Financial

Full Year 2024/25 Results

1 June 20253 pages1,114 words

Summary

NACON’s financial results for the fiscal year ending March 31, 2025, reflect a period of transition characterized by stable revenue and strategic postponements. Total sales reached €167.9 million, consistent with the previous year, despite the decision to delay several high-profile games and accessories into the 2025/26 cycle. The Gaming division contributed €97.1 million to this total, while Accessories accounted for €65.2 million. Although gross margin improved to 64.4%, operating income fell sharply to €1.1 million, down from €20.9 million the prior year. This decline was primarily driven by an €8.5 million increase in depreciation and amortization following the release of Test Drive Unlimited, alongside higher interest expenses. Consequently, the company reported a net loss of €1.3 million. The company maintains a solid balance sheet with €284.4 million in equity and €29.3 million in available cash. Management has opted not to propose a dividend for the 2024/25 period, focusing instead on a robust pipeline of 40 games currently under development with a carrying value of €124.5 million. A significant highlight is the new exclusive licensing agreement with WRC Promoter, securing World Rally Championship rights for PC and consoles from 2027 through 2032. Looking ahead to the 2025/26 fiscal year, NACON anticipates strong growth in both business activity and operating income. The release schedule is heavily weighted toward the first half of the year, featuring titles such as Robocop: Rogue City – Unfinished Business and Hell is Us, alongside a suite of sports and simulation games. The Accessories division is expected to benefit from the launch of the REVOSIM range and the development of 30 dedicated products for the upcoming Nintendo Switch 2. These initiatives, combined with rigorous financial discipline, underpin a positive outlook for the coming year.

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