Earnings release
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PRESS RELEASE 1 2025 half-year results | Revenue multiplied by 3.8 to €7.0 million | Performance plan: first tangible savings on operating expenses | Operating EBITDA at break-even (excluding non -recurring items related to the adaptation plan) | Net loss reduced by half | Post-closing: signing of a development agreement with Netflix for the creation of a new narrative video game based on a major IP Paris, October 28, 2025 - DON'T NOD, an independent video game publisher and studio, presents its 2025 half -year results, showing a clear improvement driven by sustained revenue growth, the solid progress of its operational transformation, and the signing of a development agreement with Netflix. Oskar Guilbert, CEO of DON’T NOD, commented: "This first half of the year has been characterized by solid revenue growth and the initial effects of our performance plan, whose full benefits will materialize in the second half of the year. The signing of a development agreement with Netflix, is a key milestone for the Group. Finally, we will continue our efforts to secure and develop our intellectual property through co-productions, while also engaging in projects based on external licenses. Together with all our teams, we will continue to preserve and promote our unique identity, based on strong narrative experiences that have been widely acclaimed by critics and effective game mechanics."
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PRESS RELEASE 2 The 2025 half-year results were approved by the Board of Directors at its meeting today1 . Consolidated figures in €000 H1 2024 H1 2025 Revenues 1,871 7,048 - incl. development 19 460 - incl. sales 1,852 6,589 Capitalized production2 12,710 6,847 Total operating revenues3 14,581 13,895 Other operating revenues 3 3 Total operating expenses (excl. depreciation, amortization, and prov.) (17,496) (18,874) Tax credits 1,596 2,998 Operating EBITDA (including tax credits) 4 (1,316) (1,974) Depreciation and amortization (33,308) (19,745) Deferred/exempt tax 153 (144) Operating EBIT (including tax credits)5 (34,471) (21,864) Financial income/(expense) 706 (637) Non-recurring income/(expenses) (8,448) 1,681 Amortization of goodwill (157) - Consolidated net income/(loss) (42,370) (20,820) Revenue up sharply to €7.0 million For the first six months of the 2025 financial year, DON'T NOD reported total operating revenue to €13.9 million, down slightly by 5%, compared with the first half of 2024 . This change reflects: | A very strong increase in revenue, which rose 3.8-fold, driven by the contribution of Bloom & Rage and its integration into PS+. However, performance remained below expectations, leading to a partial write-down of €13.1 million (with no impact on cash flow); | A decline in capitalized production (-€5.9 million), reflecting the completion of Bloom & Rage's development, the suspension of two projects (P12 and P13) and the non- capitalization of Aphelion's development costs, partially offset by the development of P14 project. 1 The results for the first half of 2025 have not been audited or reviewed by the Statutory Auditors. The Half -Year Financial Report will be made available no later than October 31, 2025. 2 Costs incurred on co-produced and self-published games up to release 3 Revenues + capitalized production 4 Operating income + depreciation, amortization and provisions net of reversals + Video game tax credits 5 Operating income + Video game tax credits
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PRESS RELEASE 3 Performance plan: transformation underway and first results visible The performance plan, rolled out since the beginning of the year, is designed to strengthen the Group's competitiveness and profitability in a highly competitive market environment. The reorganization of the Paris studio was completed at the end of August 2025, with estimated operational savings of €3.8 million ( excluding the cost of the reorganization plan) for the 2025 financial year , in line with the full -year target of €5 million. Besides, in Canada, a realignment of resources across the project portfolio was initiated at the end of June 2025 following the release of Bloom & Rage, enabling an estimated full- year cost reduction of €1.1 million. The expected benefits of these measures will be fully realized from the second half of 2025 onwards. These actions have already led to a 3% reduction in personnel expenses6 down to €12.5 million in the first half of 2025. Adjusted for non -recurring expenses related to the reorganization (-€1.7 million), personnel expenses declined 16% year on year. Other operating expenses amounted to €6. 4 million in the first half of 2025, compared with €4.6 million in the first half of the previous fiscal year, representing an increase of €1.7 million. This change primarily reflects marketing expenses incurred for the launch of Bloom & Rage (€1.7 million) and €0.3 million in other expenses related to the reorganization, while structural costs began to be streamlined. As a result, operating EBITDA including tax credits (French and Canadian) amounted to -€2.0 million in the first half of 2025, down €0.7 million compared with June 30, 2024. Restated for non-recurring reorganization expenses (€2.0 million) , operating EBITDA would have been at break-even, illustrating the recovery trajectory already underway. Depreciation, amortization, and provisions totaled €19.7 million, including €13.1 million non-cash partial impairment of the Bloom & Rage asset. Consequently, operating EBIT including tax credits amounted to -€21.9 million at June 30, 2025, compared with -€34.5 million a year earlier. Non-recurring income amounted to €1.7 million in the first half of 2025 (vs. -€8.5 million at June 30, 2024), including a partial reversal of the restructuring provision recorded at December 31, 2024 (approximately 80% of the provision). The Group's net loss amounted to -€20.8 million at June 30, 2025, compared with -€42.4 million for the first half of the previous financial year. 6 Average full-time equivalent for the group. 279 people as of June 30, 2025, vs. 316 as of June 30, 2024.
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PRESS RELEASE 4 Financial structure at June 30, 2025 ASSETS (in €000) 12/31/24 06/30/25 EQUITY & LIABILITIES (in €000) 12/31/24 06/30/25 Fixed assets 28,021 15,359 Shareholders' equity & other equity 55,731 34,796 Inventories & work in progress - - Provisions 4,923 3,425 Trade receivables 812 990 Borrowings 1,648 975 Other receivables 6,673 5,633 Trade payables 1,738 1,861 Cash and cash equivalents 32,875 23,415 Other payables 4,340 4,340 TOTAL 68,380 45,397 TOTAL 68,380 45,397 DON’T NOD generated negative free cash flow7 of €8.7 million in the first half of 2025, an improvement of €1.4 million compared with the first half of 2024, and €3. 4 million after restatement for restructuring costs. Cash flow from financing activities decreased by €1.5 million, reflecting the absence of subsidies during the period. As a result, in the first half of 2025, DON'T NOD limited its cash consumption to €9.5 million (vs. €9.3 million in the first half of 2024), despite €3.5 million in non-recurring items. At the end of June 2025, the Group cash equivalents amounted to €23.4 million, compared with €32.9 million at December 31, 2024, with shareholders' equity and other equity of €34.8 million and gross financial debt limited to €1.0 million. Continuation of the Group's transformation strategy The second half of 2025 will be marked by: | The launch on October 23 of The Lonesome Guild, developed by Tiny Bull Studios and announced at ID@Xbox IGN FanFest; | The development of Aphelion (P10), a new intellectual property expected in 2026 and available on Xbox Game Pass upon release; | The continuation of advanced negotiations for the co-production of the P14 project. DON'T NOD announces the signing of a development agreement with Netflix for the creation of a new narrative video game based on a major IP. Through this agreement, DON’T NOD will develop a new narrative experience that builds on the studio’s recognized expertise in the genre. 7 See cash flow statement in the appendix.
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PRESS RELEASE 5 The project is currently in development at the Montreal studio and will be published by Netflix. This collaboration represents a new milestone in DON'T NOD's development, confirming its position as a specialist in storytelling for major IPs and its ambition to explore new formats including cloud gaming. The project finances the Montreal studio and aligns with the Group's strategy to secure its resources and strengthen its ability to evolve in an increasingly competitive and selective market. The Group is therefore confirming its strategic roadmap: consolidating its fundamentals, securing future revenues, and preserving its unique identity, rooted in narrative excellence and critically acclaimed creativity. About DON’T NOD DON’T NOD is an independent French publisher and developer with studios in Paris and Montréal creating original narrative games in the adventure (Life is Strange TM, Tell Me Why TM, Twin Mirror TM), RPG (Vampyr TM, Banishers: Ghosts of New Eden TM), and action (Remember Me TM) genres. The studio is internationally renowned for unique narrative experiences with engaging stories and characters and has worked with industry leading publishers: Square Enix, Microsoft, Bandai Namco Entertainment, Focus Entertainment and Capcom. DON’ T NOD creates and publishes its own IPs developed in -house such as Harmony: The Fall of ReverieTM, Jusant TM and Lost Records: Bloom & Rage TM as well as using its knowledge and experience to collaborate with third-party developers whose editorial visions parallel the company’s own. Step into the studio's immersive and innovative universe at dont-nod.com DON’T NOD (ISIN code: FR0013331212 - ALDNE) is listed on Euronext Growth Paris DON'T NOD Oskar GUILBERT Chief Executive Officer Agathe MONNERET Chief Financial Officer invest@dont-nod.com ACTUS finance & communication Corinne PUISSANT Analyst/Investor relations Tel: 33 (0)1 53 67 36 77 - dontnod@actus.fr Amaury DUGAST Press relations Tel: 33 (0)1 53 67 36 74 - adugast@actus.fr
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PRESS RELEASE 6 APPENDIX - Simplified cash flow statement In €000 H1 2024 H1 2025 Gross operating cash flow (523) (2,620) Change in working capital cash flow 1,190 802 Cash flow from operating activities 667 (1,818) Cash flow from investing activities (10,815) (6,880) Cash flow from financing activities (10,148) (8,698) Opening cash and cash equivalents 822 (705) Closing cash and cash equivalents 54,795 32,872 Change in cash and cash equivalents 45,464 23,412 Gross operating cash flow (9,332) (9,460)