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National and regional reports on the European games industry.
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Nacon
Report
Return to Growth for Q3 2021-22: Confirmation of 2021/22 & 2022/23 Targets
Nacon reported a rebound in Q3 2021/22, with sales rising 5.2 % to €51.2 million after two quarters of decline driven by a high comparison base from lockdown‑related demand spikes. The growth was led by the games catalogue, which generated €14.3 million (+3.4 %) and a strong back‑catalogue contribution of €5.5 million, while accessories grew 7.4 % to €34.9 million thanks to the launch of the Revolution X Pro Controller, though global console shortages limited further upside. Other segments, including mobile and audio sales, contracted by 14.4 % to €2.0 million. Cumulative sales for the first nine months fell 8.2 % to €124.2 million, with games down 10.9 % and accessories down 6.4 %. Nacon confirmed its FY 2021/22 targets of €150–180 million in sales and an operating income near €20 million. For FY 2022/23, the company projects a robust publishing pipeline of over 15 titles—including high‑profile releases such as Vampire: The Masquerade® – Swansong—and anticipates sales of €250–300 million with an operating margin above 20 %. The strategy includes selective acquisitions to strengthen the catalogue and position Nacon as a leading player in the global video‑game market. The outlook is based on continued demand for both new releases and established titles, with accessories sales expected to benefit from ongoing headset and controller launches across major console platforms.
Nacon
Report
Interim Financial Report: First Half 2021/22
NACON experienced a period of strategic transition during the first half of the 2021/22 fiscal year, characterized by a 15.7% year-on-year revenue decline to €73.0 million. This contraction was primarily driven by a high comparative base from the previous year and a reduced volume of new game releases. Consequently, EBITDA fell to €21.4 million, and basic earnings per share decreased to €0.04 from €0.11 in the prior period. Despite these headwinds, the company maintained a stable financial foundation with €219.0 million in equity and full compliance with all existing financial covenants. The company’s operational focus remained centered on the integrated development, publishing, and distribution of video games and gaming accessories. Management prioritized long-term growth over short-term performance by aggressively expanding internal development capabilities. This strategy included the acquisition of five studios—Passtech Games, Big Ant Holding, Crea-ture Studios, Lunar Great Wall Studios, and Ishtar Games—which significantly increased the company’s intangible assets. While these strategic investments and the deliberate delay of several key titles necessitated a downward adjustment to annual guidance, the company’s core business remains supported by robust accessory sales and international export markets. Financial management during this period emphasized stability and risk mitigation. Total financial liabilities stood at €49.67 million, consisting entirely of fixed-rate debt, while cash reserves were reported at €57.3 million. To protect against market volatility, the group employed active hedging strategies to manage foreign exchange risks associated with USD and GBP transactions. Statutory auditors confirmed that these interim financial statements were prepared in accordance with IAS 34, reflecting a fair representation of the company’s financial position as of September 30, 2021.
Nacon
Report
HY 1 2021/22 Consolidated Results: Impacted by an Unfavourable Basis Comparison
Nacon released audited consolidated results for the first half of fiscal year 2021/22, reporting sales of €73.0 million, a 15.7 % decline from the comparable period in 2020/21. Gross margin fell to €38.0 million (52.1 % of sales) and EBITDA dropped 29.7 % to €21.4 million (29.3 % of sales). Current operating income fell 46.3 % to €8.4 million, representing 11.6 % of sales, while net profit contracted 60.4 % to €3.8 million (5.2 % of sales). The decline is attributed mainly to a weaker editorial portfolio—video‑game sales fell 16.9 % to €27.3 million—and a high comparison basis for accessory sales, which decreased 15.1 % to €43.7 million. The balance sheet remained solid, with shareholders’ equity at €219.0 million and cash reserves of €62.6 million, reflecting recent studio acquisitions and catalogue development. Working‑capital requirements increased by €2.5 million due to inventory build‑up, while operating cash flow reached €17.7 million and investment outflows rose to €45.6 million. In response, Nacon revised its 2021/22 targets downward (sales €150–180 million; current operating income near €20 million) and lifted 2022/23 expectations (sales €250–300 million; operating‑income rate >20 %). The company postponed several high‑profile releases to 2022/23, citing a need for additional development time to enhance quality. The acquisition of Ishtar Games was completed on 25 November 2021, expanding Nacon’s studio portfolio. The outlook highlights a strong editorial pipeline for 2022/23, with over fifteen new titles and continued growth of the back‑catalogue.
Nacon
Report
1st Half Year 2021/22 Sales
Nacon reported first‑half sales of €72.8 million in FY 2021/22, a decline of 15.9 % versus €86.6 million in the same period of FY 2020/21. The drop reflects a strong comparison base and logistical delays, particularly in the United States where supply‑chain disruptions affected shipments of PlayStation 4 and Xbox consoles. Games sales fell 18.7 % to €14.9 million, while accessories declined 20.1 % to €23.2 million; the “others” segment, comprising mobile and audio sales, saw a 17.2 % reduction to €1.1 million. Quarterly performance mirrored the overall trend: Q2 sales of €39.2 million were 19.5 % lower than Q2 FY 2020/21, driven by a weaker base and shipping constraints. The company highlighted resilient back‑catalogue performance in games, with €6.9 million in sales that remained stable despite fewer new releases. Looking ahead, Nacon expects a rebound in the second half of FY 2021/22, citing an expanded game slate—including Cricket 22, Rugby 22, Blood Bowl 3, Train Life, Hotel Life and the narrative RPG Vampire: The Masquerade – Swansong—and new accessories such as the Revolution X Pro controller. Management reaffirmed FY 2021/22 revenue targets of €180–200 million and a 20 % operating margin, while projecting FY 2022/23 sales of €230–260 million with a similar margin. The company’s methodology relies on non‑audited IFRS data, covering global sales across 100 countries through its 20 subsidiaries and a network of distributors. Nacon’s strategy includes continued acquisitions of development studios, initiated in 2018, to expand its intellectual property portfolio and support future growth.
Nacon
Report
Universal Registration Document: 2021/2022
Nacon’s 2021/2022 Universal Registration Document serves as the primary regulatory disclosure for the company’s financial position, governance, and operational strategy. Operating as an autonomous developer and publisher of video games and gaming accessories since its 2019 spin-off from Bigben Interactive, the company focuses on the "AA" gaming market. Its business model is characterized by vertical integration, balancing high-potential game publishing with the recurring revenue of its hardware division. The company maintains a global footprint, supported by 16 internal studios and strategic partnerships with major console manufacturers like Sony and Microsoft. During the 2021/2022 fiscal year, Nacon faced significant headwinds, reporting a 12.3% decline in annual revenue to €155.9 million. This contraction was primarily driven by the postponement of key game titles and supply chain disruptions affecting the accessories segment. Despite these challenges, the company aggressively pursued a growth-oriented strategy, investing €58 million in R&D and acquiring six studios, including Big Ant Studios and Daedalic Entertainment. These investments reflect a long-term commitment to expanding proprietary intellectual property and strengthening development capabilities, with management targeting revenue exceeding €250 million for the 2022/2023 period. The company maintains a stable financial position, ending the fiscal year with €82.1 million in cash and equivalents and net debt of €10.4 million. Governance remains centralized under the influence of majority shareholder Bigben Interactive, though Nacon operates with independent management teams and adheres to the Middlenext corporate governance code. The company has also prioritized corporate social responsibility, establishing a dedicated CSR Committee and committing to carbon neutrality by 2050. Statutory auditors have provided an unqualified opinion on both the financial and non-financial statements, confirming that the company’s disclosures align with IFRS standards and regulatory requirements.
Nacon
Report
Q1 2021/22 Sales: 33.7 M€
Nacon reported first‑quarter sales of €33.7 million for the period 1 April to 30 June 2021, a decline of 11.3 % versus the same quarter in 2020‑21. The drop reflects an unfavorable comparison basis, yet back‑catalogue performance remained resilient with €9.2 million in sales compared to €10.8 million during the initial lockdown, and a substantial 340 % lift in back‑catalogue revenue that quarter. Game sales fell 16 % to €12.2 million, while accessories declined 8.8 % to €20.6 million; the accessories segment benefited from a 19 % rise in non‑RIG helmet ranges, notably PlayStation 4 and Xbox® controllers. Mobile and audio sales remained flat at €0.9 million. The company confirmed its 2021‑22 and 2022‑23 targets, projecting total annual sales of €180–200 million with a current operating income (COI) margin of 20 %. For FY 2022‑23, Nacon aims for €230–260 million in sales and a COI margin above 20 %, supported by four major game launches (Test Drive Unlimited Solar Crown, Steelrising™, The Lord of the Rings™: Gollum™, and Session™). Second‑half growth is expected from additional titles such as Blood Bowl 3®, Rugby22®, Train Life, Hotel Life, Rogue Lords, and Vampire: The Masquerade®‑Swansong. Nacon’s integrated structure—comprising 11 development studios, publishing of AA titles, and premium hardware design—underpins its strategy to leverage synergies across a global distribution network covering 100 countries. The company, listed on Euronext Paris, employs over 600 staff and operates through 16 subsidiaries.
Nacon
Report
Q4 2022-23 Sales and Annual Sales: FY 2022-23
NACON reported consolidated sales for the fiscal year 1 April 2022 to 31 March 2023, with total revenue of €156.4 million, a marginal increase of 0.3 % over the prior year. Quarterly performance showed a strong rebound in Q4, where sales rose 19.1 % to €37.7 million after a 19.6 % decline in Q3. The Games segment dominated the growth, increasing by 67.0 % to €90.9 million for the full year; new‑catalogue sales surged 93.0 % to €24.9 million, driven by releases such as Chef Life and Transport Fever 2 Console Edition. Back‑catalogue sales also expanded, reaching an all‑time high of €11.2 million in Q4 and growing 61.2 % year‑over‑year. Accessories revenue fell 36.6 % to €61.2 million, largely due to a global console shortage that dampened demand for new‑generation hardware; however, the decline slowed in Q4, suggesting a potential rebound. Other categories, including mobile and audio sales, contracted 13.1 % to €4.3 million. The company anticipates a decline in operating income before IFRS2 for FY 2023‑24 but expects overall operating and net income to rise. Management projects a robust publishing pipeline with roughly twenty titles slated for release, including high‑profile games such as The Lord of the Rings: Gollum and RoboCop: Rogue City. The back‑catalogue is expected to continue benefiting from the mechanical effect of new releases, while accessories sales should recover as console supply normalizes and new product offerings expand. NACON’s outlook remains positive, underscoring confidence in continued growth across its video‑game and accessories businesses.
Nacon
Report
Interim Financial Report: First Half 2022/23
NACON achieved a 6.2% year-on-year revenue increase during the first half of the 2022/23 fiscal period, reaching €77.5 million. This growth was primarily fueled by a 72.3% surge in video game sales, which successfully offset a 34.7% decline in the gaming accessories segment. Profitability metrics showed substantial improvement, with net income rising 123.5% to €8.4 million and gross margins expanding to 61.4%. Despite these gains, the company announced it will miss its full-year targets of €250 million in revenue and €50 million in recurring operating income, citing persistent game release delays and ongoing supply-chain constraints. The company’s strategic focus remains centered on the integrated development, publishing, and distribution of gaming content. To bolster its long-term market position, NACON has aggressively expanded its portfolio through international acquisitions, most notably Daedalic Entertainment GmbH. These investments have contributed to a total goodwill valuation of €146.1 million as of September 2022. This expansion is particularly evident in North American markets, where the company is actively scaling its footprint to support its growing catalogue of intellectual property. Financial stability remains a core pillar of the current operational strategy, supported by €103.47 million in fixed-rate financial liabilities and new medium-term loans that carry no restrictive covenants. Management reports no impairment of goodwill and minimal risk regarding customer receivables or legal exposure. While the company has opted against dividend payments for this period to prioritize reinvestment, the interim financial statements have received a clean audit confirming compliance with IFRS standards. Looking forward, the organization maintains a confident outlook, balancing its ambitious acquisition-led growth strategy against the realities of current production and supply-chain volatility.
Nacon
Report
2022-23 Half-Year Results
Nacon’s first‑half 2022‑23 financials show a modest revenue increase of €77.5 million, up 6.2% year‑on‑year, driven primarily by its games segment. Game sales rose 72.3% to €47 million, with current‑catalogue titles such as Vampire: The Masquerade®‑Swansong, Steelrising™ and Session Skate Sim™ more than doubling sales to €25.4 million; back‑catalogue revenue grew 33.3% to €21.6 million. Accessories sales fell 34.7% to €28.5 million, reflecting a high base effect in the U.S. and a global headset market decline. Gross margin improved to €47.6 million (61.4% of sales) from 52.1% the previous year, largely due to a lower proportion of accessory revenue (37% versus 60%). EBITDA climbed 19.8% to €25.6 million, and current operating income surged 31.4% to €11.1 million (14.3% of sales). Net profit for the period rose 123.5% to €8.4 million, more than double the €3.8 million recorded in the same period a year earlier. Cash and equity positions remain solid, with shareholders’ equity at €241.5 million and cash reserves of €38.1 million, after a strategic reinvestment in development (50 titles, >€30 million CAPEX) and the acquisition of Daedalic (€34.1 million). Net debt increased to €63.6 million due to inventory build‑up amid component shortages. Management projects a slight uptick in full‑year 2022‑23 sales and operating income, citing delayed releases of major titles such as Blood Bowl III and Chef Life. Strong growth is anticipated for 2023‑24, underpinned by the upcoming Lord of the Rings Gollum™ launch and continued publishing activity.
Nacon
Report
1st Half 2022/23 Sales
NACON reported first‑half sales of €77.5 million for FY 2022‑23, a 6.2 % increase over the same period in 2021‑22. Quarterly performance showed a strong 25.8 % rise in the first quarter (€42.4 million) followed by a 10.6 % decline in the second quarter (€35.2 million). Game sales dominated revenue, rising 72.3 % to €47.0 million; catalogue (new releases) grew 130 % to €25.4 million, while back‑catalogue sales increased 33 % to €21.6 million. Accessories revenue fell sharply by 34.7 % to €28.6 million, reflecting a high base effect and a global headset market downturn; mobile and audio sales remained flat. Geographically, the decline in accessories was most pronounced in the United States. The company highlighted upcoming releases—WRC Generations, Blood Bowl 3, Chef Life, Clash, and Transport Fever 2 Console Edition—expected to bolster catalogue sales in the second half. Despite a shortfall against forecasted catalogue targets, NACON anticipates year‑end sales and operating income to rise relative to the prior year due to back‑catalogue strength, though it will miss FY 2022‑23 targets of €250 million in sales and €50 million in operating income. Looking ahead to FY 2023‑24, NACON expects growth driven by late‑year releases feeding the back catalogue and a diversified publishing slate. The company maintains confidence in its medium‑term prospects, citing synergies from its 16 studios and a global distribution network of 23 subsidiaries.
Nacon
Report
Universal Registration Document: 2022/2023
Nacon’s 2022/2023 Universal Registration Document details the company’s strategic evolution into an integrated developer-publisher within the global video game industry. Following its 2019 spin-off from Bigben Interactive, Nacon has aggressively pursued vertical integration by acquiring 16 internal studios to secure intellectual property and mitigate outsourcing risks. The company’s primary thesis centers on a hybrid business model that balances the high-growth potential of "AA" video game development with the stable, recurring revenue streams of licensed gaming accessories. This dual-focus strategy is supported by significant R&D investment, a robust digital distribution network, and strategic partnerships with major console manufacturers like Sony and Microsoft. Financial performance for the 2022/2023 fiscal year reflects a period of structural transition. While total consolidated revenue remained stable at approximately €156 million, the company experienced a significant shift in product mix: a 66.3% surge in video game revenue, driven by strong back-catalogue sales, effectively offset a 36.6% decline in accessories revenue caused by temporary console shortages. Net income reached €12.8 million, and the company reported a strong EBITDA of €48.9 million. To fuel its growth-oriented strategy, Nacon invested heavily in intangible assets, including €116.1 million in capitalized game development costs, and secured €46.5 million in new medium-term debt. Operational risks are managed through a comprehensive governance framework and a commitment to corporate social responsibility. The company identifies high-materiality risks in talent retention, development delays, and competitive market pressures, which it mitigates through rigorous project management, internal production oversight, and employee development programs. Nacon’s governance structure, overseen by Chairman and CEO Alain Falc, adheres to the Middlenext Code and emphasizes transparency, with independent audit committees ensuring compliance with IFRS standards. Looking forward, the company maintains a positive outlook, prioritizing the expansion of its internal production capacity and a pipeline of 53 games to capitalize on long-term industry trends such as digital distribution and eSports.
Nacon
Report
Q1 2022-2023 Sales Results: Confirmation of FY 2022-23 Targets
Nacon reported a 25.8 % increase in first‑quarter sales for the fiscal year 2022‑23, reaching €42.4 million compared with €33.7 million in the same period of 2021‑22. Video game sales surged by 126.2 %, totaling €27.6 million, driven largely by the launch of high‑profile titles such as Vampire: The Masquerade® – Swansong, Pro Cycling Manager 2022 and Tour De France 2022. New‑catalogue activity rose to €14.9 million from €3.1 million, while back‑catalogue sales climbed 38.7 % to €12.7 million, aided by the consolidation of Daedalic Entertainment and expanded platform deals. Accessories sales fell 31.8 % to €14.0 million, impacted by a high base effect, console shortages and inventory readjustments. Despite this decline, Nacon gained U.S. market share in the gaming headset segment with its RIG 800 Pro and 300 Pro ranges. The company confirmed its full‑year targets of sales exceeding €250 million and operating income above €50 million for FY 2022‑23. Upcoming releases in Q2, including Steelrising, Session Skate Sim and Train Life, are expected to sustain momentum, with The Lord of the Rings: Gollum slated for the second half of the fiscal year. Nacon operates under the Bigben Group umbrella, leveraging a network of 23 subsidiaries and a global distribution presence across 100 countries.
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