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 ...

Nacon reported consolidated sales of €167.9 million for the 2024/25 financial year, essentially flat against the €167.7 million recorded in 2023/24. Quarterly performance varied, with a sharp decline in the first quarter (‑9 %) offset by a 38.5 % rise in the second quarter, followed by declines of 10.3 % and 7.1 % in the third and fourth quarters respectively. Gaming revenue fell by 3.8 % to €97.1 million, while accessories grew modestly by 4.1 % to €65.2 million; the “Other” segment, comprising mobile and audio sales, expanded 38 % to €5.6 million.

The fourth‑quarter gaming output was limited to two titles, Rugby25™ and Ambulance Life™, resulting in a 35.8 % drop in new‑game catalogue sales to €9.9 million, compared with four releases and the hit Robocop: Rogue City™ in 2023/24. Back‑catalogue sales, however, surged 46.5 % to €16.1 million in the quarter and 31.2 % for the year, underscoring sustained demand for legacy titles.

Accessories sales were constrained by postponed launches of the REVOSIM range and the Xbox Revolution X Unlimited controller, which will debut in 2025/26. Nacon anticipates a sharper growth trajectory for the next fiscal year, driven by an expanded release calendar of over ten new games across sports, racing, adventure and simulation genres, as well as the launch of high‑profile accessories in the first half of 2025/26. Production expansion at a new French controller plant and continued reliance on Vietnamese manufacturing for U.S. inventory are expected to support this outlook.

NACON reports a 4.5 % rise in consolidated sales for the second quarter of its 2025/26 fiscal year, reaching €46.8 million compared with €44.8 million in the same period last year. Total first‑half sales for April–September 2025 amount to €78.1 million, up 1.4 % from €77.0 million in the prior year. Gaming sales dominate growth, increasing by €8.8 million (31.7 %) to €36.7 million, driven largely by a 52.5 % jump in catalogue titles and a modest 7.8 % rise in back‑catalogue revenue. Catalogue releases such as Rugby League 26, Robocop: Rogue City – Unfinished Business, and Hell is Us contribute significantly, with the latter achieving an 88 % user score and over 1.5 million residual wish‑lists. Back‑catalogue sales reflect the strength of NACON’s existing portfolio.

The accessories segment, however, contracts sharply by 42.7 % to €9.0 million, largely due to a 66 % decline in U.S. sales caused by higher customs duties. European accessory sales, particularly for Switch 2 and XBOX Revolution X Unlimited controllers, are expected to provide some recovery. NACON anticipates continued catalogue momentum in the second half of the year, with nearly a dozen new titles slated for release, while back‑catalogue activity should remain steady. The company maintains confidence in meeting its 2025/26 annual targets, citing a robust release schedule and new accessory products. The next financial update for the first half of 2025/26 will be issued on November 24, 2025.

Nacon reported consolidated revenue of €31.3 million for the first quarter of fiscal 2025‑26 (April 1–June 30), a slight decline of 2.9 % compared with the €32.3 million recorded in the same period of 2024‑25. Gaming sales, however, grew by 10.4 % to €19.7 million, driven largely by a 46.4 % jump in catalogue sales to €5.6 million, with key titles such as Tour de France 2025 and Pro Cycling Manager 25 contributing 25 % and 35 % sales increases respectively. Back‑catalogue performance remained flat at €14.0 million, meeting expectations. Accessories revenue fell to €10.8 million, a 18.8 % drop largely attributed to a weaker U.S. market and unfavorable year‑on‑year comparison, though European sales showed 22 % growth thanks to Nintendo Switch 2 and XBOX Revolution X Unlimited controller launches. Other revenue, including mobile and audio, decreased by 25.9 % to €0.8 million.

The company anticipates robust second‑quarter growth, citing new releases such as Rugby League 26 and Robocop: Rogue City – Unfinished Business, with additional titles slated for the second half of the year. Nacon maintains confidence in meeting its 2025‑26 fiscal targets, citing a strong dual‑business model and ongoing accessory innovation. The next quarterly update is scheduled for 27 October 2025.

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.

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.

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.

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.

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.

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.

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.

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.