Don't Nod Entertainment (ALDNE) H1 2025 earnings summary

Executive summary

• Revenue increased 3.8 times year-over-year to €7.0 million, driven by Bloom & Rage and its integration into PS+.

• Net loss halved to €20.8 million compared to the same period last year.

• Signed a development agreement with Netflix for a new narrative video game based on a major IP.

• Performance plan and operational transformation underway, with initial cost savings realized.

Financial highlights

• Total operating revenue for H1 2025 was €13.9 million, down 5% year-over-year due to lower capitalized production.

• Operating EBITDA (including tax credits) was -€2.0 million; adjusted for non-recurring reorganization expenses, EBITDA was at break-even.

• Operating EBIT (including tax credits) improved to -€21.9 million from -€34.5 million year-over-year.

• Non-recurring income of €1.7 million, mainly from partial reversal of restructuring provision.

• Cash and cash equivalents at June 30, 2025, were €23.4 million, down from €32.9 million at year-end 2024.

Outlook and guidance

• Full benefits of the performance plan expected in H2 2025.

• Launch of The Lonesome Guild and development of Aphelion (P10) expected to support future growth.

• Advanced negotiations for co-production of P14 project ongoing.