Bigben's Gaming Arm Falters as Audio and Mobile Tech Division Surges

LESQUIN, FRANCE – January 19, 2026 – Bigben Interactive today presented a complex financial picture, revealing a company performing a difficult balancing act as its consumer technology arm thrives while its core gaming division, NACON, faces significant headwinds. The French publisher reported consolidated sales of €219.8 million for the first nine months of its 2025-26 fiscal year, a modest 1.7% decline from the previous year. However, a deeper look into the third-quarter results paints a story of two very different businesses.

For the crucial holiday quarter ending December 31, 2025, overall sales dipped 3.8% to €84.4 million. This decline was driven almost entirely by the struggles within its NACON Gaming subsidiary, which saw its revenue fall by 12.8%. In stark contrast, the company's Bigben Audio-Video/Telco segment posted a strong 9.9% growth, showcasing a resilience that is currently propping up the group's consolidated figures. In response to the gaming market slowdown, Bigben has revised its full-year forecast, now anticipating financial activity comparable to the prior fiscal year, a notable downgrade that underscores the weight of NACON's challenges.

A Tale of Two Divisions

The third-quarter results lay bare the divergent paths of Bigben's primary segments. NACON Gaming's revenue fell to €46.1 million, a significant drop from €52.9 million in the same period last year. The primary culprit was the "Accessories" business, which plummeted 29.1% to €17.9 million. The company attributed this sharp decline to a difficult market in the United States, which continues to be affected by increased customs duties. While there is a sliver of good news—the rate of decline in the U.S. has eased from a staggering 66% in the second quarter to 38% in the third—the segment remains a major drag on performance.

Conversely, the Bigben Audio-Video/Telco division emerged as the quarter's unexpected hero. It generated €38.2 million in revenue, a nearly 10% increase year-over-year. This success was broad-based. The "Mobile Accessories" unit, which includes the popular Force® brand of wireless headphones and chargers, grew an impressive 11.9% to €28.3 million, outperforming a generally sluggish market. The company noted that its long-term strategy of market premiumization is paying dividends. The "Audio-Video" unit also contributed positively, with revenue growing 4.3% thanks to an 11.1% surge in its "Audio" sub-segment, buoyed by strong sales of a new K7 portable player.

Gaming's Post-Pandemic Pressure

NACON's performance serves as a microcosm of the broader pressures facing the post-pandemic video game industry. While the accessories market presents a clear challenge, the software side of the business is also experiencing turbulence. NACON's "Back Catalogue"—sales from games released in previous fiscal years—fell to €12.2 million from €15.6 million a year prior. The company cited a high basis for comparison and a general market decline for this drop, highlighting the industry's struggle to maintain the momentum of evergreen titles.

This isn't a new issue for the gaming subsidiary. Historical data reveals that NACON's profitability has been volatile, culminating in a net loss of €1.3 million for the full 2024-25 fiscal year, a stark reversal from a €17.5 million profit the year before. That downturn was largely attributed to postponed game and accessory launches, demonstrating the division's high sensitivity to its release schedule.

However, there is a significant bright spot in NACON's software portfolio. The "Catalogue" activity, representing new game sales, recorded explosive growth of 39.9% in the third quarter, reaching €13.7 million. This powerful performance was fueled by the successful launches of Cricket 26 and Rennsport, alongside continued sales from the recently released Hell is Us. This proves that compelling new content can still capture consumer spending, but it places immense pressure on the publisher to consistently deliver hits.

A Revised Outlook and Ambitious Pipeline

Weighing the robust growth in consumer electronics against the persistent weakness in gaming, Bigben Interactive has taken a cautious stance on its future. The revised outlook, which projects full-year activity to be merely "comparable" to the previous year, effectively concedes that the Audio-Video/Telco division's success will not be enough to offset the gaming downturn and drive overall growth. This is a significant adjustment and reflects the challenging road ahead for NACON.

Looking to the final quarter of the fiscal year, all eyes are on NACON's packed release schedule. The company is banking on a slate of major games to turn the tide, including Styx: Blades of Greed, GreedFall The dying world, Gear-Club Unlimited 3, Dragonkin: The Banished, and the sixth season of Test Drive Unlimited: Solar Crown. On the hardware front, NACON hopes to revitalize accessory sales in Europe with products for the upcoming Switch 2 console and the February launch of its next-generation RIG R5 PRO HS headset.

Meanwhile, the Audio-Video/Telco segment plans to continue its successful strategy by expanding its Force® product range to laptops and exploring new distribution channels. For Bigben Interactive, the path forward is clear but challenging. The company must execute flawlessly on its ambitious gaming pipeline to stabilize its most volatile division, all while hoping its thriving consumer tech business can continue to provide a much-needed financial buffer. The performance of these upcoming titles will be critical in determining whether the company can reverse the gaming division's fortunes and meet its revised annual targets.