BigBen Interactive (BIG) H2 2024 earnings summary

Executive summary

• Consolidated revenue for FY 2023/24 rose 3% year-over-year to €292.0 million, driven by strong performance in Gaming and resilience in Mobile Accessories despite a contracting smartphone market.

• Operating income increased 20.2% to €23.8 million, with an operating margin of 8.1% (up from 7.0% in the prior year).

• Net income attributable to equity holders reached €14.0 million, up from €8.6 million in the previous year.

• The Group maintained a robust financial position, with equity of €327.0 million and net debt of €154.1 million at year-end.

Financial highlights

• Gaming segment revenue increased 7.5% to €163.8 million, with video games up 11.5% and accessories up 2.4%.

• AudioVideo/Telco segment revenue declined 2.5% to €124.3 million, but gross margin improved to 30.8% (from 27.4%).

• EBITDA rose to €78.0 million (26.7% of revenue), compared to €55.4 million (19.5%) in the prior year.

• Cash flow from operating activities increased 33.9% to €79.7 million.

• Capitalised R&D costs for games reached €80.7 million, with 45 games under development at year-end.

Outlook and guidance

• For FY 2024/25, the Group expects further revenue and operating income growth, supported by a robust release schedule of around 15 new games, including major titles like Test Drive Unlimited: Solar Crown.

• Nacon aims to strengthen its position in the Racing market with the launch of the Revosim brand and new premium accessories.

• The AudioVideo/Telco segment will focus on premiumisation, new product launches, and diversification of sales channels.