Guillemot (GUI) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 declined 8% year-over-year to €51.7M, mainly due to entry-level Thrustmaster wheel transition and high U.S. import tariffs, with North American turnover down 20%.

• Operating income dropped to -€2.7M from €3.6M, with net income at -€3.6M versus €2.5M in H1 2024; EPS at -€0.25.

• Gross margin fell by 6 points to 50%, impacted by tariffs and less favorable product mix.

• Financial result includes a €1.7M loss from Ubisoft share devaluation.

Financial highlights

• Thrustmaster segment turnover dropped 9% to €46.2M; Hercules segment grew 4% to €5.5M year-over-year.

• Net financial expense of €2.0M included a €1.7M unrealized loss on Ubisoft shares.

• Net inventories at €37.9M, down 1% from December 2024; working capital decreased by €2.4M in H1 2025.

• Net capitalized R&D costs stable at €10.4M.

• Net cash position: -€22.8M (negative net debt); cash and cash equivalents at €27.9M.

Outlook and guidance

• Management confirms upgraded guidance: FY2025 revenue above €120M and positive operating income.

• New product launches in racing wheels and flight sim accessories expected to drive market share gains and reinforce leadership in simulation accessories.