Don’t Nod FY 2025 H1 Results

PRESS RELEASE

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2025 half -year results
| Revenue multiplied by 3.8 to €7.0 million
| Performance plan: first tangible savings on operating expenses
| Operating EBITDA at break -even (excluding non -recurring items related to the
adaptation plan )
| Net loss reduced by half
| Post -closing: signing of a development agreement with Netflix for the creation of a
new narrative video game based on a major IP

Paris, October 28 , 2025 – DON’T NOD, an independent video game publisher and studio,
presents its 2025 half -year results, showing a clear improvement driven by sustained
revenue growth , the solid progress of its operational transformation , and the signing
of a development agreement with Netflix .

Oskar Guilbert, CEO of DON’T NOD, commented :
“This first half of the year has been characterized by solid revenue growth and the initial
effects of our performance plan, whose full benefits will materialize in the second half of
the year .
The signing of a development agreement with Netflix , is a key milestone for the Group.
Finally, we will continue our efforts to secure and develop our intellectual property
through co -productions , while also engaging in projects based on external licenses.
Together with all our teams, we will continue to preserve and promote our unique
identity , based on strong narrative experiences that have been widely acclaimed by
critics and effective game mechanics. ”

PRESS RELEASE

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The 2025 half -year results were approved by the Board of Directors at its meeting today 1 .
Consolidated figures in €000 H1 2024 H1 2025
Revenues 1,871 7,048
– incl. development 19 460
– incl. sales 1,852 6,589
Capitalized production 2 12,710 6,847
Total operating revenues 3 14,581 13,895
Other operating revenues 3 3
Total operating expenses (excl . depreciation, amortization, and prov .) (17,496) (18,874)
Tax credits 1,596 2,998
Operating EBITDA (including tax credits) 4 (1,316) (1,974)
Depreciation and amortization (33,308) (19,745)
Deferred/exempt tax 153 (144)
Operating EBIT (including tax credits) 5 (34,471) (21,864)
Financial income/(expense) 706 (637)
Non -recurring income/(expenses) (8,448) 1,681
Amortization of goodwill (157) –
Consolidated net income/(loss) (42,370) (20,820)

Revenue up sharply to €7.0 million
For the first six months of the 2025 financial year , DON’T NOD reported total operating
revenue to €13.9 million, down slightly by 5% , compared with the first half of 2024 . This
change reflects:
| A very strong increase in revenue, which rose 3.8 -fold , driven by the contribution of
Bloom & Rage and its integration into PS+. However, performance remained below
expectations, leading to a partial write -down of €13. 1 million (with no impact on cash
flow );
| A decline in capitalized production ( -€5.9 million), reflecting the completion of Bloom &
Rage’s development , the suspension of two projects (P12 and P13) and the non –
capitalization of Aphelion’s development costs , partially offset by the development of P14
project .
1 The results for the first half of 2025 have not been audited or reviewed by the Statutory Auditors. The Half -Year Financial Report will be made available no later than October 31, 2025. 2 Costs incurred on co -produced and self -published games up to release 3 Revenues + capitalized production 4 Operating income + depreciation, amortization and provisions net of reversals + Video game tax credits 5 Operating income + Video game tax credits

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Performance plan : transformation underway and first results visible
The performance plan, rolled out since the beginning of the year, is designed to
strengthen the Group’s competitiveness and profitability in a highly competitive market
environment. The reorganization of the Paris studio was completed at the end of August
2025 , with estimated operational savings of €3.8 million ( excluding the cost of the
reorganization plan ) for the 2025 financial year , in line with the full -year target of
€5 million.
Besides , in Canada, a realignment of resources across the project portfolio was initiated
at the end of June 2025 following the release of Bloom & Rage , enabling an estimated full –
year cost reduction of €1.1 million.
The expected benefits of these measures will be fully realized from the second half of 2025
onwards.
These actions have already led to a 3% reduction in personnel expenses 6 down to €12.5
million in the first half of 2025. Adjusted for non -recurring expenses related to the
reorganization (-€1.7 million), personnel expenses declined 16% year on year .
Other operating expenses amounted to €6. 4 million in the first half of 2025, compared
with €4.6 million in the first half of the previous fiscal yea r, representing an increase of €1.7
million. This change primarily reflects marketing expenses incurred for the launch of
Bloom & Rage (€1.7 million) and €0.3 million in other expenses related to the
reorganization, while structural costs began to be streamlined.
As a result, operating EBITDA including tax credits (French and Canadian) amounted to
-€2.0 million in the first half of 2025 , down €0.7 million compared with June 30 , 2024 .
Restated for non -recurring reorganization expenses (€2.0 million) , operating EBITDA
would have be en at break -even , illustrating the recovery trajectory already underway .
Depreciation , amortization, and provisions total ed €19.7 million, including €13.1 million
non -cash partial impairment of the Bloom & Rage asset.
Consequently , operating EBIT including tax credits amounted to -€21.9 million at June 30,
2025, compared with -€34.5 million a year earlier.
Non -recurring income amounted to €1.7 million in the first half of 2025 (vs. -€8.5 million
at June 30, 2024), including a partial reversal of the restructuring provision recorded at
December 31, 2024 (approximately 80% of the provision).
The Group’s net loss amounted to -€20.8 million at June 30, 2025, compared with
-€42.4 million for the first half of the previous financial year .

6 Average full -time equivalent for the group. 279 people as of June 30, 2025, vs. 316 as of June 30, 2024.

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Financial structure at June 30, 2025
ASSETS (in €000) 12/31/24 06/30/25 EQUITY & LIABILITIES
(in €000) 12/31/2 4 06/ 30/25
Fixed assets 28,021 15,359 Shareholders’ equity &
other equity 55,731 34,796
Inventories & work in
progress – – Provisions 4,923 3,425
Trade receivables 812 990 Borrowings 1,648 975
Other receivables 6,673 5,633 Trade payables 1,738 1,861
Cash and cash
equivalents 32,875 23,415 Other payables 4,340 4,340
TOTAL 68 ,380 45 ,397 TOTAL 68 ,380 45 ,397

DON’T NOD generated negative free cash flow 7 of €8.7 million in the first half of 2025, an
improvement of €1.4 million compared with the first half of 2024, and €3. 4 million after
restatement for restructuring costs.
Cash flow from financing activities decreased by €1.5 million, reflecting the absence of
subsidies during the period.
As a result, in the first half of 2025 , DON’T NOD limited its cash consumption to €9.5 million
(vs. €9.3 million in the first half of 2024 ), despite €3.5 million in non -recurring items.
At the end of June 2025 , the Group cash equivalents amounted to €23.4 million,
compared with €32.9 million at December 31, 2024 , with shareholders’ equity and other
equity of €34.8 million and gross financial debt limited to €1.0 million.

Continuation of the Group’s transformation strategy
The second half of 2025 will be marked by:
| The launch on October 23 of The Lonesome Guild , developed by Tiny Bull Studios and
announced at ID@Xbox IGN FanFest;
| The development of Aphelion (P10), a new intellectual property expected in 2026 and
available on Xbox Game Pass upon release ;
| The continuation of advanced negotiations for the co -production of the P14 project.

DON’T NOD announces the signing of a development agreement with Netflix for the
creation of a new narrative video game based on a major IP. Through this agreement,
DON’T NOD will develop a new narrative experience that builds on the studio’s
recognized expertise in the genre.
7 See cash flow statement in the appendix.

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The project is currently in development at the Montreal studio and will be published by
Netflix .

This collaboration represent s a new milestone in DON’T NOD’s development, confirming
its position as a specialist in storytelling for major IPs and its ambition to explore new
formats including cloud gaming.
The project finances the Montreal studio and aligns with th e Group’s strategy to secure its
resources and strengthen its ability to evolve in an increasingly competitive and selective
market .

The Group is therefore confirming its strategic roadmap: consolidating its fundamentals,
securing future revenues, and preserving its unique identity, rooted in narrative
excellence and critically acclaimed creativity.

About DON’T NOD
DON’T NOD is an independent French publisher and developer with studios in Paris and Montréal creating
original narrative games in the adventure (Life is Strange TM, Tell Me Why TM, Twin Mirror TM), RPG (Vampyr TM,
Banishers: Ghosts of New Eden TM), and action (Remember Me TM) genres. The studio is internationally
renowned for unique narrative experiences with engaging stories and characters and has worked with
industry leading publishers: Square Enix, Microsoft, Bandai Namco Entertainment, Focus Entertainment and
Capcom. DON’ T NOD creates and publishes its own IPs developed in -house such as Harmony: The Fall of
Reverie TM, Jusant TM and Lost Records: Bloom & Rage TM as well as using its knowledge and experience to
collaborate with third -party developers whose editorial visions pa rallel the company’s own.
Step into the studio’s immersive and innovative universe at dont -nod.com

DON’T NOD (ISIN code: FR0013331212 – ALDNE) is listed on Euronext Growth Paris

DON’T NOD
Oskar GUILBERT
Chief Executive Officer

Agathe MONNERET
Chief Financial Officer
invest@dont -nod.com

ACTUS finance & communication
Corinne PUISSANT
Analyst/Investor relations
Tel: 33 (0)1 53 67 36 77 – dontnod@actus.fr

Amaury DUGAST
Press relations
Tel: 33 (0)1 53 67 36 74 – adugast@actus.fr

PRESS RELEASE

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APPENDIX – Simplified cash flow statement

In €000 H1 2024 H1 2025
Gross operating cash flow (523) (2,620)
Change in working capital cash flow 1,190 802
Cash flow from operating activities 667 (1,818)
Cash flow from investing activities (10 ,815) (6,880)
Cash flow from financing activities (10 ,148) (8,698)
Opening cash and cash equivalents 822 (705)
Closing cash and cash equivalents 54 ,795 32 ,872
Change in cash and cash equivalents 45 ,464 23 ,412
Gross operating cash flow (9,332) (9,460)