Legal · February 25, 2026

Nacon Announces That It Has Today Filed for Insolvency and Is Requesting the Initiation of Judicial Reorganisation Proceedings

Published by Nacon

Summary

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.

From the report

Press Release Lesquin, 25 February 2026, 08:00 NACON ANNOUNCES THAT IT HAS TODAY FILED FOR INSOLVENCY* AND IS REQUESTING THE INITIATION OF JUDICIAL REORGANISATION PROCEEDINGS ** • Lesquin, 25 February 2026 – Nacon (the “Company”), a subsidiary of the Bigben Group, has applied for the opening of judicial reorganisation proceedings (“redressement judiciaire”) before the Commercial Court of Lille Métropole (the “Court”). • The suspension of trading in the Company’s shares on the regulated market of Euronext Paris (ISIN code: FR001348791) remains in effect pending the Court’s decision. In a video game sector marked by long investment cycles and significant transformations, on 20 February 2026, Nacon announced that the situation of its majority shareholder, Bigben Interactive, which, following an unexpected and late refusal by its banking pool, was unable to make the partial repayment of its bond loan to its bondholders, was significantly affecting its own operations. The Company indicated on this occasion that its liquidity situation required the rapid implementation of a financial restructuring with its creditors in order to ensure the continuity of its operations, and that it was considering procedures intended to facilitate the restructuring of its debt under the supervision of the Court.

casion that its liquidity situation required the rapid implementation of a financial restructuring with its creditors in order to ensure the continuity of its operations, and that it was considering procedures intended to facilitate the restructuring of its debt under the supervision of the Court. To date, the Company reports that its available assets do not allow it to meet its due liabilities. In this context, the Company will, as of today, file for insolvency (“déclaration de cessation des paiements”) with the Court and request the opening of judicial reorganisation proceedings (“redressement judiciaire”). The aim of this procedure is to assess all possible solutions to ensure the sustainability of the Company's activity under the best possible conditions, protect employees, and preserve jobs, while renegotiating with its creditors in a calm and constructive framework. This procedure will enable the Company to continue its business, renegotiate its debts, and develop a credible and effective continuation plan. The employee representative organisations were informed of this decision on 24 February 2026. The Court, at a hearing expected in early March, will rule on this request to open judicial reorganisation proceedings (“redressement judiciaire”). Pending this decision and given the uncertainties regarding the outcome of the proceedings, the suspension of the Company's share price, announced on 20 February 2026, remains in effect. The Company will keep the market informed as the situation and the proceedings develop. About judicial reorganisation proceedings (“redressement judiciaire”)

arding the outcome of the proceedings, the suspension of the Company's share price, announced on 20 February 2026, remains in effect. The Company will keep the market informed as the situation and the proceedings develop. About judicial reorganisation proceedings (“redressement judiciaire”) Judicial reorganisation proceedings (“redressement judiciaire”) are collective procedures that freeze existing liabilities at the opening of the procedure for the duration of the observation period, which can last up to 18 months. This procedure enables the debtor to present a continuation plan for its activities by restructuring its debt and ensures its recovery. * (“Déclaration de cessation des paiements”) ** (“Redressement judiciaire”)

ABOUT NACON IFRS REVENUE 2024/2025: €167.9 M NACON is a BIGBEN group company established in 2019 to optimize its expertise with strong synergy in the video game market. By bringing together its 16 development studios, AA video game publishing, and OPERATING PROFIT 2024/2025: €1.1 M the design and distribution of premium gaming peripherals, NACON has 30 years of expertise in serving gamers. This new unified business gives NACON a stronger position in its market and enables it to WORKFORCE innovate by creating new, unique, competitive advantages. More than 1 000 employees Company listed on Euronext Paris, Compartment B – Indices: CAC Mid&Small ISIN: FR 0013482791; Reuters: NACON. PA; Bloomberg: NACON:FP INTERNATIONAL 25 subsidiaries and a distribution network in CONTACT: [email protected] 100 countries https://corporate.nacongaming.com/

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