Core Viewpoint - Bigben Interactive is initiating discussions with holders of senior conditionally secured bonds exchangeable into Nacon company shares, maturing on February 19, 2026, to renegotiate the terms of the bonds to maintain operational and financial flexibility [1][6]. Group 1: Bond Details - The company established a bond loan amounting to €87.3 million on February 12, 2021, with a maturity date of February 19, 2026 [2]. - As of the press release date, the outstanding amount of the bonds totals €57.4 million, which is repayable at maturity at 103%, equating to €59.1 million [3]. - After a partial refinancing agreement of €43 million secured on November 24, 2025, the residual unrefinanced balance of the bonds is approximately €16 million [4][5]. Group 2: Strategic Intentions - The company aims to propose a renegotiation of the bond terms to avoid premature cash mobilization that could limit development prospects [6]. - Following discussions, all bondholders may be convened to vote on any amendments to the bond terms in accordance with legal and regulatory provisions [7]. Group 3: Company Overview - Bigben Interactive is a European player in video game publishing and the design and distribution of mobile and gaming accessories, as well as audio-video products, with a goal to be a leader in its markets [8]. - The company is listed on Euronext Paris and has over 1,300 employees [8].

Core Insights - Bigben Interactive reported a consolidated sales increase of 1.3% for Q2 2025-26, reaching €79.0 million, confirming the group's annual targets [1][2] Sales Performance - Q2 sales of €79.0 million showed a growth compared to €78.0 million in the same period last year, while cumulative sales for the first half of the fiscal year decreased slightly by 0.3% to €135.4 million [3][4] - Nacon Gaming segment sales increased significantly by 31.7% to €36.7 million, driven by strong growth in "Catalogue" activity and a solid performance in "Back Catalogue" [4][5] - The "Catalogue" activity surged by 52.5% to €22.8 million, despite a high comparative base from the previous year [5] - The "Back Catalogue" revenue rose by 7.8% to €14.0 million, indicating the strength of the existing game portfolio [5] - The "Accessories" segment experienced a decline of 42.7% to €9.0 million, primarily due to a 66% drop in sales in the American market linked to increased customs duties [5] Product Highlights - Successful game launches included Rugby League TM 26, Robocop: Rogue City – Unfinished Business TM, and Hell is Us TM, with the latter achieving a User Score of 88% and over 1.5 million residual wish lists [7] - Mobile Accessories sales grew by 2.4% to €26.0 million, outperforming the sluggish smartphone market, supported by successful product launches and a strong digital marketing strategy [8] Future Outlook - The second half of the fiscal year is expected to be driven by nearly a dozen new game releases, maintaining good activity levels in the "Back Catalogue" [10] - The "Accessories" segment may continue to face challenges in the American market, although signs of recovery are emerging [11] - Bigben Audio-Video/Telco is optimistic about its trajectory for the second half, supported by new product launches and a strategy to diversify its sales channels [12][13] - The company reaffirms its growth trajectory for the current year, leveraging its positioning in complementary business areas [14]

Core Insights - Bigben Interactive's earnings for the financial year 2024/25 were impacted by delays in new releases, but strong growth is anticipated in 2025/26, particularly in the first half [2][14]. Financial Performance - Total sales for the year 2024/25 were €288.0 million, a slight decrease from €292.0 million in 2023/24 [3]. - Gross profit increased to €147.4 million, with a gross margin of 51.2%, up 2.4 percentage points year-on-year due to an improved product mix [3][4]. - EBITDA before non-recurring items remained stable at €62.1 million, while total EBITDA decreased to €61.1 million from €78.0 million in the previous year [3][4]. - The company reported a net loss of €0.3 million for the period, compared to a net income of €21.0 million in 2023/24 [3]. Business Segment Analysis - NACON's sales were stable at €167.9 million, with a gross margin improvement to 64.4% [6][7]. - Bigben AudioVideo/Telco generated sales of €120.0 million, down from €124.3 million, but gross margin increased to 32.7% due to better procurement control [9][10]. Future Outlook - The 2025/26 financial year is expected to see strong growth, with a busy release schedule for NACON, including major titles like "Robocop: Rogue City" and "Hell is Us" [14][15]. - NACON has secured a new agreement for the World Rally Championship (WRC) license, enhancing its gaming portfolio [17]. - Bigben is focusing on diversifying its product offerings and optimizing its supply chain to improve performance in the mobile accessories market [18][21]. Strategic Initiatives - The company is expanding its distribution channels and launching new products under various brands, including the Force® and Cosy ranges [21][22]. - Bigben is committed to reducing carbon emissions through its supply chain optimization efforts [18]. Shareholder Information - The Board of Directors decided not to propose a dividend for the 2024/25 financial year [13]. - Upcoming events include the Shareholders' General Meeting on 25 July 2025 and the release of first-quarter sales on 28 July 2025 [24].

Core Insights - Bigben Interactive reported consolidated sales of €288.0 million for the 2024/25 financial year, reflecting a slight decrease of 1.4% compared to €292.0 million in 2023/24 [1][10][17] - The company anticipates a sharp increase in business levels starting in the first half of the 2025/26 financial year, driven by a more robust release schedule in the gaming segment [1][11][16] Sales Performance - Sales in the first quarter of 2024/25 were €57.9 million, down 8.9% from €63.5 million in the previous year [2] - The second quarter saw an increase of 20.8%, with sales reaching €78.0 million compared to €64.5 million [2] - Third quarter sales decreased by 6.8% to €87.7 million, while the fourth quarter sales were €64.5 million, down 7.7% from €69.8 million [2][3] Segment Analysis - NACON Gaming generated €38.0 million in sales during the fourth quarter, with overall gaming sales totaling €26.0 million, a decrease of 1.6% [3][5] - Catalogue sales for new games in the fourth quarter amounted to €9.9 million, down 35.8%, due to a limited release schedule [4] - Back Catalogue sales increased by 46.5% to €16.1 million in the fourth quarter, and for the full year, they rose by 31.2% to €58.6 million [5] Accessories and Audio/Video Business - Sales in the Accessories business totaled €11.0 million, impacted by postponed launches [5] - The mobile accessories market shrank by 10% in the first quarter of 2025, but Bigben's sales fell only by 7.7% to €21.6 million, outperforming the market [6][8] - Audio/Video sales in the fourth quarter were €4.7 million, down from €5.4 million in the previous year, with full-year sales at €26.9 million [9] Future Outlook - The gaming segment is expected to benefit from a busy release schedule in 2025/26, with over 10 games planned [11][12] - The Accessories business is projected to see firm growth, particularly in the first half of the financial year [12][16] - A new production site in Lauwin-Planque, France, is expected to be operational in the second half of 2025/26, focusing on controller production [13] Strategic Initiatives - Bigben aims to enhance its market share through the strong performance of its Force® brand and by diversifying its product range [19] - The company plans to launch several new products, including the Xbox Revolution X Unlimited controller and premium racing accessories [14][15]