• Net sales amounted to EUR 403.4 million (334.0), an increase of 20.8%, of which 23.4% organic growth.
  • Games published by asmodee studios increased by 5.1%.
  • Games published by partners increased by 30.2%.
  • Others decreased by -4.3%.
• Adjusted EBITDA amounted to EUR 76.1 million (68.5), corresponding to an adjusted EBITDA margin of 18.9% (20.5).
• Adjusted EBIT amounted to EUR 68.6 million (60.6). EBIT amounted to EUR 54.3 million (42.7).
• Adjusted profit/loss for the quarter was EUR 32.0 million (24.4), which equates to adjusted earnings per share of EUR 0.14 (0.15).
• Profit/loss for the quarter amounted to EUR -6.2 million (8.2), which equates to basic earnings per share of EUR -0.03 (0.05).
• Free cash flow after income tax and lease payments amounted to EUR -23.3 million (15.4), resulting in a free cash flow conversion relative to adjusted EBITDA of -31% (23).

The period, April 2025-September 2025

• Net sales amounted to EUR 752.4 million (598.4), an increase of 25.7%, of which 28.2% organic growth.
  • Games published by asmodee studios increased by 2.5%
  • Games published by partners increased by 39.0%.
  • Others decreased by -8.3%.
• Adjusted EBITDA amounted to EUR 116.0 million (98.1), corresponding to an adjusted EBITDA margin of 15.4% (16.4).
• Adjusted EBIT amounted to EUR 101.5 million (82.5). EBIT amounted to EUR 69.6 million (48.5).
• Adjusted profit/loss for the period was EUR 46.1 million (32.2), which equates to adjusted earnings per share of EUR 0.20 (0.21).
• Profit/loss for the period amounted to EUR -7.8 million (1.3), which equates to basic earnings per share of EUR -0.03 (0.01).
• Free cash flow after income tax and lease payments amounted to EUR 1.5 million (30.3), resulting in a free cash flow conversion relative to adjusted EBITDA of 1% (31).
• Net debt/EBITDA amounted to 1.8x (4.1) and 2.4x (4.5) 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
Thursday November 20 at 9:00 a.m. CET

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/q2-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/q2-report-2025-26/dial-in