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PRESS RELEASE: NACON: HALF-YEAR RESULTS 2025-2026 - ENGLISH VERSION
Press Release
Lesquin, November 24, 2025 - 6:00 PM
HALF-YEAR RESULTS 2025-2026:
BUSINESS GROWTH AND OPERATING PROFIT EXPECTED FOR THE FULL FINANCIAL YEAR
NACON (ISIN FR 0013482791) today announces its consolidated half-year results (period from April 1, 2025 to September 30, 2025) for the 2025-2026 financial year, reviewed by the board of directors on November 24, 2025. The limited review procedures by the statutory auditors are ongoing; the limited review report of the statutory auditors will be issued upon publication of the half-year financial report.
Strong growth in operating profitability
NACON generated sales of €78.1 million in the first half period. Gaming sales contributed €56.4 million, Accessories business contributed €19.8 million, and "other activities" contributed €1.8 million.
The gross margin rate once again performed very well (+3.9 points), representing 69.7% of sales for the half-year.
EBITDA for the period increased by 18.7% to €33.6 million, allowing the EBITDA margin on sales to grow by 6.3 points to 43.1%.
Operating income, despite an increase in depreciation of fixed assets related to Test Drive Unlimited TM, amounted to €4.2 million, up 30.4% and represented 5.3% of sales (+1.2 points).
The financial result excluding foreign exchange effects amounted -€2.7 million compared to -€2.4 million last year, the current average interest rate on bank loans remained stable at 3%.
At September 30, 2025, NACON had equity of €285.8 million compared to €284.4 million as of March 31, 2025.
Available cash amounted to €16.5 million. Net debt, excluding IFRS 16 and earn-out, stand at €116.2 million.
Funds from operations during the period reached €29.9 million compared to €26.2 million in the previous fiscal year, with Capex remaining stable at €40.1 million.
Currently, 41 games are under development, and the related assets have a carrying amount of €128.1 million.
2025-2026: Growth in activity and operating profit
Following an already strong editorial calendar in the first half, the line-up for the second half of 2025-2026 includes the release of several games in the "Adventure", "Sports", and "Racing" categories:
The Back Catalog should maintain a good level of activity, with its sales for the full-year expected to be in line with that achieved in the fiscal-year 2024-2025.
In the Accessories business, NACON will be able to rely on its strong range of controllers and Switch TM 2 accessories, which benefit from the excellent launch of the console. The half-year will also see the release of the first new-generation RIG R5 PRO HS headset, offering unmatched value for money.
In the USA, despite a still complex environment, NACON anticipates an improvement given the signs of recovery already seen in October.
Building on its strong position in its two complementary businesses, with a rich editorial calendar throughout the fiscal year and various new products in the Accessories business, NACON is confident in its ability to generate strong growth in fiscal year 2025-26.
Upcoming events:
SFAF Meeting, half-year results 2025-2026, November 25, 2025, at 11:00 AM
Third-quarter 2025-2026 : January 19, 2026, after the market close
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