Related Documents
Legal
Nacon Announces That It Has Today Filed for Insolvency and Is Requesting the Initiation of Judicial Reorganisation Proceedings
Nacon, a prominent French video game publisher and peripheral manufacturer, has officially filed for insolvency and requested the initiation of judicial reorganization proceedings before the Commercial Court of Lille Métropole. This decision, announced in February 2026, stems from a critical liquidity crisis exacerbated by the financial instability of its majority shareholder, Bigben Interactive. The parent company’s inability to repay a bond loan following a refusal from its banking pool created a domino effect, leaving Nacon unable to meet its current liabilities with available assets. The primary objective of the judicial reorganization is to facilitate a structured debt renegotiation while ensuring the continuity of business operations. Under French law, this procedure allows for an observation period of up to 18 months, during which existing liabilities are frozen to allow the company to develop a credible recovery plan. Nacon aims to use this period to protect its workforce of over 1,000 employees and preserve its global distribution network, which spans 25 subsidiaries and 100 countries. Despite reporting a revenue of €167.9 million and an operating profit of €1.1 million for the 2024/2025 fiscal year, the company faces significant pressure from the long investment cycles inherent in the AA video game sector. Trading of Nacon’s shares on the Euronext Paris remains suspended pending a court ruling expected in early March 2026. The outcome of these proceedings will determine the feasibility of a continuation plan intended to stabilize the company’s 16 development studios and its broader gaming peripheral business.
NaconFeb 2026
Legal
Nacon Announces the Temporary Suspension of Trading in Its Shares on Euronext Paris
Nacon has initiated a temporary suspension of trading for its shares on the Euronext Paris regulated market effective February 20, 2026. This decision follows a critical financial development involving its majority shareholder, Bigben Interactive, which recently announced an inability to proceed with a partial repayment of 43 million euros to bondholders. This default by the parent company has created a significant impact on Nacon’s own liquidity position and operational stability, necessitating immediate intervention to protect the company's interests and stakeholders. The current financial situation requires the rapid implementation of a comprehensive debt restructuring plan with creditors to ensure the continuity of operations. Nacon is currently evaluating the use of formal legal procedures under the supervision of the commercial court to facilitate this restructuring process. In addition to the suspension of share trading, the company has also suspended its liquidity contract. These measures are intended to remain in place until a further update is provided, which is expected within the coming days. Despite these immediate financial challenges, Nacon remains a significant entity in the AA video game publishing and peripherals market, reporting 167.9 million euros in revenue and 1.1 million euros in operating profit for the 2024/2025 fiscal year. The company maintains a global workforce of over 1,000 employees across 16 development studios and 25 subsidiaries. This suspension marks a pivotal moment for the organization as it seeks to stabilize its balance sheet and navigate the contagion effects of its majority shareholder’s financial distress.
NaconFeb 2026
Financial
2022/23 Full-Year Results
NACON’s financial results for the 2022/23 fiscal year, ending March 31, 2023, reveal a period of strategic transition characterized by stable revenue and improved profitability despite a challenging macroeconomic environment. Total sales remained flat at €156.0 million, but the company achieved a significant 29.8% increase in operating income to €17.3 million. This growth in profitability was primarily driven by a shift in the product mix toward software; gaming sales surged by 66.3% to €90.5 million, while the accessories segment declined by 36.6% to €61.2 million due to global console shortages. The company’s gross margin improved substantially, rising from 49.9% to 59.1% of sales. This financial performance was supported by a growing back catalogue and the integration of new acquisitions, most notably Daedalic Entertainment. While operating expenses rose due to intensive development work and the full-year impact of recent acquisitions, EBITDA increased by 25.5% to €48.9 million. NACON maintained a solid balance sheet with €242.6 million in equity, though net debt rose to €67.3 million following €34.9 million in investment activities and the securing of new medium-term bank loans. Looking ahead to the 2023/24 period, the company anticipates strong growth driven by an aggressive release schedule of approximately 20 games, compared to 13 in the previous year. Key titles include The Lord of the Rings: Gollum and several major sports franchises. The accessories division is also expected to recover as console supply stabilizes and new products enter the market. Management remains committed to a growth-oriented strategy, electing to reinvest cash flow into development rather than issuing a dividend. The company currently manages 16 development studios and has 53 games in its production pipeline.
NaconMay 2023
Financial
Full Year 2024/25 Results
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.
NaconJun 2025