Asmodee Reports €422.1 Million in Sales for Q1 2026

Tabletop gaming company asmodee has reported its financial results for Q1 2026/27, covering April through June 2026. The bottom line: net sales for the quarter were €422.1 million, up 20.9% from the same quarter a year earlier.

Tabletop gaming company asmodee has reported its financial results for Q1

Normally I refer to asmodee as a "publisher", but "tabletop gaming company" seems more accurate given that asmodee's growth seems primarily powered by its distribution of other companies' games. In the chart above, you can see that sales of "games published by asmodee studios" increased by only 1.8% compared to the previous Q1, whereas "games published by partners" increased by 27% — which is similar to the Q3 2025/26 results I wrote about in April 2026.

If you're wondering what's driving the growth in terms of product categories, the answer is "a bit of everything". From its report:

Sales of board games rose 16% from the same quarter a year earlier to €102.8 million, trading card game sales rose 23.1% to €284.8 million, and “other categories”, which includes items such as card sleeves, boxes, playmats, and other accessories from asmodee’s Gamegenic brand, rose 18.6% to €34.5 million.

Asmodee notes €240.7 million in cash outflow for the quarter, with €233.7 million of that being the result of investing activities, "mainly related to the acquisitions of ATM Gaming and Exploding Kittens".

Continuing from above: "The cash flow from investing activities was also impacted by the acquisition of the full publishing rights of Time's Up! as well as investments in games development." As far as I can tell, the cost of Time's Up! is not listed separately in the report, but we do learn this: "On May 6, 2026, the group completed the acquisition of the remaining 45% non-controlling interest in Exploding Kittens Inc. for a total cash consideration of USD 173.8 million."

Asmodee also paid €16.7 million in interest on its bond debt, which is €631.4 million as of the end of June 2026.

The report is accompanied by a note from asmodee CEO Thomas Kœgler that has a couple of interesting sections. Here's one:

Following the acquisition completed in early April, the integration of ATM Gaming has progressed well, with the business performing in line with our expectations. The distribution takeover of France became effective at the end of May and we have also begun deploying our hybrid distribution playbook in multiple countries, such as Belgium and the Netherlands. ATM Gaming has made an excellent start to the year, with Jumo winning the Grand Prix du Jouet 2026 in France and a successful first partnership with Quick, a quick-service restaurant chain resulting in the distribution of more than one million game samples.

Apparently asmodee also partnered with restaurant chain Chuck E. Cheese on a Spot it! promotion that transformed "the fast-paced matching game into a multi-platform experience spanning in-fun center gameplay, interactive dance floor activations, digital content, social engagement, and exclusive family activities".

Here's more from Kœgler:

We continue to see attractive opportunities to expand our Board game portfolio organically, through both our evergreen franchises and new releases, including LEGO® NINJAGO® Board Game: Destiny’s Bounty Adventures, Azul Kids and The Lord of the Rings™: Circle of Conflict™, as well as through disciplined acquisitions. The TCG market remains well positioned for growth, supported by a compelling release calendar and innovation from publishers. Looking ahead, the upcoming Pokémon 30th anniversary celebrations, together with the Pokémon World Championships in San Francisco and the release of Mega Evolution – Pitch Black are expected to be key highlights for the category. At the same time, we continue to diversify our portfolio through new distribution partnerships in select geographies, including the newly announced NARUTO CARD GAME TCG from Bandai and additional opportunities over time.

That last distribution deal was announced on July 30, 2026, coinciding with the opening of Gen Con 2026, with a giant Naruto banner draping the east entrance of the Indiana Convention Center. (Asmodee already distributes other Bandai titles, including One Piece Card Game, Dragon Ball Super Card Game, Digimon Card Game, and Gundam Card Game.)

Finally, as much as we in the United States might view asmodee as a dominating force on the game market, the U.S. contributes less than 10% of asmodee's sales:

Note that the "net sales are based on the seller's location" line is a tad confusing. I believe that the "seller" in this circumstance is the branch of asmodee located in a particular region — Asmodee North America, Asmodee UK, Asmodee Deutschland, and so on — not the location of the studios creating the games, but I've asked for clarification.

In either case, the company's sales in France are more than twice those in the U.S. (€91.4 million to €37.7 million). Asmodee also sells more in the United Kingdom (€65.6 million) and Germany (€56.6 million) than in the U.S., with the other European countries selling more than three times as much (€120.8 million).

I'm not sure whether to conclude that asmodee still has vast growth potential in the United States or that the U.S. market is less relevant than I had previously thought. What's your opinion?