Universal Registration Document: 2022/2023

1. 01
   Nacon's revenue in 2022/23 totaled €156.0 million, broadly unchanged from the previous year, driven by strong performance in Video Games, which now accounts for 58.0% of revenue (up from 34.9% in 2021/22).See it on page 128
2. 02
   The shift towards Video Games significantly increased Nacon's gross margin to 59.1% in 2022/23, up from 49.9% in 2021/22, with gross profit rising 15.5% to €92.1 million.See it on page 130
3. 03
   Nacon faces strong competition in hiring and retaining highly qualified technical personnel, particularly in France and abroad, which could adversely affect its business and development prospects.See it on page 21
4. 04
   Nacon acquired Midgar Studios SAS on February 7, 2022, a J-RPG development studio, with potential earn-out payments of €10.0 million based on future revenue from Edge-series video games.See it on page 33
5. 05
   Nacon's bank covenants for loans funding studio acquisitions and publishing development costs (interest cover ratio > 6 and net leverage ratio < 2) were all complied with as of March 31, 2023.See it on page 251
6. 06
   Bigben Interactive SA is the majority shareholder, holding 70.97% of Nacon's share capital and 79.13% of voting rights as of March 31, 2022.See it on page 177
7. 07
   Nacon awarded 1,123,983 bonus shares to staff and corporate officers on September 7, 2020, which vested on September 7, 2022.See it on page 250

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