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Interim Financial Report: First Half 2020/21

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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 – NACON SIX MONTHS ENDED 30 SEPTEMBER 2020 SIX MONTHS ENDED 30 SEPTEMBER 2020 TABLE OF CONTENTS 2 1. STATEMENT BY THE PERSON RESPONSIBLE 3 2.

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First-Quarter 2023/24 Sales: Confirmation of 2023/24 Guidance

NACON reported first‑quarter sales of €38.5 million for the 2023/24 financial year, a 9.3 % decline from €42.4 million in the same period of 2022/23. Gaming revenue remained essentially flat at €27.4 million, with catalogue sales of new titles up 4.5 % to €15.6 million and back‑catalogue sales down 6.8 % to €11.8 million, reflecting a high base from previous growth. Accessories sales fell sharply by 25.5 % to €10.4 million, though management notes an upward trend that should resume in the third quarter as new controllers and headsets receive strong pre‑orders. Mobile and audio sales, classified under “Other,” declined 21.6 % to €0.6 million. The company highlights strong performance of specific new releases—Tour de France and TT Isle of Man Ride on Edge 3, each outperforming earlier versions by 20 % and 10 %, respectively—and the exceptional early‑access launch of Ravenswatch. Back‑catalogue growth is expected to recover in Q2 with the addition of 2022/23 releases, while the accessories segment is projected to rebound from Q3 onward due to an expanding console installed base and promising new products. NACON’s outlook for 2023/24 remains bullish, citing a dense release schedule of roughly 20 new games—including Overpass 2 and AD Infinitum in Q2, and Robocop: Rogue City, Gangs of Sherwood, Cricket 24, and Astérix & Obelix: Heroes in Q3—alongside anticipated sales and operating income growth. The company maintains confidence in achieving strong financial performance for the year, with a second‑quarter sales announcement scheduled for 30 October 2023.

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First Half 2023/24 Sales: Nacon Financial Results

Nacon reported consolidated sales of €70.8 million for the first half of its 2023/24 financial year, a decline of 8.7 % compared with €77.5 million in the same period a year earlier. Sales fell across all segments: gaming revenue dropped 5.7 % to €44.3 million, catalogue sales fell 9.0 % to €23.1 million, back‑catalogue sales slipped 1.8 % to €21.2 million, and accessories revenue fell 12.7 % to €24.9 million. Mobile and audio sales also contracted by 21.5 %. The first quarter saw a sharper decline (9.3 %) than the second quarter (8.0 %), reflecting a high base from 2022/23 and limited new releases in the latter half of the year. Despite the downturn, Nacon highlighted a rebound in back‑catalogue sales and an upturn in accessories driven by new console installations and strong headset performance, particularly in the United States. The company’s release calendar for the third quarter includes high‑profile titles such as *Astérix & Obelix: Heroes*, *Cricket 24*, and *Robocop: Rogue City*, all of which have generated strong pre‑sales. Upcoming accessories, notably the Revolution 5 Pro controller and RIG 600 PRO headset, are expected to contribute further growth. Nacon maintains its 2023/24 guidance, projecting robust sales and operating income in the second half of the year. The company’s integrated structure—combining 16 development studios, AA publishing, and premium peripheral design—supports its strategy to capitalize on new releases and accessory demand across 100 countries.

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2019/20 Annual Sales Report

Nacon reported a 14.4 % increase in annual sales, reaching €129.4 million for the 2019/20 fiscal year, in line with its IPO guidance of €127–133 million. Total revenue rose from €113.1 million in 2018/19, driven largely by a 40.6 % jump in game sales to €70.7 million, while accessory revenue fell 4.8 % to €52.6 million and other categories declined 20.1 %. Digital game sales surged, accounting for 69 % of game revenue versus 41 % the previous year, a trend amplified by lockdown‑induced consumer behaviour. The fourth quarter saw a 15.5 % drop in overall sales, largely due to a product‑base effect on accessories and temporary store closures from the COVID‑19 crisis, though game sales remained robust. Operating performance improved, with a current operating margin target of 16 % raised above expectations thanks to higher digital margins. Cash reserves stood at €100 million following a successful IPO that raised €109 million in March 2020, ensuring liquidity for the upcoming fiscal year. Nacon maintains its “NACON 2023” plan, targeting €180–200 million in sales and a margin above 20 % for FY 2022/23. The company projects continued momentum in Q1 2020/21, with new game releases and expanded headset distribution through a partnership with Poly (Plantronics Inc.). Operations have largely shifted to telework, and procurement has returned to normal levels. The company’s 16 subsidiaries operate across 100 countries, supporting a workforce of nearly 450 employees.

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Investment activity within the console and PC gaming sectors throughout 2023 reveals a strategic focus on early-stage developers, artificial intelligence integration, and blockchain-enabled platforms. Venture capital firms and strategic corporate investors prioritized studios capable of delivering high-fidelity experiences or innovative user-generated content tools. Andreessen Horowitz emerged as a leading contributor, deploying $82 million across various rounds, highlighted by a $55 million Series A investment in The Believer Company. This trend underscores a broader industry movement toward backing unproven but high-potential studios during their foundational stages. The funding landscape also highlights the significant role of strategic industry players like KRAFTON and specialized funds such as Makers Fund. KRAFTON’s involvement included a notable $30.7 million post-IPO equity injection into People Can Fly, while Makers Fund distributed $22.5 million across multiple early-stage ventures including Noodle Cat Games and World Makers. These investments suggest a dual interest in established mid-tier developers and lean, agile startups focusing on niche PC markets. Blockchain and Web3 gaming remained a resilient segment for capital allocation, particularly through investors like Merit Circle and Polygon. These firms concentrated on seed-stage rounds for developers such as Farcana, which secured $10 million, and Delabs Games. The data indicates that while the broader market faced economic headwinds, specialized sectors involving AI-driven development and decentralized gaming infrastructure continued to attract tens of millions of dollars in capital. Overall, the 2023 investment cycle was defined by a preference for Series A and Seed rounds, signaling a long-term bet on the next generation of console and PC intellectual property.

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Thunderful Group’s interim report for the first quarter of 2024 details a period of significant financial decline and aggressive corporate restructuring. Net revenue fell 27.7 percent to 391.7 MSEK, while the group recorded an operating loss (EBIT) of 184.4 MSEK, a sharp reversal from the 19.2 MSEK profit reported in the same period the previous year. This downturn was driven by a 35.5 percent revenue drop in the Games segment and a 25.7 percent decrease in Distribution, largely due to weaker market demand for Nintendo Switch products and the underperformance of the internal title SteamWorld Build. To address these challenges, the group initiated a restructuring program aimed at annual cost savings of 90–110 MSEK. This process involved a 72.4 MSEK write-down of capitalized development costs following the cancellation or divestment of twelve game projects. Strategic shifts include the divestment of the German publishing subsidiary Headup GmbH and the sale of Nordic Game Supply’s assets to reduce net debt. Despite these pressures, the group successfully extended its Nintendo distribution agreement for the Nordics and Baltics through March 2026 and reported 13.9 percent growth in its Amo Toys division. The report covers the group’s global operations with a focus on European and Nordic markets for the period of January to March 2024. Financial data indicates a strained liquidity position, with cash and credit facilities dropping to 130.9 MSEK from 329.3 MSEK year-over-year. Management secured a bank waiver conditional on asset divestments and maintains that current funds are sufficient for continued operations. The overarching strategy moving forward emphasizes a simplified games portfolio, more rigorous project validation, and a balanced risk profile across internal and external development.

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