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Annual Financial Report and Non-Financial Performance Statement: 2024-2025

ANNUAL FINANCIAL REPORT AS OF 31 MARCH 2025 1. INTRODUCTION pages 3 to 6 2. STATEMENT OF THE RESPONSIBLE PERSON page 7 3. MANAGEMENT REPORT pages 8 to 25 4. REPORT ON CORPORATE GOVERNANCE pages 26 to 37 5. STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2025 pages 38 to 39 6.

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Pullup Entertainment

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Nacon Announces Insolvency and Judicial Reorganisation Proceedings

Nacon, a subsidiary of the Bigben Group and listed on Euronext Paris, announced on 25 February 2026 that it has filed for insolvency and requested the initiation of judicial reorganisation proceedings before the Commercial Court of Lille Métropole. The filing follows a liquidity crisis triggered by Bigben Interactive’s failure to repay part of its bond loan after an unexpected refusal from its banking pool. Nacon stated that its available assets are insufficient to meet current liabilities, prompting a rapid financial restructuring with creditors to safeguard operations and preserve jobs. The court‑initiated procedure, known in France as “redressement judiciaire,” freezes existing debts for up to 18 months, allowing the company to present a viable continuation plan. The hearing is scheduled for early March, and until a decision is made, the company’s shares remain suspended on Euronext Paris. Employee representatives were notified of the insolvency filing on 24 February. Financially, Nacon reported IFRS revenue of €167.9 million for 2024/25 and an operating profit of €1.1 million, supported by a workforce of over 1,000 employees across 25 subsidiaries and a distribution network covering 100 countries. The company’s portfolio includes 16 development studios, AA publishing, and premium gaming peripherals, positioning it as a unified entity within the video‑game market. The reorganisation aims to renegotiate debt, protect staff, and secure a sustainable operational future under court supervision.

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Nacon

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Interim Financial Report Six Months Ended 30 September 2024

NACON SA’s first half of the 2024/25 fiscal year delivered a €77.0 million revenue increase of 13.6 % over the prior year, driven largely by a 16.6 % rise in accessories sales and a 27.1 % jump in back‑catalogue revenue, while new‑game sales slipped 6.6 %. Gross profit climbed to €50.7 million, giving a gross margin of 65.8 %. However, EBITDA fell 3.2 % to €28.3 million and net income dropped 32.4 % to €2.2 million, largely due to higher personnel costs, operating expenses—including advertising and R&D—and a significant impairment charge on the Daedalic studio. Earnings per share fell to €0.02 from €0.04, and the company’s cash balance contracted to €13.8 million after financing outflows and a €16.5 million rights issue. The group’s financial structure remains robust, with no goodwill impairment and total long‑term liabilities of €118.9 million at an average interest rate of 3.0 %. A new medium‑term debt facility of €22 million and the capital increase position the company for a busy second half, featuring multiple game releases and accessory launches. Export sales dominate the revenue mix, accounting for 91 % of total sales; Europe (excluding France) and North America contribute 44.8 % and 45.8 %, respectively. Geographically, the company operates primarily in Europe (excluding France) and North America, with a strong online services and live‑ops component recognized under IFRS 15 as separate obligations. While the debt load remains high, foreign‑exchange gains partially offset financial losses, and no dividend was paid. Overall, NACON’s first‑half performance shows solid revenue growth but earnings pressure from rising costs and impairment charges, positioning the company for a strategic focus on accessory sales and catalogue revenue in the remainder of the fiscal year.

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Nacon

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Half-Year Financial Report 2020-21

HALF-YEAR FINANCIAL REPORT 2020-21 Responsibility statement by the certifying officer…………………………………………….….page 3 Management report on the half-year financial statements 2020/21……………………………page 4 Half-year consolidated financial statements 2020/21……………………………………………page 11 Responsibility statement by the certifying officer for the half-year financial report 2020-21 I hereby certify that, to the best of my knowledge, the financial statements for the past six months presented in this half-year financia...

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Pullup Entertainment

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Universal Registration Document 2023/2024

UNIVERSAL REGISTRATION DOCUMENT Including the annual financial report Société anonyme governed by a Board of Directors with share capital of €87,808,412 Registered office: 396/466, Rue de la Voyette, CRT 2, 59273 Fretin Registration number: 852 538 461 RCS Lille Métropole Registered office: 396/466, Rue de la Voyette, CRT 2, 59273 Fretin Registration number: 852 538 461 RCS Lille Métropole This universal registration document (URD) This universal registration document (URD) was filed on 24 June ...

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Nacon

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Universal Registration Document: 2022/2023

UNIVERSAL REGISTRATION DOCUMENT Including the annual financial report Société anonyme governed by a Board of Directors with share capital of €86,897,407 Registered office: 396/466, rue de la Voyette, CRT 2, 59273 Fretin, France Registration number: 852 538 461 RCS Lille Métropole This universal registration document (URD) was filed on 26 June 2023 with the Autorité des Marchés Financiers (“AMF”) as the competent authority in respect of regulation (EU) 2017/1129, without prior approval...

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Nacon

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Strong Growth of Profitability: 2019/20 Full Year Results

Nacon reported a robust 2019/20 fiscal year, with sales rising to €129.4 million—an increase of 14.4% from the prior year—and a gross margin expanding to 61.1 % of sales, up 26.7 percentage points largely due to a surge in digital game revenue (48.9 million €). EBITDA climbed 45.0% to €48.4 million, representing 37.4 % of sales, while current operating income surged 80.3% to €22.6 million (17.5 % of sales). After accounting for non‑recurring bonus share expenses and a modest financial loss, net profit reached €15.3 million, up 41.8% and translating to €0.18 per share. The balance sheet strengthened markedly: shareholders’ equity rose from €67.5 million to €187.6 million, driven by a €103 million capital increase following the March 2020 IPO. Cash stood at €110.9 million, and net debt turned negative at €42.8 million after excluding IFRS‑16 lease liabilities. Geographically, Nacon operates in 100 countries with a workforce of over 510 employees across eight studios. The company’s outlook for FY 2020/21 projects sales between €140–150 million and a current operating margin near 18%, building on its “NACON 2023” strategy to accelerate growth in both games and accessories. Planned investments target AA‑grade titles, studio acquisitions, 5G cloud gaming, and Game‑as‑a‑Service models, while premium accessory development—highlighted by the RIG™ headset acquisition—aims to broaden market reach. The board reaffirmed financial targets for FY 2022/23, anticipating sales of €180–200 million and a current operating margin above 20%.

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Nacon

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Full Year 2024/25 Results

NACON reported full‑year 2024/25 results that show stable sales of €167.9 million, unchanged from the prior year, with a 64.4 % gross margin up from 62.1 %. EBITDA before non‑recurring items held steady at €55.9 million, while operating income fell sharply to €1.1 million due to a reversal of earn‑out provisions and increased depreciation from the Test Drive Unlimited release. Net income swung to a loss of €1.3 million, compared with a profit of €17.5 million in 2023/24, largely driven by the non‑recurring reversal of €14.2 million and a higher interest expense linked to rising bank rates. Equity rose to €284.4 million, supported by a July 2024 capital increase, and cash increased to €29.3 million. The company’s portfolio includes 40 games in development, with a carrying value of €124.5 million, and an accessories business that generated €65.2 million in sales. New peripherals such as the XBOX Revolution X Unlimited controller and the REVOSIM steering wheel range have been launched, targeting both console and PC markets. Looking ahead to 2025/26, NACON anticipates strong growth beginning in the first half of the year. The release calendar features 15 new titles across adventure, sport, racing and simulation genres, including high‑profile titles like Robocop: Rogue City – Unfinished Business and Hell is Us. A new World Rally Championship licence will grant exclusive publishing rights on PC and consoles from 2027 to 2032. With a robust product pipeline, continued innovation in peripherals, and disciplined financial management, NACON projects increased business levels and operating income for the upcoming fiscal year.

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Nacon

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Annual Financial Report and CSR Report: 2021/2022

ANNUAL FINANCIAL REPORT AS OF 31 MARCH 2022 1. INTRODUCTION pages 3 to 7 2. DECLARATION BY THE PERSON RESPONSIBLE page 8 3. MANAGEMENT REPORT pages 9 to 24 4. BOARD REPORT ON CORPORATE GOVERNANCE pages 25 to 33 5. AUDITOR’S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2022 pages 34 to 36 6.

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Pullup Entertainment

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Sales Up 43.3% to €59.0 Million in the Third Quarter of 2023/24

NACON reported consolidated sales of €59.0 million for the third quarter of its 2023/24 financial year, a 43.3 % increase over the €41.1 million recorded in the same period a year earlier. Gaming sales alone rose 74.3 % to €33.3 million, driven by a 102.2 % jump in catalogue sales to €20.7 million, largely attributable to the launch of *Robocop: Rogue City* and strong performance of *Cricket 24*. Back‑catalogue sales grew 42.1 % to €12.6 million, supported by higher console ownership and a significant contract. Accessories sales increased 17.1 % to €23.9 million, with new products such as the RIG 600 PRO headset and REVOLUTION 5 PRO controller gaining traction among specialist retailers. Other mobile and audio sales saw a modest 8.9 % rise to €1.8 million. For the first nine months of 2023/24, sales totaled €126.7 million under IFRS, up 6.8 % from the previous year’s €118.7 million, after adjusting for a partial disposal of Gollum that reduced sales by €3.0 million. Gaming contributed 77.6 % of the nine‑month total, while accessories remained flat at €48.8 million. NACON anticipates continued momentum in the second half, citing a release schedule of over ten new titles and ongoing back‑catalogue strength. The company projects robust growth in both sales and operating income for the full 2023/24 year, supported by its unified structure of 16 development studios and premium peripheral design. The company operates globally through 23 subsidiaries, serving markets in more than 100 countries with a workforce of over 1,000 employees.

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Nacon

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Q3 2020/21 Sales: 48.7 M€, + 20.3%

Nacon reported Q3 2020/21 sales of €48.7 million, a 20.3 % increase over the same period in 2019/20, driven primarily by a surge in gaming accessories and back‑catalogue sales. Accessories grew 58.7 % to €32.5 million, largely due to the RIG® headset line and licensed controller sales, while back‑catalogue revenue jumped 216 % to €6.9 million, reflecting high‑margin older titles. Game sales fell 19.7 % to €13.8 million, with only two new releases (Monster Truck® and Handball 21) and a digital sales share of 74.4 %. Other revenue, mainly mobile and audio, declined 16.3 % to €2.3 million. Cumulative sales for the first nine months rose 29.9 % to €135.3 million, with accessories contributing a 90.5 % increase and back‑catalogue sales up 24.9 million versus €7.5 million in the prior year. The company projects Q4 growth, citing upcoming releases such as Werewolf® : The Apocalypse – Earthblood and new console versions of Monster Truck®, Tennis World Tour 2, and Hunting Simulator 2. Digital sales, back‑catalogue momentum, and a robust order book for RIG® headphones are expected to sustain the upward trajectory. Nacon confirms its annual target of €160–170 million in sales with an 18 % operating margin, and it has announced the acquisition of Australian studio Big Ant to strengthen its sports‑game portfolio. No dividend will be paid in 2020/21, as funds are earmarked for studio acquisitions and development. The company maintains a 2023 plan targeting €180–200 million in sales with an operating margin above 20 % for 2022/23.

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Nacon

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Sales for the First 9 Months of Fiscal Year 2025-26

NACON reported consolidated sales of €124.2 million for the first nine months of fiscal year 2025‑26, a decline of 4.4 % compared with €129.9 million in the same period last year. Total game revenue rose 1.9 % to €25.9 million, driven by a 39.9 % increase in catalogue sales (€13.7 million) from new titles such as *Hell is Us*, *Cricket 26* and *Rennsport*. Back‑catalogue sales fell 21.8 % to €12.2 million, largely due to a high base and market contraction. Accessories revenue dropped 29.1 % to €17.9 million, with the United States market still impacted by customs duties; the decline eased from 66 % in Q2 to 38 % in Q3. Other mobile and audio sales grew modestly by 4.6 %. Quarterly performance varied: Q1 saw a 2.9 % drop, Q2 grew 4.5 %, while Q3 declined 12.8 %. The company attributes the Q3 downturn to weaker accessories sales, despite strong catalogue momentum. NACON’s outlook for 2025‑26 remains conservative; it now expects activity comparable to the previous year, citing continued catalogue releases (e.g., *Styx: Blades of Greed*, *GreedFall The Dying World*) and anticipated accessory sales in Europe, including the Switch 2 and a new RIG R5 PRO HS headset. The company’s 16 studios, AA publishing arm, and peripheral design capabilities underpin its market position across 100 countries through 25 subsidiaries.

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Nacon

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2022/23 Full-Year Results

NACON reported consolidated results for the year ended 31 March 2023, with sales holding steady at €156.0 million compared to €155.9 million in 2021/22, while operating income rose 29.8 % to €17.3 million (11.1 % of sales). Gross margin increased markedly from 49.9 % to 59.1 %, driven by a shift in product mix that reduced the proportion of accessories sales from 62 % to 39 %. Net income climbed 28.1 % to €12.8 million (8.2 % of sales), supported by a 12.0 % rise in pre‑tax income and lower tax expense. The Gaming segment delivered a 66.3 % sales increase to €90.5 million, offset by a 36.6 % decline in Accessories sales to €61.2 million, largely due to console shortages that compressed the global accessories market. EBITDA after IFRS 2 and non‑recurring items reached €48.9 million, up 25.5 % year‑on‑year and representing 31.4 % of sales. Financially, equity stood at €242.6 million with €47.6 million in cash and equivalents; net debt was €67.3 million after taking a €46.5 million medium‑term loan to fund acquisitions, including Daedalic Entertainment. Cash flow rose 2.8 % to €45.5 million, and the Board opted not to declare a dividend for 2022/23. For 2023/24, NACON plans a heavy release schedule of roughly 20 games versus 13 the previous year, including high‑profile titles such as The Lord of the Rings Gollum™ and official sports games. The Accessories business is expected to recover as console installations grow and new high‑potential products launch, underpinning confidence in strong growth for the coming year.

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Nacon

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Interim Financial Report: First Half 2023/24

SIX MONTHS ENDED 30 SEPTEMBER 2023 Public limited company (“société anonyme”) governed by a board of directors with share capital of €87,808,412 Registered office: 396/466, Rue de la Voyette – CRT 2 – 59273 Fretin Registered with the Lille Métropole trade and companies register under number 852 538 461 Registered office: 396/466, Rue de la Voyette - CRT 2 - 59273 Fretin Registered with the Lille Métropole trade and companies register under number 852 538 461 1.

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Nacon

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Universal Registration Document: 2019/2020

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.

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Nacon

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First Half 2023/24 Results

NACON reports first‑half results for the 2023/24 fiscal year (1 April–30 September 2023) with sales of €70.8 million, a 8.7 % decline from the same period in 2022/23, largely due to a release schedule weighted toward the second half. Catalogue sales fell 9 % to €23.1 million, while back‑catalogue sales remained resilient at €21.2 million (down 1.8 %). Accessories revenue rose to €24.9 million, driven by a growing installed base of new consoles. Gross profit was €43.5 million (gross margin 64.2 %), up 3 percentage points year‑on‑year, and EBITDA reached €29.3 million, a 20.1 % increase to an EBITDA margin of 43.2 %. Operating income fell sharply to €3.7 million (5.4 % of sales) due to higher depreciation and amortisation (€25.6 million) and increased financial expense from higher interest rates and negative foreign‑exchange effects. Net income dropped 61.6 % to €3.2 million (4.8 % of sales). At 30 September, equity stood at €248.7 million and cash at €19.6 million, reflecting a strategy of funding development internally rather than through new borrowing. Development assets for 50 games total €118.1 million, and funds from operations were €22.0 million. The second half will feature a busy release schedule with over ten new titles, including high‑profile launches such as Robocop: Rogue City. Back‑catalogue sales are expected to continue growing, and the accessories segment should benefit from expanding console markets and new high‑potential products. NACON therefore anticipates strong sales and operating income growth for the full 2023/24 year.

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Nacon

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Press Release: Assessment of Bigben Interactive Financial Challenges

The release informs investors that Nacon’s majority shareholder, Bigben Interactive (BBI), has announced a financial setback stemming from an unexpected refusal by its banking pool to honor a drawdown notice related to a €43 million bond repayment scheduled for 19 February 2026. BBI’s inability to proceed with the partial repayment has prompted consideration of debt‑restructuring procedures under commercial court supervision. Nacon, which holds 56.72 % of BBI’s share capital and 65.79 % of voting rights, is evaluating the potential impact on its own operations and financing arrangements, pledging to update the market if significant developments arise. Nacon’s profile highlights its role as a subsidiary of BBI, established in 2019 to consolidate expertise across the video‑game sector. The company operates 16 development studios and publishes AA titles while also designing premium gaming peripherals, leveraging three decades of industry experience. Financially, Nacon reported an IFRS revenue of €167.9 million and operating profit of €1.1 million for the 2024/2025 period, supported by a workforce of over 1,000 employees. The firm maintains a global presence with 25 subsidiaries and distribution coverage in 100 countries, listed on Euronext Paris under ISIN FR 0013482791. The announcement underscores the interconnected nature of Nacon’s financial health with BBI’s debt situation and signals ongoing monitoring by senior management.

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Nacon

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2022-23 Half-Year Results

Nacon’s first‑half 2022‑23 financials show a modest revenue increase of €77.5 million, up 6.2% year‑on‑year, driven primarily by its games segment. Game sales rose 72.3% to €47 million, with current‑catalogue titles such as *Vampire: The Masquerade®‑Swansong*, *Steelrising™* and *Session Skate Sim™* more than doubling sales to €25.4 million; back‑catalogue revenue grew 33.3% to €21.6 million. Accessories sales fell 34.7% to €28.5 million, reflecting a high base effect in the U.S. and a global headset market decline. Gross margin improved to €47.6 million (61.4% of sales) from 52.1% the previous year, largely due to a lower proportion of accessory revenue (37% versus 60%). EBITDA climbed 19.8% to €25.6 million, and current operating income surged 31.4% to €11.1 million (14.3% of sales). Net profit for the period rose 123.5% to €8.4 million, more than double the €3.8 million recorded in the same period a year earlier. Cash and equity positions remain solid, with shareholders’ equity at €241.5 million and cash reserves of €38.1 million, after a strategic reinvestment in development (50 titles, >€30 million CAPEX) and the acquisition of Daedalic (€34.1 million). Net debt increased to €63.6 million due to inventory build‑up amid component shortages. Management projects a slight uptick in full‑year 2022‑23 sales and operating income, citing delayed releases of major titles such as *Blood Bowl III* and *Chef Life*. Strong growth is anticipated for 2023‑24, underpinned by the upcoming *Lord of the Rings Gollum™* launch and continued publishing activity.

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Nacon

Annual Financial Report and Non-Financial Performance Statement: 2024-2025

Nacon Announces Insolvency and Judicial Reorganisation Proceedings

Interim Financial Report Six Months Ended 30 September 2024

Half-Year Financial Report 2020-21

Universal Registration Document 2023/2024

Universal Registration Document: 2022/2023

Interim Financial Report: First Half 2021/22

Strong Growth of Profitability: 2019/20 Full Year Results

Full Year 2024/25 Results

Annual Financial Report and CSR Report: 2021/2022

Sales Up 43.3% to €59.0 Million in the Third Quarter of 2023/24

Q3 2020/21 Sales: 48.7 M€, + 20.3%

Sales for the First 9 Months of Fiscal Year 2025-26

Annual Financial Report and CSR Report: 2023-2024

2022/23 Full-Year Results

Interim Financial Report: First Half 2023/24

Universal Registration Document: 2019/2020

First Half 2023/24 Results

Press Release: Assessment of Bigben Interactive Financial Challenges

2022-23 Half-Year Results