which 34.4% relates to organic growth.
  • Games published by asmodee studios decreased by -1.0%.
  • Games published by partners increased by 49.9%.
  • Others decreased by -12.4%.
• Adjusted EBITDA amounted to EUR 39.9 million (29.6), corresponding to an adjusted EBITDA margin of 11.4% (11.2).
• Adjusted EBIT amounted to EUR 32.9 million (21.9) and EBIT amounted to EUR 15.3 million (5.8).
• Adjusted net profit/loss for the quarter was EUR 13.7 million (7.4), which equates to adjusted earnings per share of EUR 0.06 (0.05).
• Profit/loss for the quarter amounted to EUR -1.6 million (-6.9), which equates to basic earnings per share of EUR -0.01 (-0.05).
• Free cash flow after tax and lease payments amounted to EUR 24.7 million (14.9), resulting in a free cash conversion relative to adjusted EBITDA of 62% (50).
• Net debt/EBITDA amounted to 1.7x (4.1) and 2.1x (4.6) before and after M&A commitments respectively.

Material events after the end of the reporting period

• No material events after the end of the reporting period.

Time for webcast and teleconference
Friday August 8 at 9:00 a.m. CEST

Participation options:

Webcast: If you wish to participate via webcast please use the link below. Via the webcast you are able to ask written questions.
https://asmodee.events.inderes.com/q1-report-2025-26

Teleconference: If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://events.inderes.com/asmodee/q1-report-2025-26/dial-in