French publisher NACON has reported a €342.9 million impairment charge for the 2025–2026 fiscal year, as the company continues a major restructuring effort that has already resulted in multiple studio closures.
The write-down, detailed in the company’s annual financial results, affects all of NACON’s fixed assets and includes €136.6 million in goodwill. The valuation was carried out as part of court-supervised judicial reorganization proceedings that began earlier in 2026.
As of March 31, 2026, NACON also reported net debt of approximately €104–120 million, highlighting the financial challenges facing the publisher.
The restructuring has already seen the closure of Spiders, the studio behind GreedFall, along with Midgar Studio and NACON Tech. Other internal teams remain under judicial reorganization, with additional layoffs and cost-cutting measures expected as the publisher works to reduce expenses.
-
1-UP GAMES
RECENT NEWS
Squad is coming to console in 2027
Despite the difficult financial situation, NACON reported a modest improvement in its first quarter of the 2026–2027 fiscal year. Sales increased 4.1% year-over-year to €32.6 million, driven by continued sales of its back catalogue and newer releases such as The Mound.
Looking ahead, NACON says it will focus on lower-risk projects in genres where it has an established presence, including racing, action-adventure, and simulation games. Upcoming releases such as MXGP 26 are expected to play a key role in the publisher’s recovery strategy.
While the latest sales figures offer some encouragement, NACON still faces a significant challenge as it works to stabilize its business following one of the largest financial write-downs in the company’s history.
What do you think? Can NACON recover by focusing on smaller, more targeted projects, or do you think the publisher faces an uphill battle? Let us know in the comments.
