Nacon

Game Co.

106 documents

French game publisher and accessory maker. Test Drive, RoboCop: Rogue City, WRC. Also Bigben gaming controllers.

Documents

Legal

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

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.

investment mergers-acquisitions france+1

NaconFeb 2026

Legal

Nacon Announces the Temporary Suspension of Trading in Its Shares on Euronext Paris

Nacon has initiated a temporary suspension of trading for its shares on the Euronext Paris regulated market effective February 20, 2026. This decision follows a critical financial development involving its majority shareholder, Bigben Interactive, which recently announced an inability to proceed with a partial repayment of 43 million euros to bondholders. This default by the parent company has created a significant impact on Nacon’s own liquidity position and operational stability, necessitating immediate intervention to protect the company's interests and stakeholders. The current financial situation requires the rapid implementation of a comprehensive debt restructuring plan with creditors to ensure the continuity of operations. Nacon is currently evaluating the use of formal legal procedures under the supervision of the commercial court to facilitate this restructuring process. In addition to the suspension of share trading, the company has also suspended its liquidity contract. These measures are intended to remain in place until a further update is provided, which is expected within the coming days. Despite these immediate financial challenges, Nacon remains a significant entity in the AA video game publishing and peripherals market, reporting 167.9 million euros in revenue and 1.1 million euros in operating profit for the 2024/2025 fiscal year. The company maintains a global workforce of over 1,000 employees across 16 development studios and 25 subsidiaries. This suspension marks a pivotal moment for the organization as it seeks to stabilize its balance sheet and navigate the contagion effects of its majority shareholder’s financial distress.

investment mergers-acquisitions france

NaconFeb 2026

Financial

Press Release: Nacon Acknowledges Bigben Interactive Financial Situation

Nacon has issued a formal response to the financial instability of its majority shareholder, Bigben Interactive, following a critical liquidity failure. Bigben Interactive, which controls 56.72% of Nacon’s share capital and 65.79% of its voting rights, was unable to meet a scheduled €43 million partial bond repayment due on February 19, 2026. This default was triggered by an unexpected refusal from Bigben Interactive’s banking pool to honor a drawdown notice intended to fund the debt obligation. Consequently, the parent company is now exploring court-supervised debt restructuring procedures to address its insolvency. The scope of this announcement focuses on the immediate financial risks facing Nacon as a subsidiary within the broader European gaming market. While Nacon reported an IFRS revenue of €167.9 million and an operating profit of €1.1 million for the 2024/2025 fiscal year, the parent company’s inability to secure financing creates significant uncertainty regarding Nacon’s own operational funding and strategic stability. The company currently manages 16 development studios and a workforce of over 1,000 employees, maintaining a distribution network that spans 100 countries. Management is currently conducting a comprehensive assessment of how this shareholder-level debt crisis will impact Nacon’s internal activities and existing financing arrangements. As a publicly traded entity on the Euronext Paris, Nacon has committed to providing further market updates as the situation evolves. The primary objective of this communication is to maintain transparency with investors and stakeholders while the company evaluates the potential contagion effects of Bigben Interactive’s restructuring efforts on its publishing and peripheral manufacturing divisions.

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NaconFeb 2026

Financial

Sales for the First 9 Months of Fiscal Year 2025-26 at €124.2 M

Nacon reported consolidated sales of €124.2 million for the first nine months of the 2025-26 fiscal year, representing a 4.4% decline compared to the same period in the previous year. While the games division experienced a 15.7% increase in cumulative revenue to €82.3 million, this growth was offset by a significant 30.5% contraction in the accessories segment, which fell to €37.7 million. The third quarter specifically saw a 12.8% decrease in total sales, primarily driven by challenges in the United States market. The games segment benefited from a 39.9% surge in new catalogue titles during the third quarter, reaching €13.7 million behind the performance of Hell is Us, Cricket 26, and Rennsport. However, back-catalogue sales declined by 21.8% during the same period due to a high basis of comparison and general market softening. The accessories division faced substantial headwinds in the United States, where increased customs duties impacted performance. Although the decline in the U.S. market showed signs of easing—improving from a 66% drop in the second quarter to a 38% drop in the third—the segment remained a primary drag on overall corporate revenue. Looking toward the final quarter of the fiscal year, activity is expected to be driven by several major releases, including Styx: Blades of Greed and GreedFall: The Dying World. While the European accessories market is anticipated to find support from the launch of the Nintendo Switch 2 and new headset hardware, the lack of visibility in the U.S. market has led to a revision of annual forecasts. Nacon now expects total activity for the full 2025-26 fiscal year to be comparable to the previous year, adjusting for the slowdown observed in the third quarter.

market-analysis game-publishing france

NaconJan 2026

Financial

Consolidated Sales for the Second Quarter 2025-26

NACON reported consolidated sales of €46.8 million for the second quarter of the 2025-26 fiscal year, representing a 4.5% increase compared to the same period in the previous year. This growth contributed to a total first-half revenue of €78.1 million, a 1.4% rise year-over-year. The financial results highlight a significant divergence between the company’s two primary business segments, with strong performance in software publishing offsetting a sharp decline in hardware and peripherals. The gaming division served as the primary growth engine, with second-quarter sales increasing 31.7% to €36.7 million. This surge was driven by a 52.5% rise in new catalogue titles, bolstered by the successful launches of Rugby League 26 and Hell is Us, the latter of which achieved high user scores and over 1.5 million residual wishlists. The back catalogue also remained resilient, growing 7.8% to €14.0 million. Conversely, the accessories segment experienced a 42.7% decline in quarterly revenue, falling to €9.0 million. This downturn was largely attributed to a 66% drop in American market sales resulting from increased customs duties, though European sales remained supported by new controller releases and Switch 2 peripherals. Looking ahead to the remainder of the 2025-26 fiscal year, the company confirmed its annual targets and anticipates strong growth. The second-half strategy relies on a dense release schedule featuring nearly a dozen titles, including GreedFall II and Dragonkin: The Banished. While uncertainties persist in the American accessories market, the company expects the software catalogue to drive momentum. These results reflect NACON's position as an integrated AA publisher and peripheral designer operating across 100 countries with a workforce of over 1,000 employees.

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NaconOct 2025

Financial

First-Quarter 2025-26 Sales at €31.3 M, In Line with the Group's Objectives

Nacon reported consolidated revenue of €31.3 million for the first quarter of the 2025-26 fiscal year, covering the period from April 1 to June 30, 2025. This performance represents a slight overall decrease of 2.9% compared to the previous year but remains aligned with the group's strategic objectives. The results highlight a divergence between the software and hardware segments, with gaming activity growing by 10.4% to reach €19.7 million, while the accessories division declined by 18.8% to €10.8 million. The growth in gaming revenue was primarily fueled by a 46.4% surge in new catalogue sales, led by the strong performance of sports titles such as Tour de France 2025 and Pro Cycling Manager 25, which saw year-over-year sales increases of 25% and 35% respectively. The back catalogue remained stable at €14.0 million. Conversely, the accessories segment faced challenges due to a weak U.S. market impacted by customs duties and an unfavorable basis of comparison, though this was partially mitigated by 22% growth in the European market driven by Nintendo Switch 2 peripherals and the Xbox Revolution X Unlimited controller. Looking ahead, the group anticipates strong growth in the second quarter and throughout the remainder of the fiscal year. This outlook is supported by a robust release schedule including Rugby League 26, Robocop: Rogue City – Unfinished Business, and the highly anticipated Hell is Us, which has secured nearly one million wishlists. With approximately ten titles scheduled for the second half of the year and continued innovation in the Revosim and Switch 2 accessory lines, the group confirms its targets for the full 2025-26 fiscal year.

market-analysis monetization game-publishing+1

NaconJul 2025

Financial

Universal Registration Document Including the Annual Financial Report

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.

investment mergers-acquisitions market-analysis+1

NaconJun 2025

Financial

Full Year 2024/25 Results

NACON’s financial results for the fiscal year ending March 31, 2025, reflect a period of transition characterized by stable revenue and strategic postponements. Total sales reached €167.9 million, consistent with the previous year, despite the decision to delay several high-profile games and accessories into the 2025/26 cycle. The Gaming division contributed €97.1 million to this total, while Accessories accounted for €65.2 million. Although gross margin improved to 64.4%, operating income fell sharply to €1.1 million, down from €20.9 million the prior year. This decline was primarily driven by an €8.5 million increase in depreciation and amortization following the release of Test Drive Unlimited, alongside higher interest expenses. Consequently, the company reported a net loss of €1.3 million. The company maintains a solid balance sheet with €284.4 million in equity and €29.3 million in available cash. Management has opted not to propose a dividend for the 2024/25 period, focusing instead on a robust pipeline of 40 games currently under development with a carrying value of €124.5 million. A significant highlight is the new exclusive licensing agreement with WRC Promoter, securing World Rally Championship rights for PC and consoles from 2027 through 2032. Looking ahead to the 2025/26 fiscal year, NACON anticipates strong growth in both business activity and operating income. The release schedule is heavily weighted toward the first half of the year, featuring titles such as Robocop: Rogue City – Unfinished Business and Hell is Us, alongside a suite of sports and simulation games. The Accessories division is expected to benefit from the launch of the REVOSIM range and the development of 30 dedicated products for the upcoming Nintendo Switch 2. These initiatives, combined with rigorous financial discipline, underpin a positive outlook for the coming year.

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NaconJun 2025

Financial

Sales for the 2024/25 Financial Year

NACON reports consolidated sales of €167.9 million for the 2024/25 financial year ending March 31, 2025, representing a marginal increase of 0.1% compared to the previous year. While the company faced a 3.8% decline in gaming revenue due to a limited release schedule in the fourth quarter, this was offset by a 4.1% increase in accessories sales and a robust performance in back-catalogue titles. Back-catalogue sales grew by 31.2% over the full year to reach €58.6 million, demonstrating the sustained value of the company’s existing intellectual property. The financial results reflect a transitional period marked by the strategic postponement of several key games and hardware products into the 2025/26 fiscal year. Consequently, while annual sales remained stable, operating income is expected to be lower than the previous year, though it remains slightly positive. The fourth quarter specifically saw a 7.1% decline in sales, attributed to the lack of major new releases compared to the prior year’s success with high-performing titles like Robocop: Rogue City. Looking ahead, the company forecasts sharp business growth for the 2025/26 financial year, driven by a significantly busier release schedule featuring over ten games across sports, racing, adventure, and simulation genres. The accessories segment is also expected to expand following the launch of new Xbox controllers, premium racing peripherals, and a dedicated range for the upcoming Nintendo Switch 2. To support this growth and mitigate supply chain risks, the company is diversifying its manufacturing, utilizing facilities in Vietnam and preparing a new controller production site in France scheduled to open in late 2025.

market-analysis france monetization

NaconApr 2025

Financial

Third Quarter 2024/25 Sales: €52.9 Million

NACON reported consolidated sales of €52.9 million for the third quarter of the 2024/25 financial year, representing a 10.3% decrease compared to the same period last year. Despite this quarterly dip, total sales for the first nine months reached €129.9 million, a 2.5% increase over the previous year. The performance reflects a divergence between the gaming and accessories segments, with gaming revenue falling 23.7% to €25.4 million due to a lack of major new releases compared to the prior year’s success of RoboCop: Rogue City. However, back-catalogue sales grew by 24.5% to €15.6 million, validating the long-term value of the existing portfolio. The accessories division grew by 5.3% to €25.2 million, driven by strong demand for RIG headsets and Revolution 5 Pro controllers in the United States and Australia. This growth occurred despite the postponement of several key products, including the Cobra seat and the Xbox Revolution X Unlimited controller, into 2025. To enhance supply chain efficiency and internalize value, the company announced plans for a new accessory production plant in France, expected to be operational later in 2025. Looking ahead, the company expects a slight increase in full-year sales but anticipates a potential decrease in operating income due to product delays. The outlook for the 2025/26 financial year remains optimistic, supported by a busy release schedule of approximately ten new games and the anticipated launch of the Nintendo Switch 2. NACON plans to capitalize on this new hardware with a dedicated range of compatible games and accessories, forecasting strong growth for the first half of the upcoming fiscal year.

market-analysis france monetization+1

NaconJan 2025

Legal

Tableau de Déclaration Mensuelle des Opérations Réalisées par un Émetteur sur ses Propres Titres

Nacon, a prominent player in the video game and accessories market, executed a series of share buyback operations throughout January 2025 as part of a program originally initiated in March 2020. These transactions reflect the company's ongoing management of its equity and liquidity under the regulatory framework established by the Autorité des Marchés Financiers. The data indicates a net increase in treasury shares over the monthly period, starting from a baseline of 81,468 shares held at the end of December 2024. During the month of January, the issuer acquired 86,812 shares while divesting 35,353 shares. No shares were cancelled or transferred in relation to employee stock options or debt securities during this specific timeframe. Furthermore, the company reported no buyback transactions involving individuals or entities holding more than 10% of the share capital, nor any transactions involving company directors. These activities resulted in a total direct and indirect self-holding position of 132,927 shares by the end of the reporting period. The total volume of treasury shares held represents approximately 0.12% of the company's overall share capital. This level of self-detention suggests a strategy focused on market liquidity and modest capital management rather than large-scale equity restructuring. The reporting follows standard transparency requirements for issuers listed on French regulated markets, providing a snapshot of the company's financial maneuvers within the gaming industry segment for the start of the 2025 fiscal year.

investment market-analysis europe+1

NaconJan 2025

Legal

Tableau de Déclaration Mensuelle des Opérations Réalisées par un Émetteur sur ses Propres Titres: Novembre 2024

Nacon, a prominent French video game publisher and hardware manufacturer, executed a series of share buyback operations throughout November 2024 as part of a long-standing program initiated in March 2020. These transactions, reported in compliance with French financial market regulations, reflect the company's ongoing management of its own equity. At the conclusion of the reporting period, the issuer held a total of 126,544 treasury shares, representing approximately 0.12% of its total share capital. The monthly activity was characterized by a high volume of both acquisitions and disposals, indicating active liquidity management. Specifically, the company purchased 64,247 shares and sold 48,691 shares during the month. This resulted in a net increase in treasury holdings compared to the balance of 110,988 shares recorded at the end of October 2024. No shares were cancelled or transferred for employee stock option exercises or debt conversions during this timeframe, and no transactions were conducted with major shareholders holding more than 10% of the capital or with company directors. The scope of this financial activity is limited to the French equity market where Nacon is listed. The data provides a transparent view of the company's market interventions, which are typically used to provide liquidity to the stock or to fulfill future obligations related to share-based compensation. By maintaining a relatively small percentage of self-held capital, the company ensures it meets regulatory requirements while managing its market presence. These figures underscore a period of active trading for the issuer's securities without significant structural changes to its capital allocation or ownership distribution.

investment market-analysis france

NaconDec 2024

Nacon

Documents

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

Nacon Announces the Temporary Suspension of Trading in Its Shares on Euronext Paris

Press Release: Nacon Acknowledges Bigben Interactive Financial Situation

Sales for the First 9 Months of Fiscal Year 2025-26 at €124.2 M

Consolidated Sales for the Second Quarter 2025-26

First-Quarter 2025-26 Sales at €31.3 M, In Line with the Group's Objectives

Universal Registration Document Including the Annual Financial Report

Full Year 2024/25 Results

Sales for the 2024/25 Financial Year

Third Quarter 2024/25 Sales: €52.9 Million

Tableau de Déclaration Mensuelle des Opérations Réalisées par un Émetteur sur ses Propres Titres

Tableau de Déclaration Mensuelle des Opérations Réalisées par un Émetteur sur ses Propres Titres: Novembre 2024

First-Quarter 2025-26 Sales at €31.3 M, In Line with the Group's Objectives