Asmodee’s quarterly net sales soar again to over €422m, board game revenue jumps 16%

Asmodee has kicked off its new financial year with another powerful quarter of growth, with the publishing and distribution giant’s net sales soaring 20.9% year-on-year to €422.1m.

TCG distribution remains the engine behind Asmodee’s ongoing growth, with trading card games responsible for more than two-thirds of that quarterly revenue, according to the company’s latest financial report.

But board games also put on a strong showing in the April to June quarter, the report shows, with net sales rising 16% year-on-year amid an ongoing recovery from volatility caused by last year’s US tariffs uncertainty.

Much of that increase came via Asmodee’s distribution of titles from other publishers, with sales of its own published titles only growing 1.8% in the quarter.

That small rise marks a significant improvement for Asmodee’s own board game publishing operation, however, with sales of its published titles having fallen almost 10% in January to March compared to the prior year, and 12.7% in the all-important October to December period in 2025, which includes the run-in to Christmas.

Asmodee CEO Thomas Koegler said growth in US board game sales was driven by “the continued normalization of retailer inventory levels”, as well as “resilient” consumer demand for tabletop games and positive impact of its own commercial and marketing initiatives.

That improvement comes after Asmodee repeatedly highlighted retailer inventory reductions and cautious purchasing behaviour – particularly in the US – through much of the past year, as store owners tried their best to navigate rising prices, unpredictable shipping rates and other fallout from the US tariffs.

During Asmodee’s earnings presentation last November, Koegler said US consumers were delaying purchases amid economic uncertainty and favouring lower-priced products, while retailers were pushing Christmas merchandising later into the year.

Three months later, the company reported US quarterly sales had slumped 23%, attributing much of the decline to retailers reducing purchases and ongoing inventory adjustments despite stable consumer sell-through.

Some of those pressures now appear to be easing, although Asmodee’s own US sales were down almost 9.4% year-on-year in April to June – a situation Koegler said was partly caused by the timing of its most recent Star Wars Unlimited release affecting year-on-year comparisons.

Speaking more generally about Asmodee’s board game sales, he said its evergreen franchises such as Catan and Dobble/Spot-It! continued to perform well, and highlighted other new releases including dnup, The Lord of the Rings: Fate of the Fellowship and Cozy Stickerville as having contributed to growth.

He also added that ATM Gaming, which Asmodee bought in a €250m deal earlier this year, had delivered a strong performance across its social games portfolio, including Speed Bac/Quickstop and Pili Pili.

Koegler also highlighted the first Zombicide crowdfunding campaign under Asmodee ownership, which attracted more than 11,000 backers and raised over €3m, describing it as an early success for its expanding crowdfunding strategy.