Updated Mar 21, 2026 by Nacon
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Published by Nacon
UNIVERSAL REGISTRATION DOCUMENT Including the annual financial report Public limited company with a board of directors with a capital of €108 236 070 Registered office: 396/466, Rue de la Voyette – CRT 2 – 59273 Fretin This universal registration document ("URD") was filed on June 27, 2025 with the French Financial Markets Authority ("AMF"), in its capacity as competent Authority under Regulation (EU) 2017/1129, without prior approval in accordance with ...
UNIVERSAL REGISTRATION DOCUMENT Including the annual financial report Public limited company with a board of directors with a capital of €108 236 070 Registered office: 396/466, Rue de la Voyette – CRT 2 – 59273 Fretin 852 538 461 Lille Métropole 2024/25
This universal registration document ("URD") was filed on June 27, 2025 with the French Financial Markets Authority ("AMF"), in its capacity as competent Authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of said Regulation. The URD may be used for the purposes of a public offering of securities or the admission of securities to trading on a regulated market if it is supplemented by a securities note and, where applicable, a summary and all amendments made to the URD. The resulting whole is approved by the French Financial Markets Authority (AMF) in accordance with Regulation (EU) 2017/1129. Copies of This universal registration document are available free of charge at Nacon's registered office, 396/466, Rue de la Voyette –CRT 2–59273 Fretin, as well as in electronic format on the website of the French Financial Markets Authority ( www.amf - france.org ) and on Nacon's website ( www.nacongaming.com ). This document is a PDF reproduction of the official version of the annual Financial report in XHTML format filed with the French Financial Markets Authority (AMF) on June 27, 2025.
Table of Contents 1. RESPONSIBLE PERSONS 7 1.1 RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT 7 1.2 CERTIFICATION OF THE RESPONSIBLE PERSON 7 1.3 Chief FINANCIAL Officer 7 1.4 INFORMATION FROM THIRD PARTIES 7 1.5 CONTROL OF THIS UNIVERSAL REGISTRATION DOCUMENT 7 2. STATUTORY AUDITORS 8 2.1 AUDITORS 8 2.2 INFORMATION ON STATUTORY AUDITORS WHO HAVE RESIGNED, BEEN REMOVED, OR NOT BEEN REAPPOINTED 8 3. RISK FACTORS 9 3.1 BUSINESS RISKS 11 3.2 RISKS RELATED TO THE COMPANY'S FINANCIAL POSITION 15 3.3 MARKET-RELATED RISKS 17 3.4 RISKS RELATED TO THE COMPANY'S ORGANIZATION 18 3.5 REGULATORY AND LEGAL RISKS 21 3.6 INSURANCE AND RISK COVERAGE .23 4. INFORMATION CONCERNING THE COMPANY 25 4.1 COMPANY NAME 25 4.2 PLACE AND REGISTRATION NUMBER OF THE COMPANY 25 4.3 DATE OF INCORPORATION AND DURATION 25 4.4 REGISTERED OFFICE OF THE COMPANY, LEGAL FORM, LEGISLATION GOVERNING ITS ACTIVITIES 25 5. OVERVIEW OF ACTIVITIES 26 5.1 MAIN ACTIVITIES 26 5.2 MAIN MARKETS .47 5.3 IMPORTANT EVENTS IN BUSINESS DEVELOPMENT 51 5.4 STRATEGY AND OBJECTIVES 52 5.5 RESEARCH AND DEVELOPMENT, PATENTS, LICENSES, TRADEMARKS, AND DOMAIN NAMES
OF THE COMPANY, LEGAL FORM, LEGISLATION GOVERNING ITS ACTIVITIES 25 5. OVERVIEW OF ACTIVITIES 26 5.1 MAIN ACTIVITIES 26 5.2 MAIN MARKETS .47 5.3 IMPORTANT EVENTS IN BUSINESS DEVELOPMENT 51 5.4 STRATEGY AND OBJECTIVES 52 5.5 RESEARCH AND DEVELOPMENT, PATENTS, LICENSES, TRADEMARKS, AND DOMAIN NAMES 5.6 ELEMENTS ON THE COMPETITIVE POSITION 67 5.7 INVESTMENTS 69 6. SUSTAINABILITY REPORT 71 6.1 GENERAL INFORMATION 71 6.2 ENVIRONMENTAL INFORMATION 90 6.3 SOCIAL INFORMATION 116 6.4 GOVERNANCE INFORMATION 137 6.5 METHODOLOGICAL NOTE [ESRS 2. BP-1, BP-2, GOV-4] 140 6.6 REPORT OF ONE OF THE AUDITORS 145 7. ORGANIZATIONAL STRUCTURE 153 7.1 LEGAL ORGANIZATION CHART 153 7.2 GROUP COMPANIES 155 7.3 MAIN INTRAGROUP FLOWS 158 8. REVIEW OF RESULTS AND FINANCIAL POSITION 160 8.1 FINANCIAL SITUATION 161 8.2 OPERATING RESULTS 164 9. TREASURY AND CAPITAL 165 9.1 INFORMATION ON THE COMPANY'S CAPITAL, LIQUIDITY AND SOURCES OF FINANCING 165 9.2 CASH FLOW 167 9.3 INFORMATION ON BORROWING CONDITIONS AND FINANCING STRUCTURE 169 9.4 RESTRICTION ON THE USE OF CAPITAL 170 9.5 SOURCES OF FINANCING REQUIRED IN THE FUTURE 170 10. REGULATORY ENVIRONMENT 171 11. TRENDS 175 11.1 KEY TRENDS SINCE THE BEGINNING OF THE CURRENT FISCAL YEAR 175 11.2 TREND, UNCERTAINTY, CONSTRAINT, COMMITMENT OR EVENT LIKELY TO MATERIALLY AFFECT NACON GROUP'S OUTLOOK 176
12. EARNINGS FORECASTS OR ESTIMATES 177 12.1 ASSUMPTIONS 177 12.2 GROUP FORECASTS FOR THE FISCAL YEAR ENDING MARCH 31, 2025 177 13. GOVERNING BODIES AND MANAGEMENT 178 13.1 OFFICERS AND Directors 178 13.2 CONFLICTS OF INTEREST AT THE LEVEL OF THE BOARD OF DIRECTORS AND GENERAL MANAGEMENT .188 14. REMUNERATION AND BENEFITS 189 14.1 REMUNERATION AND BENEFITS 189 14.2 AMOUNTS SET ASIDE BY THE COMPANY FOR THE PAYMENT OF PENSIONS, RETIREMENT AND OTHER BENEFITS FOR THE BENEFIT OF EXECUTIVE OFFICERS 201 15. FUNCTIONING OF THE ADMINISTRATIVE AND MANAGEMENT BODIES 15.1 COMPANY MANAGEMENT 202 15.2 INFORMATION ON CONTRACTS BINDING DIRECTORS AND/OR OFFICERS AND THE COMPANY OR ONE OF ITS SUBSIDIARIES 202 15.3 BOARD OF DIRECTORS, SPECIALIZED COMMITTEES AND CORPORATE GOVERNANCE 202 15.4 CORPORATE GOVERNANCE STATEMENT 204 15.5 INFORMATION ON INTERNAL CONTROL AND RISK MANAGEMENT PROCEDURES 206 16. EMPLOYEES 210 16.1 NUMBER OF EMPLOYEES AND DISTRIBUTION BY COMPANY 210 16.2 SHAREHOLDINGS AND STOCK OPTIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT 210 16.3 EMPLOYEE PARTICIPATION IN THE COMPANY'S CAPITAL 211 17. PRINCIPAL SHAREHOLDERS 212 17.1 DISTRIBUTION OF CAPITAL AND VOTING RIGHTS 212 17.2 VOTING RIGHTS OF THE MAIN SHAREHOLDERS 213 17.3 CONTROL OF THE COMPANY 213 17.4 AGREEMENT THAT COULD RESULT IN A CHANGE OF CONTROL 213 17.5 STATUS OF PLEDGES 213 18. RELATED PARTY TRANSACTIONS 215 18.1 INTRA-GROUP TRANSACTIONS OR WITH RELATED PARTIES 215 18.2 STATUTORY AUDITORS' REPORT ON REGULATED AGREEMENTS 215 19.
E MAIN SHAREHOLDERS 213 17.3 CONTROL OF THE COMPANY 213 17.4 AGREEMENT THAT COULD RESULT IN A CHANGE OF CONTROL 213 17.5 STATUS OF PLEDGES 213 18. RELATED PARTY TRANSACTIONS 215 18.1 INTRA-GROUP TRANSACTIONS OR WITH RELATED PARTIES 215 18.2 STATUTORY AUDITORS' REPORT ON REGULATED AGREEMENTS 215 19. FINANCIAL INFORMATION CONCERNING THE ASSETS, FINANCIAL POSITION AND RESULTS OF THE ISSUER 217 19.1 COMPANY ACCOUNTS AS OF MARCH 31, 2025 218 19.2 CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 243 19.3 DATE OF LATEST FINANCIAL INFORMATION 285 19.4 INTERIM AND OTHER FINANCIAL INFORMATION 285 19.5 AUDIT OF HISTORICAL FINANCIAL INFORMATION 285 19.6 PRO FORMA FINANCIAL INFORMATION 296 19.7 DIVIDEND POLICY 296 19.8 LEGAL AND ARBITRATION PROCEEDINGS 296 19.9 SIGNIFICANT CHANGE IN FINANCIAL OR COMMERCIAL SITUATION 296 19.10 OTHER INFORMATION 296 20. ADDITIONAL INFORMATION 299 20.1 SHARE CAPITAL 299 20.2 ARTICLES OF INCORPORATION AND BYLAWS 305 21. KEY CONTRACTS 308 22. DOCUMENTS ACCESSIBLE TO THE PUBLIC 309 23. DRAFT RESOLUTIONS ON THE AGENDA OF THE NEXT MEETING 310 24. GLOSSARY 328 25. CONCORDANCE TABLES 329
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.
Nacon’s 2021/22 Universal Registration Document details the company’s strategic evolution into a leading "AA" video game publisher and premium accessory manufacturer. Covering the fiscal year ending March 31, 2022, the report outlines a period of aggressive vertical integration and portfolio diversification. The primary thesis centers on securing the global gaming value chain by acquiring 16 in-house development studios and leveraging synergies between high-performance hardware and specialized software niches, such as racing, RPGs, and simulations. Financial performance for the period reflected significant investment despite macroeconomic headwinds. Consolidated revenue fell 12.3% to €155.9 million, and net income decreased to €9.97 million, primarily due to the strategic postponement of four major titles and global console shortages affecting accessory sales. However, the company significantly strengthened its long-term asset base, with intangible assets rising to €137.4 million and the successful acquisition of five studios, including Big Ant Studios and Daedalic Entertainment. To fund this expansion, Nacon transitioned from a net cash position to a net debt of €10.4 million, supported by €52.5 million in new bank loans while remaining compliant with all financial covenants. The scope of operations is global, with a strong emphasis on the European and North American markets. Digital sales now dominate the software segment, accounting for 73% of video game revenue, while the accessories division remains the largest overall revenue driver at 62%. Personnel growth was substantial, with the headcount rising to 852 employees. Looking forward, the "Nacon 2023" strategy targets revenues exceeding €250 million for the 2022/23 fiscal year, driven by a robust release pipeline of nearly 50 games in development and continued leadership in the premium controller and headset markets.
Focus Entertainment’s 2021/22 fiscal year marks a definitive strategic pivot from a third-party distributor to an integrated developer-publisher. This transition was fueled by the acquisition of five studios—Streum On, Dotemu, Douze Dixièmes, Leikir, and Deck13—and a rebranding from Focus Home Interactive. The Group’s primary objective is to secure greater control over its intellectual property, targeting a pipeline of 31 games by 2025 and a goal of owning 50% of its IP turnover. Financial results for the period ending March 31, 2022, reflect this heavy investment phase. Turnover reached €142.6 million, a 17% decrease from the pandemic-driven highs of the previous year, while net income fell to approximately €3.0 million. Despite lower earnings, the balance sheet was significantly bolstered through a €70.4 million capital increase and a new €140 million loan facility. Total assets doubled to €251.0 million, driven by a surge in goodwill and intangible assets related to studio acquisitions. Digital sales now dominate the revenue mix at 88%, with the Americas remaining the largest geographic market at 54% of sales. Operational and governance structures were modernized to support this growth. The Group transitioned to a Board of Directors structure, appointing Frank Sagnier as Chairman and Christophe Nobileau as CEO. Simultaneously, the company launched its inaugural Corporate Social Responsibility (CSR) strategy, focusing on player safety, environmental impact, and workplace diversity. Key ESG milestones include a significantly improved Gaïa rating and a 94/100 gender equality index. While the Group faces increased off-balance-sheet commitments of €124.2 million for future content, it maintains a solid net cash position of €62.6 million, positioning it to execute its long-term development roadmap.
Nacon reports a significant increase in financial performance for the fiscal year 2020/21, ending March 31, 2021. Sales reached 177.8 million euros, representing a 37.4% increase over the previous year. This growth was primarily driven by the successful expansion into the United States market, strong demand for premium gaming accessories, and a tripling of back-catalogue software sales. Current operating income rose by 43.8% to 32.5 million euros, yielding an operating margin of 18.3%. Net profit for the period grew by 19.6% to 18.2 million euros, despite non-recurrent expenses related to bonus share plans and increased tax obligations. The financial position remains robust with operating cash flow rising 146% to 55.7 million euros, which effectively funded 56.4 million euros in capital expenditures. While cash and cash equivalents decreased slightly to 96.7 million euros following bank loan repayments and heavy investment in game development, the company maintains a high level of liquidity. To support continued growth and studio acquisitions, the Board of Directors elected to reinvest all cash flows into the business rather than issuing a dividend for the fiscal year. Looking forward, the outlook is highly optimistic due to the transition to new console generations and a strong pipeline of upcoming titles such as Blood Bowl 3 and WRC 10. Consequently, management has accelerated its long-term financial goals. The sales target for FY 2021/22 has been raised to a range of 180 to 200 million euros with a 20% operating margin. Furthermore, the FY 2022/23 sales guidance was revised upward to between 230 and 260 million euros, supported by the anticipated release of major intellectual properties including The Lord of the Rings: Gollum and Test Drive Unlimited Solar Crown.