Updated Mar 17, 2026 by Nacon
NACON reported a 8.7% year-on-year decline in non-IFRS revenue to €70.8 million for the six months ended September 30, 2023, driven by a 12.7% drop in accessory sales and a 9.0% decrease in new software releases.
Despite lower top-line revenue, EBITDA increased by 20.1% to €29.3 million, supported by a strategic expansion of the gross margin to 64.2%.
Net income fell to €3.2 million from €8.4 million in the prior year, primarily due to higher depreciation and financing costs resulting from an intensive investment cycle.
The company holds €187.8 million in net game development costs and €138.3 million in goodwill, and has updated its game amortization accounting to a five-year diminishing balance method.
Operating cash flow improved to €26.3 million, aided by a €3 million partial disposal of future revenue rights for the title 'Gollum'.
Management anticipates a stronger second half for the 2023/24 fiscal year, supported by a release schedule featuring 'RoboCop: Rogue City' and new premium gaming accessories.
The group maintains a strong international presence with 86.9% of total revenue derived from export sales and has secured €15 million in additional liquidity through recent financing.
NACON reported a 8.7% year-on-year decline in non-IFRS revenue to €70.8 million for the six months ended September 30, 2023, driven by a 12.7% drop in accessory sales and a 9.0% decrease in new software releases.
Despite lower top-line revenue, EBITDA increased by 20.1% to €29.3 million, supported by a strategic expansion of the gross margin to 64.2%.
Net income fell to €3.2 million from €8.4 million in the prior year, primarily due to higher depreciation and financing costs resulting from an intensive investment cycle.
The company holds €187.8 million in net game development costs and €138.3 million in goodwill, and has updated its game amortization accounting to a five-year diminishing balance method.
Operating cash flow improved to €26.3 million, aided by a €3 million partial disposal of future revenue rights for the title 'Gollum'.
Management anticipates a stronger second half for the 2023/24 fiscal year, supported by a release schedule featuring 'RoboCop: Rogue City' and new premium gaming accessories.
The group maintains a strong international presence with 86.9% of total revenue derived from export sales and has secured €15 million in additional liquidity through recent financing.