Spin Master Corp.: Spin Master Reports Q2 2026 Financial Results and Reiterates 2026 Full Year Outlook

Toronto, ON, July 30, 2026 /PRNewswire/ -- Spin Master Corp. ("Spin Master" or the "Company") (TSX: TOY) (www.spinmaster.com), a leading global children's entertainment company, today announced its financial results for the three and six months ended June 30, 2026. TheCompany's full Management's DiscussionandAnalysis ("MD&A") for thethreeandsix monthsendedJune30, 2026is available under the Company's profile on SEDAR+ (www.sedarplus.com) and posted on the Company's web site at www.spinmaster.com. All financial information is presented in United States dollars ("$", "dollars" and "US$") and has been rounded to the nearest hundred thousand, except per share amounts and where otherwise indicated.

"We recorded a strong second quarter, powering our return to profitable growth," said Christina Miller, CEO of Spin Master. "Our results were driven by solid sales of core brands, including PAW Patrol and Monster Jam, along with compelling new products. Entering the back half of the year, we remain sharply focused on investing in innovation across our creative centers, accelerating growth by expanding into collectibles and strategic trading cards, and unlocking the full value of our brands by bringing them to global audiences in stores, on screen, and online."

"We generated significant free cash flow in the first half of the year illustrating the cash generating power of our business," said Jonathan Roiter, CFO of Spin Master. "This has enabled us to continue returning significant capital to shareholders while paying down debt. Since the acquisition of Melissa & Doug, we have reduced our gross debt by more than $350 million while returning almost $200 million in capital to shareholders."

Consolidated Financial Highlights for Q2 2026 as compared to the same period in 2025

• Revenue was $436.4 million, an increase of 8.9%. Constant Currency Revenue1 was $434.1 million, an increase of 8.3%.
• Operating Income was $45.7 million, compared to Operating Loss of $52.4 million.
• Adjusted Operating Income¹ was $19.2 million, compared to Adjusted Operating Loss1 of $0.9 million.
• Net Income was $29.7 million or $0.29 per share (diluted) compared to Net Loss of $46.5 million or $(0.46) per share.
• Adjusted Net Income¹ was $8.6 million or $0.08 per share (diluted) compared to Adjusted Net Loss1 of $7.4 million or $(0.07) per share.
• Adjusted EBITDA¹ was $51.6 million, an increase of $22.9 million.
• Adjusted EBITDA Margin¹ was 11.8% compared to 7.2%.
• Cash provided by operating activities was $57.8 million compared to $26.1 million.
• Free Cash Flow¹ was $19.2 million compared to $(15.2) million.
• Repurchased and cancelled 697,358 subordinate voting shares for $9.3 million (C$13.2 million) in Q2 2026 through the Company's Normal Course Issuer Bid (the "NCIB"). Subsequent to June 30, 2026, the Company repurchased and cancelled 95,681 subordinate voting shares for $1.5 million.
• Subsequent to June 30, 2026, the Company declared a quarterly dividend of C$0.12 per outstanding subordinate voting share and multiple voting share, payable on October 9, 2026.

2026 Outlook

For the full year 2026, the Company continues to expect:

• Revenue: stable to low single digit percentage growth compared to 2025.
• Adjusted EBITDA¹: mid to high single digit percentage growth compared to 2025.

¹ Non-GAAP financial measure or ratio. See "Non-GAAP Financial Measures and Ratios".

Consolidated Financial Results as compared to the same period in 2025

(US$ millions, except per share information)								Q2 2026		Q2 2025		$ Change
Consolidated Results Revenue								436.4		400.7		35.7
Operating Income (Loss)								45.7		(52.4)		98.1
Operating Margin2								10.5 %		(13.1) %
Adjusted Operating Income (Loss)1,3								19.2		(0.9)		20.1
Adjusted Operating Margin1								4.4 %		(0.2) %
Net Income (Loss)								29.7		(46.5)		76.2
Adjusted Net Income (Loss)1,3								8.6		(7.4)		16.0
Adjusted EBITDA1,3								51.6		28.7		22.9
Adjusted EBITDA Margin1								11.8 %		7.2 %
Earnings Per Share ("EPS") Basic EPS								$0.30		$(0.46)
Diluted EPS								$0.29		$(0.46)
Adjusted Basic EPS1								$0.09		$(0.07)
Adjusted Diluted EPS1								$0.08		$(0.07)
Weighted average number of shares (in millions) Basic								100.5		101.6
Diluted								103.6		104.5
Selected Cash Flow Data Cash provided by operating activities								57.8		26.1		31.7
Cash used in investing activities								(38.6)		(43.1)		4.5
Cash used in financing activities								(81.0)		(4.2)		(76.8)
Free Cash Flow1								19.2		(15.2)		34.4
1 Non-GAAP financial measure or ratio. See "Non-GAAP Financial Measures and Ratios".
2 Operating Margin is calculated as Operating Income (Loss) divided by Revenue.
3 Refer to the "Reconciliation of Non-GAAP Financial Measures" section for further details on the adjustments.

Segmented Financial Results as compared to the same period in 2025

(US$ millions)	Q2 2026					Q2 2025
	Toys	Entertain -ment	Digital Games	Corporate & Other1	Total	Toys	Entertain- ment		Digital Games		Corporate & Other1		Total
Revenue	361.1	31.2	44.1	-	436.4	322.3	32.1		46.3		-		400.7
Operating Income (Loss)	34.3	15.5	6.2	(10.3)	45.7	(39.7)	15.7		(15.5)		(12.9)		(52.4)
Adjusted Operating Income (Loss)2	4.0	15.8	7.6	(8.2)	19.2	(20.8)	17.7		7.7		(5.5)		(0.9)
Adjusted EBITDA2	24.0	24.4	11.4	(8.2)	51.6	(0.7)	24.3		10.6		(5.5)		28.7

¹ Corporate & Other includes certain corporate costs (such as certain employee compensation, corporate social responsibility and professional services expenses), foreign exchange, acquisition related transaction costs, as well as investment income and loss.

² Non-GAAP financial measure or ratio. See "Non-GAAP Financial Measures and Ratios".

Toys Segment Results

The following table provides a summary of the Toys segment operating results, for the three months ended June 30, 2026 and 2025:

(US$ millions)	Q2 2026	Q2 2025	$ Change	% Change
Preschool, Infant & Toddler and Plush	209.6	185.0	24.6	13.3 %
Activities, Games & Puzzles and Dolls & Interactive	106.1	88.3	17.8	20.2 %
Wheels & Action	86.1	88.8	(2.7)	(3.0) %
Outdoor	11.9	8.9	3.0	33.7 %
Toy Gross Product Sales1	413.7	371.0	42.7	11.5 %
Sales Allowances2	(53.0)	(48.9)	(4.1)	8.4 %
Sales Allowances % of Toy Gross Product Sales1	12.8 %	13.2 %		(0.4) %
Toy Net Sales	360.7	322.1	38.6	12.0 %
Toy - Other Revenue	0.4	0.2	0.2	100.0 %
Toy Revenue	361.1	322.3	38.8	12.0 %
Toys Operating Income (Loss)	34.3	(39.7)	74.0	(186.4) %
Toys Operating Margin3	9.5 %	(12.3) %		21.8 %
Toys Adjusted EBITDA1	24.0	(0.7)	24.7	n.m.
Toys Adjusted EBITDA Margin1	6.6 %	(0.2) %		6.8 %

¹ Non-GAAP financial measure or ratio. See "Non-GAAP Financial Measures and Ratios".

² The Company enters arrangements to provide Sales Allowances requested by customers relating to cooperative advertising, contractual and negotiated promotional discounts, volume rebates, markdowns, and costs incurred by customers to sell the Company's products.

³ Operating Margin is calculated as segment Operating Income (Loss) divided by segment Revenue.

• Toy Revenue increased by $38.8 million to $361.1 million primarily due to higher Toy Gross Product Sales¹. Constant Currency Toy Revenue1 was $359.1 million, an increase of 11.4%.
• Toy Gross Product Sales¹ increased by $42.7 million to $413.7 million, primarily driven by shipments ahead of the upcoming theatrical release of PAW Patrol: The Dino Movie. In addition, Toy Gross Product Sales1 in the prior year was impacted by a slowdown in U.S. retailer orders due to global tariff policies. Constant Currency Toy Gross Product Sales¹ was $410.9 million, an increase of 10.8%.
• Sales Allowances increased by $4.1 million to $53.0 million. As a percentage of Toy Gross Product Sales¹, Sales Allowances decreased to 12.8% from 13.2% primarily driven by a change in geographic and customer mix.
• Toys Operating Income was $34.3 million compared to Toys Operating Loss of $39.7 million. The change was primarily driven by the International Emergency Economic Powers Act tariff refund ("Tariff Refund") of $37.9 million in the current year, higher Toy Revenue and a shift in timing of marketing spend compared to the prior year, partially offset by higher selling expenses. Toys Operating Margin was 9.5% compared to (12.3)%.
• Toys Adjusted EBITDA¹ was $24.0 million compared to $(0.7) million. The increase was primarily driven by higher Toy Revenue, lower marketing expenses, partially offset by higher administrative and selling expenses.
• Toys Adjusted EBITDA Margin¹ was 6.6% compared to (0.2)%, primarily driven by operating leverage due to higher Toy Revenue as well as higher Gross Margin driven by a shift in product mix and lower Sales Allowances.

¹ Non-GAAP financial measure or ratio. See "Non-GAAP Financial Measures and Ratios".

Entertainment Segment Results

The following table provides a summary of Entertainment segment operating results, for the three months ended June 30, 2026 and 2025:

(US$ millions)	Q2 2026	Q2 2025	$ Change	% Change
Entertainment Revenue	31.2	32.1	(0.9)	(2.8) %
Entertainment Operating Income	15.5	15.7	(0.2)	(1.3) %
Entertainment Operating Margin	49.7 %	48.9 %		0.8 %
Entertainment Adjusted Operating Income1	15.8	17.7	(1.9)	(10.7) %
Entertainment Adjusted Operating Margin1	50.6 %	55.1 %		(4.5) %
1 Non-GAAP financial measure or ratio. See "Non-GAAP Financial Measures and Ratios".

• Entertainment Revenue declined by $0.9 million to $31.2 million, primarily driven by lower ongoing distribution revenue from PAW Patrol: The Mighty Movie.
• Entertainment Operating Income was relatively flat at $15.5 million. Entertainment Operating Margin increased from 48.9% to 49.7%.
• Entertainment Adjusted Operating Income¹ declined by $1.9 million to $15.8 million, primarily due to lower ongoing distribution revenue and the delivery of Vida the Vet in the current year (distribution revenue less amortization of production costs), partially offset by lower marketing expenses.
• Entertainment Adjusted Operating Margin¹ decreased from 55.1% to 50.6%, primarily due to the dilutive effect of the delivery of Vida the Vet in the current year and lower ongoing distribution revenue.

Digital Games Segment Results

The following table provides a summary of Digital Games segment operating results, for the three months ended June 30, 2026 and 2025:

(US$ millions)	Q2 2026	Q2 2025	$ Change	% Change
Digital Games Revenue	44.1	46.3	(2.2)	(4.8) %
Digital Games Operating Income (Loss)	6.2	(15.5)	21.7	(140.0) %
Digital Games Operating Margin	14.1 %	(33.5) %		47.6 %
Digital Games Adjusted Operating Income1	7.6	7.7	(0.1)	(1.3) %
Digital Games Adjusted Operating Margin1	17.2 %	16.6 %		0.6 %
1 Non-GAAP financial measure or ratio. See "Non-GAAP Financial Measures and Ratios".

• Digital Games Revenue declined by $2.2 million to $44.1 million, driven by lower in-game purchases in Toca Boca World, partially offset by revenue generated from strategic distribution partnerships.
• Digital Games Operating Income was $6.2 million, compared to a loss of $15.5 million. The change was primarily driven by $17.1 million of prior year's impairment for digital game and app development assets and a decrease in administrative expenses. Digital Games Operating Margin increased from (33.5)% to 14.1%.
• Digital Games Adjusted Operating Income¹ was relatively flat at $7.6 million.
• Digital Games Adjusted Operating Margin¹ increased from 16.6% to 17.2%, primarily driven by revenue generated from strategic distribution partnership and lower administrative expenses.

¹ Non-GAAP financial measure or ratio. See "Non-GAAP Financial Measures and Ratios".

Liquidity

The Company has a committed unsecured revolving credit facility (the "Facility") with a borrowing capacity of $510.0 million and contains certain financial covenants. On May 26, 2026, the Company entered into an agreement to amend its existing Facility, which now matures on May 26, 2031. The amendment also introduced an additional three-year revolver tranche with a borrowing capacity of $225.0 million that matures on May 26, 2029. This new tranche was used to settle the $225.0 million non-revolving credit facility ("Acquisition Facility") that was originally entered into on November 20, 2023 to fund the acquisition of Melissa & Doug, which was cancelled on May 26, 2026.

As at June 30, 2026, there was $150.0 million outstanding (December 31, 2025 - $42.0 million) under the Facility, no amount outstanding (December 31, 2025 - $225.0 million) under the Acquisition Facility, and $20.6 million of bank overdraft outstanding (December 31, 2025 - $nil). During the six months ended June 30, 2026, the Company drew $50.0 million (2025 - $25.0 million) and $20.6 million (2025 - $nil) on the Facility and bank overdraft, respectively, and repaid $167.0 million (2025 - $30.0 million) against the Facility. For the six months ended June 30, 2026, the weighted average interest rates on the Facility and Acquisition Facility were 5.5% and 5.2%, respectively (2025 - 5.9% and 5.6%).

As at June 30, 2026, the Company had available liquidity of $627.3 million, comprised of $48.5 million in cash and $578.8 million under the Company's committed credit facilities.

Cash Flows for Q2 2026 as compared to the same period in 2025

Cash flows provided by operating activities were $57.8 million compared to $26.1 million driven by change in net income, adjusted for non-cash items, partially offset by changes in non-cash working capital. Changes in non-cash working capital increased by $6.3 million as compared to a decrease of $45.9 million.

Cash used in investing activities was $38.6 million for the three months ended June 30, 2026 compared to $43.1 million primarily as a result of lower investments in Entertainment content development and leasehold improvements, partially offset by higher investments in moulds, dies and tools.

Cash flows used in financing activities were $81.0 million compared to $4.2 million, driven by repayment of $75.0 million towards the Facility (2025 - $nil), lease payments of $8.1 million (2025 - $10.6 million) and shares repurchased under the Company's NCIB for $9.3 million (2025 - $10.6 million), partially offset by $20.6 million drawn from the bank overdraft (2025 - $nil) and $nil drawn against the Facility (2025 - $25.0 million).

Free Cash Flow¹ was $19.2 million compared to $(15.2) million, primarily due to higher net income, adjusted for non-cash items, partially offset by changes in non-cash working capital.

Dividends

The Company's Board of Directors declared a dividend of C$0.12 per outstanding subordinate voting share and multiple voting share, payable on October 9, 2026 to shareholders of record at the close of business on September 25, 2026. The dividend is designated to be an eligible dividend for purposes of section 89(1) of the Income Tax Act (Canada).

¹ Non-GAAP financial measure or ratio. See "Non-GAAP Financial Measures and Ratios".

Forward-Looking Statements

Certain statements, other than statements of historical fact, contained in this Press Release constitute "forward-looking information" within the meaning of certain securities laws, including the Securities Act (Ontario), and are based on expectations, estimates and projections as of the date on which the statements are made in this Press Release. The words "plans", "expects", "projected", "estimated", "forecasts", "anticipates", "indicative", "intend", "guidance", "outlook", "potential", "prospects", "seek", "strategy", "targets" or "believes", or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can", or negative versions thereof, "be taken", "occur", "continue" or "be achieved", and other similar expressions, identify statements containing forward-looking information. Statements of forward-looking information in this Press Release include, without limitation, statements with respect to: future financial performance and growth expectations, as well as the drivers and trends in respect thereof; the Company's priorities, plans and strategies; content, digital game and product pipeline and launches, as well as their impacts; deployment of cash; dividend policy and future dividends; and financial position, cash flows, liquidity and financial performance.

Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by management as of the date on which the statements are made in this Press Release, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being incorrect. In addition to any factors and assumptions set forth above in this Press Release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: the Company will not have any unusual adjustments resulting from unexpected disruptions including regulatory actions impacting global trade, other macro-economic risks and uncertainties, and/or unforeseeable legal matters or non-recurring items; the Company will be able to successfully expand its portfolio across new channels and formats, and internationally; the Company's ability to achieve other expected benefits through acquisitions; management's estimates and expectations in relation to future economic and business conditions and other factors in relation to the Company's financial performance; the absence of significant undisclosed costs or liabilities associated with the transactions; Melissa & Doug's business will perform in line with the industry; there are no material changes to Melissa & Doug's core customer base; the Company's dividend payments being subject to the discretion of the Board of Directors and dependent on a variety of factors and conditions existing from time to time; the availability of funds for repurchases of outstanding subordinate voting shares under the Bid; alternate uses for the Company's cash resources; seasonality; ability of factories to manufacture products, including labour size and allocation, tooling, raw material and component availability, ability to shift between product mix, and customer acceptance of delayed delivery dates; the steps taken will create long term shareholder value; the expanded use of advanced technology, robotics and innovation the Company applies to its products will have a level of success consistent with its past experiences; the Company will continue to successfully secure, maintain and renew broader licenses from third parties for premiere children's properties consistent with past practices, and the success of the licenses; the expansion of sales and marketing offices in new markets will increase the sales of products in that territory; the Company will be able to successfully identify and integrate strategic acquisition and minority investment opportunities; the Company will be able to maintain its distribution capabilities; the Company will be able to leverage its global platform to grow sales from acquired brands; the Company will be able to recognize and capitalize on opportunities earlier than its competitors; the Company will be able to continue to build and maintain strong, collaborative relationships; the Company will maintain its status as a preferred collaborator; the culture and business structure of the Company will support its growth; the current business strategies of the Company will continue to be desirable on an international platform; the Company will be able to expand its portfolio of owned branded IP and successfully license it to third parties; use of advanced technology and robotics in the Company's products will expand; the Company will be able to continue to develop and distribute entertainment content in the form of movies, TV shows and short form content; the Company will be able to continue to design, develop and launch mobile digital games to be distributed globally via app stores; access of entertainment content on mobile platforms will expand; fragmentation of the market will continue to create acquisition opportunities; the Company will be able to maintain its relationships with its employees, suppliers, retailers and license partners; the Company will continue to attract qualified personnel to support its development requirements; the Company's key personnel will continue to be involved in the Company products, mobile digital games and entertainment properties will be launched as scheduled; and the availability of cash for dividends and that the risk factors noted in this Press Release, collectively, do not have a material impact on the Company.

By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. Known and unknown risk factors, many of which are beyond the control of the Company, could cause actual results to differ materially from the forward-looking information in this Press Release. Such risks and uncertainties include, without limitation, risks outlined in the "Global Tariffs Uncertainty" section of the Company's MD&A for the three months and year ended December 31, 2025 (the "Annual MD&A"); risks associated with using funds to repurchase subordinate voting shares under the Bid; the risk of a determination not to repurchase subordinate voting shares under the Bid; concentration of manufacturing and geopolitical risks; uncertainty and adverse changes in general economic conditions and consumer spending habits and the factors discussed in the Company's disclosure materials, including the Annual MD&A and the Company's most recent Annual Information Form, filed with the securities regulatory authorities in Canada and available under the Company's profile on SEDAR+ (www.sedarplus.com). These risk factors are not intended to represent a complete list of the factors that could affect the Company and investors are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The forward-looking statements contained herein are made as of July 29, 2026 and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Conference call

Christina Miller, Chief Executive Officer and Jonathan Roiter, Chief Financial Officer, will host a conference call to discuss the financial results on Thursday, July 30, 2026 at 8:30 a.m. (ET).

WEBCAST: https://app.webinar.net/LB9R28x2XzZ

A link to the webcast will also be available on the Events & Presentations page of the Investors section of Spin Master's website at http://www.spinmaster.com/events.php. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days.

DIAL-IN: To join the conference call without operator assistance, you may register and enter your phone number at https:// emportal.ink/4uFeqYD to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator: 1-416-945-7677 or 1-888-699-1199.

About Spin Master

Spin Master Corp. (TSX:TOY) is a leading global children's entertainment company, creating exceptional play experiences across

its three creative centres: Toys, Entertainment and Digital Games. With worldwide toy distribution, Spin Master is best known for award-winning brands including PAW Patrol®, Melissa & Doug®, Bakugan® and Rubik's® Cube, and is the global toy licensee for other iconic properties. Through its in-house entertainment studio, the company creates and produces captivating multiplatform content including powerhouse preschool franchise PAW Patrol, along with other original shows, short-form series and feature films. With an established presence in digital games anchored by Toca Boca® and Piknik, Spin Master engages close to 60 million active users monthly in open-ended, creative and safe play. With 29 offices spanning nearly 20 countries, Spin Master employs close to 2,500 team members globally.

Condensed consolidated interim statements of financial position

(In US$ millions)	Jun 30, 2026	Jun 30, 2025	Dec 31, 2025
Assets
Current assets
Cash and cash equivalents	48.5	128.0	104.6
Trade receivables, net	340.7	355.9	508.1
Other receivables	64.6	61.9	71.5
Inventories, net	187.3	225.0	149.7
Income tax receivable	31.3	46.0	19.3
Prepaid expenses and other assets	48.8	65.7	44.3
	721.2	882.5	897.5
Non-current assets
Intangible assets	877.2	858.5	865.8
Goodwill	160.6	368.6	164.0
Right-of-use assets	167.2	147.3	174.3
Property, plant and equipment	88.7	63.7	92.0
Deferred income tax assets	175.9	168.3	175.7
Other assets	35.3	28.5	34.0
	1,504.9	1,634.9	1,505.8
Total assets	2,226.1	2,517.4	2,403.3
Liabilities
Current liabilities
Trade payables and accrued liabilities	393.5	375.7	436.0
Loans and borrowings	167.9	382.2	264.1
Provisions	25.9	21.6	22.9
Lease liabilities	36.4	22.4	33.6
Deferred revenue	37.2	35.2	31.5
	660.9	837.1	788.1
Non-current liabilities
Deferred income tax liabilities	215.6	209.7	215.8
Lease liabilities	157.0	126.9	161.1
Provisions	7.2	11.0	14.7
	379.8	347.6	391.6
Total liabilities	1,040.7	1,184.7	1,179.7
Shareholders' equity
Share capital	757.4	762.3	753.6
Retained earnings	423.6	544.7	442.2
Contributed surplus	29.0	34.1	35.2
Accumulated other comprehensive loss	(24.6)	(8.4)	(7.4)

Condensed consolidated interim statements of earnings and comprehensive earnings

Six Months Ended Jun 30,
(In US$ millions, except earnings per share)	Q2 2026	Q2 2025	2026	2025
Revenue	436.4	400.7	764.9	760.0
Cost of sales	167.9	190.7	323.2	355.1
Gross Profit	268.5	210.0	441.7	404.9
Expenses
Selling, general and administrative	206.5	221.0	401.2	416.3
Depreciation and amortization	16.0	16.9	32.9	34.0
Other expense, net	1.9	19.1	2.8	19.2
Foreign exchange (gain) loss, net	(1.6)	5.4	(6.6)	9.9
Operating Income (Loss)	45.7	(52.4)	11.4	(74.5)
Interest expense	8.1	9.9	16.6	20.2
Interest income	(1.7)	(0.8)	(2.2)	(1.5)
Income (Loss) before income tax expense (recovery)	39.3	(61.5)	(3.0)	(93.2)
Income tax expense (recovery)	9.6	(15.0)	(0.7)	(22.2)
Net Income (Loss)	29.7	(46.5)	(2.3)	(71.0)
Earnings per share
Basic	0.30	(0.46)	(0.02)	(0.70)
Diluted	0.29	(0.46)	(0.02)	(0.70)
Weighted average number of shares (in millions)
Basic	100.5	101.6	100.4	101.9
Diluted	103.6	104.5	103.0	104.5
Six Months Ended Jun 30,
(In US$ millions)	Q2 2026	Q2 2025	2026	2025
Net Income (Loss)	29.7	(46.5)	(2.3)	(71.0)
Items that may be subsequently reclassified to Net Income (Loss)
Foreign currency translation (loss) gain	(6.1)	27.0	(17.2)	40.4
Other comprehensive (loss) income	(6.1)	27.0	(17.2)	40.4
Total comprehensive income (loss)	23.6	(19.5)	(19.5)	(30.6)

Condensed consolidated interim statements of cash flows

	Six Months Ended Jun 30,
(Unaudited, in US$ millions)	2026	2025
Operating activities Net Loss	(2.3)	(71.0)
Adjustments to reconcile net loss to cash provided by operating activities
Income tax recovery	(0.7)	(22.2)
Interest expense	10.6	14.4
Interest income	(2.2)	(1.5)
Depreciation and amortization	76.9	60.7
Loss on disposal of non-current assets	0.7	0.9
Accretion expense	6.3	5.2
Amortization of facility fee costs	0.4	0.3
Investment loss, net	0.4	0.2
Impairment of non-current assets	-	18.7
Unrealized foreign exchange (gain) loss, net	(11.7)	0.5
Share-based compensation expense	11.8	7.4
Net changes in non-cash working capital	108.6	70.7
Net changes in non-cash provisions and other assets	(19.6)	(0.3)
Income taxes paid	(25.6)	(24.5)
Income taxes received	12.0	0.4
Interest paid	(7.1)	(10.5)
Interest received	2.2	1.5
Cash provided by operating activities	160.7	50.9
Investing activities Investment in property, plant and equipment	(17.5)	(21.7)
Investment in intangible assets	(52.9)	(55.2)
Portfolio investments	(0.6)	(2.0)
Minority interest investments	-	(0.8)
Cash used in investing activities	(71.0)	(79.7)
Financing activities Proceeds from loans and borrowings	70.6	25.0
Repayment of loans and borrowings	(167.0)	(30.0)
Payment of lease liabilities, net of lease incentives received	(16.1)	(20.4)
Dividends paid	(17.2)	(17.1)
Repurchase of subordinate voting shares	(15.0)	(32.0)
Payment of financing costs related to the Facility	(0.8)	-
Cash used in financing activities	(145.5)	(74.5)
Effect of foreign currency exchange rate changes on cash	(0.3)	(2.2)
Net decrease in cash during the period	(56.1)	(105.5)
Cash, beginning of period	104.6	233.5
Cash, end of period	48.5	128.0

Non-GAAP Financial Measures and Ratios

In addition to using financial measures prescribed under International Financial Reporting Standards ("IFRS"), references are made in this Press Release to the following terms, each of which is a non-GAAP financial measure:

• Toy Gross Product Sales
• Adjusted EBITDA
• Toys Adjusted EBITDA
• Entertainment Adjusted EBITDA
• Digital Games Adjusted EBITDA
• Adjusted Operating Income (Loss)
• Toys Adjusted Operating Income (Loss)
• Entertainment Adjusted Operating Income (Loss)
• Digital Games Adjusted Operating Income (Loss)
• Adjusted Net Income (Loss)
• Free Cash Flow
• Constant Currency Toy Gross Product Sales
• Constant Currency Sales Allowances
• Constant Currency Toy - Other Revenue
• Constant Currency Toy Revenue
• Constant Currency Digital Games Revenue
• Constant Currency Entertainment Revenue
• Constant Currency Revenue

Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers.

Additionally, references are made in this Press Release to the following terms, each of which is a non-GAAP financial ratio:

• Adjusted EBITDA Margin
• Toys Adjusted EBITDA Margin
• Toys Adjusted Operating Margin
• Entertainment Adjusted Operating Margin
• Digital Games Adjusted Operating Margin
• Adjusted Operating Margin
• Adjusted Basic EPS
• Adjusted Diluted EPS
• Sales Allowances as a percentage of Toy Gross Product Sales
• Percentage change in Constant Currency Toy Gross Product Sales
• Percentage change in Constant Currency Toy - Other Revenue
• Percentage change in Constant Currency Toy Revenue
• Percentage change in Constant Currency Digital Games Revenue
• Percentage change in Constant Currency Revenue
• Percentage change in Constant Currency Entertainment Revenue

Non-GAAP financial ratios are ratios or percentages that are calculated using a Non-GAAP financial measure. Non-GAAP financial ratios do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers.

Management believes the Non-GAAP financial measures and Non-GAAP financial ratios defined above are important supplemental measures of operating performance and highlight trends in the business. Management believes that these measures allow for assessment of the Company's operating performance and financial condition on a basis that is consistent and comparable between reporting periods. The Company believes that investors, lenders, securities analysts and other interested parties frequently use these Non-GAAP financial measures, Non-GAAP financial ratios, and Supplementary financial measures in the evaluation of issuers.

Non-GAAP Financial Measures

Toy Gross Product Sales represent Toy Revenue, excluding the impact of Sales Allowances. As Sales Allowances are generally not associated with individual products, the Company uses Toy Gross Product Sales to provide meaningful comparisons across product categories and geographical results to highlight trends in Spin Master's business. For a reconciliation of Toy Gross Product Sales to Revenue, the closest IFRS measure, refer to the revenue tables for the three months and six months ended June 30, 2026, as compared to the same period in 2025 in this Press Release.

Adjusted EBITDA is calculated as Operating Income before interest income and interest expense and depreciation and amortization (EBITDA) excluding adjustments that do not necessarily reflect the Company's underlying financial performance. These adjustments include restructuring and other related costs, foreign exchange gains or losses, share based compensation expenses, acquisition related contingent consideration, impairment of intangible assets, impairment of goodwill, investment income (loss), net, acquisition related deferred incentive compensation, impairment of property, plant and equipment, legal settlement, transaction and integration cost, gain on disposal of asset, and Tariff Refund. The impact of the Tariff Refund was excluded in Q2 2026 as it is a non-recurring recovery. Adjusted EBITDA is used by management as a measure of the Company's profitability. Refer to the "Reconciliation of Non-GAAP Financial Measures" section below for a reconciliation of this metric to Operating Income (Loss), the closest IFRS measure.

Toys Adjusted EBITDA is calculated as Toy EBITDA excluding adjustments that do not necessarily reflect the Company's underlying financial performance. These adjustments include restructuring and other related costs, foreign exchange gains or losses, share based compensation expenses, acquisition related contingent consideration, impairment of intangible assets, impairment of goodwill, investment income (loss), acquisition related deferred incentive compensation, impairment of property, plant and equipment, legal settlement, transaction cost, tariff refund and gain on disposal of asset. Toys Adjusted EBITDA is used by management as a measure of the Company's profitability. Refer to the "Reconciliation of Non-GAAP Financial Measures" section below for a reconciliation of this metric to Toys Operating Income (Loss), the closest IFRS measure.

Entertainment Adjusted EBITDA is calculated as Entertainment EBITDA excluding adjustments that do not necessarily reflect the Company's underlying financial performance. These adjustments include restructuring and other related costs, foreign exchange gains or losses, share based compensation expenses, acquisition related contingent consideration, impairment of intangible assets, impairment of goodwill, investment income (loss), acquisition related deferred incentive compensation, impairment of property, plant and equipment, legal settlement, transaction cost and gain on disposal of asset. Entertainment Adjusted EBITDA is used by management as a measure of the Company's profitability. Refer to the "Reconciliation of Non-GAAP Financial Measures" section below for a reconciliation of this metric to Digital Games Operating Income (Loss), the closest IFRS measure.

Digital Games Adjusted EBITDA is calculated as Digital Games EBITDA excluding adjustments that do not necessarily reflect the Company's underlying financial performance. These adjustments include restructuring and other related costs, foreign exchange gains or losses, share based compensation expenses, acquisition related contingent consideration, impairment of intangible assets, impairment of goodwill, investment income (loss), acquisition related deferred incentive compensation, impairment of property, plant and equipment, legal settlement, transaction cost and gain on disposal of asset. Digital Games Adjusted EBITDA is used by management as a measure of the Company's profitability. Refer to the "Reconciliation of Non-GAAP Financial Measures" section below for a reconciliation of this metric to Digital Games Operating Income (Loss), the closest IFRS measure.

Adjusted Operating Income (Loss) is calculated as Operating Income (Loss) excluding adjustments (as defined in Adjusted EBITDA). Adjusted Operating Income (Loss) is used by management as a measure of the Company's profitability. Refer to the "Reconciliation of Non-GAAP Financial Measures" section below for a reconciliation of this metric to Operating Income (Loss), the closest IFRS measure.

Toys Adjusted Operating Income (Loss) is calculated as Toys Operating Income (Loss) excluding adjustments (as defined in Adjusted EBITDA). Toys Adjusted Operating Income (Loss) is used by management as a measure of the Company's profitability. Refer to the "Reconciliation of Non-GAAP Financial Measures" section below for a reconciliation of this metric to Toys Operating Income (Loss), the closest IFRS measure.

Entertainment Adjusted Operating Income (Loss) is calculated as Entertainment Operating Income (Loss) excluding adjustments (as defined in Adjusted EBITDA). Entertainment Adjusted Operating Income (Loss) is used by management as a measure of the Company's profitability. Refer to the "Reconciliation of Non-GAAP Financial Measures" section below for a reconciliation of this metric to Entertainment Operating Income (Loss), the closest IFRS measure.

Digital Games Adjusted Operating Income (Loss) is calculated as Digital Games Operating Income (Loss) excluding adjustments (as defined in Adjusted EBITDA). Digital Games Adjusted Operating Income (Loss) is used by management as a measure of the Company's profitability. Refer to the "Reconciliation of Non-GAAP Financial Measures" section below for a reconciliation of this metric to Digital Games Operating Income (Loss), the closest IFRS measure.

Adjusted Net Income (Loss) is calculated as Net Income (Loss) excluding adjustments (as defined in Adjusted EBITDA), the corresponding impact these items have on income tax expense. Management uses Adjusted Net Income (Loss) to measure the underlying financial performance of the business on a consistent basis over time. Refer to the "Reconciliation of Non-GAAP Financial Measures" section below for a reconciliation of this metric to Operating Income (Loss), the closest IFRS measure.

Free Cash Flow is calculated as cash flows provided by/used in operating activities reduced by cash flows used in investing activities and adding back cash used for business acquisitions, advance paid for business acquisitions, asset acquisitions, portfolio investments, minority interest investments, proceeds from sale of manufacturing operations and net of investment

distribution income. Management uses the Free Cash Flow metric to analyze the cash flows being generated by the Company's business after accounting for operational and capital expenditures. It measures the Company's ability to generate discretionary cash, which can be used to pay dividends, repurchase shares, repay loans and borrowings, and fund business acquisitions. Refer to the "Reconciliation of Non-GAAP Financial Measures" section for a reconciliation of this metric to Cash provided by operating activities, the closest IFRS measure.

Constant Currency Toy Gross Product Sales, Constant Currency Sales Allowances, Constant Currency Toy - Other Revenue, Constant Currency Toy Revenue, Constant Currency Entertainment Revenue, Constant Currency Digital Games Revenue, and Constant Currency Revenue represent Toy Gross Product Sales, Sales Allowances, Toy - Other Revenue, Toy Revenue, Entertainment Revenue, Digital Games Revenue, and Revenue presented excluding the impact from changes in foreign currency exchange rates, respectively. The current period and prior period results for entities reporting in currencies other than the US$ are translated using consistent exchange rates, rather than using the actual exchange rate in effect during the respective periods. The difference between the current period and prior period results using the consistent exchange rates reflects the changes in the underlying performance results, excluding the impact from fluctuations in foreign currency exchange rates. Management uses Constant Currency Toy Gross Product Sales, Constant Currency Sales Allowances, Constant Currency Toy - Other Revenue, Constant Currency Toy Revenue, Constant Currency Entertainment Revenue, Constant Currency Digital Games Revenue, and Constant Currency Revenue to measure the underlying financial performance of the business on a consistent basis over time. Refer to the "Reconciliation of Non-GAAP Financial Measures" section for a reconciliation of these metrics to Revenue, the closest IFRS measure.

Non-GAAP Financial Ratios

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Revenue. Management uses Adjusted EBITDA Margin to evaluate the Company's performance compared to internal targets and to benchmark its performance against key competitors.

Toys Adjusted EBITDA Margin is calculated as Toys Adjusted EBITDA divided by Toy Revenue. Management uses Toys Adjusted EBITDA Margin to evaluate the Company's performance compared to internal targets and to benchmark its performance against key competitors.

Adjusted Operating Margin is calculated as Adjusted Operating Income (Loss) divided by Revenue. Management uses Adjusted Operating Margin to evaluate the Company's performance compared to internal targets and to benchmark its performance against key competitors.

Toys Adjusted Operating Margin is calculated as Toys Adjusted Operating Income (Loss) divided by Toy Revenue. Management uses Toys Adjusted Operating Margin to evaluate the Company's performance compared to internal targets and to benchmark its performance against key competitors.

Entertainment Adjusted Operating Margin is calculated as Entertainment Adjusted Operating Income (Loss) divided by Toy Revenue. Management uses Entertainment Adjusted Operating Margin to evaluate the Company's performance compared to internal targets and to benchmark its performance against key competitors.

Digital Games Adjusted Operating Margin is calculated as Digital Games Adjusted Operating Income (Loss) divided by Digital Games Revenue. Management uses Digital Games Adjusted Operating Margin to evaluate the Company's performance compared to internal targets and to benchmark its performance against key competitors.

Adjusted Basic EPS is calculated by dividing Adjusted Net Income (Loss) by the weighted average number of shares outstanding during the period. Adjusted Diluted EPS is calculated by dividing Adjusted Net Income (Loss) by the weighted average number of shares outstanding, assuming the conversion of all dilutive securities were exercised during the period. Management uses Adjusted Basic EPS and Adjusted Diluted EPS to measure the underlying financial performance of the business on a consistent basis over time.

Sales Allowances as a percentage of Toy Gross Product Sales is calculated by dividing Sales Allowances by Toy Gross Product Sales. Management uses Sales Allowances as a percentage of Toy Gross Product Sales to identify and compare the cost of doing business with individual retailers, different geographic markets and amongst various distribution channels.

Percentage change in Constant Currency Toy Gross Product Sales is calculated by dividing the change in Toy Gross Product Sales excluding the impact from changes in foreign currency exchange rates by the Toy Gross Product Sales of the comparative period. Management uses Percentage change in Constant Currency Toy Gross Product Sales to measure the underlying financial performance of the business on a consistent basis over time excluding the impact from changes in foreign currency exchange rates.

Percentage change in Constant Currency Sales Allowances is calculated by dividing the change in Sales Allowances excluding the impact from changes in foreign currency exchange rates by the Sales Allowances of the comparative period. Management uses Percentage change in Constant Currency Sales Allowances to measure the underlying financial performance of the business on a consistent basis over time excluding the impact from changes in foreign currency exchange rates.

Percentage change in Constant Currency Toy - Other Revenue is calculated by dividing the change in Toy - Other Revenue excluding the impact from changes in foreign currency exchange rates by the Toy - Other Revenue of the comparative period. Management uses Percentage change in Constant Currency Toy - Other Revenue to measure the underlying financial performance of the business on a consistent basis over time excluding the impact from changes in foreign currency exchange rates.

Percentage change in Constant Currency Toy Revenue is calculated by dividing the change in Toy Revenue excluding the impact from changes in foreign currency exchange rates by the Toy Revenue of the comparative period. Management uses Percentage change in Constant Currency Toy Revenue to measure the underlying financial performance of the business on a consistent basis over time excluding the impact from changes in foreign currency exchange rates.

Percentage change in Constant Currency Entertainment Revenue is calculated by dividing the change in Entertainment Revenue excluding the impact from changes in foreign currency exchange rates by the Entertainment Revenue of the comparative period. Management uses Percentage change in Constant Currency Entertainment Revenue to measure the underlying financial performance of the business on a consistent basis over time excluding the impact from changes in foreign currency exchange rates.

Percentage change in Constant Currency Digital Games Revenue is calculated by dividing the change in Digital Games Revenue excluding the impact from changes in foreign currency exchange rates by the Digital Games Revenue of the comparative period. Management uses Percentage change in Constant Currency Digital Games Revenue to measure the underlying financial performance of the business on a consistent basis over time excluding the impact from changes in foreign currency exchange rates.

Percentage change in Constant Currency Revenue is calculated by dividing the change in Revenue excluding the impact from changes in foreign currency exchange rates by the Revenue of the comparative period. Management uses Percentage change in Constant Currency Revenue to measure the underlying financial performance of the business on a consistent basis over time excluding the impact from changes in foreign currency exchange rates.

Reconciliation of Non-GAAP Financial Measures

The following table presents a reconciliation of Operating Income (Loss) to Adjusted Operating Income (Loss), Adjusted EBITDA, Adjusted Net Income (Loss), and cash used in operating activities and investing activities to Free Cash Flow for the three months ended June 30, 2026 and 2025:

(in US$ millions)	Q2 2026	Q2 2025	$ Change	% Change
Operating Income (Loss)	45.7	(52.4)	98.1	(187.2) %
Adjustments:
Share based compensation1	6.1	4.8	1.3	27.1 %
Restructuring and other related costs2	3.0	12.1	(9.1)	(75.2) %
Amortization of intangible assets acquired3	1.7	1.8	(0.1)	(5.6) %
Transaction and integration costs4	0.9	7.5	(6.6)	(88.0) %
Acquisition related deferred consideration5	0.7	0.5	0.2	40.0 %
Acquisition related deferred incentive compensation6	0.6	0.7	(0.1)	(14.3) %
Investment loss, net7	-	0.2	(0.2)	(100.0) %
Impairment of intangible assets8	-	18.5	(18.5)	(100.0) %
Foreign exchange (gain) loss9	(1.6)	5.4	(7.0)	(129.6) %
Tariff Refund10	(37.9)	-	(37.9)	n.m
Adjusted Operating Income (Loss)	19.2	(0.9)	20.1	n.m
Depreciation and amortization11	32.4	29.6	2.8	9.5 %
Adjusted EBITDA	51.6	28.7	22.9	79.8 %
Income tax expense (recovery)	(9.6)	15.0	(24.6)	(164.0) %
Interest expense12	(7.8)	(9.1)	1.3	(14.3) %
Depreciation and amortization11	(32.4)	(29.6)	(2.8)	9.5 %
Tax effect of normalization adjustments13	6.8	(12.4)	19.2	(154.8) %
Adjusted Net Income (Loss)	8.6	(7.4)	16.0	(216.2) %
Cash provided by operating activities	57.8	26.1	31.7	121.5 %
Cash used in investing activities	(38.6)	(43.1)	4.5	(10.4) %
Add:
Cash used in business acquisitions, asset acquisitions, portfolio investments, investment
in associate and minority interest investments, net of investment distribution income	-	1.8	(1.8)	(100.0) %
Free Cash Flow	19.2	(15.2)	34.4	(226.3) %

¹ Related to non-cash expenses associated with long-term incentive plan and includes mark to market loss of deferred share units ("DSUs").

² Restructuring and other related costs related to the reduction in the Company's global workforce.

³ Relates to the amortization of intangible assets acquired with Melissa & Doug.

⁴ Transaction and integration costs incurred relating to acquisitions.

⁵ Expense (recovery) associated with contingent consideration for acquisitions.

⁶ Deferred incentive compensation associated with acquisitions.

⁷ Investment loss (income), net includes unrealized and realized (gain)/loss on portfolio investments and minority interest investments and share of (income)/loss from an investment in associate.

⁸ Impairment of intangible assets primarily related to Digital game and app development.

⁹ Includes foreign exchange losses (gains) generated by the translation and settlement of monetary assets/liabilities denominated in a currency other than the functional currency of the applicable entity and losses (gains) related to the Company's hedging programs.

¹⁰ Tariff Refund of $37.9 million received in Q2 2026.

¹¹ Depreciation and amortization for the calculation of Adjusted EBITDA excludes $1.7 million of amortization of intangible assets acquired with Melissa & Doug.

¹² Excludes interest income received related to Tariff Refund of $1.4 million.

¹³ Tax effect of adjustments (Footnotes 1-10,12). Adjustments are tax effected at the effective tax rate of the given period.

Segment Results

The Company's results from operations by reportable segment for the three months ended June 30, 2026 and 2025 are as follows:

(US$ millions)	Q2 2026					Q2 2025
	Toys	Entertain- ment	Digital Games	Corporate & Other1	Total	Toys	Entertain- ment	Digital Games	Corporate & Other1	Total
Revenue	361.1	31.2	44.1	-	436.4	322.3	32.1	46.3	-	400.7
Operating Income (Loss)	34.3	15.5	6.2	(10.3)	45.7	(39.7)	15.7	(15.5)	(12.9)	(52.4)
Adjusting items:
Share based compensation	2.3	0.2	0.4	3.2	6.1	3.7	0.3	0.7	0.1	4.8
Restructuring and other related costs	2.4	0.1	0.5	-	3.0	9.3	0.8	2.0	-	12.1
Amortization of intangible assets acquired	1.7	-	-	-	1.7	1.8	-	-	-	1.8
Transaction and integration costs	0.4	-	-	0.5	0.9	2.9	-	2.9	1.7	7.5
Acquisition related deferred consideration	0.7	-	-	-	0.7	0.5	-	-	-	0.5
Acquisition related deferred incentive compensation	0.1	-	0.5	-	0.6	0.2	-	0.5	-	0.7
Investment loss, net	-	-	-	-	-	-	-	-	0.2	0.2
Impairment of intangible assets	-	-	-	-	-	0.5	0.9	17.1	-	18.5
Foreign exchange (gain) loss	-	-	-	(1.6)	(1.6)	-	-	-	5.4	5.4
Tariff Refund	(37.9)	-	-	-	(37.9)	-	-	-	-	-
Adjusted Operating Income (Loss)	4.0	15.8	7.6	(8.2)	19.2	(20.8)	17.7	7.7	(5.5)	(0.9)
Adjusted Operating Margin	1.1 %	50.6 %	17.2 %	n.m.	4.4 %	(6.5) %	55.1 %	16.6 %	n.m.	(0.2) %
Depreciation and amortization2	20.0	8.6	3.8	-	32.4	20.1	6.6	2.9	-	29.6
Adjusted EBITDA	24.0	24.4	11.4	(8.2)	51.6	(0.7)	24.3	10.6	(5.5)	28.7
Adjusted EBITDA Margin	6.6 %	78.2 %	25.9 %	n.m.	11.8 %	(0.2) %	75.7 %	22.9 %	n.m.	7.2 %

¹ Corporate & Other includes certain corporate costs (such as certain employee compensation, corporate social responsibility and professional services expenses), foreign exchange, acquisition related transaction costs, as well as investment income and loss.

² Depreciation and amortization for the calculation of Adjusted EBITDA excludes $1.7 million (Q2 2025 - $1.8 million) of amortization of intangible assets acquired with Melissa & Doug.

The following tables present the composition of Percentage change in Constant Currency Toy Gross Product Sales, Percentage change in Constant Currency Sales Allowances, Percentage change in Constant Currency Entertainment Revenue, Percentage change in Constant Currency Digital Games Revenue, and Percentage change in Constant Currency Revenue for the three months ended June 30, 2026 and 2025:

				$ Change				% Change
(US$ millions)	Q2 2026	Q2 2025		As reported	Impact of foreign exchange	In Constant Currency		As reported	In Constant Currency
Toy Gross Product Sales	413.7	371.0		42.7	(2.8)	39.9		11.5 %	10.8 %
Sales Allowances	(53.0)	(48.9)		(4.1)	0.8	(3.3)		8.4 %	6.7 %
Toy Net Sales	360.7	322.1		38.6	(2.0)	36.6		12.0 %	11.4 %
Toy - Other Revenue	0.4	0.2		0.2	-	0.2		n.m.	n.m.
Toy Revenue	361.1	322.3		38.8	(2.0)	36.8		12.0 %	11.4 %
Entertainment Revenue	31.2	32.1		(0.9)	-	(0.9)		(2.8) %	(2.8) %
Digital Games Revenue	44.1	46.3		(2.2)	(0.3)	(2.5)		(4.8) %	(5.4) %
Revenue	436.4	400.7		35.7	(2.3)	33.4		8.9 %	8.3 %

SOURCE Spin Master Corp.