Guillemot (GUI) H2 2025 earnings summary

Executive summary

• Full-year 2025 turnover rose 2% year-over-year to €127.2 million, with Q4 revenue up 15%.

• Net operating income dropped 86% to €0.5 million; consolidated net loss was €2.4 million.

• U.S. market disruption from higher import tariffs impacted margins and deferred €3.5 million in turnover to 2026.

Financial highlights

• Thrustmaster turnover up 1% to €114.2 million; Hercules up 8% to €13.0 million year-over-year.

• Gross profit margin declined 3 points to 50% in 2025.

• Basic EPS was -€0.17, down from €0.08 in 2024.

• Net financial expense of €3.3 million included a €3.0 million revaluation loss on Ubisoft shares.

Outlook and guidance

• 2026 turnover expected to grow 5%; net operating income targeted at 5% of turnover.

• Margin improvement expected from new product launches and cost control.

• Inventory optimization projected to generate over €10 million in cash in 2026.