Report

FY 2020/21 Sales Results: Nacon

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Summary

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.

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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.

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Sales for the First 9 Months of Fiscal Year 2025-26

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 for First Half of FY 2020/21

Sales for the first half of fiscal year 2020/21 rose 35.9 % to €86.6 million, driven primarily by a 118 % increase in gaming accessories (€51.6 million) and a 242 % jump in back‑catalogue sales (€18.0 million). Game revenue grew modestly by 3.0 % to €18.3 million, supported by the launch of WRC® 9 and Tennis World Tour® 2; digital sales accounted for 72 % of total game revenue, with back‑catalogue contributions rising from €2.8 million to €7.0 million. Accessories sales surged 106.5 % in the second quarter, largely due to successful RIG headset marketing in the United States and continued demand for PlayStation® 4 controllers. Quarterly performance showed a 24.5 % rise in the first quarter and a 46.4 % increase in the second, with accessories accounting for the bulk of growth. Other categories (mobile and audio) declined slightly by 5.9 %. The company attributes the acceleration in Q2 to premium headset sales and increased digital gaming activity. Looking ahead, Nacon anticipates robust second‑half performance thanks to the overlap of current and next‑generation consoles, upcoming releases of WRC® 9, Tennis World Tour® 2, and Hunting Simulator® 2 on new platforms, plus five additional titles. The firm expects a sharp rise in current operating income and has raised its FY 2020/21 sales target to €150–160 million, maintaining an 18 % operating margin. The 2023 plan projects sales of €180–200 million with a current operating income rate above 20 %. The company operates globally, with 17 subsidiaries and distribution in 100 countries, employing over 550 staff.

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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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Nacon

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Full Year 2024/25 Results

NACON reported full‑year 2024/25 results that show stable sales of €167.9 million, unchanged from the prior year, with a 64.4 % gross margin up from 62.1 %. EBITDA before non‑recurring items held steady at €55.9 million, while operating income fell sharply to €1.1 million due to a reversal of earn‑out provisions and increased depreciation from the Test Drive Unlimited release. Net income swung to a loss of €1.3 million, compared with a profit of €17.5 million in 2023/24, largely driven by the non‑recurring reversal of €14.2 million and a higher interest expense linked to rising bank rates. Equity rose to €284.4 million, supported by a July 2024 capital increase, and cash increased to €29.3 million. The company’s portfolio includes 40 games in development, with a carrying value of €124.5 million, and an accessories business that generated €65.2 million in sales. New peripherals such as the XBOX Revolution X Unlimited controller and the REVOSIM steering wheel range have been launched, targeting both console and PC markets. Looking ahead to 2025/26, NACON anticipates strong growth beginning in the first half of the year. The release calendar features 15 new titles across adventure, sport, racing and simulation genres, including high‑profile titles like Robocop: Rogue City – Unfinished Business and Hell is Us. A new World Rally Championship licence will grant exclusive publishing rights on PC and consoles from 2027 to 2032. With a robust product pipeline, continued innovation in peripherals, and disciplined financial management, NACON projects increased business levels and operating income for the upcoming fiscal year.

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Nacon

FY 2020/21 Sales Results: Nacon

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