Good morning and welcome to our year-end results presentation for the fiscal year 25/26, where I am happy to report a new record year for Asmodee with double-digit growth in sales and EBITDA alongside margin expansion, healthy cash flow generation, and a solid financial position. With respect to the fourth quarter, looking at games published by partners, sales increased by 31.6% and were driven by successful TCG releases, including Mega Evolution, Ascended Heroes, and Perfect Order, the latest Pokémon trading card game expansions.

This was further supported by strong momentum around Pokémon Day on February 27th and the launch of celebrations for the franchise's 30th anniversary. TCGs published by Bandai also performed well with their One Piece game, including the latest set, The Azure Seas 7, distributed in English and French by Asmodee across several geographies.

The second set of Riftbound, the TCG set in the League of Legends universe, also launched successfully. This continues the diversification of the TCG portfolio that we distribute.

Finally, we saw strong reception of Magic: The Gathering Teenage Mutant Ninja Turtles and Magic: The Gathering Lorwyn Eclipsed, the latter being further supported by a range of new accessories from our Gamegenic studios as part of our strategic agreement with Hasbro Wizards of the Coast announced in Q2. Sales of games published by Asmodee studios decreased by 9.8%.

This reflects a combination of factors. Mid-single-digit growth in board games and positive developments in all regions with a continued strong dynamic within social games.

The growth was offset by foreign exchange effects, primarily related to the US dollar, and lower sales of Star Wars: Unlimited compared to a strong post-launch period last year. During the quarter, several of our games received major industry recognition.

For example, Toy Battle won the prestigious As d'Or Game of the Year at the Festival International des Jeux in Cannes. We announced a new partnership between Netflix and Ticket to Ride, following the recent Catan announcement, which further illustrates the transmedia potential of our IP portfolio.

We also acquired ATM Gaming, a leader in social games, the fastest-growing category within the board game market. In addition, we welcomed Japon Brand and launched our new creative entity, Nekoma Studio, marking an important step in building our presence in Japan and expanding access to talented game authors for upcoming global releases.

Turning to the highlights of the fourth quarter, performance remained strong, and net sales reached above €400 million with an organic growth in excess of 20% despite tougher comparables last year. This was primarily driven by continued strong TCG dynamics in Europe alongside growing board game performance in all regions.

We saw a limited impact during the quarter from higher transportation and energy costs linked to geopolitical pressures. We are taking appropriate measures to mitigate any further effects, drawing on our experience from managing similar situations in the past.

It is also worth noting that our current product mix is supportive in this environment, as trading card games are less costly to transport. The strong sales growth combined with disciplined cost control enabled a 35% increase in our adjusted EBITDA, and with the adjusted EBITDA margin increasing by 160 basis points to 13.5% despite a less favorable mix.

We delivered strong free cash flow generation in the quarter with net debt to EBITDA reduced to 1.5 times from 2.3 times last year. If we include the ATM Gaming acquisition on a pro forma basis, the leverage would have been two times.

After the end of the quarter, we finalized the acquisition of ATM Gaming and have since then focused on a smooth onboarding. ATM Gaming will continue to operate as an independent studio while beginning to benefit from Asmodee's global scale and distribution capabilities.

This includes the internalisation of their distribution in France, a market we did not previously distribute directly, which is now in effect. ATM Gaming has delivered very strong growth in the recent years, and the momentum has continued into 2026 with last 12 months' sales at the end of March showing a double-digit growth in line with our expectations.

After the end of the quarter, we also acquired the remaining 45% minority stake in Exploding Kittens at a purchase price of €151 million. The purchase price is broadly in line with the valuation of Exploding Kittens in our Q3 report and reflects its strong operational performance.

With these words, I will now hand over to our CFO, Andrea Gasparini.

Thank you, Thomas. Good morning, everyone.

Let's now take a closer look into sales for the fourth quarter. Net sales reached €407 million compared to €341 million last year, representing an increase of 19.2%.

On an organic basis, sales grew by 22.3%. Perimeter changes related to the divestment of Twin S餘es Interactive had a negative impact of 0.5%, while foreign exchange remained a material headwind, reducing reported growth by 2.6%.

Breaking down sales by publisher, sales of Asmodee published games decreased by 9.8%, games published by partners increased by 31.6%, and the other category declined by 12.7%, impacted by Twin Sails. The continued strong performance of games published by partners was driven by the TCG releases, as Thomas highlighted earlier, thanks to Pokémon, Magic: The Gathering, One Piece, and Riftbound.

Also, on the positive side, board games sales increased mid-single digit with growth in all regions this quarter with the continued strong momentum in social games. In the US, sell-in to retailers was recovering progressively throughout the quarter as their inventory levels began to normalize, supported by the commercial action plans we outlined last quarter.

Looking at sell-out trends, the market remained solid during the period with Asmodee products performing broadly in line with the category. The growth was supported by both evergreen titles and recent releases, including D1; Cozy Stickerville, the game that is nominated for the Spiel des Jahres 2026; the Two Towers trick-taking game of Lord of the Rings; Bloops; and Dixit Kids.

This positive performance was offset by two factors, down from three in the prior quarter. First, foreign exchange had a significant impact and accounted for roughly half of the decrease.

Second, the normalization of Star Wars: Unlimited, mainly Set 7, which performed in line with our expectations. Despite a challenging year-on-year comparison base, the franchise continues to generate a substantial and recurring level of sales at each new set release and it remain a strong profitable line.

We expect comparables to normalize progressively from Q1 26/27 onwards. Please also note that the upcoming July release of Set 8 is scheduled slightly later than last year, creating a timing effect between quarters with a relatively larger contribution expected in Q2.

To conclude, Q4 delivered an encouraging momentum compared to Q3, which should benefit games published by Asmodee going forward. Looking at the full-year performance, sales reached almost €1.7 billion compared to €1,369 million last year, representing an increase of 23%.

On an organic basis, sales grew by 26%, driven by our diversified product portfolio and broad geographical footprint, which allow us to capture growth opportunities wherever they emerge. Moving on the profit side, we saw strong profit expansion combined with improved margins, both in the quarter-to-date and in the year-to-date.

Adjusted EBITDA grew by 35% in the fourth quarter, reaching almost €55 million compared to €40.8 million last year. The increase reflects a combination of factors: higher volumes; disciplined costs management with personnel costs increasing only by €4.2 million due to high activity, but still well below the top-line growth; and other operating expenses increasing by €4.6 million as continued investment in marketing were partially offset by lower other operating expenses.

From a profitability point of view, the adjusted EBITDA margin increased by 160 basis points to 13.5%, driven by lower relative operating expenses and personnel costs due to both scale effect and the timing of planned recruitment, and this was partly offset by a less favorable sales mix. Following an assessment of the carrying value of publishing and distribution rights, we recognize an impairment of €23.6 million, which is classified within items affecting comparability.

This is a non-cash adjustment related to mainly one IP in the back catalog and reflect the regular review of carrying values across a broad portfolio of titles. Looking at our full-year performance, adjusted EBITDA grew by 25%, reaching €285.4 million with margin expansion to 17%, which is a solid achievement considering the unfavorable sales mix impact observed during the entire last year, and reflecting continued progress towards our medium-term target above 18%.

On a non-adjusted basis, meaning including all expenses that are part of items affecting comparability, the operating profit, the EBIT, is increasing from €117 million to €168 million. Moving into cash flow, free cash flow after income tax and capitalized lease payment amounted to €121 million in the fourth quarter compared to 95 in the same period last year with a cash flow conversion of 221 in line with the seasonality.

Looking more closely at the working capital movement, inventory decreased by €7 million in line with seasonality, and the inventory level remain under strict control, declining from 16 to 15% in percentage of sales. This is a quite strong achievement when we look backward to what happened during the year, including tariffs, including overstock in the US market, including Star Wars normalization.

Receivables decreased by €71 million in line with the seasonality, and there as well the ratio of receivable and prepaid expense in percentage of sales decreased from 14 to 13%, reflecting our continued focus on cash collection. Payable increased by €10 million compared to a decrease last year.

This year increase is rather normative for seasonality of our business, higher activity in distributed TCGs, while last year it was impacted by items affecting comparability related to the listing, as well as some other prepayment. The CapEx for the quarter is -€5 million, representing 1.1% of sales in light with the CapEx-light model of Asmodee.

The year-to-date free cash flow after tax and capitalized payment amounted to €200 million, resulting in a free cash flow conversion to adjusted EBITDA of 70% compared to 60% on average over the previous four years. As a reminder, in Q1, we will see cash outflows related to two acquisitions.

First, the outflow for ATM Gaming, which will result in a cash outflows of €120 million, and the acquisition of the 45% of Exploding Kittens for €151 million, which will also impact the Q1 cash flow. Lastly, moving to balance sheet and net debt, thanks to the positive development of adjusted EBITDA and free cash flow, the cash position reached €437 million in Q4 compared to €322 million in Q3.

Both leverage ratio before and after M&A commitment are now below the medium-term target of two times, and adjusting for ATM Gaming, the ratio stands at two times. We still have access to the RCF by €150 million.

In light of the strong financial position and strong free cash flow generation, the board proposes a dividend of €0.17 per share for the fiscal year 25/26. With these positive words, I'll hand back to Thomas.

Thank you, Andrea. In conclusion, this was a year in which we made a strong delivery against all our medium-term targets.

We delivered organic growth in excess of 25%, significantly above our target of mid-single digit. The strong sales growth and disciplined cost control enabled us to increase our EBITDA margin by 30 basis points to 17% despite a less favorable sales mix, reflecting continued progress towards our medium-term target of above 18%.

The net debt on EBITDA was reduced to 1.5 times in line with our medium-term target of below two times. Finally, the board proposes a dividend of €0.17 per share.

Looking forward, we continue to actively source new M&A opportunities with this quarter bringing the acquisition of ATM Gaming, Japon Brand, and now also the remaining stake in Exploding Kittens having been acquired. The impact in the fourth quarter from geopolitical and macroeconomic pressures was limited, and we are actively managing these dynamics through appropriate mitigation measures, leveraging our experience from similar situations in the past quarters.

Overall, we continue to expect growth in the coming quarters, both in board games and in trading card games, supported by the strength of our portfolio and ongoing momentum across the business. With that, I am now opening up the floor for questions.

Yes, good morning, everyone. Hi, Thomas, Andrea, and congratulations on the strong results.

I have three questions, please, and I will go one by one, if that's okay. The first one is on the US.

Can you quantify the residual channel inventory overhang you face for full year '27, and how many quarters do you think it could take for the US sell-in to reaccelerate?

As we did say, the sell-out that was a bit tougher in Q3 is now growing mid-single digits, slightly above from what we see. The first very strong news is that the market is healthy.

Secondly, in terms of sell-in, we have seen the dynamic starting already in this quarter. We expect it to pursue in the upcoming quarters and for our performance to be in line with this.

The level of stock, to complete Thomas' comment, at retailer level has decreased based on the information provided by 20 20%. It's much more healthier position than what it was at the end of the previous quarter, thanks to the appropriate measures and commercial initiatives that we outlined with our key partners in the US.

A three-part question on the current geopolitical tensions. First, what has been your client reaction to the recent tensions?

Second, are you already seeing increased transportation cost inflation pressure, and if not yet, when that might actually materialize? Can you remind us what are the key actions you can take to mitigate those impacts?

If we look first of all market-wise and from a consumer standpoint, in moments of tension, when there are rising costs, because games are an affordable leisure, we tend to suffer less and if not take some opportunities. That's what we've seen in previous crises over the past 10, 15 years.

Consumer sentiment-wise, we will see. Although we are always cautious, there is also, I think, opportunities for us.

Secondly, in terms of the cost impact, well, first of all, our mix is currently very favorable because trading card games are manufactured very close to where they are sold, like in Europe for European countries, mainly. Some are manufactured in Asia, but it's a limited one, in the US for the US, etc.

Plus they are cheap to transport. The impact on those is relatively limited, and then we will see with our partners in terms of raw material increases, but again in the overall cost of goods, they do not represent a very significant part.

For board games, we have started to see some increase in transportation costs. They did not impact Q4.

If we take an example, road freight did represent roughly 20% of the cost base and they have increased by 10%, but again, all of this is quite manageable for us. Sometimes we work on our margin, sometimes we will work with our suppliers, and sometimes we will work also on commercial action plans.

We expect to be able to mitigate the impact.

Super. Last question on the dividend announcement.

First, is the four installments something you want to keep permanent going forward? Secondly, what's the formal dividend policy from here?

How does it flex if leverage rise again on the next bolt-on acquisition?

That's rather a question for the board. They will address those at the AGM.

Again, currently, it's what will be submitted and clarity will probably be provided at this occasion.

We can confirm this is an ordinary dividend,

not an extraordinary

one, and it is to be seen as part of the previously communicated financial target whereby we will distribute excess cash below the ratio of net debt to EBITDA of two

times. Super.

Maybe one last follow-up and then I leave the floor. Are you eligible to any repayment of tariffs in the US, and if that's the case, how big it could be?

Yes. The process has started in terms of the call for eligible refund.

For the time being, there is uncertainty around both the timing and the final amount to be approved. This is still a little bit foggy, blurred for us, but for many other companies out there.

Let's wait for what's next on this topic.

Understood. Thank you very much.

Thank you.

Thank you.

Hi, Thomas, and hi, Andrea, and thanks for taking my questions. I have a first question on Star Wars: Unlimited, which remained obviously a headwind here in Q4.

The product seems to be approaching a territory of easier comps here. Given your flavor here on product release schedule in Q2 and stuff, can we expect it to grow already here in Q1 or will it be kind of gradual throughout the year as we approach even easier comps at the later part of the year?

First one.

Thank you very much for the question. As you rightly pointed out, the dynamics currently are strong.

I think consumer reception of Set 7 was very good. We have just released Twin Suns, which has also saw some strong momentum.

As Andrea has mentioned, in Q1, the sales from the release of Set 8 that last year the equivalent was in the first half of July, this year is in the second half of July. The more material part of the sales will be moving from June to July.

You should not expect an improvement in Q1, but again, it's just timing. The game performance is in line with what we expect.

However, we do expect some positive news in the upcoming quarters beyond that.

Very clear.

What's important, just to complete is that it comes with everything that has been done by the team on the meta game, on the marketing activation. Yesterday, Mandalorian and Grogu was released.

We had an activation. We have hundreds of thousands of cards that are distributed in theaters in partnership with AMC.

I would say that the franchise is also in a strong dynamic right now.

Very good. Then I just have two questions on distributed TCGs, starting with Magic.

Last June, Q1, there was a record release of Final Fantasy, which at least for Hasbro drew some pretty good growth. They're still guiding for continued growth in Magic here in fiscal Q1 and fiscal Q2.

Do you see the same things or any flavor to add there?

Of course, they are the ones that have the best tap-in to the market. We tend to follow their expectations on this.

We've seen strong results on TMNT in Lorwyn Eclipsed in the past quarter. The lineup is strong.

The Hobbit is coming up. There is several new sets that drive some attention.

I would refer to what Hasbro has communicated in their quarterly.

Very good. Then just one question on Pokémon, and how we should think about the volume during the year.

Would you say it's fair to assume that Q2 will be a decent kind of volume quarter given the anniversary event in September?

I think we expect strong performance throughout the year on Pokémon. We saw it in Q4, continued performance despite entering into tougher comparables or more challenging comparables in a certain way.

In our opinion, it would be spread throughout the year.

Very good. Last question from my side, and then I'll hop into the queue.

Just when it comes to the seasonality on the margins and I guess top line as well within ATM, would you say that's relatively comparable to how it looks in your overall board games category, just so we get it right here in that it's entering the group here in a low seasonal period, we just get the margins right? No,

you're right, Jacob. It's in line with the other board game activities with respect to seasonality, Q2, Q3 mainly.

No big deviation from that respect.

Very good. Thank you so much for your answers.

Thanks, Jacob.

Thank you.

Hello, and good morning, Thomas and Andrea. Thanks for taking my question.

First, I just want to follow up a little bit on the US board game performance and mainly on sort of the market, looking at the sell-out volume growth more specifically. If I remember correctly, you have said that it has been more flat to slightly negative in recent quarters.

It sounds like it's a bit more positive right now, but can you expand a bit more on the trend for market sell-out volumes in the US?

Yes, what we've seen is that, if you remember, in Q3, there was a lot of tension because there was the shutdown, because there was all the decisions, because there was the rising pressure on prices, etc., which did, from what we see, transform into a quarter that was flattish, slightly in decline at constant dollar, because we need to add also on our impact the FX impact. Now, in our Q4, what we saw on the market is that there was mid-single digits or north of mid-single-digit growth, and our sell-out was in line with this.

We kind of, sell-out-wise, outperformed the market throughout the year if you take the entire year.

All right. That's clear.

Thank you. Looking on the same metrics in Europe, would you say that that is a market that's continues to be growing at around the mid-single-digits range as well in terms of sell-out volumes?

Yes, it's what we see, and it's the same for the US. The fundamentals remain extremely strong.

All right. That's clear.

Thanks. Then I just have a final one here on Japan.

I think it's an interesting move to expand in Japan. How do you view the sort of competitive dynamics in that market compared to Europe, for example, and what opportunities are you seeing in publishing compared to distribution, for example, in that country?

Yes, Japan, the first move we have done right now with Japon Brand and with setting up Nekoma is more of a sourcing move, right? The Japanese game designers and authors market is very dynamic.

If you look, for instance, in recent very successful games, Bomb Busters, which is the Spiel des Jahres from 2025, was originated from Japan. A game like Dinn Up that we are releasing later in the year comes from Japan.

They're very good also at small card games. We really wanted to, I would say, bolster our publishing capabilities by creating those sourcing activities.

Distribution-wise, for now, we are still working with local partners. We have not set direct foot yet.

All right, but in general do you view it as a more competitive market, more fragmented or consolidated, or how do you view it on sort of publishing and developing side compared to Europe?

It's a fragmented market. It's a very strong TCG market on the local market side.

Yes, as I said, it's a very vivid scene.

All right. That's all for me now.

Thanks for that and I'll get back into the queue.

Hi, and thanks for taking my questions. I have a couple.

First, I just wanted some clarification on your internally published games. I understand that as you said that the momentum from Q3 to Q4 supports general growth in internal games.

Then you obviously discussed the timing effect there in Star Wars: Unlimited. Should we see sort of I guess the momentum going forward in internal games, is that sort of a mix between Star Wars and games in general or how would you explain it?

What we expect to see is growth in board games throughout the entire year, as it has already started in Q4. On Star Wars: Unlimited, as we did say, we have a timing effect in Q1, where there is a timing effect between Q1 and Q2.

Then we should be in a strong opposition for the rest of the year. There are strong product releases, as I did say, Twin Suns.

There is strong consumer momentum. Latest events, there hasn't been as many Star Wars: Unlimited events ever.

The latest regionals qualifiers, whether in the US or in Europe, are with a very high attendance, sold out. We look forward to the Galactics in July in Las Vegas.

Yeah. Thanks.

That's very clear. In terms of categories, are you still seeing consumers more cautious with the higher-ticket items, preferring the cheaper ones or any specific board game categories driving the growth currently?

I think you see first of all, for sure, there is still strong dynamics on social games and lower price point games. However, we're also adjusting.

We are adjusting pricing on certain higher price point products. We are diversifying, and this does reflect in the sell-out and the positive trends that we see in the sell-out.

All right, and then a final more general question on OPEX. You clearly have positive business momentum and the outlook here sounds good.

How do you reason around the cost side? Are you expecting any material investments or could this be another year where we see some margin expansions on the back of growth, obviously, yeah?

No, we will pursue our let's call it investment strategy related to OPEX, mainly in marketing initiatives supporting our games, as well as some other key strategic topics that are important for Asmodee, such as AI, IT programs, etc. It's still ahead of us in another strong investment year from a P&L point of view.

Still having in mind the North Star of creating scale effect as much as possible on OPEX heading towards the goal of going beyond 18%, also thanks to positive contribution of M&A, of course, that will help. We'll still trying to find and delivering profitable growth in this next fiscal year.

Great. That was all for me.

Thank you. Thank you.

Thanks, Erik.

Thank you. My first question is, I'm not sure I heard you correctly there before on the inventory levels began to normalize in the US.

Did you see this throughout the full quarter, or was it a gradual change and you expect it to be more visible in the numbers in the coming quarters? Was that a correct interpretation?

We saw it throughout the whole quarter when we compared to the previous one, and we saw it also on all the key retailers, brick-and-mortars and online retailers in the US.

The conclusion is that you see sort of the potential for more normal growth going forward, at least relating to this previous issue?

This would at least narrow down the difference between sell-in and sell-out by managing healthy inventory position at each level of the industry value chain. Then sell-out, of course, is mainly, of course, driven by the other external drivers, and we are working to outperform the market as much as possible in all our key geographies.

Great. Thank you.

On your performance in the different countries and markets, can you explain the improved progress in the German market, where I think you were at around 20% growth all of a sudden?

Yes, it's a very positive outcome that comes with a great effort made by the German team since the beginning of the year in diversifying the product catalog, where we have key asset, notably on the distributed TCG landscape in Germany as well as accessories through Gamegenic. All of this is clearly the outcome of a very disciplined and serious strategy implemented and is now generating nice outcomes and returns.

Okay. There's no special one-off or anything in the quarter for that market?

No, it's not a one-off.

Okay. Thank you.

Just final question. You touched upon the OPEX, but could you say what you're planning for in terms of SG&A and overhead?

Do you see a risk near term for setback in margin due to more unfavorable sales mix?

No, we don't see unfavorable margin evolution due to sales mix so far. It's the expansion of published line should have a positive impact on the margin going forward.

I think that this fiscal year 25 to 26 was clearly the one when we have been most negatively impacted by the sales mix actually and by some provisions clearly in some published line, notably in the US. I think that we look at the future from that perspective positively.

Perfect. Thank you very much.

Thank you.

Thanks, Martin.

Yes, thank you. Hi, guys, and good morning.

I have two brief questions just quickly. Firstly, regarding the board games, could you mention how board games grew organically during the quarter?

It looks like they grew sort of 3% year-over-year, but could you give us an organic number?

This is mainly organic number, bearing in mind that the acquisition made during the fiscal year on Zombicide and other CMON asset were already part of our external sales because we've been the preferred partner of that studios over the past. There is no perimeter effect.

Beyond that, the only impact that has hit that number is the FX that was described before that was quite materially negative impact on the organic growth. Then

organic growth in board games should be closer to 5%, correct?

It should be in line with a more mid-single-digit, yes, trend,

and

if this FX effect wouldn't have impacted the year, on a constant rate, yes.

Right. Perfect.

Okay. Then one quick question on the impairment here.

Kind of what triggered impairment in this point in time and are there any other sort of what should we call them high-risk IPs that you have left in the portfolio? No, it's,

as we said, it's an IP that is part of the back catalog. We are not talking about any pillar games, core IP.

It's related to the fact that the intangible allocation is something that comes also from the past and the origin of Asmodee even before spin-off. It's part of some IP lives where the life cycle of the games sometimes is not as linear as the accounting rules expect it to be.

Nothing to be worried about.

Perfect. That was all for me.

Thank you.

Thanks, Adrian. Thank you.

Hi. Thank you so much for taking my questions.

Most of my questions have already been answered, but just have a quick one related to M&A. Past the recent transactions, how would you characterize your willingness to look for additional M&A opportunities in this space?

What are the characteristics of those potential M&A opportunities? Regarding the interested buyers and sellers, have you seen any changes with regards to their willingness to engage in a transaction over the last three months?

Thank you.

I would say we're delivering on our M&A strategy, and it's not because we have done significant moves in the recent months that we will not pursue. Yes, the general idea is that we will continue to pursue, and with the same priorities that we have set in the past.

It's first on IP and publishing capabilities. I think that we have strengthened quite well our social games, but we will continue to look at opportunities across all play types that we have, from social games to lifestyle games and tabletop games.

I would say that the discussions we have are still as active as they were. We have demonstrated our ability to do various sizes of deals, which is also a very strong signal to potential people that would like to join the Asmodee adventure.

I would say that our M&A strategy continues and will continue to unfold the way we have been doing it for more than a decade, and we're very proud of having been able to reignite it in the past year.

Thank you. A follow-up with regards to leverage targets: do you feel like the current environment makes you more confident to increase leverage on a potential M&A transaction that is strategic in nature or that is something opportunistic, or do you feel like your current target are aligned in the sand and that you would want to remain tied to these current leverage expectations?

Thank you.

What we've said is that two times leverage is our sweet spot, anything below that. Again, it doesn't prevent us from temporarily going beyond to fund some strategic investment, especially M&A, because we're a growth company and we would expect to deliver pretty rapidly afterwards.

The short answer is: is it a fixed rule? No.

It's a general sweet spot. We can deviate from it when it makes industrial sense, knowing that we would expect to go back to the normative ambition on this pretty rapidly.

Thank you so much.

Thank you very much.

Yes. Hi, guys.

Just one question really. Can you outline the bridge in ATM Gaming where the revenues are growing last year at something like 34 million towards your expectation of 50 million this year?

What are the components of that and how does it play out over the year?

It's full organic growth based on the existing portfolio and the very strong sales dynamic that they have in the existing territories where they are, but also expanding their international reach with the support of Asmodee. Then I would say that the dynamic is strong, because if we compare, as Andrea said, the last 12 months end of December and the last 12 months end of March, we already see a double-digit growth just with one quarter.

The dynamic remains extremely strong and will deliver throughout the entire year.

That's only the existing plans to expand potential distribution. It's not any synergies at all in that, right?

There is not in what we have communicated. That's their organic.

Then we do have on the, I would say, broader Asmodee side some synergies, especially, for instance, the distribution in France that we have picked up at the end of April.

All right. Thanks.

That was my only question remaining. Thank you.

Thank you very much.

Yes, we have a few written question. The first one is: is Asmodee still a primary primarily a board game publisher or is it increasingly becoming an infrastructure company for trading card games, pop culture licenses, and social games?

We have insisted a lot on the fact that one of the strengths of Asmodee is to be a publisher, but the first strength that we do have is our global reach across all categories from TCGs and board games. That that's the the the superpower of Asmodee.

Then being a very strong publisher is a way of accelerating performance. I would say that there is no change.

We continue to capture opportunities across the board wherever they come from. I think that effectively looking first at an angle from board game dynamics overall linked to the market and TCGs dynamic is a is a good strong angle.

Then the angle of who the publisher is is more a question of margin contributions and margin evolutions. Again, our aim is to be a dominant player bringing games to the all games to the market anywhere they can.

We have a a second question, which is, considering that games published by partners account a lot being the main commercial driver, can you give some more details about the legal framework of those relationships? As we did say, in our industry, we sometimes have contracts, we sometimes do not have contracts, sometimes just have terms, etc.

What's important to understand is that board games and games in general are not so much a commodity. What I mean by that is that the relationship between a publisher and its local distributor or distributors is usually a long-lasting relationship.

It's quite seldom to move from one distributor to another unless there is strong disagreements. In short, I would like I would tend to say that the the contractual relationship is actually not a topic for us.

The real topic is to continue performing and delivering on our promise to our partners. This will continue to drive having existing partners continuing to work for us with us for decades and having new partners joining us in this in this relationship.

Then there is a last question, maybe for you, Andrea, which is: is it possible to share the FX impact for games published by Asmodee, given the US presence?

Yes, of course. Games published by Asmodee studios year-to-date decreased by 5.8%, of which two-third is due to FX.

On the quarter-to-date, -9.8%, of which almost half of it is due to FX. In both cases, the split and the breakdown by currency is mainly driven by US dollar or Canadian dollar denominated currencies.

That's it for the questions. Before we close, I want to sincerely thank our teams.

They are the heart of the business. Our players, our partners across retail, publishing, and licensing for your contribution to a very successful year.

Thank you for joining us today, and we look forward to seeing you in various meetings in the upcoming days and weeks. Thank you very much.

Thank you very much.