Asmodee as an investment
At a glance
A leading publisher and distributor of tabletop games
#1
Tabletop games company in France and the UK / #3 in the U.S.
100+
Countries with indirect go-to-market capabilities
2,400+
Employees
€1.7BN
Net sales FY 2025/2026
17.0%
Adjusted EBITDA margin FY2025/2026
~10%
Organic net sales growth p.a. FY2021/2022–FY2025/2026
85%+
Cash conversion
L3Y average
L3Y average
Social games
Tabletop games
Lifestyle games
Portfolio
Strategic mix of owned and partner brands
A 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 published by Partners
A holistic ecosystem spanning distribution, creation, communities and IP
Business model
New Games
Identified by local route to market teams
Distribution
Global reach across
100+ countries
Diversified and well-balanced across
retail channels
100+ countries
Diversified and well-balanced across
retail channels
Creation
24 studios managing legacy brands & product lines and publishing new ones
New Studios
Identified among distributed games
New Trends
From engaged communities
Crowdfunding
Experienced support to help bring any kind of project to life
New possibilities for games that push the limits
New possibilities for games that push the limits
Communities
Highly engaged player communities
IPs
Creating a rich transmedia narrative experience
Uniquely positioned to bring IPs into boardgames
Uniquely positioned to bring IPs into boardgames
New Collaborations
Major entertainment groups looking for new content
Global players willing to expand their IPs
Distribution
Global reach across 100+ countries
Diversified and well-balanced across retail channels
Diversified and well-balanced across retail channels
New Games
Identified by local route to market teams
Creation
24 studios managing legacy brands & product lines and publishing new ones
New Studios
Identified among distributed games
Communities
Highly engaged player communities
New Trends
From engaged communities
Crowdfunding
Experienced support to help bring any kind of project to life
New possibilities for games that push the limits
New possibilities for games that push the limits
IPs
Creating a rich transmedia narrative experience
Uniquely positioned to bring IPs into boardgames
Uniquely positioned to bring IPs into boardgames
New Collaborations
Major entertainment groups looking for new content
Global players willing to expand their IPs
Go-To-Market strategy
Successful global go-to-market strategy
Strategy
Think globally - act locally
A rich and sustainable portfolio
A long-lasting position and reputation
Reaching consumers wherever they buy games, with an integrated route-to-market model
1,500+
staff in distribution
27
countries with direct route-to-market capabilities
100+
countries where our products are sold
Value chain positioning
A synergistic positioning in the value chain
Asmodee operates a holistic ecosystem spanning distribution, creation, communities and IPs
Authorship
Publishing
Route to market
Retailers
Asmodee works with authors to source / license new games
Asmodee is one of the few companies in the market to publish games, distribute its own and third-party games to retailers, and with a growing D2C channel
Asmodee works with retailers to sell its products while developing a D2C approach
A diversified, resilient powerhouse backed by a broad, loyal customer base
Revenue distribution
Well balanced between the 3 main channels
Hobby & independent stores
Specialty & mass
Online
Limited dependence on any client account
Top 10 customers
Sales by product category
Sales by game publisher
Sales by geography
product development
Game development business model
Asmodee's capex-light game development business model provides early profitability.
Capex-light business model
i
Games designers' wages
Graphic designer costs
Low development costs
Combined with an integrated model unlocking economies of scale
i
Develop and launch
i
Nurture
i
Grow evergreens
Acquisitions
Proven consolidation track-record
Proven consolidation track-record with 40 companies & IPs acquired in the last 10 years. Asmodee has been an extremely active yet disciplined aggregation platform with a consistent track record of low-risk proprietary acquisitions negotiated bilaterally and executed successfully.
Years
2014
2015
2016
2017
2018
2019
2020
2021
2022
FY25
/26
/26
Acquisitions
3
3
8
2
10
6
3
4
2
5
IPs /
studios
studios
x
x
x
x
x
x
x
x
x
x
Local distribution
x
x
x
x
x
Interactive / new business
x
x
x
x
x
Dozens of IPs acquired through the acquisition of studios including iconic brands such as:
targets
Committed to continue delivering growth
METRIC
MEDIUM-TERM FINANCIAL TARGETS
Growth
On average mid-single digit annual organic growth over the medium-term, further enhanced by M&A.
Profitability
Achieve an adjusted EBITDA margin in excess of 18% in the medium-term.
Capex
Average capex expressed as a percentage of net sales expected to range between 2% to 3% in the medium-term, in line with its historical level.
Leverage
Target net leverage ratio below 2x adjusted EBITDA in the medium-term.
Dividend policy
Distribution of excess liquidity to shareholders after reaching medium-term target net leverage ratio.
Continue reading
Contact us
Nathalie Redmo
Head of Investor Relations
Emma Ihre
Head of ESG & Nordic Public Affairs
Receive the latest investor news from asmodee
