PRESS RELEASE

NACON: FIRST HALF 2023/24 RESULTS - English version

                                Press release
Lesquin, 27 November 2023 - 6 p.m. CET

FIRST HALF 2023/24 RESULTS

• PERFORMANCE AFFECTED BY A RELEASE SCHEDULE WEIGHTED TOWARDS THE SECOND HALF
• IMPROVEMENT IN MARGIN RATES: EBITDA OF €29.3 MILLION

STRONG, PROFITABLE GROWTH EXPECTED OVER THE FULL YEAR

NACON (ISIN FR0013482791) is today announcing its consolidated results for the first half of its 2023/24 financial year (six months from 1 April to 30 September 2023) as finalised by the Board of Directors in its meeting of 27 November 2023.

Consolidated IFRS figures (€ million)	First half 2023/24	First half 2022/23	Change
Sales (non-IFRS)	70.8	77.5	-8.7%
Adjustment for the partial disposal of Gollum	(3.0)
Sales (IFRS)	67.8	77.5
Gross profit % of revenue	43.5 64.2%	47.6 61.4%	-8.5%
EBITDA % of revenue	29.3 43.2%	24.4 31.4%	+20.1%
Operating income % of revenue	3.7 5.4%	9.8 12.7%	-62.7%
Financial income (expense)	(2.2)	1.3
Income before tax % of revenue	1.5 2.1%	11.1 14.3%	-86.9%
Income tax	1.8	(2.6)
Net income for the period % of revenue	3.2 4.8%	8.4 10.9%	-61.6%

* This item has been classified under other operating income in the income statement, as required by IFRSs.

In the first-half period, Catalogue sales (new games) were adversely affected by the limited release schedule. They amounted to €23.1 million, down 9% year-on-year. Back Catalogue sales (games released in previous years) were resilient at €21.2 million (down 1.8%), and returned to growth in the second quarter. Sales in the Accessories business totalled €24.9 million. They rose sharply at the end of the period due to the upturn in the global market driven by the growing installed base of new consoles.