Bigben Interactive: Nearly Stable Revenue at €284.5M for FY 2025-2026, Nacon Down by 4.3%
Bigben Interactive reported on Monday, May 18, a nearly stable revenue of €284.5M for the fiscal year 2025-2026, driven by the overperformance of its Audio-Video/Telco division. However, its subsidiary Nacon recorded a decline of 4.3% and has been under judicial reorganization since March 2026. Significant provisions for the impairment of goodwill and certain games will heavily impact the annual results, while the group continues its restructuring.
Deceptive Stability: Nacon Declines While Audio-Video/Telco Gains Ground
For the fiscal year 2025-2026, the group's revenue stood at €284.5M, nearly stable compared to €288.0M in the previous year, a decrease of 1.2%. This near-stability results from a marked divergence between the two operational divisions. Nacon Gaming reported revenue of €160.8M, down 4.3% (from €167.9M last year). In the fourth quarter alone, Nacon recorded €36.6M, slightly down by 3.8% compared to €38.0M in the previous Q4. The Games segment was nearly stable for the quarter at €25.2M, while the Back Catalogue suffered a 25% withdrawal due to a high comparison base. In contrast, Bigben Interactive (Audio-Video/Telco) achieved €123.7M for the fiscal year, up by 3.0% (from €120.0M previously). The fourth quarter showed a growth of 6.5% at €28.1M. Mobile Accessories outperformed a market that declined by 6% in volume, with a growth of 6.5% for the quarter, driven by expanded distribution and the success of the Force brand.
Nacon Catalog Up, But Massive Provisions Expected for 2025-2026
Positively, the Nacon Catalog (new games) showed notable growth. In the fourth quarter, the Catalog reached €13.2M, up by 33.2%, supported by releases such as Styx: Blades of Greed and Dragonkin: The Banished. Over the entire fiscal year, the Catalog grew by 43.7% to €55.3M. However, this positive element is offset by the announcement of significant provisions. Nacon must account for impairments of goodwill and certain games that will be abandoned or depreciated based on their sales prospects. These non-recurring adjustments will heavily impact the group's annual results for 2025-2026. The company emphasizes that these measures are part of a prudent asset valuation approach and do not affect the continuation of its transformation trajectory.
Nacon in Judicial Reorganization: Restructuring Underway with Liquidation of Two Subsidiaries
The structural context has significantly deteriorated for Nacon. Following the opening of a judicial reorganization procedure pronounced by the Lille Métropole Commercial Court on March 2, 2026, the subsidiary has initiated a thorough strategic review aimed at rationalizing investments and refocusing its activity on higher value-added segments. On April 29, 2026, the court pronounced the judicial liquidation of two French subsidiaries of Nacon: SPIDERS (video game development studio) and NACON TECH (motion capture entity). The CYANIDE and KYLOTONN studios, currently under judicial reorganization, will undergo restructuring. Concurrently, Nacon is developing a recovery plan project involving a restructuring of its debt, to be submitted to the court in the coming months. Bigben Interactive itself has been benefiting from a conciliation procedure since March 4, 2026. Discussions continue with financial creditors regarding debt restructuring. For 2026-2027, Nacon anticipates several major releases (Tour de France 26, Pro Cycling Manager 26, Endurance Motorsport, MXGP 26, Cthulhu, The Mound), while Bigben plans to continue diversifying its Mobile Accessories with new lines dedicated to laptops.
