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National and regional reports on the European games industry.
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Nacon
Report
Strong Growth of Profitability: 2019/20 Full Year Results
Nacon reported a robust 2019/20 fiscal year, with sales rising to €129.4 million—an increase of 14.4% from the prior year—and a gross margin expanding to 61.1 % of sales, up 26.7 percentage points largely due to a surge in digital game revenue (48.9 million €). EBITDA climbed 45.0% to €48.4 million, representing 37.4 % of sales, while current operating income surged 80.3% to €22.6 million (17.5 % of sales). After accounting for non‑recurring bonus share expenses and a modest financial loss, net profit reached €15.3 million, up 41.8% and translating to €0.18 per share. The balance sheet strengthened markedly: shareholders’ equity rose from €67.5 million to €187.6 million, driven by a €103 million capital increase following the March 2020 IPO. Cash stood at €110.9 million, and net debt turned negative at €42.8 million after excluding IFRS‑16 lease liabilities. Geographically, Nacon operates in 100 countries with a workforce of over 510 employees across eight studios. The company’s outlook for FY 2020/21 projects sales between €140–150 million and a current operating margin near 18%, building on its “NACON 2023” strategy to accelerate growth in both games and accessories. Planned investments target AA‑grade titles, studio acquisitions, 5G cloud gaming, and Game‑as‑a‑Service models, while premium accessory development—highlighted by the RIG™ headset acquisition—aims to broaden market reach. The board reaffirmed financial targets for FY 2022/23, anticipating sales of €180–200 million and a current operating margin above 20%.
Nacon
Report
Universal Registration Document: 2019/2020
NACON, an integrated video game company, established itself as an autonomous entity following its 2019 spin-off from Bigben Interactive and a successful March 2020 IPO on Euronext Paris. The company’s primary business thesis centers on a hybrid model that combines the development and publishing of AA video games with the manufacturing of premium gaming accessories. By vertically integrating its operations through the acquisition of specialized development studios and leveraging in-house R&D for hardware, NACON aims to capture greater value across the gaming value chain while differentiating itself from both AAA blockbusters and mobile-focused developers. The 2019/2020 fiscal year demonstrated strong financial performance, with revenue reaching €129.4 million—a 14.4% increase driven largely by a 40.6% surge in video game sales and a strategic shift toward digital distribution. The company’s IPO generated €109 million in net proceeds, resulting in a robust net cash position of €42.8 million and providing the necessary capital to fund its "NACON 2023" strategic plan. Key operational highlights include the acquisition of eight development studios, the expansion of its workforce to 512 employees, and the maintenance of a high-level partnership with Sony for its premium controller lines. Risk management remains a central focus, with the company categorizing threats such as development delays, key personnel retention, and supply chain disruptions as material. To mitigate these, NACON employs rigorous project management, diversified sourcing, and strict quality control processes. While the COVID-19 pandemic introduced new health and safety challenges and temporary supply chain volatility, the firm’s digital-first strategy and diversified intellectual property portfolio have provided resilience. Governed by a board compliant with the Middlenext Code, NACON continues to prioritize reinvestment of earnings into content creation and studio acquisitions to achieve its target of a 20% recurring operating margin by 2022/23.
Nacon
Report
2019/20 Annual Sales Report
Nacon reported a 14.4 % increase in annual sales, reaching €129.4 million for the 2019/20 fiscal year, in line with its IPO guidance of €127–133 million. Total revenue rose from €113.1 million in 2018/19, driven largely by a 40.6 % jump in game sales to €70.7 million, while accessory revenue fell 4.8 % to €52.6 million and other categories declined 20.1 %. Digital game sales surged, accounting for 69 % of game revenue versus 41 % the previous year, a trend amplified by lockdown‑induced consumer behaviour. The fourth quarter saw a 15.5 % drop in overall sales, largely due to a product‑base effect on accessories and temporary store closures from the COVID‑19 crisis, though game sales remained robust. Operating performance improved, with a current operating margin target of 16 % raised above expectations thanks to higher digital margins. Cash reserves stood at €100 million following a successful IPO that raised €109 million in March 2020, ensuring liquidity for the upcoming fiscal year. Nacon maintains its “NACON 2023” plan, targeting €180–200 million in sales and a margin above 20 % for FY 2022/23. The company projects continued momentum in Q1 2020/21, with new game releases and expanded headset distribution through a partnership with Poly (Plantronics Inc.). Operations have largely shifted to telework, and procurement has returned to normal levels. The company’s 16 subsidiaries operate across 100 countries, supporting a workforce of nearly 450 employees.
Nacon
Report
FY 2020/21 Sales Results: Nacon
Nacon reported FY 2020/21 sales of €177.9 million, a 37.5 % increase over the previous fiscal year and surpassing the revised target of €160–170 million. Gaming revenue remained flat at €69.1 million, while accessories sales surged to €103.2 million, up 96.1 %. The accessories boom was driven by premium RIG® headsets, licensed controllers, and new Xbox Series X|S accessories launched late in the year. Back‑catalogue game sales tripled to €31 million, contributing high margins and offsetting a slight decline in overall game sales. Digital game sales rose to 75 % of Q4 revenue, up from 70 % the prior year. Quarterly performance highlighted a strong fourth quarter: €42.6 million in sales, a 68.7 % increase over Q4 2019/20, with gaming and accessories both outperforming. The company’s strategy, outlined during its March 2020 IPO, included acquisitions of Neopica, Passtech Games, and BigAnt Studios, expansion into the U.S. market with RIG® accessories, and a licensing agreement with Microsoft for Xbox Series X|S. These moves are expected to lift sales and operating margins in FY 2022/23 and 2023/24. Nacon confirmed a 18 % operating income rate for FY 2020/21 and plans to revise its 2023 guidance upward. The company operates globally, with a distribution network in 100 countries and over 510 employees across 17 subsidiaries.
Nacon
Report
FY 2020/21 Annual Results: Nacon
Nacon reported a robust FY 2020/21 performance, with sales rising 37.4 % to €177.8 million and current operating income increasing 43.8 % to €32.5 million, representing 18.3 % of sales. Gross margin improved to 52.6 % from 61.1 %, while EBITDA grew 24.7 % to €60.3 million (33.9 % of sales). Net profit reached €18.2 million, up 19.6 %, after accounting for a €5.1 million bonus‑share expense, a €1.5 million financial charge and €7.7 million in tax. Operating cash flow surged 146 % to €55.7 million, sufficient to cover CAPEX of €56.4 million and bank repayments, leaving cash and equivalents at €96.7 million. The company attributes growth to premium accessories, successful U.S. expansion, and a tripling of back‑catalogue sales. Forecasts for FY 2021/22 have been raised to €180–200 million in sales with a 20 % operating margin, driven by digital catalogues and new titles such as RIMS Racing and Blood Bowl 3. For FY 2022/23, sales targets are further increased to €230–260 million, maintaining a margin above 20 %, supported by studio acquisitions and high‑profile releases like The Lord of the Rings. Nacon, listed on Euronext Paris (ISIN FR0013482791), operates through 18 subsidiaries and a distribution network covering 100 countries, employing over 600 staff. The board has opted to retain earnings for reinvestment rather than distribute a dividend in FY 2020/21.
Nacon
Report
Universal Registration Document 2020/2021
Nacon’s 2020/2021 Universal Registration Document details the company’s strategic evolution as a vertically integrated developer and publisher of AA video games and premium gaming accessories. Following its 2019 spin-off from parent company Bigben Interactive and a successful 2020 IPO, Nacon has focused on capturing the full value chain of the gaming industry. The company’s primary thesis centers on a hybrid business model that balances high-potential software development with the recurring, stable revenue streams provided by its hardware division. By acquiring development studios and securing key intellectual property, Nacon aims to establish a sustainable competitive advantage in niche gaming segments such as racing, sports, and simulation. The fiscal year ending March 31, 2021, was marked by significant financial growth, with consolidated revenue rising 37.4% to €177.8 million and recurring operating income reaching €32.5 million. This performance was largely driven by a 96.1% surge in gaming accessories sales and a robust increase in digital back-catalogue revenue, both of which benefited from pandemic-related market shifts. Nacon maintains a strong liquidity position, ending the period with €96.7 million in cash and a net cash surplus of €41.9 million. These resources, combined with a disciplined approach to capital management, support the company’s aggressive growth targets, which project revenues between €230 million and €260 million by the 2022/23 fiscal year. Operational and non-financial risks are managed through a comprehensive framework that includes rigorous quality control, supply chain diversification, and active human capital management. While the company faces challenges related to console manufacturer dependencies, technical compliance, and the need to attract specialized talent, it mitigates these through strategic licensing, R&D investment, and performance-based employee incentives. Furthermore, Nacon demonstrates a commitment to corporate social responsibility, maintaining UN Global Compact membership and implementing environmental initiatives like the "GREEN ACT!" certification. Governance remains stable under a unified leadership structure, with the Board of Directors adhering to Middlenext Code standards to ensure transparency and alignment with shareholder interests.
Nacon
Report
Q3 2020/21 Sales: 48.7 M€, + 20.3%
Nacon reported Q3 2020/21 sales of €48.7 million, a 20.3 % increase over the same period in 2019/20, driven primarily by a surge in gaming accessories and back‑catalogue sales. Accessories grew 58.7 % to €32.5 million, largely due to the RIG® headset line and licensed controller sales, while back‑catalogue revenue jumped 216 % to €6.9 million, reflecting high‑margin older titles. Game sales fell 19.7 % to €13.8 million, with only two new releases (Monster Truck® and Handball 21) and a digital sales share of 74.4 %. Other revenue, mainly mobile and audio, declined 16.3 % to €2.3 million. Cumulative sales for the first nine months rose 29.9 % to €135.3 million, with accessories contributing a 90.5 % increase and back‑catalogue sales up 24.9 million versus €7.5 million in the prior year. The company projects Q4 growth, citing upcoming releases such as Werewolf® : The Apocalypse – Earthblood and new console versions of Monster Truck®, Tennis World Tour 2, and Hunting Simulator 2. Digital sales, back‑catalogue momentum, and a robust order book for RIG® headphones are expected to sustain the upward trajectory. Nacon confirms its annual target of €160–170 million in sales with an 18 % operating margin, and it has announced the acquisition of Australian studio Big Ant to strengthen its sports‑game portfolio. No dividend will be paid in 2020/21, as funds are earmarked for studio acquisitions and development. The company maintains a 2023 plan targeting €180–200 million in sales with an operating margin above 20 % for 2022/23.
Nacon
Report
Interim Financial Report: First Half 2020/21
NACON demonstrated significant financial momentum during the first half of the 2020/21 fiscal year, characterized by a 35.9% increase in consolidated revenue to €86.6 million and a 46.7% rise in net income to €9.6 million. This growth trajectory, underpinned by a robust demand for gaming accessories—which now represent 60% of total revenue—and strong digital back-catalogue sales, has prompted management to raise full-year revenue guidance to a range of €160–170 million. The company maintains a stable operating margin of 18%, reflecting a successful integration of its publishing and development business segments. The organization’s financial health remains resilient, supported by a liquidity position of €111.5 million in cash and cash equivalents and a net operating cash flow of €34.1 million. Capital structure remains conservative, with total debt consisting of €60.7 million in fixed-rate obligations and no new borrowings incurred during the period. While the company faces exposure to currency fluctuations through its Hong Kong subsidiary and is navigating ongoing legal proceedings and a tax inspection, management anticipates that these factors will have a limited impact on overall financial stability. Strategic expansion continues to be a primary focus, evidenced by the finalized integration of studios such as Spiders SAS and the post-period acquisitions of Neopica and a majority stake in RaceWard. Operating as an integrated entity across the video game and accessory markets, the company continues to leverage the capital raised during its March 2020 initial public offering to fuel development. Statutory auditors have confirmed that these financial results comply with IFRS standards, affirming the company’s transparent and stable fiscal standing as it moves into the second half of the year.
Nacon
Report
Strong Increase in Profitability in 1st Half: Fiscal Year 2020/21
Nacon reports a strong first‑half performance for fiscal year 2020/21, with sales rising 35.9 % to €86.6 million and gross margin improving from 39.2 % to 45.3 %. Current operating income (COI) increased by 47.3 % to €15.7 million, representing 18.2 % of sales and meeting the company’s annual COI target of 18 %. Net profit for the period reached €9.6 million, up 46.7 % from €6.5 million in the prior year’s first half, after accounting for €1.8 million in bonus‑share expenses and €0.8 million in net financial costs. Operating cash flow surged to €34.1 million, enabling the group to self‑finance €25.9 million of capital expenditure and generate an €8.2 million free cash flow. Net cash at 30 September stood at €50.7 million, up from €42.8 million in March 2020, despite a €5 million increase in CAPEX and loan repayments. The growth is attributed to momentum in gaming accessories—particularly premium headsets and official PlayStation 4 controllers—and a robust back‑catalogue of games. Nacon projects continued sales acceleration in the second half, driven by dual‑generation console support (PS 4/5, Xbox One/Xbox Series), digital sales expansion, and releases of next‑gen titles such as WRC 9 and Tennis World Tour 2. Consequently, the company has revised its FY 2020/21 sales target upward to €160–170 million and maintains an 18 % COI goal. For FY 2022/23, Nacon targets sales of €180–200 million with a COI exceeding 20 %. The data derive from audited consolidated IFRS statements covering April–September 2020, with comparative figures adjusted for the 2019 acquisition of Bigben Interactive’s gaming assets.
Nacon
Report
2021-22 Annual Sales: Audited Consolidated Results
Nacon’s audited consolidated results for the fiscal year ending 31 March 2022 show sales of €155.9 million, a decline of 12.3 % from the previous year’s €177.8 million, driven largely by a 21.1 % drop in the Games segment after postponing several releases to FY 2022‑23. The Accessories segment, however, remained resilient amid global console shortages, recording €96.6 million in sales (down 6.3 %) and contributing a higher proportion of revenue (62 % versus 58 % previously). Gross margin fell to €77.8 million (49.9 % of sales) from €93.5 million (52.6 %) due to the altered product mix, though price increases offset rising shipping and raw‑material costs. EBITDA contracted 26 % to €44.6 million (28.6 % of sales), and current operating income dropped 41.6 % to €19.0 million (12.2 % of sales). Net profit fell 45.3 % to €10.0 million (6.4 % of sales). The balance sheet reflects significant investment activity: shareholders’ equity rose to €228.4 million, new bank debt of €52.5 million was issued at sub‑1 % interest, and net debt remained low at €10.4 million. Working capital increased by €8.7 million due to higher inventories, while operating cash flow reached €32.4 million and intangible CAPEX totaled €57.4 million. Over the past two years, Nacon has invested over €100 million in game development and acquired nine studios, expanding its pipeline to 46 titles from 33. Management projects a sharp rebound in FY 2022‑23, targeting sales above €250 million and a current operating margin exceeding €50 million, supported by new releases such as Vampire: The Masquerade®‑Swansong and The Lord of the Rings Gollum. The company will continue external growth through studio acquisitions, notably Midgar Studio and Daedalic Entertainment.
Nacon
Report
Q1 2020/21 Sales Results: 24.5% Sales Increase Despite a Strong Comparison Basis
Nacon reported a 24.5 % rise in first‑quarter sales for FY 2020/21, reaching €38.0 million against €30.5 million in the same period a year earlier, confirming its annual financial targets. The growth was driven primarily by accessories and digital game sales. Accessories surged 134.9 % to €22.5 million, propelled by the launch of the RIG premium headset line and a new U.S. subsidiary. Digital game sales, which accounted for 80.7 % of total game revenue, offset a decline in new releases; back‑catalogue sales jumped 340 % to €10.8 million, matching the entire previous year’s back‑catalogue volume. Game sales fell to €14.5 million from €20.0 million due to a strong comparison base of major titles released in the prior fiscal year, but the accelerated digital channel and successful releases such as Hunting Simulator 2 and Pro Cycling Manager/Tour de France 2020 mitigated the impact. Other revenue categories remained flat. Geographically, Nacon operates through 16 subsidiaries and a distribution network spanning 100 countries, with recent expansion into the United States. The company’s outlook for Q2 and the remainder of FY 2020/21 remains positive, citing upcoming releases (WRC 9, Tennis World Tour 2, Monster Truck Championship), continued digital momentum, and a new partnership with Microsoft for console‑compatible controllers. Nacon projects FY 2020/21 sales between €140–€150 million and a 18 % operating margin, while maintaining its 2023 plan targets of €180–€200 million sales and over 20 % margin for FY 2022/23.
Nacon
Report
FY 2021/22 Annual Sales: A Transition Year
Nacon reported FY 2021/22 sales of €155.9 million, a 12.3 % decline from the previous year’s €177.8 million. The drop was driven mainly by a 25.6 % fall in fourth‑quarter sales to €31.7 million, largely due to postponed game releases such as Vampire: The Masquerade® – Swansong. Game sales for the year fell 21.2 % to €54.4 million, while accessories declined 6.3 % to €96.6 million; mobile and audio sales also contracted by 13.7 %. The back‑catalogue segment performed modestly better, up 12.7 % to €6.9 million. Quarterly performance showed a sharp decline in Q1 (€33.7 M) and Q2 (€39.3 M), a modest rebound in Q3 (€51.2 M, +5.2 %), and a significant drop in Q4 (€31.7 M). The company’s operating income for the year is projected between €17 million and €19 million, reflecting the weaker Q4 results. Looking ahead to FY 2022/23, Nacon anticipates a strong rebound driven by a robust game pipeline—including titles such as Vampire: The Masquerade® – Swansong, Zorro The Chronicles, and Tour de France 2022—and expects sales between €250 million and €300 million with an operating margin above 20 %. The strategy includes further external growth through acquisitions of Midgar Studio and Daedalic Entertainment to enhance internal development capabilities. The figures cover global operations across 20 subsidiaries, with a workforce of over 700 employees and distribution in more than 100 countries. The data are presented under IFRS, with non‑audited figures for the fourth quarter and a note that mobile and audio sales are included in the “Others” category.
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