2025 Half-Year Results: DON'T NOD

The half‑year results for 2025 demonstrate a marked improvement in revenue and cost management, driven by the launch of Bloom & Rage and the completion of its integration into PS+. Total operating revenue rose to €13.9 million, a 5% decline from the first half of 2024 but reflecting a 3.8‑fold increase in core revenue to €7.0 million, offset by a €13.1 million write‑down of the Bloom & Rage asset that did not affect cash flow. Capitalized production fell by €5.9 million due to project completions and suspensions, partially counterbalanced by the development of P14.

Operating expenses were reduced through a Paris studio reorganisation and Canadian resource realignment, yielding €3.8 million in estimated savings for 2025 and a 16% year‑on‑year drop in personnel costs to €12.5 million. Operating EBITDA, including tax credits, moved closer to break‑even at –€2.0 million after excluding non‑recurring restructuring costs, and net loss narrowed to €20.8 million from €42.4 million a year earlier.

Cash flow improved, with negative free cash flow of €8.7 million (a €1.4 million improvement) and a closing cash balance of €23.4 million, while gross financial debt remained at €1.0 million. The Group’s strategy for the second half includes launching The Lonesome Guild, developing Aphelion for Xbox Game Pass, and advancing a co‑production of P14. A new development agreement with Netflix for a narrative game based on a major IP signals a strategic pivot toward cloud gaming and external licensing, reinforcing the company’s narrative‑centric identity.