Nacon (NACON) H2 24/25 TU earnings summary

Executive summary

• Full-year sales for 2024/25 reached €167.9 million, nearly flat year-over-year, as expected after postponing several game and accessory launches.

• Operating income is projected to be lower than the previous year but should remain slightly positive.

Financial highlights

• Sales for 2024/25: €167.9 million, up 0.1% compared to €167.7 million in 2023/24.

• Gaming segment sales: €97.1 million, down 3.8% year-over-year; Accessories: €65.2 million, up 4.1%.

• Back Catalogue sales rose 31.2% to €58.6 million for the year.

• Q4 2024/25 sales: €38.0 million, with Gaming at €26.0 million (-1.6%) and Accessories at €11.0 million (-20.7%).

• Catalogue (new games) Q4 sales dropped 35.8% due to a limited release schedule.

Outlook and guidance

• Strong sales growth expected in 2025/26, starting in the first half, driven by a busy release schedule and new accessory launches.

• Over 10 new games planned across all genres, with major releases in sports, racing, adventure, and simulation.

• Accessories business to benefit from launches of Xbox Revolution X Unlimited controller, REVOSIM range, and Nintendo Switch 2 accessories.

• US sales supported by sufficient inventory and Vietnam-based production; new French production site to open in H2 2025/26.