Nacon FY2025 Earnings Release

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Press release
Lesquin , 20 July 2026 – 18:00

ANNUAL RESULTS 202 5-20 26:
• IMPACT OF THE ONGOING RESTRUCTURING PLAN
SALES FOR THE 1 ST QUARTER 2026 -2027
• UP 4.1 % TO € 32. 6 million
OUTLOOK AND KEY STRATEGIC AREAS OF DEVELOPMENT

* * *
As a preliminary reminder, by a decision dated March 2, 2026, the Lille Métropole Commercial Court
(the “Court”) decided to place the company Nacon (ISIN FR0013482791) (the “Company”) under
judicial reorganisation proceedings (“redressement judiciaire” ). By judgment of July 1, 2026, the Court
has decided to renew the Company’s observation period .
In this context, the Company has carried out an in-depth strategic review of its activities in order to
focus its investments on the lowest -risk projects and to build a solid and sustainable operating model.
At the same time, the Company has initiated a plan to streamline and significantly reduce its cost
structure, accompanied by an adjustment of its workforce. This approach aims to establish a more
agile and sustainably more efficient organi sation.
As a reminder, the Lille Métropole Commercial Court ordered the judicial liquidation of three French
entities. In addition, two video game development studios were placed under judicial reorganisation
proceedings on March 30, 2026: Cyanide and Kylotonn.
Finally, the Company will shortly submit a recovery plan to the Lille Métropole Commercial Court
providing for a restructuring of its debt.

* * *

The Company today announces its consolidated annual results for the 2025 -2026 fiscal year (period
from April 1, 2025 to March 31, 2026), reviewed by the Board of Directors at its meeting on July 20,
2026. The audit procedures by the Statutory Auditors are ongoing; the certification report of the
Statutory Auditors will be issued upon publication of the Universal Registration Document.

It should be noted that as part of the ongoing proceedings , a valuation of the company was c arried
out . On this basis, as of March 31, 2026, the Company had to record an impairment loss of all its
fixed assets, including goodwill, for a total amount of €342.9 million. This impairment loss has a very
significant impact on the results for the 2025 -2026 fiscal year.

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1. Annual results 2025 -2026 *

Consolidated in €M IFRS 2025 -2026 2024 -2025
Sales (IFRS) 160.8 167.9
Gross Margin
As % of sales
103.7
64.5%
108.1
64.4%
Operating income and expenses (48.1) (48.5)
Restructuring costs (1.9 ) –
Impairment of fixed assets related to the
company value adjustment (including
goodwill of €136.6 million)
(342.9) –
Depreciation and amorti sation of fixed
assets (60.6 ) (58.5)
Operating profit (349.7) 1.1
Financial result (5.1 ) (5.8)
Profit before tax (354.8 ) (4.7)
Income tax (11.3) 3.3
Net profit for the period (366.1 ) (1.3)
*A udit in progress

Income tax: it should be noted that, given the context, the tax loss carryforward has been written off ,
resulting in a tax charge of €11.3 million.

As of March 31, 2026, the company’s net debt stood at €104. 2 million.

Net cash , net of bank overdraft s, stands at €10.1 million.
31 games were in development as of March 31, 2026, including 27 in -house and 4 externally.

2. Fiscal year 2026 -2027: 4.1% growth in activity in the 1st quarter to €32.6 million

Sales from the Games activity stood at €2 2.4 million for the quarter, up 13.8% compared to the
previous fiscal year.

Catalogue activity (new games). After a strong increase in the fourth quarter of 2025 -2026 (+33.2%),
sales for the 1st quarter of 2026 -2027 stood at €3.9 million. This level reflects a limited number of
game releases over the period, with Cthulhu: The Cosmic Abyss TM, Tour de France 26 TM et Pro
Cycling Manager TM 26 . It should be noted that the performance of Tour de France TM is improving year –
on -year.

The Back Catalogue (games released in previous fiscal years) recorded a solid performance, with
sales of €18.5 million, up 32% over the quarter . It benefits from the high volume of releases in the
previous fiscal year.
Sales for the Accessories activity recorded, as in the previous quarter, a less pronounced decline
compared to last year due to a more favorable US market. Sales thus stood at
€9. 2 million, down 1 5.4 %.

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3. Outlook and strategic development axes for fiscal year 2026 -2027

For the Games activity, the coming months will benefit from the release of several major games
covering the majority of genre specialties, including:

– Racing: MXGP ™ 26, Endurance Motorsport ™
– Action/ Adventure: Edge of Memories ™
– Simulation: Hunting Simulator 3

Furthermore, the game The Mound TM, released on July 15 , is off to an excellent start.

Backed by a volume of releases sustained over the 2025 -2026 fiscal year, Back Catalogue sales is
expected to grow over the fiscal year.

In a more favorable US market environment, the Accessories activity could sustainably return to the
path of growth, driven by the new RIG headsets and the range of console steering wheels.

As part of its redeployment strategy, the Company aims primarily to build a more agile, efficient, and
higher -performing organi sation. The transformation plan, which will be presented shortly, is based
primarily on four priority areas:
– A more selective allocation of investments towards games offering more predictable
profitability and/or recurring sales;
– Increased agility for studios with streamlined teams;
– Centralized and strengthened governance supported by the pooling of expertise and support
functions;
– Securing revenue by prioriti zing strong licenses and IPs .

The Company will keep the market informed as its situation evolves and regarding the progress of the
proceedings.

Upcoming events:
Q2 2026 -2027 revenue: October 26, 2026, after market close

ABOUT NACON IFRS REVENUE 2025/2026 : €160.8 million HEADCOUNT More than 1,000 employees INTERNATIONAL 23 subsidiaries and a distribution network in 100 countries https://corporate.nacongaming.com/
NACON is a BIGBEN group company established in 2019 to optimize its expertise through strong synergies in the video game market. By combining its 16 development studios, AA video game publishing, and the design and distribution of premium gaming peripheral s, NACON brings together 30 years of expertise to serve players. This new unified division strengthens NACON’s position in the market and enables it to innovate by creating unique new competitive advantages. Company listed on Euronext Paris, Compartment B – Indices: CAC Mid&Small ISIN: FR0013482791; Reuters: NACON.PA; Bloomberg: NACON:FP CONTACT: Cap Value – Gilles Broquelet [email protected] – +33 1 80 81 50 00

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ANNEX ES

Balance Sheet

Consolidated in €M (IFRS) 31 March 2026 31 March 2025
Non -current assets 58.7 370.5
Inventories and work in progress 22.5 27.1
Trade receivables 34.1 38.7
Other current assets 27.8 16.5
Cash and cash equivalents 20.7 26.2
Total Assets 163.8 479.0
Equity and equivalents -81.3 263.6
Non -current financial liabilities 6.4 95.4
Current financial liabilities 128.5 47.4
Other non -current liabilities 5.8 1.9
Other current liabilities 104.4 70.7
Total Equity and Liabilities 163.8 479.0

Equity is impacted by the €342.9 million adjustment to enterprise value.
As part of the ongoing proceedings, all medium -term debt has been reclassified as short -term debt
(less than one year)

Statement of cash flows over the 2025/26 fiscal year
Cash as of 31/03/25 24.2
Cash flow from operating activities 81.4
Intangible CAPEX -71.9
Other CAPEX -0.2
Acquisitions -0.2
Capital increase 0.4
Borrowings -17.2
Taxes, interest and other -6.3
Cash as of 31/03/26 10.1