BigBen Interactive (BIG) H1 2025 earnings summary

Executive summary

• First half 2024/25 sales reached €135.9 million, up 6.1% year-over-year, with net income rising 59.6% to €4.4 million.

• Gross margin improved to 51.2%, up 11.7 points, driven by better purchasing and product mix.

• EBITDA declined 2.8% to €31.1 million due to lower non-recurring income at NACON.

• Operating income was €3.8 million, down 12.5% year-over-year, but net financial income improved due to a €3.6 million capital gain from bond buybacks.

Financial highlights

• Sales: €135.9 million (+6.1% year-over-year); NACON contributed €77.0 million (+13.6%), AudioVideo/Telco €58.9 million (-2.4%).

• Gross profit: €69.5 million (51.2% of sales), up from €62.2 million (48.6%).

• EBITDA: €31.1 million (22.9% of sales), down from €32.0 million (25.0%).

• Net income: €4.4 million (+59.6% year-over-year).

• Net debt: €168.3 million; available cash: €30.2 million as of 30 September 2024.

Outlook and guidance

• Full-year sales and operating income expected to grow, supported by new game releases and premium accessories.

• Gaming to benefit from launches like Test Drive Unlimited: Solar Crown, MXGP, Rugby25, and new accessories.

• AudioVideo/Telco to see growth from new Force headphones and expanded product range.