Nacon (NACON) H1 24/25 earnings summary

Executive summary

• Sales increased by 13.6% year-over-year to €77.0 million for the first half of 2024/25.

• Gaming sales rose 10.7% to €45.7 million, while Accessories sales grew 16.6% to €29.1 million.

• Gross margin improved to 65.8% from 64.2% due to better purchasing in Accessories.

• EBITDA declined 3.2% to €28.3 million, impacted by prior year non-recurring income.

• Net income fell 32.4% year-over-year to €2.2 million.

Financial highlights

• Operating income was €3.2 million, down 12.9% year-over-year.

• Funds from operations increased to €26.2 million from €22.0 million.

• Net debt stood at €101.5 million as of 30 September 2024.

• Equity increased to €288.3 million after an €18.6 million capital increase.

Outlook and guidance

• Expects continued positive momentum in Gaming, with new releases in all four specialist genres.

• Accessories business to benefit from premium product launches in the racing segment.

• Confident in achieving higher sales and operating income for full-year 2024/25.