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Asmodee

Asmodee Group AB is a leading global publisher and distributor of tabletop games, including board games, card games, and role-playing games, with a portfolio exceeding 950 titles and ownership of more than 300 intellectual properties. Founded in 1995 and headquartered in , , the company combines internal game development through 23 owned studios with third-party distribution across physical and digital channels in over 130 countries. Following its from AB in early 2025, Asmodee became a publicly traded entity on under the ticker ASMDEE, with net sales reaching €1.37 billion for the fiscal year 2024/2025. Since its inception as a French distributor of English-language games, Asmodee has grown through over 40 strategic acquisitions since 2014, integrating prominent studios and brands such as Fantasy Flight Games, Days of Wonder, Z-Man Games, and Catan Studio. This expansion has positioned it as a dominant force in the industry, publishing iconic titles like Ticket to Ride, Catan, Pandemic, 7 Wonders, Dixit, and licensed properties including Star Wars, Marvel, The Lord of the Rings, and Arkham Horror. The company's mission emphasizes creating immersive, player-inspired experiences that foster social connection, supported by direct operations in 22 countries and partnerships with retailers worldwide. In fiscal year 2024/2025, Asmodee reported an operating profit of €116.7 million, reflecting robust growth amid rising demand for analog entertainment.

Overview

Founding and early operations

Asmodee was founded in September 1995 by Marc Nunès in , , with the primary aim of publishing and distributing board games targeted at the European market. The company began as a small operation focused on bringing innovative games to audiences, emphasizing non-electronic formats such as board and games. From its inception, Asmodee positioned itself as a bridge between independent game designers and broader distribution channels, handling localization efforts to adapt titles for local languages and cultures. One of Asmodee's earliest milestones was securing distribution rights for Magic: The Gathering in in 1995, a partnership with that introduced the to French players and established the company's credibility in trading card games. This was followed by the publication of original titles, including in 1997, a fast-paced dexterity designed by Thomas Vuarchex and Pierrick Yakovenko that quickly gained popularity for its simple yet engaging mechanics. These releases exemplified Asmodee's initial , which centered on localizing international hits, developing accessible family-oriented games, and building a distribution network across to reach hobbyists and casual players alike. By the early 2000s, Asmodee had expanded from a modest team to a more structured organization with growing international reach, including early partnerships that facilitated the of to U.S. markets through collaborations with American publishers. This period marked the company's shift toward a hybrid model of in-house development and third-party support, laying the groundwork for broader dominance in non-digital while maintaining a focus on quality localization and efficient supply chains.

Current corporate status

Asmodee Group AB, operationally headquartered in , , maintains major offices in (), (), (), and various other regions to support its global operations. The company employs over 2,200 people worldwide as of 2025, fostering a diverse across 67 nationalities with a focus on hybrid work policies and initiatives. Following its from AB in early 2025, Asmodee Group AB became a standalone publicly traded company listed on under the ticker ASMDEE, with trading commencing on February 7, 2025. This transition initially saddled Asmodee with approximately €920 million in debt, which was reduced to €629 million in outstanding bonds by June 30, 2025, through prepayments and strong . Asmodee's core business encompasses publishing, distribution, and licensing of tabletop games, serving players in over 100 countries through a vast portfolio of intellectual properties. For the 2024/2025 (ended March 31, 2025), the company reported net sales of €1.37 billion, an increase of 6.3% (7.7% organic) from the previous fiscal year and strong performance in its primary segments. The company holds a leading position in the tabletop gaming industry, particularly in board games, card games, and role-playing games (RPGs), where it prioritizes immersive storytelling and community-driven experiences to engage global audiences. This market dominance is supported by annual sales exceeding 110 million units in the 2023/2024 and strategic divestitures, such as the April 2025 sale of its studio Twin Sails Interactive, to sharpen focus on core tabletop offerings.

History

Origins and initial growth (1995–2010)

Asmodee was founded in 1995 in a suburb of , , by Marc Nunès and two associates, initially operating from a garage as a distributor and publisher of board games with a focus on smaller developers and original titles. The company quickly established its publishing arm, Asmodee Éditions, to develop proprietary games, beginning with the acquisition of rights to the fast-paced card game in 1998, which became an early hit emphasizing reflexes and party play. This was followed by the 1999 release of Time's Up!, a team-based game that solidified Asmodee's reputation for accessible, social entertainment suitable for families and groups. A pivotal step in Asmodee's early international outreach came in 2004, when it secured European distribution rights for Days of Wonder's acclaimed Ticket to Ride, a train-building that introduced U.S.-designed titles to continental audiences and represented Asmodee's first significant engagement with the American market through cross-Atlantic partnerships. This move not only boosted sales of family-oriented strategy games but also highlighted Asmodee's growing role as a bridge between European and North American hobby gaming ecosystems. Throughout the late 2000s, Asmodee methodically built its European distribution infrastructure, expanding into , , and by 2008–2009 to handle localized publishing and logistics for its portfolio. The 2010 acquisition of a majority stake in Esdevium Games, the UK's leading hobby games distributor, provided a crucial foothold in the British market and enhanced efficiency across the region. By the end of the decade, Asmodee had grown to more than 100 employees, maintaining a core emphasis on family and amid competitive pressures from established giants like , which dominated mass-market retail channels. This period of organic expansion and targeted partnerships laid the groundwork for Asmodee's transition from a niche player to a pan-European contender.

Major expansions and acquisitions (2011–2020)

In 2014, Asmodee significantly expanded its portfolio through the acquisition of , a prominent U.S. publisher known for accessible family games such as Ticket to Ride and . This move marked Asmodee's first major entry into the North American market, enhancing its distribution network and adding titles that appealed to a broad audience beyond its traditional European focus. Later that year, Asmodee merged with , a leading publisher of complex strategy games, role-playing titles, and licensed products including Star Wars-themed board games and expansions. The merger allowed Asmodee to diversify into premium hobby gaming segments, integrating Fantasy Flight's extensive catalog of immersive experiences like Arkham Horror and while maintaining the brand's operational independence. By 2016, Asmodee continued its growth strategy with the acquisition of F2Z Entertainment, the parent company of , which brought acclaimed cooperative and tile-laying games such as and into its fold. This deal strengthened Asmodee's position in the genre and expanded its North American publishing capabilities, incorporating F2Z's innovative studios like Plaid Hat Games. Further expansions in the late included the 2018 acquisition of ' assets, securing English-language publishing rights to iconic licensed titles like and bolstering Asmodee's lineup of strategy games with established IPs. These strategic buys, alongside licensing agreements with major studios such as for Star Wars adaptations and Warner Bros. for properties like , diversified Asmodee's offerings and fueled international growth. Through these acquisitions, Asmodee grew to over 900 employees by 2020, with annual revenue exceeding €700 million, reflecting the scale of its expanded global operations and hit-driven portfolio.

Ownership transitions and recent developments (2021–present)

In December 2021, Embracer Group entered into exclusive negotiations to acquire Asmodee from PAI Partners for €2.75 billion (approximately $3.1 billion), with the deal including €350 million in newly issued Embracer shares paid to Asmodee's shareholders and the remainder used to settle cash and debt obligations. The acquisition was completed on March 8, 2022, fully integrating Asmodee as Embracer's ninth operating group and enabling synergies in publishing, distribution, and digital adaptations across tabletop and video games. As part of this integration, Asmodee expanded its digital capabilities through its video game division, originally founded in 2016 as Asmodee Digital and rebranded in 2022 as Twin Sails Interactive to focus on porting tabletop titles to digital platforms and publishing independent games. In 2023, Asmodee strengthened its regional presence in by operating through Asmodee Nordics A/S, a distribution arm based in , , which handles board games, card games, and collectibles across , , and , building on its origins as Distribution established in 2004. This entity supports localized supply chains and for key titles, contributing to Asmodee's global distribution network serving over 100 countries. Concurrently, Asmodee advanced its portfolio with partnerships around flagship properties like , including licensing deals that extended the game's reach, though core rights remained with the family-owned Catan GmbH founded in 2002. Embracer announced plans to demerge Asmodee in April 2024 as part of a into three standalone entities, aiming to allow focused growth in gaming amid financial challenges at the parent company. The was approved, with distribution of Asmodee shares to Embracer shareholders occurring in December 2024, followed by Asmodee's on , where class B shares began trading on February 7, 2025. Asmodee assumed approximately €900 million in debt as part of the , but reduced its overall leverage through operational efficiencies. For the fiscal year 2024/2025 (ending March 31, 2025), Asmodee reported net sales of €1.37 billion, reflecting 6.3% year-over-year growth driven by organic expansion and key releases. Post-demerger, Asmodee shifted strategically toward hybrid digital-physical experiences, leveraging studios like Twin Sails (which became independent via in April 2025) for adaptations while emphasizing core innovation. In sustainability, the company committed to 100% FSC-certified paper and wood components for all new games by the end of 2025, alongside eco-design initiatives reducing plastic usage through reusable elements and recyclable packaging to minimize environmental impact. These efforts align with broader goals, including local sourcing targets of 50% by 2030 and participation in industry discussions on sustainable production. In June 2025, Asmodee marked its 30th anniversary with a global rebranding initiative emphasizing player-inspired experiences and accessibility. Later that year, the company resumed its acquisition strategy, acquiring the : Death May Die IP from CMON in October 2025 to expand into crowdfunding-backed titles. Asmodee also launched new imprints, including Asmodee Kids in September 2025 for child-friendly adaptations of flagship games and Moodbox Games in October 2025 targeting the U.S. mass market with . Additional developments included securing exclusive worldwide rights to tabletop games in October 2025 and a partnership between and the announced on November 4, 2025. These moves underscored Asmodee's ongoing focus on portfolio diversification and market expansion as of November 2025.

Products and publishing

Board and card games

Asmodee's board and card games portfolio forms the cornerstone of its publishing operations, featuring a diverse array of strategy, family-oriented, and party titles that emphasize accessibility and replayability. Through acquisitions and partnerships, the company has built a catalog of flagship games that appeal to casual and dedicated players alike, including the award-winning Ticket to Ride, originally published in 2004 by and integrated into Asmodee's lineup following the 2014 acquisition of the studio. Other key titles include 7 Wonders, a civilization-building developed by Repos Production and added to Asmodee's portfolio via the 2020 acquisition of the publisher, which supports 3-7 players in simultaneous turns for efficient, strategic gameplay. Additionally, Exploding Kittens, a humorous launched in 2015, has been distributed globally by Asmodee since its , with the company formalizing a strategic in the publisher in 2021 to expand its party game offerings. The portfolio also encompasses licensed properties, particularly from the Star Wars franchise, managed through Asmodee's imprint. Notable examples include Star Wars: X-Wing, a tactical miniatures series that simulates space combat and has evolved through multiple editions since its 2012 debut, and Star Wars Unlimited, a game released in 2024 that allows players to build decks around iconic characters and vehicles for competitive battles. These titles leverage established intellectual properties to attract fans, blending narrative elements with core mechanics like deck-building and . Asmodee's distribution model prioritizes a broad release , introducing over 1,000 new stock-keeping units (SKUs) annually across its approximately 4,000-product catalog, with a strong emphasis on games like and strategy-focused ones such as . This approach supports global accessibility in over 100 countries, catering to diverse player demographics while driving organic sales growth of 23.6% in the first quarter of 2025. Board and card games remain a dominant driver, for a significant portion of the company's €1.37 billion in net sales for 2024/25, bolstered by an 18% share of the global board games market as of 2022. Innovations in the lineup enhance long-term engagement, such as modular expansions that introduce new components and variability without overhauling core rules. For instance, , a bird-themed engine-building game from Stonemaier Games distributed by Asmodee in select regions since 2019, features expansions like European Expansion and Oceania Expansion that add regional bird cards, habitats, and cooperative modes to promote replayability for 1-5 players. In November 2025, Asmodee announced Cozy Stickerville, a new developed with Unexpected Games, scheduled for release in 2026. These elements underscore Asmodee's commitment to evolving accessible titles into enduring series.

Role-playing games and miniatures

Asmodee, primarily through its subsidiary , has established a significant presence in the game () sector by publishing immersive systems tied to popular licenses. Key offerings include the Roleplaying Game, which transports players to the 1920s era of glamour, danger, and Lovecraftian mystery in the fictional town of , with core rulebooks and supplements expanding on investigative scenarios and character development. Another cornerstone is the Star Wars Roleplaying Game, encompassing lines such as Edge of the Empire, Age of Rebellion, and Force and Destiny, supported by sourcebooks like Rise of the Separatists that detail the era and remain fully compatible across the series for narrative-driven campaigns. In 2022, Asmodee began distributing the , developed by CMON, which allows players to embody superheroes and villains in the using a d616 system for heroic actions and multiversal storytelling; core components include the , narrator bundles, and expansions such as the Escape From Starter Kit, featuring pre-generated characters and scenario aids. Additionally, Asmodee handles for Paizo's Starfinder RPG in select markets, offering sci-fi adventure systems with core rulebooks like the Starfinder edition, which introduces new class features, over 90 feats, archetypes, spells, and equipment for interstellar and combat. Asmodee's RPG portfolio emphasizes expansive supplements and community engagement, with ongoing releases such as adventure modules for and era-specific sourcebooks for Star Wars, fostering long-term player investment through modular storytelling tools. The company supports these lines via organized play programs, hosting events at conventions like 2025, including tournaments, learn-to-play sessions, and panels to build dedicated communities. Shifting to miniatures games, Asmodee excels in collectible, tactical systems that integrate detailed sculpts with strategic gameplay, often under licensed properties. Star Wars: Legion stands out as a premier title, featuring starter sets for factions like the , , and Separatist Alliance—each containing 40-50 finely detailed miniatures, unit cards, upgrade cards, terrain pieces, and dice for battalion-scale battles on customizable maps. Expansions such as the Operative pack add unique operatives with command cards and tokens, while tournament support includes official organized play kits distributed to stores for competitive leagues and regional events. The Marvel: Crisis Protocol line delivers skirmish-scale battles with superhero miniatures, including character packs like and Phoenix Unleashed, comprising 10-15 poses, scenario cards, and order tokens for dynamic, comic-inspired clashes; Asmodee facilitates tournaments through locators and demos. Similarly, A Song of Ice and Fire: Tabletop Miniatures Game offers faction-specific unit boxes, such as the Martell Skyreach Bowmen with 12 resin miniatures, commander attachments, combat dice, and movement trays, enabling players to recreate Westerosi wars with tactical depth and expansion support for ongoing campaigns. In October 2025, Asmodee acquired the : Death May Die series, including its miniatures and expansions, from CMON to bolster its and horror-themed offerings. These games prioritize high-quality components and replayability, with Asmodee promoting expansions and s to sustain player engagement across global .

Digital and video game adaptations

Twin Sails Interactive, originally established as Asmodee Digital in 2016, served as Asmodee's dedicated division for developing and publishing digital adaptations of its tabletop games, focusing on , PC titles, and console ports to extend the reach of popular and card games. The studio handled ports such as the Ticket to Ride , launched in 2016, which brought the award-winning railway-building to and platforms with multiplayer functionality and expansions mirroring the physical editions. Other notable adaptations under its banner included digital versions of , 2, and Takenoko, emphasizing faithful recreations with added online play features. In addition to board game ports, Twin Sails Interactive expanded into original digital titles and licensed content, partnering with platforms like , the , and to distribute such as the Terraforming Mars digital edition and , a campaign game adapted from the physical version. These partnerships enabled , allowing users to connect across devices using a unified Asmodee account for seamless multiplayer experiences, bridging physical and virtual gameplay. For instance, titles like : The Board Game – Digital Edition supported synchronized sessions between mobile and PC users, enhancing accessibility for global audiences. Following a to Twin Sails Interactive in 2022 and a in April 2025, the division became independent from Asmodee, shifting focus toward publishing independent games while retaining its legacy of digital board game adaptations. Prior to the divestment, Asmodee leveraged these digital ventures through strategic investments, such as its 2021 stake in , which facilitated the development of the Exploding Kittens mobile app by collaborators like Game Studio, integrating the chaotic mechanics into a digital format available on multiple platforms. This approach underscored Asmodee's emphasis on hybrid experiences, where digital versions complemented physical sales by offering tutorial modes, solo play, and community features to attract new players to its core ecosystem.

Organization and subsidiaries

Key subsidiaries and brands

Asmodee operates a network of key subsidiaries that specialize in , , and of tabletop games, each contributing distinct strengths to the company's portfolio. These entities handle the creation, licensing, and global reach of popular titles across strategy, family, and licensed game categories. , acquired by Asmodee in 2014, focuses on premium strategy board games and licensed properties, producing immersive experiences with high-quality components and thematic depth. Notable titles under this subsidiary include the A Game of Thrones: The Board Game series, which adapts George R.R. Martin's epic narrative into strategic conquest gameplay, as well as Star Wars-themed games like Star Wars: Imperial Assault. Days of Wonder, integrated into Asmodee through a merger in 2014, specializes in accessible family-oriented board and card games that emphasize replayability and elegant mechanics. Its portfolio features hits such as Small World, a light strategy game involving area control with fantastical races and powers, and Ticket to Ride, a train-building route game that has sold millions worldwide. Catan Studio, established by Asmodee in 2016 following the acquisition of English-language rights to the series from , manages the global publishing and expansion of this iconic resource-management game. The subsidiary oversees core editions, numerous expansions like and Cities & Knights, and digital adaptations, ensuring the franchise's ongoing evolution and broad accessibility. Z-Man Games, brought under Asmodee via the 2016 acquisition of its parent company F2Z Entertainment, is renowned for publishing cooperative and deduction-based games that prioritize innovative gameplay and broad appeal. Key offerings include the Pandemic series, a cooperative game where players collaborate to stop global disease outbreaks, alongside titles like Carcassonne and Love Letter. Esdevium, acquired by Asmodee in 2010, serves as the primary distribution arm in the , handling logistics and market access for a wide array of Asmodee products. Rebranded as Asmodee in 2018, it supports the for brands across , enabling efficient delivery of games like those from Fantasy Flight and to retailers and consumers.

Leadership and corporate structure

Asmodee Group AB is led by CEO Thomas Koegler, who was appointed in September 2024 following his tenure as deputy since joining the company in 2015. Koegler's background in publishing includes overseeing interactive and entertainment divisions, focusing on adaptations and within Asmodee. The board of directors, chaired by Lars Wingefors, comprises seven members as of the 2025 Annual General Meeting, including legacy representatives from the era such as former CEO Stéphane Carville, alongside independent directors like Eugene Evans, elected post-IPO to enhance strategic oversight. The board operates through audit, remuneration, and nomination committees, ensuring compliance with rules and Swedish standards. Asmodee's organizational framework is divided into key operational segments: the division, responsible for creative development and management; the Route to Market division, handling and across more than 20 countries to reach over 100 markets globally; and, until its divestment in April 2025, oversight of the division through Twin Sails Interactive for video game adaptations. This structure integrates subsidiary operations to streamline , , and formerly efforts. Following the demerger from in February 2025 and subsequent IPO on , Asmodee implemented governance enhancements, including its inaugural and reports for 2024/2025, with a strong emphasis on initiatives—such as achieving 100% FSC certification for published games by the end of 2025—and robust IP protection policies to safeguard its portfolio of over 400 intellectual properties.

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