Nacon

Game Co.

106 documents

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

Documents

Report

Q1 2021/22 Sales: 33.7 M€

Nacon reported first‑quarter sales of €33.7 million for the period 1 April to 30 June 2021, a decline of 11.3 % versus the same quarter in 2020‑21. The drop reflects an unfavorable comparison basis, yet back‑catalogue performance remained resilient with €9.2 million in sales compared to €10.8 million during the initial lockdown, and a substantial 340 % lift in back‑catalogue revenue that quarter. Game sales fell 16 % to €12.2 million, while accessories declined 8.8 % to €20.6 million; the accessories segment benefited from a 19 % rise in non‑RIG helmet ranges, notably PlayStation 4 and Xbox® controllers. Mobile and audio sales remained flat at €0.9 million. The company confirmed its 2021‑22 and 2022‑23 targets, projecting total annual sales of €180–200 million with a current operating income (COI) margin of 20 %. For FY 2022‑23, Nacon aims for €230–260 million in sales and a COI margin above 20 %, supported by four major game launches (Test Drive Unlimited Solar Crown, Steelrising™, The Lord of the Rings™: Gollum™, and Session™). Second‑half growth is expected from additional titles such as Blood Bowl 3®, Rugby22®, Train Life, Hotel Life, Rogue Lords, and Vampire: The Masquerade®‑Swansong. Nacon’s integrated structure—comprising 11 development studios, publishing of AA titles, and premium hardware design—underpins its strategy to leverage synergies across a global distribution network covering 100 countries. The company, listed on Euronext Paris, employs over 600 staff and operates through 16 subsidiaries.

market-analysis game-publishing investment+3

Nacon

Report

HY 1 2021/22 Consolidated Results: Impacted by an Unfavourable Basis Comparison

Nacon released audited consolidated results for the first half of fiscal year 2021/22, reporting sales of €73.0 million, a 15.7 % decline from the comparable period in 2020/21. Gross margin fell to €38.0 million (52.1 % of sales) and EBITDA dropped 29.7 % to €21.4 million (29.3 % of sales). Current operating income fell 46.3 % to €8.4 million, representing 11.6 % of sales, while net profit contracted 60.4 % to €3.8 million (5.2 % of sales). The decline is attributed mainly to a weaker editorial portfolio—video‑game sales fell 16.9 % to €27.3 million—and a high comparison basis for accessory sales, which decreased 15.1 % to €43.7 million. The balance sheet remained solid, with shareholders’ equity at €219.0 million and cash reserves of €62.6 million, reflecting recent studio acquisitions and catalogue development. Working‑capital requirements increased by €2.5 million due to inventory build‑up, while operating cash flow reached €17.7 million and investment outflows rose to €45.6 million. In response, Nacon revised its 2021/22 targets downward (sales €150–180 million; current operating income near €20 million) and lifted 2022/23 expectations (sales €250–300 million; operating‑income rate >20 %). The company postponed several high‑profile releases to 2022/23, citing a need for additional development time to enhance quality. The acquisition of Ishtar Games was completed on 25 November 2021, expanding Nacon’s studio portfolio. The outlook highlights a strong editorial pipeline for 2022/23, with over fifteen new titles and continued growth of the back‑catalogue.

market-analysis investment france+1

Nacon

Report

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.

market-analysis game-publishing investment+2

Nacon

Report

Return to Growth for Q3 2021-22: Confirmation of 2021/22 & 2022/23 Targets

Nacon reported a rebound in Q3 2021/22, with sales rising 5.2 % to €51.2 million after two quarters of decline driven by a high comparison base from lockdown‑related demand spikes. The growth was led by the games catalogue, which generated €14.3 million (+3.4 %) and a strong back‑catalogue contribution of €5.5 million, while accessories grew 7.4 % to €34.9 million thanks to the launch of the Revolution X Pro Controller, though global console shortages limited further upside. Other segments, including mobile and audio sales, contracted by 14.4 % to €2.0 million. Cumulative sales for the first nine months fell 8.2 % to €124.2 million, with games down 10.9 % and accessories down 6.4 %. Nacon confirmed its FY 2021/22 targets of €150–180 million in sales and an operating income near €20 million. For FY 2022/23, the company projects a robust publishing pipeline of over 15 titles—including high‑profile releases such as *Vampire: The Masquerade® – Swansong*—and anticipates sales of €250–300 million with an operating margin above 20 %. The strategy includes selective acquisitions to strengthen the catalogue and position Nacon as a leading player in the global video‑game market. The outlook is based on continued demand for both new releases and established titles, with accessories sales expected to benefit from ongoing headset and controller launches across major console platforms.

market-analysis game-publishing investment+2

Nacon

Report

Strong Increase in Profitability in 1st Half: Fiscal Year 2020/21

Nacon reports a strong first‑half performance for fiscal year 2020/21, with sales rising 35.9 % to €86.6 million and gross margin improving from 39.2 % to 45.3 %. Current operating income (COI) increased by 47.3 % to €15.7 million, representing 18.2 % of sales and meeting the company’s annual COI target of 18 %. Net profit for the period reached €9.6 million, up 46.7 % from €6.5 million in the prior year’s first half, after accounting for €1.8 million in bonus‑share expenses and €0.8 million in net financial costs. Operating cash flow surged to €34.1 million, enabling the group to self‑finance €25.9 million of capital expenditure and generate an €8.2 million free cash flow. Net cash at 30 September stood at €50.7 million, up from €42.8 million in March 2020, despite a €5 million increase in CAPEX and loan repayments. The growth is attributed to momentum in gaming accessories—particularly premium headsets and official PlayStation 4 controllers—and a robust back‑catalogue of games. Nacon projects continued sales acceleration in the second half, driven by dual‑generation console support (PS 4/5, Xbox One/Xbox Series), digital sales expansion, and releases of next‑gen titles such as WRC 9 and Tennis World Tour 2. Consequently, the company has revised its FY 2020/21 sales target upward to €160–170 million and maintains an 18 % COI goal. For FY 2022/23, Nacon targets sales of €180–200 million with a COI exceeding 20 %. The data derive from audited consolidated IFRS statements covering April–September 2020, with comparative figures adjusted for the 2019 acquisition of Bigben Interactive’s gaming assets.

market-analysis investment france+1

Nacon

Report

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.

market-analysis investment game-publishing+2

Nacon

Report

Sales for First Half of FY 2020/21

Sales for the first half of fiscal year 2020/21 rose 35.9 % to €86.6 million, driven primarily by a 118 % increase in gaming accessories (€51.6 million) and a 242 % jump in back‑catalogue sales (€18.0 million). Game revenue grew modestly by 3.0 % to €18.3 million, supported by the launch of WRC® 9 and Tennis World Tour® 2; digital sales accounted for 72 % of total game revenue, with back‑catalogue contributions rising from €2.8 million to €7.0 million. Accessories sales surged 106.5 % in the second quarter, largely due to successful RIG headset marketing in the United States and continued demand for PlayStation® 4 controllers. Quarterly performance showed a 24.5 % rise in the first quarter and a 46.4 % increase in the second, with accessories accounting for the bulk of growth. Other categories (mobile and audio) declined slightly by 5.9 %. The company attributes the acceleration in Q2 to premium headset sales and increased digital gaming activity. Looking ahead, Nacon anticipates robust second‑half performance thanks to the overlap of current and next‑generation consoles, upcoming releases of WRC® 9, Tennis World Tour® 2, and Hunting Simulator® 2 on new platforms, plus five additional titles. The firm expects a sharp rise in current operating income and has raised its FY 2020/21 sales target to €150–160 million, maintaining an 18 % operating margin. The 2023 plan projects sales of €180–200 million with a current operating income rate above 20 %. The company operates globally, with 17 subsidiaries and distribution in 100 countries, employing over 550 staff.

market-analysis game-publishing investment+2

Nacon

Report

Strong Earnings Growth: 2023/24 Full-Year Results

NACON reported a robust financial year for 2023/24, with consolidated IFRS sales rising to €167.7 million from €156.0 million, a 7.5 % increase. Gross profit climbed to €104.2 million, up 13.1 %, pushing the gross margin to 62.1 % of sales. EBITDA surged by 45 % to €70.9 million, translating into a margin of 42.3 %. Operating income grew 20.5 % to €20.9 million, representing 12.5 % of sales, while net income rose 37.3 % to €17.5 million, or 10.5 % of sales. The company’s equity strengthened to €263.6 million, and net debt fell to €85.2 million, reflecting disciplined borrowing and repayment. Key drivers included a heavy new‑game release schedule of 19 titles, notably the successful Robocop: Rogue City™ which lifted catalogue sales by 21.2 % to €59.3 million. Back‑catalogue sales increased 7.4 % to €44.7 million, and accessories revenue rebounded to €62.7 million, buoyed by new hardware launches such as the RIG 600 PRO headset and REVOLUTION 5 PRO controller. Inventory levels were trimmed by €8.2 million, and operating cash flow rose 54.4 % to €73.1 million. Looking ahead, NACON plans a busy 2024/25 release calendar of around 15 games and aims to consolidate its racing‑market presence through a dedicated Racing department, the Revosim by Nacon brand, and new premium peripherals. The strategy positions NACON as a unique provider of integrated racing games and accessories worldwide, with expectations of continued sales and operating‑income growth.

market-analysis investment france+1

Nacon

Report

First Half 2024/25 Results

NACON reports first‑half 2024/25 results for the six months ending 30 September 2024, showing a 13.6 % rise in sales to €77.0 million versus €67.8 million a year earlier. Gaming revenue increased 10.7 % to €45.7 million, while the accessories segment grew 16.6 % to €29.1 million, contributing to a higher gross margin of 65.8 % compared with 64.2 % in the prior year‑half. EBITDA fell 3.2 % to €28.3 million, largely due to the absence of non‑recurring earn‑out releases that had boosted the previous period; operating income declined 12.9 % to €3.2 million, representing 4.1 % of sales. Net income contracted 32.4 % to €2.2 million, reflecting a higher tax expense and lower pre‑tax profit of €0.9 million. Cash stood at €17.4 million against €26.2 million a year earlier, with net debt at €101.5 million after an €18.6 million capital increase in July 2024. Funds from operations rose to €26.2 million, and the company maintains a portfolio of 45 games under development with assets worth €110.5 million. Geographically, NACON operates through 23 subsidiaries and a distribution network in 100 countries. The company projects continued momentum in gaming releases—such as “Test Drive Unlimited: Solar Crown” and “MXGP: The Official Motocross Videogame”—and new premium accessories, expecting full‑year sales and operating income growth for 2024/25. The next key event is the third‑quarter sales announcement on 20 January 2025.

market-analysis investment game-publishing+2

Nacon

Report

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.

investment france europe

Nacon

Report

First-Quarter 2025-26 Sales: Nacon

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.

market-analysis game-publishing france+2

Nacon

Nacon

Documents

Q1 2021/22 Sales: 33.7 M€

HY 1 2021/22 Consolidated Results: Impacted by an Unfavourable Basis Comparison

Q3 2020/21 Sales: 48.7 M€, + 20.3%

Return to Growth for Q3 2021-22: Confirmation of 2021/22 & 2022/23 Targets

Strong Increase in Profitability in 1st Half: Fiscal Year 2020/21

Full Year 2024/25 Results

Sales for First Half of FY 2020/21

Strong Earnings Growth: 2023/24 Full-Year Results

Universal Registration Document 2023/2024

First Half 2024/25 Results

Nacon Announces Insolvency and Judicial Reorganisation Proceedings

First-Quarter 2025-26 Sales: Nacon