Report

2022/23 Full-Year Results

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Summary

NACON reported consolidated results for the year ended 31 March 2023, with sales holding steady at €156.0 million compared to €155.9 million in 2021/22, while operating income rose 29.8 % to €17.3 million (11.1 % of sales). Gross margin increased markedly from 49.9 % to 59.1 %, driven by a shift in product mix that reduced the proportion of accessories sales from 62 % to 39 %. Net income climbed 28.1 % to €12.8 million (8.2 % of sales), supported by a 12.0 % rise in pre‑tax income and lower tax expense. The Gaming segment delivered a 66.3 % sales increase to €90.5 million, offset by a 36.6 % decline in Accessories sales to €61.2 million, largely due to console shortages that compressed the global accessories market. EBITDA after IFRS 2 and non‑recurring items reached €48.9 million, up 25.5 % year‑on‑year and representing 31.4 % of sales. Financially, equity stood at €242.6 million with €47.6 million in cash and equivalents; net debt was €67.3 million after taking a €46.5 million medium‑term loan to fund acquisitions, including Daedalic Entertainment. Cash flow rose 2.8 % to €45.5 million, and the Board opted not to declare a dividend for 2022/23. For 2023/24, NACON plans a heavy release schedule of roughly 20 games versus 13 the previous year, including high‑profile titles such as The Lord of the Rings Gollum™ and official sports games. The Accessories business is expected to recover as console installations grow and new high‑potential products launch, underpinning confidence in strong growth for the coming year.

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NACON reported consolidated sales of €124.2 million for the first nine months of fiscal year 2025‑26, a decline of 4.4 % compared with €129.9 million in the same period last year. Total game revenue rose 1.9 % to €25.9 million, driven by a 39.9 % increase in catalogue sales (€13.7 million) from new titles such as *Hell is Us*, *Cricket 26* and *Rennsport*. Back‑catalogue sales fell 21.8 % to €12.2 million, largely due to a high base and market contraction. Accessories revenue dropped 29.1 % to €17.9 million, with the United States market still impacted by customs duties; the decline eased from 66 % in Q2 to 38 % in Q3. Other mobile and audio sales grew modestly by 4.6 %. Quarterly performance varied: Q1 saw a 2.9 % drop, Q2 grew 4.5 %, while Q3 declined 12.8 %. The company attributes the Q3 downturn to weaker accessories sales, despite strong catalogue momentum. NACON’s outlook for 2025‑26 remains conservative; it now expects activity comparable to the previous year, citing continued catalogue releases (e.g., *Styx: Blades of Greed*, *GreedFall The Dying World*) and anticipated accessory sales in Europe, including the Switch 2 and a new RIG R5 PRO HS headset. The company’s 16 studios, AA publishing arm, and peripheral design capabilities underpin its market position across 100 countries through 25 subsidiaries.

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Sales Up 43.3% to €59.0 Million in the Third Quarter of 2023/24

NACON reported consolidated sales of €59.0 million for the third quarter of its 2023/24 financial year, a 43.3 % increase over the €41.1 million recorded in the same period a year earlier. Gaming sales alone rose 74.3 % to €33.3 million, driven by a 102.2 % jump in catalogue sales to €20.7 million, largely attributable to the launch of *Robocop: Rogue City* and strong performance of *Cricket 24*. Back‑catalogue sales grew 42.1 % to €12.6 million, supported by higher console ownership and a significant contract. Accessories sales increased 17.1 % to €23.9 million, with new products such as the RIG 600 PRO headset and REVOLUTION 5 PRO controller gaining traction among specialist retailers. Other mobile and audio sales saw a modest 8.9 % rise to €1.8 million. For the first nine months of 2023/24, sales totaled €126.7 million under IFRS, up 6.8 % from the previous year’s €118.7 million, after adjusting for a partial disposal of Gollum that reduced sales by €3.0 million. Gaming contributed 77.6 % of the nine‑month total, while accessories remained flat at €48.8 million. NACON anticipates continued momentum in the second half, citing a release schedule of over ten new titles and ongoing back‑catalogue strength. The company projects robust growth in both sales and operating income for the full 2023/24 year, supported by its unified structure of 16 development studios and premium peripheral design. The company operates globally through 23 subsidiaries, serving markets in more than 100 countries with a workforce of over 1,000 employees.

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2022/23 Full-Year Results

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