Asmodee had a big FY25/26 on paper. Full-year net sales reached EUR 1.6836 billion, up 23.0% year over year. But the more useful board-games read sits inside the mix: games published by Asmodee studios fell 5.8%, while partner-published games rose 40.0%.
That split matters more than the headline growth number, because it shows where the company is actually getting bigger. This was not a year driven by a clean surge in Asmodee’s own publishing output. It was a year where distribution power and trading card game momentum did a lot of the lifting.
What the official report actually says
The official year-end release dated May 21 also breaks out the latest quarter, and the pattern stayed the same there. In Q4, Asmodee reported EUR 407.1 million in net sales, up 19.2% year over year. Over that same quarter, games published by Asmodee studios fell 9.8%, while partner-published games increased 31.6%.
The rest of the report is solid for investors: adjusted EBITDA reached EUR 285.4 million for the full year, margin improved to 17.0%, and the board proposed a EUR 0.17 per-share dividend. Asmodee also said it completed the ATM Gaming acquisition after the quarter.
Those are real positives. They just do not erase the more specific tabletop signal. If you mainly associate Asmodee with the games it publishes through its own studios, this report is not really telling a growth story there.
Why the TCG and distribution angle is the part to watch
BoardGameWire adds the clearest outside context to the official numbers. Its analysis says TCGs accounted for about 60% of Asmodee’s annual net sales, and that more than 72% of revenue now comes from distributing other companies’ games. Those figures should be attributed to BoardGameWire’s reading of the report and Q&A, not presented as lines from Asmodee’s release itself.
Even with that caution, the broad direction is hard to miss. Asmodee still wants to talk like a company with reach across tabletop categories, and that is fair enough. But for readers trying to understand what may shape its next few moves, the money appears to be flowing hardest through partner distribution, TCG scale, and acquisitions that strengthen that machine.
That does not mean Asmodee is abandoning board games, and it does not mean its own publishing side is suddenly in collapse. The clean claim here is narrower: the group’s strongest growth is coming from somewhere different than the old mental picture many tabletop fans still have.
What this changes for tabletop readers now
The practical takeaway is not that players should panic about Asmodee’s board-game pipeline. It is that the company’s incentives look clearer now. If partner distribution, TCGs, and global reach are doing the heavy work, that can shape everything from retail priorities to acquisition appetite.
So the honest read is a little sharper than the press-release version. Asmodee had a strong year, but its own studio publishing was not the engine. For tabletop readers, that is the part worth remembering when the next acquisition, licensing push, or retail move lands.
For more tabletop coverage, visit our board-games lane, revisit our earlier Asmodee partner-slate story, read our coverage of the Time’s Up! acquisition, or catch up on the latest Spiel des Jahres 2026 nominees.
