Don't Nod Entertainment (ALDNE) H2 2025 earnings summary

Executive summary

• Revenues more than quadrupled to €13.7 million in 2025, driven by sales growth and development revenues from a strategic partnership with Netflix.

• Operational performance improved with significant cost savings and a refocused investment strategy on high-value projects.

• The company continues to adapt to a challenging sector environment, prioritizing financial discipline and sustainability.

Financial highlights

• Revenues increased over fourfold to €13.7 million, with sales tripling to €9.8 million, mainly from Bloom & Rage and PS+ integration.

• Development revenues reached €3.8 million, primarily from a Netflix IP project.

• Operating revenues declined 13% year-over-year to €20.8 million due to lower capitalized production.

• Net loss improved to €35.7 million in 2025 from €64.3 million in 2024.

• Operating EBITDA loss widened to €12.3 million, but adjusted EBITDA loss was €4.0 million, reflecting recovery efforts.

Outlook and guidance

• Aphelion, a new sci-fi action-adventure game, is set for release on April 28, 2026, with day-one availability on Game Pass.

• The Netflix narrative game project is progressing as planned, supporting future revenue streams.

• Ongoing discussions to secure funding for the P14 project and ensure business continuity.