Updated Mar 21, 2026 by Nacon
Report
Published by Nacon
Société anonyme governed by a Board of Directors with share capital of €84,908,919 Registered office: 396/466, Rue de la Voyette, CRT 2, 59273 Fretin, France Registration number: 852 538 461 RCS Lille Métropole UNIVERSAL REGISTRATION DOCUMENT This universal registration document was approved on 7 July by the Autorité des Marchés Financiers (“AMF”) as the competent authority in respect of regulation (EU) 2017/1129.
NACON Société anonyme governed by a Board of Directors with share capital of €84,908,919 Registered office: 396/466, Rue de la Voyette, CRT 2, 59273 Fretin, France Registration number: 852 538 461 RCS Lille Métropole (the "Company") UNIVERSAL REGISTRATION DOCUMENT "An integrated pure player in video games" This universal registration document was approved on 7 July by the Autorité des Marchés Financiers (“AMF”) as the competent authority in respect of regulation (EU) 2017/1129. The AMF approved this document after verifying that the information it contains is complete, consistent and comprehensible. The URD is approved under number R. 20-014. Such approval should not be construed as a favourable opinion of the issuer subject of this URD. The URD may be used for the purposes of a public offering of financial securities or the admission of financial securities to trading on a regulated market if accompanied by a securities note and, where applicable, a summary and any supplements to the URD. The whole is approved by the AMF in accordance with regulation (EU) 2017/1129. The URD is valid until 6 July 2021. In accordance with articles 10 and 23 of regulation (EU) 2017/1129, the URD must be completed by a supplement during that period and at the latest at the same time as the securities note should new significant factors or material errors or inaccuracies occur.
. The URD is valid until 6 July 2021. In accordance with articles 10 and 23 of regulation (EU) 2017/1129, the URD must be completed by a supplement during that period and at the latest at the same time as the securities note should new significant factors or material errors or inaccuracies occur. Copies of this universal registration document are available free of charge from Nacon's registered office at 396/466, Rue de la Voyette, CRT 2, 59273 Fretin, and in electronic form from the AMF website (www.amffrance.org) and the Nacon's website (www.nacon.fr).
GENERAL INFORMATION The Universal Registration Document (URD) describes the Company as it exists on the date this URD was registered. The URD, prepared in accordance with appendix I of Commission delegated regulation (EU) no. 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, presents the statutory financial statements for the period ended 31 March 2020 and the corresponding consolidated financial statements. It incorporates by reference the combined financial statements for the periods ended 31 March 2019 and 31 March 2018, which are presented in the registration document approved by the AMF on 29 January 2020 under number I. 20-003. Those financial statements were the subject of an audit report issued by one of the Company's statutory auditors, which contained an emphasis of matter paragraph relating to Note 2.1.2 "Basis of preparation of the combined financial statements" of the notes to those financial statements, which describes the combination principles and conventions. Forward-looking statements
f the Company's statutory auditors, which contained an emphasis of matter paragraph relating to Note 2.1.2 "Basis of preparation of the combined financial statements" of the notes to those financial statements, which describes the combination principles and conventions. Forward-looking statements The URD contains information about NACON’s prospects and development strategy. Such information is sometimes identified by the use of the future tense, the conditional mood or forward-looking terms such as “consider”, “envisage”, “think”, “aim”, “expect”, “intend”, “should”, “have the ambition of”, "estimate", “believe”, “wish”, “could”, or the negative forms of the same terms as the case may be, or any other variant or similar expression. This information does not constitute historical facts and must not be construed as warranting that the anticipated events and data mentioned will actually materialise. The information is based on data, assumptions and estimates that the Company considers reasonable. It is liable to change or be altered due to uncertainties concerning the technological, economic, financial, competitive and regulatory environment. The information is mentioned in various sections of the URD and includes data relating to NACON’s intentions, estimates and objectives concerning, in particular, the Company’s markets, products, strategy, commercial roll-out, growth, results, financial position and cash position. The forward-looking information in the URD is provided only at the URD's filing date.
udes data relating to NACON’s intentions, estimates and objectives concerning, in particular, the Company’s markets, products, strategy, commercial roll-out, growth, results, financial position and cash position. The forward-looking information in the URD is provided only at the URD's filing date. Barring any statutory or regulatory obligation that may apply (including regulation (EU) no. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse), the Company makes no undertaking to publish updates to the forward-looking information contained in this URD in order to reflect any change relating to its objectives or to events, conditions or circumstances on which the forward-looking information in this URD is based. The Company operates in an environment that is highly competitive and subject to ongoing technological change. It may therefore be unable to anticipate all risks, uncertainties or other factors that may affect its business activity, their potential impact on its business activity or the extent to which the materialisation of a risk or combination of risks could produce results significantly different from those mentioned in any forward-looking information, it being understood that none of that forward-looking information is a guarantee of actual results. Information about the market and the competition
rialisation of a risk or combination of risks could produce results significantly different from those mentioned in any forward-looking information, it being understood that none of that forward-looking information is a guarantee of actual results. Information about the market and the competition The URD contains, particularly in Section 5 “Business overview”, information about NACON’s business and its competitive position. Some information contained in the URD is information available to the public that the Company considers to be reliable but that has not been verified by an independent expert. The Company cannot guarantee that a third party using different methods for collating, analysing or calculating business segment data would obtain the same results. Given the rapid changes in the technological and competitive environment, this information may prove inaccurate or out-of-date. Accordingly, trends in NACON’s business activities may depart from those presented in this URD. The Company makes no undertaking to publish updates to that information, except as part of applicable legislative or regulatory obligations, including those arising from regulation (EU) no. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse. Risk factors
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.
Ubisoft has initiated a major organizational and operational reset designed to reclaim creative leadership and restore sustainable growth in an increasingly selective AAA market. This strategic pivot addresses rising development costs and the competitive challenges of establishing new intellectual properties. The transformation is built upon three primary pillars: the implementation of a new operating model, a refocused game portfolio with a revised three-year roadmap, and a significant rightsizing of the global organization to improve agility and reduce fixed costs. The new operating model decentralizes production into five distinct Creative Houses supported by a centralized Creative Network and Core Services. These houses are specialized by genre and business model, focusing on billionaire brands like Assassin’s Creed and Far Cry, competitive shooters such as Rainbow Six and Ghost Recon, live-service experiences, immersive narrative universes, and casual family-friendly titles. To support this focus, Ubisoft has discontinued six games—including the Prince of Persia: The Sands of Time remake and four unannounced titles—while allocating additional development time to seven other projects to ensure higher quality standards. Financial restructuring is a critical component of this reset, with the company targeting a total reduction in fixed costs of approximately €500 million by March 2028 compared to FY23 levels. This includes the closure of studios in Halifax and Stockholm, alongside restructurings in Abu Dhabi, RedLynx, and Massive. For FY26, the group anticipates net bookings of approximately €1.5 billion and a non-IFRS EBIT loss of around €1 billion, largely due to a €650 million one-off accelerated depreciation from canceled and delayed titles. Moving forward, the group aims to reach a run-rate fixed cost base of €1.25 billion by 2028, prioritizing robust cash generation and a more disciplined approach to capital allocation.
The 2024/25 Universal Registration Document for Nacon, a subsidiary of Bigben Interactive, details the group’s strategic evolution into an integrated developer-publisher and premium hardware specialist. Operating primarily in the "AA" gaming segment—defined by development budgets between €5M and €20M—the company reported stable annual revenue of €167.9 million for the fiscal year ending March 31, 2025. Despite this stability, Nacon transitioned to a net loss of €1.34 million, down from a €17.53 million profit the previous year, driven by higher depreciation costs, title postponements, and compressed EBITDA margins of 35.5%. The group’s strategy is anchored in a shift toward internal development, managing 56 games in progress with 31 projects handled by its 16 internal studios. This internalization aims to capture 100% of product value and mitigate risks associated with external dependencies. In the accessories division, Nacon maintains a top-three market position for gaming headsets in the U.S. and is expanding its industrial footprint with a new manufacturing site in France. The company leverages a portfolio of over 130 patents and 100 proprietary designs, including the "Hall Effect" Revolution 5 Pro controller and the new Revosim racing ecosystem, to establish technical barriers to entry. Geographically, Nacon is highly export-oriented, with 89.9% of revenue generated outside France, led by significant growth in North America. While the group faces "high" criticality risks regarding development delays and the underperformance of high-investment titles, it maintains a stable financial outlook supported by €24.2 million in cash and a recent €19 million capital increase. Sustainability is also a growing focus, with the company committing to a 90% reduction in greenhouse gas emissions by 2050 and aligning its governance with European Sustainability Reporting Standards (ESRS). Looking ahead to 2025/26, management anticipates growth driven by a robust release schedule and new hardware for upcoming console platforms.
Ubisoft reported a double-digit increase in net bookings for the third quarter of fiscal year 2025-26, reaching €338 million. This 12% year-on-year growth exceeded internal expectations, primarily driven by strong performance in partnerships and the Assassin’s Creed franchise. For the first nine months of the fiscal year, net bookings totaled €1.11 billion, an 18% increase compared to the previous year. This growth was largely supported by back-catalog sales, which rose 36.2% and accounted for over 93% of total net bookings during the nine-month period. Key performance drivers included the successful launch of Anno 117: Pax Romana, which outpaced its predecessor, and significant engagement growth for Avatar: Frontiers of Pandora following a major third-person perspective update. While the first-person shooter market remained crowded, Tom Clancy’s Rainbow Six Siege performed in line with expectations, showing a recovery in daily active users by early January. Overall player activity remained robust, with approximately 130 million unique active users across PC and consoles during the 2025 calendar year. The company is currently undergoing a major structural transformation into five distinct "Creative Houses" to sharpen focus and accelerate decision-making. This reorganization includes the recent completion of a €1.16 billion investment from Tencent into Vantage Studios, which manages the Assassin’s Creed, Far Cry, and Rainbow Six brands. Additionally, Ubisoft is streamlining its headquarters in France, initiating consultations to reduce headcount by 200 positions. Looking ahead, Ubisoft confirmed its full-year targets, including net bookings of approximately €1.5 billion and a non-IFRS EBIT of around -€1 billion. The fourth-quarter pipeline features the global mobile launches of Rainbow Six Mobile and The Division Resurgence. The group maintains a solid liquidity position, with cash equivalents expected between €1.25 billion and €1.35 billion by March 2026, providing the flexibility to address upcoming debt maturities.