Nacon: Revenue Down 4.3% in 2025-2026 Amid Restructuring
Nacon announced on Monday its 2025-2026 revenue of €160.8 million, a 4.3% decrease from the previous fiscal year. The video game publisher and developer is undergoing a judicial recovery process initiated in March 2026, which includes significant restructuring: liquidation of two subsidiaries (Spiders and Nacon Tech) and the restructuring of two other studios (Cyanide and Kylotonn). Despite the overall revenue decline, there is a contrasting dynamic, with the Catalogue segment (new games) increasing by 43.7% during the period.
A Slight Decline in the Fourth Quarter, but Catalogue Continues to Grow
The revenue for the fourth quarter of 2025-2026 (January-March) amounted to €36.6 million, a 3.8% decrease compared to the same quarter of the previous year. In the Games segment, Q4 revenue was €25.2 million, nearly stable, but the Catalogue (new games) recorded a 33.2% increase to €13.2 million, driven by releases such as Styx: Blades of Greed and Dragonkin: The Banished. For the entire fiscal year, Games revenue grew by 10.7% to €107.5 million, with the Catalogue jumping 43.7% to €55.3 million. Conversely, the Back Catalogue (previously released games) fell by 25.3% in Q4 due to a high comparison base a year earlier. The Accessories segment saw a 26.9% decline over the entire fiscal year to €47.7 million, mainly due to the impact of increased tariffs in the United States.
Judicial Restructuring and Expected Provisions on 2025-2026 Results
The Lille Métropole Commercial Court has ordered the liquidation of two subsidiaries: Spiders, a video game development studio without near-term launch projects, and Nacon Tech, a motion capture entity. Two other studios, Cyanide and Kylotonn, will undergo restructuring. Concurrently, the company has initiated a significant rationalization of its cost structure and resizing of its workforce to build a more agile operational model. On the accounting front, Nacon indicates that a thorough examination of asset values will lead to significant provisions, including impairments of goodwill and certain games. The Group is working on developing a recovery plan project involving debt restructuring, to be submitted to the Court in the coming months. The company will inform the market as the procedure progresses.
Outlook for 2026-2027: Major Releases and Expected Return to Growth
For the 2026-2027 fiscal year, Nacon anticipates a recovery driven by several major releases covering various genres: Tour de France 26 and Pro Cycling Manager 26 in Sports, Endurance Motorsport and MXGP 26 in Racing, Cthulhu and The Mound in Adventure, or Hunting Simulator 3 in Simulation. The Back Catalogue is expected to benefit from the high volume of 2025-2026 releases and grow during the 2026-2027 fiscal year. In a more favorably oriented American market, the Accessories activity is expected to return to growth, supported by new Rig helmets and the range of steering wheels for consoles. The detailed development strategy will be presented during the annual results publication on July 20, 2026.
