Q1 2027 Asmodee Group AB Earnings Call Transcript
Key Points
- Delivered double-digit growth in both sales and earnings, with net sales up 20.9% to EUR 422.1 million and adjusted EBITDA up 55% to EUR 61.9 million.
- Adjusted EBITDA margin expanded by 330 basis points to 14.7%, with the last 12-month margin reaching 17.5%, approaching the medium-term target of above 18%.
- Strong performance across board games (16% growth) and trading card games (23% growth), with all continents contributing and broad-based growth across categories and publishing portfolio.
- Successful integration of ATM Gaming, with distribution internalized in France and expansion into the Netherlands and Belgium, and sell-out at retail exceeding 60% year-over-year.
- Healthy free cash flow of EUR 37.5 million and improved balance sheet, with net debt to adjusted EBITDA at 1.6x before M&A commitments and credit rating upgrades from all three agencies.
- Continued strategic progress, including the acquisition of full publishing rights for Time's Up!, successful Zombicide crowdfunding campaign (EUR 3 million), and new distribution partnerships like the Naruto TCG.
- Trading card games published by Asmodee Studios were broadly stable organically, with a timing effect of approximately EUR 10 million in Star Wars Unlimited revenue shifting from Q1 to Q2.
- ATM Gaming's contribution to consolidated net sales was limited in Q1 due to intercompany sales timing, with only about one-third of its revenue recognized, though this is expected to normalize.
- The company faces a demanding comparison with last year's World Cup in the trading card games category, which could pressure future growth rates.
- Macroeconomic uncertainties remain, and the company continues to monitor the situation closely, which could impact consumer demand.
- The margin target of above 18% is still not fully achieved, and the company acknowledges that it requires continued execution and delivery on the year ahead.
- Working capital development showed seasonal inventory build-up and higher trade receivables, which could impact cash flow in the short term.
Good morning, everyone, and thank you for joining us for our presentation of Asmodee's first quarter results for the fiscal year 2026/2027. We have made a very strong start to the new fiscal year, delivering double-digit growth in both sales and earnings, while continuing to strengthen our profitability and generate healthy cash flow. What is particularly encouraging is the breadth of this performance. We deliver growth across categories, geographies and our publishing portfolio with both our own studios and our publishing partners contributing to a very strong start to the year. With that, let's look at some of the commercial highlights from the quarter.
Let me start with board games, which were one of the key contributors to our strong performance this quarter. We delivered double-digit growth with all continents contributing, reflecting the strength of our diverse portfolio. Which combines evergreen franchises with successful new releases and expansions. Our evergreen franchises continue to perform very well, led by
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