HASBRO, INC.

To the Shareholders and Board of Directors

Hasbro, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Hasbro, Inc. and subsidiaries (the Company) as of December 28, 2025 and December 29, 2024, the related consolidated statements of operations, comprehensive earnings (loss), shareholders’ equity, and cash flows for each of the years in the three-year period ended December 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 28, 2025 and December 29, 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 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 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 25, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) 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 critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating these critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Evaluation of the sufficiency of audit evidence over royalty revenues and related contract assets and liabilities

As discussed in Note 1 to the consolidated financial statements, the Company enters into contracts to license its intellectual property wherein the licensees generally pay a sales-based royalty, usage-based royalty, or a combination of both, for use of the intellectual property. The Company records the sales-based or usage-based royalty revenues at the occurrence of the licensees’ subsequent sale or usage. As discussed in Note 2 to the consolidated financial statements, the Company records contract assets related to minimum guarantees being recorded in advance of the contractual invoicing, which are recognized ratably over the terms of the respective license periods. The Company may receive advanced royalty payments from licensees in advance of a licensees’ subsequent sale or 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 28, 2025, the Company recognized $4,701.3 million of net revenues, a portion of which related to royalty revenues. At

December 28, 2025, the Company recorded contract assets and liabilities balances of $282.9 million and $190.5 million, respectively, a portion of each which related to licenses.

We identified the evaluation of the sufficiency of audit evidence over royalty revenues and the related contract assets and liabilities as a critical audit matter. Subjective auditor judgment was required to evaluate the nature and extent of procedures performed over royalty revenues and the related contract assets and liabilities because the Company uses a combination of manual and automated procedures to initiate, process, and record these transactions, including multiple information technology (IT) applications. IT professionals with specialized skills and knowledge were also required to evaluate the IT environment in the royalty revenue process.

The following are the primary procedures we performed to address this critical audit matter. We applied auditor judgment to determine the nature and extent of procedures to be performed over royalty revenues and the related contract assets and liabilities. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s royalty revenues and related contract assets and liabilities process, including certain manual and automated controls related to initiating, processing, and recording of these transactions. We involved IT professionals with specialized skills and knowledge, who assisted in testing certain general IT controls and application controls used by the Company to process and record royalty revenues. On a sample basis, we tested royalty revenue transactions, contract assets, and contract liabilities by comparing the recorded amounts to underlying documentation and third-party evidence, including customer contracts, sales and usage statements, invoices, and cash receipts. We evaluated the overall sufficiency of audit evidence obtained by assessing the results of procedures performed, including the appropriateness of the nature and extent of such evidence.

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

•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

/s/KPMG LLP

We have not been able to determine the specific year that we began serving as the Company’s auditor, however, we are aware that we have served as the Company’s auditor since at least 1968.

Providence, Rhode Island

February 25, 2026