Press ReleaseLesquin, 25 February 2026, 08:00 Bigben Interactive announces that it is today requesting the initiation of an amicable conciliation procedure in order to facilitate discussions with its financial creditors Lesquin, 25 February 2026 – Bigben Interactive (the “Company”) hereby announces that it has today filed a request for the opening of a conciliation procedure with the President of the Lille Métropole Commercial Court (the “Court”). The suspension of trading in the Company’s financial instr ...

Financial Data and Key Metrics Changes - For the full year of 2025, consolidated GMV grew 12.1%, supported by Four's triple-digit growth at approximately 144% [9] - Adjusted EBITDA from continuing operations for 2025 was $269 million, essentially flat compared to last year, and non-GAAP diluted EPS from continuing operations was $3.51, exceeding previous guidance [10][33] - Q4 consolidated revenues from continued operations declined 5.2% year-over-year to $574.6 million, reflecting a smaller leasing portfolio [32] Business Line Data and Key Metrics Changes - Progressive Leasing's Q4 GMV declined 10.6% year-over-year, primarily due to the impact of the Big Lots bankruptcy and intentional tightening actions [28] - Four Technologies delivered approximately $736 million of GMV in 2025, representing 144% growth year-over-year, and generated approximately $10 million of adjusted EBITDA [31] - MoneyApp approached break-even Adjusted EBITDA as it exited the year, reflecting improving standalone economics while driving incremental leasing volume [21] Market Data and Key Metrics Changes - E-commerce GMV reached an all-time high of approximately 30% of total Progressive Leasing GMV in Q4 2025, compared to 17% in 2024, indicating a shift towards digital engagement [14] - The company expects to begin 2026 with a smaller lease portfolio, down 9.4% year-over-year, which creates revenue headwinds [23] Company Strategy and Development Direction - The company is focused on a three-pillar strategy: grow, enhance, and expand, leveraging a multiproduct platform to drive growth and customer engagement [11][22] - The acquisition of Purchasing Power is expected to expand offerings into a differentiated channel and enhance customer lifetime value across the platform [21][24] Management's Comments on Operating Environment and Future Outlook - The management anticipates a challenging operating environment in 2026, particularly for consumer segments, but expects higher tax refunds to provide incremental liquidity [22][23] - The company plans to reinvest in the business while prioritizing debt reduction, aiming for a long-term net leverage ratio of 1.5-2 times [24][36] Other Important Information - The company sold its Vive portfolio in early Q4 2025, allowing for capital redeployment towards opportunities with stronger strategic alignment [7] - The management highlighted the importance of AI in improving operational efficiency and customer engagement, with significant advancements made in 2025 [16][17] Q&A Session Summary Question: Performance expectations for Purchasing Power - The company expects low double-digit revenue growth for Purchasing Power in 2026, with potential for synergies and improved EBITDA margins over time [43][44] Question: Credit outlook by product - The management is encouraged by the outcomes of tightening efforts in Progressive Leasing and expects to maintain disciplined decisioning while monitoring macroeconomic indicators [48][49] Question: Trends in GMV and retail partnerships - The company noted a slight rebound in GMV towards the end of 2025, with expectations for improved trends in 2026 as they lap previous headwinds from partner bankruptcies [75][76]

Core Viewpoint - Bigben Interactive is facing challenges in executing the planned partial repayment of its bond loan due to a late refusal from its banking pool to respond to a drawdown notice, which has led the company to consider requesting a deferral from bondholders and exploring debt restructuring options under commercial court supervision [1][2][8]. Financial Information - The company issued a bond loan of €87.3 million on 12 February 2021, with an outstanding amount of €59.1 million remaining as of now [3]. - A refinancing agreement for the outstanding bonds was announced on 24 November 2025, totaling €43 million, leaving a non-refinanced residual balance of approximately €16.1 million [4]. - A general meeting of bondholders on 2 February 2026 approved amendments allowing for a partial repayment of €75,000 per bond, reducing the nominal amount from €100,000 to €28,000, with the maturity date for the non-refinanced balance postponed to 19 August 2032 [6]. Company Operations - Bigben is a European player in video game publishing and the design and distribution of mobile and gaming accessories, as well as audio-video products, aiming to become a leader in its markets [10]. - The company has over 1,300 employees and operates 36 subsidiaries with a distribution network in over 100 countries [11][12].

Core Viewpoint - Bigben Interactive has received overwhelming approval from bondholders for amendments to the terms of the Nacon 2026 exchangeable bonds, enhancing its financial flexibility and supporting future growth plans [1][2]. Group 1: Bondholder Meeting Outcomes - The bondholder meeting resulted in a 97.47% approval rate for the proposed amendments, with 434 out of 574 bonds represented, achieving a quorum of 75.61% [2]. - The amendments will take effect on February 19, 2026, and will uniformly apply to all outstanding bonds [3]. Group 2: Key Amendments to Bond Terms - The redemption amount per bond is set at €75,000, reducing the principal from €100,000 to €28,000, resulting in an aggregate outstanding principal of €16,072,000 [4]. - The maturity date has been extended to August 19, 2032, which is 6.5 years from the effective date [4]. - A step-up coupon structure has been established, with rates of 1.125% from February 19, 2021, to February 19, 2028, increasing to 3.125% from February 19, 2028, to February 19, 2030, and finally to 5.125% until maturity [4]. - The unit exchange price has been reduced to €0.85 until August 19, 2029, and then to €0.80, down from an initial price of €9.60 [4]. - The number of pledged shares has increased from 12,101,662 to 20,090,000, representing 100% of shares deliverable upon exercise of the exchange right [4]. 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 revenue forecast of €288 million for 2024-25 [5]. - The company employs over 1,300 individuals and operates 36 subsidiaries with a distribution network in over 100 countries [5].

Core Insights - Mulberry has partnered with Big Lots! to launch The BIG! Protection Plan, enhancing product protection for customers [1][2] - The plan offers extended coverage for various products, including furniture, mattresses, appliances, and electronics, protecting against accidents and wear [1][2] - This initiative is part of Big Lots!'s strategy to improve customer experience and provide added value beyond standard warranties [2][3] Company Overview - Big Lots! is undergoing a brand transformation, focusing on expanded product lines and a commitment to quality and value [2] - Variety Wholesalers, Inc. operates Big Lots! and is known for offering a wide range of discount merchandise across over 600 stores in 18 states [5] Product Protection Details - The BIG! Protection Plan includes coverage for accidental damage to indoor and outdoor furniture, mattresses, rugs, kitchen appliances, and electronics [7] - Coverage durations vary: up to 5 years for furniture, 10 years for mattresses, and 3 years for electronics and appliances [7] - The plan features no deductibles or hidden fees, with unlimited claims potential up to the original retail value [7]

Core Viewpoint - Bigben Interactive reported consolidated sales of €219.8 million for the first nine months of the fiscal year 2025-26, reflecting a decrease of 1.7% compared to the same period last year [2][3]. Sales Performance - Sales for the first quarter (April – June) were €56.5 million, down 2.4% from €57.9 million in the previous year [3]. - The second quarter (July – September) saw sales of €79.0 million, an increase of 1.3% from €78.0 million [3]. - The third quarter (October – December) recorded sales of €84.4 million, a decline of 3.8% from €87.7 million [3]. - Cumulative sales for the first nine months were €219.8 million, down from €223.6 million in the previous year [3]. Segment Analysis Nacon Gaming - Nacon Gaming's sales for the third quarter were €46.1 million, down 12.8% from €52.9 million [3]. - Total "Games" revenue grew by 1.9% to €25.9 million, with "Catalogue" activity (new games) increasing by 39.9% to €13.7 million [5]. - The "Back Catalogue" generated €12.2 million, down from €15.6 million, attributed to a high basis of comparison and market decline [6]. Accessories - The "Accessories" segment generated €17.9 million, down 29.1% due to the impact of increased customs duties in the US market [7]. - The decline in the US market eased from 66% in the second quarter to 38% in the third quarter [7]. Bigben Audio-Video/Telco - Bigben Audio-Video/Telco reported a revenue increase of 9.9% to €38.2 million for the quarter [9]. - The "Mobile Accessories" segment achieved €28.3 million, up 11.9%, driven by strong performance in December [10]. - The "Audio" segment generated €9.8 million, with a growth of 11.1% attributed to the new K7 portable player [11]. Future Outlook - Nacon anticipates continued growth in the last quarter, driven by major game releases [12]. - The "Accessories" segment remains uncertain in the US, but Europe is expected to benefit from new product launches [13]. - Bigben Audio-Video/Telco forecasts growth for the fiscal year, despite a slowdown in the video game market leading to revised forecasts [15].

Core Viewpoint - Bigben Interactive is convening a meeting for bondholders to vote on amendments to the terms and conditions of its exchangeable bonds due in 2026, following a new bank financing of 43 million euros aimed at a partial redemption of these bonds [2][3][5]. Group 1: Financial Restructuring - The company announced a refinancing agreement of 43 million euros to facilitate a partial redemption of its exchangeable bonds [2][3]. - The outstanding amount of the bonds is currently 57.4 million euros, redeemable at maturity at 103% of their principal value, totaling 59.1 million euros [6]. - The proposed amendments include a partial redemption of 75,000 euros per bond, reducing the principal amount per bond from 100,000 euros to 28,000 euros [13]. Group 2: Proposed Amendments - The amendments will extend the maturity date of the non-redeemed portion of the bonds to August 19, 2032, which is a 6.5-year extension [9][15]. - The initial unit exchange price will be reduced to 0.85 euros until August 19, 2029, and then to 0.80 euros until maturity, compared to the initial price of 9.60 euros [9][15]. - The coupon rate will gradually increase from 1.125% to 5.125% over the life of the bonds [9][15]. Group 3: Bondholder Meeting - A general meeting of bondholders is scheduled for February 2, 2026, to vote on the proposed amendments, with 51% of bondholders already committed to voting in favor [2][7][20]. - If a quorum is not reached, a second meeting will be convened on February 13, 2026 [20]. - The agenda for the meeting includes the approval of the amendments and the filing of related documents [22].

Core Viewpoint - Bigben Interactive has announced the availability of its 2025/26 half-year financial report, which has been restated due to an ongoing legal dispute that necessitated a provision of 2.5 million euros [2][3]. Financial Report Summary - The half-year financial report for 2025/26 was delayed due to the need for restatement following an auditor's position regarding a legal dispute [2]. - A provision of 2.5 million euros was recorded in the restated accounts related to the legal dispute [2]. Legal Dispute Details - The legal dispute, ongoing for over 15 years, involves patents held by Nintendo concerning controllers that are no longer marketed by Bigben [3]. - A recent unfavorable ruling from German courts against Bigben Interactive Gmbh has prompted the company to appeal the decision [3][4]. 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 [5]. - The company aims to be a leader in its markets and has over 1,300 employees with a distribution network in over 100 countries [5].

Core Viewpoint - Loop Capital upgraded Ollie's Bargain Outlet Holdings, Inc. from Hold to Buy and increased its price target to $135.00, resulting in a more than 3% increase in shares on Monday [1] Group 1: Upgrade and Price Target - The upgrade was influenced by a recent store tour with company leadership and district management, which reinforced confidence in Ollie's ability to achieve positive comparable sales growth in fiscal 2026 [2] - The new price target of $135.00 is based on a valuation of 30.1 times projected fiscal 2026 diluted earnings per share, aligning with comparable retailers [3] Group 2: Key Drivers for Growth - Three key drivers identified for Ollie's growth include: 1. The ongoing liquidation of Big Lots, creating a steady pipeline of attractive store locations and supplier opportunities [2] 2. The expanding presence of consumables, leading to more frequent store visits [2] 3. A more data-driven and disciplined management approach compared to previous leadership [2] Group 3: Fiscal Estimates - Loop Capital raised its fourth-quarter fiscal 2025 estimates, citing strong positioning for the holiday season as consumers shift to lower-priced alternatives amid an uncertain U.S. macroeconomic environment [3]

Core Viewpoint - Ali's Bargain Outlet has seen a rise in stock price following an upgrade from Loop Capital, which has increased its price target from $130 to $135 and upgraded the stock rating from hold to buy, anticipating improved comparable sales through 2026 [5][19]. Company Overview - Ali's Bargain Outlet operates as a wholesale membership retailer similar to Costco, focusing on discounted or overstocked general merchandise, including name-brand items [3][4]. - The company has expanded significantly, now operating over 630 stores across 34 states, and is often compared to TJ Maxx in the general merchandise sector [4]. Market Position and Competition - The upgrade from Loop Capital comes at a time when one of Ali's main competitors, Big Lots, is liquidating, which could benefit Ali's by reducing competition in the broadline retail space [5][6]. - Ali's is making strides into consumables, positioning itself alongside companies like Dollar General and Five Below, which could drive more traffic and improve sales [6][10]. Financial Performance - Year-to-date, Ali's stock has been trending down, similar to Costco, despite consistent topline sales growth of approximately 12.5% year-over-year and an EBITDA growth of 11.4% last year, with an estimated growth of 15% next year [11][12]. - The current earnings multiple for Ali's is 28 times for this year and 24 times for next year, trading at a discount to its five-year average, indicating potential for a trend reversal [10][12]. Strategic Outlook - The shift towards consumables may initially impact margins but could lead to increased customer traffic and repeat purchases, enhancing overall sales volume [18]. - Ali's net income margins were around 8.9% of sales last year, indicating a more profitable operation compared to Costco, although it lacks the same scale [15][16].