Nacon (NACON) Q4 25/26 TU earnings summary

Executive summary

• Full-year sales for 2025-2026 reached €160.8M, down 4.3% year-over-year, with Q4 sales at €36.6M, a 3.8% decrease from the prior year.

• Catalogue (new games) sales grew 43.7% year-over-year to €55.3M, driven by strong releases, while back catalogue sales declined 10.9%.

• Accessories sales dropped 26.9% year-over-year, impacted by increased US tariffs, though Q4 saw a smaller decline due to improved US market conditions.

• The company is undergoing judicial reorganisation, including cost reduction, investment rationalisation, and workforce resizing.

Financial highlights

• Games segment annual sales rose 10.7% to €107.5M, with Q4 nearly flat at €25.2M.

• Accessories segment annual sales fell to €47.7M from €65.2M, a 26.9% decrease.

• Catalogue sales in Q4 increased 33.2% year-over-year to €13.2M, while back catalogue sales dropped 25.3%.

• Annual turnover of €160.8M was below initial forecasts.

Outlook and guidance

• Fiscal year 2026-2027 will feature major new game releases across sports, adventure, and simulation genres.

• Back catalogue sales are expected to grow in 2026-2027 due to the high volume of recent releases.

• Accessories business is projected to return to growth, supported by new product launches and favorable US market trends.

• Strategy for 2026-2027 will be detailed with the release of annual results in July 2026.