Hasbro (HAS) 10-K risk factor changes: FY2025 vs FY2024

[removed: Our business strategy has evolved to focus] [added: We are focused] on extending the reach of our [removed: toy and game] products globally to improve our position in the marketplace, increase revenue and increase operating profit.

Failure to execute [removed: our] [added: this] strategic plan may harm our business.

Our ability to successfully implement and execute [removed: our] [added: these] plans and initiatives [removed: in a timely basis, if at all,] is dependent on many factors, including, among other things:

- our ability to successfully innovate, design, develop, price, commercialize and grow a focused group of brands to global [removed: consumers in a wide array of markets;][added: consumers;]

- [removed: our ability to] successfully [removed: grow] [added: growing and delivering on] our digital [removed: gaming, licensing, and direct-to-consumers] [added: gaming] business;

- [removed: our ability to optimize] [added: returning] our toy [added: business to growth and increased profitability by optimizing the] business, including through right-sizing our cost [removed: structure and] [added: structure,] creating efficiencies in our [removed: operations;][added: operations, and designing cost-effective products.]

A key component to the success of our strategy is to continue to develop, publish and commercialize digital [removed: games.][added: games, including AAA/AA games, games as a service and licensed games based on our existing IP, as well as new and licensed IP.]

The digital gaming industry is highly competitive, including for talent, and costs associated with designing, developing and producing digital games and technologically advanced or sophisticated products tend to be higher than for many of our other more traditional products, [removed: such as board and trading card games and action figures,] with no assurance of success.

There is no [removed: guaranty] [added: guarantee] that a given game will be successful and it is possible we may cease development on a game after significant investment.

Delays in the design, development or production of our digital gaming products [added: or introduction of competitive digital game products in close proximity to our introduction] could have a significant impact on our success.

[removed: In addition,] [added: Further,] the pace of change in product offerings and consumer tastes in [removed: the] electronics and digital gaming areas is potentially even greater than for our other products and this pace of change is expected to accelerate as [removed: artificial intelligence is further incorporated into the development of games.]

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[added: If a digital game fails to] gain consumer acceptance early in its life cycle, there are limited opportunities to gain such acceptance through secondary launches or distribution through alternative platforms.

Third party licensees and partners of our brands [removed: or intellectual property] may fail to honor their obligations to us or their actions may put us at risk.

If we produce a line of products based on a movie or television [removed: series,] [added: series or digital game,] the [added: timing of release or overall] success of the [removed: movie or] [added: movie,] series [added: or digital game] has a critical impact on the level of consumer interest in the associated products we offer.

In addition, competition in our industry for access to [removed: entertainment] [added: premium brand] properties [added: is intense and] can lessen our ability to secure, maintain, and renew popular licenses [removed: to entertainment products] on beneficial [removed: terms, if at all, and to attract and retain the talented employees necessary to design, develop and market successful products based on these properties.][added: terms.]

Additionally, as a licensee of [removed: entertainment-based] [added: premium-based] properties, we cannot guarantee that a particular property or brand will translate into successful [removed: toy, game or other family entertainment] products, and underperformance of any such products may result in reduced revenues and operating profit for us.

Consumer interests change quickly and acceptance of [removed: toys and games and entertainment] [added: our product] offerings are influenced by technological and outside factors, making it difficult to design and develop innovative [removed: products, play patterns] [added: products] and [removed: entertainment] [added: other] offerings which are and will continue to be popular with children, [removed: families] [added: families, fans] and audiences.

Our ability to successfully create innovative [removed: toys and games] [added: products that inspire a lifetime of play] is affected by the interests of children, families, fans and audiences which evolve quickly and can change dramatically from year to year and by geography.

It is very difficult to predict consumer acceptance with certainty due to, among other things, the increasing utilization of technology at younger and younger ages, social media and digital [removed: media in entertainment offerings,] [added: media,] the [removed: increasing] breadth of products and entertainment available to consumers, and outside factors such as [added: influencers,] critical reviews and promotions.

Evolving consumer tastes and shifting interests, coupled with an ever-changing and expanding pipeline of products, technology and entertainment which compete for consumer interest and acceptance, create an environment in which some products, technology and entertainment offerings can fail to achieve consumer [added: acceptance or can be popular during a certain period of time but then be rapidly replaced.]

[removed: Rules governing new technological] [added: Technological] developments, such as developments in artificial intelligence [removed: remain unsettled,] and [added: shifts to streaming platforms for entertainment content, continue to evolve, and] these developments may affect aspects of our existing business model, including revenue streams for the use of our intellectual property and how we create our products and games.

Failure to achieve [removed: of] our anticipated cost-savings may impact our ability to operate efficiently and profitably.

[removed: If] [added: If] we are unable to compete effectively with existing or new competitors, our revenues, market share and profitability could decline.

In certain instances, we [removed: also] compete with large retailers, who offer such products under their own private labels, often at lower prices.

Competition is based primarily on meeting consumer preferences and on the quality and play value of our products and [removed: experiences.][added: experiences, and, in some cases, the timing of release of other products and games that attract a similar consumer.]

We expect that as the use of artificial intelligence becomes more prevalent, we will [added: continue to] see increased competition from those using such technology to develop games, toys and content.

[removed: In addition to existing competitors, the barriers to entry for new participants in the play industry are low, and the increasing importance] [added: The use] of digital media and the heightened connection between digital media and consumer interest, has further increased the ability for new participants to enter our markets, and has broadened the array of companies we compete with.

[removed: New] [added: For example, with the use of influencers and media outlets such as Tik Tok, new] participants with a popular product idea can gain access to consumers and become a significant source of competition for our products in a very short period of time.

[removed: Our competitors’ products may achieve] greater market acceptance than our products and potentially reduce demand for our products, lower our revenues and lower our profitability.

[added: We cannot be certain that the key talented individuals at these companies] would continue to work for us after the acquisition or that they would develop popular and profitable products, entertainment or services in the future.

Acquisitions of businesses and brands could also be adversely affected by changes in our business strategy or external factors, such as any decision to sell, license or otherwise dispose of certain [removed: assets, such as our sale our Entertainment One film and television business ("eOne Film and TV") to Lions Gate Entertainment Corp., Lions Gate Entertainment Inc. and Lions Gate International Motion Pictures S.à.r.l (collectively "Lionsgate") in December 2023.][added: assets.]

Our business may be harmed by the imposition or threat of tariffs, including reciprocal or retaliatory tariffs, in markets in which we operate which could increase our product costs and other costs of doing business, [added: reduce or delay purchases,] impact consumer spending, or lower our revenues and earnings.

The current global tariff environment [removed: is] [added: remains] uncertain.

If we do not have in [removed: place,] [added: place] appropriate systems and technology, or do not obtain sufficient data, analytics and insights, we may not be able to adequately predict demand for our products.

Inventory levels in excess of demand have in the past resulted in, and may in the future result [removed: in,] [added: in] inventory write-downs or write-offs, and the sale of excess inventory at discounted prices or through less preferred distribution channels, which could harm our profit margins.

[removed: The risk is exacerbated by] [added: At] the [added: same time, we are also] increasing sophistication of many of the brands and products we are designing and developing in terms of combining digital and traditional technologies, and providing greater innovation and product differentiation.

Unforeseen delays or difficulties in the development process, significant increases in the planned cost of development, or changes in anticipated consumer demand for our products and new brands may cause the introduction date for products to be later than anticipated, may reduce or eliminate the profitability of such products, result in excess inventory, or, in some situations, may cause a product or new brand introduction to be [removed: discontinued.][added: discontinued or not introduced in certain markets.]

We can provide no assurance that we will be able to [added: take actions, such as] increase [removed: prices in the future and we cannot assure that price increases we have already taken, will] [added: prices, to] offset the entirety of additional costs we have incurred, and may incur in the future to mitigate the supply chain disruption.

If we are unable to [removed: adapt] [added: expand] our [removed: business to the continued shift to direct-to-consumer,] [added: direct-to-consumer relationships,] our business may be harmed.

Our Playing to Win business strategy evolves around our mission to create joy and community through the magic of play and inspiring a lifetime of play.

- continuing to grow MAGIC: THE GATHERING and driving growth in DUNGEONS & DRAGONS as traditional trading card and role-playing games, as well as further expanding into digital offerings;

- successfully launching new digital studios and new digital games that gain customer acceptance;

- continuing to grow our licensing business; and

Because our strategy emphasizes growing a focused set of franchises and expanding our higher-margin games and digital businesses, including MAGIC: THE GATHERING and DUNGEONS & DRAGONS, adverse trends affecting consumer demand for, or engagement with, any of these key brands could disproportionately impact our results of operations.

In addition, the simultaneous pursuit of multiple strategic initiatives, including digital gaming development, licensing expansion, AI adoption, systems modernization and cost-saving initiatives, may strain management attention, organizational capacity and capital resources, and any failure to appropriately prioritize or allocate resources among these initiatives could adversely affect our business and result of operations.

We have invested substantially in our digital gaming business.

If we are unable to successfully launch and commercialize existing and new games, our business may be harmed.

artificial intelligence is further incorporated into the development of games.

A significant part of our strategy for our consumer products business and our Wizards and digital gaming business is to license premium and well-recognized intellectual property for the development of products.

For example, we have licenses with The Walt Disney Company for the *Marvel* and *Star Wars* properties for toys and games, and for our Universes Beyond MAGIC: THE GATHERING sets we have licenses for key brands such as *Final Fantasy*, *Spider-Man*, *Avatar*, and *Lord Of The Rings*.

Sales may be adversely affected if the licensed products do not resonate with new or existing consumers or if consumers reduce purchases due to the perception a brand is diluted given numerous options available.

As our strategy increasingly relies on third-party partners to invest in and scale experiences based on our intellectual property, reductions in partner investment, shifts in partner priorities or changes in economic conditions could limit the growth, reach or profitability of these initiatives.

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In addition, frequent product releases, cross-brand collaborations or expanded licensing initiatives may contribute to franchise fatigue or oversaturation, which could reduce long-term consumer engagement and diminish the value of our brands.

As we incorporate AI tools into aspects of our business, including product and game development, we may face increased costs, operational complexity, IP and data governance challenges, and evolving regulatory requirements, any of which could adversely affect timelines, quality, or expected returns on investment.

The use of artificial intelligence in product and game development may also raise intellectual property, data sourcing, ethical or regulatory issues, and disputes or restrictions in these areas could increase costs, delay development or limit the use of certain technologies.

In addition to existing competitors, the barriers to entry for new participants in the play industry are low.

Our competitors’ products may achieve

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We are implementing new original design processes for some of our products in an effort to reduce costs and potentially enter into new or underserved markets.

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In addition, our increased use of original design manufacturers ("ODMs") to support cost efficiency and speed to market may reduce our direct control over product design, quality, sourcing and manufacturing processes, and any failure by ODM partners to meet our design specifications, quality standards, delivery requirements or compliance obligations could adversely affect our products, brand reputation, margins and results of operations.

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The relocation of our primary headquarters for our toys, board games, licensing and entertainment operations from Rhode Island to Boston, Massachusetts requires substantial investment and could disrupt operations.

We may lose experienced personnel unwilling to relocate, and we may face challenges recruiting in Boston's competitive labor market.

If we are unable to successfully manage this transition, including facility build-out, systems migration, and cultural integration, our operations and financial performance could suffer.

Certain aspects of our business, including digital game development and franchise-driven brands such as MAGIC: THE GATHERING and DUNGEONS & DRAGONS, depend on a limited number of highly skilled creative and technical personnel, and the loss of such individuals could disrupt development pipelines or adversely affect product quality and performance.

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Public health crises may disrupt our business.

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In addition, our digital games and online services are subject to evolving laws and regulations relating to online safety (including protections for minors), digital

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content and in-game purchases, advertising and consumer disclosures, and the use of player data, and increased regulatory scrutiny in these areas could increase compliance costs, restrict certain features or monetization practices, or subject us to investigations, enforcement actions, fines or litigation.

- our ability to implement appropriate systems and processes to obtain and analyze data and insights from consumers to enable us to make informed decisions about priorities and consumer preferences;

- our ability to successfully develop products that gain sufficient consumer interest;

- our ability to gain market share in our focus categories;

- our ability to simplify our supply chain logistics;

- our ability to successfully manage inventory;

- the ability of our workforce to focus and execute on priority transformational projects across the business, and to sustain changes to maximize savings;

- the attraction and retention of key personnel with core skills and competencies in the areas of focus; and

- our ability to successfully license, divest, sell, or otherwise cease certain parts of the business that are not as profitable as other areas or are not core to the business.

We have invested substantially in our digital gaming business and as a result it has seen significant growth over the past several years.

Continued digital game development is a key growth factor for the future, including AAA games, games as a service and licensed games.

If we are unable to continue to grow this business and ensure its integration with our other business segments, our business may be harmed.

If a digital game fails to

The success of entertainment and other properties for which we have a license, such as licenses we have with The Walt Disney Company for the MARVEL and STAR WARS properties, and our ability to successfully market and sell related products, can significantly affect our revenues and profitability.

acceptance or can be popular during a certain period of time but then be rapidly replaced.

Consumer acceptance is even more critical for our toy business due to the recent decline in the overall toy industry and the impact of declining birthrates globally.

Technological as well as other trends in the entertainment industry, such as the continuing shift to streaming platforms, have caused significant disruption to the retail distribution of entertainment offerings and have caused, and could in the future cause, a negative impact on sales of our products and other forms of monetization of content, especially those which are reliant on box office success.

In mid-2022, we committed to an operational excellence program focusing on designing and running a simple, efficient and effective business aligned with our strategy.

The industries in which we compete are highly competitive.

We cannot be certain that the key talented individuals at these companies

If we are not successful in transforming our supply chain operations, our business may be harmed.

We are continuing to optimize our supply chain by improving our systems and sourcing to enable efficient product deployment, enhance product quality and safety, drive efficiency in transportation and our fulfillment centers, and strengthen our direct-to-consumer operations.

This is a long-term project, with no assurance that we will achieve the anticipated efficiencies and benefits from such efforts.

If the transformation of our supply chain operations is not

successful, our business may be harmed.

Further we may not achieve our anticipated cost savings, and we may face costly inefficiencies or other supply chain disruptions.

We attempt to take actions to lessen the impact of these supply chain challenges, such as through the use of alternative ports and air freight, and adjusting inventory purchases in certain cases to ensure product availability for customers, though these actions have resulted and may in the future result in higher costs.

We have also increased prices in some cases to help offset increased costs.

Further, as described elsewhere, the imposition or threat of tariffs, border adjustment taxes, trade sanctions or other regulations or economic penalties by the U.S. or the European Union against products imported by us from China or other foreign countries, or the loss of “normal trade relations” status with China or other foreign countries in which we operate, could significantly increase our cost of products imported into the U.S. or Europe, shift more orders from direct import to domestic sales, put additional shipping and warehousing burdens on us, delay the time of our sales to retailers, result in lost sales, and otherwise harm our business.

The possibility of moving our corporate headquarters may impact our ability to retain and attract key employees.

As we continue to transform our business to execute on our strategic plan, we have reduced our headcount and may otherwise lose employees due to our decision to eliminate or reduce the amount of work performed relative to non-core aspects of our business and the optimization of our business.

We have also experienced significant changes in our leadership in a relatively short period of time, with most key members of executive leadership having been appointed within the past few years.

Our future success will depend on the leadership of our key executives and their ability to navigate the organization through our transformation efforts and renewed strategy.

Our loss of key management or other key employees, inability to drive success through our new leaders, or our inability to retain or hire talented people with the skill sets we need for our diverse and changing business, could significantly harm our business.

confidentiality of our intellectual property, is of critical value.

Outbreaks of communicable infections, diseases, or public health pandemics in the markets in which we and our employees, consumers, customers, partners, licensees, suppliers and manufacturers operate, could substantially harm our business.

In recent years, our sales were adversely impacted due to the strength of the U.S. dollar compared to certain foreign currencies in territories in which we operate.

We currently have a commercial paper program which, subject to market conditions, and availability under our committed revolving credit facility, allows us to issue up to $1,000.0 million in aggregate amount of commercial paper outstanding from time to time as a source of working capital funding and liquidity.

We also have a revolving credit agreement which provides for a $1,250.0 million committed revolving credit facility.

The credit agreement contains certain restrictive covenants setting forth leverage and coverage requirements, and certain other limitations typical of an investment grade facility.

securities.

[removed: See] [added: Refer to] “Statement Regarding Forward-Looking Statements” and Part I, Item 1A.

The following includes a comparison of our consolidated results of operations for fiscal years [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

For a comparison of our consolidated results of operations for fiscal years [removed: 2023] [added: 2024] and [removed: 2022, see] [added: 2023, refer to] Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, of our Annual Report on Form 10-K for the fiscal year ended December [removed: 31, 2023,] [added: 29, 2024,] filed with the SEC on February [removed: 28, 2024.][added: 27, 2025.]

The fiscal [removed: year] [added: years] ended December [added: 28, 2025 and December] 29, 2024 [removed: was a] [added: were both] fifty-two week [removed: period and fiscal year December 31, 2023 was a fifty-three week period.][added: periods.]

Hasbro [added: Inc. ("Hasbro")] is a leading [removed: game, IP,] [added: games, intellectual property ("IP"),] and toy company whose mission is to create joy and community through the magic of play.

With over 100 years of expertise, we deliver play experiences [removed: for] [added: to kids, families, and] fans [removed: of all ages] around the world, through physical and digital games, video games, toys, licensed consumer products, location-based entertainment, film, TV and more.

This includes: innovative toy and gaming brands and role-playing and fantasy card collecting games; the marketing and sale of toys and games, including our owned and partner brands, through retail stores, ecommerce platforms and Hasbro [removed: Direct,] [added: PULSE,] our direct-to-consumer platform; the distribution, license and sale of digital games developed both internally and through licensing out our IP to third parties, such as Baldur's Gate 3, Monopoly Go!

Additionally, the Company generates revenue through licensing our brands to third parties for toys and games, consumer products, such as apparel and [added: publishing, as well as for use in theme park attractions and other forms of location-based entertainment and within formats such as film and TV programming.]

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The following table presents the consolidated results of operations for [removed: 2024] [added: 2025] and [removed: 2023:][added: 2024:]

| | | | Amount | | | | | | % [removed: of] Net Revenues | | | | | | Amount | | | | | | % [removed: of] Net Revenues | | | [removed: | | | | | | | | | | | |]

| Net revenues | | | $ | [removed: 4,135.5] [added: 4,701.3] | | | | | 100.0 | | % | | | | $ | [removed: 5,003.3] [added: 4,135.5] | | | | | 100.0 | | % | [removed: | | | | | | | | | | | |]

| Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |]

| Cost of sales | | | [removed: 1,179.5] [added: 1,296.2] | | | | | | [removed: 28.5] [added: 27.6] | | % | | | | [removed: 1,706.0] [added: 1,179.5] | | | | | | [removed: 34.1] [added: 28.5] | | % | [removed: | | | | | | | | | | | |]

| Program cost amortization | | | [removed: 49.3] [added: 35.8] | | | | | | [removed: 1.2] [added: 0.8] | | % | | | | [removed: 448.9] [added: 49.3] | | | | | | [removed: 9.0] [added: 1.2] | | % | [removed: | | | | | | | | | | | |]

| Royalties | | | [removed: 284.2] [added: 368.9] | | | | | | [removed: 6.9] [added: 7.8] | | % | | | | [removed: 428.3] [added: 284.2] | | | | | | [removed: 8.6] [added: 6.9] | | % | [removed: | | | | | | | | | | | |]

| Product development | | | [removed: 294.1] [added: 385.6] | | | | | | [removed: 7.1] [added: 8.2] | | % | | | | [removed: 306.9] [added: 294.1] | | | | | | [removed: 6.1] [added: 7.1] | | % | [removed: | | | | | | | | | | | |]

| Advertising | | | [removed: 319.5] [added: 316.9] | | | | | | [removed: 7.7] [added: 6.7] | | % | | | | [removed: 358.4] [added: 319.5] | | | | | | [removed: 7.2] [added: 7.7] | | % | [removed: | | | | | | | | | | | |]

| Amortization of intangible assets | | | [removed: 68.3] [added: 66.0] | | | | | | [removed: 1.7] [added: 1.4] | | % | | | | [removed: 83.0] [added: 68.3] | | | | | | 1.7 | | % | [removed: | | | | | | | | | | | |]

| Loss on disposal of business | | | [removed: 37.4] [added: 25.0] | | | | | | [removed: 0.9] [added: 0.5] | | % | | | | [removed: 539.0] [added: 37.4] | | | | | | [removed: 10.8] [added: 0.9] | | % | [removed: | | | | | | | | | | | |]

| Selling, distribution and administration | | | [removed: 1,213.2] [added: 1,173.9] | | | | | | [removed: 29.3] [added: 25.0] | | % | | | | [removed: 1,480.4] [added: 1,213.2] | | | | | | [removed: 29.6] [added: 29.3] | | % | [removed: | | | | | | | | | | | |]

| Total costs and expenses | | | [removed: 3,445.5] [added: 4,690.2] | | | | | | [removed: 83.3] [added: 99.8] | | % | | | | [removed: 6,542.1] [added: 3,445.5] | | | | | | [removed: 130.8] [added: 83.3] | | % | [removed: | | | | | | | | | | | |]

| Operating profit [removed: (loss)] | | | [removed: 690.0] [added: 11.1] | | | | | | [removed: 16.7] [added: 0.2] | | % | | | | [removed: (1,538.8)] [added: 690.0] | | | | | | [removed: (30.8)] [added: 16.7] | | % | [removed: | | | | | | | | | | | |]

| Non-operating expense | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |]

| Interest expense | | | [removed: 171.2] [added: 163.4] | | | | | | [removed: 4.1] [added: 3.5] | | % | | | | [removed: 186.3] [added: 171.2] | | | | | | [removed: 3.7] [added: 4.1] | | % | [removed: | | | | | | | | | | | |]

| Interest income | | | [removed: (47.3)] [added: (28.6)] | | | | | | [removed: (1.1)] [added: (0.6)] | | % | | | | [removed: (23.0)] [added: (47.3)] | | | | | | [removed: (0.5)] [added: (1.1)] | | % | [removed: | | | | | | | | | | | |]

| Other [added: (income)] expense, net | | | [removed: 69.1] [added: (21.7)] | | | | | | [removed: 1.7] [added: (0.5)] | | % | | | | [removed: 7.0] [added: 69.1] | | | | | | [removed: 0.1] [added: 1.7] | | % | [removed: | | | | | | | | | | | |]

| Total non-operating expense, net | | | [removed: 193.0] [added: 113.1] | | | | | | [removed: 4.7] [added: 2.4] | | % | | | | [removed: 170.3] [added: 193.0] | | | | | | [removed: 3.4] [added: 4.7] | | % | [removed: | | | | | | | | | | | |]

| [removed: Earnings (loss)] [added: (Loss) earnings] before income taxes | | | [removed: 497.0] [added: (102.0)] | | | | | | [removed: 12.0] [added: (2.2)] | | % | | | | [removed: (1,709.1)] [added: 497.0] | | | | | | [removed: (34.2)] [added: 12.0] | | % | [removed: | | | | | | | | | | | |]

| Income tax expense [removed: (benefit)] | | | [removed: 102.6] [added: 216.2] | | | | | | [removed: 2.5] [added: 4.6] | | % | | | | [removed: (221.3)] [added: 102.6] | | | | | | [removed: (4.4)] [added: 2.5] | | % | [removed: | | | | | | | | | | | |]

| Net [removed: earnings] (loss) [added: earnings] | | | [removed: 394.4] [added: (318.2)] | | | | | | [removed: 9.5] [added: (6.8)] | | % | | | | [removed: (1,487.8)] [added: 394.4] | | | | | | [removed: (29.7)] [added: 9.5] | | % | [removed: | | | | | | | | | | | |]

| Net earnings [removed: (loss)] attributable to noncontrolling interests | | | [removed: 8.8] [added: 4.2] | | | | | | [removed: 0.2] [added: 0.1] | | % | | | | [removed: 1.5] [added: 8.8] | | | | | | [removed: —] [added: 0.2] | | % | [removed: | | | | | | | | | | | |]

| Net [removed: earnings] (loss) [added: earnings] attributable to Hasbro, Inc. | | | $ | [removed: 385.6] [added: (322.4)] | | | | | [removed: 9.3] [added: (6.9)] | | % | | | | $ | [removed: (1,489.3)] [added: 385.6] | | | | | [removed: (29.8)] [added: 9.3] | | % | [removed: | | | | | | | | | | | |]

| Net [removed: earnings] (loss) [added: earnings] per common share: | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |]

| Basic | | | $ | [removed: 2.77] [added: (2.30)] | | | | | | | | | | | $ | [removed: (10.73) | | | | | | | | | | | |] [added: 2.77] | | | | | | | |

| Diluted | | | $ | [removed: 2.75] [added: (2.30)] | | | | | | | | | | | $ | [removed: (10.73) | | | | | | | | | | | |] [added: 2.75] | | | | | | | |

[removed: See] [added: Refer to] the Segment Results discussion below for further details.

The following table presents net revenues expressed [removed: in millions of dollars,] by brand portfolio [added: category] for [removed: 2024] [added: 2025] and [removed: 2023:][added: 2024:]

The [removed: Franchise] [added: Optimize] Brands portfolio net revenues decreased [removed: 4%] [added: 4.6%] in [removed: 2024] [added: 2025] as compared to [removed: 2023.][added: 2024.]

During [removed: 2024, Partner] [added: 2025, Optimize] Brands net revenue decreases were driven by lower net revenues from the Company's products for STAR [removed: WARS and MARVEL which benefited from] [added: WARS, impacted by] a [removed: broader] [added: reduced] slate of entertainment [removed: releases in prior years without a more recent release entertainment release to support revenue in 2024.][added: releases, along with declines from PEPPA PIG and BABY ALIVE.]

Recent Developments

Tariffs

Significant changes in trade policy announced by the U.S. government could adversely impact our forward-looking financial results.

The Company monitors the impacts of tariffs to its business operations on an ongoing basis and may need to implement actions such as price adjustments or making changes in our supply chain sourcing strategies in order to mitigate the impact of tariffs in future periods.

The impacts of tariffs may lead to reduced economic activity, increased costs, reduced demand and changes in purchasing behaviors for some or all of our products, actual or potential impairments, write-downs or unrealizability of some of our existing assets, or other economic outcomes that could have a material adverse impact on our sales volumes, prices, and our financial results.

As a result of the estimated impact of tariffs and other macroeconomic headwinds on the Company's forward-looking forecasts, in the second quarter of 2025, the Company assessed its goodwill for potential impairment, resulting in the recognition of a non-cash goodwill impairment of $1,021.9 million in the Consumer Products segment.

The Company recognized approximately $44.9 million of tariff costs within Cost of sales during 2025.

While the final impacts of tariffs remain uncertain, the Company continues to execute decisively against the evolving tariff backdrop.

On February 20, 2026, the U.S. Supreme Court issued a ruling against the International Emergency Economic Powers Act ("IEEPA") Tariffs that we have been paying to the U.S. government since the enactment on April 2, 2025.

This could impact our results in 2026 and we are currently evaluating the accounting impacts including our ability to apply for a refund on tariffs previously paid.

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| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

| Impairment of goodwill | | | 1,021.9 | | | | | | 21.7 | | % | | | | — | | | | | | — | | % |

| | | | | | | | | | | | | | | | | | | | | | | | |

Consolidated net revenues for the year ended December 28, 2025 increased 13.7% to $4,701.3 million from $4,135.5 million for the year ended December 29, 2024, primarily driven by growth of $675.6 million, or 44.7%, in the Wizards of the Coast and Digital Gaming segment.

This growth was offset by a $106.3 million, or 4.2%, decrease in the Consumer Products segment, as well as a $3.5 million, or 4.4%, decrease in the Entertainment segment.

| Grow Brands | | | | | | $ | 3,479.1 | | | | | $ | 2,797.1 | | | | | 24.4 | | % |

| Optimize Brands | | | | | | 698.2 | | | | | | 731.5 | | | | | | (4.6) | | % |

| Reinvent Brands | | | | | | 524.0 | | | | | | 606.9 | | | | | | (13.7) | | % |

| Net Revenues | | | | | | $ | 4,701.3 | | | | | $ | 4,135.5 | | | | | 13.7 | | % |

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*Grow Brands:* Our Grow Brands represent the highest margin, highest growth opportunities in categories where we see significant share and/or underlying market growth, such as MAGIC: THE GATHERING, Hasbro Gaming, PLAY-DOH, Marvel, including SPIDER-MAN and THE AVENGERS, and DUNGEONS & DRAGONS.

The Grow Brands portfolio net revenues increased 24.4% in 2025 as compared to 2024.

The net revenue increase primarily reflects higher net revenues from MAGIC: THE GATHERING, which had a record year, increasing $641.5 million from 2024 behind Universes Beyond sets such as *Final Fantasy*, *Avatar: The Last Airbender, Marvel's Spider-Man*, and *Edges of Eternities.* Growth in MAGIC: THE GATHERING was accompanied by an increase in MONOPOLY, both in the traditional games space, as well as from increased contributions from our digital licensing arrangement with Scopely, Inc. for MONOPOLY GO!, which contributed $168.0 million of revenue in 2025 compared to $112.2 million of revenue in 2024.

The net revenue increase was partially offset by revenue declines from PLAY-DOH and DUNGEONS & DRAGONS.

*Optimize Brands:* Optimize Brands represent opportunities to maintain or grow share while improving operating profit returns, including brands such as TRANSFORMERS, PEPPA PIG, and Lucasfilms' STAR WARS.

The net revenue decrease was partially offset by continued growth in TRANSFORMERS and DUEL MASTERS.

*Reinvent Brands:* Reinvent Brands represent opportunities to reinvent or restructure to drive innovation and improve operating profit returns and include those brands such as NERF, BEYBLADE, PJ MASKS, POWER RANGERS, and FURBY.

The Reinvent Brands net revenues decreased 13.7% in 2025 as compared to 2024 primarily driven by lower net revenues from NERF, which were partially offset by revenue contributions from BEYBLADE.

In addition, Reinvent Brands net revenues were also negatively impacted by the lapping of prior year's licensing revenues for MY LITTLE PONY trading cards, which directly resulted in a decrease of $40.5 million, or 47.0%, year-over-year.

Additionally, Cost of sales for 2025 includes $44.9 million of tariff costs.

These factors were offset by supply chain productivity and cost savings initiatives.

The decrease in dollars and as a percent of net revenues during 2025 was driven by reduced content spend.

The increase in Royalties in dollars and as a percent of net revenues during 2025 directly reflects the impact of increased sales relating to MAGIC: THE GATHERING Universes Beyond sets, such as *Final Fantasy, Avatar: The Last Airbender* and *Marvel's Spider-Man*, for which the Company is obligated to pay a royalty.

The increase in Product development expense during 2025 was driven by incremental investments in the development of digital game titles that have not yet met technological feasibility.

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The Advertising expense decrease during 2025 was primarily driven by the Consumer Products segment, which decreased $30.3 million, as the Company sought measures to reduce variable expenses to offset the operating profit impact of tariffs.

The reduction in Consumer Products spend was offset by additional spend necessary to support top line growth opportunities within the Grow Brands category, specifically an increase of $28.8 million within the Wizards of the Coast and Digital Gaming segment.

publishing, as well as for use in theme park attractions and other forms of location-based entertainment and within formats such as film and TV programming.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | | | | | | | | | | | | | |

| Impairment of goodwill | | | — | | | | | | — | | % | | | | 1,191.2 | | | | | | 23.8 | | % | | | | | | | | | | | | |

Consolidated net revenues for the year ended December 29, 2024 decreased 17.3% to $4,135.5 million from $5,003.3 million for the year ended December 31, 2023, primarily driven by a $579.0 million, or 88%, decline in the Entertainment segment as a result of the sale of the eOne Film and TV business during the fourth quarter of 2023 and a $342.5 million, or 12%, decline in the Consumer Products segment, partially offset by a $53.7 million, or 4%, increase in the Wizards of the Coast and Digital Gaming segment.

| Net Revenues | | | | | | 2024 | | | | | | 2023 | | | | | | % Change | | |

| Franchise Brands | | | | | | $ | 3,120.9 | | | | | $ | 3,256.5 | | | | | (4) | | % |

| Partner Brands | | | | | | 583.4 | | | | | | 687.8 | | | | | | (15) | | % |

| Portfolio Brands | | | | | | 431.2 | | | | | | 521.8 | | | | | | (17) | | % |

| Non-Hasbro Branded Film & TV (1) | | | | | | — | | | | | | 537.2 | | | | | | (100) | | % |

| Total | | | | | | $ | 4,135.5 | | | | | $ | 5,003.3 | | | | | (17) | | % |

(1) Net revenues from the Company's Non-Hasbro-branded Film and TV portfolio were associated with the Company's non-core eOne Film and TV business sold to Lionsgate during the fourth quarter of 2023.

*Franchise Brands:* Our Franchise Brands include our flagship owned or controlled brands, which we believe can deliver significant revenues, profits and growth over the long term, such as MAGIC: THE GATHERING, Hasbro Gaming, PLAY-DOH, TRANSFORMERS, DUNGEONS & DRAGONS, PEPPA PIG and NERF.

The net revenue decrease primarily reflects lower net revenues from NERF, DUNGEONS & DRAGONS, and TRANSFORMERS products.

Net revenues in 2023 were supported by DUNGEONS & DRAGONS digital game and products, most notably *Baldur's Gate 3*, the DUNGEONS & DRAGONS-based role-playing video game released during the third quarter 2023, as well as theatrical release of *Dungeon & Dragons: Honor Among Thieves* released in March 2023.

Additionally, net revenues in 2023 were supported by TRANSFORMERS products from the June 2023 theatrical release of *TRANSFORMERS: Rise of the Beasts as* compared to the late September 2024 theatrical release of *Transformers One*.

The lower net revenues in 2024 from NERF and TRANSFORMERS products were partially offset by higher net revenues from MONOPOLY GO!.

*Partner Brands:* Partner Brands include those brands we license from other parties for which we develop toy and game products.

Partner brand revenues fluctuate based primarily on the entertainment releases around these brands in any given year, such as MARVEL, including SPIDER-MAN and THE AVENGERS, LUCASFILMS' STAR WARS, BEYBLADE, GHOSTBUSTERS, and INDIANA JONES.

The Partner Brands portfolio net revenues decreased 15% in 2024 as compared to 2023.

Additionally, revenue in 2023 was higher due to the Company's products for INDIANA JONES supported by the June 2023 theatrical release of *Indiana Jones and the Dial of Destiny*.

*Portfolio Brands:* Portfolio Brands include those brands we own or control which we feel have upside in revenue and profitability that have not yet grown to the significance of a franchise brand.

The Portfolio Brands net revenues decreased 17% in 2024 as compared to 2023 primarily driven by lower net revenues from POWER RANGERS, PJ MASKS and BABY ALIVE products which were partially offset by revenue contributions from FURBY products following the Company's reintroduction of the brand and refreshed product line during the second quarter of 2023, the release of the next generation of BEYBLADE in 2024, and licensing revenue for MY LITTLE PONY trading cards.

*Non-Hasbro Branded Film & TV:* Net revenues from the Company's Non-Hasbro-branded Film and TV portfolio were associated with the eOne Film and TV business sold during the fourth quarter of 2023.

Effective in the first quarter of 2024, the Company moved the remaining Non-Hasbro Branded Film & TV brands into Portfolio Brands to align with the Company's Brand Strategy.

For comparability, net revenues for 2023 have been reclassified to reflect the movement, resulting in a change of $0.5 million.

During the first quarter of 2025, in light of the Company's renewed strategy and differing level of investment depending on the growth and margin potential for the brand and business line, the Company will no longer report its brand portfolio based upon the categories described above.

The Cost of sales decrease in dollars and as a percent of net revenues was driven primarily by lower sales volumes, lower inventory obsolescence charges, supply chain productivity, and cost savings initiatives, and a $26.7 million benefit related to a historical

The Company also utilizes the percentage of completion methodology, primarily related to unscripted content.

The decrease in dollars and as a percent of net revenues during 2024 was driven by the impact of the sale of the eOne Film and TV business during the fourth quarter of 2023 as prior year Program costs were primarily associated with the eOne Film and TV business.

The decrease in Royalty expense in dollars and as a percent of net revenues during 2024 directly reflects the impact of the sale of the eOne Film and TV business.

The decrease in Product development expense during 2024 was driven by cost savings initiatives, along with phasing of product releases.

The Advertising expense decrease during 2024 was primarily driven by the sale of the eOne Film and TV business, along with declines in the advertising expense in the Consumer Products segment due to lower net revenues.

The decrease in 2024 reflects lower definite lived intangible assets due to the sale of the eOne Film and TV business and impairments taken in 2023.

The decrease in Interest expense during 2024 primarily reflects lower average outstanding borrowings in 2024 as compared to 2023 due to the assumption of the production financing borrowings by Lionsgate as part of the eOne Film and TV business and due to the retirement of the Company's variable-rate Five-Year term loan using proceeds from the sale of the eOne Film and TV business, both occurring during the fourth quarter of 2023, the full payment

of the 2024 Notes and repurchases of the 2026 Notes during the fourth quarter of 2024.

These decreases were partially offset by the issuance of the 2034 Notes (see Liquidity and Capital Resources discussion below for further information including description of the partial payments of the 2026 Notes and the issuance of the 2034 Notes).

Higher Interest income in 2024 primarily reflects higher average interest rates in 2024 compared to 2023, along with the Company's investment in short-term treasury bills in connection with the issuance of the 2034 Notes that fully matured in the fourth quarter of 2024 (see Liquidity and Capital Resources discussion below for further information including description of the 2034 Notes).

Fiscal year 2023 includes discrete items related to an impairment of goodwill in our Family Brands reporting unit of $960.0 million with no tax benefit and an impairment of goodwill in the Film and TV reporting unit of $231.2 million with no tax benefit.

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Through our franchise-first approach, we unlock value from both new and legacy IP, including MAGIC: THE GATHERING, [removed: DUNGEONS & DRAGONS,] MONOPOLY, HASBRO GAMES, [removed: NERF,] [added: PLAY-DOH,] TRANSFORMERS, [removed: PLAY-DOH] [added: DUNGEONS & DRAGONS, NERF,] and PEPPA PIG, as well as premier partner brands.

[removed: *2024] [added: *2025] Business Results*

We finished [removed: 2024] [added: 2025] with [added: strong] momentum, led by another record [removed: year] [added: performance] in our Wizards of the Coast and Digital [removed: Games] [added: Gaming] segment, continued [removed: success] [added: growth] in licensing, and operating profit improvement across the Company.

- In our Consumer Products segment, we saw solid performance from [removed: BEYBLADE and] [added: BEYBLADE,] TRANSFORMERS [removed: led by innovation] and [added: Hasbro Gaming, as well as success from recent innovation, such as] the [removed: animated film Transformers One with our partners at Paramount.][added: announcement of Baby Evie joining PEPPA PIG.]

In [removed: 2024,] [added: 2025,] we continued to execute on our Operational Excellence program, an ongoing enterprise-wide cost-savings initiative that includes targeted cost-savings, supply chain transformation and certain other restructuring actions designed to drive growth and enhance shareholder value.

[removed: On July 18, 2024, we announced the appointment of] [added: |] John [removed: Hight as the new President of] [added: Hight(6) | | | 65 | | | President,] Wizards of the Coast and Digital [removed: Gaming.][added: Gaming | | | Since 2024 | | |]

[added: | (6) Prior to joining Hasbro in 2024, during a twelve-year tenure,] Mr. Hight [removed: previously] served as Senior Vice President and General Manager of the Warcraft [removed: Franchise] [added: franchise] at Blizzard Entertainment, overseeing all development and commercial activities for World of Warcraft, [removed: Hearthstone,] [added: Hearthstone] and Warcraft Rumble. [added: Prior to that, Mr. Hight oversaw development of God of War 3 and the PlayStation Network for Sony’s Santa Monica Studio. He also taught courses in game development for the Interactive Media Division of the USC School of Cinematics. | | | | | |]

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We are Playing to Win. In 2025, we launched our refreshed [removed: strategy] [added: strategy,] "Playing to [removed: Win"] [added: Win,"] to refocus the Company on [added: inspiring a lifetime of] play [added: across more categories, more partners,] and [removed: partnership.][added: more ways to engage.]

Through play fueled brand engagement and partner scaled co-investment, [added: including video games, artificial intelligence ("AI") enabled entertainment, and licensing,] we plan to expand our consumer reach as a games, IP, and toy company.

We [removed: have set goals and objectives] [added: seek] to be one of the most profitable and diverse toy and game companies globally, powered by [removed: multi-segment and] [added: gamified, entertainment-driven, multi-purchase,] multi-generational franchises.

| Our high profit, high growth investment center. As consumers embrace digital, our game portfolio offers new channels to express our brands. | | | Our [removed: capital-lite,] [added: capital-light,] partner scale opportunity. Licensing drives our brands across consumer product categories, screens and experiences. | | | Our first handshake with consumers; a cash generative business in a stable category driven by brands, innovation and licenses. | | |

As a Company, we possess three competitive advantages: 1) a broad and deep brand portfolio rooted in play; 2) one of the biggest and most diverse licensing businesses in the world and 3) a profitable games business anchored by MAGIC: THE GATHERING, [removed: MONOPOLY,] DUNGEONS & DRAGONS, [added: MONOPOLY,] and Hasbro gaming classics.

Our licensing business [removed: receives external capital and marketing investments] [added: delivers substantial investment from third-parties] which strengthen our brands and our bottom line.

Operational Excellence: Transforming Hasbro. We are midway through a [removed: turnaround.][added: transformation.]

Over the past [removed: two] [added: several] years our [removed: transformation] initiatives have focused on:

- Divestiture of [added: the non-core film and TV business of] eOne (as defined below) which returned “play” to the center of our mission and investment priorities, ultimately reducing content spend by over 90%.

- Reinvigorating licensing [removed: and] [added: by] expanding into new partnerships across toys, gaming and [removed: experiences.][added: experiences and by strengthening existing partnerships with key partners, including the extension of our agreement with The Walt Disney Company.]

[removed: Now we] [added: We] are continuing to transform the business by upgrading our systems and talent with an emphasis on:

- [removed: Design acceleration] [added: Modernizing how we design and develop products and work with manufacturers] to improve the time to market, improve agility and reduce costs.

- [removed: Adoption] [added: Rapid adoption] of [removed: artificial intelligence (“AI”)] [added: AI, including launching new enabled services] and digital solutions to innovate, improve operational efficiency, and go to market digitally.

Our key brands [removed: are:][added: include:]

- DUNGEONS & DRAGONS [added: ("D&D")]

Key [removed: partner] brands include:

To successfully execute our gaming strategy, we focus on brands that capitalize on existing trends while evolving our approach using consumer insights and data analytics, technology advancements and offering game-play experiences addressed to consumer demand for face-to-face, trading card and digital game experiences played as board, off-the-board, digital, [removed: card,] electronic, trading card and role-playing games.

- MAGIC: THE GATHERING, one of the original collectible card games, is a strategic trading card game with compelling characters in multiple universes that continue to expand through new card sets, including [added: Universes Beyond sets] with well-known third-party [removed: properties] [added: brands] such as [added: *Final Fantasy, Avatar:] The [removed: Lord of the Rings: Tales of Middle-Earth card set] [added: Last Airbender*, and *Marvel's Spider-Man*,] released in [removed: 2023.][added: 2025.]

- DUNGEONS & DRAGONS, one of the world’s most popular tabletop role-playing games, is a cooperative, storytelling game where players take on the roles of different characters within a [added: story.]

There are dice and basic rules involved, [removed: and often] [added: along with] maps and miniatures or tokens, but the tools that come into play most often are the imaginations of the players.

- *Digital Gaming.* Key to our success is the continued investment [removed: in,] [added: in and] growth and development [removed: of,] [added: of] our digital gaming business, including development of AAA [added: and AA] games, games as a service and licensed games.

Spanning action role-playing games for web-based play, PC and gaming consoles, [removed: to] [added: and] Hasbro branded mobile application-based games, our digital gaming business helps to unlock the full value of our brands [removed: and] [added: to] achieve our mission of storytelling and bringing our brands to life.

[removed: ◦the] [added: - the] popular [removed: Monopoly Go!][added: MONOPOLY GO!]

free-to-play mobile game, released [added: in 2023] by Scopely, [removed: Inc. during 2023 and] [added: Inc.,] based on the classic board game, MONOPOLY;

[removed: ◦the] [added: - the] 2023 release of Baldur's Gate 3, the DUNGEONS & DRAGONS-based role-playing video game from our partners at Larian Studios which won several awards, including Game of the Year at the 10th annual Game Awards; and

[removed: For example, we have] [added: - the] developed and launched [removed: the] digital version of the MAGIC: THE GATHERING card [removed: game, *Magic:] [added: game*, Magic:] The Gathering Arena* and its related mobile application, both of which complement the Company's direct-to-customer relationships with our new and long-time MAGIC: THE GATHERING fan-base.

[removed: ◦*Consumer] [added: - *Consumer] Products Licensing:* We license our intellectual property for a variety of consumer [added: promotional events and] products, including apparel, publishing, home goods and electronics, or in certain situations, toy products where the out-licensing of brands is more effective and profitable than developing and marketing the products ourselves.

[removed: Another] [added: A] recent [removed: example,] [added: example of this includes a return of MONOPOLY at McDonald's for the first time] in [removed: 2024, we saw] a [added: decade, which featured a new digital-first format, and a] resurgence from MY LITTLE PONY through licensing across merchandising categories, music, and trading card products.

[removed: ◦*Digital] [added: - *Digital] Games Licensing:* We out-license certain of our brands to other third-party digital game developers who transform Hasbro brand-based characters and other intellectual properties into digital gaming experiences such as [removed: Monopoly Go!][added: MONOPOLY GO!]

and Baldur's Gate [removed: 3 discussed above.][added: 3.]

[removed: ◦*Location-Based] [added: - *Location-Based] Entertainment:* Location-based entertainment [removed: (“LBE”) includes] [added: focuses on] licensing our brands [removed: to] [added: across multiple verticals, including, but not limited to,] theme parks, water parks, hotels and resorts, family entertainment centers, retail, dining and entertainment, shows, exhibits and exhibitions such as [added: TRANSFORMERS at multiple Universal Studios theme parks, seven Peppa Pig Theme Parks and several Peppa Pig World of Play experiences with Merlin Entertainment, and] Hasbro City, [removed: the recently-opened] [added: a] Hasbro-themed family entertainment center located in Paseo Interlomas, Mexico featuring thrilling theme park rides and experiences, live shows, food and beverage options and the region's first Hasbro-themed retail location.

These experiences bring our brands to life and further immerse our consumers in our storytelling in a capital efficient [removed: manner.][added: manner as the third-parties operating these experiences are making the investment in these initiatives.]

Fiscal year 2025 was a year of strong results, driven by our continued execution on our Playing to Win strategy and cost-savings initiatives.

- MAGIC: THE GATHERING had a record year, supported by the success of its Universes Beyond sets such as *Avatar: The Last Airbender* and *Final Fantasy*, which was the highest selling set of all-time based on net revenues.

*Edge of Eternities* and *Marvel's Spider-Man* also contributed to performance as well as high demand for our backlist sets and Secret Lair offerings.

- Digital licensing was once again led by Monopoly Go!, a mobile game from our partners at Scopely, Inc., and remains a meaningful contributor to licensing revenues.

In addition, we saw strong success from partner licensed brands, such as MARVEL.

- Licensing in our Consumer Products segment continues to drive strong operating profit.

Through 2025, we have delivered almost $800 million of gross cost savings and are well on our path to our previous $1.0 billion commitment.

- *Anytime is Playtime*: Focus on winning play occasions and distribution point by making our brands accessible, relevant, and engaging wherever, whenever, and however consumers choose to play.

As part of our Playing to Win strategy, we have realigned our brand portfolios to correspond our refreshed strategy:

- *Grow Brands*: Brands representing the highest margin, highest growth opportunities in categories where we see significant share and/or underlying market growth.

- *Optimize Brands*: Brands representing opportunities to maintain or grow share while improving operating profit returns.

- *Reinvent Brands*: Brands representing opportunities to reinvent or restructure to drive innovation and improved operating profit returns.

Brands periodically are reclassified, based on changes in growth, profitability or other characteristics, and when those changes occur, the respective portfolio historical revenue is included within the new classification.

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- Establishing an inspired workforce with a performance culture built on solid fundamentals, strong values and bar-raising feedback.

- Build a real "test and learn" engine to enable ideas to move from concept to market with speed, evidence and consumer co-creation.

- MONOPOLY

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- *Final Fantasy, Avatar: The Last Airbender*, and *Fallout,* which collaborate with our MAGIC collectibles through SECRET LAIR projects

Over the past several years, the MAGIC product line has been able to expand its user base with sets developed for existing and new play groups, including competitive players, casual, social players, collectors, digital players, and fans of "adjacent" universes.

- the internal development of a variety of digital games, including EXODUS, a sci-fi role-playing game, and WARLOCK: DUNGEONS & DRAGONS, an original third person single-player action-adventure game, both of which currently in development for PC, PlayStation 5 and Xbox, and are expected to be released in 2027.

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In addition, a new slate of multi-year licensing partnerships was announced in 2025 that expand Hasbro's presence on the casino floor.

These partnerships provide access to new entertainment experiences that reimagine our brands in bold, exciting ways for a growing base of adult fans and gamers.

New in 2025 was the arrival of baby Evie, who joined Peppa and George as the newest member of the PEPPA PIG family during a cinematic event that featured the reveal of ten new episodes and six new songs.

This game continues to be enhanced and has helped expand the user base of MAGIC players.

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- Hasbro PULSE – Hasbro's ultimate fan ecommerce destination and sales platform, where fans get exclusive access to behind-the-scenes content, limited run and special edition collectibles and action figures, and other crowd-funded projects that bring dream products into premium reality.

Finally, our continued investment in digital gaming is considered a key growth engine to expand our reach in the world of play.

As of December 28, 2025, we have four internally owned and operated gaming studios working on a mixture of titles that will both introduce fans to new worlds and franchises, as well as further connect and immerse fans with existing IP.

We have also entered into key partnerships with external studios, in an effort to leverage their expertise to bring our brands to life in new, unique ways.

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

In 2025, net revenues from our top five customers accounted for approximately 35% of our consolidated global net revenues.

We are committed to transforming our supply chain into an industry-leading organization that delivers competitive advantages from design to shelf through superior service, responsiveness, and operational excellence.

Our multi-year plan is focused on strengthening capabilities and maintaining a robust productivity pipeline to fuel Hasbro’s growth.

Key areas of focus include optimizing our manufacturing and logistics network, advancing integrated planning, and embedding design to value, and design for manufacture principles.

Through these strategic pillars, our supply chain continues to create value and reduce costs across transportation, warehousing, and ex-factory expenses, while sustaining progress to continue to lower inventory levels and improving operating cash flow.

As part of the transformation, we continue to pursue a resilient sourcing strategy by diversifying our manufacturing footprint.

Product costs are generally based on annual pricing agreements with manufacturing partners throughout the year, reflect estimated market conditions, and typically remain fixed unless significant market changes occur.

Our logistics network is designed to ensure product availability across diverse retail, digital, and direct-to-consumer channels, while maintaining operational flexibility and cost efficiency.

Fiscal year 2024 was a year of continued transformation for our business and we began to see tangible results from our initiatives.

Specifically, we focused our efforts on strategic investments in our most valuable and profitable franchises across games, licensing, toys and entertainment.

We also made significant progress in our cost-savings initiatives, and further strengthened our leadership team with industry veterans and turnaround experts.

- MAGIC: THE GATHERING had a solid year, nearly matching 2023’s record despite fewer set releases.

Modern Horizons 3, Bloomburrow, and Duskmourn led performance in tentpole sets with backlist and Secret Lair demand also exceeding expectations.

- Digital licensing growth was led by Monopoly Go!

from our partners at Scopely, Inc., closing the year with a successful TV campaign and the launch of Tycoon Club.

We also continued to see sales from Baldur's Gate 3 after its successful release in 2023 by our partners at Larian Studios.

- For DUNGEONS & DRAGONS, we celebrated the brand’s 50th Anniversary with the 2024 Players Handbook and Dungeon Master’s Guide, both top selling products in D&D’s history.

- Licensing in our Consumer Products segment grew on the back of MY LITTLE PONY trading cards.

- Our toys business had improved profitability behind supply chain productivity and lean inventory management.

Since this program was initiated in 2022, we have delivered approximately $600 million of gross cost savings and $320 million of net cost savings.

*Board and Executive Leadership*

In March 2024, we brought additional skills and experience to our Board of Directors with the addition of Frank Gibeau, Darin Harris, and Owen Mahoney, each of whom has significant executive and relevant operational leadership expertise.

Three longer-tenured directors, Michael Burns, Tracy Leinbach and Linda Zecher Higgins, retired from the Board in May 2024.

On July 18, 2024, we also announced the appointment of Holly Barbacovi, a seasoned HR leader, as our new Chief People Officer.

Ms. Barbacovi previously served as Wizards of the Coast’s Vice President of Human Resources from 2016 to 2020.

She rejoined Hasbro from Bungie, where she most recently served as Chief Operating Officer and prior to that was their Chief People Officer.

- *Profitable Franchises:* Focus on improving the fundamentals of profitable, play-focused brands, through innovation, partnership, operational excellence, managed cost-discipline and retail execution.

- SECRET LAIR partners such as Final Fantasy, The Lord of the Rings, and Fallout

MAGIC: THE GATHERING became Hasbro’s first billion-dollar brand in 2022.

story.

An update to the fifth edition of the D&D rule set was published in 2024.

◦our 2022 acquisition of D&D Beyond, the premier digital content platform for DUNGEONS & DRAGONS.

We continue to develop and enhance other digital games internally and through third parties.

A recent example of this includes the return of our LITTLEST PET SHOP brand through our partnership with Basic Fun!, a global marketer of toys and consumer products.

Together we relaunched LITTLEST PET SHOP through a Roblox experience in December 2023, a refreshed LITTLEST PET SHOP product lineup in the first half of 2024 featuring new characters, collectables, and playsets.

entertainment and drive creativity and overall awareness across brands with merchandising and licensing tie-ins.

Another recent example is *Transformers One*, an animated film featuring the untold origin story of Optimus Prime and Megatron released in September 2024 in partnership with Paramount Pictures.

◦Hasbro PULSE - Hasbro's ultimate fan ecommerce destination.

guarantees are required by these license agreements.

Beginning in late 2022, we launched a multi-year initiative aimed at transforming our global supply chain into a best-in-class network that delivers competitive advantages through performance efficiency, operating model integration and organizational accountability.

We are continuing to refine our integrated supply chain from planning and designing to sourcing and delivering, with our multi-year plan to deliver improved capabilities and provide a productivity pipeline to fuel growth at Hasbro.

We continually look to diversify our manufacturing footprint.

All of these materials are readily available but may be subject to significant fluctuations in price.

There are certain chemicals (including phthalates and BPA) that national, state and local governments have restricted or are seeking to restrict or limit the use of; however, we do not believe these restrictions have or will materially impact our business.

We generally enter into agreements with suppliers at the beginning of a fiscal year that establish prices for that year.

However, significant volatility in the prices of any of these materials may require renegotiation with our suppliers during the year.

In

- The Science-Based Targets Initiative ("SBTi") has validated our greenhouse gas ("GHG") emission reductions targets.

On November 13, 2024, West Palm Beach Firefighters’ Pension Fund [added: ("Lead Plaintiffs")] filed a putative class action lawsuit in the U.S. District Court for the Southern District of New York alleging violations of Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 [added: (the "Exchange Act")] and certain rules promulgated thereunder.

[removed: The complaint alleges] [added: In the amended complaint, Lead Plaintiffs allege] that members of the putative class suffered losses as a result of [added: Defendants’] false or misleading statements [removed: and withholding of information] regarding the [removed: Company’s inventory, including quality] [added: growth] and [removed: appropriateness thereof,] [added: success of Magic: The Gathering (“Magic”) card sets, including statements attributing Magic’s growth to a consumer-driven “segmentation” strategy,] during the [added: Alleged] Class Period.

On [removed: February 5, 2025, Dale Lee,] [added: January 21, 2026, Joseph Crocono and Ultan McGlone,] derivatively on behalf of Hasbro, Inc., filed a putative shareholder derivative action against [added: certain of the Company's executive officers and] current and former members of the Board of Directors of the Company in the [removed: U.S.] [added: United States] District Court for the [removed: Southern] District of [removed: New York.][added: Rhode Island.]

[added: Crocono vs. Cocks et al., Case No. 1:26-cv-41 (D.R.I.)] The allegations in this complaint are nearly identical to those of the [added: amended complaint in the] West Palm Beach Firefighters' Pension Fund action.

On [removed: February 21,] [added: August 19,] 2025, [removed: Patrick Ayers,] [added: Karen Sbriglio,] derivatively on behalf of Hasbro, Inc., filed a putative shareholder derivative action against certain of the [removed: Company’s] [added: Company's] executive officers and current and former members of the Board of Directors of the Company in [removed: the U.S. District Court for the Southern District of New York, et al., Case No. 1:25-cv-1504 (S.D.N.Y.).][added: Rhode Island Superior Court.]

On November 26, 2025, Lead Plaintiffs filed an amended complaint on behalf of all persons and entities that purchased the Company’s securities between September 16, 2021 and October 26, 2023, inclusive (the “Alleged Class Period”).

The amended complaint alleges violations of Sections 10(b) and 20(a) of the Exchange Act.

Defendants moved to dismiss the amended complaint on February 6, 2026.

*Sbriglio v.

Stoddart et al.,* PC-2025-04400 (Prov.

City, RI).

Plaintiff alleges the Board of Directors wrongfully refused a pre-suit litigation demand made on the Board relating to similar allegations described in the initial complaint in the West Palm Beach Firefighters' Pension Fund action.

The parties have stipulated to stay the case pending resolution of the motion to dismiss in the West Palm Beach Firefighters' Pension Fund action.

On February 17, 2026, Plaintiffs voluntarily dismissed the action.

West Palm Beach Firefighters’ Pension Fund v.

Hasbro, Inc., Richard Stoddart, Christian Cocks, Deborah Thomas, Gina Goetter and Eric Nyman, Case No.1:24-cv-8633 (S.D.N.Y.).

The plaintiff asserts claims on behalf of persons and entities that purchased the Company’s securities between February 7, 2022 and October 25, 2023 (the “Class Period”), and seeks compensatory damages, interest, fees, and costs.

The court is in the process of appointing a lead plaintiff.

Lee v.

Cocks, et al., Case No. 1:25-cv-01018 (S.D.N.Y.).

Plaintiff alleges, nominally on behalf of the Company, that the named defendants breached the Hasbro Code of Conduct and Audit Committee Charter as well as their individual fiduciary duties by making false or misleading statements, approving the making of false or misleading statements, and/or withholding information regarding the Company's inventory during the same time period as the Class Period.

The action alleges violations of Section 14(a) of the Exchange Act

[Table of Contents](#i18f05b13baab4168aeca47a69b9b346c_7)

and Rule 14a-9 with respect to the 2022 Proxy Statement, Section 10(b), 15 U.S.C. sec.

78(j) and Rule 10b-5.

Defendants have not yet responded to the action.

The allegations in this complaint are substantially the same as those in the Lee action described above.

Defendants have not yet responded to this action.

[Table of [removed: Contents](#i18f05b13baab4168aeca47a69b9b346c_7)][added: Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)]

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR [removed: 15(d)][added: 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934]

For the fiscal year ended December [removed: 29, 2024][added: 28, 2025]

The aggregate market value on June [removed: 28, 2024] [added: 27, 2025] (the last business day of the Company’s most recently completed second quarter) of the voting common stock held by non-affiliates of the registrant, computed by reference to the closing price of the stock on that date, was approximately [removed: $8.1] [added: $10.3] billion.

The number of shares of common stock outstanding as of February [removed: 14, 2025] [added: 13, 2026] was [removed: 139,531,311.][added: 140,685,758.]

Portions of our definitive proxy statement for our [removed: 2025] [added: 2026] Annual Meeting of Shareholders are incorporated by reference into Part III of this Report.

For the Year Ended December [removed: 29, 2024][added: 28, 2025]

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These “forward-looking statements” may relate to matters such as: our business and marketing strategies; anticipated financial performance or business prospects in future periods; relationships with business partners, licensees, licensors, customers, suppliers and employees; purchasing patterns of our customers and consumers; expected technological and product developments; the potential impact of the use of artificial intelligence in our and our competitors' [removed: products;] [added: products and operations;] the expected timing for [removed: scheduled] new product [removed: introductions or our] [added: introductions;] expectations concerning the future acceptance of products by customers; the development and timing of planned digital gaming products, consumer products and entertainment releases; marketing and promotional efforts; research and development activities; potential impact of current, potential, reciprocal and retaliatory tariffs; management of supply and inventory; expectations related to our [removed: manufacturing;] [added: manufacturing and potential efficiencies in our design efforts;] impact of public health conditions; adequacy of our properties; expected benefits and cost-savings resulting from the Company's transformation efforts; expected benefits and [added: efficiencies that may be attained or created from use of artificial intelligence in our operations; expected benefits and] cost-savings from certain restructuring actions; [added: the timing and impact of moving the Company's Rhode Island operations to Boston, Massachusetts;] capital expenditures; working capital; liquidity; timing of and amount of repayment of indebtedness; capital allocation strategy, including plans for dividends, share and debt repurchases; and other financial, tax, accounting and similar matters.

- We may not achieve all of our anticipated [removed: cost savings,] [added: cost-savings,] which may impact our ability to operate efficiently and profitably.

- Our business may be harmed by the imposition or threat of tariffs, including reciprocal or retaliatory tariffs, in markets in which we operate which could increase our product costs and other costs of doing business, [added: reduce or delay purchases,] impact consumer spending, or lower our revenues and earnings.

- Our substantial business, sales and manufacturing [added: operations] outside the U.S. subjects us to risks of international operations, including the risk and impact of current, potential, retaliatory or reciprocal tariffs on our products.

- Our digital [removed: game] [added: games] and entertainment offerings may be dependent on third-party studios, content producers and distribution channels.

[added: -] If we lose key management or other employees or are unable to attract and retain talented people with the skill sets we need for our diverse and evolving business, our business may be harmed.

- [removed: If we do not] [added: Failure to] successfully operate our information technology systems, or if our electronic data is compromised, our business may be harmed.

- [removed: Pandemics or outbreaks of diseases or viruses] [added: Public health crises] have had and may continue to have an adverse effect on our business, including harming our ability to source and ship products in a timely and cost-effective manner.

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

| | | | [PART I](#ieb386c6e1feb425e90d22f2f5c682cf0_13) | | | | | |

| | | | [PART II](#ieb386c6e1feb425e90d22f2f5c682cf0_76) | | | | | |

| | | | [PART III](#ieb386c6e1feb425e90d22f2f5c682cf0_247) | | | | | |

| | | | [PART IV](#ieb386c6e1feb425e90d22f2f5c682cf0_265) | | | | | |

| | | | [Signatures](#ieb386c6e1feb425e90d22f2f5c682cf0_277) | | | [105](#ieb386c6e1feb425e90d22f2f5c682cf0_277) | | |

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

- We may not successfully implement and execute our business strategy, including delivering on our digital gaming strategy, returning our toy business to growth and increased profitability, and continuing to grow our licensing business.

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

- As we incorporate AI tools into aspects of our business, including product and game development, we may face increased costs, operational complexity, IP and data governance challenges, and evolving regulatory requirements, any of which could adversely affect timelines, quality, or expected returns on investment.

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

OF THE SECURITIES EXCHANGE ACT OF 1934

| | | | [PART I](#i18f05b13baab4168aeca47a69b9b346c_13) | | | | | |

| | | | [PART II](#i18f05b13baab4168aeca47a69b9b346c_37) | | | | | |

| | | | [PART III](#i18f05b13baab4168aeca47a69b9b346c_190) | | | | | |

| | | | [PART IV](#i18f05b13baab4168aeca47a69b9b346c_208) | | | | | |

| | | | [Signatures](#i18f05b13baab4168aeca47a69b9b346c_217) | | | [98](#i18f05b13baab4168aeca47a69b9b346c_217) | | |

- We may not successfully implement and execute our business strategy.

- We may lose rights to existing partner brands or fail to secure such rights in the future.

- Our business may be harmed if we are not successful in transforming our supply chain operations.

- We have had recent leadership changes and other employee changes.

Our cybersecurity program [removed: leverages] [added: is informed by] various industry standards like the National Institute of Standards and Technology ("NIST") and Center for Internet Security ("CIS") [removed: Program framework,] [added: frameworks,] which [removed: organizes] [added: organize] cybersecurity risks into five categories: identify, [added: govern,] protect, detect, respond and recover.

Our [removed: enterprise risk management team reviews] [added: internal teams review] cybersecurity risks, and key cybersecurity risks are incorporated into the [removed: enterprise risk management] [added: Enterprise Risk Management] ("ERM") reports reviewed and discussed internally and with the Board.

We also have a set of Company-wide policies and procedures concerning cybersecurity and technology standards, which include a Technology Use policy, as well as other policies that directly or indirectly relate to cybersecurity, such as policies related to [removed: endpoint] [added: endpoint, cloud,] and network protection, encryption standards, malware/ransomware protection, remote access, multi-factor authentication, [added: anti-phishing,] confidential information and the use of the [removed: internet, social media, email and wireless devices.]

The Company’s Chief Information Security Officer (“CISO”) and the Cybersecurity and Data Privacy [removed: Steering Committee] [added: leadership members] are responsible for developing, [removed: implementing] [added: implementing, advising,] and evaluating our information security program.

The CISO regularly reports on cybersecurity matters to [removed: the Cybersecurity and Data Privacy Steering Committee,] [added: Hasbro leadership,] as well as to the Board and the Audit Committee.

Our Chief Digital [removed: and] Information Officer is an [removed: Executive Sponsor] [added: executive sponsor] of [removed: the] [added: our] Cyber Security [removed: Program, has] [added: Program with] over two decades of experience leading cyber security oversight, and others on our cyber security team have cybersecurity experience and certifications, such as the Certified Information Systems Security [removed: Professional,] [added: Professional ("CISSP"),] or other industry leading certifications.

We have invested in [removed: IT] [added: Technology] security, including additional end-user training, using layered defenses, identifying and protecting critical assets, strengthening monitoring and alerting, and engaging experts.

We regularly test defenses by performing simulations and drills at both a technical level (including [removed: through] penetration tests), tabletop exercises and by reviewing our operational policies and procedures with third-party experts.

At the management level, our [removed: IT] [added: Technology] security team regularly monitors alerts and meets to discuss threat levels, trends and remediation.

Further, we conduct periodic external penetration tests, red team [removed: testing] [added: testing, product security assessments, tabletop exercises,] and maturity testing to assess our processes and procedures and the threat landscape.

The internal business owners of the hosted critical applications are required to document user access reviews [added: and other key controls] at least annually and [removed: provide from the vendor a] [added: evaluate each vendor's] System and Organization Controls ("SOC") 1 [removed: or] [added: and/or] SOC 2 report.

[removed: The] [added: As part of this oversight, the] Audit Committee and the full Board actively participate in discussions with management and amongst themselves regarding cybersecurity risks.

[Table of [removed: Contents](#i18f05b13baab4168aeca47a69b9b346c_7)][added: Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)]

[added: The Audit Committee meets during the year and discusses cyber-related] industry events, critical cyber incidents, alignment with our information security framework, threat assessment, security capabilities, response readiness and training efforts.

During the past three [removed: years] [added: years,] we have not suffered a material breach or a reportable incident, and cybersecurity risks (including breach of third parties with whom we work) have not materially affected us, including our business strategy, results of operations or financial condition.

For more information about the cybersecurity risks we face, [removed: see] [added: refer to] Item 1A.

We employ a multi-layered approach to monitoring and mitigating cybersecurity and data privacy risks.

Management, in coordination with our Board, the Audit Committee of the Board (the “Audit Committee”), our dedicated Cybersecurity and Data Privacy teams, and senior leaders responsible for Enterprise Risk Management, have established processes intended to adapt to the evolving threat landscape.

These processes are designed to identify, assess, and respond to emerging cybersecurity risks, including the ability to rapidly deploy specialized task forces to address specific threats or incidents.

internet, social media, email and wireless devices.

Furthermore, our internal audit team is responsible for testing and auditing the design and operating effectiveness of our information technology internal controls.

Cybersecurity risk management is integrated into management's broader enterprise risk responsibilities and informs strategic and operational decision-making.

In addition, all employees receive cybersecurity training during their onboarding and are required to complete updated training on an annual basis.

The Audit Committee of our Board of Directors maintains oversight of our cybersecurity and data privacy risk management programs.

Members of the Audit Committee bring relevant oversight, technology and information security governance experience, enabling them to provide informed guidance and effective oversight of our strategies, controls, and incident response capabilities.

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

We have an in-depth approach to monitoring and addressing cybersecurity risk.

Members of management together with our Board, the Audit Committee of the Board (the "Audit Committee"), our internal Cybersecurity and Data Privacy Steering Committee (a cross-functional team which includes members of our Executive Leadership Team), and the members of an enterprise risk management team (a task force comprised of senior representatives of the company assessing risk in the organization), have developed cybersecurity and risk management processes to adapt to the changing cybersecurity landscape and respond to emerging threats in a timely and effective manner.

The Audit Committee meets during the year and discusses cyber-related

Hasbro owns its [added: current] corporate headquarters in Pawtucket, Rhode Island consisting of approximately 343,000 square feet, which is used by [removed: all] [added: many] major functions of the business.

The Company has third party warehousing agreements [removed: of] [added: for] approximately three million square feet in California, Illinois, Georgia and Massachusetts that are used primarily by the Consumer Products segment.

The Company also leases approximately 111,000 square feet of office space in Renton, [removed: Washington] [added: Washington, which is the principal headquarters for the Wizards of the Coast and Digital Gaming segment,] as well as [removed: 25,000] [added: 70,000] square feet in [removed: Austin, Texas] [added: Montreal, Canada] used primarily by the Wizards of the Coast and Digital Gaming segment.

Hasbro also leases an aggregate of 78,000 square feet of office space in Hong Kong and [removed: 48,000] [added: 47,000] square feet of office space in Shenzhen, People’s Republic of China.

The Company leases or owns property in [removed: 33] [added: 30] countries.

In October 2025, Hasbro executed a long-term sublease for 265,000 square feet of office space at 400 Summer Street, Boston, Massachusetts to serve as the Company's principal headquarters for our toy and game business and corporate function.

The Company expects to move from the Pawtucket offices during the fourth quarter of 2026 and subsequently list the Pawtucket properties for sale.

The Company is, however, currently evaluating options to relocate its corporate headquarters given the age and condition of the current building in Pawtucket, Rhode Island.

[Table of [removed: Contents](#i18f05b13baab4168aeca47a69b9b346c_7)][added: Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)]

As of February [removed: 14, 2025,] [added: 13, 2026,] there were approximately [removed: 7,063] [added: 6,750] shareholders of record of the Company’s Common Stock.

The declaration of dividends is subject to the discretion of [removed: the] [added: our] Board of Directors and depends on various factors, including our net income, financial condition, cash requirements, future prospects and other relevant factors.

In [removed: May 2018,] [added: February 2026,] the Company announced that its Board of Directors authorized the repurchase of up to [removed: an additional $500 million] [added: $1.0 billion] in Common [removed: Stock] [added: Stock,] which may [removed: either] be repurchased in the open market or through privately negotiated transactions.

There were no repurchases of the Company’s Common Stock during [removed: 2024.][added: 2025.]

This authorization replaces and supersedes all prior approved share repurchase authorization and has no expiration date.

As of December 29, 2024, Hasbro had $241.6 million remaining available under these shares repurchase authorizations.

For the Year Ended December [removed: 29, 2024][added: 28, 2025]

| [Report of Independent Registered Public Accounting [removed: Firm](#i18f05b13baab4168aeca47a69b9b346c_2204)] [added: Fir](#ieb386c6e1feb425e90d22f2f5c682cf0_145)[m](#ieb386c6e1feb425e90d22f2f5c682cf0_145)] | | | [removed: [45](#i18f05b13baab4168aeca47a69b9b346c_2204)] [added: [49](#ieb386c6e1feb425e90d22f2f5c682cf0_145)] | | |

| [Consolidated Balance [removed: Sheets](#i18f05b13baab4168aeca47a69b9b346c_85)] [added: Sheets](#ieb386c6e1feb425e90d22f2f5c682cf0_148)] | | | [removed: [47](#i18f05b13baab4168aeca47a69b9b346c_85)] [added: [52](#ieb386c6e1feb425e90d22f2f5c682cf0_148)] | | |

| [removed: [Consolidated] [added: Consolidated] Statements of [removed: Operations](#i18f05b13baab4168aeca47a69b9b346c_88)] [added: Operations Classification:] | | | [removed: [48](#i18f05b13baab4168aeca47a69b9b346c_88)] | | | [added: | | | | | | | | | | | |]

| [Consolidated Statements of Comprehensive Earnings [removed: (Loss)](#i18f05b13baab4168aeca47a69b9b346c_91)] [added: (Loss)](#ieb386c6e1feb425e90d22f2f5c682cf0_154)] | | | [removed: [49](#i18f05b13baab4168aeca47a69b9b346c_91)] [added: [54](#ieb386c6e1feb425e90d22f2f5c682cf0_154)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i18f05b13baab4168aeca47a69b9b346c_94)] [added: Flows](#ieb386c6e1feb425e90d22f2f5c682cf0_157)] | | | [removed: [50](#i18f05b13baab4168aeca47a69b9b346c_94)] [added: [55](#ieb386c6e1feb425e90d22f2f5c682cf0_157)] | | |

[removed: | [Consolidated] [added: Consolidated] Statements of Shareholders’ [removed: Equity and Redeemable Noncontrolling Interests](#i18f05b13baab4168aeca47a69b9b346c_97) | | | [51](#i18f05b13baab4168aeca47a69b9b346c_97) | | |][added: Equity]

[removed: | [Notes] [added: Notes] to Consolidated Financial [removed: Statements](#i18f05b13baab4168aeca47a69b9b346c_100) | | | [52](#i18f05b13baab4168aeca47a69b9b346c_103) | | |][added: Statements — (Continued)]

[removed: | [1](#i18f05b13baab4168aeca47a69b9b346c_103)[.](#i18f05b13baab4168aeca47a69b9b346c_103) [Summary] [added: 1, Summary] of Significant Accounting [removed: P](#i18f05b13baab4168aeca47a69b9b346c_103)[olicies](#i18f05b13baab4168aeca47a69b9b346c_103) | | | [52](#i18f05b13baab4168aeca47a69b9b346c_103) | | |][added: Policies.]

| [removed: [3](#i18f05b13baab4168aeca47a69b9b346c_112)[.](#i18f05b13baab4168aeca47a69b9b346c_112) [](#i18f05b13baab4168aeca47a69b9b346c_112)[Sale] [added: [3. Sale] of Entertainment One Film and TV [removed: Business](#i18f05b13baab4168aeca47a69b9b346c_112)] [added: Business](#ieb386c6e1feb425e90d22f2f5c682cf0_175)] | | | [removed: [61](#i18f05b13baab4168aeca47a69b9b346c_112)] [added: [67](#ieb386c6e1feb425e90d22f2f5c682cf0_175)] | | |

| [removed: [4](#i18f05b13baab4168aeca47a69b9b346c_2470)[.](#i18f05b13baab4168aeca47a69b9b346c_2470) [Earnings] [added: [4. Earnings] Per Common [removed: Share](#i18f05b13baab4168aeca47a69b9b346c_2470)] [added: Share](#ieb386c6e1feb425e90d22f2f5c682cf0_178)] | | | [removed: [62](#i18f05b13baab4168aeca47a69b9b346c_2470)] [added: [67](#ieb386c6e1feb425e90d22f2f5c682cf0_178)] | | |

| [removed: [5](#i18f05b13baab4168aeca47a69b9b346c_118)[.](#i18f05b13baab4168aeca47a69b9b346c_118) [](#i18f05b13baab4168aeca47a69b9b346c_118)[Other Comprehensive Earnings (Loss)](#i18f05b13baab4168aeca47a69b9b346c_118)] [added: Other comprehensive earnings (loss):] | | | [removed: [63](#i18f05b13baab4168aeca47a69b9b346c_118)] | | | [added: | | | | | | | | | | | |]

| [removed: [6](#i18f05b13baab4168aeca47a69b9b346c_121)[.](#i18f05b13baab4168aeca47a69b9b346c_121) [Property, Plant] [added: Additions to property, plant] and [removed: Equipment](#i18f05b13baab4168aeca47a69b9b346c_121)] [added: equipment:] | | | [removed: [65](#i18f05b13baab4168aeca47a69b9b346c_121)] | | | [added: | | | | | | | | | | | | | | |]

[removed: | [7](#i18f05b13baab4168aeca47a69b9b346c_124)[.](#i18f05b13baab4168aeca47a69b9b346c_124) [Goodwill] [added: (8) Goodwill] and Intangible [removed: Assets](#i18f05b13baab4168aeca47a69b9b346c_124) | | | [65](#i18f05b13baab4168aeca47a69b9b346c_124) | | |][added: Assets]

[removed: | [8](#i18f05b13baab4168aeca47a69b9b346c_127)[.](#i18f05b13baab4168aeca47a69b9b346c_127) [Equity] [added: (9) Equity] Method [removed: Investment](#i18f05b13baab4168aeca47a69b9b346c_127) | | | [66](#i18f05b13baab4168aeca47a69b9b346c_127) | | |][added: Investment]

[removed: | [10](#i18f05b13baab4168aeca47a69b9b346c_136)[.](#i18f05b13baab4168aeca47a69b9b346c_136) [Additional] [added: (11) Additional] Balance Sheet [removed: Information](#i18f05b13baab4168aeca47a69b9b346c_136) | | | [69](#i18f05b13baab4168aeca47a69b9b346c_136) | | |][added: Information]

[removed: | [11](#i18f05b13baab4168aeca47a69b9b346c_139)[.](#i18f05b13baab4168aeca47a69b9b346c_139) [Long-Term] [added: (12) Long-Term] Debt and Other [removed: Financing](#i18f05b13baab4168aeca47a69b9b346c_139) | | | [70](#i18f05b13baab4168aeca47a69b9b346c_139) | | |][added: Financing]

[removed: | [12](#i18f05b13baab4168aeca47a69b9b346c_142)[.](#i18f05b13baab4168aeca47a69b9b346c_142) [Income Taxes](#i18f05b13baab4168aeca47a69b9b346c_142) | | | [72](#i18f05b13baab4168aeca47a69b9b346c_142) | | |][added: (13) Income Taxes]

[removed: | [13](#i18f05b13baab4168aeca47a69b9b346c_145)[.](#i18f05b13baab4168aeca47a69b9b346c_145) [Capital Stock](#i18f05b13baab4168aeca47a69b9b346c_145) | | | [76](#i18f05b13baab4168aeca47a69b9b346c_145) | | |][added: (14) Capital Stock]

[removed: | [14](#i18f05b13baab4168aeca47a69b9b346c_148)[.](#i18f05b13baab4168aeca47a69b9b346c_148) [Fair] [added: (15) Fair] Value of Financial [removed: Instruments](#i18f05b13baab4168aeca47a69b9b346c_148) | | | [76](#i18f05b13baab4168aeca47a69b9b346c_148) | | |][added: Instruments]

[removed: | [15](#i18f05b13baab4168aeca47a69b9b346c_151)[.](#i18f05b13baab4168aeca47a69b9b346c_151) [Share-Based Awards](#i18f05b13baab4168aeca47a69b9b346c_151) | | | [77](#i18f05b13baab4168aeca47a69b9b346c_151) | | |][added: (16) Share-Based Awards]

[removed: | [16](#i18f05b13baab4168aeca47a69b9b346c_154)[.](#i18f05b13baab4168aeca47a69b9b346c_154) [Retirement Plans](#i18f05b13baab4168aeca47a69b9b346c_154) | | | [81](#i18f05b13baab4168aeca47a69b9b346c_154) | | |][added: (17) Retirement Plans]

[removed: | [18](#i18f05b13baab4168aeca47a69b9b346c_160)[.](#i18f05b13baab4168aeca47a69b9b346c_160) [Derivative] [added: (19) Derivative] Financial [removed: Instruments](#i18f05b13baab4168aeca47a69b9b346c_160) | | | [84](#i18f05b13baab4168aeca47a69b9b346c_160) | | |][added: Instruments]

[removed: | [19](#i18f05b13baab4168aeca47a69b9b346c_166)[.](#i18f05b13baab4168aeca47a69b9b346c_166) [Restructuring Actions](#i18f05b13baab4168aeca47a69b9b346c_166) | | | [86](#i18f05b13baab4168aeca47a69b9b346c_166) | | |][added: (20) Restructuring Actions]

[removed: | [20](#i18f05b13baab4168aeca47a69b9b346c_169)[.](#i18f05b13baab4168aeca47a69b9b346c_169) [Commitments] [added: (21) Commitments] and [removed: Contingencies](#i18f05b13baab4168aeca47a69b9b346c_169) | | | [87](#i18f05b13baab4168aeca47a69b9b346c_169) | | |][added: Contingencies]

[removed: | [21](#i18f05b13baab4168aeca47a69b9b346c_172)[.](#i18f05b13baab4168aeca47a69b9b346c_172) [Segment Reporting](#i18f05b13baab4168aeca47a69b9b346c_172) | | | [87](#i18f05b13baab4168aeca47a69b9b346c_172) | | |][added: (22) Segment Reporting]

[Table of [removed: Contents](#i18f05b13baab4168aeca47a69b9b346c_7)][added: Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)]

We have audited the accompanying consolidated balance sheets of Hasbro, Inc. and subsidiaries (the Company) as of December [removed: 29, 2024] [added: 28, 2025] and December [removed: 31, 2023,] [added: 29, 2024,] the related consolidated statements of operations, comprehensive earnings (loss), shareholders’ [removed: equity and redeemable noncontrolling interests,] [added: equity,] and cash flows for each of the years in the three-year period ended December [removed: 29, 2024,] [added: 28, 2025,] and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December [removed: 29, 2024] [added: 28, 2025] and December [removed: 31, 2023,] [added: 29, 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended December [removed: 29, 2024,] [added: 28, 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December [removed: 29, 2024,] [added: 28, 2025,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 27, 2025] [added: 25, 2026] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

*Critical Audit [removed: Matter*][added: Matters*]

The critical audit [removed: matter] [added: matters] communicated below [removed: is a matter] [added: are matters] arising from the current period audit of the consolidated financial statements that [removed: was] [added: were] communicated or required to be communicated to the audit committee and that: (1) [removed: relates] [added: relate] to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of [removed: a] critical audit [removed: matter] [added: matters] does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating [removed: the] [added: these] critical audit [removed: matter] [added: matters] below, providing [removed: a] separate [removed: opinion] [added: opinions] on the critical audit [removed: matter] [added: matters] or on the accounts or disclosures to which [removed: it relates.][added: they relate.]

As discussed in Note 1 to the consolidated financial statements, the Company enters into contracts to license its intellectual property wherein the licensees [added: generally] pay [removed: either] a sales-based [removed: or] [added: royalty,] usage-based royalty, or a combination of both, for use of the intellectual property.

The Company may receive advanced royalty payments from licensees in advance of a licensees’ subsequent sale or [removed: usage] [added: usage, or prior to the completion of the Company's performance obligation,] for which the Company records the deferred revenues as contract liabilities.

As of December [removed: 29, 2024,] [added: 28, 2025,] the Company recognized [removed: $4,135.5] [added: $4,701.3] million of net revenues, a portion of which related to royalty revenues.

[removed: At] December [removed: 29, 2024,] [added: 28, 2025,] the Company recorded contract assets and liabilities balances of [removed: $241.4] [added: $282.9] million and [removed: $236.8] [added: $190.5] million, respectively, a portion of each which related to licenses.

On a sample basis, we tested royalty revenue [removed: transactions] [added: transactions, contract assets, and contract liabilities] by comparing the recorded amounts [removed: of royalty revenues and the related contract assets and liabilities] to underlying documentation and third-party evidence, including customer [removed: contracts and] [added: contracts,] sales and usage [removed: statements.][added: statements, invoices, and cash receipts.]

December [removed: 29, 2024] [added: 28, 2025] and December [removed: 31, 2023][added: 29, 2024]

| | | | [added: | | |] 2024 | | | | | | 2023 | | |

| [Notes to Consolidated Financial Statements](#ieb386c6e1feb425e90d22f2f5c682cf0_163) | | | [57](#ieb386c6e1feb425e90d22f2f5c682cf0_166) | | |

| [1. Summary of Significant Accounting Policies](#ieb386c6e1feb425e90d22f2f5c682cf0_166) | | | [57](#ieb386c6e1feb425e90d22f2f5c682cf0_166) | | |

| [2. Revenue Recognition](#ieb386c6e1feb425e90d22f2f5c682cf0_169) | | | [64](#ieb386c6e1feb425e90d22f2f5c682cf0_169) | | |

| [7. Software Development Costs](#ieb386c6e1feb425e90d22f2f5c682cf0_2274) | | | [70](#ieb386c6e1feb425e90d22f2f5c682cf0_2274) | | |

| [10. Investments in Productions](#ieb386c6e1feb425e90d22f2f5c682cf0_1099511630129) | | | [73](#ieb386c6e1feb425e90d22f2f5c682cf0_1099511630129) | | |

| [1](#ieb386c6e1feb425e90d22f2f5c682cf0_217)[8](#ieb386c6e1feb425e90d22f2f5c682cf0_217)[. Leases](#ieb386c6e1feb425e90d22f2f5c682cf0_217) | | | [90](#ieb386c6e1feb425e90d22f2f5c682cf0_217) | | |

| [1](#ieb386c6e1feb425e90d22f2f5c682cf0_1099511630033)[9](#ieb386c6e1feb425e90d22f2f5c682cf0_1099511630033)[. Derivative Financial Instruments](#ieb386c6e1feb425e90d22f2f5c682cf0_1099511630033) | | | [91](#ieb386c6e1feb425e90d22f2f5c682cf0_1099511630033) | | |

At

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

*Valuation of the North America Consumer Products reporting unit*

As discussed in Notes 1 and 8 to the consolidated financial statements, the Company assesses goodwill and other intangible assets with indefinite lives at least annually, or more frequently if an event occurs or circumstances change that indicate the carrying value of a reporting unit may not be recoverable.

During the second quarter of 2025, the Company noted downward revisions to operating income and cash flow forecasts for certain reporting units, including North America, within the Consumer Products segment and performed an interim quantitative impairment test.

The fair value of the North America Consumer Products reporting unit was determined considering a discounted cash flow model which is primarily based on management's future revenue and cost estimates, which included the estimated impact of tariff policies in effect and the related macroeconomic environment, and a discount rate.

As such, the Company recognized an impairment charge of $1,021.9 million, a portion of which related to the North America Consumer Products reporting unit.

We identified the evaluation of the fair value of the North America Consumer Products reporting unit as a critical audit matter.

A high degree of subjective auditor judgment was required to evaluate the key assumptions, including the projected net revenue, projected product cost, discount rate, tariff percentage, and tariff percentage probability assumptions, used to estimate fair value for the reporting unit.

The assessment of these key assumptions was subjective as they are based largely on the outcome of uncertain future events and changes could have a significant impact on the fair value of the reporting unit.

In addition, specialized skills and knowledge were required to assess the discount rate, tariff percentage, and tariff percentage probability assumptions.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s goodwill impairment process.

This included controls related to the development of the key assumptions used to estimate fair value of the North America Consumer Products reporting unit.

We evaluated the reasonableness of projected net revenue and projected product cost for the reporting unit by comparing them to the Company's historical performance, available external industry data, and other internal information.

We evaluated the reasonableness of the tariff percentage and tariff percentage probability for the reporting unit by comparing them to available external industry data.

We involved a trade and customs professional with specialized skills and knowledge who assisted in evaluating the tariff percentage and tariff percentage probability by informing our understanding of tariff-related executive orders, the timelines of tariff-related events, and the likelihood of each tariff percentage, including providing external information on the key assumptions.

We involved valuation professionals with specialized skills and knowledge, who assisted in:

- evaluating the discount rate by comparing it to a discount rate range that was independently developed using publicly available market data for guideline public companies

- evaluating the appropriateness of the selected guideline public companies by researching the selected guideline public companies and their business description

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

- developing an independent estimate of the fair value of the reporting unit using the income approach, which was then compared to the Company’s fair value estimate

February 25, 2026

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

| Short-term investments | | | 105.4 | | | | | | — | | |

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

| Impairment of goodwill (Note 8) | | | 1,021.9 | | | | | | — | | | | | | 1,191.2 | | |

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

| Net (loss) earnings | | | $ | (318.2) | | | | | $ | 394.4 | | | | | $ | (1,487.8) | |

| Loss on disposal of business | | | 25.0 | | | | | | 37.4 | | | | | | 539.0 | | |

| Amortization of intangible assets | | | 66.0 | | | | | | 68.3 | | | | | | 83.0 | | |

| Program cost amortization | | | 35.8 | | | | | | 49.3 | | | | | | 448.9 | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| [2](#i18f05b13baab4168aeca47a69b9b346c_106)[.](#i18f05b13baab4168aeca47a69b9b346c_106) [](#i18f05b13baab4168aeca47a69b9b346c_106)[Revenue Recognition](#i18f05b13baab4168aeca47a69b9b346c_106) | | | [59](#i18f05b13baab4168aeca47a69b9b346c_106) | | |

| [9](#i18f05b13baab4168aeca47a69b9b346c_130)[.](#i18f05b13baab4168aeca47a69b9b346c_130) [Investments in Productions and Investments in Acquired Content Rights](#i18f05b13baab4168aeca47a69b9b346c_130) | | | [67](#i18f05b13baab4168aeca47a69b9b346c_130) | | |

| [17](#i18f05b13baab4168aeca47a69b9b346c_157)[.](#i18f05b13baab4168aeca47a69b9b346c_157) [Leases](#i18f05b13baab4168aeca47a69b9b346c_157) | | | [83](#i18f05b13baab4168aeca47a69b9b346c_157) | | |

February 27, 2025

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Unrealized holding losses on available-for-sale securities, net of tax | | | — | | | | | | — | | | | | | (0.3) | | |

| Decrease (increase) in inventories | | | 22.1 | | | | | | 257.1 | | | | | | (184.7) | | |

| Acquisitions, net of cash acquired | | | — | | | | | | — | | | | | | (146.3) | | |

| Purchases of common stock | | | — | | | | | | — | | | | | | (125.0) | | |

| Balance, December 26, 2021 | | | $ | 110.1 | | | | | $ | 2,428.0 | | | | | $ | 4,257.8 | | | | | $ | (235.3) | | | | | $ | (3,534.7) | | | | | $ | 37.2 | | | | | $ | 3,063.1 | | | | | | | | $ | 23.9 | |

| Net earnings (loss) attributable to noncontrolling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1.1) | | | | | | (1.1) | | | | | | | | | 0.6 | | |

| Change in put option value | | | — | | | | | | (0.4) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.4) | | | | | | | | | — | | |

| Stock-based compensation transactions | | | — | | | | | | 23.5 | | | | | | — | | | | | | — | | | | | | 25.0 | | | | | | — | | | | | | 48.5 | | | | | | | | | — | | |

| Purchases of common stock | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (125.0) | | | | | | — | | | | | | (125.0) | | | | | | | | | — | | |

| Stock-based compensation expense | | | — | | | | | | 83.1 | | | | | | — | | | | | | — | | | | | | 0.3 | | | | | | — | | | | | | 83.4 | | | | | | | | | — | | |

| Dividends declared | | | — | | | | | | 1.9 | | | | | | (389.9) | | | | | | — | | | | | | — | | | | | | — | | | | | | (388.0) | | | | | | | | | — | | |

| Buyout of redeemable noncontrolling interest | | | — | | | | | | (2.1) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2.1) | | | | | | | | | — | | |

| Net earnings (loss) attributable to Hasbro, Inc. | | | — | | | | | | — | | | | | | 385.6 | | | | | | — | | | | | | — | | | | | | — | | | | | | 385.6 | | | | | | | | | — | | |

| Net earnings (loss) attributable to noncontrolling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8.8 | | | | | | 8.8 | | | | | | | | | — | | |

value.

See Note 8, Equity Method Investment, for additional information.

Approximately $154.3 million of capitalized software development costs as of December 31, 2023 were reclassified from Property, plant and equipment, net into Other long-term assets to conform to current year presentation.

During the years ended December 29, 2024, December 31, 2023 and December 25, 2022, approximately $66.7 million, $70.1 million, and $79.1 million, respectively, of research and development costs were recorded within product development expense related to software development.

We typically enter into agreements with third-party developers after completing the technical design documentation for our products and therefore record the design costs leading up to a signed development contract as product development expense.

During the year ended December 29, 2024, we recorded $24.4 million of impairment charges to Selling, distribution, and administration expense as a result of the cancellation of two unreleased titles.

fair values) as well as certain assets and liabilities measured at fair value (see Note 14, Fair Value of Financial Instruments and Note 18, Derivative Financial Instruments).

games or the ability to play the games.

Ultimate revenue used in amortization of acquired content rights is estimated over the life of the acquired rights but no longer than a period of ten years.

Substantially all of the Company’s non-Hasbro branded productions, and all of the Company's acquired content rights, were included with the eOne Film and TV business sold to Lionsgate in the fourth quarter of 2023.

The Company retained all Hasbro-branded content and will continue to develop and produce animation, digital shorts, scripted TV and theatrical films for audiences related to core Hasbro IP.

lease commencement date.

Leases with an expected term of 12 months or less are not capitalized.

A valuation allowance is recorded to reduce deferred tax assets to the net amount believed to be more likely than not to be realized.

estimate of its performance over the performance period.

The amendments in this update enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280.

The standard did not change the definition of a segment, the method for determining segments or the criteria for aggregating operating segments into reportable segments.

See Note 21, Segment Reporting, for further detail of the adoption of ASU 2023-07.

The Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of December [removed: 29, 2024.][added: 28, 2025.]

Hasbro’s management assessed the effectiveness of its internal control over financial reporting as of December [removed: 29, 2024.][added: 28, 2025.]

Based on this assessment, Hasbro’s management concluded that, as of December [removed: 29, 2024,] [added: 28, 2025,] its internal control over financial reporting is effective based on those criteria.

[Table of [removed: Contents](#i18f05b13baab4168aeca47a69b9b346c_7)][added: Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)]

We have audited Hasbro, Inc. and subsidiaries' (the Company) internal control over financial reporting as of December [removed: 29, 2024,] [added: 28, 2025,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December [removed: 29, 2024,] [added: 28, 2025,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December [removed: 29, 2024] [added: 28, 2025] and December [removed: 31, 2023,] [added: 29, 2024,] the related consolidated statements of operations, comprehensive earnings (loss), shareholders’ [removed: equity and redeemable noncontrolling interests,] [added: equity,] and cash flows for each of the years in the three-year period ended December [removed: 29, 2024,] [added: 28, 2025,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 27, 2025] [added: 25, 2026] expressed an unqualified opinion on those consolidated financial statements.

There were no changes in the Company’s internal control over financial reporting, as defined in Rule 13a-15(f) promulgated under the Exchange Act, during the quarter ended December [removed: 29, 2024,] [added: 28, 2025,] that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

February 25, 2026

[Table of Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)

February 27, 2025

During the period ended December [removed: 29, 2024,] [added: 28, 2025,] no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) and (c) of Regulation S-K.

[Table of [removed: Contents](#i18f05b13baab4168aeca47a69b9b346c_7)][added: Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)]

Certain of the information required by this item is contained under the captions “Election of Directors”, “Governance of the Company” and, if applicable, under “Delinquent Section 16(a) Reports” in the Company’s definitive proxy statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders and is incorporated herein by reference.

The information related to our insider trading policies and procedures applicable to directors, officers and employees, and to the Company itself is contained under the heading “Insider Trading Policy” in the Company’s definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders and is incorporated herein by reference.

The information required by this item is contained under the captions “Compensation of Directors”, “Executive Compensation”, “Compensation and Talent Committee Report”, “Compensation Discussion and Analysis” and “Compensation Committee Interlocks and Insider Participation” in the Company’s definitive proxy statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders and is incorporated herein by reference.

The information required by this item is contained under the captions “Voting Securities and Principal Holders Thereof”, “Security Ownership of Management” and “Equity Compensation Plans” in the Company’s definitive proxy statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders and is incorporated herein by reference.

The information required by this item is contained under the captions “Governance of the Company” and “Certain Relationships and Related Party Transactions” in the Company’s definitive proxy statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders and is incorporated herein by reference.

The information required by this item is contained under the caption “Additional Information Regarding Independent Registered Public Accounting Firm” in the Company’s definitive proxy statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders and is incorporated herein by reference.

[Table of [removed: Contents](#i18f05b13baab4168aeca47a69b9b346c_7)][added: Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)]

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i18f05b13baab4168aeca47a69b9b346c_2204)] [added: Firm](#ieb386c6e1feb425e90d22f2f5c682cf0_145)] | | | [removed: [45](#i18f05b13baab4168aeca47a69b9b346c_2204)] [added: [49](#ieb386c6e1feb425e90d22f2f5c682cf0_145)] | | |

| | | | [Consolidated Balance Sheets at December [removed: 29, 2024] [added: 28, 2025] and December [removed: 31, 2023](#i18f05b13baab4168aeca47a69b9b346c_85)] [added: 29, 2024](#ieb386c6e1feb425e90d22f2f5c682cf0_148)] | | | [removed: [47](#i18f05b13baab4168aeca47a69b9b346c_85)] [added: [52](#ieb386c6e1feb425e90d22f2f5c682cf0_148)] | | |

| | | | [Consolidated Statements of Operations for the Three Fiscal Years Ended in December [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i18f05b13baab4168aeca47a69b9b346c_88)] [added: 2023](#ieb386c6e1feb425e90d22f2f5c682cf0_151)] | | | [removed: [48](#i18f05b13baab4168aeca47a69b9b346c_88)] [added: [53](#ieb386c6e1feb425e90d22f2f5c682cf0_151)] | | |

| | | | [Consolidated Statements of Comprehensive Earnings [added: (Loss)] for the Three Fiscal Years Ended in December [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i18f05b13baab4168aeca47a69b9b346c_91)] [added: 2023](#ieb386c6e1feb425e90d22f2f5c682cf0_154)] | | | [removed: [49](#i18f05b13baab4168aeca47a69b9b346c_91)] [added: [54](#ieb386c6e1feb425e90d22f2f5c682cf0_154)] | | |

| | | | [Consolidated Statements of Cash Flows for the Three Fiscal Years Ended in December [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i18f05b13baab4168aeca47a69b9b346c_94)] [added: 2023](#ieb386c6e1feb425e90d22f2f5c682cf0_157)] | | | [removed: [50](#i18f05b13baab4168aeca47a69b9b346c_94)] [added: [55](#ieb386c6e1feb425e90d22f2f5c682cf0_157)] | | |

| | | | [Consolidated Statements of Shareholders’ Equity for the Three Fiscal Years Ended in December [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i18f05b13baab4168aeca47a69b9b346c_97)] [added: 2023](#ieb386c6e1feb425e90d22f2f5c682cf0_160)] | | | [removed: [51](#i18f05b13baab4168aeca47a69b9b346c_97)] [added: [56](#ieb386c6e1feb425e90d22f2f5c682cf0_160)] | | |

| | | | [Notes to Consolidated Financial [removed: Statements](#i18f05b13baab4168aeca47a69b9b346c_100)] [added: Statements](#ieb386c6e1feb425e90d22f2f5c682cf0_163)] | | | [removed: [51](#i18f05b13baab4168aeca47a69b9b346c_100)] [added: [56](#ieb386c6e1feb425e90d22f2f5c682cf0_163)] | | |

| | | | | | | (b) | | | [Amendment to Articles of Incorporation, dated [removed: June](https://www.sec.gov/Archives/edgar/data/46080/000004608000000013/0000046080-00-000013-0005.txt) [28,] [added: June 28,] 2000. (Incorporated by reference to Exhibit 3.4 to the Company’s Quarterly Report on Form 10-Q for the period ended July 2, 2000, [removed: File](https://www.sec.gov/Archives/edgar/data/46080/000004608000000013/0000046080-00-000013-0005.txt) [No.] [added: File No.] 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608000000013/0000046080-00-000013-0005.txt) | | |

| | | | | | | (d) | | | [Second Amended and Restated Bylaws of the Company. (Incorporated by reference to Exhibit [removed: 3.](https://www.sec.gov/Archives/edgar/data/46080/000004608022000109/hasbro-secondamendedandres.htm)[1](https://www.sec.gov/Archives/edgar/data/46080/000004608022000109/hasbro-secondamendedandres.htm) [to] [added: 3.1 to] the Company’s Current Report on Form 8-K dated September 30, 2022, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608022000109/hasbro-secondamendedandres.htm) | | |

| | | | | | | (a) | | | [Indenture, dated as of [removed: July](https://www.sec.gov/Archives/edgar/data/46080/0000950172-98-000702.txt) [17,] [added: July 17,] 1998, by and between the Company and The Bank of New York Mellon Trust Company, N.A. as successor Trustee to Citibank, N.A. (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated July 14, 1998, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/0000950172-98-000702.txt) | | |

| | | | | | | (b) | | | [Indenture, dated as of [removed: March](https://www.sec.gov/Archives/edgar/data/46080/000004608000000003/0000046080-00-000003.txt) [15,] [added: March 15,] 2000, by and between the Company and The Bank of New York Mellon Trust Company, N.A. as successor Trustee to the Bank of Nova Scotia Trust Company of New York. (Incorporated by reference to Exhibit 4(b)(i) to the Company’s Annual Report on Form 10-K for the Fiscal Year Ended December 26, 1999, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608000000003/0000046080-00-000003.txt) | | |

| | | | | | | (c) | | | [First Supplemental Indenture, dated as of [removed: September](https://www.sec.gov/Archives/edgar/data/46080/000095013507005709/b66906hbexv4w1.htm) [17,] [added: September 17,] 2007, between the Company and The Bank of New York Mellon Trust Company, N.A. as successor Trustee to the Bank of Nova Scotia Trust Company of New York. (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed September 17, 2007, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095013507005709/b66906hbexv4w1.htm) | | |

| | | | | | | (d) | | | [Second Supplemental Indenture, dated as of [removed: May](https://www.sec.gov/Archives/edgar/data/46080/000095013509003948/b75462hiexv4w1.htm) [13,] [added: May 13,] 2009, between the Company and The Bank of New York Mellon Trust Company, N.A. as successor Trustee to the Bank of Nova Scotia Trust Company of New York. (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed May 13, 2009, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095013509003948/b75462hiexv4w1.htm) | | |

| | | | | | | (e) | | | [Third Supplemental Indenture, dated as of [removed: March](https://www.sec.gov/Archives/edgar/data/46080/000095012310023420/b80058exv4w1.htm) [11,] [added: March 11,] 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. as successor Trustee to the Bank of Nova Scotia Trust Company of New York. (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed March 11, 2010, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095012310023420/b80058exv4w1.htm) | | |

[Table of [removed: Contents](#i18f05b13baab4168aeca47a69b9b346c_7)][added: Contents](#ieb386c6e1feb425e90d22f2f5c682cf0_7)]

| | | | | | | (f) | | | [Fourth Supplemental Indenture, dated as of [removed: May](https://www.sec.gov/Archives/edgar/data/46080/000119312514196726/d727293dex41.htm) [13,] [added: May 13,] 2014, between the Company and The Bank of New York Mellon Trust Company, N.A. as successor Trustee to the Bank of Nova Scotia Trust Company of New York. (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed May 13, 2014, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000119312514196726/d727293dex41.htm) | | |

| | | | | | | (g) | | | [Fifth Supplemental Indenture, dated [removed: September](https://www.sec.gov/Archives/edgar/data/46080/000119312517283854/d456734dex41.htm) [13,] [added: September 13,] 2017, between the Company and The Bank of New York Mellon Trust Company, N.A. as successor Trustee to the Bank of Nova Scotia Trust Company of New York. (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed September 13, 2017, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000119312517283854/d456734dex41.htm) | | |

| | | | | | | (i) | | | [Seventh Supplemental Indenture dated as of [removed: May](https://www.sec.gov/Archives/edgar/data/46080/000119312524138322/d838682dex11.htm) [8](https://www.sec.gov/Archives/edgar/data/46080/000119312524138322/d838682dex11.htm)[,] [added: May 14,] 2024, among the Company and The Bank of New York Mellon Trust Company, N.A. and U.S. Bank, National Association, supplementing the Indenture dated as of March 15, 2000. (Incorporated by reference to [removed: Exhibit](https://www.sec.gov/Archives/edgar/data/46080/000119312524138322/d838682dex11.htm) [1](https://www.sec.gov/Archives/edgar/data/46080/000119312524138322/d838682dex11.htm)[.1] [added: Exhibit 4.2] to the Company’s Current Report on Form 8-K filed May 14, 2024, File No. [removed: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000119312524138322/d838682dex11.htm)] [added: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000119312524138322/d838682dex42.htm)] | | |

| | | | | | | (a) | | | [removed: [Second] [added: [Third] Amended and Restated Revolving Credit Agreement, dated [removed: as of Septembe](https://www.sec.gov/Archives/edgar/data/46080/000095015719001070/ex10-2.htm)[r](https://www.sec.gov/Archives/edgar/data/46080/000095015719001070/ex10-2.htm) [20, 2019,] [added: September 5, 2023,] by and among Hasbro, Inc., [added: Hasbro SA,] Bank of America, [removed: N.A.] [added: N.A.,] and the other financial institutions party [removed: thereto.] [added: thereto] (Incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] to the Company’s Current Report on Form [removed: 8-K](https://www.sec.gov/Archives/edgar/data/46080/000095015719001070/ex10-2.htm) [filed](https://www.sec.gov/Archives/edgar/data/46080/000095015719001070/ex10-2.htm) [September 24, 2019,] [added: 8-K filed September 6, 2023,] File No. [removed: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095015719001070/ex10-2.htm)] [added: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095015723000938/ex10-1.htm)] | | |

| | | | | | | [removed: (b)] [added: (f)] | | | [First Amendment to [removed: Second Amended and Restated Revolving Credit] [added: Term Loan] Agreement, dated April 12, 2023 (Incorporated by reference to Exhibit [removed: 10.1] [added: 10.2] to the Company’s Current Report on Form 8-K filed April 14, 2023, File No. [removed: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095015723000364/ex10-1.htm)] [added: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095015723000364/ex10-2.htm)] | | |

| | | | | | | [removed: (c)] [added: (g)] | | | [Second Amendment to [removed: the Second Amended and Restated Revolving Credit] [added: Term Loan] Agreement, dated August 3, 2023 (Incorporated by reference to Exhibit [removed: 10.1] [added: 10.2] to the Company’s Current Report on Form 8-K filed August 7, 2023, File No. [removed: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095015723000851/ex10-1.htm)] [added: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095015723000851/ex10-2.htm)] | | |

| | | | | | | [removed: (d)] [added: (e)] | | | [removed: [Third Amended and Restated Revolving Credit Agreement,] [added: [Term Loan Agreement] dated [added: as of] September [removed: 5, 2023,] [added: 20, 2019,] by and among Hasbro, Inc., [removed: Hasbro SA,] Bank of America, N.A., and the other financial institutions party [removed: thereto] [added: thereto.] (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed [added: on] September [removed: 6, 2023,] [added: 24, 2019,] File No. [removed: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095015723000938/ex10-1.htm)] [added: 1-6682).](https://www.sec.gov/Archives/edgar/data/46080/000095015719001070/ex10-1.htm)] | | |

| | | | | | | [removed: (e)] [added: (c)] | | | [Form of Commercial Paper Deal Agreement. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed January 28, 2011, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608011000011/commpaperdealagree.htm) | | |

| | | | | | | [removed: (f)] [added: (d)] | | | [Form of Issuing and Paying Agent Agreement. (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed January 28, 2011, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608011000011/isspayagree.htm) | | |

| | | | | | | [removed: (g)] [added: (b)] | | | [removed: [Term Loan Agreement](https://www.sec.gov/Archives/edgar/data/46080/000095015719001070/ex10-1.htm) [dated as of September] [added: [F](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[ourth Amended and R](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[estated Revolving Credit Agreement, date](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[d February] 20, [removed: 2019,] [added: 2026,] by [removed: and among] [added: and](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm) [amo](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[ng] Hasbro, [removed: Inc., Bank] [added: Inc.](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[,](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm) [](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[Bank] of [removed: America, N.A., and the other financial institutions party thereto.] [added: A](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[merica](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[,](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm) [](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[N.A.](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[, and](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm) [cer](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[tain](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm) [other](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm) [](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[L/C](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm) [issuers](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm) [party t](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[her](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[eto] (Incorporated by reference to Exhibit 10.1 to the [removed: Company’s] [added: Com](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)[pany's] Current [removed: Report on Form 8-K] [added: Report](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm) [on Form](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm) [8-K] filed [removed: on September 24, 2019,] [added: February 20, 2026,] File No. [removed: 1-6682).](https://www.sec.gov/Archives/edgar/data/46080/000095015719001070/ex10-1.htm)] [added: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095015726000171/ex10-1.htm)] | | |

| | | | | | | [removed: (h)] [added: (z)] | | | [removed: [First Amendment to Term Loan Agreement,] [added: [Letter Agreement with Gina Goetter] dated April [removed: 12,] [added: 3,] 2023 (Incorporated by reference to Exhibit 10.2 to the Company’s [removed: Current] [added: Quarterly] Report on Form [removed: 8-K filed] [added: 10-Q for the period ended] April [removed: 14, 2023,] [added: 2, 2023.] File No. [removed: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095015723000364/ex10-2.htm)] [added: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608023000042/letteragreementggoetter.htm)] | | |

| | | | | | | [removed: (i)] [added: (aa)] | | | [removed: [Second Amendment to Term Loan Agreement,] [added: [Letter Agreement with Tim Kilpin] dated [removed: August 3,] [added: March 29,] 2023 (Incorporated by reference to Exhibit [removed: 10.2] [added: 10.3] to the Company’s [removed: Current] [added: Quarterly] Report on Form [removed: 8-K filed August 7, 2023,] [added: 10-Q for the period ended April 2, 2023.] File No. [removed: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095015723000851/ex10-2.htm)] [added: 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608023000042/letteragreementtkilpin.htm)] | | |

| | | | | | | [removed: (j)] [added: (h)] | | | [Form of Director’s Indemnification Agreement. (Incorporated by reference to Exhibit 10(jj) to the Company’s Annual Report on Form 10-K for the Fiscal Year Ended December 30, 2007, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000095013508001244/b68106hiexv10wxjjy.htm) | | |

| | | | | | | [removed: (k)] [added: (i)] | | | [Hasbro, Inc. Amended and Restated Deferred Compensation Plan for Non-Employee Directors. (Incorporated by reference to Exhibit 10(k) to the Company's Annual Report for the Fiscal Year Ended December 31, 2023, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608024000034/deferredcompplannon-employ.htm) | | |

| | | | | | | [removed: (l)] [added: (j)] | | | [Hasbro, Inc. Restated 2003 Stock Incentive Performance Plan. (Incorporated by reference to Appendix D to the definitive proxy statement for its 2017 Annual Meeting of Shareholders, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000119312517109540/d317230ddef14a.htm#tx317230_60) | | |

| | | | | | | [removed: (m)] [added: (k)] | | | [First Amendment to Hasbro, Inc. Restated 2003 Stock Incentive Performance Plan. (Incorporated by reference to Appendix C to the definitive proxy statement for the Company’s 2017 Annual Meeting of Shareholders, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000119312517109540/d317230ddef14a.htm#tx317230_59) | | |

| | | | | | | [removed: (n)] [added: (l)] | | | [Second Amendment to Hasbro, Inc. Restated 2003 Stock Incentive Performance Plan. (Incorporated by reference to Appendix C to the definitive proxy statement for the Company’s 2020 Annual Meeting of Shareholders, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000119312520093312/d891356ddef14a.htm#toc891356_62) | | |

| | | | | | | [removed: (o)] [added: (m)] | | | [Third Amendment to Hasbro, Inc. Restated 2003 Stock Incentive Performance Plan. (Incorporated by reference to Appendix C to the Company’s definitive proxy statement for its 2023 Annual Meeting of Shareholders, File No. 1-6682.)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000046080/000119312523088813/d443850ddef14a.htm#toc443850_34) | | |

| | | | | | | [removed: (p)] [added: (n)] | | | [Fourth Amendment to Restated 2003 Stock Incentive Performance Plan. (Incorporated by reference to Appendix C to the Company’s definitive proxy statement for its 2024 Annual Meeting of Shareholders, File No. 1-6682.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000046080/000119312524085438/d814749ddef14a.htm#toc814749_34)) | | |

| | | | | | | [removed: (q)] [added: (o)] | | | [Form of 2023 Stock Option Agreement under the Hasbro, Inc. Restated 2003 Stock Incentive Performance Plan. (Incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the period [removed: ended](https://www.sec.gov/Archives/edgar/data/46080/000004608023000042/finalfmvstockoptionagreeme.htm) [April 2](https://www.sec.gov/Archives/edgar/data/46080/000004608023000042/finalfmvstockoptionagreeme.htm)[,] [added: ended April 2,] 2023, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608023000042/finalfmvstockoptionagreeme.htm) | | |

| | | | | | | [removed: (r)] [added: (p)] | | | [Form of 2024 Restricted Stock Unit Agreement under the Hasbro, Inc. Restated 2003 Stock Incentive Performance Plan. (Incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2024, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608024000137/a2024rsuawardagreement.htm) | | |

| | | | | | | [removed: (s)] [added: (q)] | | | [Form of 2024 Contingent Stock Performance Award under the Hasbro, Inc. Restated 2003 Stock Incentive Performance Plan (Incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2024, File No. 1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608024000137/a2024psaawardagreement.htm) | | |

| | | | | | | (w) | | | [Hasbro, Inc. [removed: 2024 Performance] [added: 202](https://www.sec.gov/Archives/edgar/data/46080/000004608025000128/fy25prpplandocument.htm)[5](https://www.sec.gov/Archives/edgar/data/46080/000004608025000128/fy25prpplandocument.htm) [Performance] Rewards Program (Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period [removed: ended September 29, 2024,] [added: ended](https://www.sec.gov/Archives/edgar/data/46080/000004608025000128/fy25prpplandocument.htm) [June 29](https://www.sec.gov/Archives/edgar/data/46080/000004608025000128/fy25prpplandocument.htm)[, 202](https://www.sec.gov/Archives/edgar/data/46080/000004608025000128/fy25prpplandocument.htm)[5](https://www.sec.gov/Archives/edgar/data/46080/000004608025000128/fy25prpplandocument.htm)[,] File [removed: No1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608024000167/fy24prpplandocumentfinal.htm)] [added: No](https://www.sec.gov/Archives/edgar/data/46080/000004608025000128/fy25prpplandocument.htm)[.](https://www.sec.gov/Archives/edgar/data/46080/000004608025000128/fy25prpplandocument.htm) [](https://www.sec.gov/Archives/edgar/data/46080/000004608025000128/fy25prpplandocument.htm)[1-6682.)](https://www.sec.gov/Archives/edgar/data/46080/000004608025000128/fy25prpplandocument.htm)] | | |