Asmodee seals record quarterly net sales despite 23% US slump

Asmodee posted record sales of €524m during the last quarter of 2025 despite a slump in its US performance, with trading card game earnings in Europe acting as a driving force for the business.

The board game giant’s overall net sales jumped 22.2% across October to December 2025 compared to the same period a year earlier, with the performance of products it distributes for other companies surging more than 50%.

Net sales for games published by Asmodee itself fell almost 13% year-on-year in the quarter, however, weighed down by US net sales slumping 23% to €70.4m.

That drop saw the US fall behind both France and the UK in Q3 in terms of the company’s highest-performing countries for net sales, with France surging 47% year-on-year to over €111m, and the UK growing 41% to €82.7m.

The US had previously outperformed all other countries for Q3 net sales for at least the past two years, Asmodee’s quarterly sales results show. Prior to that, individual country data for Asmodee was not publicly released while under former owner Embracer Group.

Asmodee CEO Thomas Koegler said in the company’s latest quarterly report that successful TCG releases in Europe across Pokémon, Magic: The Gathering and One Piece had driven the record Q3 results.

He added that lower sell-in to larger retailer for some of its own products had contributed to the sinking US result in Q3, despite saying that “overall consumer demand on our products remained stable”.

The company’ chief financial officer, Andrea Gasperini, added in the company’s Q3 earnings call that “unfavorable FX exchange rate exposure since the beginning of the year” was also to blame, as was a “normalising” of the performance of Asmodee’s own TCG Star Wars Unlimited compared to its launch year of 2024.

That situation echoed Ravensburger’s assessment of its flagship trading card game Disney Lorcana last month, with performance falling following an explosive start on its August 2023 launch that had quickly made the title a “long-term pillar” of the company’s products.

Koegler added during the Q3 earnings call, “Let’s remember also that the beginning of the year has been quite shaken up in everybody’s supply strategies – ours, the retailers – by the various announcements on the tariffs. And I think that it has been a constantly evolving situation where I’m quite proud of how the teams reacted.

“Once we’ve said that, of course, let’s not underestimate the impact of foreign exchange, which is quite material in the decrease. And secondly, what’s important to look at beyond our own sell-in performance, which is what we sell to retailers, is the sell-out.

“As I did say we have, since the beginning of the year, overperformed the market, and even in Q3 it was a quarter for the Christmas period that was very much focused on lower price point products. We captured very strong growth with Exploding Kittens and did have some headwinds on higher price point products.

“But I would say in the grand scheme of things: first of all, it’s fine, our portfolio is diversified, and secondly, it’s limited to the US, so we should expect some better trends in the future.”

When asked in the Q3 earnings call how confident he was in Asmodee’s own studios’ ability to return to growth, Koegler said, “Yes, we had some negative developments on the games, but if you look at the sellout, which is the sales to consumers in the US, for instance, the market was relatively flat, and our sellout was in line with this, which means that we still have positive outlooks for the future.

“Our performance was impacted, especially by, I would say, some inventory positions and retailers’ purchase strategies. Now, if we look forward, first of all, the vast majority of our revenue is coming from existing titles. That’s the first thing that’s important, and we are constantly working on engaging consumers on those.

“You saw the recent announcements on Catan and Ticket to Ride with Netflix, all of this with the objective to further increase brand awareness and visibility, and in the future, generate additional sales.

“If we look at some of the products we’re looking forward to in terms of new releases for next year, we have announced the new LEGO game in the Ninjago franchise being released the same time as the Ninjago anniversary.

“We have Azul Kids coming out. We have Dino Picnic, we have the future sets of Star Wars Unlimited. We have a refresh of Ticket to Ride Europe. So I would say that it will be still an active year.

“What’s important, if you look back at the historical performance of Asmodee, is that some years it’s strongly driven by trading cards, and in the other years, usually when trading cards are less strong, you have a relay that’s coming from board games.”

Asmodee also revealed in its Q3 results that it had bought bluffing and set collection game Sheriff of Nottingham from CMON – its third IP purchase from the company in the past eight months.

CMON’s IP sales have been part of its ongoing drive to combat the huge losses the business has chalked up in the past couple of years.

Asmodee kicked off its reignited strategy of buying up smaller board game publishers, distributors and IPs in June last year by acquiring CMON’s flagship IP Zombicide, a series which had raised more than $40m on Kickstarter since its 2012 launch.

Asmodee CEO Thomas Koegler was asked during the company’s quarterly results presentation whether the company was ready to make “more meaningful” acquisitions rather than small bolt-on deals.

He said, “Without being specific, the activity in the pipeline is in accordance with our plan. The smaller acquisitions are faster. IP acquisitions and asset deals are faster to execute. I’m satisfied.”