Nacon (NACON) H1 25/26 earnings summary

Executive summary

• EBITDA rose 18.7% to €33.6M for the first half of 2025-2026, with operational income up 30.4% to €4.2M.

• Revenue increased 1.4% year-over-year to €78.1M, driven by both games and accessories segments.

• Strong operational profitability, with gross margin improving by 3.9 points to 69.7%.

Financial highlights

• Revenue: €78.1M (+1.4% YoY); EBITDA: €33.6M (+18.7% YoY); Operating income: €4.2M (+30.4% YoY).

• Gross margin: 69.7% of revenue (+3.9 pts YoY); EBITDA margin: 43.1% (+6.3 pts YoY).

• Net income: €2.5M (+16.2% YoY); Net margin: 3.3%.

• Net financial result: -€2.5M; average bank loan rate stable at 3%.

Outlook and guidance

• Anticipates continued growth in activity and operating income for the full year 2025-2026.

• Second half to feature major game releases in adventure, sport, and racing categories.

• Accessories segment expected to benefit from new product launches and strong Switch console sales.

• Back catalogue sales projected to remain stable year-over-year.

• Confident in strong growth for the full year, supported by a robust product pipeline.