Nacon (NACON) H2 24/25 earnings summary

Executive summary

• Full-year 2024/25 sales were €167.9 million, stable year-over-year despite delays in new releases.

• Net income for the period was a loss of €1.3 million, compared to a profit of €17.5 million in the prior year.

• Delays in game and accessory launches impacted earnings but are expected to drive strong growth in 2025/26.

Financial highlights

• Gross profit rose to €108.1 million, with gross margin improving to 64.4% from 62.1% year-over-year.

• EBITDA before non-recurring items was €55.9 million, stable year-over-year.

• Operating income dropped to €1.1 million from €20.9 million year-over-year.

• Net financial expense increased to €5.8 million, mainly due to higher interest rates.

• Available cash at year-end was €29.3 million, up from €26.2 million.

Outlook and guidance

• Strong growth in business levels and operating income expected in 2025/26, starting in the first half.

• Busy release schedule includes major games and new accessories, with 15 games planned for the first half.

• Back Catalogue sales in 2025/26 projected to remain similar to last year.

• New WRC licence agreement secures exclusive rights for six seasons from 2027 to 2032.