BIGBEN: ANNUAL RESULTS FOR THE 2025-2026 FINANCIAL YEAR and RESULT OF THE SYNDICATION PERIOD FOR THE BACKSTOP COMMITMENT IN RESPECT OF CAPITAL INCREASE NO. 1 — DPS

• ANNUAL RESULTS FOR THE 2025-2026 FINANCIAL YEAR
• RESULT OF THE SYNDICATION PERIOD FOR THE BACKSTOP COMMITMENT IN RESPECT OF CAPITAL INCREASE NO. 1 — DPS

It is recalled that, by a judgment dated August 17, 2026, the Lille Métropole Commercial Court opened accelerated safeguard proceedings (procédure de sauvegarde accélérée) for the benefit of the Company as part of its financial restructuring. By a judgment dated October 7, 2026, the Court extended the accelerated safeguard proceedings for an additional period of two months (from October 17, 2026 to December 17, 2026) and set the hearing to review the Company's accelerated safeguard plan for December 9, 2026.

2025-2026 ANNUAL RESULTS

It is recalled that as part of the ongoing proceedings, an enterprise valuation had to be carried out for NACON and BIGBEN - AudioVideo / Telco. On this basis, the Group had to recognize as of March 31, 2026, an impairment of all of its fixed assets, including goodwill, for a total consolidated amount of €369.4 million. This impairment has a very significant impact on the results for the 2025-2026 financial year.

During the 2025-2026 financial year, the BIGBEN group generated revenue of €284.5 million.

The gross margin rate, at 49.9%, decreased by 1.3 percentage points compared to last year due to a slight decline in the gross margin rate of BIGBEN - AudioVideo / Telco.

EBITDA before depreciation, amortization, and impairment of fixed assets stands at 55.5 million €.

Given the ongoing financial restructuring process, the tax loss carryforwards of NACON have been derecognized, resulting in a tax expense of €11.3 million. The Group's income tax expense thus stands at €10.7 million.

Results by sector of activity

NACON - Gaming reports revenue of €160.8 million, downward due to the decline in the Accessories activity in the United States, despite the strong performance of the Games activity.

The gross margin rate remained stable at 64.5% for the last financial year, compared to 64.4% in the previous financial year.

Impairment of all fixed assets, including goodwill, represents a total amount of €342.9 million.

BIGBEN - AudioVideo / Telco reports activity of 123.7 million €, up by 3.1%.

The gross margin rate decreased by 1.7 points to 31.0% of revenue in 2025/26 due to additional inventory impairments.

As of March 31, 2026, an impairment on goodwill amounting to a total of €26.5 million was recognized in operating expenses.

Expenses incurred in connection with the financial debt restructuring amount over the period to €1.6 million.

Consolidated balance sheet items

Following the impairment of fixed assets, the BIGBEN group's equity as of March 31, 2026, stood at -€55.8 million.

Available cash stood at €31.6 million.

Net debt stood at 167.9 million €; it includes the BIGBEN bond debt valued at 59.1 million € in the consolidated financial statements.

The Company’s Universal Registration Document for the financial year ended March 31, 2026 was filed today with the French Financial Markets Authority (Autorité des marchés financiers – AMF) under filing number D.26-0631. It is available to the public on the Company’s website (https://fr.bigben-group.com/espace-investisseurs/).

REDEFINITION OF THE SCOPE OF THE AUDIO-VIDEO DIVISION

In a press release dated October 8, 2026, the Company announced the disposal of the entire share capital and voting rights of its subsidiary Bigben Connected to Modelabs.

This transaction is part of the redefinition of the scope of the Bigben Audio-Video division, within the framework of which targeted turnaround plans are also being implemented at Metronic France and Bigben Interactive. The objective is to refocus the development of these entities on new commercial strategies, prioritizing higher value-added channels, and to adjust their resources accordingly to align them with their respective new commercial capacities.

This refocusing is accompanied by an adaptation of the cost structure to the Group's new scope, through the implementation of savings plans and rationalization measures designed to reduce fixed costs and enhance operational efficiency.

These measures should enable the BIGBEN group to move towards a more streamlined and efficient organization, with the objective of increasing its operating profitability, preserving its cash generation, and sustainably strengthening its financial structure.

RESULT OF THE SYNDICATION PERIOD FOR THE BACKSTOP COMMITMENT IN RESPECT OF CAPITAL INCREASE NO. 1 — DPS

As specified in its press release dated 22 September 2026, the Company opened, with effect from 5 October 2026, a syndication period (the "Backstop Syndication") enabling holders of the Company's senior bonds exchangeable into existing ordinary shares of Nacon (ISIN: FR0014001WC2), issued by the Company on 12 February 2021 (the "Bonds") who had not signed the agreement in principle announced to the market on 4 August 2026, obtained by the Company from its principal creditors and subsequently formalised in a lock-up agreement (the "Lock-Up Agreement"), to join, on a pro rata basis relative to their holdings of Bonds, the backstop commitment in respect of the capital increase with preferential subscription rights of a maximum amount of €25 million, at a subscription price of €0.017 per share (the "Capital Increase No. 1 – DPS"), granted by certain Bondholders (the "Backstop Guarantors") up to an amount of €20 million (the "Backstop Commitment").

The Company announces today that it has closed this Backstop Syndication period and that, as a result, three additional Bondholders, together representing 16.72% of the outstanding amount of the Bonds, have joined the Backstop Commitment. Accordingly: 

• following completion of the Backstop Syndication, the Backstop Guarantors now represent approximately 93.4% of the total outstanding amount of the Bonds;
• the subscription price of Capital Increase No. 3 – Backstop Guarantors is increased from €0.01523 to €0.0209 per share, it being specified that the subscription price of Capital Increase No. 1 – DPS remains unchanged at €0.017 per share and that the subscription price of Capital Increase No. 2 – Non-Guarantors also remains unchanged at €0.051 per share (corresponding to three times the price of Capital Increase No. 1 – DPS); and
• the Backstop Commitment, in a maximum amount of €20 million, is now allocated as follows among the Backstop Guarantors: 
  
  

It is recalled that the capital increases contemplated in connection with the Company's accelerated safeguard plan, as presented in the Company's press release dated 22 September 2026, will result in massive dilution for existing shareholders. By way of illustration, a shareholder holding 1.00% of the Company's share capital who does not subscribe for Capital Increase No. 1 – DPS, assuming only the Backstop Guarantors subscribe thereunder, would see its shareholding reduced to 0.01% of the Company's share capital upon completion of all of the capital transactions contemplated under this plan.

NEXT STEPS

Under the supervision of the court-appointed administrators (administrateurs judiciaires) designated by the Lille Métropole Commercial Court, the Company's creditors and shareholders will be called upon to vote, within classes of affected parties (“classes de parties affectées”), on the draft accelerated safeguard plan, before the Court rules on its adoption.

The financial restructuring operations will be implemented following this adoption and are expected to be completed by the end of the first quarter of 2027.

The Company will inform the market, in due course, of the next steps of its financial restructuring, and in particular of the detailed timetable for upcoming capital transactions.

The Company confirms that any information that may qualify as inside information within the meaning of Regulation (EU) No. 596/2014 of 16 April 2014 on market abuse, which may have been disclosed on a confidential basis to its financial creditors and stakeholders under a confidentiality agreement in the context of the conciliation proceedings and the negotiations relating to the Lock-Up Agreement, has been published to the market, either previously or in this press release, for the purpose of restoring equal access to information relating to the group formed by the Company and its subsidiaries among all investors.

Upcoming events:

Q2 2025-2026 Revenue: October 26, 2026, after market close

Disclaimer

This press release has been prepared for information purposes only and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Nor does it constitute, and shall not be treated as, investment advice. It does not have regard to the investment objectives, financial situation or particular needs of any recipient. No representation or warranty, express or implied, is given as to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. All opinions expressed herein are subject to change without notice.

Forward-Looking Statements

This press release may contain forward-looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believe”, “expect”, “anticipate”, “may”, “assume”, “plan”, “intend”, “will”, “should”, “estimate”, “risk” and/or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include any matter that does not relate to historical facts and include statements relating to the Company’s current intentions, beliefs or expectations, including with respect to the Company’s plans, objectives, assumptions, expectations, outlooks and forecasts, and statements about other future events or prospects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements reflect the Company’s current expectations, intentions or forecasts regarding future events, based on information currently available and assumptions made by the Company.

The forward-looking statements and information contained in this announcement are made as of the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, except as required by law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or to persons acting on behalf of the Company, including, without limitation, press releases (including on the Company’s website), reports and other communications, are expressly and fully qualified by the cautionary statements contained in this press release.