Asmodee’s escalating power as a global TCG distribution giant was evident again in its newly-released annual results, which showed the company’s net sales surging 23% year-on-year to more than €1.68bn.
That annual revenue has swelled around 50% in just three years on the back of huge recent growth in TCGs, including heavyweights Magic: The Gathering and Pokemon as well as a wave of strong performing newcomers such as Disney Lorcana, the One Piece Card Game and Asmodee’s own Star Wars: Unlimited.
Despite Asmodee’s long-time image as a board game publishing heavyweight, more than 72% of its revenue now comes via its distribution of other companies’ games – up from an already hefty 63% in the previous financial year to March 31, 2025.
TCGs now make up the lion’s share of Asmodee’s annual net sales – about 60% in the 2025/26 financial year, up from just over 50% across the preceding 12 month period.
The company’s own board game publishing operation, meanwhile, saw its net sales fall 5.8% in the last financial year – while net sales for the first quarter of this year were down 9.8% compared to the same period in 2025.
Asmodee’s Jan-Mar 2026 and last financial year revenue figures, showing a hefty jump in the portion of its net sales coming from distributing other companies’ games
Asmodee CEO Thomas Koegler was asked directly during a Q&A session on Asmodee’s latest financial results if the company was still primarily a board game publisher, or whether it was “increasingly becoming an infrastructure company for TCGs”.
He said in response, “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’s the superpower of Asmodee – and then being a very strong publisher is a way of accelerating performance.
“So I would say that there is no change, we continue to capture opportunities across the board wherever they come from… our aim is to be a dominant player, bringing all games to the market, anywhere they can.”
The Japon Brand buyout was accompanied by Asmodee launching a new Japan-based design studio, Nekuma, anchoring its push into what it described as a “currently untapped market” for the company.
There were also hints in the Q&A session that Asmodee might be considering a move into Japanese distribution, adding to its existing operations in the region across China, Taiwan and Australia.
Koegler said of Japan, “The first move we have done with Japon Brand and setting up Nekuma 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 Dnup that we are releasing later in the year is coming from Japan.
Asmodee CEO Thomas Koegler
“So they are very good also at small card games, and 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.
He added, “It’s a fragmented market, its a very strong TCG market on the local market side, but yes… as I said, it’s a very vivid scene.”
Koegler also made clear that the company is still pursuing M&A opportunities on the publishing side “across all play types that we have, from social games to lifestyle games and tabletop games”.
He said, “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.”
Koegler said in his introduction to Asmodee’s 2025/26 report that the impact of geopolitical and economic events on the company’s business in the first few months of the year had been limited, but that the firm remained “mindful” of the potential pressures on transport and energy costs.
Asmodee said the impact on the business of transport and energy cost changes due to global political and economic issues had so far been limited
He said in the financial results Q&A session, “From a consumer standpoint, in moments of tensions when there are rising costs, because games are an affordable leisure we tend to suffer less, if not take some opportunities. That’s what we’ve seen in previous crises over the past 10 or 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. First of all our mix is currently very favourable 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 its a limited one – in the US for the US, etc.
“Plus they are cheap to transport, so 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 party.
“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. We expect to be able to mitigate the impact.”
Koegler added that although the process for receiving tariff refunds in the US had begun, after the Supreme Court struck Donald Trump’s swathe of import fees earlier this month, there was uncertainty about both the timing and final amount Asmodee was owed.
He said, “This is still a little bit foggy, blurred – for us, but [also] for many, many other companies out there. So let’s wait for what’s next on this topic.”
Amsterdam is an amphibious city. Water flows around it (the Ijsselmeer, over which most people used to come into the city), water flows through it (the Amstel river, after which it is named, and the canals dug later), and even the land on which the buildings stand was won from the watery marshes in a feat of human ingenuity. The need to work together in this communal enterprise did not only strengthen the peasants and craftspeople who had won this land themselves (instead of receiving it from a noble), but also their willingness to put up with each other regardless of differences – the first instance of the famous Amsterdam tolerance.
Amsterdam’s rise was also closely connected to the water: On the one hand, Dutch herring fishers found out about how to cure fish on the ship, enabling them to sail further and catch more instead of having to head home after the first big catch. And in the 14th century, the count of Holland decreed that all Dutch beer imports from Hamburg, then northern Europe’s brewery, must go through Amsterdam. The city thus became a trade hub, first for these staples of fish and beer, but the local merchants soon branched out to luxury goods, too, especially as the great voyages of discovery brought Europe in direct touch with south and southeast Asia as well as the newly-discovered Americas.
When the Reformation swept Europe in the 16th century, Amsterdam, unlike many other Dutch cities, did not adopt the new Protestant faith. Yet the city kept its unusual approach to differences of faith and tolerated the local Protestants. Neither Protestantism nor tolerance were acceptable to the ruling Habsburg monarch, Philip II of Spain, who had inherited the suzerainty over the Low Countries from his father, emperor Charles V. Yet while both Philip and Charles were ardent Catholics, they had a very different relationship with the Low Countries. Charles had been born and brought up there, living his happiest years not far from Amsterdam. Philip was a Spaniard in everything, regarding the Dutch with suspicion. And as they started rebelling against him – for the Protestant faith, for municipal independence from the monarch, and for the exemption of taxes funding Habsburg wars in faraway lands – he was resolved to bring them back into the fold by force.
The various factions of the Dutch struggle for independence are the player roles in Revolution: The Dutch Revolt, 1568—1648 (Francis Tresham, Phalanx Games) – Catholics, Habsburgs, Nobility, Burghers and Reformers. Amsterdam remained initially Catholic (and thus loyal to Philip), yet other concerns would be more pressing to the city than religion: When the Dutch rebels blockaded the city from the sea, thus causing the collapse of any trade profits and the food supply to the city, Amsterdam’s anti-Habsburg faction was ascendant. The city threw its lot in with the rebels in 1578. Its Catholic minority, however, would be treated as the Protestants had been before. Tolerance went both ways in Amsterdam.
Amsterdam had escaped its ruin from the naval blockade. Further south, Antwerp, the most important Dutch port, was not so fortunate. While the blockade strangled Antwerp’s trade, tens of thousands of Antwerp merchants and artisans left the city to find greener pastures elsewhere – most of them in Amsterdam. Thus, while the Dutch provinces were engulfed in warfare with the Habsburgs (which would only end with Dutch independence in 1648), the convergence of capital and know-how in Amsterdam turned the city into the commercial capital of the world.
The Center of the World
Amsterdam in the early 17th century was buzzing with commercial activity. The merchants did not only find new trade routes, they also invented new ways of doing business altogether: The Vereenigde Oostindische Compagnie (United East India Company), or VOC for short, founded in 1602, was the first chartered company in the world. Anyone could buy a share in the company and thus partake in its profits – or sell the shares to others in what would become the Amsterdam Stock Exchange (also the first of its kind in the world). Amsterdam ships carried goods all over the worlds, Amsterdam shipwrights built them, Amsterdam craftspeople produced many of the finest objects for sale, and Amsterdam painters and writers catered to the pursuits of the minds. In the mid-17th century, a staggering 30% of all the new books in the world were published in Amsterdam, taking advantage of the liberal approach to the exchange of ideas in the metropolis.
Construction boomed in Golden Age Amsterdam – the city had much outgrown its medieval limits. In an ambitious scheme to not only expand, but also re-order the city’s flow of people and goods, Amsterdam took on its characteristic form, the city center surrounded by three belts of interconnected canals (grachten).
Amsterdam’s canals and the narrow houses built along them (for taxes were paid according to the width of the building’s front) have their own board game dedicated to them: Grachtenpand (Zach Hoekstra, Wulfhorn Games).
To my knowledge, no board game portrays the construction of the grachten. That’s a shame, because the scheme that led to their creation is worthy of the most cunning table strategist: Mayor Frans Oetgens knew of the plan to expand Amsterdam and dig the canals before it was public, so he and his associates bought up vast stretches of land at bargain prices and sold them back to the city at astronomical profits.
This act of self-interested entrepreneurship embodies Amsterdam’s preoccupation towards individual gain. It speaks to Amsterdam’s character as an individualist, bourgeois city that its most recognizable sights are not palaces and cathedrals, but these canals and the private houses along them.
Another very Amsterdam trait which has stood the test of time is the love of flowers, especially tulips. Yet never was this passion greater than in the 17th century, when it intermingled with the other great passion of Amsterdammers – commerce. Unlike the controlled trade of goods and shares in Amsterdam’s port and stock exchange, the Amsterdam Tulip Bubble developed unregulatedly in taverns where buyers and sellers met over a glass of wine. The price of tulips skyrocketed in one of the first documented speculation crazes – until the bubble burst, as is the inevitable outcome of Tulip Bubble (Kouyou, Moaideas Game Design): Players want to partake in the profitable trade, yet must try to sell before the end of the mania, for all their tulips in hand will be worth nothing at game end.
The allure of 17th century Amsterdam, this great laboratory of capitalism, is so great that it has become a widespread board game setting – just behind Vikings, zombies, and trading in the Mediterranean. Even the behemoth board game franchise Ticket to Ride has an instalment set in Amsterdam. Ticket to Ride: Amsterdam (Alan R. Moon, Days of Wonder) deviates from the tried-and-true setting of trains in favor of route-building in Golden Age Amsterdam 200 years before the first rail was laid. I especially appreciate that the game sticks with the original names for places in Amsterdam, so that players who don’t speak Dutch can attempt to pronounce Korenmetershuisje (Little House of the Grain Measuring Officials) and Oost-Indisch Huis (East India House).
Finally, the great master of eurogames has also designed a Golden Age Amsterdam game: Merchants of Amsterdam (Reiner Knizia, Rio Grande Games). And despite Knizia’s reputation of producing mathematically sound, but often themeless games, it might be the one which captures Amsterdam in 17th century best: Not only is the central mechanism that of a Dutch auction (that is, an auction which starts at a very high price which continues falling until someone buys the asset in question at the price asked), but its map depicts the Amsterdam surrounded by four world regions with which the players can trade – Amsterdam, the commercial center of the world.
Amsterdam’s preeminence could not last forever. Despite its naval and commercial advantages, the Dutch Republic was a small country compared to England or France, and eventually fell to these rivals. The rampjaar (catastrophe year) of 1672, in which England challenged the Republic on the seas and France invaded the Netherlands, ended the Dutch Golden Age. Amsterdam was only saved from French occupation when the Dutch pierced the dikes and flooded a large area of their own country to prevent the French onslaught.
As the Dutch Republic shrunk in importance, so did Amsterdam. London, Paris, Vienna, and Berlin eclipsed it as centers of modernity in Europe. Even within the Netherlands, the city fell behind: Its disadvantageous geography meant that Rotterdam, situated directly on the North Sea instead of the Ijsselmeer, became the country’s premier port. Amsterdam, however, remained a center of the arts, and an iconic city of individualism and tolerance.
In the 20th century, these values brought Amsterdammers to adopt a liberal attitude toward prostitution (openly practiced around the Old Church) and drugs (marijuana is not legal, but its consumption in specialized establishments (coffeeshops) is tolerated). That openness has made Amsterdam a dream destination for those wishing to uproot traditional lifestyles (at least for a moment) – from Yoko Ono and John Lennon staging their “Bed-In” for world peace in Amsterdam to the ubiquitous bachelor party trips there. Surprisingly, not a single board game seems to be dedicated to this side of Amsterdam.
When board games are set in modern Amsterdam, they often allude to traditional Dutch themes: Gift of Tulips (Sara Perry, Weird Giraffe Games) has its players once more compete for the finest flower bouquets at the city’s annual tulip festival. Amsterdam’s rich artistic history also often features: In Masters of Crime: Shadows (Lukas Setzke/Martin Student/Verena Wiechens, KOSMOS), the players aim to conduct a painting heist, whereas in EXIT: The Game – The Hunt Through Amsterdam (Inka Brand/Markus Brand, KOSMOS), they want to recover a lost Vincent van Gogh painting. My detective instincts say that these are the same painting! Finally, Amsterdam’s slide to modern metropolis sans its erstwhile very specific features is exemplified by the game set in Amsterdam with the single highest number of ratings on BoardGameGeek: Mechanically, the crime/mystery game Shadows: Amsterdam (Mathieu Aubert, Libellud) could be set in any big city. There’s nothing Amsterdam-specific about private detectives looking for evidence and avoiding the police’s official investigation. Yet the artwork on the tiles sometimes gives a little glimpse – for example, houses along the gracht.
A good introduction on Amsterdam’s history is Shorto, Russell: Amsterdam. A History of the World’s Most Liberal City, Doubleday, New York City, NY 2013.
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