A test of whether Asmodee's distribution margin can be worked out from its group gross margin

What this is

A test of whether Asmodee's distribution margin can be worked out from its group gross margin: it cannot. Assuming fixed margins for distribution and for its own games gives a plausible answer for one pair of years (35% and 61%), an impossible one for another (−65%), and an inverted one for the third.

How it’s built

1. Asmodee's gross margin was 41.1%, 44.7% and 42.5% in the years to March 2024–2026, while the share of sales from distributed partner products went from 64% to 63% to 72%.
2. Each pair of years is solved for the two margins.
3. Figures from Asmodee's published annual results.

What we assumed

• Margins are constant across years.The method needs it; the results show it does not hold, because exchange rates, freight and royalties also moved the margin.

Sanity check

In the year to March 2025 the partner share fell while gross margin rose 3.6 points, which mix alone cannot explain. A defensible European distribution margin is 16–42%.

Where it comes from

Our calculation from other figures in the trainer’s notes:

• FiledAsmodee year to year-end 2024 net sales, goods for resale, publisher-type and category split, FY 1 Apr 2023-31 Mar 2024 (comparative column)
• FiledAsmodee goods for resale / net sales, year to year-end 2026
• FiledAsmodee goods for resale, year to year-end 2024-year to year-end 2026
• FiledAsmodee net sales by publisher type, year to year-end 2025-year to year-end 2026

Where it’s used

• ProfileCard distribution channel (distributors, hobby stores, mass retail)

Related figures

Built from this one

• EstimateThe estimated share of the list price The Pokémon Company receives through each Western sales channel, with a blended 35 to 59 cents per dollar38–59¢
• EstimateAsmodee card game and ebitda in yen, Asmodee year to year-end 2024–year to year-end 2026 (years to 31 Mar)